Governor Abdullahi Sule of Nasarawa State has urged Dangote Industries Limited to consider investing in more sectors of the State economy.

The Governor who was speaking at the ongoing Nasarawa Trade Fair Exhibition said Nasarawa is home to solid mineral resources, adding that the strategic partnership between the duo will speed up Nigeria’s industrialization project.

Representing the Governor, Hon. Muhammed Sani Otto, Nasarawa State’s Commissioner for Trade, Industry, and Investment, commended the Dangote Group for its outstanding performance at the Nasarawa Sugar Company Limited (NSCL).

He expressed confidence that, given this success, the company would be a valuable partner in exploring additional investment opportunities within the state.

In his remarks at the Dangote Special Day, Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, said the Trade Fair which was sponsored by the Dangote Group has been very impactful.

The Chairman advised Dangote Group to scale up its investments in the State by considering other sectors.

He added: “The Nasarawa Trade Fair Exhibition (NASTFE) is a vital catalyst for the State’s economic transformation. This strategic initiative by NASSI directly aligns with Governor Abdullahi Alhaji Sule’s vision to stimulate investment and unlock significant growth.”
The Permanent Secretary, Ministry of Trade, Industry and Investment Hajiya Khadija Oshafu Nuhu said the state is strategically open for business, and that Dangote Group can be part of the compelling opportunities abound in the state.

A statement from the Dangote Group’s Chief Branding and Communication Officer, Anthony Chiejina, said: “Nasarawa State is central to our overall investment in Nigeria. It is home to Dangote’s Nasarawa Sugar Company Limited (NSCL). The sugar project, when completed, will be one of the biggest sugar investments on the African continent.”

The statement quoted the Senior Special Adviser to the Dangote Group’s President, Fatima Wali Abdurrahman, as saying that: “We are not taking this partnership for granted. Our Strategic Business Units (SBUs) are participating.

According to her, some of the Strategic Business Units that are participating from the Dangote Group are: Dangote Fertilser Limited (DFL), Dangote Peugeot Automobiles Nigeria Limited (DPAN), Dangote SinoTruck, Dangote Sugar Refinery, Dangote Salt (NASCON) and Dangote Cement Plc.

Governor Abdullahi Sule of Nasarawa State has urged Dangote Industries Limited to consider investing in more sectors of the State economy.

The Governor who was speaking at the ongoing Nasarawa Trade Fair Exhibition said Nasarawa is home to solid mineral resources, adding that the strategic partnership between the duo will speed up Nigeria’s industrialization project.

Representing the Governor, Hon. Muhammed Sani Otto, Nasarawa State’s Commissioner for Trade, Industry, and Investment, commended the Dangote Group for its outstanding performance at the Nasarawa Sugar Company Limited (NSCL).

He expressed confidence that, given this success, the company would be a valuable partner in exploring additional investment opportunities within the state.

In his remarks at the Dangote Special Day, Chairman of the Nigeria Association of Small-Scale Industrialists (NASSI), Nasarawa State Chapter, Nidan Sambo Manasseh, said the Trade Fair which was sponsored by the Dangote Group has been very impactful.

The Chairman advised Dangote Group to scale up its investments in the State by considering other sectors.

He added: “The Nasarawa Trade Fair Exhibition (NASTFE) is a vital catalyst for the State’s economic transformation. This strategic initiative by NASSI directly aligns with Governor Abdullahi Alhaji Sule’s vision to stimulate investment and unlock significant growth.”
The Permanent Secretary, Ministry of Trade, Industry and Investment Hajiya Khadija Oshafu Nuhu said the state is strategically open for business, and that Dangote Group can be part of the compelling opportunities abound in the state.

A statement from the Dangote Group’s Chief Branding and Communication Officer, Anthony Chiejina, said: “Nasarawa State is central to our overall investment in Nigeria. It is home to Dangote’s Nasarawa Sugar Company Limited (NSCL). The sugar project, when completed, will be one of the biggest sugar investments on the African continent.”

The statement quoted the Senior Special Adviser to the Dangote Group’s President, Fatima Wali Abdurrahman, as saying that: “We are not taking this partnership for granted. Our Strategic Business Units (SBUs) are participating.

According to her, some of the Strategic Business Units that are participating from the Dangote Group are: Dangote Fertilser Limited (DFL), Dangote Peugeot Automobiles Nigeria Limited (DPAN), Dangote SinoTruck, Dangote Sugar Refinery, Dangote Salt (NASCON) and Dangote Cement Plc.

By Anastasia John E.

