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Dangote Looses Confidence, Says Nigerian Economy Is Not Working

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Africa’s richest man, Alhaji Aliko Dangote has claimed that the efforts by successive governments to transform the nation’s economy is proving abortive as Nigeria’s continues to nosedive.

The business mogul explained that Nigeria’s economic diversification programme has been largely sluggish and elusive, warning that the risks are huge if Nigeria fails to fast-track the diversification of her economy.

Dangote spoke Wednesday at the ongoing Roundtable parley with the CBN Governor, Mr. Godwin Emefiele, with the theme “Going for Growth 2.0.”

The President of the Dangote Group, raised concerns over the impact of the current drop in international oil prices, said the time to diversify is now as Nigeria is almost late.

Agriculture and manufacturing sectors as the hub round which the nation’s economic diversification should be hinged to achieve the goal of sustainable national development, he said.

“We can diversify the economy through agriculture and manufacturing. Manufacturing creates a lot of jobs, creates middle class and transforms families.

These are the areas we need to focus on. But how do you diversify into manufacturing and make it an inclusive growth? You need to do more of backward integration or import substitution.

“Our economy is great because we have a local market. The economy of Asia is focused on exports. But we have a domestic market with our about 200 million population apart from the ECOWAS market. “Our import last year was almost $47bn.

It is not sustainable. We cannot have 200 million people, growing at an average 2.7 percent and we are importing most of the things we consume”, the industrialist said.

According to him, “we need to be more serious so we don’t keep talking about diversification. It has been very elusive. I don’t know why. It is possible but people are not focusing on” he said. Noting that Nigeria has significant advantages in manufacturing, the Africa’s richest man advised that talks during the Roundtable should generate workable solutions to the nation’s industrial challenges.

Dangote also lamented that the poor facilities leading to the seaports remained economic drain as it continued to impacting cost of doing businesses, adding that the government should look into the cost of doing business in view of the implications for investments and the nation’s GDP.

He said: “Government lost so much money last year in the traffic logjams of Apapa. Our three companies lost N30bn in profit. Which also means government will collect less tax from us.

So, we need to look at infrastructure, we need to look at power because without power there won’t be growth. That is what will propel MSMEs to grow and be everywhere and spur manufacturing” he said.

“It’s not impossible to diversify. We need low interest rate, we have achieved to some extent, we need long term funds and we need CBN support to access forex for the import of machineries” he noted.

He used the opportunity to speak on some of his investments that would have significant impact on Nigeria’s forex. He said because of his investments in cement production, “Nigeria by this year will be the highest exporter of cement in Africa.

We are building 10 rice factories which by this year we will produce one million tons of rice” he said. On petroleum, he said once his petrochemical plant starts producing this year, Nigeria will be largest exporter of petroleum products in Africa.

He also said, for the first time, Nigeria will be the largest exporter of fertilisers in sub-Saharan Africa, linking the feat to backward integration policy of his group.

The business mogul said: “My heart bled when I read that Nigerian Customs collected N1.35trn import duties last year.

It means the economy isn’t working. If the economy is working, the Customs shouldn’t collect that much money, it is the Federal Inland Revenue Service (FIRS) that should.”

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Transport

In an Epic Move, Gov Mbah Inaugurates 5 Ultramodern Bus Terminals, Rolls Out 100 Mass Transit CNG Buses Across Enugu

Reporter: SANDRA ANI

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Enugu CNG buses and commissioning of Terminals

… Launches New Transport Mgt. System, over 80 bus shelters

… This is unprecedented – Planet Project MD

In an uncommon move that changes the transportation landscape in Enugu State, Governor Peter Mbah, on Thursday, inaugurated five ultramodern transport terminals in various parts of the state in line with his integrated blueprint for a modern and multimodal transport ecosystem.

Mbah also launched the Enugu State Modern Transport System that would enable residents commute with ease, as well as a digital platform and over 80 modern bus shelters constructed across the state.

