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.
Fidelity Bank Plc has reported a strong financial performance for the first quarter of 2026, with gross earnings rising by 37.9 per cent to N434.95 billion, driven by growth in its core banking operations.
The unaudited interim report and accounts for the three months ended March 31, 2026, released on the Nigerian Exchange, showed that the bank’s gross earnings increased from N315.42 billion recorded in the corresponding period of 2025.
Interest income grew significantly by 22.8 per cent to N314.48 billion in Q1 2026, compared with N256.10 billion in Q1 2025, reflecting expansion in the bank’s core business activities.
With net interest income standing at N180.97 billion, the bank posted a profit before tax of N92.48 billion for the period. Profit after tax settled at N74.47 billion, while earnings per share remained strong at N5.69.
The bank also recorded notable improvements across key balance sheet indicators. Total assets rose above the N11 trillion mark to N11.35 trillion as of March 2026, compared with N10.46 trillion recorded at the end of December 2025.
Customer deposits increased from N6.89 trillion to N7.38 trillion during the review period, while shareholders’ funds rose by 27.5 per cent from N1.09 trillion in December 2025 to N1.39 trillion by March 2026, supported by earnings growth.
The Q1 performance further strengthened the bank’s earnings outlook following the successful completion of its recapitalisation programme in 2025.
The bank had earlier posted strong full-year results for 2025, recording growth across major income lines and balance sheet metrics.
According to its audited financial statements, gross earnings rose by 45.6 per cent from N1.04 trillion in 2024 to N1.52 trillion in 2025. Interest and similar income increased from N803.1 billion to N1.11 trillion, while fees and commission income grew by 44.7 per cent to N113.4 billion.
Net profit after tax for the 2025 financial year stood at N242.4 billion.
Total assets expanded by 18.6 per cent to N10.46 trillion in 2025 from N8.82 trillion in 2024, while customer deposits increased by 16.1 per cent to N6.89 trillion.
Net loans and advances, however, declined slightly by 2.4 per cent to N4.28 trillion, which the bank attributed to repayments of matured obligations by customers.
The bank also strengthened its capital position in 2025, with eligible capital rising to N561 billion, above the N500 billion regulatory requirement for banks with international authorisation.
Capital Adequacy Ratio improved to 30.94 per cent in December 2025 from 23.47 per cent recorded in December 2024.
Commenting on the results, Managing Director and Chief Executive Officer of Fidelity Bank Plc, Nneka Onyeali-Ikpe, said the Q1 2026 performance reflects the resilience and strength of the bank’s business model.
She stated that the successful recapitalisation exercise and the bank’s ongoing expansion had positioned Fidelity Bank for stronger growth and improved returns.
“We are on a stronger footing and confident that we will set new growth records that are reflective of our legacy and the future we are working on,” Onyeali-Ikpe said.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has deepened its longstanding relationship with the academic community and reaffirmed its commitment to innovation, youth empowerment, and nation-building by commissioning the UBA Innovation Hub and Business Office at the University of Lagos (UNILAG).
The landmark facility was commissioned by the Group Chairman, UBA, Tony Elumelu, represented by Group Managing Director/Chief Executive Officer, Oliver Alawuba, supported by other senior executives of the bank and members of the university leadership, led by the Vice Chancellor of the University of Lagos.
The commissioning marks another defining chapter in the enduring relationship between UBA and one of Nigeria’s foremost institutions of higher learning. The project also reflects UBA’s historic connection with the University of Lagos and Nigeria’s education ecosystem.
UBA was the first bank to establish a campus branch in Nigeria in the 1960s, pioneering financial inclusion and institutional banking support within the nation’s higher education environment.
Adding a personal dimension to the occasion, UBA Group Chairman, Tony Elumelu, himself an alumnus of the University of Lagos, described the commissioning as both symbolic and strategic.
“Returning to my alma mater for this commissioning makes this moment particularly meaningful. Universities remain the birthplace of ideas, innovation, and future leadership. Through this investment, UBA is reaffirming its belief in young people and in the role institutions like the University of Lagos will continue to play in shaping Africa’s future.”
He added that UBA’s philosophy of empowering people and building institutions remains central to its growth agenda across Africa.
The Vice Chancellor, Professor Folasade Tolulope Ogunsola, who emphasised that Elumelu remains “a son of the university”, commended UBA for sustaining a relationship built on impact, innovation, and institutional support.
“The Group Chairman of UBA, Mr Tony Onyemaechi Elumelu, CFR, one of Africa’s most celebrated entrepreneurs and philanthropists, is, in the truest and most meaningful sense, a son of this University,” Ogunsola said.
