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Dangote Refinery: Nigeria on Track to Save N35 Trillion in Fiscal Expenditure as Operations Commence



Godwin Emefiele - Investors King

Nigeria is poised to witness a monumental shift in its economic landscape as the highly anticipated Dangote Refinery and Petrochemicals commence operations.

This game-changing development is expected to result in a staggering savings of approximately N35 trillion in fiscal expenditure over the next five years.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, made this revelation during the inauguration ceremony of the Dangote Petroleum Refinery and Petrochemical facility in Ibeju-Lekki, Lagos. This colossal refinery, boasting the title of the world’s largest single-train petroleum refiner, has captured the attention of both domestic and international stakeholders.

President Muhammadu Buhari, who officiated the inauguration, expressed his administration’s commitment to fostering public-private partnerships. He hailed the Dangote Refinery as a monumental milestone for Nigeria’s economy and a transformative force within the downstream petroleum market across the African continent.

Reflecting on the journey that led to this historic moment, President Buhari recalled his visit to the refinery complex a year ago during its construction phase. Aliko Dangote, the Group Chairman of Dangote Industries, had assured the President that the refinery would be operational before the end of his tenure.

Buhari applauded the Dangote Group’s leadership in putting Nigeria on the global map through bold investments in critical industries such as cement and fertilizer, which have transformed the nation into a net exporter.

The Dangote Refinery, situated within the Dangote Industries Free Zone in Ibeju-Lekki, Lagos State, attracted a distinguished audience comprising governors, lawmakers, government officials, royal figures, industry leaders, and notable Nigerians from all walks of life.

President Buhari underscored the significance of the refinery as a catalyst for economic revival, particularly in light of the myriad challenges faced by Nigeria over the years. From enduring years of economic stress and insurgency to navigating external crises like the global financial crisis, plummeting oil prices, the COVID-19 pandemic, and the Russia-Ukraine war, Nigeria’s economy has weathered a storm of formidable proportions. These challenges have strained the nation’s financial resources, compelling the government to seek alternative avenues for infrastructure development without resorting to excessive borrowing.

The Dangote Refinery emerges as a beacon of hope amidst these trials, providing a much-needed boost to Nigeria’s private sector and stimulating investments across critical sectors. Emefiele, the Governor of the Central Bank of Nigeria, stressed that the refinery’s commencement would not only support the government’s fiscal operations but also alleviate the burden of funding fuel subsidies.

Fuel subsidy costs, which are projected to reach N4.4 trillion by the end of 2022, have risen exponentially over the past few years. The Dangote Refinery’s operations could spare Nigeria an astonishing N5 trillion to N7 trillion annually in fiscal expenditure, offering substantial relief to the national budget.

Beyond fiscal savings, the Dangote Refinery’s impact extends to job creation and energy transformation. Aliko Dangote reiterated his commitment to replicate the success achieved in the cement and fertilizer sectors.

The refinery’s production is set to meet Nigeria’s domestic demand for high-quality petroleum products, effectively eliminating the influx of toxic substandard products. By prioritizing import substitution, Nigeria aims to become self-sufficient and export petroleum products to 53 African countries that currently rely on external sources.

The economic benefits of the Dangote Refinery are immense. The project is expected to generate over 135,000 permanent jobs, while millions of indirect employment opportunities will be created.

Moreover, the refinery’s operation will contribute to the national power supply, generating an impressive 12,000MW of electricity. This substantial energy output will have a multiplier effect on various sectors, supporting the growth of diverse value chains and propelling

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq,, Investorplace, and many more. He has over two decades of experience in global financial markets.

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African Development Bank Approves $20 Million Investment in Private Equity Fund Targeting the Infrastructure Sector in Africa

The Board of Directors of the African Development Bank Group has approved an equity investment of $20 million in the Africa50 Infrastructure Acceleration Fund I, in support of its target to mobilize private capital for infrastructure across the continent.



African Development Bank - Investors King

The Board of Directors of the African Development Bank Group has approved an equity investment of $20 million in the Africa50 Infrastructure Acceleration Fund I, in support of its target to mobilize private capital for infrastructure across the continent.

The Africa50 Infrastructure Acceleration Fund I is a pan-African infrastructure private equity fund that is mobilizing up to $500 million for investment and value creation in strategic infrastructure sectors. These include power, energy, digital and social infrastructure, transportation, logistics, and water and sanitation.

The fund is sponsored by Africa50, an infrastructure investment platform established by governments and the African Development Bank. Africa50 brings infrastructure project development and financing under one umbrella.  Africa50 has a strong track record of investments in the private sector and of projects undertaken under a Public Private-Partnership (PPP) framework.

The mobilization of private capital is critical to closing the infrastructure financing gap in Africa, especially given the limited fiscal space of African governments which currently provide the largest source of infrastructure funding on the continent.

The Africa50 Infrastructure Acceleration Fund I was established as a vehicle to help execute Africa50’s mandate of mobilizing private capital and accelerating further investment flows into African infrastructure by targeting private and institutional investors.

African Development Bank Director for the Industrial and Trade Development Department, Abdu Mukhtar said the Bank’s investment in the Fund underlined its strategic nature and the fact that the Bank prioritizes investing in strategic infrastructure sectors that contribute to closing Africa’s infrastructure financing gap (estimated at $68-108 billion annually).