The terminals visited and personally commissioned were the Holy Ghost Terminal 1 (Enugu Central Station 1), designated for inter-state transport; Holy Ghost Terminal 2 (Enugu Central Station 2) for inter-city transport; Nsukka Terminal (Nsukka Central Station); Abakpa Nike Terminal (Abakpa Central Station), and Gariki Terminal (Gariki Central Station).

Enugu CNG buses and commissioning of Terminals
Enugu CNG buses and commissioning of Terminals

Mbah said the projects, which drew huge crowds and elicited palpable joy among the residents, were a key part of the administration’s integrated five-terminal Transport Infrastructure Projects, Phase 1, in line with his vision to grow the state’s economy from $4.4 billion to $30 billion.

Features of the terminal include food courts, banking halls, motels, shops, CNG refilling stations, and cinemas, while the Holy Ghost Terminals 1 and 2 are connected by 400m long sky bridge, said to be the longest in Nigeria. The buses feature free wifi and security equipment.

Addressing a mammoth crowd at the Holy Ghost Terminal 2, the governor recalled that until the commencement of the project in late 2023, the Holy Ghost area was “practically a synonym for chaotic traffic and general disorderliness.”

Continuing, he said, “Aside from the fact it constituted a major municipal blight, we knew we could not attain our audacious economic goals if we lacked an efficient public transport system that offered both comfort and dignity.

“We knew that our goal to make Enugu the most livable city in Nigeria would be a futile bid if we were unable to tackle problems such as persistent traffic gridlock.

“So, from the very first day of this administration, we made a promise: to build a world-class transport system that moves people, connects businesses and communities, and, crucially, that rightfully positions Enugu State as a model of modern governance, sustainable growth, and human dignity.

“Today’s commissioning of the newly completed world-class terminals and the CNG Bus Mass Transit Scheme is indeed beyond a ribbon-cutting exercise. It ushers in a whole new experience; fundamentally connecting our vision to action, and our action to the daily lives of the over seven million residents of Enugu State.”

He explained that alongside the CNG Rapid Bus Service (Mass Transit Scheme), the terminals were “central pillars of our transport agenda – a multimodal highway to the future – integrating road, rail, air, and waterways into one seamless, safe, and efficient ecosystem.”

He also described the terminals as catalysts for economic development and “engines of economic revival.”

“They represent our capacity to deliver projects that empower Ndi Enugu and set our state on a robust trajectory of growth.

“Already, this project is creating jobs, stimulating SMEs, and positioning Enugu to compete with Africa’s best. Through it, we’re creating over 20,000 jobs across BRT, 2,000 hybrid city taxis, airport operations, ride-hailing, and support services.”

He said that the Enugu Transport Management System would eliminate corruption that had been the bane of government enterprises to ensure sustainability, counting on an e-ticketing system that eliminates leakages, guarantees transparency, and ensures every payment is accounted for.

Enugu CNG buses and commissioning of Terminals
Inside the terminal

“Commuters simply need to purchase a ticket and top up as they find suitable. Remarkably, a single valid ticket grants the holder access to other buses. Importantly, our comprehensive insurance coverage protects both the assets and the people who use them,” he stated.

Mbah thanked President Bola Tinubu for his commitment to the state’s development.

“Through words and deeds, the President has demonstrated a sincere love and support towards Enugu – and indeed the South East’s progress. An example is the concession of the Akanu Ibiam International Airport, which would clearly reposition Enugu as an aviation and economic hub.

“So, we commend the President because no administration has given as much support to the sub-nationals as this President has done,” he concluded.

In his goodwill message, the Programme Director/CEO of the Presidential Initiative on CNG, Engr. Michael Oluwagbemi, who was represented by Engr. Tari Mayor-Bright, commended Governor Mbah for the ultramodern terminals and massive deployment of CNG buses.

“This is not just infrastructure, but a bold step in setting up a modern transportation system geared towards a cleaner, safer, and more affordable transport for the people of Enugu State,” he stated.

Also, the Managing Director of the contractors, Planet Project Construction Company, Biodun Otunola, said that building five terminals simultaneously was unprecedented.

“No administration has ever done this before in the history of Nigeria. We are in this industry and we have the records,” he stated.

He described the terminals as products of good research and the political will of the governor to get things done.

