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Tag: Dangote

  • Dangote’s diesel better than imported ones, -Spokesman

    Dangote’s diesel better than imported ones, -Spokesman

    •Accuses online publisher of falsehood, mischief

    The management of Dangote Industries Limited (DIL) has described as concocted an online report insinuating that the company produces high-sulfur diesel, arguing that its refined diesel is 80% superior to those being imported into the country.

    In a statement released by the firm’s spokesperson, Anthony Chiejina, yesterday, he said the report was mischievous and aimed at tarnishing its reputation.

    It may be recalled that reports circulating online attributed to NMDPRA CEO Farouk Ahmed claimed that local refineries, including the Dangote Refinery, are producing inferior products compared to imported ones.

    But Dangote said the allegation was false, baseless, and mischievous.

    The spokesperson said the refinery is designed to produce top-quality petroleum products that meet strict international standards.

    Read Also: IGP assures Nigerians of improved security

    “The false and misleading allegations made by some media outlets that the Dangote Refinery is producing substandard diesel which is why it reduced the price by 37%, is baseless and mischievous.

    “Until late last year, diesel imports into Nigeria were up to 7,000 parts per million (ppm) of Sulphur which has been going on for many years. Our diesel is produced currently at significantly lower levels of Sulphur; as such, we find baseless the allegation that the reason for the reduction is linked to quality.  What we are producing is 80% of what is being imported into the country.

    “Another inaccurate assertion is that Medium Level Sulphur diesel is meant for off-road use. This is a completely false statement as this would have invariably meant that all the imports for the last 20 years have been damaging equipment.

    “Thirdly, diesel imports for the high Sulphur grade have been at significantly higher prices until we started operation. If indeed high Sulphur diesel is sold at lower prices how come we never saw the lower prices until now?” the spokesperson stressed.

    Chiejina affirmed that the real reason behind the Dangote diesel price reduction was principally due to the patriotism of the management to the nation as well as prevailing market dynamics of supply and demand.

    In June, the management of Dangote Refinery accused NMDPRA of aiding the importation of “dirty” diesel and jet fuel into the country.

    The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the indiscriminate licensing from the regulator made it possible for there to be inferior products in Nigeria.

    According to Edwin, despite Dangote’s effort to meet ECOWAS standards, the authority gives licenses to traders to import high-sulfur petrol from Russia into the country. 

    He explained that since the US and UK have issued a cap on Russia’s petroleum products, these products are now dumped in Nigeria’s market by various traders. 

  • Why petrol prices will continue to rise, by Dangote

    Why petrol prices will continue to rise, by Dangote

    • Firm insists IOCs frustrating its crude supply demands

    Premium Motor Spirit (PMS) or petrol prices will continue to be on the high side as long as International Oil Companies (IOCs) continue to sell crude oil to local refiners at above the official market price approved by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The Vice President, Oil & Gas, Dangote Industries Limited, Devakumar Edwin, made this disclosure yesterday in a statement obtained by The Nation.

    Explaining reasons for this, Edwin revealed that when cargoes are offered to the oil company by the trading arms, it is sometimes at $2-$4 (per barrel) premium above the official price set by NUPRC.

    “As an example, we paid $96.23 per barrel for a cargo of Bonga crude grade in April (excluding transport). The price consisted of $90.15 dated Brent price + $5.08 NNPC premium (NSP) + $1 trader premium. In the same month we were able to buy WTI at a dated Brent price of $90.15 + $0.93 trader premium including transport. He further explained that when NNPC subsequently lowered its premium based on market feedback that it was too high, some traders then started asking for a premium of up to $4m over and above the NSP for a cargo of Bonny Light.

    “Data on platforms like Platts and Argus shows that the price offered to us is way higher than the market prices tracked by these platforms. We recently had to escalate this to NUPRC”, Edwin said, urging the regulatory commission to take a second look at the issue of pricing,” Edwin said.

