NEWS
Afreximbank Charges African Countries to Expedite Action on Industrialization
By Tony Obiechina, Abuja
The African Export-Import Bank (AFREXIM Bank) has called on African countries to redouble their efforts towards industrialisation of the continent.AFREXIM Bank’s Senior Executive, Denny’s Danya, made the call at the opening of the 32nd Africa Export-Import Bank Annual General Meeting in Abuja on Wednesday.
The AGM was declared open on behalf of President Bola Tinubu by Vice President Senator Kashim Shettima who was represented by his Special Adviser on Economic MattersDanya noted that Africa must be firm in its aspirations for industrialisation. “In an era where there is scarcity of funding for African institutions, our homegrown institutions must be given all the support they require. We must focus on building strong, independent institutions, promoting good governance, and fostering regional cooperation. It is imperative to highlight that institutional strengthening also requires political support from our leaders, so as not to undermine our own institutions.”He added that routine policies and reforms—including sound macroeconomic management, structural adjustments, and investments in key areas such as infrastructure and human capital—are crucial for fostering sustainable development across the continent.He stated that for the continent to grow, efforts must be geared toward promoting value addition to Africa’s exports, as well as diversification of the continent’s export basket and export destinations.“We must improve regional trade through the AfCFTA. We need to forge new trading partnerships and strategic alliances to leverage our collective strength and resources. Such partnerships and alliances will enhance access to new markets, offer competitive advantages, and boost innovation.”He explained that in the face of economic uncertainties, there is the need to harmonise the continent’s strengths to shape a prosperous future.He maintained that it is imperative to build strong, independent institutions, promote good governance, and foster regional cooperation in order to build a resilient Africa.The Governor of the Central Bank of Nigeria, Olayemi Cardoso on his goodwill message disclosed thatNigeria got over $52 billion from Afreximbank for trade financing Projects.According to him this makes Nigeria the Bank’s single largest beneficiary since inception in 1993.Speaking under the theme, “Building the Future on Decades of Resilience,” Cardoso commended the bank’s transformation from a modest institution to a major force in Africa’s development finance landscape.He noted that Afreximbank’s capital base had grown from $750m at inception in 1993 to over $40bn by the end of 2023.He added that routine policies and reforms—including sound macroeconomic management, structural adjustments, and investments in key areas such as infrastructure and human capital—are crucial for fostering sustainable development across the continent.He stated that for the continent to grow, efforts must be geared toward promoting value addition to Africa’s exports, as well as diversification of the continent’s export basket and export destinations.He explained that in the face of economic uncertainties, there is a need to harmonise the continent’s strengths to shape a prosperous future.He maintained that it is imperative to build strong, independent institutions, promote good governance, and foster regional cooperation in order to build a resilient Africa.The CBN governor called on African leaders, financial institutions, and the diaspora to pursue a development model that is “African-led and African-owned”, especially in the face of rising global uncertainties.Cardoso also used the platform to outline recent efforts by Nigeria to stabilize its financial system and currency. He pointed to new diaspora-friendly policies such as the Non-Resident Nigerian Ordinary Account (NRNOA) and the Non-Resident Nigerian Investment Account (NRNIA) as ways to harness the economic power of Nigerians abroad.“These initiatives aim to boost remittances and attract investments into critical sectors of the economy,” he explained.Cardoso hailed Afreximbank for redefining the role of the African diaspora to include Afro-descendants in the Caribbean and the Americas, describing the bank’s approach as both inclusive and visionary.He stressed the importance of coordinated engagement between African governments and diaspora communities to accelerate growth and investment across the continent.Amid global economic fragmentation, Cardoso warned that Africa must reduce dependence on external actors and instead deepen intra-African trade, regional integration, and homegrown innovation.“Rising trade protectionism and shifting geopolitical dynamics are undermining Africa’s development prospects,” he warned.He also commended the outgoing Afreximbank President Prof. Benedict Oramah for his leadership, citing landmark achievements such as the Africa Medical Centre of Excellence in Abuja, developed in partnership with King’s College London.“It is not many that have the fortune of making big dreams come true… Professor Oramah, I salute you,” Cardoso added.In closing, the CBN governor called on African leaders to combine vision with execution, noting that only a few manage to do both effectively.The African Export-Import Bank (AFREXIM Bank) has called on African countries to take deliberate actions toward industrialisation.AFREXIM Bank’s Senior Executive, Denny’s Danya, made the call at the opening of the 32nd Africa Export-Import Bank Annual General Meeting in Abuja.Danya posited that Africa must be firm in its aspirations for industrialisation.“In an era where there is scarcity of funding for African institutions, our homegrown institutions must be given all the support they require. We must focus on building strong, independent institutions, promoting good governance, and fostering regional cooperation. It is imperative to highlight that institutional strengthening also requires political support from our leaders, so as not to undermine our own institutions.”He added that routine policies and reforms—including sound macroeconomic management, structural adjustments, and investments in key areas such as infrastructure and human capital—are crucial for fostering sustainable development across the continent.He stated that for the continent to grow, efforts must be geared toward promoting value addition to Africa’s exports, as well as diversification of the continent’s export basket and export destinations.He explained that in the face of economic uncertainties, there is a need to harmonise the continent’s strengths to shape a prosperous future.He maintained that it is imperative to build strong, independent institutions, promote good governance, and foster regional cooperation in order to build a resilient Africa.
