The Central Bank of Nigeria and the Bank of Angola have signed a Memorandum of Understanding to strengthen bilateral cooperation, promote knowledge sharing, and enhance capacity building across both central banks.

The agreement, sealed on Thursday on the sidelines of the ongoing International Monetary Fund and World Bank Annual Meetings in Lima, Peru, was signed by the CBN Governor, Olayemi Cardoso, and his Angolan counterpart, Manuel Antonio Tiago Dias.

The pact, officials said, marks a new phase of collaboration between the two institutions and reflects a broader push for regional financial stability across Africa.

Speaking at the ceremony, which was moderated by the CBN Deputy Governor (Economic Policy), Mohammed Abdullahi, and attended by senior officials of both banks, Cardoso described the MoU as a “timely and significant milestone” in strengthening inter-African cooperation in central banking.

“This forum brings together a multiplicity of stakeholders and interests from across the globe, and what we’ve done today highlights the spirit of cooperation that defines these annual meetings.

“The agreement provides us an opportunity to build a more interconnected and resilient African financial system capable of withstanding external shocks,” a statement issued by the apex bank on Friday stated.

The CBN boss explained that the collaboration aligns with Nigeria’s strategic goal of promoting regional stability, supporting cross-border financial integration, and enhancing institutional resilience within Africa’s monetary landscape.

Providing further details, Abdullahi said the MoU establishes a structured framework for both central banks to exchange technical expertise, regulatory information, and supervisory best practices.

He listed key areas of cooperation, including foreign reserve management, currency operations, monetary policy coordination, payment systems, and cybersecurity.

Other areas covered by the pact include anti-money laundering and counter-terrorism financing, as well as staff training and the development of financial statistics and research capacity.

“This cooperation will strengthen our collective ability to manage systemic risks, enhance transparency, and promote financial stability in our respective countries,” Abdullahi said.

He added that the framework would also support oversight of cross-border financial institutions, a growing priority as African economies become more interconnected through trade and financial services.

In his remarks, the Governor of the Bank of Angola welcomed the collaboration, describing it as a “strategic partnership that will help both nations deepen financial integration and institutional reform.”

“Nigeria and Angola share similar macroeconomic aspirations, maintaining stability, fostering financial inclusion, and modernising our payment systems. This MoU allows us to work together toward these common goals,” he said.

Dias noted that the pact also aligns with ongoing efforts by African central banks to strengthen intra-continental collaboration in line with the objectives of the African Continental Free Trade Area and regional economic integration initiatives.

The agreement comes at a time when African economies are stepping up coordination on monetary policy, digital payments, and anti-money laundering frameworks, amid growing regional financial flows and exposure to global economic shocks.

It also underscores Nigeria’s renewed diplomatic and economic outreach within Africa under the administration of President Bola Tinubu, which prioritises financial sector reforms, regional partnerships, and macroeconomic stability.

The CBN, under Cardoso’s leadership, has recently engaged in a series of policy realignments aimed at restoring confidence in Nigeria’s foreign exchange market and strengthening regulatory oversight.

The latest partnership with Angola is therefore seen as part of a broader effort to reinforce Africa-led solutions to Africa’s financial challenges, especially in areas such as liquidity management, digital finance, and banking supervision.

The President/Chief Executive of Dangote Industries Limited, Aliko Dangote, and the Manufacturers Association of Nigeria have called on the Federal Government to amend the Public Procurement Act to embed the Nigeria First Policy and link budgetary releases to verified compliance with local content targets.

Dangote made the call on Thursday in Lagos while delivering the keynote address at the 53rd Annual General Meeting of MAN, themed “Nigeria First: Prioritising Made-in-Nigeria.”

He urged the government to “gazette the Nigeria First Policy as a binding law with punitive measures for non-compliance,” stressing that Executive Orders 003 and 005 failed because of “weak enforcement.”

“The Public Procurement Act should be amended to embed the Nigeria First Policy and link budgetary releases to verified compliance levels,” Dangote said. “The government must mandate all MDAs to allocate at least 65 per cent of their procurement budgets to locally manufactured products

He proposed the establishment of an Independent Monitoring and Compliance Agency to audit Ministries, Departments, and Agencies, as well as their contractors, in real time, with sanctions for defaulting entities, including budget cuts and blacklisting from public tenders.

Dangote stated that a properly legislated and consistently enforced policy would strengthen the local manufacturing base, create jobs, and promote self-sufficiency.

“The Nigeria First Policy is not just an economic slogan but a strategic blueprint for industrial survival and prosperity,” he said.

He warned that Nigeria must avoid a repeat of the textile industry’s collapse, which resulted in over 500,000 job losses due to unchecked importation and poor policy enforcement. “Revitalising domestic industries requires not just protectionism but targeted investment in infrastructure, skills, and technology,” he added.

The industrialist outlined eight expectations from the Nigeria First framework, including policy consistency, the creation of a national supplier registry in partnership with MAN, and the institutionalisation of transparent monitoring systems.