    Read Also: 10 states with highest petrol prices in May 2024

    Urging the NUPRC to take a second look at the issue of pricing if the country wishes to have a reduced petrol price, Edwin noted that: “NUPRC has severally asserted that transactions should be on willing seller / willing buyer basis. The challenge however is that market liquidity (many sellers / many buyers in the market at the same time) is a precondition for this. Where a refinery needs a particular crude grade loading at a particular time then there is typically only one participant on either side of the market.

    “It is to avoid the problem of price gouging in an illiquid market that the domestic gas supply obligation specifies volume obligation per producer and a formula for transparently determining pricing. The fact that the domestic crude supply obligation as defined in the PIA has gaps is no reason for wisdom not to prevail,” Edwin stated.

    He, alongside the Management of Dangote Industries Limited (DIL), however commended the NUPRC for its various interventions in the oil company’s crude supply requests from International Oil Companies (IOCs) and for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil industry.

    Edwin, noted that  if the Domestic Crude Supply Obligation (DCSO) guidelines are diligently implemented, this will ensure that the firm can deal directly with the companies producing the crude oil in the country as stipulated by the Petroleum Industry Act (PIA) 2021.

    He however insisted that IOCs operating in the country have consistently frustrated the company’s requests for locally produced crude as feedstock for its refining process. He was responding to a statement by the Chief Executive Officer of NUPRC, Gbenga Komolafe, an engineer, who in a recent interview said that “it is ‘erroneous’ for one to say that the International Oil Companies (IOCs) are refusing to make crude oil available to domestic refiners, as the PIA has a stipulation that calls for a willing buyer-willing seller relationship.” 

    Edwin noted that while the NUPRC has been very supportive to the Dangote Refinery as they have intervened several times to help her secure crude supply, he is of the view that Komolafe may have probably been misquoted by some people, hence the statement credited to him that IOCs did not refuse to sell to Dangote Refinery.

    Setting the records straight, Edwin said: “Aside from Nigerian National Petroleum Corporation Limited (NNPCL), to date we have only purchased crude directly from only one other local producer (Sapetro). All other producers refer us to their international trading arms.

    “These international trading arms are non-value adding middlemen who sit abroad and earn margin from crude being produced and consumed in Nigeria. They are not bound by Nigerian laws and do not pay tax in Nigeria on the unjustifiable margin they earn.

    “The trading arm of one of the IOCs refused to sell to us directly and asked us to find a middleman who will buy from them and then sell to us at a margin. We dialogued with them for nine months and in the end, we had to escalate to NUPRC who helped resolve the situation,” Edwin stated.

    Edwin further said: “When we entered the market to purchase our crude requirement for August, the international trading arms told us that they had entered their Nigerian cargoes into a Pertamina (the Indonesia National Oil Company) tender, and we had to wait for the tender to conclude to see what is still available.

    “This is not the first time. In many cases, particular crude grades we wish to buy are sold to Indian or other Asian refiners even before the cargoes are formally allocated in the curtailment meeting chaired by NUPRC,” he submitted.

  • Dangote reaffirms commitment to host communities’ development

    Dangote reaffirms commitment to host communities’ development

    Management of Dangote Cement, Okpella have signed a development and social support agreement with its Okpella Edo State host communities in demonstration of its commitment to the development and overall well-being of host communities and their people, as a responsible corporate entity

    The signing of the Community Development Agreement (CDA) came just as the Edo State and the Federal Government commended the company for its proactiveness in planning for the growth of its host communities as a sure means of promoting peaceful co-habitation.

    The Okpella Plant Director, Dangote Cement Plc, Mr. Mohammed Ismaeel, at the CDA signing ceremony said the cement company has fully complied with the provisions of the Minerals and Mining Act, 2007 and that of the Minerals and Mining Regulation 2011 of the Federal Republic of Nigeria.

    Read Also: Why I don’t have houses outside Nigeria – Dangote

    Signing the agreement on behalf of the company at Okpella, Mr. Ismaeel said the ceremony was very significant in that it aimed at promoting harmonious and mutual benefits between the cement company and its host communities.

    “Today’s occasion is not only a demonstration of our compliance to these regulatory provisions as a responsible corporate organisation but it also a demonstration of our commitment to the development and overall wellbeing of our host communities.

