Latest news with #FederalGovernmentofNigeria
Business Insider
22-05-2025
- Business
- Business Insider
Dangote reveals the FG earns 52 kobo from every N1 generated by his cement company
Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company. Aliko Dangote, Africa's richest man, disclosed that the Nigerian Federal Government earns substantial revenue from his cement company. His cement company operates across over 10 countries and has significantly reduced Africa's reliance on imported cement. Dangote pledged continued investment in Nigeria, highlighting the importance of job creation and societal impact. Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company. He made this known at the Taraba International Investment Summit 2025 in Jalingo. Speaking at an investment forum, Dangote stressed the importance of government support for private enterprises, noting that when businesses thrive, the country benefits significantly through tax revenue and job creation. What Dangote said: "You know, I'm sure it might be shocking to you to know that the federal government of Nigeria, not even the states, makes more money from, for example, our cement business,' he said. For every one naira we turn around, 52 kobo goes to the federal government of Nigeria." Dangote Cement is Africa's largest cement producer, operating in over 10 countries, including Nigeria, Ethiopia, Tanzania, and South Africa. The company has a production capacity of over 51 million metric tons per year, helping to reduce Africa's reliance on imported cement, according to estimates. Dangote used the opportunity to reiterate his long-standing position that while governments are not meant to run businesses, they play a crucial role in creating an enabling environment for enterprises to grow. 'Governments don't have to own businesses to generate income,' he said. 'Have you ever heard of the American government owning an oil block? No, the American government doesn't own an oil block. And they are the biggest producers of oil today in the world. But they make their money through taxes.' He said the only way to grow the economy and create wealth is through the private sector, and that government and businesses must work closely together. Dangote also promised that his company would keep investing in Nigeria. 'We are not going anywhere to invest, this is home. We want to remain at home. We want to keep investing in Nigeria. We want to keep creating jobs. At the end of the day, no one will take a dime to the grave. What gives us true satisfaction as human beings is knowing we've impacted the lives of others," he stated.
Zawya
03-03-2025
- Business
- Zawya
Investors flock to Nigerian bonds as inflation rate drops to 24.5%
NIGERIA'S bond market experienced a significant surge in investor interest in February 2025, following a notable drop in the country's inflation rate to 24.5 percent year-on-year from 34.8 percent in December 2024. The sharp decline, driven by the rebasing of the Consumer Price Index (CPI), combined with compelling yields on government bonds, attracted investors seeking to lock in favorable returns amid expectations of a more accommodative monetary policy. The Debt Management Office (DMO) conducted its February Federal Government of Nigeria (FGN) bonds primary auction on Monday, February 24, 2025, offering two bond papers worth N350 billion—N200 billion for the April 2029 bond and N150 billion for the February 2031 bond. The auction marked the first since the Monetary Policy Committee (MPC) opted to pause its monetary tightening cycle, fueling speculation that rate cuts could follow in future meetings. The bond auction recorded overwhelming investor demand, with subscriptions totaling N1.6 trillion, representing a bid-to-offer ratio of 4.7 times – more than double the N669.9 billion subscription recorded in the January auction. The February 2031 bond attracted the highest interest, accounting for approximately 72 percent of the total subscription, with bids worth N1.2 trillion. However, the DMO chose to allot only N605 billion of this amount, reflecting the government's prudent debt management strategy. In total, the agency allotted N910.4 billion across both bond papers, significantly lower than the total subscription amount, underscoring the government's commitment to managing its borrowing levels despite high investor appetite. The auction also witnessed a decline in marginal rates, with the April 2029 bond clearing at 19.20 percent and the February 2031 bond at 19.30 percent. This represented a substantial drop from the 21.79 percent and 22.50 percent recorded at the previous auction in January. Market analysts attributed the falling yields to growing expectations of a monetary policy loosening in the coming months, as inflationary pressures ease and the Central Bank of Nigeria (CBN) looks to support economic growth. The improved inflation outlook has also reduced the negative real returns on fixed-income investments, making government bonds more attractive to investors. In the secondary market, demand for government bonds remained strong, particularly in the short- and mid-term segments of the yield curve. Investors sought to take advantage of elevated interest rates, despite tight liquidity conditions in the financial system. Analysts predict that the bullish momentum will persist in the coming weeks, driven by expectations of potential rate cuts and a sustained decline in inflation. Nigeria's bond market is poised for continued strong performance as investors reposition their portfolios amid evolving macroeconomic conditions. The significant reduction in inflation, combined with attractive yields, is expected to sustain interest in government securities. However, the DMO's conservative debt issuance strategy signals the government's commitment to balancing its borrowing needs with fiscal discipline. As the MPC's next policy meeting approaches, market participants will closely watch for signals of a possible monetary policy easing, which could further bolster demand for fixed-income assets in Africa's largest economy.