“The Bank’s investment will support Africa50 to crowd-in private capital into African infrastructure through a private equity fund vehicle that private investors better understand and are more comfortable investing in,” Mukhtar said.

Commenting on the approval, Wale Shonibare, African Development Bank’s Director for Energy Financial Solutions, Policy and Regulations said the Bank’s support for the Africa50 Infrastructure Acceleration Fund I aligned with its High Five objectives. “It also strengthens the Bank’s already existing partnerships with the Africa50 Group on initiatives such as the African Sovereign Investors Forum and the Alliance for Green Infrastructure in Africa,” Shonibare added.

Alain Ebobissé, CEO of the Africa50 Group, said: “We are highly appreciative of the African Development Bank’s support for the Africa50 Infrastructure Acceleration Fund I. We look forward to continuing to work collaboratively with the African Development Bank and other investors to make a meaningful contribution to improving the infrastructure landscape on the continent.”

By leveraging private capital for infrastructure investment, The Africa50 Infrastructure Acceleration Fund I can help create jobs, strengthen healthcare access, improve education access through digital technologies, enhance access to financial services and financial inclusion through fintech investments, and reduce the impact of climate change. The fund is projected to create 3,278 full-time equivalent jobs over the period 2023-2035, including 1,676 jobs for women. In addition, the fund is expected to contribute to fostering regional integration through improvements in transport and logistics infrastructure that can lead to increased inter and intra-regional trade.

The African Development Bank and partners in the new fund will continue to provide growth capital and infrastructure equity to support the urgent need to accelerate private sector funding toward bridging the infrastructure financing gap in Africa.

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Digital Prepaid Card Usage to Surge, as the Value of Transactions Grows 650% Globally by 2028

The value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028, up from $528.7 billion in 2023. 



payooner card

A new study by Juniper Research, the foremost experts in payments, has found that the value of digital prepaid card transactions will exceed $3.98 trillion globally by 2028, up from $528.7 billion in 2023. 

Open-loop Prepaid Cards Drive Adoption

By 2028, the value of digital prepaid card transactions will represent just under 60% of total prepaid cards spend, up from 15% in 2023; demonstrating the rapid growth of digitisation. It also reflects the greater use of digitally issued open-loop prepaid cards as loyalty rewards; replacing more traditional gift cards. Open-loop systems, where payments can be made anywhere cards are accepted, will lead to an increasingly blurred line between prepaid cards and gift cards. This will make the much wider loyalty market increasingly addressable for prepaid card vendors, compared with the closed-loop system, where payments can only be made at specific vendors.

A digital prepaid card is a virtual form of a prepaid card that exists entirely in digital format and can be accessed through a mobile app or online platform.

New Growth Markets for Digital Prepaid Cards

•    The number of prepaid cards issued digitally is expected to surpass 940 million by 2028.

•    Prepaid cards are highly appealing to the unbanked; offering the functionality of payment cards without the need of an account with a financial institution.

Financial inclusion remains a key issue for the millions of unbanked and underbanked across the world. However, advances in digitalisation, smartphone availability, and the ease with which vendors can now issue prepaid cards digitally and instantly, mean that financial inclusion is within near reach of a growing number of users.

Research co-author Nick Maynard explained: “Financial inclusion use cases can significantly accelerate the success of prepaid cards, but vendors must keep the costs very low to ensure prepaid cards remain competitive for these use cases versus mobile money apps or central bank digital currencies.”

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Banking Sector

Zenith Bank Recognised as ‘Best Corporate Governance Financial Services’ in Africa for the Fourth Year Running

For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom.



For the fourth consecutive year, Zenith Bank Plc has been named as the Best Corporate Governance ‘Financial Services’ Africa 2023 by the Ethical Boardroom. The award, which was published in the Spring 2023 edition of The Ethical Boardroom magazine, is in recognition of the bank’s adherence to global best practices and institutionalization of corporate governance, setting an industry-wide example of best practices in that field.

Speaking on the recognition, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, said: “I am extremely pleased that Zenith Bank has been awarded the Ethical Boardroom Corporate Governance Award as a regional governance champion for the fourth year running. No doubt, the bank’s board has pioneered the exemplary governance culture for which we are now renowned. Indeed, this recognition reflects our steadfast commitment, discipline and high ethos in the conduct of our business and dedication to the principles of good corporate governance. This award will motivate us to strengthen this culture internally and advocate for good governance at every forum”.

He dedicated the award to the Founder and Group Chairman, Jim Ovia, CFR, for providing the template for an enduring and very successful institution; the Board for their vision and outstanding leadership; the staff for their dedication and commitment; and the bank’s customers for their unwavering loyalty to the brand.

Ethical Boardroom is a trailblazing and leading international magazine that delivers in-depth coverage and critically-astute analysis of global corporate governance issues to help boards stay ahead of the governance curve.

Zenith Bank has been generally adjudged a Corporate Governance compliant bank by the Nigerian Exchange (NGX) hence its listing on the Premium Board of the Exchange. The bank continues to sustain this reputation and reappraise its processes to ensure that its business conforms to the highest global standards at all times.

The bank’s track record of excellent performances has continued to earn it numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Retail Bank of the year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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