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IMF: Dangote Refinery, Supportive Credit Facility, Can Accelerate Nigeria’s Economic Recovery Process

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Aliko Dangote

The International Monetary Fund (IMP) has noted that the non-oil sector of the Nigerian economy could be stronger, benefitting from its recent growth momentum, higher production from the new Dangote Refinery, and supportive credit policies.

In IMF’s Executive Board 2021 Article IV Consultation with Nigeria released recently, the global organisation added that Nigeria’s ratification of the African Continental Free Trade Agreement could also yield a positive boost to the non-oil sector while oil production could rebound, supported by the more generous terms of the Petroleum Industry Act.

According to the IMF, Nigeria exited the recession in the fourth quarter of 2020 and its output rose by 4.1 per cent (y-o-y) in the third quarter, with broad-based growth except for the oil sector, which is facing security and technical challenges.

While growth was projected at 3 per cent for 2021, it stated that headline inflation rose sharply during the pandemic, reaching a peak of 18.2 per cent year-on-year (y-o-y) in March 2021, but has since declined to 15.6 per cent in December.

The institution attributed this to the new harvest season and opening of land borders, although it noted that the reported unemployment rates (end 2020) have yet to come down. It, however, confirmed that more recent COVID-19 monthly surveys have shown that employment was back at its pre-pandemic level.

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“Despite the recovery in oil prices, the general government fiscal deficit is projected to widen in 2021 to 5.9 per cent of GDP, reflecting implicit fuel subsidies and higher security spending,” the Fund said. “Moreover, the consolidated government revenue-to-GDP ratio at 7.5 per cent remains among the lowest in the world.

“After registering a historic deficit in 2020, the current account improved in 2021, and gross FX reserves have improved, supported by the IMF’s SDR allocation and Eurobond placements in September 2021.

“Notwithstanding the authorities’ proactive approach to contain COVID-19 infection rates and fatalities and the recent growth improvement, socio-economic conditions remain a challenge. Levels of food insecurity have risen, and the poverty rate is estimated to have risen during the pandemic.”

The directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks and called for significant domestic revenue mobilisation.

“They noted that exchange rate reforms should be accompanied by macroeconomic policies to contain inflation, structural reforms to improve transparency and governance, and clear communications regarding exchange rate policy.

“Directors considered it appropriate to maintain a supportive monetary policy in the near term, with continued vigilance against inflation and balance of payments risks. They encouraged the authorities to stand ready to adjust the monetary stance if inflationary pressures increase,” the consultation noted.

“Directors recommended strengthening the monetary operational framework over the medium term – focusing on the primacy of price stability – and scaling back the central bank’s quasi-fiscal operations. Directors welcomed the resilience of the banking sector and the planned expiration of pandemic-related support measures. They agreed that while the newly launched eNaira could help foster financial inclusion and improve the delivery of social assistance, close monitoring of associated risks will be important. They also encouraged further efforts to address deficiencies in the AML/CFT framework.

“Directors emphasised the need for bold reforms in the trade regime and agricultural sector, as well as investments, to promote diversification and job-rich growth and harness the gains from the African Continental Free Trade Agreement. Improvement in transparency and governance are also crucial for strengthening business confidence and public trust. Directors called for stronger efforts to improve the transparency of COVID-19 emergency spending,” the IMF added.

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Nigerian Democratic Working Group Endorses Nomination of Murtala Garo as Deputy Governor

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The Nigerian Democratic Working Group has formally endorsed the nomination of Hon. Murtala Sule Garo as Deputy Governor of Kano State, describing the move as “timely and strategically aligned with the principles of effective governance and democratic consolidation.” This was contained in a statement signed by the group’s National Coordinator, Mohammed Hussaini, on Wednesday, April 22, 2026.

In the statement, the group commended Kano State Governor, Alhaji Abba Kabir Yusuf, for what it called “a well-considered move that reflects political maturity, inclusiveness, and a commitment to strengthening institutional leadership.” According to Hussaini, the nomination demonstrates the Governor’s resolve to build a leadership team capable of delivering on the administration’s promises.

The group emphasized that the nomination underscores the importance of placing experienced and capable individuals in key leadership positions. “This decision enhances governance outcomes and ensures policy implementation that resonates with grassroots realities,” the statement read, stressing the need for leaders who understand the challenges faced by ordinary citizens.

Highlighting the qualities of the nominee, the group noted: “The nomination of Hon. Murtala Sule Garo represents a significant step toward reinforcing administrative efficiency and promoting cohesive governance. It is a decision that highlights the Governor’s dedication to competence, loyalty, and service to the people.” The statement added that Garo’s track record in public service makes him a strong candidate for the role.

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The Nigerian Democratic Working Group further pointed to Garo’s extensive experience in public administration and his active engagement in political processes. “Hon. Garo is well-positioned to support the Governor in delivering on the administration’s development agenda,” Hussaini stated, underscoring the nominee’s potential to strengthen policy execution.

Calling for broad-based support, the group urged political stakeholders across party lines to rally behind the nomination. “We call on APC political stakeholders, irrespective of party affiliations, to support the nomination in the interest of unity, stability, and sustainable development within the state,” the statement declared.

Emphasizing collaboration, the group appealed to political actors to prioritize collective progress over partisan differences. “Enduring governance success depends on shared responsibility and inclusive participation,” Hussaini said, noting that unity among political leaders is essential for long-term stability.

Reaffirming its commitment to democratic values, the Nigerian Democratic Working Group pledged continued support for initiatives that promote good governance, institutional strength, and improved service delivery across Kano State. “We remain dedicated to advancing policies that strengthen democracy and enhance the welfare of citizens,” the statement affirmed.

