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Dangote Cement Chair Calls for Private Sector Driven Economic Reform
The Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has called on the Nigerian private sector to take the lead in driving trade growth and economic transformation, rather than depending on government intervention.
He made the call while delivering a keynote address at the International Chamber of Commerce (ICC) Nigeria 2025 Annual Dinner and Dance, held in Lagos.
Speaking on the theme, “Tackling Global Trade Frictions for Peace and Prosperity”, Ikazoboh said global tariff wars, supply chain disruptions and protectionist policies have reshaped the international trade landscape and created an urgent need for private sector innovation, investment and leadership.
He described trade, before an audience of leaders from the public and private sectors, captains of industry, diplomats and members of the international business community, as the “soul of nations”, stressing that global commerce has historically driven peace, stability and prosperity. He noted that no nation can achieve sustainable growth in isolation, as trade binds economies and creates shared incentives for cooperation.
According to him, African countries, Nigeria in particular, are at a point where private sector led trade can determine the continent’s path towards diversification, industrialisation and regional integration.
“Africa is at a crossroads, and the future we want will depend on proactive action. Governments cannot shoulder this transformation alone. The private sector must take the lead in driving diversification, boosting industrial capacity and deepening regional trade,” he stressed.
“For Nigeria in particular, this is not the time for complacency. Competing globally requires our businesses to step forward, innovate and champion trade beyond our borders,” he added.
Ikazoboh praised the Dangote Group as an example of how private enterprise can transform national trade outcomes. He recalled that Nigeria was once a major importer of cement, spending heavily on foreign exchange. However, due to Dangote Cement’s sustained investments in manufacturing, logistics and energy infrastructure, Nigeria has evolved into one of Africa’s top three cement exporters, supplying markets across West, Central and Southern Africa.
“The private sector must not wait for the government to drive trade. True trade leadership comes from innovation, risk taking and long-term investment, qualities the private sector already possesses,” Ikazoboh said.
“What Dangote Cement has achieved in turning Nigeria from a cement importer to a major exporter shows what is possible when businesses lead boldly.”
He noted that while trade barriers such as tariffs, logistics bottlenecks and infrastructure deficits create operational challenges, they also present opportunities for forward thinking companies to innovate and expand.
He said the Dangote Group has built regional trade corridors, developed export routes for cement, fertiliser and refined petroleum products, and strengthened intra-African commerce, aligning with the goals of the African Continental Free Trade Area (AfCFTA).
“Trade restrictions create both challenges and opportunities for the Dangote Group, but the company uses its diversified operations, competitive pricing and focus on Pan African integration to build resilience.
“In addition to this, the Group also navigates trade frictions by building local capacity, developing new trade routes and leveraging trade for export opportunities in products like fertiliser and refined petroleum products.”
Ikazoboh reaffirmed the need for Africa to accelerate the implementation of the AfCFTA, describing it as a game changing platform that gives African producers access to a 1.4-billion-person single market. He stated that despite Africa’s intra continental trade standing at only 15 to 16 per cent, compared to Asia’s 59 per cent and Europe’s 68 per cent, the continent has the potential to unlock exponential growth.
“With the African Continental Free Trade Area, we have drawn a line in the sand. Africa cannot continue exporting raw materials and importing the finished products that should be made on our own soil. AfCFTA is a true game changer, a unified market of 1.4 billion people. And even if only half participate actively, the scale alone is enough to create thousands of new African millionaires,” he emphasised.
The Dangote Cement Board Chairman also warned, however, that the continent must first confront long standing challenges such as nontariff barriers, overlapping regulations, visa restrictions and inadequate infrastructure. He closed by reinforcing Nigeria’s potential to lead the continent’s economic renaissance.
“Nigeria has energy, talent and limitless potential. If potential were a tradable commodity, we would be the biggest exporters in the world. With the right mindset and partnerships, we can build a more prosperous, peaceful and interconnected Africa.”
Photo Caption: L-R, Chairman of Dangote Cement Plc, Special Guest of Honour and keynote Speaker, Emmanuel Ikazoboh and Chairman of International Chamber of Commerce (ICC) Nigeria, Chief Raymond Ihyembe at the 2025 ICC Nigeria Annual Dinner and Dance in Lagos, recently.
Nigeria is preparing to increase electricity exports to Togo through the Niger Delta Power Holding Company (NDPHC), even as many Nigerians continue to experience power shortages at home.
The move comes as Togo seeks to meet rising domestic electricity demand.
The Managing Director/CEO of NDPHC, Jennifer Adighije, confirmed the development following discussions with Togo’s national electricity utility, Compagnie Energie Electrique du Togo (C.E.E.T).
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The visiting C.E.E.T delegation was led by its Director-General, Débo‑K’mba Barandao, who described the talks as productive and aimed at strengthening regional energy cooperation.
Barandao said C.E.E.T currently imports about 75 megawatt-hours of electricity from NDPHC under a bilateral arrangement.
“The imported electricity has played a significant role in sustaining stable power supply and economic activities across Togo,” he noted.
He added that rising electricity demand, especially in the industrial and commercial sectors, alongside government efforts to expand national access, has prompted the utility to seek additional supply.
According to Barandao, Nigerian electricity imports help maintain reliable and affordable power for households, businesses, and public institutions across Togo.
He commended NDPHC for its consistency, saying the partnership has strengthened Togo’s national grid and regional energy cooperation.
Responding, Adighije reiterated NDPHC’s readiness to deepen cooperation and sustain electricity exports to neighboring countries.
She emphasized that the company operates multiple plants under the National Integrated Power Project, with sufficient capacity to support increased regional supply.
