Business
Dangote refinery will solve fuel challenge in W’Africa, create jobs – Ambode
Lagos State Governor, Mr. Akinwunmi Ambode on Tuesday said the largest single line refinery in the world being developed at the Lekki Free Trade Zone (LFTZ) by Africa’s richest man and business mogul, Alhaji Aliko Dangote is another confirmation that Lagos is a prime investment destination, saying that the project will positively change the face of oil and gas business in the West African region.
A statement made available to DAYLIGHT.NG stated that Ambode spoke at the LFTZ during an extensive inspection tour of the Dangote Refinery by the Togolese President, Mr Faure Gnassingbe. Ambode said the refinery eloquently attests to the fact that there is a positive investment climate in Lagos which has resulted in massive investor confidence.
The Governor said: “This investment (Dangote Refinery) is one of the biggest in Africa today and will have a huge impact on the economy of not only Nigeria but the whole of West African region.
“This refinery, when completed, will be the largest single line refinery anywhere in the world refining 650,000 barrels of crude oil daily.
“Apart from creating jobs, this refinery will contribute immensely to solving the fuel supply challenge in the West African region,” Governor Ambode said.
The Governor expressed satisfaction with the level of work done on the project so far, saying that he was happy that a lot of progress had been made.
He commended Dangote for his vision, doggedness and unwavering desire to contribute positively to the growth of the Nigerian economy, as well as his confidence in the Lagos economy.
Governor Ambode said aside the fact that the project confirmed the positive investment climate in Lagos which has resulted in massive investor confidence, he also strongly believes that the future prosperity of West Africa is in collaboration between government and investors, which was why his administration has been working hard to encourage investment in the State.
He reiterated that Lagos is home to all nations, races and creeds, including substantial Togolese population, adding: “I’m positive that we are providing them with the opportunities to get ahead in their endeavors.”
Governor Ambode said as a prominent Head of State in the West African region, he was not oblivious of the interest of President Gnassingbe in the Dangote Refinery, adding that the project was one of the emerging opportunities in Lagos State.
While inviting Togolese investors to take advantage of the positive investment climate in Lagos, Governor Ambode said the State is open for businesses, and that his administration, in a bid to encourage investment, had massively invested in infrastructure and security of lives and property.
“Lagos is open for business. We are open to collaboration with the Togolese Government and investors to move our two countries forward.
“Our government is investing massively in creating infrastructure which will support businesses and individuals. We have made huge investment in security and we will continue to ensure that the lives and property of all citizens are secured.
“We will remain partner in progress with all our investors. Our desire is for investors to invest in Lagos, grow their businesses, create wealth and jobs for our people and ultimately grow our Gross Domestic Product (GDP) positively,” Governor Ambode said.
Earlier, Nigeria’s Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah said the Dangote Refinery project could best be described as a partnership between private sector and government at its best.
Enelamah commended Dangote for being not only Nigerian champion but champion of Africa with his massive investments and re-investments, which according to him, are creating jobs and growing the economy.
“We need champions and Dangote is a Nigerian champion; he is an African champion; he is also a role model.
“We need many examples and with the repositioning that the Federal Government is doing, we are going to see many more examples,” Enelamah said.
On his part, Dangote commended President Gnassingbe for finding out time to inspect the refinery, adding that he was happy with the interest and encouragement being received over the project.
Apart from the refinery, there is also petrochemical, fertilizer and gas plant with daily production capacity of three billion cubic feet of gas which are being developed by the Dangote Group, all in one location.
Some eminent dignitaries that participated at the tour include former governors of Ogun, Ekiti and Cross River States, Segun Osoba, Niyi Adebayo and Donald Duke respectively; billionaire businessman and Chairman, Zenon Petroleum and Gas Limited, Femi Otedola, members of the Lagos State Executive Council, among others.
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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