Connect with us
Switch
Advertisement
Samsung
Advertisement
Polaris bank
Advertisement
Esetech
Advertisement
Payfarmer
Advertisement
Patricia
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business

Dangote to leverage on AfCFTA trade deals, open new trade routes

Dangote Industries Ltd has stated that keying into AfCFTA will be an opportunity for Nigerian businesses to open new trade routes.

Published

on

Aliko Dangote rallies private sector operators against COVID-19, 10 fantastic things Aliko Dangote has done in the last 10 years

Dangote Industries Ltd says its cement expansion plan and fertilizer investments are strategies aimed at leveraging trade deals and opening new trade routes for Nigeria under the Africa Continental Free Trade Area (AfCFTA).

According to a report from the News Agency of Nigeria (NAN), this disclosure was contained in a statement issued by the President of Dangote Industries Ltd, Aliko Dangote, on Sunday, January 10, 2021, in Lagos.

READ: 10 fantastic things Aliko Dangote has done in the last 10 years

Dangote pointed out that the cement company with an installed capacity of 29.3Mta in Nigeria is planning to expand to Cameroon with its new plants expected to be ready for commissioning in Niger, Benin, Ghana, Cote D ‘Ivoire and Togo.

READ: Cameroon shutdown: Techpreneur picks holes in Jumia’s operations

Specta

What they are saying

Aliko Dangote said that the signing of the $4.34 billion contract with Sinoma International Engineering Company Limited, a Chinese construction giant, was part of the strategy to fulfil the desire for Africa’s self-sufficiency in cement production.

According to the Dangote, the contract was for the construction of 11 new cement plants in 10 African countries, and Nepal in Asia.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

Dangote said the report by the United Nations Conference on Trade and Development on the development of deficit infrastructure to ensure competitiveness in the AfCFTA, had made the company to leverage the deficit with its cement investment.

He said,

  • For Dangote Industries Ltd., moving goods like cement by road from Nigeria where they are manufactured to Ghana, where there is a big market is “unviable”, hence the need for new plants that will open multiple trade routes.’’

READ: Dangote delays London Stock Exchange listing

On his part, the Group Executive Director of Dangote Industries Limited, Mr Devakumar Edwin, stated that movement of products through road was expensive, just as he also said that the Togolese and Beninese governments have both complained about the pollution from the trucks to the environment and the stress on the road infrastructure.

READ: Dangote Cement given approval to export through land borders

Coronation ads

Edwin said,

Polaris bank
  • With the success of the Doula plant in Cameroon, the company is already doubling its capacity in Yaoundé and targeting three million tonnes in the country to check competition as well as earn foreign exchange.
  • “Our desire to increase our investment with the Phase 2 project is based on not only the fast growth rate of the Cameroonian economy but also due to the warm welcome extended to us and the enabling environment created by the government of Cameroon. Our choice of Cameroon for this multi-million-dollar investment is quite strategic.
  • “Cameroon is the largest economy in Central Africa and is well endowed with abundant natural resources, political stability, adequate security and growing infrastructural development.

READ: BUA Cement Plc records 39.72% increase in 2020 Q3 revenues

What you should know

  • It can be recalled that the AfCFTA, which finally took off on January 1 2021, after years of negotiations and delays, is aimed at creating a single market, for the movement of capital, goods, people and investments to further deepen the economic integration of the continent.
  • AfCFTA, which is an agreement among 54 of the 55 African Union countries is the largest in the world in terms of the number of participating countries, since the formation of the World Trade Organization.

Jaiz bank ads

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

3 Comments

3 Comments

  1. Oye

    January 10, 2021 at 9:20 pm

    A railway line from Lagos to Abidjan through Cotonou,Lome and Accra would make sense. It would help tourism and trade.

  2. Okonkwo Paschal somtochukwu

    January 11, 2021 at 8:05 am

    If possible he transfer all those important joy to outsider where by some individual whom never mock needs help from you sir.
    Honestly now I need 1.5m naira just for my flight ticket and all the necessary things for my schooling in Europe
    I help myself to this extend that my parents are dead I know they could have helped me but the only hope I have now is from God in heaven.phone number 07042497264, I can show you all the things you need to see before helping me sir I really appreciate no matter how small

    • Youtriedit

      January 11, 2021 at 7:29 pm

      Aint nobody paying for you to go to school in Europe weirdo. Beg God the money.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

NIMC says it has licensed telecommunication companies to provide NIN

The NIMC has said the agency has licensed telecommunications companies to register applicants who do not have NIN.

Published

on

FG invalidates SIM integration using BVN generated NIN, applicants must visit NIMC offices

The Nigerian Identity Management Commission (NIMC) has said the agency has licensed telecommunications companies to register applicants who do not have National Identity Numbers (NIN).

This measure is to help reduce the large crowd that besieges NIMC offices across the country for registration with the risk of contracting the Covid-19 disease.

According to a report from Punch, this disclosure was made by the Director-General, NIMC, Aliyu Aziz, while responding to an inquiry with respect to measures taken by NIMC to address the complaints made by citizens and the crowds at the commission’s offices.

Aziz pointed out that mobile network operators had been empowered to also give identity numbers. This is in addition to the licensing of the private and public organization by the commission to provide NIN.

The NIMC boss said, “We have licensed private and public sector organisations including telcos (telecommunications companies) so as to create more centres.’’