Zawya
12-02-2025
- Business
- Zawya
Nigeria to Host 32nd Afreximbank Annual Meetings from 23 to 28 June 2025
The Federal Government of Nigeria and Afreximbank ( have signed the Host Country Agreement for the 32 nd Afreximbank Annual Meetings (AAM) in Abuja, Nigeria, from 23-28 June 2025. Afreximbank Annual Meetings is one of the most anticipated gatherings on the African continent, featuring high-level policy discussions, presentations, and side events on issues pertinent to the socio-economic development of Africa as well as business networking sessions that drive integration through trade and investments. The 32 nd Afreximbank Annual Meetings in June 2025 is expected to be the largest gathering of Global Africa in the Bank's Annual Meetings history, bringing together over 6,000 delegates including Heads of State, government officials, captains of industry, businesspeople, decision-makers, academics, respected experts and advisors from Africa, the CARICOM region and globally. Commenting on the significance of the agreement, H.E. Wale Edun, the Honourable Minister of Finance and Coordinating Minister of the Economy for Nigeria, emphasised Nigeria's strong partnership with Afreximbank and its commitment to fostering trade and economic growth for Africa and beyond. He said: 'Nigeria is honoured to host the 2025 Afreximbank Annual Meetings, which will serve as a critical platform to drive discussions on trade financing, economic growth, and investment opportunities across Africa.' He added: 'This event is a testament to our commitment to strengthening Africa's financial sector and positioning Nigeria as a hub for economic transformation.' Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said:"We greatly appreciate the Federal Government of Nigeria's acceptance to host the 2025 Afreximbank Annual Meetings, which demonstrates our united determination to accelerating Africa's economic growth and development. 'The Government of Nigeria has been a steadfast partner and a strong backbone of the Bank. It has consistently responded positively to capital calls, injecting significant equity into the Bank even when the economic environment seemed challenging; removing regulatory hurdles that would otherwise inhibit the Bank's business in Nigeria, and being at the forefront of rallying continental support for the Bank.' 'This year's theme, 'Building the Future on Decades of Resilience,' reflects the progress that we have made over the past three decades and the bold steps that are imperative to navigate the increasingly complex global landscape. The African Continental Free Trade Area (AfCTA) has given our continent an unrivalled opportunity to deliver sustainable economic transformation that will propel Africa's economic growth and raise living standards and prosperity for all Africans. 'Afreximbank Annual Meetings will provide a platform to reflect on our journey, celebrate contributions, and chart a path forward that reinforces our continent's economic independence and global influence. We look forward to welcoming and meeting stakeholders from across Africa and other parts of the world to Abuja for this prestigious event.' Prof. Oramah noted that Nigeria's unwavering support to Afreximbank has been the primary driver of the Bank's strong continental impact. 'The impact on the Nigerian economy is equally palpable. Being the largest recipient of the Bank's trade and development finance, Nigeria has attracted cumulative disbursements of about US$52 billion in addition to being the first beneficiary of several flagship transformative projects being executed by the Bank such as the African Medical Centre of Excellence (AMCE), African Quality Assurance Centre (AQAC), Afreximbank African Trade Centre (AATC), among others. This year's event comes on the backdrop of the highly successful 2024 AAM, held in Nassau, The Bahamas and attended by over 4,000 delegates, including over 20 Heads of State, government ministers, high-level dignitaries, global experts, and world-renowned celebrities and artists. Afreximbank was established when the shareholders held their first General Meeting in Abuja, Nigeria in October 1993. Today, Nigeria is Afreximbank's second-largest shareholder. Distributed by APO Group on behalf of Afreximbank. About Afreximbank African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance, facilitate and promote intra and extra-African trade. For over 30 years, the Bank has been deploying innovative instruments to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the AfCFTA, Afreximbank has in partnership with the African Union Commission and AFCFTA Secretariat launched the Pan-African Payment and Settlement System (PAPSS) which has been adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the African Free Trade Area agreement. The AfCFTA Secretariat and Afreximbank have created a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank's total assets and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, 'the Group'). The Bank is headquartered in Cairo, Egypt. For more information, visit:
Zawya
27-01-2025
- Business
- Zawya
Nigeria, Bangladesh partner on youth empowerment initiatives
The Federal Government of Nigeria and Bangladesh have reaffirmed their commitment to empowering Nigerian youth, recognising their critical role in shaping the future. This commitment was emphasised during a courtesy visit by the Bangladesh High Commissioner to Nigeria, His Excellency Mr Masudur Rahman, to the Minister of Youth Development, Comrade Ayodele Olawande, in Abuja. The Minister was represented at the meeting by the Ministry's Permanent Secretary, Mr Olubunmi Olusanya, according to a statement during the weekend by the Director, Information and Public Relations, Mrs Omolara Esan. The statement further noted that Mr Olusanya, while speaking on behalf of the Ministry, highlighted the Ministry's dedication to unlocking the innovative and productive potential of Nigerian youth as a means of driving economic growth. 'For us in the Ministry, we are committed to embracing any initiative that enhances the potential of Nigerian youth. The future lies in their hands, and we will do everything possible to transform their lives for a better tomorrow. 'Youth who are not trained can become a burden to society, and we are determined to prevent such an outcome. A well-empowered youth population is crucial for Nigeria's progress,' Olusanya stated. He further noted that the Ministry sees significant value in leveraging the expertise of Bangladesh to achieve its vision for youth empowerment and economic development. On his part, the Bangladesh High Commissioner, His Excellency Mr Masudur Rahman, reiterated Bangladesh's commitment to strengthening ties with Nigeria in the area of youth development. He emphasised the importance of economic diversification and the need to unlock the untapped potential of Nigerian youth both at home and in the diaspora. 'Nigerian youth are pivotal to the country's economic diversification efforts. Through this collaboration, we hope to create platforms for knowledge sharing, research exchange, and skills development in critical areas such as agriculture, technology, and business,' Mr Rahman stated. He also highlighted Bangladesh's successful diversification model as an example Nigeria could adopt to expand its export base and promote value addition in various sectors. This partnership marks a significant step toward fostering bilateral relations between Nigeria and Bangladesh and creating opportunities for youth empowerment, knowledge transfer, and sustainable economic growth.
