· Says sustained reforms, policies will make Nigeria Africa’s most attractive investment destinations

· Ties Refinery’s progress to govt.’s supportive investment, domestic industrialisation policies

By Oluwayanmife Lucas

President and Chief Executive, Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms that are repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery

Dangote hailed the ongoing fiscal, monetary, and regulatory reforms of the government, insisting that it has contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.

“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated.

According to the DIL boss, the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.

“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.

Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.

“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.

He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub.

Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote assured that the DIL would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.

“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.

He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.

“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded

By Olamide Akintunde

Experts in corporate governance, finance and public policy have said Nigeria must institutionalise good governance, sustain economic reforms and strengthen collaboration between the public and private sectors to accelerate economic growth and realise its ambition of becoming a $1 trillion economy.

The call came at the 2026 National Corporate Governance Summit themed “Implementing Good Governance for Economic Acceleration: Consolidating Public and Private Sector Partnership,” organised by the Institute of Directors (IoD) Centre for Corporate Governance, the Financial Reporting Council of Nigeria (FRC), the Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

Speaking on the theme, the Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, who represented the Vice President, Kashim Shettima, said President Bola Tinubu’s administration remained committed to implementing reforms capable of building a resilient and competitive economy.

He said the government’s economic reforms including foreign exchange reforms, tax reforms and subsidy removal must be complemented by strong corporate governance in both public institutions and private enterprises.

“The public sector can create the enabling environment through reforms, but it is the private sector that translates those policies into investments, jobs and wealth creation. Both sectors must operate with integrity, accountability and transparency,” he said.

Fasua emphasised that governance should not be treated as a mere compliance exercise but as the foundation upon which investor confidence and sustainable economic development are built.
Speaking on the sidelines of the summit, he explained that the Federal Government’s reforms were designed to create long term economic transformation rather than deliver short term political gains, while calling for greater support for domestic investment and industrialisation.

Delivering the keynote address, the Chairman of Nigerian Breweries Plc, Mrs. Juliet Anammah, described the summit’s theme as timely, saying good governance must move beyond compliance and accountability to become a strategic tool for driving Nigeria’s economic rebirth. She maintained that stronger partnerships between government and the private sector would be critical to achieving sustainable economic acceleration and improving the quality of life of Nigerians.

According to her, the country’s immediate objective should be to move from a lower-middle-income economy to an upper-middle-income economy through sustained industrialisation, innovation and long-term policy implementation.

She acknowledged that the Federal Government had undertaken bold reforms, including fuel subsidy removal, foreign exchange unification and bank recapitalisation, saying the difficult decisions had helped stabilise the economy.

While noting that macroeconomic stability was encouraging, Anammah said it was not the final destination.
“Stabilisation is not the end goal. The destination is economic rebirth that improves household incomes, creates quality careers, expands access to healthcare and education and delivers reliable infrastructure,” she said.

Drawing lessons from countries such as Vietnam and Morocco, she argued that Nigeria must embrace industrialisation by producing more sophisticated and value-added products instead of relying on primary commodities.

She noted that sectors such as petrochemicals, agro-processing, automotive, renewable energy and manufacturing already possess enormous growth potential but require consistent industrial policies supported by sound governance to unlock higher levels of economic complexity.

According to her, policy inconsistency remains one of Nigeria’s greatest development challenges, urging governments at all levels to sustain industrial policies beyond political administrations.
She also advocated stronger competition among states, independent evaluation of industrial policies and closer collaboration between government and the private sector to deepen investment and accelerate economic growth.
She concluded that achieving meaningful economic acceleration would require strong corporate governance, sustained industrial policies and close collaboration between government and the private sector, noting that only through such coordinated efforts can Nigeria transition from an economy driven by informal livelihoods to one characterised by productive industries, quality careers and rising prosperity for its citizens.

Earlier, Chairman of the Board of Governors of the IoD Centre for Corporate Governance, Dr. Uche Eke, said the summit deliberately shifted the conversation from governance principles to implementation, stressing that sustainable economic growth would only be achieved when sound governance becomes embedded across both public institutions and private enterprises.

He explained that Nigeria had spent years identifying governance challenges and developing frameworks, stressing that the time had come for practical execution.
“We have stayed too long articulating the issues. The focus now is implementation. We must embed sound corporate governance practices in both public institutions and private organisations to guarantee sustainability beyond current leadership,” he said.

Eke noted that the summit sought to build national consensus among regulators, government institutions and the private sector on practical governance reforms capable of improving transparency, accountability and economic competitiveness.

He stressed that merit, competence and diversity should determine appointments into leadership positions rather than nepotism or political considerations.
“If Nigeria is serious about building a one trillion dollar economy, we must consistently place the right people in leadership positions, promote diversity of skills and hold leaders accountable for results,” he said.

Also speaking, Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Takang, said government alone cannot build the economy Nigeria desires, stressing that strong corporate governance is the foundation for effective public-private partnerships, investor confidence and long-term economic development.

He argued that contrary to the belief that government should not participate in business, successful economies such as China had demonstrated that well-governed state-owned enterprises could become major drivers of investment, industrialisation and economic growth.

