Business
Investing in the Nigerian People: the Osinbajo’s paradigm
By AmaechiAgbo
“A successful economic development strategy must focus on improving the skills of the country’s workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in the nation’s economy” – Rod Blagojevich
Nigeria’s Vice President, Professor Oluyemi Osibanjo is one man who has taken the monumental task of spearheading the diversification of the Nigerian economy from a mono-economy to one that has a multiplicity of sources towards breaking the tag of oil as the mainstay of the nation’s revenue.
Weeks ago, the Vice President told a global audience how the government of President Muhammad Buhari has revamped Nigerian economy through purposeful policies and programmes.
Speaking during the 10th year Colloquium of former Lagos State governor and leader of the All Progressives Congress, APC, Senator Ahmed Tinubu in Lagos, recently, the Vice President recounted how the present administration inherited a weak economy ravaged by corruption and ineffective policies that sooner than later plunged the country into avoidable recession had past governments did the needful in stabilizing the economy.
To pull the country out of recession and create jobs for Nigerian youths, the Vice President highlighted that the administration was left with only two options: heavy investment in agriculture and the need to put in place an audacious Social Investment Programme to the tune of N500 billion, the largest pro-poor programme in Nigeria’s history, and the largest social safety net, at least in Sub-Saharan Africa to date.
The Vice President went further to note that other policies such as N-Power Programme has created 200,000 jobs for undergraduates employed as well as 300,000 more waiting to be employed; the beneficiaries have been pre-selected stressing that over 7 million children are being fed daily in 22 States so far; beneficiaries of microcredit loans going to about 300,000; and almost 300,000 households benefiting from conditional cash transfers.
The successes recorded by its social investment programmes are clear indications that the President MohammaduBuhari administration’s Economic Recovery and Growth Plan (ERGP) is making progress.
To actualise the set target of ERGP, the economic team, headed by the Vice President had two options to explore. One of which was investing heavily in agriculture thereby creating jobs in the hinterlands, providing enough food locally and for all of the urban areas. In the agriculture programme, the ERGP has been a tremendous success as several millions of Nigerians have been employed in agriculture. This has led Mr. President to confess that some people who have abandoned their farms, in his own village where they used to let out farms or lease out their farms to farmers from Kano have decided to retain their farms for their own agricultural uses. Who wants to be left out anyway? The President added that nobody in Katsina State is leasing out their farms anymore as they all have gone back to farm.
The second option which the Economic Team explored also to the fullest was putting in place an audacious Social Investment Programme, SIP, to the tune of N500 billion; the largest pro-poor programme in Nigeria’s history, and the largest social safety net, at least in Sub-Saharan Africa. This was despite the fact that by 2015, oil prices fell by over 50% and Nigeria’s production also fell from over 2 million barrels a day to less than 700,000 barrels a day, sometimes even 500,000 barrels in 2016.
But today, the empirical evidence of the successes of this programme, and all of that is evident for Nigerians to see and listen to several testimonies and stories.
The social investment programmes, which are a key component of the administration’s Economic Recovery and Growth Plan (ERGP), have made significant strides nationwide because of the administration’s political will and vision to make the needed investments, for today and the future.
The Federal Government is leveraging on the creativity and innovation of young Nigerians to steady the economy and improve the living standards of the citizenry.
For instance, 200,000 jobs have been created for graduates employed under the N-Power programme with 300,000 more waiting to be employed after they have been pre-selected.
N-Power, is known as the jobs-for-graduates component of the Social Investment Programme. It deploys young Nigerians to work as health and teaching assistants, and agriculture extension workers, thus bringing healthcare, quality education and improved agriculture output to more people across the country.
Also, over 7 million children are being fed daily in 22 States so far; another 300,000 beneficiaries receive microcredit loans; and almost 300,000 households are benefiting from the Buhari conditional cash transfers of 5,000 monthly.
The federal government commenced the implementation of its Conditional Cash Transfer (CCT) payments to beneficiaries in nine states early last year. The nine pilot states are Borno, Kwara, Bauchi, Cross River, Niger, Kogi, Oyo, Ogun and Ekiti. Last year, the federal government allocated N500 billion for the implementation of its social welfare agenda.
The nine pilot states were chosen because they have an existing social register that identified the most vulnerable and poorest Nigerians in their localities through a community-based targeting method designed by the World Bank.
However, other states that have already begun developing their social registers have been included in the subsequent phases of the CCT implementation with the number of states implementing the CCT programme now 22 as at August last year.
The cash transfer programme, which the APC-led national government is delivering with the support of the World Bank, makes it imperative for beneficiaries to fulfil certain conditions relating to health or education, before they can receive their monthly stipends. These conditions range from mandatory ante-natal care for pregnant women, to mandatory immunisations for nursing mothers, to minimum school attendance rates for parents of school-age children.
With the primary aim of ERGP being to invest in the Nigerian people, the federal government is expanding the reach and quality of the nation’s healthcare, through the National Health Insurance Scheme (NHIS); and working to guarantee basic education for all persons, whilst also upgrading and modernising the quality of secondary and post-secondary education.
The Buhari led administration is not paying lip-service to investing in the Nigerian people. And Vice President Osinbajo has been the key driver – as the head of the country’s economic management team. He has provided astute idea-driven and capable leadership. Like most investments, the fruits may not come out immediately, but assuredly, decades from today, Nigerians would indeed be thankful for the Buhari – Osinbajo Presidency.
AmaechiAgbo is a public affairs analyst based in Abuja
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.
-
society6 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
news3 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society6 months ago“You Are Never Without Help” – Pastor Gebhardt Berndt Inspires Hope Through Empower Church (Video)
-
Business7 months agoGTCO increases GTBank’s Paid-Up Capital to ₦504 Billion
You must be logged in to post a comment Login