    “For us as a company, we believe in the mantra, good neighbourliness is good business, hence we are doing everything possible to maintain harmonious relationship with all the communities where we operate”, Ismaeel added.

    He added that the occasion marks the beginning of concrete infrastructural development and social supports in the areas of education, improved access to health care, economic empowerment programmes targeted at the youths, women and the farming population, improved access to potable water, support to improve electrification and power supply among other things.

    The Plant Director pointed out that the CDA also provides for scholarship grants for students in secondary and tertiary institutions to promote excellence in educational pursuits of indigent students from Dangote Cement, Okpella host communities.

    He added that the CDA document clearly states the consultative framework for engagements, grievance management and obligations of both the Plant and the host communities for mutual growth and development stressing that, it is clearly a path to define relationships, commitments, obligations and expectations with potential to address immediate concerns and future social issues that may arise in the course of the relationship between the company and its host communities.

    Ishmaeel then requested the host communities to keep their end of the bargain by supporting and collaborating with the company so as to foster all round development. “Be assured that we are always ready to listen, dialogue and resolve all concerns”, he noted.

    Speaking on the occasion, the Edo State Commissioner for Mines and Energy, Hon. Donatus Ojiefoh, who represented the State Governor, Godwin Obaseki, praised the company’s management for taking the path of peace with its host communities pledging by so doing, that the state governor will always support any investors who wants to invest in the state.

    He assured the people of the communities that more investors are willing to come and invest in the state but that the people most be willing to cooperate and provide the enabling environment for them to operate.

    Ojiefoh admitted that it is imperative for students to study the mineral resources that are abound in their communities in order to be able to appreciate them.

    In her own remark, the host Etsako East Local Government Chairman, Mrs. Benedicta Atu, commended the company for signing the agreement despite the odds and the delay occasioned by some factors saying it was good that the signing took place at the time.

    She called on the companies operating within the local government to urgently help with the payment of the monumentization of the boundary between Okpella and Kogi State.

    Speaking for the host communities, High Chief Afiabor Peter, Secretary, Ukhomunyio Council of Village Heads, Afokpella thanked the Dangote’s Cement for the signing of the CDA, saying that it was a welcome development as it will benefit all the parties involved.

    He expressed confidence that all that are contained in the agreement were thorough reflections of the wish and aspirations of the host communities and promised that the host communities would be up and doing to fulfil their own side of the bargain.

  • Why I don’t have houses outside Nigeria – Dangote

    Why I don’t have houses outside Nigeria – Dangote

    Africa’s richest man Aliko Dangote has explained his passion for an industrialised Nigeria is why he doesn’t have houses outside Nigeria.

    During a media parley at the Dangote Petroleum Refinery, Ibeju-Lekki, Lagos State Dangote revealed that he once had a London house which he sold in 1996.

    He added: “The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria.

    “I figured that if I had those houses, there will be one reason or the other for me to visit those places thereby causing distraction for me.

    Read Also: Climate change: Lagos to plant 20,000 trees in one year

    “I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state Kano and a rented one in Abuja.”

    Group Executive Director, Commercial Operations, Fatima Dangote, commended Dangote for never giving up on the Nigerian dream.

    She said: “I have not seen anyone as hardworking as my father, sometimes I wonder how he never gives up.

    “I wish we have a few more men like my father in Nigeria, the country will be a better place.”

  • Dangote pledges infrastructure dev’t at Aliko Dangote varsity 

    Dangote pledges infrastructure dev’t at Aliko Dangote varsity 

    Alhaji Aliko Dangote, Chancellor of Aliko Dangote University of Science and Technology, Wudil, has pledged to construct a Senate building and 10 senior academic staff residences at the institution.

    This is contained in a statement issued by its Vice-Chancellor, Prof. Musa Yakasai, in Kano on Thursday.

    The News Agency of Nigeria (NAN) recalls that the university has been plunged into darkness following the disconnection of power supply by KEDCO over a N248 million debt.

    The firm took the action  in spite of the payment of N20 million out of the N60 million monthly bill by the state-owned university.

    Dangote foundation paid about N100 million before KEDCO restored power supply to the institution.