The group expressed confidence in the Governor’s choice. “We categorically express our confidence that the nomination will further enhance governance structures and contribute meaningfully to the realization of long-term developmental goals in Kano State,” Hussaini said.

 

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Coalition Raises Alarm Over Alleged Plot to Undermine Barau’s 2027 Re-election Bid

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A political pressure group, the Kano State Coalition for Good Governance, has publicly accused unnamed actors of orchestrating efforts to sabotage the anticipated 2027 re-election bid of Deputy Senate President, Barau I. Jibrin.

Addressing journalists on Wednesda the Nigeria Union of Journalists secretariat in Kano , the coalition’s president, Mukhtar Gadanya, alleged that “disgruntled elements” within and outside Kano State are mobilizing resources to disrupt what he described as the “widely supported” political future of the senator representing Kano North Senatorial District.

The group said its members, drawn from all 44 local government areas of Kano State, convened the press conference to alert the public to what it termed a “dangerous and anti-democratic plot” aimed at denying constituents the continuation of Barau’s representation beyond 2027.

 

Gadanya claimed that certain political actors, including what he described as a “failed politician allegedly backed by external interests,” are preparing to challenge Barau through “dubious means” in the next general elections. According to him, the move is part of a broader strategy to destabilize Kano’s political landscape and undermine the senator’s growing national influence.

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“We have credible information that significant resources have been deployed toward this agenda,” Gadanya said. “However, we remain confident that such efforts will fail given the overwhelming grassroots support enjoyed by Senator Barau.”

The coalition used the briefing to outline what it described as Barau’s legislative and developmental track record. It credited him with sponsoring or co-sponsoring nearly 50 bills in the Senate, including the establishment of the North West Development Commission.

Other achievements listed include the upgrade of the Federal College of Education in Kano to a university, the facilitation of the Federal University of Science and Technology in Kabo, and the expansion of educational opportunities through local and international scholarship programs.

The group also pointed to infrastructure and empowerment initiatives such as road construction, installation of solar streetlights, establishment of power projects in Bichi, Kabo, and Dawanau, as well as the annual distribution of thousands of bags of fertilizer to farmers across the senatorial district.

 

Gadanya suggested that Barau’s perceived effectiveness and rising profile could position him for higher leadership roles in the Senate if re-elected, a factor he believes may be driving opposition against him.

“There are clear indications that his performance has earned him national recognition, and this may be unsettling to some political interests,” he said.

 

The coalition called on all political actors to respect democratic principles and refrain from actions that could incite instability. It urged stakeholders to allow voters in Kano North to determine their representation freely in 2027.

The group also expressed appreciation to President Bola Ahmed Tinubu for what it described as his continued support for Barau and Kano State.

“Any attempt to override the will of the people will not stand,” Gadanya concluded. “The people of Kano North remain resolute in their support for Senator Barau.”

 

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Dan Agundi’s Supreme Court Case Has Nothing to Do With Kano Emir – Says Lawyer

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14th Emir Of Kano Muhammad Sunusi II

 

 

A lawyer involved in the Kano Emirate titleholder’s dispute, Bashir Muhammad Tudun Wazirci, has clarified that the case before the Supreme Court of Nigeria does not concern the removal or reinstatement of any emir, including Muhammadu Sanusi II.

 

Speaking to journalists after the proceedings, Wizirci explained that the suit was filed by Aminu Babba Dan’agundi against the Kano State House of Assembly, the office of the Attorney-General and the security agencies.

 

According to him, the case does not include Aminu Ado Bayero as a party or any dispute on who is Emir, stressing, that: “In this case I am for the State Assembly, first, the case is between Aminu Babba Danagundi and the State Government and the office of the Attorney General and security agencies. In this case, there is no name of Emir Muhammad Sanusi II or former Emir Aminu Ado Bayero. It is between Aminu Babba Dan’agundi and the state government alongside security agencies”.

Dan Agundi’s lawyer Professor Yusufari SAN confirmed that “the case is between his client and the State Government” and no Emir is involved.

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Wazirci emphasized “Emir of Kano Muhammad Sanusi is not a party, neither is the former, Emir Aminu Ado Bayero. Dan Agundi approached the Federal High Court that has no Jurisdiction. The Court of appeal ruled that the lower Federal High Court has no jurisdiction to hear the case. Dan Agundi lost the appeal. They were not satisfied and that’s why they appealed to the Supreme Court”. He said.

 

Wazirci said the case was scheduled for hearing but was stalled following a fresh application by Dan Agundi’s lawyer who cited that they received late response from one of the security agencies as reason for delay.

 

“They claimed they received information from the DSS on the 15th of the month and needed time to respond. I objected because this is a matter that requires accelerated hearing if they are serious,” Wizirci said.

 

He, however, stated that the court upheld the appealant’s right to fair hearing and granted them time to file their processes. The matter was subsequently adjourned to April 19, 2027.

 

Meanwhile, Counsel to Aminu DanAgundi, Professor Mamman Lawal Yusufari clarified that “The suit was slated for hearing today, not for judgment as many believed. Counsel to one of the respondents filed a motion on April 14 and served us the following day”.

 

“We are entitled to respond within 14 days from the date of service. Hence, the adjournment, as the matter could not proceed,” he said.

 

Recall that Kano State Governor, Abba Kabir Yusuf, in May 2024, signed a law that dethroned all Emirs of Kano, Rano, Gaya and Karaye and reappointed Malam Muhammadu Sanusi II as the 16th Emir of Kano. Dissatisfied with the new law, Dan Agundi challenged it at the Federal High Court, that his removal by the law is an infringement, the Court ruled that it has jurisdiction. The State Government appealed to the Court of Appeal, which ruled that the Federal High Court has no jurisdiction. Dan Agundi then filed an appeal in the Supreme Court as confirmed by his lawyer Professor Maman Yusufari SAN.

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