Business
Lagos Govt Orders Additional 100 Trucks from Dangote’s Trucks Assembly Plant as Akpabio Commissions new CKD Plant
…Gov, Senators hail Dangote on impactful facility
Leadership of the Senate at the weekend unveiled the multi-million dollar world-class Dangote Sinotruk West Africa Ltd CKD Plant established by the business mogul, Aliko Dangote with a call on other eminent Nigerians to emulate him in using their wealth to benefit the nation.
This is just as the excited Governor of Lagos State, Babajide Sanwo-Olu, equally announced his administration’s plan for the acquisition of an extra 100 compactor trucks from the indigenous automobile manufacturer to enhance service delivery within the state metropolis.
Sanwo-Olu made the announcement on Sunday during the commissioning of the Completely Knocked Down (CKD) Plant of the facility by the President of the Senate, Godswill Akpabio. He emphasised that the products of Dangote Sinotruk are of world-standard, crafted with precision to meet customer satisfaction.
President/CE of the Dangote Industries Limited, Aliko Dangote, who conducted the leadership of the Upper Chamber and executive management of the company around the premises of the Dangote facility in Ikeja, Lagos, stated that the decision to invest in the truck assembly plant is part of his strategies to add value and reduce imports. He added that the plant will fabricate diverse types of trailers and tipper bodies with the goal of achieving domestic self-sufficiency and serving the West African regional market.
“We are playing a strategic and key role in developing the heavy-duty truck assembling and manufacturing industry in Nigeria. We are providing employment opportunities for Nigerians as well as improving the local automobile industry. We will continue to invest in the plant and achieve technological advancement for Nigeria. We will continue to promote Nigeria’s economic development,” the renowned entrepreneur stated in his welcome address.
While appreciating the support of strategic stakeholders, including the National Assembly, Dangote said Dangote Sinotruk West Africa Limited is set to write the next chapter in Nigeria’s industrialisation story as well as drive progress across West Africa for a brighter and more prosperous future.
Noting that the state acquired 102 compactor trucks for its Waste Management Authority (LAWMA) in 2022, Governor Sanwo-Olu hailed Dangote for the remarkable transformation of the facility from a dormant textile mill to a thriving vehicle assembly plant.
“Honestly, this is about partnership. It is about a sense of purpose and the fact that as a people, we need to develop our economy and our environment better than we met it. Dangote Industries Limited is a testament to a good local business that has become a global name. It can compete with other brands globally. It is a brand that all Africans can be proud of. They have kept the vision of this place by ensuring that industry is created, people are employed, and young people are trained,” he said.
Governor Sanwo-Olu stressed that the state is open to business as the commercial hub of Nigeria, commending the Dangote group for embracing CNG-powered vehicles, noting that it is cost-effective and promotes cleaner energy.
During the plant’s commissioning, Senate President Godswill Akpabio, commended the proprietors, stressing that ‘Dangote is Africa’s export to the world’. He noted that the facility, which creates over 3,000 jobs across Nigeria, aligns with the renewed hope agenda of President Bola Tinubu to lift millions of Nigerians out of poverty.
Reiterating the senate leadership’s happiness with the facility, Akpabio assured of the federal government’s support to Dangote’s drive to ensure Nigeria attains self-sufficiency in key sectors. Calling on other investors to learn from Dangote, he also challenged other states to provide business-friendly environments for investors.
Dangote Sinotruk West Africa Limited, a joint venture company with a total investment of $100 million, boasts cutting-edge facilities and machinery, enabling it to achieve a production capacity of 15-16 trucks per shift, or approximately 10,000 trucks annually.
However, the Chief Executive Officer of the facility, Hikmat Thapa, said the capacity will be scaled up to 13,000 trucks annually with the commissioning of the new CKD plant. He also affirmed that the majority of the fabrication and assembly lines are being handled by trained Nigerians. He stated that the vision of the plant is to assemble and produce a full range of commercial vehicles tailored to the specific needs of the market.
“From heavy-duty trucks to medium trucks, light trucks, and semi-trailers, our aim is to meet the growing demand for reliable transportation across various sectors, including logistics, construction, and food and beverage industries,” he added.
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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