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

Pakistan Bomb Attack On Train Kills 20, Injures Several

At least 20 people were killed, and more than 70 others wounded in a suicide bombing in Quetta, southwest Pakistan, on Sunday.

The incident occurred when a train carrying soldiers and their families from a military camp passed through Chaman Phatak railway station in Quetta, the capital of Balochistan.

Witnesses said the explosion occurred when a car with explosives drove into the train, transporting security operatives returning home for Eid, BBC reported.

Three coaches and the engine derailed, while two were overturned.

The militant group, Balochistan Liberation Army (BLA), claimed responsibility for the attack, which it called a suicide bombing.

Nearby vehicles and a building were damaged, and the train carriages were twisted and caught fire.

“The train was moving, and there were passengers on board when the explosion occurred,” a local resident, Naseer Ahmed, told the BBC, adding that his windows were shattered.

A police officer in Balochistan said there were fears that more deaths could be recorded, according to the broadcaster.

In a post on X, Pakistani Prime Minister Shehbaz Sharif said, “Such cowardly acts of terrorism cannot weaken the resolve of the people of Pakistan. We remain steadfast in our determination to eliminate terrorism in all its forms and manifestations.”

Pakistan

“The entire nation stands in solidarity with the people of Balochistan in this hour of grief,” he added.

Local media reports said a state of emergency was declared in hospitals where victims were receiving care.

This is BLA’s latest attack on a train in Balochistan in recent years. In March 2025, it attacked a train en route to Peshawar from Quetta, with passengers held hostage. The train was said to be carrying over 400 passengers. Eereporter.com

Enugu Police Arrest Three Suspected Cultists, Recover Weapons

The Police command in Enugu State has detained an alleged firearm repairer and two other suspects over unlawful possession of firearms, ammunition and suspected cultism.

The state police spokesman, SP Daniel Ndukwe, disclosed this in a statement on Sunday in Enugu.

Mr Ndukwe said operatives achieved the arrests through sustained proactive policing operations across the state.

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He noted that exhibits recovered included three locally-made guns, six live cartridges, a motorcycle and other incriminating items in separate operations within Nsukka and 9th Mile.

Mr Ndukwe said operatives attached to the Okpuje Division Surveillance Team intercepted Sunday Okwumaji, 23, on May 19 during a stop-and-search duty at Ovogovo.

He said Mr Okwumaji, from Igala-Mela Local Government Area of Kogi State, was intercepted along the Nsukka-Enugu-Ezike-Umuopu Road.

“A search conducted on the suspect led to the recovery of one locally-made pistol loaded with one live cartridge concealed in his bag.

“The suspect claimed to be a firearm repairer and stated that the firearm was handed over to him for repairs by its owner,” Mr Ndukwe said.

The spokesman said operatives of the Command’s Distress Response Squad also intercepted a motorcycle carrying three occupants along Abor/Nsukka Old Road, 9th Mile.

He stated that the incident occurred at about 5 p.m. on the same day during a routine stop-and-search operation.

“Upon attempts to search them, two suspects, including the rider, fled, while one Chimobi Ozo, 27, was detained.

“Recovered from his bag were one locally-fabricated revolver pistol and four live cartridges,” he said.

Mr Ndukwe said the suspect confessed to involvement in cult-related activities during interrogation.

“He stated that he and his fleeing accomplices were heading to a secret cult gathering at Ijebuoghene in the Udi Local Government Area,” he added.

The spokesman added that operatives attached to the Nsukka Area Command recovered another firearm during surveillance patrol along Amaenu Edem, Nsukka.

He said a male rider abandoned his ladies’ motorcycle and bag before fleeing on sighting the operatives on May 15.

Mr Ndukwe said a search of the bag led to the recovery of one locally-made pistol and one live cartridge.

Other recovered items included four bunches of keys, a tube suspected for illicit drug use, torchlight, spanners and an iron cutter.

“Acting on credible intelligence, the operatives subsequently traced and detained the suspect, identified as Ekene Ugwu, 31, on May 16,” he said.

Police Arrests

Mr Ndukwe said efforts were ongoing to arrest the fleeing accomplices, while the suspects would be arraigned after investigations.

The state Commissioner of Police, Mamman Giwa, commended the operatives for their vigilance and professionalism.

Mr Giwa reaffirmed the command’s resolve to sustain the fight against crime and criminality across the state.

He urged residents to remain vigilant, law-abiding and supportive by providing credible and timely information to security agencies. Eereporter.com