Business
Caribbean countries seek Dangote’s partnership in Cement, fertiliser production
Caribbean countries seek Dangote’s partnership in Cement, fertiliser production
…Grenada PM says Dangote Refinery will save Africa from being a Dumping Ground
The Prime Minister of Grenada, Dickon Mitchell, has described the Dangote Petroleum Refinery and Petrochemicals as a significant investment in industrialisation and manufacturing needed by developing countries for their industrial growth.
He noted that it is through this type of investment that Africa and the developing countries can reverse the cycle of exporting raw materials while importing finished products from developed countries.
This is as Dangote hinted at potential partnerships with the Caribbean community in the production of cement and fertilisers as well as petroleum products.
Mitchell, who is the chairman of the Caribbean Community (CARICOM or CC) – a political and economic union of 15 member states and five associated members throughout the Americas, The Caribbean and Atlantic Ocean, disclosed this on Thursday during his tour of the Dangote Petroleum refinery and Petrochemicals complex in Ibeju Lekki, Lagos.
Mitchell said the investment is a tribute to the President of Dangote Group, Aliko Dangote and his vision not just for Nigeria but Africa as a whole.
“This investment is a tribute to Dangote and his remarkable vision. It is the first of its kind in Nigeria and Africa, symbolising what the developing world needs: significant investment in industrialisation and manufacturing. This is an incredible achievement and a testament to Mr. Dangote’s vision, not just for his company, but for Nigeria and Africa as a whole.
“Dangote exemplifies what an African leader should be. We need not just political leaders, but business leaders who are willing to invest in Africa, particularly in manufacturing and industrialisation. We must ensure that we don’t continue to export our raw materials to the developed world, where they can be turned into sophisticated products and sent back to us. We need to reverse that cycle; it is the only way to grow the wealth of Africa and the developing world. Additionally, we need to support this with training and invest in job opportunities,” he said.
Applauding the sophistication and automation at the refinery, the Prime Minister expressed optimism for Nigeria’s future, especially given the number of young Nigerians trained and working at both the refinery and fertiliser plants. The $20 billion refinery, the largest private investment in Africa, stands out for its team of young professionals, predominantly aged between 26 and 28, most of whom hold advanced degrees and were educated in Nigeria.
“It has been a wonderful experience to witness the shared skills, depth of sophistication, and automation here. Seeing so many bright young Nigerians, particularly in the laboratories, is truly inspiring. I believe this bodes well for the future development of Nigeria,” he added.
Mitchell stated that the Caribbean Community would be exploring partnership opportunities with the Dangote Group to enhance its economy.
“One of the reasons I am here is to pursue synergies and partnerships between the diaspora and Africa, particularly in areas such as the refinery, cement, and fertiliser. We believe there are fantastic opportunities to develop partnerships between the Caribbean and Africa,” he added.
On his part, Dangote described the visit as symbolic, noting that many Caribbean countries are beginning to discover crude oil and are exploring opportunities to build their own refineries. This would help them address the challenge of exporting crude while importing refined petroleum products at high costs.
“The visit shows that many countries are proud of what we have been able to achieve because a lot of countries have been unable to deliver their refineries. It shows their pride in seeing a Black person like them at the Caribbean, although I am from Nigeria, succeed. For them, this is a dream, especially as many Caribbean countries are beginning to discover oil but still depend largely on exporting crude while importing petroleum products, which is costlier than in America. Their dream is to set up a refinery—perhaps not of this size—but one that would cater to their people,” he said.
Africa’s wealthiest man emphasized that the company is looking for partnerships in the Caribbean not only in petroleum products but also in cement and fertilizer production. He mentioned ongoing discussions about importing crude from these countries while supplying them with refined products.
“There are numerous partnerships in place. He is not only the Prime Minister of Grenada but also the Chairman of the Caribbean Community (CARICOM). We are exploring collaboration in areas such as cement and petroleum, including the possibility of buying crude from them while selling some of our petroleum products to them. We already export to the U.S., Mexico, and other regions, so there is significant collaboration we are looking to develop between us and them,” he added.
The 650,000 barrels per day (bpd) Dangote Oil Refinery—the largest single-train refinery in the world—is designed to process a wide variety of crude oils, including those from Africa, the Middle East, and US Light Tight Oil. It conforms to Euro V specifications and is built to meet stringent standards set by the US Environmental Protection Agency (EPA), European emission norms, the Department of Petroleum Resources (DPR), and the African Refiners and Distributors Association (ARDA). The refinery has the capacity to satisfy 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation jet fuel, with additional surplus available for export.
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.
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.
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.
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
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