Invest in Lagos Summit, NBS Reports, Dangote Refinery Expansion Among Key Business Events to Watch This Week

As the new week unfolds, investors, policymakers, and market stakeholders will be closely monitoring a series of major business developments, including the Invest in Lagos Summit, the release of key economic reports by the National Bureau of Statistics (NBS), discussions on pension investments in gold-backed assets, and updates from the energy sector.

Lagos Hosts Third Invest in Lagos Summit

Lagos State is set to host the third edition of the Invest in Lagos Summit on June 8 and 9 at Eko Hotels and Suites, Victoria Island.

The summit, organised by the Lagos State Government in collaboration with the Commonwealth Enterprise and Investment Council (CWEIC), will bring together investors, business leaders, and policymakers from across the Commonwealth to explore investment opportunities in Nigeria's economic hub.

With the theme, "Lagos: The Business Gateway to Africa — Where Innovation Meets Capital," the event aims to position Lagos as a leading destination for investment and business expansion across the continent.

NBS to Release Key Economic Reports

The National Bureau of Statistics (NBS) is expected to publish several important reports this week, including Nigeria's Company Income Tax (CIT) and Value Added Tax (VAT) reports for the first quarter of 2026.

The bureau is also scheduled to release data on Nigeria's foreign and domestic debt profile for the same period, providing fresh insights into the country's fiscal position and revenue performance.

PenCom, LCFE to Explore Gold-Backed Pension Investments

The National Pension Commission (PenCom) and the Lagos Commodities and Futures Exchange (LCFE) will host a webinar on June 9 focused on opportunities for pension fund investments in gold-backed financial instruments.

The virtual session, themed "Gold-Backed Investment Instruments: Exploring Regulated Opportunities for Pension Funds," is being organised in partnership with Kian Smith and WCM Capital.

The webinar will convene stakeholders from the pension, commodities, and investment sectors to discuss the growing appeal of gold as an alternative asset class. Discussions are expected to cover SEC-regulated commodity instruments, portfolio diversification strategies, inflation hedging, and the regulatory framework governing commodity-based investments.

Organisers say the event will provide valuable insights for pension fund administrators and other institutional investors seeking to diversify portfolios and improve long-term returns.

Dangote Refinery Raises Processing Capacity

The Dangote Petroleum Refinery and Petrochemicals has announced that it has increased its crude oil processing capacity to 700,000 barrels per day (bpd), exceeding its original nameplate capacity of 650,000 bpd.

According to the company, the achievement followed a successful performance test conducted by its process licensors.

Devakumar Edwin, Vice-President of Oil and Gas at Dangote Industries Limited (DIL), said the refinery is targeting a further expansion to 1.4 million bpd within the next 30 months, a move that could make it one of the largest refining facilities in the world.

OPEC+ Approves Fresh Oil Output Increase

The Organisation of Petroleum Exporting Countries and its allies (OPEC+) have agreed to raise oil production by 188,000 barrels per day from July as part of efforts to maintain stability in the global oil market.

The decision was reached during a virtual meeting involving seven member countries that had previously implemented additional voluntary production adjustments in 2023.

The countries include Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.

The production increase is expected to be closely watched by energy markets, as it could influence global oil prices and impact oil-dependent economies such as Nigeria.