He also called for tax incentives for firms investing in backward integration, local sourcing, and research, as well as cheaper credit for manufacturers, especially SMEs supplying government contracts.

“Manufacturers need single-digit interest rates and priority access to foreign exchange for machinery and inputs,” he noted.

Dangote urged the Federal Government to address infrastructure and energy deficits, saying, “Without reliable power and efficient transport systems, local manufacturers cannot meet the demands of the Nigeria First procurement goals.”

Earlier in his welcome address, President of MAN, Francis Meshioye, commended the Federal Government’s ongoing industrial reforms, including the establishment of the Industrial Revolution Working Group and the Presidential Economic Coordination Council.

He, however, stressed that the Nigeria First Policy must be “fully legislated and implemented” to ensure measurable outcomes for local producers. “We are eager to see this policy move from advocacy to action. It holds the potential to significantly boost the manufacturing sector and improve citizens’ welfare,” Meshioye said.

Also speaking, Minister of State for Industry Senator John Enoh reaffirmed the government’s commitment to advancing industrial backward integration and local sourcing. He disclosed that the ministry would, by December 2025, issue procurement documentation guidelines requiring justification when imported goods are preferred over certified local alternatives.

He added that the Bank of Industry, SMEDAN, and MAN would collaborate to graduate 1,000 MSMEs into certified supplier chains by 2026, while energy and transport ministries would prioritise dedicated power and logistics infrastructure for industrial clusters in Lagos, Ogun, Kano, Kaduna, Aba, and Onitsha.

Dangote concluded his address by urging collaboration between government and industry to ensure the policy translates into tangible national growth. “Every nation is in a race to improve the living conditions of its citizens. Nigeria must act decisively. The Nigeria First Policy gives us a fighting chance to compete globally,” he said.

Independent petroleum marketers have confirmed that the Dangote Petroleum Refinery has set a target to release up to 600 million litres of petrol monthly as part of efforts to stabilise supply in the domestic market and ease the recent surge in pump prices.

It said the new distribution framework is been finalised with 20 selected marketers that will see the release of up to 600 million litres of petrol monthly to stabilise the Nigerian downstream market amid lingering supply challenges and rising pump prices.

This was disclosed by the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, on Thursday, who confirmed that the refinery recently held a strategic meeting with key players in the downstream sector.

According to him, the meeting, which included representatives of A.Y.M. Shafa, A. A Rano, NNPCL Retail, Salbas, and several other major distributors, focused on how to streamline product allocation and reduce the layers of middlemen contributing to price distortions

“At the meeting, Dangote announced plans to sell to only 20 selected marketers who will serve as primary distributors to other dealers. Each of them will lift a minimum of two million litres, which will translate to about 600 million litres every month,” Ukadike said.

He explained that the move was part of the refinery’s strategy to stabilise supply, eliminate speculation, and restore efficiency in product delivery across the country.

“We believe that once this structure takes effect, petrol availability will improve significantly and retail prices will start to ease,” he added.

The National Vice President of IPMAN, Hammed Fashola, also confirmed the arrangement, stating, “I have confirmed that 20 marketers have been shortlisted, although the final list has not yet been made public.”

Despite the refinery’s plan, filling stations in the Federal Capital Territory have continued to adjust pump prices upward amid tight supply.

Checks by The PUNCH showed that some stations, including Optima Energy, increased their prices from N945 to N955 per litre, while A.A. Rano also raised its pump price to N945 per litre. A.Y.M. Shafa sold its products at N940 per litre.

Independent marketers have attributed the recent hikes to supply bottlenecks, depot pricing inconsistencies, and delays in product loading from the refinery.

This challenge moved the price of the commodity to N1,000 per litre mark across major cities in the country.

Reacting, the Independent Petroleum Marketers Association of Nigeria has blamed depot owners for the sudden surge in petrol prices.

IPMAN President, Abubakar Shettima, told The PUNCH that depot owners increased their prices when they discovered that the Dangote refinery had stopped fuel loading for some days.

“These DAPPMAN people are the only ones who are selling the product now. But, probably, Dangote will start tomorrow (today). So, if Dangote starts selling tomorrow, the price will come down. Dangote has not been selling to marketers since all these days.

“You may see their trucks on the road, but the trucks are not enough; marketers still have to support by going there to load. And immediately, these DAPPMAN people saw that Dangote was not loading, they increased their ex-depot prices. That’s just what is happening. But I know these things are temporary, very soon they will wipe away,” Shettima said.

In a move expected to bring relief to transporters and industrial users, the Dangote Petroleum Refinery and Petrochemicals FZE has announced a N50 reduction in the ex-depot price of Automotive Gas Oil, popularly known as diesel.

According to a notice issued by the refinery’s Group Commercial Operations Department on Wednesday, the gantry price of diesel has been reviewed downward from N960 per litre to N910 per litre, effective October 15, 2025.

The refinery, in the circular titled “AGO Gantry Price Reduction”, informed its customers of the price change and expressed appreciation for their continued patronage.