Business
Priority Investments in Infrastructure, Core Industries Will Boost Nigeria’s Economy – Dangote
Business magnate and President of Dangote Group, Aliko Dangote has identified priority investments in infrastructure and core industries among other recommendations, as vital panaceas to boost Nigeria’s economy to its desired level among contemporary nations and in the world overall.
Against the background of the declining fortune of the manufacturing sector, the Africa’s wealthiest man urged the Federal Government to employ strategic
investments in infrastructure to reverse the trend and boost Nigeria’s economy to its desired level among contemporary nations and in the world over.
In his address as Guest Speaker at the landmark 50th Annual General Meeting of the Manufacturers Association of Nigeria (MAN) and the 2nd Adeola Odutola Lecture held in Lagos, Dangote expressed optimism that with the collective effort of all stakeholders, it is feasible to move Nigeria from “developing nation” to “newly industrialized nation”.
A statement obtained by the National Association of Online Security News Publishers (NAOSNP) quoted the Africa’s richest man as saying that it is imperative that the familiar challenges limiting the pace of industrialisation are frontally addressed while setting a clear-cut agenda for the next 10 years. He identified priority investments in infrastructure and core industries among other recommendations, as vital panaceas to boost Nigeria’s economy to its desired level among contemporary nations and in the world overall.
During the AGM, themed: “An Agenda for Nigeria’s Industrialization for the Next Decade”, where a Blueprint for the Accelerated Development of Manufacturing in Nigeria 2.0 was unveiled, the foremost entrepreneur advocated jail terms for dealers in foreign textile materials in order to discourage imports and boost local production in the textile industry. For legislative backup, he also sought the enactment of a law prohibiting the sale of imported fabrics in the country.
Dangote identified various measures which needed to be put in place to allow Nigeria speed up its industrialization process and development growth. These measures included investment in infrastructure; creation of business-enabling Policy Framework; development of core industries; macroeconomic stability; facilitation of sectoral linkages and sustaining of the federal government’s recent efforts at ensuring security of lives, properties and investments across the nation.
The business titan examined the performance of the industrial sector in Nigeria; identified the nexus between industrialization and economic development with Nigeria and China as case study; analyzed the manufacturing sector in the country with focus on its growth trajectory, current status and challenges, and set an agenda for the next ten years with an implementation roadmap.
According to him, “the experience in various parts of the world has shown that industrialization drives economic growth & development, which improves living standards as evident by the high output and per capita income in industrialized countries.
“The rate of industrialization in Nigeria has been slow as evidenced by the low contribution of manufacturing to GDP, poor capacity utilization and constrained export of manufactured products within and outside the continent. For instance, Nigeria’s share of world output of 0.41%, ranked 29th in the world which is unimpressive, considering its size and resource endowments. It ranks poorly, when compared with India at (3.1%), South Korea (3.0%) and China (28.7%).
“Nigeria’s industrialization process has been greatly challenged by structural and institutional constraints, particularly funding. These factors have over the years cumulatively contributed to its disappointing performance. For instance, in the last decade, average share of manufacturing value added to GDP in countries like China and Malaysia stood at 41% and 38% respectively; compared to 25% in Nigeria.
“In terms of capacity utilization, a major performance indicator which reflects the ability of manufacturing companies to meet rising demand without increasing cost, Nigeria achieved a rate of 55% compared to 76% and 78% in China and South Africa respectively. The country’s dwindling industrial performance has significant socio-economic implications, as poverty and unemployment continue to rise.
“From 1960 to 2003, the development trajectory of China by far outpaced that of Nigeria within the same period even though Nigeria began on a seemingly better footing. It is therefore important to track back to where Nigeria “dropped the ball” with a view to repositioning the country to the path of growth, development, and social upliftment.
“Based on the comparative analysis of Nigeria and China, one can safely make the following deductions (i) the numerical strength of a nation (population) can indeed be translated into economic wealth (ii) steady growth in manufacturing output is possible when the operating environment is conducive; (iii) no nation can easily transit from “developing” to “newly industrialized” without a vibrant manufacturing sector; (iv) effective implementation of long term plans backed with policy consistency will promote enduring economic growth and development”, the industrialist added.
According to Dangote, “Nigeria’s manufacturing sector is dominated by light manufacturing with only a few firms operating in the heavy segment of the sector. There are several factors that need to be in place to accelerate the growth of the manufacturing sector in Nigeria. These include: security and rule of law, industry-oriented government policy; adequate infrastructure; industry-oriented Research & Development (R&D); a well-developed SME sector; building of human capacity, and embrace of technology to improve efficiency through automation of manufacturing processes.
On current status of the manufacturing sector, Dangote noted that manufacturing was singled out in the Nigerian Industrial Revolution Plan (NIRP) as the driver of industrialisation and economic growth.
“The contribution of manufacturing to Real GDP in Nigeria contrasts with what was obtained in countries like China (27.16% in 2019); Germany (19.11%); Japan (20.74%) and South Africa (13.53%). To drive industrialization and sustained economic growth in Nigeria, it is important that deliberate policies that are manufacturing-specific should be designed to support manufacturing activities and address the perennial challenges of the sector. It is important to note that the current government policies, if fully implemented, are good enough to address most of the challenges we are now facing,” he said.
