Economy
Dangote to Build $450m Sugar Production Factory in Niger
By Modupe Gbadeyanka
A sugar production factory capable of creating over 15,000 jobs is to be situated on a 16,000-hectare of land at Lavun Local Government Area of Niger State.
On Wednesday, August 23, 2017, President of Dangote Group, Mr Aliko Dangote, signed a Memorandum of Understanding (MoU) with the state government for the $450million state-of–art and fully integrated sugar complex.
Mr Dangote noted that his decision to start the factory was part of his desire to achieve self-sufficiency in sugar production through the government’s backward integration policy.
At the signing today in Minna, Mr Dangote said when the project is completed, it would bring about a complete economic turn-around for the state.
Dangote Group is currently operating out-grower scheme in rice production in a number of states and also has Africa’s largest sugar refinery in Lagos and a sugar cane plantation in Numan, Adamawa State.
Mr Dangote said his investment was informed by his company’s firm belief in the potentials of the Nigerian economy, adding that the new outlay will add value and create jobs for Nigerians.
He commended the Niger State Governor, Mr Abubakar Sani Bello for his foresight and efforts to woo investors to the state, noting that “the Dangote’s Integrated Sugar Project in Niger State will also include the establishment of integrated sugar mills, generate power, produce molasses, ethanol fuel, biomass and produce animal feeds.”
In his remarks, Governor Bello said the deal will revolutionize agriculture in his state and Nigeria. Expressing joy that the MoU was signed during his own administration, he described Mr Dangote as the liberator of the Nigerian economy and a dependable partner.
The Governor then urged Dangote Group to explore other investment opportunities available in the state, just as he announced that the state was opened for multi-sectoral investments.
Representative of the Minister of Industry, Trade and Investment, Mr Aminu Bisala, described Mr Dangote as the biggest private sector supporter of the Nigerian economy, and Federal Government policies.
He said the Federal Government was comfortable with the numerous investments efforts of the Dangote Group.
Also speaking, Chairman of the Niger State Traditional Council Etsu Nupe, Mr Abubakar Yahyah said he was elated about the huge investment coming to the state, while praying God to bless the Dangote Group more.
Just last week, the conglomerate had sponsored an investment summit in the state, which was attended by former Presidents Abdulsalami Abubakar, Olusegun Obasanjo and the then Acting President, Yemi Osinbajo, who described the private sector as key to the country’s economic development.
Group Managing Director of Dangote Sugar Plc, Engr. Abdullahi Sule, stated that the MoU would be a game changer for Niger State economy and Nigeria as a whole.
He said the integrated sugar mills will have the capacity to produce 160,000MT of raw sugar, pointing out that has been in the fore front of support for government industrialization programmes through backward integration policy in agriculture.
According to him, the Dangote Sugar Refinery is developing a sugar backward integration plan through the production of 1.5MT/PA in ten years in: Nasarawa, Adamawa, Kogi, Kwara, Taraba and Niger states respectively.
The Group’s Executive Director Stakeholders’ Management and Corporate Communication, Mr Ahmed Mansur, had also announced that the Group was investing over $1billion in the agricultural sector in the country, specifically in rice, sugar, tomato and dairy productions.
Niger State Commissioner for Investment, Commerce and Industry, Rahmatu Muhammad Yar’Adua said that the deal with Dangote Group will help grow the agricultural sector and create direct and indirect jobs in the state.
It would be recalled that the Group’s foray into sugar business began in 1981. It has injected over $104million into the Savannah Sugar Company Limited it acquired from government in 2003. Savannah Sugar this year alone, produced 20,000MT of raw sugar from its plantation.
By Dipo Olowookere
Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.
According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.
When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.
Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.
FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.
Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.
International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.
On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.
The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.
Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.
Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.
The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.
GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.
At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.
At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.
However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.
Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.
On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.
Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.
Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.
Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.
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