Ogunsola continued, “The intellectual rigour, the ambition, and the broadness of vision that he would go on to demonstrate as he transformed a struggling bank into a pan-African institution of global stature, that fire was sharpened here.”
The newly commissioned four-floor complex has been designed as a shared platform that promotes collaboration between academia and industry. Under the arrangement, UBA will operate its dedicated Business Office within the facility, providing direct access to innovative banking services, financial advisory services, enterprise support, and engagement opportunities for students, faculty, and the wider university community. The remaining floors of the complex will serve broader institutional and developmental purposes for the University’s use.
Also speaking, UBA’s Group Managing Director/CEO, Oliver Alawuba, noted that the Innovation Hub and Business Office represent an intentional investment in talent, enterprise, and future economic transformation.
“UBA continues to create platforms that connect knowledge with opportunity. This facility will provide students and the university community access to ideas, networks, innovation support, and financial services that help unlock potential and prepare future leaders for a rapidly changing world,” he said.
In another major highlight of the event, the University of Lagos announced the renewal of UBA’s sponsorship and support for the Professorial Chair in Finance, further strengthening collaboration between academia and industry and advancing thought leadership, research, and professional excellence in financial studies.
Alawuba stressed that the UBA Professorial Chair remains the bank’s most enduring academic contribution.
“Our most enduring academic contribution remains the UBA Professorial Chair of Finance, established in January 1972 as the first-ever Finance Professorial Chair in a Nigerian university. It was designed to strengthen finance education, deepen banking research, and support thought leadership in Nigeria’s financial sector. I am pleased that the Executive Management of UBA has approved an additional ₦61.67 million to further strengthen the Endowment Fund for the Chair and sustain its work through the current professorship tenure.”
The commissioning of the UBA Innovation Hub and Business Office reinforces the bank’s broader mission of enabling sustainable development through strategic investments in education, entrepreneurship, technology, and human capital across Africa.
Africa’s Global Bank, United Bank for Africa (UBA) Plc, has reaffirmed its commitment to strengthening diaspora engagement, advancing healthcare development in Nigeria through the introduction of its healthcare investment proposition to the Nigerian-American medical community at the 2026 ANPA Carolinas Symposium held in Charlotte, North Carolina.
The ANPA Carolinas Symposium, hosted annually by the South Carolina and North Carolina Chapters of the Association of Nigerian Physicians in the Americas (ANPA), convenes over 170 physicians and healthcare professionals for medical and scientific dialogue on issues impacting communities across North America, the Caribbean, and Africa, particularly among people of Nigerian descent.
Speaking at the event, UBA’s Head of Diaspora Banking, Anant Rao, made a compelling case for structured diaspora participation in Nigeria’s healthcare transformation, encouraging attendees to expand their contribution beyond remittances toward long-term institution-building.
“The financial infrastructure required to connect your success abroad to sustainable institutional impact at home has not been intentionally designed for diaspora healthcare investors until now,” Rao said.
During his presentation, Rao introduced the ANPA–UBA Diaspora Healthcare Investment Platform — a professionally managed investment vehicle designed to channel diaspora capital into specialist hospitals, diagnostic centres, telemedicine infrastructure, and medical training institutions across Nigeria.
“Every dollar invested delivers a dual return — creating value for investors while contributing meaningfully to Nigeria’s healthcare future. We now have the regulatory framework, banking infrastructure, governance structures, and institutional commitment to make this possible,” he added.
Under the proposed structure, UBA will serve as custodian and structuring bank, while United Capital Asset Management, one of Nigeria’s leading asset managers with over ₦1.2 trillion in assets under management, will act as fund manager.
As part of deepening engagement with the Nigerian-American medical community, Rao also proposed a Memorandum of Understanding (MoU) between UBA and the two ANPA chapters. The proposed collaboration is anchored on six strategic pillars: preferred banking offerings for ANPA members; quarterly financial education sessions; the joint Healthcare Infrastructure Fund; a dedicated ANPA Wealth and Legacy Desk; access to group-rate family healthcare plans through Avon HMO; and a UBA co-matching contribution framework to support qualifying impact vehicles under the Pearl Endowment Fund.
The initiative represents a further expansion of UBA’s diaspora value proposition, which currently includes Non-Resident Nigerian (NRN) accounts in multiple currencies, fixed-income and dollar-denominated investment solutions through United Capital, elder-care trust solutions under the Homeland Anchor Care Trust programme in partnership with Avon HMO, and private wealth management offerings tailored to senior diaspora professionals.
The 2026 ANPA Carolinas Symposium marks another milestone in UBA’s strategic engagement with the diaspora community and reinforces the Bank’s long-held belief that diaspora capital can play a transformative role in accelerating healthcare and infrastructure development across Africa.
