News
S&P: Dangote Refinery Driving Nigeria’s Eonomic Resurgence
S&P: Dangote Refinery Driving Nigeria’s Eonomic Resurgence
The Dangote Petroleum Refinery & Petrochemicals is emerging as a major driver of Nigeria’s improving economic outlook, following the country’s sovereign credit rating upgrade by S&P Global Ratings.
In its latest assessment, S&P upgraded Nigeria’s long term foreign and local currency sovereign credit ratings to “B” from “B-,” citing stronger economic growth, improved external balances, rising oil production, and expanded domestic refining capacity as key factors supporting the country’s recovery.
The global ratings agency specifically identified the operational ramp up of the 650,000 barrels per day by Dangote Petroleum Refinery & Petrochemicals as a major contributor to Nigeria’s improving balance of payments position and broader economic resilience.
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According to S&P, the refinery’s full capacity operations are helping to strengthen Nigeria’s current account surplus, reduce dependence on imported refined petroleum products, and improve foreign exchange liquidity.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the report stated.
S&P projected that Nigeria’s current account surplus would improve to 5.8 per cent of GDP in 2026 from 4.8 per cent in 2025, supported partly by increased domestic refining and hydrocarbon exports.
The report noted that the refinery was helping to ensure the availability of refined fuel, gas, and fertiliser for the domestic market, while also providing a buffer against global supply disruptions triggered by ongoing geopolitical tensions in the Middle East.
The agency further stated that Nigeria’s improving external position had been supported by reduced fuel import dependence, removal of fuel subsidies, exchange rate liberalisation, and higher oil production.
Foreign exchange reserves, according to S&P, have risen significantly from about $33 billion in 2023 to nearly $50 billion by early 2026, aided partly by lower import demand for refined petroleum products following the commencement of operations at the Dangote Refinery.
The report also highlighted the refinery’s broader role in supporting Africa’s industrialisation ambitions, noting that Nigeria was transitioning from being primarily a crude oil exporter to an emerging producer and exporter of refined petroleum products.
S&P disclosed that Dangote Industries has already unveiled plans to undertake feasibility studies aimed at expanding refining capacity to about 1.4 million barrels per day from the current 650,000 barrels per day.
The agency said the planned expansion, alongside the rehabilitation of other local refineries could further strengthen Nigeria’s economy and deliver additional gains to the country’s balance of payments position over the next few years.
Acknowledging that global crude oil prices and market driven pricing continue to influence domestic fuel costs, S&P maintained that the increased local refining capacity provided Nigeria with greater energy security and reduced exposure to external supply shocks.
Dangote Refinery
The report also linked Nigeria’s improving macroeconomic outlook to reforms undertaken since 2023, including exchange rate liberalisation, fiscal reforms, higher petroleum revenue remittances, and efforts to improve oil production through enhanced security in the Niger Delta.
S&P said Nigeria’s economic growth is expected to remain firm despite inflationary pressures, with reforms continuing to support investor confidence and non-oil sector expansion.
The stable outlook, according to the agency, reflects a balance between Nigeria’s improving external position and continuing structural challenges such as a narrow tax base, high inflation, and low formal employment levels. Eereporter.com
ADC Urges Unity Ahead Of Presidential Primaries
The African Democratic Congress (ADC) has called on all presidential aspirants, party leaders, and members across the country to uphold the highest standards of discipline, unity, and democratic conduct ahead of the party’s presidential primaries scheduled for Monday.
In a statement issued on Sunday in Abuja by the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC described the forthcoming primaries as a defining democratic moment, not only for the party, but for Nigerians searching for a credible political alternative.
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“The ADC remains proud to stand today as the only truly democratic party in Nigeria, because it is the only political party whose choice of Presidential candidate is determined through open primaries, “ the statement said.
The party noted that the conduct of all participants before, during, and after the primaries would send a strong signal to Nigerians about the kind of leadership culture the ADC seeks to build.
“We therefore urge all aspirants, their supporters, delegates, and party faithful to conduct themselves peacefully, responsibly, and with dignity throughout the process. This election must reflect the values we claim to represent as a party committed to transparency, internal democracy, national unity, and the rule of law,” Abdullahi stated.
He added that while contests and disagreements are natural in every democratic process, the larger mission of rescuing Nigeria and rebuilding public trust in leadership must remain paramount.
“At the end of this exercise, there will be no winners or losers within the ADC family. The ultimate objective is to emerge stronger, more united, and fully prepared to offer Nigerians the competent and credible leadership they deserve,” he said.
The party also reassured members that all necessary measures had been put in place to ensure a free, fair, transparent, and credible primary process.
ADC
“History will judge us, not merely by who emerges as candidate, but by how we conduct ourselves in this defining moment. We call on every member of our great party to rise to the occasion,” the statement concluded.
Signed
Mallam Bolaji Abdullahi
National Publicity Secretary
ADC
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Police Arrest TikToker For ‘Staging Fake Bandit Attack Video’ To Gain Followers
The Ogun state police command has reportedly arrested a man for allegedly staging and circulating a fake bandit attack video on social media to gain followers.
According to Zagazola Makama, a counterinsurgency publication, the incident was reported on May 23 after one Ayinla Sodiq from Obasanjo Ota appeared at a police station alongside the suspect identified as Qowiy Oloyede from Oriya Sokoto road, Atan Ota.
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The complainant had accused the suspect of creating and sharing a misleading TikTok video falsely claiming that bandits had invaded the Atan Ota community.
The publication reported that the divisional police officer (DPO) immediately questioned the suspect, who allegedly confessed to fabricating the video to gain followers on social media.
In a viral video circulating on social media, the suspect was seen kneeling while being interrogated by a person dressed in a police uniform.
The suspect admitted in the video that he created the fake bandit attack content to gain followers and trend online.
He also said the herder featured in the clip was a cattle rearer who usually grazed cows behind his shop and had initially refused to participate before eventually agreeing.
The suspect further claimed he could neither read nor write, adding that his apprentice wrote the caption accompanying the video posted online.
He added that he had only produced and posted two similar videos, one on Monday and another on Wednesday.
The police authorities were said to have recovered photographs and video evidence linked to the fake publication during preliminary investigation.
Police
The publication added that the suspect is expected to be transferred to the State Criminal Investigation and Intelligence Department (SCIID), Abeokuta, for further investigation.
According to the report, the police also warned residents against spreading false information capable of causing panic and public disorder, urging the public to verify information before sharing content on social media. Eereporter.com
News
CAS Hosts Leadership Engagement With Flight Lieutenants And Below To Strengthen Camaraderie And Mentorship
CAS Hosts Leadership Engagement With Flight Lieutenants And Below To Strengthen Camaraderie And Mentorship
The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, on Saturday, 23 May 2026, hosted a Leadership Engagement with officers of the rank of Flight Lieutenant and below at the Nigerian Air Force Conference Centre and Suites, Kado, Abuja, as part of ongoing efforts to strengthen mentorship, camaraderie and esprit de corps within the Nigerian Air Force (NAF). Eereporter.com
The engagement provided a platform for meaningful interaction between the leadership and younger officers, reinforcing professionalism, discipline, unity and teamwork, while promoting stronger bonds across the Service.
CAS Air Marshal Aneke
The event, which fostered cohesion and mutual understanding, had a profound impact on the participating officers, leaving them inspired and further motivated to contribute towards a highly professional and mission-ready force capable of delivering decisive airpower in support of Nigeria’s national security objectives.
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