Among manufacturing challenges, he identified acute shortage of forex; dearth of long-term funds; limited infrastructure; policy inconsistency/implementation/ enforcement; over-regulation; multiple and high taxes for the industries (the manufacturing sector is beset with over thirty statutory taxes, levies, fees, etc. charged at multiple tiers of government), and insecurity.
According to Dangote, “In consideration of the afore-mentioned challenges, there is an urgent need for a shift in policy approach and strategy to reposition the manufacturing sector for growth over the next ten years. It is imperative that the familiar challenges limiting the pace of industrialization are frontally addressed while setting a clear-cut agenda for the next 10 years.”
While setting an agenda for the next 10 years, Dangote said, “To achieve industrialization goals, it is necessary for a nation to formulate plans and policies that will enhance and sustain industrial development. Sustainable industrial development involves establishment of a conducive environment to encourage investment and ensure efficient usage of resources to increase productivity and growth of the nation.
“Nigeria needs to henceforth intensify efforts at promoting industrialization with specific focus on the attainment of the following targets in the next 10 years: 15% manufacturing sector growth, 20% manufacturing contribution to GDP, 15% growth in export of manufactured products, 10% increase in the share of manufacturing to total export merchandise, stronger inter-industry linkage between SMEs and large corporations, improved manufacturing contribution to Government tax revenue and 20% increase in manufacturing employment”, he added.
In his conclusion, Dangote noted that, “The drive to transform Nigerian into an industrialized nation has been a consistent goal of successive governments since independence. It is therefore, imperative that we focus on sectors with great potential for inclusive growth. Sustainability must be central to our industrial development agenda.
“There is also the need for government (at all tiers) to ensure that they consult widely with relevant stakeholders when taking far reaching decisions on key sectors of the economy. This will make it much easier for manufacturers to make long-term business plans. In addition, policies that have been “tried- and- tested” should be backed with an Act of parliament to give them legal backing and make them less susceptible to arbitrary changes by successive governments.
“Industrialization, driven by manufacturing, has the capacity to facilitate enduring economic growth. The transition mechanism entails the availability of required resources, adoption of appropriate technology, provision of favourable operating environment, human capital development, stable macroeconomic environment and adequate infrastructure. With the collective effort of all stakeholders, it is feasible to move Nigeria from “developing nation” to “newly industrialized nation” status within the next 10 years,” he added.
Ecobank Nigeria, a subsidiary of the leading Pan‑African financial services group, Ecobank Group, has announced the fifth edition of the Adire Lagos Experience, its flagship cultural and creative industry showcase. The event will take place from June 11–14, 2026, at the Ecobank Pan African Centre (EPAC), Victoria Island, Lagos.
The 2026 edition is themed “Threads Across Borders,” celebrating the depth and global resonance of Adire as a uniquely Nigerian art form, while positioning it within Africa’s broader textile and cultural narrative.
Rooted in Nigeria’s rich heritage, the Adire Lagos Experience continues to serve as a gateway for cross‑border cultural exchange, reinforcing Ecobank’s Pan‑African vision through culture‑led commerce.
The four‑day event will feature over 100 vendors, with the exhibition remaining predominantly Nigerian, reflecting the country’s leadership as the home and heartland of Adire production. To enrich diversity and continental collaboration, 10 percent of participating vendors will come from outside Nigeria, offering complementary African textile expressions and creative perspectives that foster knowledge exchange and cross‑border partnerships.
Speaking on the upcoming event, Omoboye Odu, Head, SMEs, Partnerships and Collaborations at Ecobank Nigeria, highlighted the intentional balance between cultural authenticity and Pan‑African inclusion.
“Adire is proudly Nigerian, and this platform remains firmly anchored in celebrating our local artisans and creative enterprises. At the same time, Ecobank’s Pan‑African mandate allows us to thoughtfully open the space to creators from other African markets, encouraging collaboration, shared learning, and trade connections that elevate African craftsmanship as a whole,” she said.
Beyond the exhibition booths, the Adire Lagos Experience 2026 will offer indigenous cuisine, African music and cultural performances, alongside curated networking and business engagement sessions designed to strengthen linkages across the Adire and wider creative value chain—from artisans and designers to merchants, buyers, and cultural enthusiasts.
As part of its ongoing commitment to supporting SMEs and the creative economy, Ecobank has opened registration for prospective exhibitors, with selected applicants eligible to receive complimentary exhibition booths. Applications close on April 28, 2026.
Through the Adire Lagos Experience, Ecobank continues to champion Nigeria’s cultural leadership while advancing Pan‑African collaboration—transforming heritage into enterprise and reinforcing its role as a truly Pan‑African institution driving impact beyond banking.
As the Central Bank of Nigeria’s (CBN) recapitaliSation exercise came to an end March 31, 2026, most banks operating in the country rose to the challenge and met the requirement ahead of time.
