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Dangote Refinery will generate $21billion, to employ over 100,000 youths

Published

3 years ago

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Alhaji Aliko Dangote

 

 

Amid encomium from eminent personalities, which included President Mohammadu Buhari and five other African heads of state, President of the pan-African Conglomerate, Dangote Industries Limited (DIL), Aliko Dangote disclosed yesterday that the newly commissioned 650,000pbd refinery would employ over 100,000 Nigerians youths as well as generate over $21 billion, therefore saving the country huge forex, that would have been used for fuel importation. The company, according to him, now has over 33,000 employees.

Much to the excitement of Nigerians, Dangote said the commissioning has marked the beginning of the new journey of self-sufficiency in refined petroleum products and exportation of same just as been achieved in Cement and lately fertilizer.

Dangote lamented that the current fuel crisis has had negative impact on the nation’s economy and that informed his decision to build a world class refinery that would change the trend  and that though faced challenges but decided to trudge on.

He highlighted events leading to his firm deciding to build its own refinery after his attempt to acquire one of the existing moribund did not materialize noting that he decided to change marketing strategy and settle for gigantic project ever undertaken by an individual world over.

According to him, the refinery plant would be run at the highest effective and efficient level for maximum benefits to all Nigerians noting “we will replicate what we achieved in cement and fertilizer by attaining self-sufficiency and becoming net exporter.

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Dangote assured Nigerians that 40 per cent of the production capacity will be available for export with the coming on stream of the plant guaranteeing raw materials for plastic, and pharmaceutical industries.

In his remark, President Buhari congratulated Dangote Group, saying “the 650,000 barrels a day of crude which will enable our country to achieve self-sufficiency in refined products and even have some supplies for export saying the government and people of Nigeria are proud of the doggedness and tenacity of Dangote as entrepreneur.

Said he; “This feat at this time of the nation’s economic development clearly made this event a notable milestone for our economy and the game changer for the downstream petroleum products not only for Nigeria but the entire African continent. Dangote Group has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser.”

He noted that the economy which has been stressed for many decades by huge deficits in economic infrastructure and over a decade of insurgency has also been severely impacted by several external crises, including the global financial crisis, the collapse of world crisis the Coronavirus pandemic and the Russia Ukraine war.

“The consequences of these challenges constitute a severe strain on our economy and limiting government’s ability to provide basic infrastructure without resorting to borrowing. Government therefore decide to focus attention on creating an enabling environment for the private sector to thrive and fill the enormous gap in investments not only in infrastructure, but also in all critical sectors.

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We recognize that without active participation of the private sector and a strong commitment to public-private partnership, the economy will not be able to continue to meet the challenge and economic growth”, while expressing the hope that the coming administration will continue to apply such innovative schemes to accelerate the fruition of critical infrastructure, in particular roads and gas pipelines.

Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele while commending Mr. Dangote for the successful completion of the refinery project said it would not only aid that nation’s domestic petrol needs, but also help in generating export revenues for our country.

Emefiele recalled; “In September 2013, when Alhaji Aliko Dangote announced his plans for the refinery, it was estimated to cost about US$9 billion, of which US$3 billion was projected as equity investment by the Dangote Group and the balance financed through commercial loans. Due to an array of factors, the project was eventually completed with a total of US$18.5 billion with funding distributed into 50 percent equity investment and 50 percent debt finance. I am proud to state that the commercial loan component of the project was financed majorly by our domestic banks with the balance sourced from foreign banks. The Central Bank of Nigeria also partnered, as always, with the Dangote Group in ensuring the successful completion of the project by providing about N125 billion, to cover domestic currency requirements for the venture.

What you may not be fully aware of, Your Excellencies, is that the Dangote Group has started repaying some of the commercial loans even before the commissioning of this facility. This reflects the commercial capability of the Group and its Chairman. I am pleased to inform everyone today that, following extensive repayments, outstanding debt has dropped appreciably from over US$9 billion to US$3 billion.”

The CBN Governor commended Nigerian banks saying they did not only partnered with the project through effective financing but were keenly aware of the importance of the project for our nation. “They provided immense support and exceptional understanding, even when interest payments and principal repayment had fallen due.”

He described the successful completion of the refinery to President Buhari’s astute vision to ensure that Nigeria produces what Nigerians consume and that we consume what we produce. “The refinery and petrochemical project by the Dangote Group is a testament to your vision for Nigeria. It shows that, regardless of what the world thinks, Nigeria can be self-sufficient in all products that we consume and at the same time export our excess output to the rest of the world.”

