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How Dangote Refinery is driving Nigeria’s Economic Resurgence - S&P

The Dangote Petroleum Refinery & Petrochemicals is emerging as a major driver of Nigeria’s improving economic outlook, following the country’s sovereign credit rating upgrade by S&P Global Ratings.

In its latest assessment, S&P upgraded Nigeria’s long term foreign and local currency sovereign credit ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil production, and expanded domestic refining capacity as key factors supporting the country’s recovery.

The global ratings agency specifically identified the operational ramp up of the 650,000 barrels per day Dangote Petroleum Refinery & Petrochemicals as a major contributor to Nigeria’s improving balance of payments position and broader economic resilience.

According to S&P, the refinery’s full capacity operations are helping to strengthen Nigeria’s current account surplus, reduce dependence on imported refined petroleum products, and improve foreign exchange liquidity.

“Significant refining capacity is now also online; Dangote Industries Ltd.’s large scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the report stated.

S&P projected that Nigeria’s current account surplus would improve to 5.8 per cent of GDP in 2026 from 4.8 per cent in 2025, supported partly by increased domestic refining and hydrocarbon exports.

The report noted that the refinery is helping to ensure the availability of refined fuel, gas, and fertiliser for the domestic market, while also providing a buffer against global supply disruptions triggered by ongoing geopolitical tensions in the Middle East.

The agency further stated that Nigeria’s improving external position has been supported by reduced fuel import dependence, the removal of fuel subsidies, exchange rate liberalisation, and higher oil production.

Foreign exchange reserves, according to S&P, have risen significantly from about $33 billion in 2023 to nearly $50 billion by early 2026, aided partly by lower import demand for refined petroleum products following the commencement of operations at the Dangote Refinery.

The report also highlighted the refinery’s broader role in supporting Africa’s industrialisation ambitions, noting that Nigeria is transitioning from being primarily a crude oil exporter to an emerging producer and exporter of refined petroleum products.

S&P disclosed that Dangote Industries has already unveiled plans to undertake feasibility studies aimed at expanding refining capacity to about 1.4 million barrels per day from the current 650,000 barrels per day.

The agency said the planned expansion, alongside the rehabilitation of other local refineries, could further strengthen Nigeria’s economy and deliver additional gains to the country’s balance of payments position over the next few years.

While acknowledging that global crude oil prices and market driven pricing continue to influence domestic fuel costs, S&P maintained that the increased local refining capacity provides Nigeria with greater energy security and reduced exposure to external supply shocks.

The report also linked Nigeria’s improving macroeconomic outlook to reforms undertaken since 2023, including exchange rate liberalisation, fiscal reforms, higher petroleum revenue remittances, and efforts to improve oil production through enhanced security in the Niger Delta.

S&P said Nigeria’s economic growth is expected to remain firm despite inflationary pressures, with reforms continuing to support investor confidence and non-oil sector expansion.

The stable outlook, according to the agency, reflects a balance between Nigeria’s improving external position and continuing structural challenges such as a narrow tax base, high inflation, and low formal employment levels.

Credit Dangote Group PR

How Dangote Refinery is driving Nigeria’s Economic Resurgence - S&P
Economy
25-May-2026

My achievements so far as Nigeria's President, why I accepted to run for Second Term - Tinubu

President Bola Tinubu on Sunday accepted the All Progressives Congress (APC) presidential ticket for the 2027 elections, pledging to consolidate ongoing reforms and deepen national development.

Tinubu spoke in Abuja while delivering his acceptance speech after emerging as the APC presidential flagbearer for the 2027 general elections.

“Today, we celebrate another proud moment in our democratic journey,  a history not defined by any individual, but by our collective resolve.”

The president recalled how he emerged as the party’s candidate in 2022 and later became President with the support of party members and Nigerians.

“Today, I return as your incumbent President,  humbled by your enduring support and encouraged by your continued confidence.”

Tinubu said the task before the party was to sustain continuity, consolidate reforms and strengthen the foundation of a modern Nigeria.

“I accept, with humility and profound gratitude, the nomination of our great party, the APC, to stand again as its Presidential candidate.”

He thanked party leaders, governors, the National Working Committee, lawmakers and members for sustaining the unity and strength of the APC.

The president also appreciated Nigerians for supporting what he described as the “difficult but necessary path of reform” embarked upon by his administration.

Tinubu said the administration had implemented major structural reforms, strengthened public finances and improved revenue generation through new tax and fiscal policies.

“We promised to remove the financial barriers to higher education for our youth. Today, we have established the Nigerian Education Loan Fund,” he said.

According to him, over N282 billion had been disbursed to more than 1.5 million beneficiaries under the student loan scheme.