Takang said MOFI’s recent experience showed that institutions with strong corporate governance frameworks consistently attracted greater investment and delivered better value creation.
According to him, governance reforms introduced across MOFI’s portfolio companies had significantly improved investor confidence and strengthened the performance of government-owned assets.

He cited initiatives including the MOFI Real Estate Investment Fund and the proposed Metro Rail Infrastructure Programme as examples of projects attracting institutional investment because of strong governance structures.
“Government alone cannot build the economy we desire. We need partnerships with the private sector and institutional investors, and corporate governance remains the common denominator that inspires confidence and mobilises capital,” he said.

Stakeholders and participants at the summit agreed that sustaining reforms, strengthening institutions and entrenching transparency across both public and private organisations would be critical to accelerating economic growth, boosting investor confidence and positioning Nigeria to achieve its long-term development ambitions.

• CPPE hails H1 economic fundamentals

An economist and policy analyst, Dr. Muda Yusuf, said Nigeria is entering the second half of 2026 with its strongest macroeconomic fundamentals in several years than what obtained at the beginning of the year.

Instrumental to this feat are exchange-rate stability, moderating inflation relative to the exceptionally elevated levels of 2025, stronger external reserves, improved oil production and resilient financial markets, which have all contributed to reducing macroeconomic vulnerabilities and strengthening investor confidence.

Given the renewed confidence in the economy, Yusuf, who is also the Chief Executive Officer, Center for the Promotion of Private Enterprise (CPPE), noted that while the body remains remains cautiously optimistic of an improved economy, yet, the economic output performance is expected to remain positive, supported by financial services, telecommunications, construction, trade, oil refining and other service-sector activities. It noted that although growth is likely to remain below Nigeria’s long-term potential, the economy appears firmly on a gradual recovery path.

“Inflation is expected to remain substantially below 2025 levels, although food supply disruptions, energy costs and developments in global commodity markets remain important upside risks. Exchange-rate stability should be sustained by stronger foreign exchange inflows, healthier reserves and improved market confidence,” Yusuf said.

Still, the economist’s optimism of an upscale in the economy is further buoyed by the financial markets which are expected to remain broadly resilient, supported by banking-sector recapitalisation, stronger corporate earnings, improved regulatory oversight and sustained institutional participation.

Importantly, Yusuf said improved domestic refining capacity and stronger crude oil production will also significantly support fiscal revenues, foreign exchange earnings and energy security.

He however cautioned that the second half of the year also presents an important downside risk to the gains recorded in the economy so far owing to the increasing intensity of political and electioneering activities ahead of the 2027 elections.

“Election-related spending could inject additional liquidity into the economy, with possible implications for inflationary pressures, foreign exchange demand and macroeconomic management. There is also a risk that growing political activity could distract policymakers from economic governance, reform implementation and the execution of critical fiscal and structural policy initiatives,” Yusuf cautioned.

The prospects now offered in the second half of the year, the CPPE boss said, are built on the gains recorded during the first half which was characterised the first half of the year. These, he explained, were reflected in the continued progress in macroeconomic stabilisation as economic growth remained positive, the foreign exchange market became more orderly, external reserves improved, crude oil production strengthened modestly and government revenues benefited from improved oil receipts and stronger non-oil tax collections, including the financial markets which also remained resilient, supported by improving investor confidence and policy credibility.

But notwithstanding these encouraging developments, the real economy, he argued, remained under considerable pressure with high interest rates continuing to constrain private-sector investment and access to credit, while elevated energy costs, inadequate electricity supply, logistics inefficiencies and weak transport infrastructure sustained a high-cost operating environment. Manufacturing, agriculture and MSMEs, he said, faced persistent competitiveness challenges despite improvements in macroeconomic stability.

“Insecurity continued to undermine agricultural production, disrupt supply chains and discourage investment across several sectors. Meanwhile, capital expenditure implementation remained below expectations because of procurement delays, funding constraints and debt-service pressures, limiting the growth impact of fiscal policy.

“Overall, H1 2026 was characterised by stronger macroeconomic stability but only modest improvements in real-sector performance and household welfare, underscoring the need for deeper structural reforms,” he said.

While Yusuf explained that the improvement in macroeconomic indicators provides an important foundation for sustainable growth, he nonetheless cautioned that these indicators are not all sufficient.

“The next phase of reform should focus on lowering production costs, improving productivity and strengthening the competitiveness of Nigerian enterprises. Priority should be given to improving electricity supply, transport infrastructure, logistics efficiency, and port operations; strengthening security in farming communities and along transport corridors; expanding access to affordable long-term finance for productive sectors; accelerating budget implementation, strengthening budget process credibility, and improving infrastructure delivery; and deepening domestic value addition.

“Government revenue should increasingly be driven by efficiency-enhancing reforms rather than additional tax burdens, while policy consistency should be preserved despite increasing political activity ahead of the 2027 elections. It is equally important to minimise governance distractions and ensure that electioneering does not weaken the pace of reforms, budget implementation or the quality of economic management,” Dr. Yusuf submitted.