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Dangote seeks billions to boost crude supplies at new Nigerian refinery

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Dangote seeks billions to boost crude supplies at new Nigerian refinery

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Nigerian business tycoon Aliko Dangote is seeking to raise billions of dollars to step up production at his $20bn oil refinery on the outskirts of Lagos.

The industrialist is in talks with commercial lenders, development banks, oil traders and other industry participants to raise funds for crude supplies to turn into refined products, according to people familiar with the matter.

His company Dangote Industries has bought crude from the US and Brazil, and in July was in talks with African suppliers such as Libya and Angola, according to Devakumar Edwin, a senior executive at the group.

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Africa’s richest man needs to secure more crude to reach the refinery’s capacity of 650,000 barrels per day for a project he has said is a “game changer” for the country.

The billionaire told the Financial Times last month that he expected the refinery to be at capacity by the second quarter of next year, although previous targets have often slipped.

Dangote added that Nigeria’s biggest infrastructure project in decades and the largest of its kind in the world is already producing 420,000 b/d.

He wants to resolve what he describes as an “absurd” situation in which Africa’s biggest oil producer imported all of its refined petroleum products because of a lack of refining capacity.

The plant began producing jet fuel and naphtha at the start of the year and petrol in September, raising hopes that Nigeria could finally end decades of reliance on imported fuel.

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It would cost about $2bn every 90 days to secure a minimum supply of 300,000 b/d, people familiar with the matter say.

Investors have expressed frustration at Dangote’s inability to gain a steady supply of crude, according to one banker involved in the fundraising. Another added that there was also a major concern among potential financiers over exposure to Nigeria’s currency, the naira, which has fallen sharply following two devaluations over the past year.

“The refinery may never make a profit in real terms,” said the second banker. “It was built over-budget and the naira, which is a major currency of future revenue, has devalued massively.”

Dangote last month attended an emergency meeting with President Bola Tinubu and Mele Kyari, head of Nigeria’s state oil company NNPC, to talk about crude supplies.

The billionaire told the FT the meeting was to discuss “the modalities” by which NNPC would supply 365,000 b/d of crude to his plant to be paid for in naira.

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Dangote Industries declined to comment further on the fundraising or the industrialist’s talks with the president.

NNPC did not respond to requests for comment on the fundraising or meeting.

NNPC has a 7.2 per cent stake in the refinery, which was watered down from 20 per cent after it failed to pay the balance of a deal worth $2.7bn. NNPC paid $1bn upfront in cash in 2021 and the other $1.76bn was supposed to be paid for in crude supplies. 

Many, including Dangote, have questioned NNPC’s ability to supply the crude the refinery needs because it has sold significant quantities of oil on forward contracts.

Even if NNPC comes through with the crude, Dangote would need another 185,000 b/d, or more than 5mn barrels a month, to meet his target of 550,000 b/d by January and more still once the refinery reaches full capacity. 

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The Africa Finance Corporation, a pan-African development lender based in Nigeria that is already an investor in the project, is one of the institutions involved in the talks to raise money.

The AFC led a financing round in December for funds to source the initial capital to get the refinery up and running as a commercial operation.

The AFC declined to comment on the discussions over fundraising.

Dangote plans to use the refinery to meet the country’s entire petrol demand, which he estimates at 30mn-35mn litres a day. Some critics have accused him of seeking to replicate a quasi-monopoly he already enjoys in cement.

Refineries make money on the spread or difference between the price of crude and the money they make on the refined products they produce.

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Video: Minnesota Governor Condemns ICE Shooting

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Video: Minnesota Governor Condemns ICE Shooting

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Minnesota Governor Condemns ICE Shooting

Governor Tim Walz of Minnesota slammed the fatal shooting of a woman by an immigration agent. President Trump said that the agents had acted in self-defense.

This morning, we learned that an ICE officer shot and killed someone in Minneapolis. We have been warning for weeks that the Trump administration’s dangerous, sensationalized operations are a threat to our public safety, that someone was going to get hurt. Just yesterday, I said exactly that. What we’re seeing is the consequences of governance designed to generate fear, headlines and conflict. It’s governing by reality TV. And today, that recklessness cost someone their life.

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Governor Tim Walz of Minnesota slammed the fatal shooting of a woman by an immigration agent. President Trump said that the agents had acted in self-defense.

By Jiawei Wang

January 8, 2026

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U.S. to exit 66 international organizations in further retreat from global cooperation

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U.S. to exit 66 international organizations in further retreat from global cooperation

The symbol of the United Nations is displayed outside the Secretariat Building on Feb. 28, 2022, at United Nations Headquarters.

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WASHINGTON — The Trump administration will withdraw from dozens of international organizations, including the U.N.’s population agency and the U.N. treaty that establishes international climate negotiations, as the U.S. further retreats from global cooperation.

President Trump on Wednesday signed an executive order suspending U.S. support for 66 organizations, agencies, and commissions, following his administration’s review of participation in and funding for all international organizations, including those affiliated with the United Nations, according to a White House release.

