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China’s Leaders to Start Reform Summit With Recovery

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BEIJING – China’s Communist Party leaders will enter a policy-making summit this week with the economy on an upswing, services and manufacturing surveys show.

A non-manufacturing Purchasing Managers’ Index (CPMINMAN) rose to the highest level this year in October, a government report showed yesterday. The increase follows faster-than-estimated growth in two manufacturing indexes last week.

Enlarge image Central Business District in Beijing 

China’s top party officials will meet in Beijing from Nov. 9-12 to map out a blueprint for reform as the country heads for its slowest growth in more than two decades. Photographer: Tomohiro Ohsumi/Bloomberg

CHINASigns of sustained strength in the world’s second-largest economy may give President Xi Jinping and Premier Li Keqiang more confidence in tackling reforms. At the same time, excessive credit growth, rising local-government debt and weaker export momentum may cap a stronger recovery from a two-quarter slowdown.

“Growth momentum will still be relatively robust” in the fourth quarter, said Lu Ting, head of Greater China economics at Bank of America Corp. in Hong Kong. “The government will tone down its pro-growth rhetoric but there won’t be a significant tightening of monetary policy as new leaders still need a stable economic and financial environment to consolidate their power base.”

The benchmark Shanghai Composite Index was little changed at the close, as property stocks declined amid concern the nation will introduce more measures to curb home prices.

Lu estimates gross domestic product will rise 7.7 percent in the fourth quarter from a year earlier, down from 7.8 percent in the July-September period.

China’s top party officials will meet in Beijing from Nov. 9-12 to map out a blueprint for reform as the country heads for its slowest growth in more than two decades.

Balance Growth

GDP will increase 7.6 percent this year, according to the median estimate of 52 economists surveyed by Bloomberg last month. That’s down from 7.7 percent in 2012 and the same pace as 1999, which was the weakest expansion since 1990. Growth may slide to 7.4 percent in 2014, according to the median projection of 47 analysts.

Premier Li reiterated that the government must balance the need for economic restructuring with a reasonable pace of growth to ensure sufficient employment, China National Radio reported yesterday, citing comments he made at a meeting with academics and business leaders.

The non-manufacturing PMI rose to 56.3 in October from 55.4 in September, the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing said yesterday. A number more than 50 indicates an expansion. HSBC Holdings Plc and Markit Economics will release a services PMI for October tomorrow. Their index (SHCOMP) fell to 52.4 in September from 52.8 in August.

Too Bullish

“The room for a further improvement in the non-manufacturing PMI is limited so we should still avoid being too bullish,” Lu said, pointing to a decline in new orders and a contraction in export orders in yesterday’s report.

A manufacturing index from HSBC and Markit rose to the highest level since March in October, according to a Nov. 1 report. The federation’s gauge advanced to an 18-month high driven by faster output, while measures of new orders and export orders declined.
“Like the manufacturing PMI, activity in the non-manufacturing PMI appears to have run ahead of demand,” said Ding Shuang, senior

China economist at Citigroup Inc. in Hong Kong, pointing to a 1.8 percentage point drop in the new order sub-index in yesterday’s report and a widening gap between a gauge of business activity and new orders.

“Unless demand catches up, this pace of activity expansion will not be sustainable,” he said.

Sustainable Growth

Xi and Li have indicated that the days of annual GDP expansion of more than 10 percent are over. The government will focus on policy changes to support more sustainable growth that will reduce inequality and doesn’t damage the environment.

Xi said a blueprint for “comprehensive reform” will be put forward to the third plenary session of the Communist Party Central Committee, according to a Nov. 2 report from the official Xinhua News Agency. The nation is transforming its mode of development and readjusting its economic structure through a new style of industrialization, urbanization, technology and agricultural modernization, he said.

The economy is entering a phase of “transformation” involving a slowdown in growth “from a high speed to a medium-to-high speed,” Li said in September. He has also signaled that the government’s bottom line for expansion is 7 percent, the level needed to meet the Communist Party’s target of doubling per capita income in the decade through 2020.

Elsewhere today in the Asia-Pacific region, Australia’s retail sales rose more than estimated in September from the previous month and an inflation gauge by TD Securities and the Melbourne Institute rose 0.1 percent last month from September.

European PMI

The final reading of a euro-area manufacturing PMI will probably show that the gauge rose in October from September, according to economists surveyed by Bloomberg News. The U.S. will release data on factory orders for September.

Chinese industries including leisure, e-commerce and transport are becoming a bigger part of the economy, supporting the government’s efforts to shift the focus of growth away from investment and exports. Alibaba Group Holding Ltd., China’s biggest e-commerce company, plans a fivefold increase in the number of college graduates it hires to 1,000 and may offer them as much as triple last year’s average pay.

Service industries accounted for about 45 percent of GDP last year, according to statistics bureau data, up from 41 percent in 2003. The government is seeking to increase the share to 47 percent by 2015, according to its five-year plan. In the U.S., services comprise about 90 percent of the economy.

– BLOOMBERG

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Dangote Refinery’s Expansion to 1.4m bpd Creates Jobs for 95,000 Skilled Workers

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President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

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Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.

Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.

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Airlines Threaten Shutdown over Skyrocketing Fuel Price

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Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.

According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.

The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.

Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.

In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.

ALSO READ: Dangote Leads East Africa’s Industrial Revolution

At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.

On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.

Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.

“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”

At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.

“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”

Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.

According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.

Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).

Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.

In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.

The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.

They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.

As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.

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Dangote Leads East Africa’s Industrial Revolution

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The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.

To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.

The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.

The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.

Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.

The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.

Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.

The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.

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In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.

The facility has also positioned the Dangote Group as a central player in regional energy markets.

The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.

Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.

He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.

According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.

Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.

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