Business

57,000 Personnel to Benefit from Work at Refinery Site, Says Dangote

Published

4 years ago

September 5, 2021

Dangote ‘no longer’ richest investor on NGX, as Abdul Samad Rabiu leads in the latest ranking

57,000 Personnel to Benefit from Work at Refinery Site, Says Dangote

The President/Chief Executive, Dangote Industries Limited, Aliko Dangote has disclosed plans to increase the human capacity at the Dangote Refinery Project site from 40,000 to 57,000 personnel in the coming months.

According to him, the project currently employs 29,000 Nigerians and 11,000 foreigners at the 650,000 barrels-per-day world’s largest single refinery project located in Ibeju Lekki area of Lagos. This is a ratio of around three Nigerians to one expatriate presently, which will increase for local talent with the new additions.

Speaking in Lagos in a recent broadcast, which aired on Arise TV, Dangote said the refinery project remains the biggest in Africa and one of the biggest in the world, adding that many Nigerians were getting massive training as a way to build in-country capacity.

“When we started the project, we were supposed to bring a lot of foreign workers, but as we speak today, we have less than 11,000 expatriates. We have almost about 29,000 Nigerian workers that are getting massive training. We are also creating a lot of capacity in the country, which will be of great help for future oil projects in Nigeria, most especially with the opening up of the oil industry through the new Petroleum Industry Act.

“It means that the country can boast of human capacity needed in the oil and gas sector. Most of these Nigerians can compete anywhere in the world in terms of electrical, welding, mechanical erection etc. We have actually created massive capacity,” he added.

The business mogul said construction of the Dangote Petroleum Refinery was informed by his desire to help the Federal Government tackle the lingering issue of petroleum products’ importation.

“It makes me feel terrible to see a country as big and resourceful as Nigeria with high population, importing all its petroleum products. It is very painful. So, we decided it is time to tackle this challenge. We tried before in 2007, but we were not able to make it happen. So, we jettisoned the idea,” Dangote explained.

He added, “What actually inspired me is when you look at what happened in a country like India where entrepreneurs went ahead and created about five million barrels-per-day oil refinery. This country does not have as much oil as Nigeria. Nigeria is here sitting on over 2.4 million barrels per day at a point and we do not refine the oil we produce. Here, we have a country of over 200 million people and we are importing 100 per cent of what we consume.

“It is not sustainable. If you go to some places in Nigeria, you will discover that there are petrol stations that are not working. This actually pushed me into saying that this is a big challenge, which needed to be addressed urgently. Because I’m a Nigerian and if there are issues to be sorted out, I should be one of those who will bring solutions to our national problems.”

Dangote described the refinery project as an investment that would transform the economies of countries in sub-Saharan Africa. “This refinery is going to help transform, not only the oil sector, it is going to assist to transform the entire economy of Nigeria and all the countries in sub-Saharan Africa. It is unfortunate that all sub-Saharan African countries are importing petroleum products and this is not what it is supposed to be.

“It is not government’s responsibility alone to address the challenge of petroleum products’ importation in Nigeria. No, we have to collaborate with the government to tackle these issues of petroleum importation. It will put millions of people directly and indirectly at work. The refinery is going to massively transform the economy. By this transformation, government will have more money to take care of infrastructure, health, education. So, it is a massive transformational project,” he added.

Dangote emphasised the need for the country to shift attention from crude oil export and diversify the economy. “We should not as a country be comfortable with generating revenue from crude oil export alone because tomorrow, people may not need crude oil. If we don’t move from crude oil to something else, we will have issues as a country. This is one of the things that I took upon myself to help address in this country,” he said.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

4 days ago

February 19, 2026

Sahara Weekly

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.

The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.

Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.

Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

5 days ago

February 18, 2026

Sahara Weekly

Alpha Morgan to Host 19th Economic Review Webinar

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

Visit www.alphamorganbank to know more.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

6 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com