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Business News

CBN to provide financial facility for Dangote Refinery

Governor of the Central Bank of Nigeria, CBN, said the CBN will provide a financial facility for the ongoing Dangote Refinery project.

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Organisation of Petroleum Exporting Countries, OPEC, Dangote Refinery, Ghana, Crude oil, oil and gas, forex, Africa, Nana Akufo-Addo, Global Data, China, Global refining

Nigeria’s apex bank, the Central Bank of Nigeria, CBN, is set to provide a financial facility for the ongoing Dangote Refinery project, to the tune of N75 billion.

Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, disclosed this yesterday in Abuja while answering questions from journalists during the just concluded Monetary Policy Committee (MPC) meeting.

While the nature of the financial facility is not exactly clear at the moment, Mr Emefiele did mention that Aliko Dangote has already invested about 50% of the $9 billion dollars needed to complete the project . The remaining 50% will be sourced as loans from both local and foreign lenders.

The N75 billion capital facility from the Central Bank of Nigeria will possibly make up a part of the loans.

The CBN Governor, who recently went on a tour of the refinery, also described it as “the biggest refinery I have ever seen” as it is supposedly about ten times more the size of Victoria Island, Lagos.

Africa’s richest man, Aliko Dangote, has invested a lot already in the project which is expected to be completed next year.

Just last week, the company received shipment of the Fluid Catalytic Cracking equipment, a major refinery equipment which is probably undergoing installation at this time.

Upon completion, it will refine an average of 650,000 barrels of crude. As such, the refinery will go a long way towards meeting local demands for petroleum products.

Deal book 300 x 250

The company will also export its refined products to other African countries, hence serving as a major source of foreign exchange for the country. As we reported last year, some oil distributors in places like Ghana and elsewhere have already begun pledging their patronage in readiness for the commencement of the refinery’s operations.

Note that although Nigeria is one of the world’s leading producers of crude, it currently depends largely on the importation of refined petroleum products to meet local demand. This is one challenge that the Dangote Refinery is positioned to change for good.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

1 Comment

1 Comment

  1. Kingsley

    April 22, 2020 at 5:54 am

    It is so disappointing that since my business lifetime I have been seeking for loans from the federal government to fulfill a hidden dream which Nigerian are yet to observe in this country till now all my efforts are just declined, how are we to help the masses sustain hard life and living it’s been ages the government legitimate help reach our area here in akwete ukwa east Abia state.
    Am an average Nigerian with a tech value of business knowledge, let the government give me a lift and this benefits of doubt to see if something tangible won’t come out of us this side thanks

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Tech News

Netflix competes with TikTok, launches rival product

Netflix has launched a new feature that will allow users to watch, react,r share short clips and more.

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Netflix users increase by 16 million in Q1 2020

Netflix, the world’s leading video streaming platform has launched a new feature called “Fast Laughs” that will allow users to watch, react or share short clips as well as add the show or movie to a Netflix watchlist or you can simply tap the “Play” button to start watching the show immediately.

Similar to Tiktok or Instagram’s Reel, Fast Laughs features full-screen videos that you can swipe through vertically, and places the engagement buttons on the right side of the screen. These buttons let you react to the clip with a “LOL” (crying/laughing) emoji or share it via iMessage or other social media apps, like WhatsApp, Instagram, Snapchat, or Twitter. The only difference is that there is no comment button yet.

Users can access the feed through the bottom navigation menu by clicking on the Fast Laughs tab. The clips will start playing automatically when one ends another begins.

The feature will include a full-screen feed of funny clips from Netflix’s big comedy catalog including films like “Murder Mystery”, series like “Big Mouth’’, sitcoms like the ‘Crew’’ and stand-up from comedians like Kevin Hart and Ali Wong.

Fast laugh is currently available for iPhone users in select countries, and Netflix will be testing on Android soon.

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Business News

Apapa gridlock: Sanwo-Olu explains how his administration solved the problem

The Governor said the electronic Call-Up was designed to permanently address the movement of trailers in and out of the ports.

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Lagos, Sanwo-Olu, Businesses that must remain closed after May 4

The Lagos State Governor, Babajide Sanwo-Olu, has explained how his administration in partnership with the Nigerian Ports Authority (NPA) and other stakeholders in the maritime sector was able to get the heavy articulated vehicles off the road around the Apapa axis and improve traffic along that corridor.

This is as the governor has warned that the state government would resist any attempt by individuals and maritime operators that may want to reverse the progress being recorded along the Apapa corridor.

This disclosure was made by Sanwo-Olu on Wednesday while speaking at the formal hand over of newly improved 3 traffic-prone junctions along the Lekk-Epe expressway.

The Governor said the electronic Call-Up System launched, last Saturday, in the Apapa seaports was designed to permanently address the movement of trailers in and out of the ports, and bring about traffic improvement along the corridor.

What Governor Babajide Sanwo-Olu is saying

While sharing the details, the Governor described the progress recorded in Apapa as a hard-won, disclosing that it took the State Government over a year to bring together all stakeholders on the discussion table to agree on a far-reaching approach to permanently address the problem.

Sanwo-Olu said, “What we are seeing is the beginning of the lasting solution we have brought to Apapa. Our appeal is that we are not out of the problem completely yet. Our citizens can now see that a journey that took them three hours can, indeed, take between 15 and 20 minutes to commute. Everyone can now see that when we work together, indeed we can solve our problems internally.

“We have taken some troublesome people that are benefiting from the gridlock out of the way. Whatever they were earning illegally has been taken away from them. We know they will want to make an attempt to fight back. We will not stop at anything to ensure that anybody that tries to retract the progress or wants to take us back to gridlock in Apapa will be fought against. We will bring out their names and shame them.

The Governor vowed that any corporate organisation, security operative, NPA or State Government official who attempts to circumvent the newly instituted traffic procedures around the Apapa seaports would be named and shamed publicly.

The Governor said the State was serious about bringing a lasting solution to the Apapa congestion, stressing that the Government could no longer condone the careless attitude of truckers clogging the highways with heavy-duty vehicles.

He said part of the State’s efforts was to approach the Federal Government for the unbundling of the inefficient Presidential Taskforce on Apapa gridlock and took over the traffic management in the area.

Sanwo-Olu added that State Government also met with stakeholders, including the Federal Ministry of Transportation, Maritime operators and seaports unions.

He said: “I commend NPA’s Managing Director and management for working with us on this agenda. My appeal is to other stakeholders in the maritime sector who have not signed up on the electronic Call-Up System we have embarked on. I call the big logistics companies, including Sifax, Dangote, Flour Mills, Tunde Folawiyo and others, to come and collaborate with us on this progress.

“Let us have a system that our citizens will be proud of. We will stop at nothing to sustain the progress achieved. Our team will be working round the clock to keep the system working. This is one of our modest efforts to deliver what we promised in solving traffic and transportation challenges. We will not relent in doing anything required to ensure traffic improvement in Apapa.”

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What you should know

  • Following the withdrawal of the Presidential Task Force on port congestion, the Lagos State Governor, Babajide Sanwo-Olu, set up a Special Traffic Management Team to resolve the traffic gridlock in and around the Apapa corridor.
  • The Electronic Truck call-up system, Eto, which was designed and launched by NPA for the management of truck movement and access to and from the Lagos ports and to end the gridlock in and around the ports, formally took off last weekend.
  • During the implementation of the new system, all trucks doing business at the ports will be required to park at the approved truck parks until they are called up into the port through the Eto app.

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