The Dangote Group has reinforced its long-standing partnership with the Africa Finance Corporation (AFC) through the signing of a $600 million loan facility to support the expansion of its fertiliser production capacity, an important milestone in advancing food security across Nigeria and the African continent.

The financing, extended to GreenView Fertilizer Corporation (Greenview), the Dangote Fertiliser Holding Company, will partly fund the expansion of urea production capacity in Nigeria as well as the development of a new fertiliser plant in Ethiopia.

This investment forms a key component of the Dangote Group’s broader $7 billion fertiliser expansion programme. The initiative is expected to increase production capacity in Nigeria from 3 million metric tonnes per annum (MTPA) to 9 MTPA, while also supporting the establishment of a new 3 MTPA urea plant in Ethiopia. Upon completion, the programme will significantly boost Africa’s fertiliser output, strengthen regional food security, enhance agricultural productivity, and reduce dependence on imports.

The facility underscores AFC’s strong confidence in Dangote Group’s vision to drive industrial growth and agricultural transformation through large-scale infrastructure investments. The funds will primarily support the ongoing expansion of the Dangote Fertiliser Plant at Ibeju-Lekki, Lagos, one of the largest granulated urea fertiliser complexes in the world.

The expansion is expected to substantially scale up production, improve supply chain efficiency, and ensure consistent availability of high-quality fertilisers to farmers across the continent. It will also contribute to price stability, reduce import dependency, and enhance crop yields, strengthening Africa’s overall food security framework.

Speaking on the development, President of Dangote Group, Aliko Dangote, said the expansion would generate significant foreign exchange earnings for Nigeria. “This investment positions us to deliver over $4 billion annually in fertiliser exports within the next three years. It represents a major contribution to Nigeria’s foreign exchange earnings and underscores our commitment to national economic growth.

“Our growth vision is not in isolation, we are building alongside strategic African partners like AFC and other institutions committed to the continent’s progress.”

Also commenting on the transaction, President and CEO of Africa Finance Corporation, Samaila Zubairu, highlighted the strategic importance of the deal: “This transaction reflects AFC’s capital recycling model in action. Following the successful repayment of our earlier investment in Dangote Industries Limited, we are reinvesting and doubling that capital into Dangote Group’s next growth phase.

By supporting the expansion of Dangote Fertilizer, AFC is backing a proven African industrial leader whose investments will strengthen food security, reduce import dependence, and create long-term economic value across the continent.”

This development builds on AFC’s strong track record of successful investments and exits across Africa, including projects in renewable energy, port infrastructure, digital connectivity, and industrial platforms.

ALSO READ: Food Security: AFC Deepens Partnership with Dangote Group with $600m Loan for Fertilizer Expansion

The Dangote Fertiliser Plant currently plays a critical role in meeting domestic demand while exporting to international markets, thereby generating valuable foreign exchange for Nigeria. With this new phase of expansion, the company is poised to consolidate its leadership position in the global fertiliser market while advancing Africa’s agricultural and economic resilience.

Despite a rise in global oil prices, widely traceable to the Middle East crisis, data from the National Bureau of Statistics (NBS) has shown that Nigeria’s crude oil exports fell by N1.75tn in the first quarter of 2026 .

The NBS, in its latest Foreign Trade in Goods Statistics report for Q1 2026, said crude oil exports declined to N11.20tn from N12.96tn recorded in the corresponding quarter of 2025.

“Crude oil exports in Q1 2026 were valued at N11.20tn; the value decreased by 13.53 per cent from N12.96tn in Q1 2025 and increased by 15.45 per cent from N9.70tn in Q4 2025,” the bureau stated.

The decline translates to a year-on-year loss of N1.75tn in crude export earnings, although crude receipts rose by N1.50tn compared with the fourth quarter of 2025. The data suggests that the rebound from the previous quarter was not strong enough to match the level recorded in early 2025.

Crude oil remained Nigeria’s dominant export product during the period, but its weight in the country’s export basket weakened.

The commodity accounted for 52.92 per cent of total exports in Q1 2026, down from 62.89 per cent in Q1 2025. This means crude oil still generated more than half of Nigeria’s export earnings, but its share fell by almost 10 percentage points within one year.

Total exports rose to N21.17tn in Q1 2026 from N20.60tn in Q1 2025, representing a 2.77 per cent increase. This shows that overall export growth was not driven by crude oil but by stronger earnings from non-crude oil exports and other petroleum products.

Non-crude oil exports rose to N9.97tn in Q1 2026 from N7.64tn in Q1 2025, while non-oil exports stood at N3.19tn. Other oil product exports also increased sharply to N6.78tn from N4.48tn, representing a 51.49 per cent rise.

The report said, “Crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.20tn, representing 52.92 per cent of total exports.”

The figures indicate that Nigeria’s export structure remained heavily dependent on petroleum, even as crude oil underperformed year-on-year. Mineral products accounted for N18.16tn, or 85.77 per cent of total exports, followed by products of the chemical and allied industries at N1.39tn, or 6.58 per cent.

ALSO READ: June 12: Tinubu Reveals How Nigerians Will Benefit from Democracy

India was Nigeria’s biggest export destination in the quarter, receiving goods valued at N2.77tn, or 13.09 per cent of total exports. France followed with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn, and the United States with N1.18tn. Together, the five countries accounted for 44.84 per cent of Nigeria’s total exports.

