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Dangote Urges Nigeria to End Crude-for-Loan Deals to Protect Future Wealth

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Aliko Dangote, President of the Dangote Group, has called on the Nigerian federal government to put an end to crude oil-for-loan agreements, which he believes could jeopardize the country’s future economic stability.

Dangote’s message was delivered at the ongoing Crude Oil Refinery-owners Association of Nigeria Summit in Lagos, where he was represented by Engr. Mansur Ahmed, Executive Director of Dangote Group.

Dangote expressed concern over Nigeria’s reliance on these deals, emphasizing that they effectively mortgage the nation’s future wealth.

He drew a comparison to countries like Norway, which channels oil revenue into national wealth funds to secure financial stability for future generations.

He pointed out that in contrast, African nations, including Nigeria, are using their oil proceeds today without considering long-term implications.

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“To ensure adequate feedstock availability for the country’s refineries, it is critical that we stop mortgaging crude,” said Dangote.

“While nations like Norway are safeguarding their oil wealth for the future, here in Africa, we are consuming resources that should be reserved for the generations to come.”

The statement comes after the African Export-Import Bank (Afreximbank) disbursed a significant $3.175 billion to the Nigerian government in June 2024.

This payment was part of a $3.3 billion crude-for-loan syndicated facility negotiated through the Nigerian National Petroleum Company Limited (NNPC).

The deal, similar to others the country has engaged in, is designed to secure loans with crude oil as collateral, a practice that Dangote believes undermines Nigeria’s long-term economic security.

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In addition to his concerns about crude-for-loan deals, Dangote has also been vocal about the need for Nigeria to remove its fuel subsidy entirely.

He argues that continuing with fuel subsidies drains government resources that could otherwise be invested in critical areas like infrastructure, education, and healthcare.

His recommendations come as Nigeria grapples with the financial strain of managing fuel subsidies and fluctuating oil revenues, which have placed a heavy burden on the national budget.

Dangote’s views carry considerable weight, given his status as Africa’s richest man and his significant investments in Nigeria’s oil and gas industry, including his multi-billion-dollar Dangote Refinery.

His refinery, once fully operational, is expected to help reduce Nigeria’s reliance on imported fuel and could reshape the country’s energy landscape.

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However, Dangote warns that achieving this potential requires policy changes that prioritize sustainable economic practices over short-term financial gains.

As Nigeria continues to navigate its path toward economic diversification, Dangote’s appeal to end crude-for-loan deals and eliminate fuel subsidies highlights the broader conversation about how the country can best manage its natural resources to secure long-term prosperity.


 

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Chimamanda Adichie Tells Women not to Rush Marriage but Choose Right

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Famous Nigerian author Chimamanda Ngozi Adichie has advised young women to be intentional when choosing who they marry.

Speaking at the Dream Count event, Adichie pointed out how much a life partner can influence a woman’s journey. She urged women not to rush into marriage out of pressure or desperation, adding that choosing the wrong person can affect one’s life for years.

She also encouraged women to find fulfilment in themselves, no matter their passion or path. “It’s really important for a woman to have her own thing, something that brings her fulfilment, no matter what it is,” Adichie said.

She continued, “Be careful who you choose. Sometimes, deep down, you know the person you’re with isn’t good for you, but because you’re eager to settle down, you ignore the signs. Don’t settle. The person you marry plays a huge role in how your life turns out. If you choose someone who is kind and supportive, it changes everything. There are good men out there.”


 

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Amaechi Says Buhari Performed Better Than Tinubu

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Former Minister of Transportation, Rotimi Amaechi, believes that despite his shortcomings, former President Muhammadu Buhari performed better than the current administration under President Bola Tinubu.

Speaking during an interview on Channels Television’s Politics Today, Amaechi admitted Buhari didn’t achieve everything he set out to do, but insisted that things were still better under his leadership compared to now. “Buhari will be the first to tell you he didn’t accomplish all his plans, but by every standard, his government outperformed this one,” Amaechi said.

The former Rivers State governor pointed to areas like security and the independence of institutions, especially the electoral commission, as key areas where Buhari did better. “In terms of security, Buhari placed more focus there. When it comes to the independence of INEC, there was far more freedom under Buhari than we’re seeing now,” he added.

Amaechi also criticised the current state of politics, claiming that new political parties can’t even get registered because of interference from government officials. He made it clear that his comments are not personal, saying he would have been the first to commend President Tinubu if things were going well.


 

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Amaechi Says It’s Time for a Southern President to Rule Nigeriar

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Former Transportation Minister Rotimi Amaechi has maintained that Nigeria’s next president should come from the South. Speaking on Channels Television’s Politics Today, Amaechi stressed that while power should shift to the South, competence and character must be the key factors in choosing leaders, not just regional sentiment.

He pointed out that the coming elections won’t just be about political parties but will be a fight between everyday Nigerians and the political class. In his words, “Nigeria belongs to everyone. We can’t keep running a system where one region holds all the power and others are sidelined. There are capable leaders in the South. It’s time to restore balance and deliver real results.”

Amaechi added that the elections should not be based on blind party loyalty, saying, “This is about Nigerians taking a stand against the political elite. If we truly want change, now is the time to act.” He believes the South is prepared to take the lead, promising a platform that gives every Nigerian a voice and renewed hope.


 

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