She added that expanding electricity exports would require bankable and sustainable commercial arrangements between both parties.
“A reliable payment framework will safeguard NDPHC’s interests and enable continued support for regional energy stability through power exports,” Adighije said, highlighting the need for credible financial guarantees and structured payment mechanisms to reduce risks associated with cross-border electricity trade.
Both parties reaffirmed their commitment to developing workable frameworks for increased electricity supply from Nigeria to Togo.
Industry analysts say this reflects a growing effort among West African countries to deepen regional electricity trade and address persistent power shortages.
Former Inspector-General of Police, Kayode Egbetokun, has explained why he believes his retirement from the leadership of the Nigeria Police Force came at the perfect time, describing it as the fulfilment of God’s divine plan.
Egbetokun made the remarks during a retirement thanksgiving service held in his honour at the Force Headquarters Chapel in Abuja.
The event also featured the inauguration of the Police Chaplaincy building and was attended by senior police officers, clergy and other worshippers.
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Reflecting on his appointment as Inspector-General in 2023, the former police chief revealed that he never expected the role when it came.
According to him, the first thing he did after entering his office was to pray.
“I was not expecting the appointment when it came. The first thing I did when I entered the office alone was to pray,” he said.
Egbetokun disclosed that after assuming office, he made three personal prayers to God.
He said he prayed for wisdom to effectively lead the police institution, the grace to complete his tenure successfully, and the ability not to remain in office beyond the time divinely allotted to him.
“My first prayer was for wisdom to run the office, the second was for grace to end well, and the third was not to stay a day longer than God permits. I believe God has answered those prayers,” he added.
The retired police boss also reflected on his career journey, noting that faith played a significant role in his rise from his early days after graduating from the police academy to eventually becoming Nigeria’s top police officer.
He further recounted a dream he had before joining the force, in which he saw himself as a Deputy Inspector-General of Police travelling in a police vehicle bearing the registration number “NPF02.”
According to him, the experience later taught him that life can unfold in unexpected ways.
Egbetokun added that throughout his career he remained conscious of how his actions could influence public perception of the police, a reality he said guided his conduct while in office.
“I knew whatever I did would affect the image of the force, so I made it my duty to remain professional and uphold integrity, transparency and fairness,” he stated.
In his remarks, the Force Chaplain, Joshua Omoyele, commended Egbetokun for completing the Police Chaplaincy building project during his tenure, describing it as a lasting legacy.
Omoyele also praised the former police boss for his strong commitment to Christian service even before his appointment as Inspector-General, noting that he maintained that devotion throughout his time in office.
He further highlighted Egbetokun’s past roles in the police force, including his tenure as Commissioner of Police in Kwara State and Assistant Inspector-General in Zone 7.
The Airline Operators of Nigeria (AON) has declared that airlines operating in Nigeria have come under financial pressure following a sharp increase in the price of Jet-A1, also known as aviation fuel.
According to the group, the price of aviation fuel, has surged to about N1,800 per litre in many parts of the country, from about N1,000 per litre two weeks ago. This amounts to almost an 80 per cent increase within a short period.
Aviation fuel remains the largest cost component in airline operations, accounting for about 30 to 35 per cent of total operating expenses.
Industry stakeholders have linked the latest spike to the ongoing conflict in the Middle East, which has pushed up global energy prices.
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Speaking on Channels Television on Friday, the spokesperson for the Airline Operators of Nigeria, Prof Obiora Okonkwo, said the surge had placed airlines under severe financial strain.
According to him, most carriers have so far refrained from immediately transferring the additional cost burden to passengers, despite the pressure on their operations.
“Two weeks ago, we were getting Jet-A1 at about N1,000 per litre, which today is about N1,800, and even more in some stations. We have experienced an increase of about 80 per cent. That’s quite a spike,” Okonkwo said.
He explained that airlines were currently absorbing the losses in order to avoid worsening the economic burden on the travellers.
“We are not in a business where you can easily adjust your ticket price. Right now what we are doing is that we are bleeding. We are taking the blow. We are selling tickets at very non-profitable prices. We are losing a lot of money,” he said.
Okonkwo warned that the situation might not be sustainable if fuel prices continue to rise without government intervention.
“Obviously, adjustments will be expected anytime soon. But again, we are very sensitive to the economic situation of Nigerians and our travellers,” he added.
He noted that developments in the global oil market, particularly the recent release of reserve crude oil, could influence fuel prices in the coming weeks.
Okonkwo also urged the Federal Government to explore engagement with the Dangote Refinery as part of efforts to stabilise aviation fuel supply locally.
“We were more hopeless in a situation where there was no refinery in Nigeria in the last two years. Now that we have a refinery, we are hopeful that we can find a solution around it,” he said.
According to him, if the spike persists, some airlines may struggle to continue absorbing the losses associated with the rising cost of aviation fuel.
Meanwhile, the AON spokesperson also reacted to the decision by the Federal Competition and Consumer Protection Commission to sanction about five airlines over alleged price fixing.
Okonkwo said while the commission has regulatory powers, the aviation sector remains deregulated, making coordinated price fixing unlikely.
“There is no meeting of airlines where they agree to fix prices. Fixing prices would mean operating as a cartel, and that is not the case,” he said.
He explained that airline ticket pricing varies widely because different aircraft types attract different operating costs.
“Each airline determines its fares based on its own operational costs,” he said.
Okonkwo added that airlines must also demonstrate financial viability to regulators as part of the conditions for maintaining their operating licences.
“At every point in time, you must prove to the regulators that you are financially viable and capable of sustaining operations,” he said.
He urged regulators to take into account the fragile nature of the aviation industry when making policy decisions affecting airlines.
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