    Read Also: Moody’s affirms Dangote Sugar Refinery’s rating

    This commitment comes after a formal request by the university’s management team during a courtesy visit to his Lagos office.

    The interventions included the construction of three additional students’ hostels, and 10 senior academic staff residences.

    Dangote also offered to upgrade the university’s water treatment plant, bankroll the 5th convocation ceremony, provide a sustainable energy solution to its electricity supply problem and provide official vehicles to the principal officers.

     Yakasai expressed appreciation for Dangote’s support, which includes the  recent payment of N100 million to settle the university’s electricity bill.

    He said, ”The university management, state government, and community have expressed their heartfelt gratitude for Dangote’s philanthropy, acknowledging his significant contributions to the institution’s development.” ]

    (NAN) 

  • Dangote àti epo rọ̀bì: Àwọn wo ni kò fẹ́ kí ọmọ egbin o dàgbà?

    Dangote àti epo rọ̀bì: Àwọn wo ni kò fẹ́ kí ọmọ egbin o dàgbà?

    Lọsẹ  to kọja ni parakoyi oniṣowo nni, Alaaji Aliko Dangote,  pariwo sita pe awọn aworo ṣaṣa nidii  iṣẹ epo rọbi sọ ara wọn di igi wọrọkọ ti i dana ru ti wọn si duro de ki ile ifọpo oun to wa niluu Eko, maa le mu ipinnu rẹ ṣẹ fun gbogbo awọn ọmọ Naijiria lojuna lati gbe epo bẹntiroolu jade ni rẹpẹtẹ.

    Dangote sọrọ ibinu yii nigba ti ẹni to jẹ igbakeji aarẹ ile ifọpo Dangote to wa niluu Eko, Ọgbẹni Devakumar Edwin, sọ fun awọn oniroyin pe awọn aworo ṣaṣa ninu okoowo ifọpo lagbaaye (International Oil Companies) ti sọ ara wọn di ajẹlẹ ti ko fẹ ki ileeṣẹ ọhun ṣe aṣeye ni ojunna lati maa fọ epo bẹntiroolu eyi ti yoo mu aye dẹrun fun gbogbo ọmọ Naijiria nigba ti awọn ba bọ soju agbami iṣẹ.

    Ninu akiyesi rẹ lo ti sọ pe ṣe ni awọn IOC gbe owo nla lori epo rọbi ti ileeṣẹ NNPC n pọn jade eyi to mu ko ṣoro diẹ lati ba wọn dowo pọ, to si jẹ ki ileeṣẹ oun maa lọ silẹ okeere ni Amerika lati lọọ ra epo rọbi fun ileeṣẹ oun. Ko ṣai sọ pe igbesẹ yii ko ba oju mu to nitori ọkan gboogi ni Naijiria jẹ ninu awọn ilu to n ṣowo epo rọbi lagbaaye.

    Dangote sọ pe  ṣe ni awọn ajọ to n ri si gbigbalaye lati ṣowo epo ti wọn n pe ni ‘Nigerian Midstream and Downstream Petroleum Regulatory Authority’ (NMDPRA) kan deede n fun iru wa, ogiri wa niwee-aṣẹ  lati  maa ra epo bẹntiroolu  wọ orilẹ-ede yii wa, eyi to lewu fun awọn ileeṣẹ to n ṣowo yii labẹle nitori wọn maa pọkaka lati fi ẹsẹ mulẹ.

    O fi kun ọrọ rẹ pe ninu awọn bii marundinlọgbọn ileeṣẹ to gba iwe-aṣẹ lati da ileeṣẹ ifọpo silẹ ni Naijiria, oun nikan lo ni aṣeyọri yii, ṣugbọn dipo ki gbogbo ajọ ati ileṣẹ ijọba to wa nidii ọrọ epo rọbi ran ileeṣẹ oun lọwọ lati ṣe aṣeyọri, ṣe ni wọn duro bii eegun ẹja ti i daamu ọna-ọfun ati pe ṣe ni awọn IOC duro bii ki ileeṣẹ awọn ma le jawe olubori ninu irinajo awọn lati mu ki ọrọ epo di pọọntọ lọja.