Specta

What you should know

  • It can be recalled that the Federal Government had directed that telecommunication companies should block from their network, any SIM that is not registered with valid NINs with effect from December 30, 2020.
  • However, following public outcry, the government gave 6 weeks extension to subscribers without NIN from December 30, 2020, to February 9, 2021, and 3 weeks extension for subscribers with NIN from December 30, 2020, to January 19, 2020.
  • However, many Nigerians and organisations had called for a further deadline extension or outright suspension of the NIN registration process due to the large crowds who had yet to have their NINs.

Continue Reading

Business

CBN disburses N106.96 billion to 27,956 AGSMEIS beneficiaries

The CBN has disbursed a total of N106.96 billion to 27,956 beneficiaries of AGSMEIS.

Published

on

CBN releases new guidelines for OFIs, orders inclusion of NUBAN code or face sanctions

The Central Bank of Nigeria has revealed that it disbursed a total of N106.96 billion to 27,956 beneficiaries of Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS).

This information is contained in a recent communique from the last MPC report of the CBN.

Recall that Nairametrics had earlier reported the expansion of AGSMEIS beneficiaries to 14,638. In lieu of this, the recent figures show a remarkable improvement of an additional 13,318 beneficiaries.

The apex also revealed that it has disbursed a total of N2.0 trillion as at January 2021. Other key disbursements are;

  • The disbursement of N192.64 billion to 426,016 households and small businesses under the COVID-19 Targeted Credit Facility (TCF).
  • The disbursement of N72.96 billion to the Health Care Support Intervention Facility, directly impacting about 73 projects which comprises of 26 pharmaceutical projects and 47 hospitals and health care services projects in the country.
  • In a bid to support the provision of employment opportunities, the apex bank provided financial support of N3.12 billion to 320 beneficiaries under the Creative Industry Financing Initiatives and N268 million to 395 beneficiaries under the Nigerian Youth Investment Fund.
  • The apex bank also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos, in a bid to support the National Mass Metering Programme.

What you should know

  • The Agri-Business/Small and Medium Enterprise Investment Scheme is a Federal Government initiative aimed at supporting efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) in Nigeria, with the long-run goal of achieving sustainable economic development and employment generation.
  • With the CBN AGSMEIS Loan, one can access up to N10M at 5% per year without collateral.

Specta
Continue Reading

Business

President Buhari approves local production of helicopters by NASENI

President Buhari has directed NASENI, to collaborate with Dynali Company for the local production of helicopters.

Published

on

Travel portal, FG to release 30,000 tons of maize to poultry farmers after import ban, President submits 2021-2023 MTEF to National Assembly, public holiday, inflation, President Buhari reappoints Ben Akabueze as DG Budget office,, #EndSARS Protest: FG denies plans of monitoring calls and social media

President Muhammadu Buhari has directed the National Agency for Science and Engineering Infrastructure (NASENI), to collaborate with Dynali Company, a Belgian Helicopter Manufacturing Company, for the local production of helicopters.

According to a report from the News Agency of Nigeria (NAN), this directive was given by the President at the maiden edition of the meeting of the Governing Board of NASENI at the State House, Abuja, on Tuesday, January 26, 2021.

While presiding over the meeting, President Buhari, who is also the Chairman of NASENI, directed the agency to work towards bridging the gaps in research and technology that keeps Nigeria waiting on other countries for supplies and solutions, especially in tackling challenges like the Covid-19 pandemic.

What President Buhari is saying

Buhari said the agency should play a more pivotal role in equipping the country during emergencies, while encouraging research, upgrading local skills, fabrication and international collaborations that would provoke growth in science and technology.

The President said, “The uniqueness of the mandate of NASENI as enshrined in its enabling law towards the actualisation and realisation of our development programmes such as the creation of Ten Million jobs; Economic Recovery and Growth Programme (ERGP) and Post COVID-19 sustainability Plan.

Specta

“It is only deliberate deployment of Engineering, Science, Technology and Innovation (ESTI) using technology domestication and reverse engineering of capital goods.

“Making them available in Nigeria that can fast-track the realisation of our collective will to build capacity and reduce poverty among our teeming populace. The countries that are at the forefront of economic recovery have only one thing in common: investment and sustained research and development work in knowledge economy.

“Covid-19   pandemic   has exposed the Technology and innovation gap between us and the developed World, which NASENI is strategically positioned to fill.’’

Going further, the President said in order to achieve its full potential, NASENI must be empowered through the provision of adequate financial, human and material resources and be given the autonomy and independence to engage in international partnerships to acquire the relevant technologies for socio-economic and industrial advancement of the country.

He said, ‘’In this regard, I have directed the Honourable Minister of Finance, Budget and National Planning and Federal Inland Revenue Service to commence remittance of funds approved by Law of the Agency.’’

‘’It is important to for members of the NASENI Governing Board to note that Agencies of Governments with a similar mandate as NASENI in many countries are directly under the supervision of their respective Heads of State and Government.’’

While making his own remark, the Executive Vice Chairman of NASENI, Prof. Mohammed Haruna, revealed that the agency had constructed electronic voting systems and was already working on locally produced jet engines and assemblage of passenger and military helicopters.

What you should know

  • It can be recalled that President Buhari had earlier approved the reconstitution and inauguration of the Governing Board of NASENI on March 8, 2018, with a clear mandate to develop local capacity in machine building and fabrication, which would be critical to Nigeria’s industrial development.
  • NASENI was established in 1992 by the Federal Government following the recommendations of the White Paper Committee on the 1991 Report of a 150-member National Committee on Engineering Infrastructure comprising scientists, engineers, administrators, federal and state civil servants, economists, lawyers, bankers and industrialists.

Coronation ads
Continue Reading
Advertisement




Advertisement