The Central Bank of Nigeria (CBN) earned N3.1 billion in interest on the Federal Government’s overdraft facility in 2024, marking a sharp decline from the N1.6 trillion recorded in 2023, according to the apex bank’s audited financial statements.

This interest income, classified under “loans and receivables” in the CBN’s 2024 financial report, relates to the controversial Ways and Means facility—an overdraft extended by the CBN to the Federal Government to address short-term fiscal deficits.

“Included in interest income on loans and receivables is interest income on overdraft facility granted to the Federal Government, amounting to N3.1 billion (2023: N1.6 trillion),” the CBN disclosed.

The interest rate applied to the overdraft was the Monetary Policy Rate plus three percentage points.

The year-on-year decline of 99.8 percent signals a significant shift in fiscal and monetary policy coordination, as the CBN moves to reduce the government’s reliance on the overdraft facility.

This drastic drop follows the Federal Government’s securitisation of N22.7 trillion in outstanding overdrafts in 2023, converting them into 40-year bonds with a three-year moratorium. This move, approved by the National Assembly, aimed to mitigate the inflationary impact of the advances while strengthening the CBN’s balance sheet.

In June 2024, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government had repaid N7.3 trillion of the securitised Ways and Means debt. He also revealed that the government had ceased relying on the CBN overdraft for debt servicing, noting that all expenditures were now executed through a more transparent and accountable framework.

Moreover, CBN Governor Mr. Olayemi Cardoso informed lawmakers that the bank would not grant further overdrafts to the Federal Government until all outstanding balances were fully cleared.

The Ways and Means Advances are loan facilities the CBN uses to finance the government during periods of temporary budget shortfalls, subject to legal limits. According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government for temporary revenue deficiencies at an interest rate determined by the bank.

Controversy surrounded the facility in 2023 when former CBN Governor Godwin Emefiele allegedly approved N22.7 trillion in Ways and Means funding for former President Muhammadu Buhari without National Assembly approval.

Critics have long argued that the Ways and Means facility undermines monetary policy and fuels inflation, warning that excessive government reliance on the overdraft blurs the separation between fiscal and monetary responsibilities.

In 2021, the Office of the Auditor-General of the Federation raised concerns about N2.73 trillion in allegedly misappropriated interest payments by the CBN, accusing the bank of treating the facility as a loan for its own benefit without proper documentation or transparency.

Image Caption: Discussing Economic Growth: The Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso (left) and the Managing Director, Development Bank of Nigeria (DBN), Dr. Tony Okpanachi, when the latter led a high-level delegation on a strategic visit to the CBN on Wednesday, May 7, 2025, to discuss issues bordering on sustainable

financing solutions for critical sectors that drive the economy’s growth.
The pursuit of robust and sustainable economic growth requires strategic collaborations and a unified vision among key financial institutions. In a significant move towards this goal, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, recently hosted the Managing Director of the Development Bank of Nigeria (DBN), Dr. Tony Okpanachi, and his high-level delegation for crucial discussions focused on bolstering the nation’s economic trajectory.

The meeting, which took place at the CBN headquarters on Wednesday, May 7, 2025, centered on the critical need to develop and implement sustainable financing solutions tailored for sectors deemed pivotal to Nigeria’s economic expansion. This strategic engagement underscores the commitment of both the apex bank and the development finance institution to work in concert to unlock the potential of key industries and drive meaningful progress.
The Development Bank of Nigeria, established to address financing gaps for Micro, Small, and Medium Enterprises (MSMEs) and other strategic sectors, plays a crucial role in channeling funds towards productive activities. The visit to the CBN highlights the importance of aligning the DBN’s developmental mandate with the broader monetary policies and objectives of the central bank.
Discussions likely revolved around identifying specific sectors with high growth potential and exploring innovative financing mechanisms that can provide the necessary capital for expansion and innovation. Sustainable financing, a key theme of the meeting, suggests a focus on long-term viability, environmental considerations, and inclusive growth that benefits a wide spectrum of the Nigerian populace.
This collaboration between the CBN and the DBN signals a proactive approach to tackling the economic challenges and opportunities facing Nigeria. By fostering a strong partnership, both institutions can leverage their respective strengths to create a more conducive financial ecosystem for businesses and industries to thrive.

The outcome of these discussions is expected to translate into concrete initiatives and programs that will ultimately contribute to a more diversified, resilient, and prosperous Nigerian economy. The focus on sustainable financing indicates a forward-thinking approach, recognizing that economic growth must be both impactful and enduring.