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Business

Partnership with research institutions will lead to industrial development – Dangote Group

Dangote Group says it will continue to partner with research institutions for the advancement of national development.

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Dangote group, CBN unification of exchange rate a welcome development-MAN

Group Executive Director of Dangote Group, Mr. Mansur Ahmed has stated that collaboration between the government, academia and industry practitioner was needed to set Nigeria on the path of industrial development.

According to a news report by NAN, this statement was made by Mr. Ahmed, during a study tour of the Research and Development Steering Committee of the Tertiary Education Trust Fund (TETFUND) to the Dangote Refinery, Petrochemicals and Fertiliser projects in Ibeju Lekki, Lagos.

READ: Dangote Group emerges first African business firm to become PMI member 

At the tour led by the Executive Secretary of TETFUND, Prof. Suleiman Bogoro, Mr Ahmed disclosed that the Dangote Group believes that there needs to be a synergy between the researchers in the universities and the industries, like what is found in advanced economies.

According to him, Dangote Group will continue to partner with research institutions for the advancement of indigenous technology and national development, as a collaboration between the government, academia and industry was needed to set Nigeria on the path of industrial development.

READ: Dangote injects N63 billion to revive moribund ANAMMCO

Dangote Group Executive Director disclosed that the collaboration is to ensure that Nigerian graduates are equipped with the set skills to immediately fit into the industry upon employment, instead of wasting more years in training them.

What they are saying

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Group Executive Director of Dangote Group, Mr. Mansur Ahmed at the study tour said:

”The Dangote Group believes that there needs to be a synergy between the researchers in the universities and the industries, like what is found in advanced economies.

READ: Dangote, MTN emerge most admired African brands

“The industry and the academia need to work together to identify issues and problems that are looking for solutions and the researchers will now come back with their findings and proposed solutions.

” If the solution meets the expectations of the industry, you will get the two working together to find homegrown solutions to our problems.

“I think the idea initiated now by TETFUND is a welcome development and we should make sure that whatever research that is going on in our universities is research that is useful and can be practicalised in our industries. This will expand the scope of indigenous technology.”

Speaking on how the study tour is key in bridging the gap between the industry and the academia, Prof. Suleiman Bogoro, said:

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“This committee has 13 sub-committees and today four of them are here on this visit, we have the Engineering, Bio-resource and Environment, Energy as well as Petroleum, Mining and Extraction sub-committees.”

“We couldn’t have started this tour better than visiting Dangote Group which is the most innovative indigenous company. We believe that through researches and collaboration with the industry, we will be able to apply science and technology to improve our country.”

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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    Business

    Nigeria Sovereign Investment Authority records N160 billion income in 2020

    The NSIA boss said that the authority achieved 33% growth in Net Assets amounting to N772.75 billion as against N579.54 billion in the previous year.

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    The Nigeria Sovereign Investment Authority (NSIA) says that it recorded a total of N160.06 billion in comprehensive income in 2020, representing a 343% growth compared to N36.15 billion it recorded in 2019.

    The growth was attributed to strong performance from its investments in international capital markets, improved contribution from subsidiaries and affiliates and exchange rate gain from foreign currency positions despite challenges of the coronavirus pandemic.

    This disclosure was made by the Managing Director of NSIA, Mr Uche Orji, at a virtual media conference on the presentation of the NSIA’s 2020 Audited Financial Statements and Performance Review on Tuesday in Abuja.

    Orji said that the authority achieved 33% growth in Net Assets amounting to N772.75 billion as against N579.54 billion in the previous year.

    He also said that the NSIA received an additional contribution of $250 million and provided first stabilisation support of $150 million from the Stabilisation Fund to the Federal Government.

    The NSIA boss pointed out that the authority also received $311 million from funds recovered from late General Sani Abacha from the US Department of Justice and Island of Jersey with the funds deployed towards the Presidential Infrastructure Development Fund (PIDF) projects of Abuja-Kaduna-Kano Highway, Lagos Ibadan Expressway and the Second Niger Bridge.

    What the NSIA Managing Director is saying

    Orji said, “The 2020 fiscal year was characterised by high volatility and global market uncertainty on account of COVID-19 in the first half. However, the authority’s strategic investments generated respectable returns in spite of the impact of COVID-19.

    “Notably, NSIA has invested in various private equity and venture capital investment funds to tap into the high-growth sectors. NSIA expects that the outlook for 2021 would be positive, however, we expect bouts of volatility as global markets adjust and recover from the impact of the pandemic.

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    On some of the projects and interventions, Orji said for the power sector, the NSIA was building a 10 megawatts solar power plant in Kano, which presently was the single largest in Nigeria.

    He said, “Expected to be completed at the end of 2022 at a cost of about 15 million dollars, the plant would link industrial customers to an additional source of power supply.’’

    On agriculture, Orji said that through the Presidential Fertiliser Initiative (PFI), the authority produced 12 million 50 kilogram bags of NPK 20:10:10 equivalent in 2020 bringing the total production since inception to over 30 million 50kg bags equivalent, while the number of participating blending plants increased to 44 from less than seven at inception.

    The NSIA boss added that the authority completed the construction of 3000 hectares Panda Agric Farm in Nasarawa, the first project of the UFF-NSIA partnership.

    He said that for 2021, the authority plans to complete the concession, capital raise and operationalisation of the Lagos-Ibadan Expressway, Second Niger Bridge and Abuja-Kaduna-Kano Highway.

    What you should know

    • The Nigeria Sovereign Investment Authority is a Nigerian establishment that manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria’s excess oil reserves is deposited.
    • This sovereign wealth fund which was allocated an initial $1 billion as seed capital, was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The fund was established by the Nigeria Sovereign Investment Authority Act, signed in May 2011, and commenced operations in October 2018.
    • It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians. It also has had an additional $500 million contribution to date by the current administration.

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    Business

    President Buhari adopts new security measures for South East

    Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

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    President Muhammadu Buhari has adopted new security measures to tackle insecurity in the South Eastern and South Southern part of the nation.

    The decision was taken after a memo was presented by the National Security Adviser (NSA), Major General Babagana Monguno (rtd), on the control of drugs, which he said are enablers of Insecurity, but did not also elaborate.

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