Business
EXPORT INFLOW AT LFZ TO HIT $6BILLION BY 2020 – AMBODE
…Says Time For Nigeria To Broaden Export Products Beyond Oil
…Advocates 25-Year National Policy On Export Promotion
Lagos State Governor, Mr Akinwunmi Ambode on Thursday said the export inflow at the Lekki Free Zone (LFZ) in Ibeju Lekki area of the State is projected to hit over $6billion (about N2.159trillion) by 2020, saying it was time for Nigeria to develop sustainable roadmap to rev up export with particular focus on multi-sector products far beyond oil.
Speaking at the 2nd National Committee Meeting on Export Promotion of the National Economic Council (NEC) held in Lagos, Governor Ambode said beyond oil, it was now important for the country to put in place infrastructure and other initiatives to support other sectors with the view to preparing them for export.
He said already, the Lagos State Government had keyed into several export-oriented initiatives such as One-State One-Product Initiative, adding that it was gratifying to note that tremendous progress had been made in that regard.
“Our efforts in this area include the development of Lekki Free Zone as a one-stop export processing zone and we are happy to report that we have made tremendous progress in this particular export zone and I hope participants would have the time to see what it is that is actually going on in that place.
“Just to give you a clearer picture of what we are saying. At the end of 2020 when the investment of the Dangote Industries and other Deep Seaport that we are putting in that place will fully come on stream, the export inflows that we are projecting for that place is over $6billion and that is just the way to go,” Governor Ambode said.
He said through the export initiatives being spearheaded and monitored by the Nigerian Export Promotion Council (NEPC), the State Government had identified and commenced the process of developing three key commodities in which the State has comparative and competitive advantage including Coconut, Fish and Vegetables.
“We plan to facilitate the development of these commodities into exportable products. Our export promotion initiatives also include export aggregators designed to boost production capacities of our indigenous micro small and medium industries. The objective is to create locally made products and services that not only satisfy local market but meet competitive export demand.
“We have also developed enterprise zone, small scale industrial estate and light industrial parks in different parts of this State to provide business accommodation and also factory spaces, support made-in-Lagos campaign and to also enhance market access for our MSMEs,” the Governor said.
He said the initiatives were some of the programmes of the State Government to support the Zero Oil plan of the Federal Government, just as he urged participants at the meeting to come up with a viable and sustainable agenda that would at the end of the day help in achieving Nigeria’s economic rebirth without reliance on oil.
While alluding to the visit of French President, Mr Emmanuel Macron to Afrika Shrine in Ikeja, the Governor said the development signposts the need for the country to develop other sectors of the economy especially the creative industry, among others.
“For me, the visit is clear that Afrobeat is a product that we can export but not only that, what about other things such as intellectual property and others that we need to harness to create a final product of our export policy. What about fashion? What about arts? There are lots of export products that we can export beyond Agriculture.
“However, before we can do that, we must put in place the infrastructure and the framework to support these industries and that is the core of this whole story. The message here is that let us expand the scope of our export considerations and increase the wealth of our nation.
“If one of the most powerful men in the world is a lover of our music and culture, then we must look inwards and find ways to export this. Our State is big on arts and entertainment and we believe strongly that this is a very lucrative avenue to create wealth and employment for our people,” Governor Ambode said.
According to the Governor, the economic indicators of the country were such that reliance on oil without planning for the future was dangerous, and so something urgent must be done to promote other sectors.
“For all the years, if you say oil is 90 per cent of what our economy is all about, if there is a flip in the price of oil, what happens to 190 million people on just one product? Who does that? So, the idea is this, if in 2050, Nigeria is targeted to be the third largest country in the world with 400million people and then maybe Lagos population by then will be about 50million people, then there is going to be a problem if by now we are not thinking about other products.
“And then, who cares about oil anyway when there are people using vehicles without oil and so something must be wrong if we are not thinking 2050 in 2018. We have been speaking about this and it is almost sounding like a broken record but if something goes wrong with oil, what are we doing,” he queried.
The Governor said though the Federal Government had shown leadership and good examples about rice production, but that it was important to come up with a national policy on export to create a roadmap to engender sustainable promotion of export.
“Beyond agric product and others, this is one singular opportunity for us to create a roadmap of an export policy that will be known as the National Policy on Export for the next 25 years which each State will key into and follow. The whole message is that we need to be broader in our approach. I believe strongly that the export policy strategy is another way to put Nigeria on the global map and that is the only way we can continue to bring ourselves together to promote export,” he said.
Besides, Governor Ambode advocated synergy among all the Federal Government agencies and State Governments to promote export, while also calling on Nigeria to immediately ratify the agreement on African Continental Free Trade Area which had already been signed by 49 out of 55 countries, adding: “Nigeria must show leadership because the whole of Africa is waiting for us to show leadership and we must drive the economy of the continent.”
Earlier, Executive Director/Chief Executive Officer of NEPC, Mr Olusegun Awolowo called on State Governments to seriously consider bringing export products in their respective States for the Committee on Export Promotion to look at, saying such was important going forward.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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