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Dangote Industries targets $30 billion turnover by 2022 

Aliko Dangote said he believes that in the next two years, his group of companies will start generating an annual turnover of $30 billion.

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Dangote Industries targets $30 billion turnover by 2022 , Dangote to now export cement from Congo as Nigeria keeps borders closed

Africa’s richest man, Aliko Dangote, said he believes that in the next two years, his group of companies will start generating an annual turnover of $30 billion.

Dangote’s ambitious projection is based on the fact that Dangote Refinery Ltd, which has so far cost about $12 billion to construct, will soon become operational. The billionaire made the projection recently while speaking with some journalists in Lagos, Daily Trust reported.

Dangote finally addresses how he amassed his wealth without father’s money, Dangote talks about when he will buy Arsenal 

It should be noted that companies under the Dangote Industries Limited (namely Dangote Cement, Dangote Sugar, and NASCON Allied) currently generate a total of $4 billion in collective annual revenue. These companies, which are all listed on the Nigerian Stock Exchange, account for a significant value of the Nigerian bourse.

In the meantime, the commencement date for Dangote Refinery has been shifted from 2020 to H1 2021. When it becomes operational, the Lagos-based refinery is expected to become the biggest in the world. It will refine some 650, 000 barrels of crude per day. In the same vein, the facility will also manufacture fertiliser and other chemicals.

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Note that Dangote Refinery Ltd already has existing markets as its products will be shipped across Africa after meeting local demands. Recall that Nairametrics reported in December last year that Dangote Refinery could help save Nigeria about $10 billion in FOREX. This is because the country will stop petrol importation once the facility becomes operational.

[READ MORE: Dangote concludes plan to secure 10,000 trucks from Indonesia)

Meanwhile, Aliko Dangote’s net worth is also expected to increase in the coming years. The billionaire is said to be worth about $15 billion and is currently among the top 100 wealthiest people in the world. He recently spoke about plans to invest parts of his wealth outside the shores of Africa in a bid to guard against currency fluctuations and other unfavourable economic realities.

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As Nairametrics reported, part of his potential offshore investments could be to acquire the English football club, Arsenal. We understand that this could happen as early as next year.

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.

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Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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Business

Nigeria among countries to be worst hit by food crisis globally

Nigeria, others were listed as countries with the worst deteriorations in acute hunger in recent months.

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7 million Nigerians to experience food shortage

Nigeria has emerged as one of the countries to be most hit by food crisis across the globe in the face of the coronavirus pandemic which had worsened the already bad situation.

This disclosure is contained in a report by the United Nation’s Food and Agriculture Organization (FAO).

The report from the FAO also shows that the Democratic Republic of Congo is emerging as the country with the world’s largest food crisis in terms of absolute numbers, with Burkina Faso listed as the country with the worst deteriorations in acute hunger in recent months.

The food crisis is made worse in Nigeria by the longstanding religious and ethnic conflicts and even organized crimes by some bandits, which has greatly affected farmers working on their farmlands.

In addition to these, the farmers were already contending with the issue of flooding or drought, which has negatively been impacting on the agricultural sector in a period the country is desperate and very desirous of economic diversification. The coronavirus pandemic has triggered a surge in food prices as can be seen in the reports released by the National Bureau of Statistics (NBS), in a country that imports over 10% of its food supply.

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With a population of over 200 million people, Nigeria is the most populous country in Africa, which is regarded as the world’s most food-insecure continent. This is made worse as importers of food items struggle to gain access to dollars for their imports due to scarcity of foreign exchange which is triggered by the crash of oil prices and low foreign inflow.

This is expected to be exacerbated by the recent order by President Muhammadu Buhari to the Central Bank of Nigeria, to stop the allocation of foreign exchange to importers of food items.

The Governor of Niger State, Abubakar Sani Bello, warned in April, “We are heading toward famine and starvation.”

The FAO report which states that Congo has about 21.8 million people that are acutely food insecure, also points out that Burkina Faso has witnessed an almost 300% uptick in the overall number of people experiencing acute hunger since the start of 2020.

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