Most of the targets are U.N.-related agencies, commissions and advisory panels that focus on climate, labor, migration and other issues the Trump administration has categorized as catering to diversity and “woke” initiatives. Other non-U.N. organizations on the list include the Partnership for Atlantic Cooperation, the International Institute for Democracy and Electoral Assistance and Global Counterterrorism Forum.

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“The Trump Administration has found these institutions to be redundant in their scope, mismanaged, unnecessary, wasteful, poorly run, captured by the interests of actors advancing their own agendas contrary to our own, or a threat to our nation’s sovereignty, freedoms, and general prosperity,” Secretary of State Marco Rubio said in a statement.

Trump’s decision to withdraw from organizations that foster cooperation among nations to address global challenges comes as his administration has launched military efforts or issued threats that have rattled allies and adversaries alike, including capturing autocratic Venezuelan leader Nicolás Maduro and indicating an intention to take over Greenland.

U.S. builds on pattern of exiting global agencies

The administration previously suspended support from agencies like the World Health Organization, the U.N. agency for Palestinian refugees known as UNRWA, the U.N. Human Rights Council and the U.N. cultural agency UNESCO. It has taken a larger, a-la-carte approach to paying its dues to the world body, picking which operations and agencies it believes align with Trump’s agenda and those that no longer serve U.S. interests.

“I think what we’re seeing is the crystallization of the U.S. approach to multilateralism, which is ‘my way or the highway,’” said Daniel Forti, head of U.N. affairs at the International Crisis Group. “It’s a very clear vision of wanting international cooperation on Washington’s own terms.”

It has marked a major shift from how previous administrations — both Republican and Democratic — have dealt with the U.N., and it has forced the world body, already undergoing its own internal reckoning, to respond with a series of staffing and program cuts.

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Many independent nongovernmental agencies — some that work with the United Nations — have cited many project closures because of the U.S. administration’s decision last year to slash foreign assistance through the U.S. Agency for International Development, or USAID.

Despite the massive shift, the U.S. officials, including Trump himself, say they have seen the potential of the U.N. and want to instead focus taxpayer money on expanding American influence in many of the standard-setting U.N. initiatives where there is competition with China, like the International Telecommunications Union, the International Maritime Organization and the International Labor Organization.

The latest global organizations the U.S. is departing

The withdrawal from the U.N. Framework Convention on Climate Change, or UNFCCC, is the latest effort by Trump and his allies to distance the U.S. from international organizations focused on climate and addressing climate change.

UNFCC, the 1992 agreement between 198 countries to financially support climate change activities in developing countries, is the underlying treaty for the landmark Paris climate agreement. Trump — who calls climate change a hoax — withdrew from that agreement soon after reclaiming the White House.

Gina McCarthy, former White House National Climate Adviser, said being the only country in the world not part of the treaty is “shortsighted, embarrassing, and a foolish decision.”

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“This Administration is forfeiting our country’s ability to influence trillions of dollars in investments, policies, and decisions that would have advanced our economy and protected us from costly disasters wreaking havoc on our country,” McCarthy, who co-chairs America Is All In, a coalition of climate-concerned U.S. states and cities, said in a statement.

Mainstream scientists say climate change is behind increasing instances of deadly and costly extreme weather, including flooding, droughts, wildfires, intense rainfall events and dangerous heat.

The U.S. withdrawal could hinder global efforts to curb greenhouse gases because it “gives other nations the excuse to delay their own actions and commitments,” said Stanford University climate scientist Rob Jackson, who chairs the Global Carbon Project, a group of scientists that tracks countries’ carbon dioxide emissions.

It will also be difficult to achieve meaningful progress on climate change without cooperation from the U.S., one of the world’s largest emitters and economies, experts said.

The U.N. Population Fund, the agency providing sexual and reproductive health worldwide, has long been a lightning rod for Republican opposition, and Trump cut funding for it during his first term. He and other GOP officials have accused the agency of participating in “coercive abortion practices” in countries like China.

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When President Biden took office in January 2021, he restored funding for the agency. A State Department review conducted the following year found no evidence to support GOP claims.

Other organizations and agencies that the U.S. will quit include the Carbon Free Energy Compact, the United Nations University, the International Cotton Advisory Committee, the International Tropical Timber Organization, the Partnership for Atlantic Cooperation, the Pan-American Institute for Geography and History, the International Federation of Arts Councils and Culture Agencies and the International Lead and Zinc Study Group.

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GOP gearing up to face tough midterms. And, Pentagon reviews women in ground combat

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GOP gearing up to face tough midterms. And, Pentagon reviews women in ground combat

Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.

Today’s top stories

President Trump continues to suggest that the U.S. will have a lengthy and active role in Venezuela after capturing the ousted president Nicolás Maduro. Trump has proposed several plans for Venezuela’s future government and economy. In those proposals, U.S. companies are expected to play a key role.