    O tẹnumọ ọn pe gbogbo akitiyan ti awọn ajọ NMDPRA n gba lati ri i pe awọn ri epo rọbi ra labẹle fun aṣeyọri awọn ni ajọ IOC n gbọna ẹburu ki ala rere awọn ma le wa si imuṣẹ ati pe ṣe ni wọn joye akukọ gagara ti ko fẹ ki  akukọ miiran kọ mọ.

    O tẹ siwaju pe ṣe ni wọn le furu kọkọ bii ọka oju ọna ki ẹnikẹni ma ba a le kọja debii pe awọn owo ti ko nitumọ ni awọn ni lati san to n lọ si bii miliọnu mẹfa owo Dọla ju iye to yẹ kawọn san to ba jẹ pe awọn fẹẹ ra epo rọbi lati ilẹ okeere, sibẹ na, fila ma-wo-bẹ ni wọn de ati pe wọn ko gbero ki alakara awọn naa ni ohun ti yoo din lọ sọja.

    O ni ohun to jẹ kayeefi fun oun ni pe ṣe ni awọn IOC n gbe igbesẹ ki Naijiria maa lọọ ra epo bẹntiroolu lọja agbaye nigba ti wọn ba ti ta epo rọbi fun wọn lọhun-un eyi to tumọ si pe wọn ko fẹ ki Naijiria bọ kuro ninu oko ẹru ẹlẹẹkeji ninu okoowo epo rọbi ṣiṣe. Wọn mọ daju pe ti ileeṣẹ Dangote ba ti n ri epo rọbi ra labẹle lati fọ, idẹrun yoo de ba ara ilu.

    Dangote tẹnumọ ọn pe ohun to jẹ kayeefi fun oun ninu ọrọ naa ni pe gbogbo awọn ajọ ti ijọba da silẹ lori okoowo epo naa de fila-ma-wobẹ nitori anfaani to n bọ sapo tiwọn nikan lai naani irora ati iya ti awọn ọmọ Naijiria n koju lojuna ọwọngogo epo ti o n ba orilẹ-ede yii finra ni akoko yii.

    O ṣalaye pe ni kete ti epo disu awọn jade sori igba ti o si mu ki owo ori jala kan rẹ wa silẹ, ṣe ni ajọ yii fun oriṣiiriṣii awọn ọlọja baranda laṣẹ lati lọọ maa ra epo disu wale lati ilẹ Russia, eyi to waa sọ Naijiria di ori akitan to gba irukiru ọbẹ iwọ. 

    O fi kun ọrọ rẹ pe ọrọ naa jẹ kayeefi si awọn ilu okeere nitori wọn ti fi ofin lelẹ pe iru epo disu abaadi yii ko gbọdọ pọn lọ silẹ Afirika, ṣugbọn awọn kanda ninu irẹsi wọnyi ti ajọ ijọba fun laṣẹ iwe lati ko epo wọlu ti lo anfaani yii lati ko iyọ mọ erupẹ lojuna pe awọn naa n ṣe okoowo epo disu.

    Dangote waa ke gbajare pe ki ijọba ma kawọ gbera lori ọrọ yii atipe ti wọn ba ni ki were  ṣe oku iya rẹ bo ba ṣe ri, o le sun un jẹ. Bẹẹ lo ṣalaye pe ọrọ sunnukun lo delẹ yii lori okoowo epo rọbi, bẹẹ si ni oju sunnukun lo yẹ ki ijọba fi wo o ki ekuru ma ba a ni fanfa nigbẹyin lori ọrọ yii.

    O fi han daju pe ko si bi awọn apapọ igi wọrọkọ ti i dana ru yii ati aaro wọrọkọ ti i da ọbẹ nu yii ṣe le gbogun to, ile ifọpo Dangote ti gbaradi lati ri i pe laipẹ jọjọ oun yoo ta epo bẹntiroolu jade fun awọn ọmọ Naijiria. Atipe itakun to ni ki erin awọn ma goke alọ, o di dandan toun-terin lo maa lọ.