NEWS
Fresh Terrorists Attack Kills One, Injures Two in Kogi
From Joseph Amedu, Lokoja
A yet to be identified gunmen suspected to be armed terrorists have attacked two communities in Kogi state killing one resident and injuring two others.
The affected communities are Edede and Ojapata communities both in Oganenigu, Dekina local government of Kogi state.
The gunmen who stormed the communities at about 3:30pm on Tuesday shot dead one Nasiru Ulayi and also razed several residential houses in Ojapata and Edede, rendering many homeless and forcing them into displaced camps.
In a similar attack, gunmen ambushed two members of the local Vigilante in Onitcha-Igo in Ofu local government of the state.
The vigilante members who were on routine patrol unconsciously walked into the ambush and the gunmen opened fire on both of them.The vigilante members skillfully escaped the rain of bullets, but were fatally wounded during the attack.
DAILY ASSET learnt that the vigilante men were rushed to the Federal University Teaching Hospital (FUTH) Lokoja for urgent medical attention.
One of the victims is said to be currently undergoing surgery as the medical personnel battle to treat bone fracture.
Eye witness said there are growing activities of kidnappers in the affected communities. “The kidnappers in this local communities are brazen and determined to flourish in their trade not minding the presence of security”
However, the Kogi State Police Command is yet to confirm the incident as efforts to reach the Police Public Relations Officer Afusat Oyiza Saliu failed.
Foreign News
Boko Haram Militants Kill 23 Soldiers in Chad
The Chadian armed forces on Tuesday said that 23 soldiers were killed and 26 hurt in an attack by Islamist militant group Boko Haram on a base on the shores of Lake Chad.
Army spokesman Issakha Acheikh Chanane said that the attack late on Monday on the island of Barka Tolorom in Lake Chad was repelled by Chadian forces and that “a significant number of militants were neutralized.
”Chadian President Mahamat Idriss Déby Itno called the attack “cowardly” in a post on Facebook.
“In the face of barbarism, Chad stands firm, united, and unyielding,” the president said.
“Obscurantism will never prevail over the Republic. We will continue the fight with renewed determination until this threat is eradicated.”Boko Haram, which was founded in Nigeria in West Africa, has been carrying out repeated attacks in the neighbouring Central African countries of Chad and Cameroon for years.
The islands in Lake Chad in the common border area of the three countries are now the militia’s main retreat.
The worst attack in Chad occurred in March 2020 on the Bohoma peninsula, where around 100 soldiers were killed.
NEWS
Dangote Cement Grows Exports by 71.6 Per Cent, Posts N421bn Profit
By Tony Obiechina, Abuja
Dangote Cement Plc delivered a strong first-quarter performance in 2026, with cement and clinker exports from Nigeria rising by 71.6 per cent as the company expanded its footprint across Africa.
The cement giant disclosed in its unaudited Q1 2026 financial results that it completed 10 clinker shipments from Nigeria to neighbouring markets during the period, reinforcing its status as Africa’s leading cement exporter.
Group installed production capacity also climbed to 55 million tonnes per annum (MTA) across the continent, while total sales volumes grew by 13.8 per cent year-on-year.
This growth was driven by an 11.
5 per cent increase in Nigerian operations and a 19.5 per cent rise across pan-African markets.Group Managing Director and Chief Executive Officer, Arvind Pathak, described the performance as an exceptional start to the year.
According to him, revenue rose by 20.4 per cent year-on-year to ₦1.198rn, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 22.8 per cent to N567.1bn.
He said the company’s disciplined cost management and efficient operating model were instrumental in converting sales growth into stronger profitability.
Profit before tax for the quarter stood at N421.1bn, marking a 35 per cent increase from N311.9 billion recorded in Q1 2025. Earnings per share also rose significantly to N19.14 from N12.29.
Pathak highlighted the rapid expansion of the company’s export business, noting that growing clinker shipments from Nigeria further strengthened Dangote Cement’s strategic leadership in regional trade.
He also revealed progress on key expansion projects, including the newly commissioned 3MTA grinding plant in Côte d’Ivoire, alongside ongoing projects in Itori, Ethiopia, and other strategic African markets.
The company aims to increase total production capacity to 80MTA by 2030 as part of its long-term growth strategy.
Dangote Cement currently operates 35.25MT capacity in Nigeria, with major plants located in Obajana, Ibese, Gboko, and Okpella.
Through sustained investment in local manufacturing, the company has successfully transformed Nigeria from a cement-importing nation into a net exporter, supplying clinker and cement to countries across West and Central Africa.
With resilient demand across its markets and ongoing expansion initiatives, Dangote Cement says it remains optimistic about maintaining strong growth and delivering long-term shareholder value throughout 2026.