On power reforms, Tinubu said the administration had supplied 2.5 million electricity meters and established a N4 trillion bond programme to settle legacy debts owed to GENCOs and GASCOs.

“Under our administration, power generation sometimes peaked at 6000MW, 50 per cent higher than we had inherited.”

Tinubu said his government had also removed fuel subsidy, unified exchange rates and initiated reforms to strengthen macroeconomic stability and investor confidence.

The president said the administration had prioritised infrastructure projects in transportation, power, housing, irrigation and digital connectivity to drive inclusive growth and industrialisation.

“We are building concrete, durable roads and superhighways along the coast and on the Sokoto-Badagry route that will last for over 100 years,” he said.

Tinubu acknowledged that many Nigerians still faced economic hardship and rising living costs but assured citizens that the government remained focused on delivering lasting solutions..

The president also addressed insecurity, assuring Nigerians that his administration remained committed to restoring peace and strengthening national security architecture across the country.

He urged the National Assembly to expedite constitutional amendments to allow the establishment of state police across the federation.

“We also expect the National Assembly to amend the Constitution to allow the creation of State police as a matter of national emergency,” he said.

The president said his administration would continue pursuing industrialisation, energy security, food sufficiency, infrastructure development and democratic consolidation.

“Our mission remains clear: To build a Nigeria where every life is secure, where enterprise thrives, and where young people find opportunity,” Tinubu said.

He called for national unity and urged Nigerians across political, ethnic and regional divides to work together for the country’s progress.

Tinubu pledged to build a more inclusive government and continue serving Nigerians with sincerity, commitment and renewed determination.

“I pledge to build an even more inclusive government, one that listens, learns, and leads with the best interests of all Nigerians at heart,” the president said.

Tinubu polled 10,999,162 votes to emerge winner of the APC presidential ticket for the 2027 general elections after defeating his sole challenger, Stanley Osifo, in the party’s nationwide direct primary election. 

Credit NAN: Texts excluding Headline

My achievements so far as Nigeria's President, why I accepted to run for Second Term - Tinubu
Politics
25-May-2026

Don't fly Passengers with Ebola Symptoms, FAAN warns Airlines, says 'we are ready to check spread'

The Federal Airports Authority of Nigeria (FAAN), in collaboration with relevant health and safety agencies, has reaffirmed its commitment to strengthening surveillance and preventive measures against the possible spread of Ebola Virus Disease (EVD) through the airports.

At a workshop on Ebola Virus Disease Preparedness and Preventive Measures held at Murtala Muhammed International Airport Lagos, relevant health authorities and stakeholders reviewed current preparedness strategies, response mechanisms, and containment procedures aimed at safeguarding public health and preventing any possible outbreak in the country.

Speaking during the workshop, representatives of health and border control agencies emphasised that surveillance activities have been intensified, particularly at international airports, with special attention placed on passengers arriving from high-risk countries, including the Democratic Republic of Congo (DRC), Uganda, and neighboring regions affected by the disease.

The Port Health Services (PHS) disclosed that advanced screening and monitoring measures are currently in operation across points of entry. These include active temperature screening, health monitoring protocols, and the deployment of QR code scanners to facilitate efficient passenger health declaration and follow-up procedures.

Stakeholders at the workshop stressed the importance of collaboration among government agencies, aviation authorities, health institutions, and security agencies in ensuring rapid detection, reporting, and response to any suspected case of Ebola Virus Disease.

The Port Health Services (PHS) disclosed further that surveillance activities have been intensified at international airports, particularly for passengers arriving from high-risk countries, including the Democratic Republic of Congo (DRC), Uganda, and neighboring countries within affected regions.

As part of efforts to enhance passenger monitoring and contact tracing procedures, QR code scanners have been deployed at screening points to enable travelers complete required health information electronically. Temperature screening is also being conducted actively at airports to facilitate early detection of suspected cases.

Medical experts at the workshop highlighted common symptoms associated with Ebola Virus Disease, including fever, unexplained bleeding, weight loss, and related health complications. They explained that while no specific cure was identified during the session, early detection and supportive medical care remain essential in managing suspected cases.

Participants also stressed the importance of preventive measures such as regular hand washing, proper hygiene, avoidance of unnecessary physical contact, strengthened surveillance systems, and prompt identification and isolation of suspected cases.

Airline operators were further advised to avoid transporting individuals suspected of showing symptoms associated with Ebola Virus Disease in order to minimise the risk of cross-border transmission.

The workshop concluded with a renewed call for vigilance, sustained public awareness, and continuous cooperation among all aviation and health stakeholders to safeguard public health and ensure safe air travel across the country.

Credit FAAN PR

Don't fly Passengers with Ebola Symptoms, FAAN warns Airlines, says 'we are ready to check spread'
News
24-May-2026

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