    Bo tilẹ jẹ pe awọn ajọ NMDPRA sọ pe ko si epo disu ti ko daa lori igba ati pe awọn kọ lo ṣe okunfa yii, ṣugbọn Yoruba ni agbọn n sẹ, oyin n sẹ, oju oloko ree kudukudu yii. Ibeere ti awọn ara ilu n beere ni pe ki lo de ti awọn kan jẹ oye ibajẹ ti wọn ko si fẹ ki Naijiria ni ilọsiwaju nitori atẹnujẹ tiwọn?

    Ohun to jẹ kayeefi ni pe lati igbati Dangote ti ṣiṣọ loju eegun  to si tu awọn aṣiiri ikọkọ wọnyi jade, ko si ọkankan ninu ẹka ijọba to ni i ṣe mọ okoowo epo rọbi to fesi si ọrọ yii. Ohun ti eyi n tumọ si ni pe gbogbo awọn to n ṣe agbode-gba fun awọn ti ko fẹ ki a bọ ninu oko ẹru awọn amunisin lọna igbalode yii wa ninu ijọba.

    Read Also: Moody’s affirms Dangote Sugar Refinery’s rating

    Ohun ti awọn lameetọ ilu n sọ ni pe gbogbo awọn obilẹjẹ to wa nijọba ti wọn jẹ idina lati ma jẹ ki ọkankan ko ṣiṣẹ ninu ile ifọpo mẹrin ti Naijiria ni ko ti i siwọ lẹnu iṣẹ ibi wọn. Wọn fi kun un pe lẹyin ti ijọba ti na  biliọnu gọbọi lori awọn ile ifọpo yii, sibẹ ẹyọ kan lasan ko ṣiṣẹ, awọn eeyan yii tun waa fẹ ki Dangote ma ri ojutuu tirẹ na, o daju pe Adaniwaye ko ni i fun wọn ṣe ninu erongba buruku yii.

    Lọsẹ to kọja ni ile aṣofin kekere ni Abuja sọ pe awọn yoo tanna lati wadii owo to to tiriliọnu mọkanla (N11.3 trillioni) ti wọn ti  na lati fi tun awọn ile ifọpo wa mẹrẹẹrin ṣe lati ọdun 2010 de  ọdun 2020. Alaga  igbimọ to n ri si igbeyẹwo bi wọn ṣe nawo araalu (Chairman House Committee on Public Accounts), Ọnarebu Dele Salam, ṣalaye pe ohun itiju lo jẹ pe wọn ti na owo to pọ bayii lori awọn ile ifọpo wọnyi, sibẹ awọn araalu ko ri anfaani rẹ nitori ọwọngogo epo bẹntiroolu to gbode kan.  Salam sọ pe asiko ti to  lati dẹkun iwa ibajẹ nipa ṣiṣe owo ilu kumọ-kumọ lori awọn ọna ti ko ba ofin mu.

    Ẹkọ ti foju mimu han. Asiko ree ti Aarẹ Bọla Tinubu gbọdọ fi wọrọkọ ṣe ada, ki o gbe igbesẹ akin lori awọn ijakumọ to n ja orilẹ-ede yii lole okoowo to si da bii ẹni pe agbara ẹnikẹni ko le e kapa wọn.

  • Diri seeks Dangote industries’ partnership to drive Bayelsa’s devt

    Diri seeks Dangote industries’ partnership to drive Bayelsa’s devt

    Bayelsa state governor, Douye Diri, has said his administration is forging a strategic partnership with the Dangote Industries in its bid to drive economic growth and development of the state.

    Diri spoke yesterday when he visited the Dangote Refinery, Dangote Petrochemical Plant and the Dangote Port in Ibeju-Lekki, Lagos.

    The governor and his entourage were received by the President/Chief Executive of Dangote Group, Alhaji Aliko. Dangote, and the Vice President, Oil and Gas of Dangote Industries Limited, Mr. Edwin Devakumar.

    During the visit, which lasted more than four hours, the team was taken round the expansive industrial complex housing the refinery, the fertiliser and urea production plant, various loading bays, the port, and the production control rooms among other facilities.

