Business

Nigeria loses more than 140 billion weekly to Apapa gridlock – Aliko Dangote

Published

9 years ago

June 21, 2017

Aliko Dangote allegedly broke, unable to complete refinery by 2023

President of Dangote Group, Aliko Dangote has lauded the decision of the Federal Government to reconstruct the failed Apapa Wharf road as its grim state serves as both an embarrassment to the country and a huge financial loss to the government on a weekly basis.

Dangote who spoke on Tuesday said “The economy loses more than 20 billion daily and it affects all businesses across the country. All our operations in the hinterland in Ilorin, in Kano are operating at 40 per cent maximum capacity”

Lamenting the state of road infrastructure in the country, Dangote said: “Today there is no linkage road going from South West to the North. You have to go all the way through Ajaokuta, Obajana, lokoja and you have to go by the uncompleted road Obasanjo started 13years ago.”

Commenting on his resolve to personally get involved in the Apapa Wharf road reconstruction, he said: “Because it is very embarrassing! We can’t just sit and have a road like that in the heart of trade in Nigeria. More than 60 per cent of our country’s import and exports come through the port and we leave it un-attended. That is why we started on our own. Flour mills said they will join us, but now government changed the design because they want all the cables and pipes underground and to have a more robust solution.”

Commenting on why he is personally involved in the Apapa Wharf road reconstruction, he said: “Because it is very embarrassing! We can’t just sit and have a road like that in the heart of trade in Nigeria. More than 60 per cent of our country’s import and exports come through the port and we cannot leave it un-attended. That is why we are invested in this project. The government also changed the design because they want all the cables and pipes underground and to have a more robust and sustainable solution to this problem.”

To help in bringing the cost down, he explained that he forced his company to do it at zero profit. According to him, “We will be spending 2.5billion and also Flour Mills for reconstructing 2km double lane in Apapa on each side making a total of 4km” He further explained that “the biggest job is drainage because that is what is destroying the road. We will make sure this problem is sorted out once and for all. This thing should not be allowed to happen. We started discussion with the government over 1year and we are happy that we have been given the opportunity to finally fix it.”

It would be recalled that the FG last weekend handed over the troubled road to Dangote Industries Limited and Flour Mills of Nigeria (FMN) for immediate reconstruction with concrete overlay.

The memorandum of understanding (MOU) on the construction of the road was signed by the FG, DIL, NPA and the FMN.

Babatunde Fashola, minister of power, works and housing, signed the agreement for the handover of the road, on behalf of the Federal Government, while Hadiza Usman, managing director, NPA, and Joseph Makoju, honorary advisor to Aliko Dangote, president, Dangote Group, and Gbedebo, signed for their respective organisations. The three organisations are embarking on the project as part of their corporate social responsibility (CSR) to Apapa, where they all do business.

The construction work to be handled by AG Dangote, a civil construction company, and joint venture between Dangote Group and AG of Brazil, would utilise concrete slabs as against asphalt, common with road construction in this part of the world.

AG Dangote is not new to road construction, they have successfully constructed concrete roads in Ibese, Ogun State and currently working on roads in Obajana, Kogi State and also in Benin City, Edo state.

Managing director and chief executive of AG Dangote, Ashif Jumar in a chat with the media also said: “We are building a four kilometer concrete dual carriage road that has a life span of over 40years. It is a rigid pavement road of 250 millimeters thickness with solid underlying materials… We have already mobilized to site, but our major challenge is the chaotic Apapa traffic and the inclement rainy season. I appeal for patience and cooperation.”

Speaking at the MOU signing ceremony held at the Conference Hall of Area B Command of the Nigeria Police, Apapa, Honorary Adviser to the President/Chief Executive of Dangote Group, Engineer Joseph Makoju said the Group is moved by the deplorable state of the road which informed the need to look for like-thinking partners to effect repairs and salvage the road.

According to him, the deplorable state of the road has impacted negatively on businesses, activities and lives of people within the locality. He explained that the state of the road crippled economic activities as people spend whole days in traffic losing precious work hours. Makoju opined that the two kilometer road to the gate of Apapa is vital to the nation’s economy and described it as the national economy’s artery.

He commended the Managing Director of the Nigeria Ports Authority, who he said put in extra efforts to ensure the handing over of the road for reconstruction as the project has been on ground for over a year. The new road, he said will be concrete based in contrast to laterite base and has a life span of between 30 years to 50 years.

He described the road reconstruction as a higher form of corporate social responsibility as Dangote Group is not asking for tax rebates. According to him, businesses need to engage with host communities through corporate social responsibility projects to ensure sustainability.

He said, “…here at Dangote, we have built houses, new towns, hospitals, schools, roads, markets and awarded scholarships in the communities where we have our operations but this is a higher form of corporate social responsibility. This project is a higher form of intervention on a national level, intervening in provision of critical infrastructure.”

However, he tasked government to do more in terms of providing a conducive and enabling business environment for businesses to thrive stressing that If the environment is conducive and right, businesses will thrive and do more in terms of interventions in national infrastructure.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

3 days ago

February 19, 2026

Sahara Weekly

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.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

5 days ago

February 18, 2026

Sahara Weekly

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.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

6 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

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