NEWS
Our Policies will Propel Economy out of Downturns – Tinubu
President Bola Tinubu says his administration has implemented bold policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.
Tinubu, represented by the Vice-President Kashim Shettima, made the call while declaring open the 2024 African Caucus Meeting held at the Transcorp Hotel, Abuja.
”As a government, we have initiated bold economic reforms aimed at steering our economy away from the downturns caused by multiple shocks in the global economy.
”We believe it is a path of recovery and resilience through significant economic transformation.
”Our reform efforts have been strategically focused on fostering fiscal and monetary efficiency, driving sustained long-term economic growth, and catalysing job creation in alignment with the SDGs’ priorities,” he said.
According to the President, his administration remains committed to optimising the nation’s economic potential to deliver favourable outcomes for citizens.
Tinubu also said that his government would ensure the overall sustainable development of the regional economy.
”Our efforts are yielding positive results, with improved macroeconomic stability and increased investment,” he said.
He urged African countries to improve the quality of life for people across the continent.
The President also empahaised the need for African leaders to ensure that democracy, good governance, and economic institutions worked together.
He drew attention to the need to enhance international tax cooperation to combat illicit financial flows and ensure multinationals contributed fairly to economies on the continent.
”We need enhanced international tax cooperation to combat illicit financial flows and ensure that multinationals contribute fairly to our economies.
”We must also foster global economic cooperation to tackle shared challenges and leverage opportunities.
”However, we must also acknowledge the need to take responsibility for our own development by undertaking the difficult structural and fiscal reforms required to boost long-term growth,” he said.
Tinubu described the caucus meeting as a vital platform to share experiences, forge partnerships and chart a collective path forward.
”Africa’s story is one of resilience, creativity and hope. Indeed, we have made significant strides in recent years, with many of our nations achieving remarkable economic growth, social progress, and political stability.
“Yet, obstacles such as increasing poverty, rising debt across many countries, inequality, and conflicts continue to widen the gap between our continent and the 2030 Agenda for Sustainable Development Goals.
”This is a matter of serious concern,” he added.
Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, said available data revealed that 41 African countries were set for stronger growth of up to 3.8 per cent from about 3.4 per cent in 2022 and rising to 4.3 per cent in 2025.
Edu, who is also the the Chairperson of the African Caucus, said these exceeded the global average of about 3.2 per cent.
Mr Olayemi Cardoso, the Governor of Central Bank of Nigeria, emphasised the significance of the meeting.
He said Africa stood at a “crossroads with unprecedented opportunities for development alongside significant challenges.
“To navigate this complex landscape and set the continent on the path of sustainable economic growth, we must leverage the support of our global partners.”
Speaking virtually, Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), provided a comprehensive analysis of Africa’s economic situation and potential.
Okonjo-Iweala emphasised the need for greater regional integration.
She said UN data for 2021 indicated that only 13 per cent of Africa’s goods trade was internal, compared to 21 per cent for Southeast Asia, 39 per cent for the US, Mexico, and Canada, and 60 per cent for Europe.
Ms Amina Mohammed, Deputy Secretary-General of the United Nations, stressed the importance of trade facilitation, a Pan-African payment and settlement system.
She also empahaised the need for increased access to energy and connectivity.
On challenges of public investment, she said, ”in 2023, an extraordinary 48 per cent of government revenue in sub-Saharan Africa alone went to meeting debt payments.” (NAN)
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.

