Business
Buhari Okays Dangote Fertiliser For Forex Earnings, Economic Growth

President Muhammadu Buhari says the 2.5 billion dollar Dangote Fertiliser Plant in Ibeju Lekki, Lagos, will boost Nigeria’s foreign exchange earnings and accelerate economic growth.
The Tide’s source reports that Buhari stated this recently, while inaugurating the three million metric tonnes per annum urea production plant.
He said: “This fertiliser plant is further expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.
“I commend the Chairman, Board and Management of Dangote Industries Ltd., for their business initiative in establishing this plant.
“It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”
According to him, the establishment of the plant demonstrates the commitment of Dangote Industries Ltd. to the socio-economic development of the country and the well-being of Nigerians.
The President expressed optimism that the investment in the plant would replicate the group’s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent.
“Dangote Industries Ltd. has created thousands of jobs across Nigeria. It is the second biggest employer of labour in this country after the Federal Government.
He continued that the nation also stood to gain extensively in forex earnings through excess production and exports from the plant.
“I am informed that you have already started exporting to other countries including the United States, India and Brazil.
“The coming on stream of the plant is creating huge opportunities in the area of job creation, trade, transport and logistics to earn significant wealth, reduce poverty and helping to secure the future of our nation,” he said.
President Buhari noted that the agricultural sector was a critical aspect of the economy and availability and affordability of fertiliser would lead to increased yields for farmers.
Noting that he was expecting a rise of new breeds of ‘agropreneurs’ who would take to farming and make the nation self-sufficient in food production, the President said “I want to assure all Nigerians that our government is focused on providing the enabling environment for the private sector to thrive.
“We will continue to improve on infrastructure, power and security and other initiatives that will drive investments in our economy.
“Furthermore, we are partnering with the private sector through a tax credit scheme for the rehabilitation of roads across Nigeria under the Executive Order Seven.
“We know good roads contribute to easy movement of goods and services across the nation thus reducing the cost of doing business and improving productivity.
“We are also rehabilitating our railway lines and building new ones to lessen the burden on our roads and create an effective modern transportation network.”
Also speaking, Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, lauded the Buhari-led administration for the support to end shortage of fertiliser in the country.
Emefiele noted that this had led to a significant increase of active fertiliser blending plants in Nigeria from seven in 2015 to 48 in 2022.
He said the import bill on fertiliser had not only dropped significantly, but the country was now earning forex through exportation of fertiliser.
Lagos State Governor, Mr Babajide Sanwo-Olu, said the Lekki Free Trade Zone was conceived by former Governor Bola Tinubu in 2003 to attract investments to the State.
He said the free trade zone today was host to Dangote Fertiliser Plant, which was the largest fertiliser plant in Africa and the second largest in the world.
The governor said there was also the 650,000BPD Dangote Refinery and Petrochemical Plant and the Lekki Deep Sea Port within the same axis, making it a prime investment destination.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos
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