    Read Also: I’ll change pattern in Nigerian cinema – Ruth Kadiri vows

    Diri, according to a statement by his Chief Press Secretary Daniel Alabrah, noted that his visit was a follow-up to an earlier meeting with Dangote in Nassau, The Bahamas, during the AFREXIM Bank annual meeting in June.

    The governor said: “The state government is forging a strategic partnership with the Dangote Industries in its bid to drive economic growth and development of the state.”

    The governor’s entourage included Amb. Godknows Igali, former Managing Director, Niger Delta Development Commission, Chief Ndutimi Alaibe, and the Chief of Staff, Dr. Peter Akpe.

    Others were the commissioner for trade, industries, and investment, Dr. Ebieri Jones, the Commissioner for Finance, Maxwell Ebibai, the commissioner for the blue economy, Dr. Faith Zibs-Godwin, and the Commissioner for Youth, Alfred Kemepado.

    Also on the delegation were the director-general of Bayelsa Investment Promotion Agency (BIPA), Patience Abah, and the Special Adviser on Investment, Onari Harry, among other government officials.

  • He’s right, netizens react to Dangote’s ‘no power, no prosperity’ statement

    He’s right, netizens react to Dangote’s ‘no power, no prosperity’ statement

    Nigerians on social media have taken turns to commend president of the Dangote Industries Limited, Aliko Dangote, following his “no power (electricity), no growth, no prosperity” comment.

    Dangote, in an explosive speech at the Manufacturers’ Association of Nigeria (MAN) Summit in Abuja on Tuesday titled: ‘Rethinking manufacturing in Nigeria,’ stated among other issues that “Import dependence is equivalent to importing poverty and exporting jobs; no power, no growth, no prosperity; similarly, no affordable financing, no growth, no prosperity and there is no industrialization without protection.”

    In reaction to what many Nigerians considered a bold statement from a giant investor and stakeholders, an X user with the username Udufirstson stated that “the foundation of development is built on electricity; no nation can progress without power. However, Nigerians prioritize tribalism over confronting evil.”

    Nwandu said: “Baba put your money where your mouth is. Lobby for favorable energy policies, and invest in power infrastructure.”

    Mustapha Salaha, like Nwandu, advised “that is the more reason why we need you within the power sector. we’re inviting you to please come and explore the opportunities within the power industry for growth and prosperity.”

    Adekanbi Riliwan inputted that “power is a major key to sustainable development and economic growth in any nation.”

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    Nura Tasiu described Mr Dangote’s statement in two words as “absolutely accurate.”

    Donald encouraged more investors to speak up, stating that “Aliko how I wish you have been speaking up this way for a very long time. But it’s okay keep it up.”

    Seyi Stevens declared that “If any govt in Nigeria can fix electricity to 100 per cent it has solved over 50 per cent of the economic problems, this is a clear fact. 

    “Nigerians are very hardworking people and ready to work in any system that has basic infrastructure.”

  • It’s impossible to create jobs with high interest on loans, says Dangote

    It’s impossible to create jobs with high interest on loans, says Dangote

    Business mogul Aliko Dangote yesterday highlighted a major impediment to job creation and speedy economic growth in the country.

    He said the high interest rate can discourage investment and hamper economic growth.

    Dangote, President of  the Dangote Industries Limited, warned that the 26.25% interest rate fixed by the Central Bank of Nigeria (CBN) will incapacitate the manufacturing sector and make it more difficult for the economy to grow.

    The eminent businessman delivered a keynote address at the opening of a three-day

    National Manufacturing Policy Summit organised by the Manufacturers Association of Nigeria (MAN) at the State House Conference Centre, Abuja,

    At the conference,  Vice President Kashim Shettima, who chairs the National Economic Council (NEC), reiterated the Federal Government’s determination to team up with MAN to fashion out an actionable roadmap and policy framework for the sector.

     In May, the CBN raise interest rate from 24.75 per cent to 26. 25 per cent.

    Dangote said businesses cannot not cope with the current rate, adding: “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

    He also decried the penchant for importation of goods and services, saying it is a harbinger of poverty.

    Dangote said: “Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity. There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty.”