However, Fidelity Bank’s proactive approach paid off, and it continued to demonstrate its commitment to growth and innovation. In a remarkable display of investor confidence, Fidelity Bank opened and concluded a private placement in just one day on December 31, 2025. Leading institutions, including AFREXIM Bank and its subsidiaries, invested in the bank, showcasing their faith in Fidelity’s vision and leadership.
With the CBN’s verification process complete, Fidelity Bank’s capital base now exceeds the required N500 billion threshold. This milestone positions the bank to expand its footprint, drive growth, and deliver returns to investors.
Market analysts stated that the successful completion of the private placement underscores strong investor confidence in the bank’s growth strategy, governance framework and long-term fundamentals, even amid tightening regulatory standards and evolving macroeconomic conditions.
The lender had announced to the investing public that it has surpassed the N500billion regulatory capital threshold following the successful completion of a N259billion private placement of ordinary shares.
The Company Secretary, Fidelity Bank, Ezinwa Unuigboje in a signed statement on Nigerian Exchange Limited (NGX) disclosed that the private placement, conducted with the approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), was opened and closed on December 31, 2025.
According to her, the proceeds from the exercise lifted Fidelity Bank’s eligible capital from N305.5billion to N564.5billion, subject to final regulatory approvals.
The latest capital raise positions the lender comfortably above the new minimum capital requirement of N500billion for commercial banks with international authorisation, as stipulated by the apex bank under its banking sector recapitalisation programme. According to the bank, the private placement was carried out pursuant to the mandate granted by shareholders at its Extraordinary General Meeting held on February 6, 2025.
At the meeting, shareholders authorised the board to issue up to 20 billion ordinary shares through a private placement as part of measures to strengthen the bank’s capital base and enhance its capacity to support economic growth. The N259billion raised through the private placement builds on earlier capital-raising efforts by the bank. Fidelity Bank had stolen the show by taking a bold step in June 2024, launching a Public Offer and Rights Issue to raise capital.
Fidelity Bank successfully raised N175.85billion via a combination of a public offer and rights issue, which had increased its eligible capital to N305.5billion at the time. That exercise left a capital shortfall of N194.5billion relative to the new regulatory benchmark, a gap now fully covered by the latest transaction. Fidelity Bank’s strategic moves have set it up for success, and the stage is set for the bank to make significant strides in the Nigerian banking sector. Fidelity Bank noted that the strengthened capital position will enhance its balance sheet resilience, support business expansion, and enable it to play a more robust role in financing key sectors of the Nigerian economy, in line with regulatory expectations. The bank added that it remains focused on value creation for shareholders, prudent risk management and sustained profitability as it navigates the post-recapitalisation phase of the banking sector. Meanwhile, the stock price of Fidelity Bank closed trading April 10, 2026 at N19.50 per share on the NGX.
Access Bank Plc has been named Nigeria’s Most Valuable Brand for the fifth consecutive year by Brand Finance, reinforcing its leadership position in the country’s financial services sector.
Brand Finance announced this in its Nigeria 25 2026 report, which ranks the country’s strongest brands based on brand value, brand strength, and underlying business performance. According to the report, Access Bank’s brand value stands at ₦773.2 billion, maintaining its number one ranking despite short term macro-economic and market pressures.
It attributed the marginal year-on-year decline in brand value to a deliberate strategic shift, as the Bank continues to prioritise long term growth, regional expansion, and international scale over shortterm domestic margins.
Brand Finance pointed out that Access Bank’s sustained leadership reflects a longterm brand strategy anchored on scale, trust, and regional relevance, positioning the Bank to maintain brand strength and resilience as Nigeria’s economy continues its gradual recovery and the competitive landscape evolves.
It highlighted Access Bank’s transition from a local market leader to a cross continental financial infrastructure provider, noting that stronger contributions from its African operations helped offset a decline in Nigerian income during the period. This repositioning supports the Bank’s ambition of serving as a key gateway between Africa and global financial markets.
Importantly, the Brand Finance report also recorded a strengthening of the Access Bank brand, with the Bank rising to third place nationally on the Brand Strength Index (BSI), achieving a score of 88.7/100 and retaining an AAA brand rating. Brand Finance links this improvement to stronger brand coherence across markets and clearer strategic positioning following the consolidation of international acquisitions.
Commenting, Babatunde Odumeru, Managing Director, Brand Finance Nigeria, said, a defining shift in the business environment has been the movement from survival to resilience, with brands that invested through uncertainty now emerging stronger.
“This report highlights a key trend: trust is now the fundamental driver of business growth. With consumers now more cautious about how they spend their money, brands must offer a reliability premium in order to build trust, which is an essential foundation for customer loyalty. The brands that have achieved this have not just stood out but have consistently grown their brand value and maintained their lead in the Brand Finance rankings: If you are reliable, you are valuable.”
Odumeru noted that the rankings were dominated by the banking and manufacturing sectors, driven by homegrown resilience and digital savviness required to convert engagement into customer loyalty. This dynamic, he said, reflects a collaborative strength between the two sectors that continues to underpin Nigeria’s overall brand value.
The Brand Finance Nigeria 25 report is published annually and assesses Nigeria’s leading brands using a combination of brand value, brand strength, and comprehensive market analysis.