“Aside enumerating our strategic efforts in the agriculture and other critical sectors, a sterling projects that we highlighted was the gigantic Dangote Refinery and Petrochemical project. The world doubted our willpower to succeed with this project. In hindsight, I could appreciate their skepticism because they do not understand how a single individual could build a refinery capable of serving an entire nation. To them, projects of this magnitude are usually only undertaken by sovereigns not individuals.”

Group Managing Director of the Nigerian National Petroleum Company Ltd (NNPC), Mele Kolo Kyari said the NNPC was happy to partner Dangote Refinery because the project has potentials for smooth supply of petroleum and it would guarantee healthy competition for the benefits of the nation’s economy.

He said the NNPC Ltd. was committed to value addition to the potentials of the project noting that the new Petroleum Industry Act will provide security of supply of refined products and protect the plant. The NNPC boss added that his was happy the refinery is coming on board at a time the subsidy on imported products has become unbearable for government.

In their respective goodwill messages, Presidents of Ghana, Senegal, Niger, Benin Republic and Chad expressed satisfaction that the Dangote Refinery will serve the West African region and that their countries would be beneficiaries saying the Dangote Refiner is an African company for Africa by an African entrepreneur.

 

 

 

 

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NYSC Gets Biggest Revamp Since 1973 as FEC Approves Civilian Leadership, New Uniform, Tech-Driven Call-Up

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5 hours ago

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June 29, 2026

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By Yusuf Danjuma Yunusa

The Federal Executive Council has approved a comprehensive overhaul of the National Youth Service Corps, marking the first major restructuring of the scheme since it was established 53 years ago.

The reforms, approved at the FEC meeting in Abuja on Monday, are aimed at repositioning the NYSC into a skills-focused, productivity-driven institution aligned with the Federal Government’s economic agenda.

A key aspect of the reform is a change in the leadership structure of the scheme, with the NYSC set to be headed by a civilian, while the military will continue to provide security for corps members nationwide.

The council also directed the Attorney-General of the Federation and the Federal Ministry of Youth Development to amend the NYSC Act and relevant regulations to provide legal backing for the approved changes and enable their implementation.

Announcing the approval on X, the Minister of Youth Development, Ayodele Olawande, described the reforms as the first holistic review of the scheme in its 53-year history.

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He said, “We are transforming the Scheme into a platform that not only unites Nigeria but also equips our young people with the skills, experience and opportunities they need to thrive in a fast-changing world.”

Olawande said the approved reforms would reposition the scheme as “a skills-driven, productivity-focused and youth-empowering institution that aligns with President Bola Tinubu’s vision of building a $1 trillion economy.”

According to him, the reforms include “a technology-driven call-up process, risk-sensitive deployment to better protect corps members, a redesigned six-week orientation programme with stronger focus on leadership, entrepreneurship, digital skills and specialised career streams, skills-based primary assignments aligned with academic background and career pathways, modern governance with civilian operational leadership while the military continues to provide security support, improved camp standards through a national grading and certification system, and a new graduation ceremony to replace the Passing Out Parade, alongside a redesigned NYSC uniform that reflects professionalism and national pride.”

Olawande said the reform process began in 2025 through a broad-based review involving the Federal Ministry of Youth Development, the Federal Ministry of Education and the Office of the Special Adviser to the President on Policy and Coordination before receiving FEC approval.

He added, “This is more than a reform of an institution. It is an investment in Nigeria’s greatest asset, our young people. The future of the NYSC begins now, and it is brighter, more relevant and more impactful than ever.”

Established in 1973 following the Nigerian Civil War, the NYSC was created to promote national unity by deploying graduates to states outside their regions of origin for one year of compulsory national service.

The latest reforms represent the first comprehensive review of the scheme since its creation, with the Federal Government saying the changes are designed to make the institution more relevant to Nigeria’s contemporary economic and youth development needs.

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2027: “I have no apology for supporting re-election bid of President Tinubu”, Gov. Yusuf declares

Published

9 hours ago

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June 29, 2026

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Governor Abba Kabir Yusuf has reaffirmed his administration’s commitment to mobilising support for the re-election of President Bola Ahmed Tinubu in the 2027 general elections.

Ostensibly reacting to opposition comments, Gov. Yusuf insisted he has no cause of regret of apologetic to any figure, owing to his support for Tinubu’s re-election.

