Headlines
Dangote Refinery Will Boost Growth of Downstream Sector in 2022, CPPE, Others Affirm
Mukhtar Yahya Usman
The Centre for the Promotion of Private Enterprise (CPPE), an economic advocacy group, has identified Dangote Petroleum Refinery as one of the key expected drivers of growth that would impact positively on the downstream sector of the Nigerian economy in 2022.
Likewise, Financial Derivatives Company Limited, a financial institution, in its recent Economic Report for 2022, expressed a firm belief that Dangote Refinery would boost the growth of the downstream sector of the economy and enhance petroleum products distribution across Africa.
The Managing Director/CEO of Financial Derivatives Company, Bismarck Rewane, however, warned that the refinery, when operational, would not be a final solution to Nigeria’s economic crises. “The coming on stream of Dangote Refinery will no doubt enhance product distribution across Africa. Will Dangote refinery solve Nigeria’s problem? The answer is no. But the company is going to make Nigeria an exporter of refined petroleum products,” he added.
In a Nigeria Economic Outlook for 2022 released by the CPPE, its Chief Executive Officer, Dr Muda Yusuf said activation of the Petroleum Industry Act (PIA) in 2022 is expected to impact positively on the economic outlook.
“We expect to see positive outcomes as investor sentiments in the oil and gas sector improve on account of the reforms anchored on the PIA. This will however depend on the political will deployed to drive the implementation of the provisions of the Act.
It is also expected that the coming on stream of the Dangote refinery in 2022 will also impact positively on the downstream sector of the economy”, he added.
He said the average oil price in 2022 is expected to exceed the budgeted benchmark of sixty-two dollars ($62) per barrel, offering some fiscal headroom. This, he noted, would be powered by higher energy demand driven by the recovery of economic activities globally.
“This trajectory is expected to impact on our foreign reserve and strengthen the capacity of the Central Bank of Nigeria (CBN) to support the foreign exchange market”, Yusuf said.
He, however, added that if the Dangote refinery comes on stream in 2022, the fiscal pressure on the economy may abate, but not completely eliminated.
According to the economist, because the service sector is less vulnerable to the structural constraints of the economy, especially the real sector of the economy, it will continue to outpace the real sector in 2022.
He said, “The service sector of the Nigerian economy will continue to outpace the real sector in 2022. In the third quarter of 2021, the service sector contribution to GDP was 50 percent and the growth of the sector was 8.41 percent. The oil sector contribution to GDP was 7.5 percent while the non-oil sector contribution was 92.5 percent. While the industrial sector growth contracted by 1.63 percent, agriculture grew by 1.2 percent.”
Yusuf said the Gross Domestic Product (GDP) growth would remain fragile at about three percent, pointing out that the key expected drivers of growth would be sustained recovery of global oil price.
He said, “We expect that the average oil price in 2022 will exceed the budgeted benchmark of $62 per barrel, offering some fiscal headroom. This would be powered by higher energy demand driven by the recovery of economic activities globally.”
The economist noted that despite the downside risks, the economy would continue to present huge opportunities for investors across all sectors. “This is on account of the resourcefulness of the Nigerian people, especially the entrepreneurs.
Other inherent strengths of the Nigerian economy include the market size, the population, and the demographic characteristics”, he added.
Nasiru Yusuf Ibrahim
Nigeria’s Vice President, Kashim Shettima, on Tuesday received a delegation from the Association of Kano Business Community at the Presidential Villa, Abuja, during a thank-you visit to President Bola Ahmed Tinubu.
KANO FOCUS reports that the delegation expressed appreciation to the Federal Government for its support to traders and other victims affected by the recent fire incident that razed several sections of the popular Singer Market in Kano.
Speaking during the meeting, the Vice President reaffirmed the Federal Government’s commitment to collaborating with the Kano State Government and relevant agencies to prevent a recurrence of fire outbreaks in markets across the state.
He assured the delegation that President Tinubu has the interests of Kano people at heart, noting that the N5 billion approved as immediate relief for victims was based on the findings of a preliminary assessment of the damage caused by the inferno.
Shettima reiterated that the Federal Government would continue to support efforts aimed at restoring commercial activities and strengthening safety measures in markets to protect lives and property.
Nasiru Yusuf Ibrahim
The Kano State Government has inaugurated a 23-member committee to oversee the transparent and equitable distribution of financial assistance and relief materials to victims of the recent Singer Market fire disaster.
KANO FOCUS reports that the inauguration was carried out on behalf of the Secretary to the State Government, Umar Faruq Ibrahim, who chairs the committee. The event was presided over by the state Attorney-General and Commissioner for Justice, Abdulkarim Kabiru Maude.
According to the Attorney-General, the committee comprises representatives from key government agencies, security services, the Kano Emirate Council, religious leaders, and affected traders.
He said the panel’s mandate includes assessing the extent of losses, verifying genuine victims, ensuring timely distribution of support, and recommending measures to prevent future fire incidents.
The intervention follows support approved by President Bola Ahmed Tinubu, as well as contributions from the APC Governors Forum. It also comes in addition to earlier assistance provided by Governor Abba Kabir Yusuf and the Deputy Senate President, Barau I. Jibrin.
The state government reaffirmed its commitment to supporting victims of the disaster and restoring commercial activities at Singer Market.
Nasiru Yusuf Ibrahim
The Kano State Government has announced Saturday, March 1, 2026, as the commencement date for the Eid-el-Fitr break for all public and private primary and post-primary schools in the state.
KANO FOCUS reports that the announcement, contained in the approved 2025/2026 academic calendar, applies to both day and boarding schools across the state.
According to a statement issued by the Director of Public Enlightenment, Musbahu Aminu Yakasai, parents and guardians of pupils and students in boarding schools are expected to convey their wards home by the early hours of Friday, February 28, 2026.
The statement further explained that boarding school students are to resume on Sunday, March 22, 2026, while day students are to resume on Monday, March 23, 2026.
It added that the second term will continue from Sunday, March 22, 2026, and end on Saturday, April 18, 2026.
The government directed all public and private schools in the state to comply strictly with the directive, warning that non-compliance would be treated as a breach of government instructions.
The Commissioner for Education, Ali Haruna Abubakar Makoda, urged parents and guardians to ensure full compliance with the approved resumption dates.
He appreciated parents and residents of the state for their continued cooperation and support to the ministry, and wished pupils and students a successful completion of the Ramadan fast and hitch-free Sallah celebrations.
Kano business community thanks FG for N5bn Singer market relief
Kano Govt inaugurates 23-member committee to disburse Singer market fire relief
Kano Govt announces March 1 for schools’ Ramadan break
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Lami Maccido, first person to appear on screens of NTA Kano, CTV 67, dies at 72
Governor Yusuf Appoints Acting DG for Pilgrims Board, Names Provost for Anti-Corruption Institute
Kano govt investigates reported disease outbreak in Garko community
K-SAFE appeals to Kano Executive Council to pass revised education bill
