Business
NLC Commends Dangote Refinery, Urges FG to Sell Adequate Crude in Naira to Local Refineries
The Nigerian Labour Congress (NLC) has hailed the Dangote Petroleum Refinery as a transformative national asset, calling it a vital step in bridging Nigeria’s fuel supply gap, boosting employment, and restoring public confidence in the country’s industrial capacity.
The NLC expressed the view during a tour of the refinery and Dangote Fertiliser Limited, Lagos.
The Chairman of the NLC, Lagos State Council, Comrade Funmi Sessi, who led the Executive members of the Council praised the massive scale and strategic significance of the Dangote Group’s investments, stating that the projects are delivering tangible benefits to the Nigerian people.
“Today, we have seen the massive Dangote Refinery project, as well as the fertiliser plant. We have also observed some of Dangote’s other investments in this axis. It is truly enormous and highly impressive,” said the NLC chairperson. “I believe what we have seen is a clear effort to bridge the gap in the availability of essential products in the country and to create job opportunities for Nigerians and others as well as industrialise the country.”
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The union acknowledged that following the Federal Government’s removal of petrol subsidies, Nigerians experienced an unprecedented surge in the cost of Premium Motor Spirit (PMS). However, the entrance of Dangote Petroleum Refinery into the market helped to stabilise prices.
“It wasn’t until Dangote came into the picture that we started seeing some relief. His intervention significantly crashed the escalated prices of PMS and other refined products. That’s a clear demonstration of private sector leadership,” she stated.
The NLC made a direct appeal to the FG to prioritise the sale of crude oil to the Dangote Refinery in naira. The union argued that forcing the company to import crude or purchase locally in dollars undermines the promise of lower fuel prices for ordinary Nigerians.
“This country has crude oil in abundance. So why is Dangote still being made to import crude or pay for it in hard currency?” the NLC queried. “If the government is truly committed to reducing fuel prices and supporting local refining, it must sell crude oil to Dangote in naira.”
The union stressed that sourcing crude locally in local currency would significantly lower operational costs and, by extension, lead to a more sustainable reduction in fuel prices.
“With a daily capacity of 650,000 barrels, this refinery can serve Nigeria and even the West African sub-region. We also seen big ships taking fertilisers to other countries. The government must maximise”
The NLC lauded Alhaji Aliko Dangote for achieving a fully functional, world-class refinery capable of meeting both domestic and regional demands for refined petroleum products.
“When government-owned refineries failed, one man stepped up. Aliko Dangote didn’t just make promises; he fulfilled them. He has proven that Nigeria can not only refine its own products but also meet international quality standards,” she added.
The union also hailed the refinery’s production of Euro 5-compliant fuel, which features significantly reduced sulphur content, aligning with international environmental standards and boosting Nigeria’s credibility in the global petroleum market.
“This is the kind of pride we want to see — a Nigerian company producing at global standards. It is changing the narrative and elevating Nigeria’s position globally. It’s time the government supports and maximises the capacity of this asset”
In addition to fuel, the NLC noted the group’s fertiliser company, which is already exporting to international markets. It urged the government to leverage these capabilities to enhance food security and reduce dependence on imported agricultural inputs.
Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, said the planned deployment of 4,000 Compressed Natural Gas (CNG)-powered trucks to support the distribution of refined petroleum products across Nigeria is aimed at ensuring that the benefits of domestic refining and the resulting reduction in fuel prices are fully passed on to Nigerian consumers.
Edwin stated that the introduction of the CNG-powered fleet is a strategic step to reduce logistics costs in fuel distribution — a major factor in the final pump price.
“The deployment of these 4,000 CNG-powered trucks will help us pass down the benefits of domestic refining and the reduction in product prices to consumers,” Edwin said. “The aim is to support logistics and make distribution more efficient, not to displace any existing players in the sector.”
He further explained that the use of CNG-powered trucks, in addition to being more environmentally friendly, will significantly reduce transportation expenses, ultimately making refined products more affordable for Nigerians.
Edwin also highlighted the wider impact of Dangote’s industrial ventures, particularly in stimulating competition and growth in key sectors of the Nigerian economy. He cited the Dangote Sugar Refinery as an example, noting that its success paved the way for other companies, including BUA Group and Nigerian Flour Mills to invest in sugar production.
“We’ve seen it with sugar, and we’ve seen it with cement. The success of Dangote Cement led to the emergence of players like BUA, Mangal, and the expansion of Lafarge,” he said. “In the same way, the success of this refinery will drive the emergence of more private refineries in Nigeria.”
According to him, the Dangote Refinery is not only helping to address Nigeria’s long-standing reliance on imported refined products but is also setting the pace for a sustainable and competitive refining industry that will benefit the broader economy.
He noted that the Dangote Group has become a nurturing ground for Nigerian engineers, scientists and technicians, many of whom have gone on to work as expatriates in various countries. He assured the labour leaders of the company’s steadfast commitment to human capital development, staff welfare, and the overall wellbeing of the economy, emphasising that Aliko Dangote is a patriotic Nigerian fully dedicated to the nation’s progress.
Business
Dangote Named Africa’s Most Admired Brand for 8th Consecutive Year
The Dangote Industries Limited (DIL) has reinforced its position as Africa’s most influential corporate brand after emerging as the continent’s Most Admired African Brand for the eight consecutive years.
In the same vein, the Group Chief Branding and Communications Officer, DIL, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.
The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.
In the latest rankings, Dangote emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings. The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.
The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics. Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.
Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.
“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.
The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.
Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines. The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola.
The achievement is notable given that African brands accounted for just 15 percent of the Top 100 rankings, compared with 38 percent for European brands, 28 percent for North American brands and 19 percent for Asian brands.
Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.
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The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.
Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.
According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.
The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.
Caption: Founder and Chairman of Brand Africa, Thebe Ikalafeng; CEO, Dangote Cement Ethiopia, Danilo Trugillo; and President of the Ethiopian Marketing Professionals Association and Chief Marketing Officer of Population Services International, Fana Abay, display some of the awards won by Dangote Industries Limited during the 16th Brand Africa 100 Awards ceremony in Addis Ababa, Ethiopia.
Business
IATA Sees Rising Fuel Costs Wiping Out Margins
The International Air Transport Association (IATA) has projected that global airline profitability will decline sharply in 2026, citing war-related disruptions in the Middle East and rising jet fuel prices as key factors behind the downturn.
According to IATA’s latest outlook, airlines are expected to post a combined net profit of $23bn in 2026, nearly half of the $45bn estimated for 2025 and significantly below the earlier projection of $41bn for the year.
The association also noted that carriers in the Middle East are likely to slip into losses due to weak demand and operational disruptions, while airlines in other regions are expected to remain profitable, albeit at reduced levels.
On the outlook, IATA Director General Willie Walsh said, “War-related disruptions in the Middle East and rising fuel costs have shifted the outlook for airlines to the worst. Globally, airlines are expected to see profitability halve compared to 2025. Profits will shrink from $45bn in 2025 to $23bn this year.
“And margins will shrink from 4.2 percent to 2.0 percent. All airline bottom lines are suffering from the rapid 70 percent rise in jet fuel prices. Some of the additional cost is being recuperated by adjusting prices and improving efficiency, but it will not be sufficient to maintain profitability at the previous year’s level. Smaller carriers that started the year with weak balance sheets are certainly struggling.”
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Walsh added that the Middle East would be the only region expected to record losses. “At the regional level, all are in the black but with sharply reduced financial performance, with the exception of the Middle East. The Gulf carriers face operational uncertainty following a near-complete shutdown of airspace at the outbreak of the war. These carriers are doing an amazing job maintaining connectivity, but major financial impacts are unavoidable.
“Even in the best of times, the airline industry as a whole suffers from low margins and returns below the cost of capital. The oil price shock has tested airline financial resilience as net margins have been squeezed to 2.0 percent globally.
“Airlines are bearing the brunt of the fuel price shock. While air fares are rising, airlines are still absorbing part of the hike in their bottom lines. Net profit per passenger is expected to fall to $4.50, half of what it was last year. Under the circumstances, that shows resilience. But it won’t even buy you a hot dog at most of the FIFA World Cup venues, and it does not leave much of a buffer should other costs or taxes start rising.”
IATA further stated that the industry’s net profit margin would decline to 2.0 per cent in 2026, compared to 4.2 percent recorded in 2025 and below the previously projected 3.9 per cent. It added that net profit per passenger transported would drop to $4.50 in 2026 from $9.10 achieved in 2025.
The association projected that operating profit would fall to $48 billion in 2026 from $76.4 billion in 2025, while the net operating margin would decline to 4.1 percent from 7.2 percent over the same period.
The IATA also said the industry’s return on invested capital would decrease to 4.3 percent in 2026 from 6.6 percent in 2025, remaining below the estimated weighted average cost of capital of 8.5 percent.
According to the association, the gap underscores the structural challenges facing the global airline industry, where profitability shocks can quickly undermine capital efficiency.
Business
NUPRC, NNRA to Sync Regulations, Improve Industry Safety
As part of efforts to reduce the cost of doing business in the upstream petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are reviewing regulatory processes in the bid to strengthen radiological safety in oil and gas operations.
The initiative, a statement on Sunday, has it was on the agenda at a recent meeting between the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, and the Director-General and Chief Executive Officer of the NNRA, Yau Idris, at the commission’s headquarters in Abuja.
In the statement, the Head of Corporate Communications and Media at the NUPRC, Eniola Akinkuotu, averred that the collaboration is expected to address overlapping regulatory requirements, close existing gaps in oversight, and create a more efficient compliance framework for operators in the industry.
The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is partnering with the Nigerian Nuclear Regulatory Authority in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.”
While the NUPRC regulates the technical, commercial, and operational aspects of oil and gas exploration and production, the NNRA is responsible for regulating the possession, use, transportation, and disposal of radioactive materials and radiation-emitting equipment across the country.
During the meeting, Eyesan stressed the need for greater collaboration among regulators to eliminate duplication and improve the investment climate in Nigeria’s oil and gas sector.
She noted that excessive regulatory requirements often translate into additional costs for operators, ultimately affecting the competitiveness of the industry.
“The only way we can safeguard investments is to reduce our cost of operations, and when you have a multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fees and charges,” the NUPRC boss said.
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Eyesan nominated senior officials from the commission who will work closely with the NNRA on the task ahead.
“We have identified critical areas on both sides and we believe that, as we collaborate, we can close existing gaps,” she said.
Responding, Idris said the cooperation of the NUPRC was crucial because the upstream petroleum industry remains one of the largest users of radioactive sources and radiation-emitting equipment in Nigeria.
According to him, radioactive technologies are widely deployed in well logging, industrial radiography, and nucleonic gauging activities that support oil and gas exploration and production.
He explained that the partnership would enable both agencies to share information and simplify compliance procedures for operators.
“The goal is a single-window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.
Idris further stated that, since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments, while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.
The two agencies also agreed to deepen collaboration in training, capacity building, and knowledge sharing on radiation protection and safe operational practices.
The latest partnership comes as the Federal Government intensifies efforts to boost investment in the petroleum sector, increase production, and enhance operational efficiency following the implementation of the Petroleum Industry Act.






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