The governor made the declaration during an interactive session with elected and appointed government officials held at the Coronation Hall of the Government House in Kano.

Expressing confidence in President Tinubu’s chances of securing a second term, Yusuf assured that Kano would deliver overwhelming votes for the President in the 2027 presidential election.

According to him, “our administration in Kano has no reason to apologise for supporting President Tinubu”, stressing that the President’s re-election remains a collective responsibility of all party members and government officials.

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The Governor however directed all political appointees serving in his administration who are yet to register as members of the All Progressives Congress (APC) to do so without further delay.

Yusuf stressed that every elected and appointed government official must identify with the party and actively participate in strengthening its structures ahead of the 2027 polls.

He reaffirmed his administration’s determination to ensure the APC records victories in the presidential, governorship, National Assembly, State Assembly and local government elections.

As part of measures aimed at motivating political office holders, the governor approved the allocation of plots of land to more than 300 political aides, including Senior Special Assistants, Special Assistants, Senior Special Reporters, Special Reporters and Personal Assistants. He also approved the payment of N100,000 to each of the beneficiaries.

Speaker of the Kano State House of Assembly, Rt. Hon. Ismail Falgore, also at the meeting re-emphaised that APC in Kano owes no apology for promoting the achievements of President Tinubu in Kano State.

Falgore noted that constituency projects executed by members of the State Assembly, with the support of Governor Yusuf, had further strengthened the party’s popularity across the state and positioned it for victory in the 2027 elections.

Meanwhile, the APC Chairman in Kano State, Hon. Umar Haruna Doguwa, declared that “the battle line has been drawn” with the Kwankwasiyya movement, expressing confidence that the party would emerge victorious in the forthcoming elections.

At the end of the meeting, elected and appointed government officials unanimously passed a vote of confidence in President Bola Ahmed Tinubu and Governor Abba Kabir Yusuf.

The officials also pledged to intensify grassroots mobilisation and work collectively towards ensuring the success of the APC at all levels during the 2027 general elections.

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BUK Emerges Top Performing Nigerian University In Global Ranking

Published

11 hours ago

on

June 29, 2026

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Nigeria has reinforced its growing influence in global higher education as 24 universities secured places in the 2026 Times Higher Education (THE) World University Rankings and the Times Higher Education Sub-Saharan Africa University Rankings, the highest representation by any country in Sub-Saharan Africa.

The latest rankings place the University of Ibadan and the University of Lagos among Nigeria’s highest-ranked universities, while Bayero University Kano emerged as one of the country’s top-performing institutions. Nigeria also increased its representation in the global rankings from 21 universities in 2024 and 2025 to 24 universities in 2026, making it the most represented country in Sub-Saharan Africa.

The Nigerian contingent comprises 17 federal universities, three state universities and four private universities, underscoring the increasing competitiveness of the country’s tertiary education sector across teaching, research, knowledge transfer and international outlook.

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The rankings also reflect the growing recognition of specialised institutions, with several federal universities of technology and agriculture earning places, while state-owned universities continued to strengthen their global standing through improved academic performance and research output.

Reacting to the latest rankings, the Minister of Education, Dr. Tunji Alausa, described the achievement as a significant milestone for Nigeria’s higher education sector, saying it reflects the positive outcomes of ongoing reforms aimed at strengthening the nation’s universities. He noted that the growing international recognition of Nigerian institutions underscores the Federal Government’s commitment to transforming tertiary education into a catalyst for innovation, research, human capital development and sustainable national growth.

Pundits say the latest recognition is expected to boost the international profile of Nigerian universities, enhance opportunities for global collaborations, attract research funding and encourage sustained investment in quality teaching, innovation and institutional development across the country’s higher education landscape.

The 24 Nigerian universities that featured in the 2026 THE rankings are:

1. University of Ibadan

2. University of Lagos

3. Bayero University Kano

4. Covenant University

5. Landmark University

6. Ahmadu Bello University

7. Federal University of Technology, Minna

8. University of Ilorin

9. University of Jos

10. University of Nigeria, Nsukka

11. Babcock University

12. Delta State University, Abraka

13. Ekiti State University

14. Federal University of Agriculture, Abeokuta

15. Federal University of Technology, Akure

16. Federal University of Technology, Owerri

17. Federal University Oye-Ekiti

18. Ladoke Akintola University of Technology

19. Lagos State University

20. Nnamdi Azikiwe University

21. Obafemi Awolowo University

22. University of Benin

23. University of Calabar

24. University of Port Harcourt

 

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