President Trump dances as he departs after speaking during a House Republican retreat at The John F. Kennedy Center for the Performing Arts on Jan. 6, 2026, in Washington, DC. House Republicans will discuss their 2026 legislative agenda at the meeting.

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  • 🎧 Trump and his aides are unclear about the future of Venezuela, NPR’s Franco Ordoñez tells Up First. When the president says the U.S. will run the country, many eyes are on Stephen Miller, Trump’s deputy chief of staff for policy. Miller, known for his stringent immigration policies, is one of the U.S. officials overseeing Venezuela. Ordoñez also says Miller has more recently described ruling over the hemisphere by force.
  • ➡️ Last night, Trump posted on social media that Venezuela will turn over between 30 million and 50 million barrels of sanctioned oil to the U.S. While seizing current oil production is one thing, overhauling Venezuela’s oil industry requires a far greater effort. Here’s why.

While meeting with House Republicans yesterday, Trump attempted to offer his party a roadmap to victory in this year’s midterm elections. The president acknowledged the possibility of his party losing the majority in the House this year. Trump said in his speech that the president’s party often loses the midterms.

  • 🎧 NPR’s Domenico Montanaro says that while it’s true the midterms are hard on the president’s party, it is even worse when a president’s approval rating is below 50%. Trump is facing his lowest second-term approval ratings, largely due to the rising cost of living. During yesterday’s speech, the president didn’t offer much on the topic. When he did discuss the economy, it was about how the stock market is at historic highs. He also touted his tariffs, which have actively raised prices on many things. People have informed pollsters for months that they believe the president’s policies have harmed the economy. Montanaro says one area where Trump and Republicans could take action is legislation on health care.

The Pentagon is preparing a six-month review to evaluate what it calls the military “effectiveness” of women serving in ground combat roles. Undersecretary Anthony Tata requested that the Army and Marine Corps submit data on the readiness, training, performance, casualties and command climate of ground combat units and personnel by Jan. 15. The effort aims to determine how gender integration has influenced operational success over the last decade.

Special series

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Trump has tried to bury the truth of what happened on Jan. 6, 2021. NPR built a visual archive of the attack on the Capitol, showing exactly what happened through the lenses of the people who were there. “Chapter 3: Assault on the Capitol,” lays out the timeline of key moments throughout the day as the riot unfolded.

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On the morning of Jan. 6, 2021, Trump held a “Save America” rally at the Ellipse, a site near the White House and U.S. Capitol. Multiple speakers promoted voter fraud myths and urged Vice President Mike Pence to overturn the election. Meanwhile, a group of 200 Proud Boys marched toward the Capitol. Before Trump’s speech ended, violence erupted on Capitol grounds. The Jan. 6 attack on the Capitol “was the most videotaped crime in American history, if not world history,” according to Greg Rosen, a former federal prosecutor who led the Justice Department unit that investigated the riot. But conspiracy theories still falsely label the assault a “normal tourist visit.” NPR’s review of thousands of court videos shows rioters assaulting officers with weapons, calling for executions and looting the building. These videos show the exact timing of events as they occurred. Corresponding maps show the locations where the conflict took place.

To learn more, explore NPR’s database of federal criminal cases from Jan. 6. You can also see more of NPR’s reporting on the topic.

Picture show

The tin soldier, a marionette puppet made by Nicolas Coppola and the main character in "The Steadfast Tin Soldier" show at Puppetworks.

The tin soldier, a marionette puppet made by Nicolas Coppola and the main character in “The Steadfast Tin Soldier” show at Puppetworks.

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Anh Nguyen for NPR

For more than 30 years, Puppetworks has staged classics like The Tortoise and the Hare, Pinocchio, Aladdin and more in Brooklyn’s Park Slope neighborhood. Every weekend, children gather on foam mats and colored blocks to watch wooden renditions of the shows. The company’s founder and artistic director, 90-year-old Nicolas Coppola, has been a professional puppeteer since 1954. The theater has puppets of all types, including marionettes, swing, hand, and rod. They transport attendees back to the 1980s, when most of these puppets were made. Over the years, Coppola has updated the show’s repertoire to better meet the cultural moment. Step inside his world with these images.

3 things to know before you go

An overhead view of Ascot Hills Park in Los Angeles, CA. A 10,000 square foot patch of green stands out against a dirt path and brown weeds.

This tiny forest in Los Angeles, CA is one of many micro-forests around the world offering green space and contributing to local biodiversity.

Demian Willette/Loyola Marymount University

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  1. Scientists are establishing micro-forests in big cities to boost biodiversity and rejuvenate compromised land. Short Wave producer Rachel Carlson visited California’s largest micro-forest. Tune in to hear her account of the experience.
  2. The Hungarian arthouse director Béla Tarr has died at 70. He’s best known for his bleak, existential, and challenging films, including Sátántangó.
  3. While we often associate serendipity with luck or happy accidents, its origin suggests it’s more than just happenstance. This week, NPR’s Word of the Week explores the historical impact of serendipity and offers tips on how to cultivate it.

This newsletter was edited by Suzanne Nuyen.

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