Regionally, Europe was Nigeria’s largest export market, with goods valued at N7.93tn, or 37.44 per cent of total exports. Asia followed with N6.42tn, or 30.31 per cent, while Africa received N4.06tn, or 19.19 per cent.

Despite the fall in crude earnings, Nigeria posted a stronger trade surplus of N7.55tn in Q1 2026, compared with N1.71tn in Q4 2025. The bureau attributed the improvement mainly to lower imports and higher crude oil exports on a quarter-on-quarter basis.

Imports fell to N13.62tn in Q1 2026 from N16.64tn in Q1 2025 and N17.25tn in Q4 2025. The lower import bill helped strengthen the trade balance, even though crude earnings remained weaker than the level recorded a year earlier.

The decline came despite rising international crude oil prices in March 2026, driven by escalating geopolitical tensions in the Middle East and concerns over disruptions to global oil supply routes.

According to the US Energy Information Administration, Brent crude prices climbed sharply during the first quarter of 2026, crossing the $100 per barrel mark on March 12 and closing the quarter at around $118 per barrel after renewed military tensions in the Middle East and fears surrounding the Strait of Hormuz.

The decline in crude oil export earnings further coincided with lower crude oil production in the first quarter of 2026, suggesting that weaker output may have offset the benefits of higher international oil prices during the period.

The NBS, in its latest Gross Domestic Product report, noted, “The nation in the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 and lower than the fourth quarter of 2025 production volume of 1.58 mbpd.”

Senate President, Godswill Akpabio’s defence of the Nigerian National Petroleum Company Limited (NNPC Ltd) is fueled by selfish and ulterior motives, including the employment of his daughter in the national oil major.

Senator Adams Oshiomhole levelled the allegations the weekend, while speaking on ‘Mic On Podcast’ hosted by Seun Okinbaloye.

The former Edo State Governor accused the Senate president of acting outside established parliamentary procedures in the handling of a recent Senate resolution distancing the Upper Chamber from comments made by the senator during an ongoing investigation into the affairs of NNPC Ltd.

The altercation comes amid growing political manoeuvring within the Senate ahead of the 2027 election cycle, with speculation mounting over the future leadership of the National Assembly.

Oshiomhole maintained that Akpabio acted improperly, stressing that the former Akwa Ibom governor had a personal interest in the matter and sought to single him out over comments he made during a Senate committee investigation into the oil company’s operations.

The senator recalled that his remarks arose after remarks by a former NNPC Chief Financial Officer (CFO), Umar Ajiya, who accused lawmakers of wanting to push their own children for employment in the organisation, and stressing that they wouldn’t do so if the national oil company was rotten.

“I think the Senate president has personal interest…Somebody told me that the Senate president’s daughter was taken without going through the regular interview process. That is his own problem,” Oshiomhole said, insisting that his comments were made in his personal capacity as a senator and not on behalf of the Senate.

ALSO READ: Dangote Foundation Distributes Rice to Cement Host Communities in Ogun

The former labour leader also defended the controversial recommendation by a Senate committee that a warrant be issued for the arrest of former NNPC Group Chief Executive Officer, Mele Kyari, over his failure to honour invitations to appear before lawmakers investigating audit issues concerning the company.
According to Oshiomhole, Kyari failed to respond to at least nine invitations by the committee and did not provide formal explanations for his absence.

He further stood by his widely criticised statement that Kyari should be brought before the committee “dead or alive”, maintaining that the comment was made within the context of verifying claims that the former NNPC boss was receiving medical treatment abroad and was not intended as a threat.

The senator said the committee had exhausted all available options before recommending a bench warrant and insisted that the power was backed by constitutional provisions governing legislative oversight.

Beyond the immediate controversy, Oshiomhole alleged that powerful interests routinely frustrate legislative investigations involving NNPC.

He recalled a senate committee established to investigate disputes between NNPC and the Dangote Refinery over crude oil supply arrangements, claiming that despite being constituted and approved by the Senate, the panel was never allowed to commence work.

According to him, journalists had warned committee members at the time that no investigation involving NNPC had ever been allowed to reach a logical conclusion, a prediction he said eventually proved correct.

“As we speak, I have not been removed as a member of that committee. That committee has not been dissolved, but that committee was never allowed to sit after all the issues raised…they move around in the night, and then the following day, everywhere is quiet. I don’t want to be part of that tradition,” he emphasised.

The senator suggested that the latest disagreement between him and Akpabio stemmed from efforts to shield the oil company and certain individuals from scrutiny.

Oshiomhole also rejected suggestions that most senators opposed his position, claiming that more than 80 per cent of members supported him and disagreed with the Senate president’s handling of the matter.

The former APC national chairman further hinted at a personal dimension to the dispute, alleging that Akpabio deliberately sought to portray him as a controversial figure.

On whether tensions were linked to growing discussions about the 2027 senate presidency and speculation that he could emerge as a contender for the position, Oshiomhole did not answer directly, but implied that Akpabio already saw him as a threat.

He maintained that leadership positions ultimately depended on divine providence and not political calculations.

Oshiomhole said the senators are complaining about Akpabio’s style of leadership privately, explaining that if the senate president had the chance he would lock him out of the Upper Chamber. “If Akpabio has his way, he would lock me out of the Senate because he has misled himself into thinking that I’m probably the devil he knows,” Oshiomhole stated.