    He urged  government to rethink its industrialization policy and provide necessary support and protection to the manufacturing sector, emphasizing that industrialization is key to sustainable economic growth and development.

    Dangote highlighted the importance of manufacturing in driving economic diversification, job creation, and foreign exchange generation.

    He said the manufacturing sector has declined over the years, resulting in significant import dependence and poverty.

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    Dangote cited examples of how Asian countries achieved industrialization by protecting and supporting local companies, attracting foreign investment, and creating competitive industries.

    He maintained that government’s protection and support are crucial for the long-term survival and growth of industries, citing the success of Nigeria’s cement industry as an example.

    Dangote stressed: “There are, no doubt, many causes for  failure of our manufacturing sector to meet the expectations of our people. Let me use a personal example to illustrate.

    “It is now an established fact that industrialisation is an inescapable route to sustainable and inclusive economic growth and human development.

    “I believe we all know the critical role that manufacturing plays in the modern economy, especially its impact on other sectors through various linkages; job creation; economic diversification & FX generation; government revenues; technology transfer/adaptation and Innovation.

    “Manufacturing remains a key driver in a nation’s quest for economic development and self-sufficiency. It is easy to determine the level of economic development, growth, and wellbeing of a nation by observing its manufacturing sector.

    “It is evident that the strength of a country’s manufacturing sector determines its capacity to compete in global trade of which 70% is in manufactured goods, according to available statistics.

    “Countries that have industrilised and have a robust manufacturing sector and are able to export manufactured goods are generally able to grow their economies through global trade.”

    Nigeria needs industrial roadmap, says Shettima

    Shettima said: “I implore us all to leverage this summit to develop an actionable roadmap and policy framework, ready for immediate implementation, to create the changes we want in the manufacturing sector. I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations.”

    The Vice President called for the prioritisation of local content and promotion of made-in-Nigeria products, noting that Executive Order 003 which makes the patronage of locally manufactured products mandatory is still in effect.

    He said: “Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods. We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.

    “I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect. The relevant government Ministries, Departments, and Agencies (MDAs) are mandated to fully comply with the order,” he declared.

    Shettima said Nigeria has no better option than to support its indigenous firms to produce locally and increase their capabilities.

    Former Minister of Finance Olusegun Aganga urged the government to declare manufacturing a national priority sector.

    He pointed out that the mere possession of natural resources does not guarantee national wealth.

    Aganga said: “What makes a country rich is what it does with its resources.”

    He called for a shift from peasant farming to commercial agriculture and from artisanal mining to attracting major miners.

    Aganga also called for the elimination of excessive customs duties, levies, and overlapping regulatory mandates to boost the manufacturing sector.

    At the summit were the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; Director-General of National Agency for Food and Drug Administration and Control (NAFDAC), Mojisola Adeyeye; Comptroller General of Nigeria Customs Service, Adewale Adeniyi; Permanent Secretary in the Ministry of Industries, Trade and Investment, Ambassador Nura Rimi; government appointees, senior manufacturing executives, and members of the diplomatic corps.

  • Dangote Refinery contains fire outbreak

    Dangote Refinery contains fire outbreak

    The effluent treatment plant (ETP) section of the $20 billion Dangote Refinery located in Ibeju-Lekki yesterday went up in flames, yesterday, sending panic across the complex.

    While the cause of the fire outbreak has not been ascertained, a source inside the refinery hinted of a loud explosion in the section followed by flames and thick smoke.

    The cause of the fire is yet to be known, while no injuries were recorded. The emergency services and fire fighting team in the refineries were also said to have responded swiftly to curtail the fire. 

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    A statement from the Dangote Group signed by the Group Chief Branding and Communications Officer, Dangote Industries Limited, Anthony Chiejina, read: “We have swiftly contained a minor fire incident at our effluent treatment plant (ETP), today Wednesday 26th of June.

    There is no cause for alarm as the refinery is operating and there is no recorded injury or body harm to any of our staff on duty.”

    In the last few days, Dangote has alleged of deliberate efforts to frustrate and sabotage his refinery by “mafia” groups and both local and international oil companies (IOCs).