Speaking at the various locations, the Commissioner for Transportation, Dr. Obi Ozor; Council Chairman of Enugu North LGA, Dr. Ibenaku Onoh; Chairman of Nsukka LGA, Engr. Jude Asogwa; Chairman, Enugu State Council of Traditional Rulers, Igwe Samuel Asadu; Chairman, Ogige Market Traders Association, Hon. Onyema Idoko; President, Nsukka General Assembly, Clinton Ogbonna; Chairman, Enugu East LGA, Beloved Dan-Anike; Traditional Ruler of Nike, Igwe Julius Nnaji; Chairman, Enugu South LGA, Hon. Caleb Ani; and the Chairman, Enugu South Traditional Rulers Council, Igwe Mike Nna Ukwu, expressed the people’s joy over the projects and buses, describing them as economic catalysts.

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GRBusiness

Borno State Launches Industrial Hub Management to Boost Trade, Investment

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Professor Babagana Umara Zulum of Borno
Professor Babagana Umara Zulum, governor of Borno state

Professor Babagana Umara Zulum, governor of Borno state, has approved the establishment of a dedicated management unit for the Borno State Industrial Hub, aimed at enhancing trade and attracting investment within the state.

According to a statement from Bukar Tijani, secretary to the State Government, the administration is committed to strengthening the hub’s operations and drawing more investors to the region.

His Excellency, Governor Babagana Umara Zulum has approved the establishment of a dedicated Borno State Industrial Hub Management Unit to further strengthen the operations of the Industrial Hub in Maiduguri, improve efficiency, and attract more investment into the State,” the statement read.

Located in Maiduguri, the state capital, the Industrial Hub is a multi-facility complex designed to stimulate economic growth through diversified manufacturing and processing activities.

Current operations include production facilities for solar panels, waste recycling, and food processing, covering ginger, tomato, cassava, and onion, as well as manufacturing lines for corn chips, biscuits, and school furniture.

Since its inception, the hub has shown significant potential to revitalize local industries and create jobs.

To oversee its progress, Governor Zulum appointed Engr. Bukar Kolomi, senior technical adviser to the Governor, as the Industrial Hub Manager, placing the unit under the Ministry of Trade, Investment and Tourism.

Commissioned in 2019 to serve as a catalyst for economic recovery following years of insurgency, the Industrial Hub has faced challenges including stalled activities, infrastructure deficits and security issues.

However, the recent appointment of a dedicated management team signals a renewed focus on addressing these challenges and unlocking the hub’s long-promised role in driving local production and employment.

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Finance

FIRS e-Invoicing Hits 20% Adoption in Two Weeks

Reporter: SANDRA ANI

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VAT controversy | FIRS e-Invoicing

The Federal Inland Revenue Service (FIRS) says that no fewer than 1,000 companies, representing 20% of total eligible firms, have begun integrating its newly launched electronic invoicing  (e-invoicing) system less than two weeks after it went live.

The FIRS e-invoicing platform, which went live on August 1, 2025, after a successful pilot phase that began in November 2024, was designed to modernise Nigeria’s tax administration, curb evasion, and enhance transparency in revenue generation. It also provides the FIRS with real-time visibility into commercial transactions, ensuring authenticity and completeness of invoices.

According to a statement by Dare Adekanmbi, special adviser on Media to FIRS Chairman Zacch Adedeji, at least 1,000 companies, representing 20% of more than 5,000 eligible firms, have already adopted the system and begun integrating with the FIRS platform.

Adekanmbi noted that the initiative, also known as the Merchant-Buyer Model, will be rolled out in phases. “Large taxpayers, which are companies with annual turnover of N5 billion and more, are expected to be the first to be onboarded on the platform,” he said.

FIRS revealed that MTN Nigeria was the first taxpayer to transmit live electronic invoices to the platform, while Huawei Nigeria and IHS Nigeria have concluded test transmissions and are expected to go live soon.

The agency added that the initial compliance deadline of August 1, 2025, has been extended by three months to accommodate companies currently facing onboarding challenges. The new deadline is now November 1, 2025.

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