Economy
Nigeria Will Get Out Of Recession March 2017—Dangote
By Modupe Gbadeyanka
President/Chief Executive Officer of Dangote Group, Mr Aliko Dangote, has predicted that Nigeria will be out of its present economic recession “at about the first quarter of next year.”
The Africa’s richest man believes Nigeria has all it takes to bounce back, pointing out that the private sector in the country was huge.
Mr Dangote made these comments on Monday when he hosted staff, participants and some members of alumni of Lagos Business School (LBS) at his Dangote Refinery in the Lekki Free Trade Zone, Lagos.
The business mogul, who delivered a lecture titled ‘The Role of Business in Driving Sustainable Development in Africa-The Story of Dangote Group’, said the country must pay serious attention to agriculture in order to reduce importation.
Nigeria currently depends of foods from other nations to feed its citizens. This has weakened the Naira in the foreign exchange market. Most Nigerians also have confidence in imported goods, neglecting its locally made goods.
At Monday’s event, Mr Dangote stressed the role of businesses in the acceleration of the Nigerian and African economy.
He submitted that, “I personally believe we will be out of recession at about the first quarter of next year, Nigeria has what it takes, and the private sector is huge in Nigeria. The government should not focus on any business what the government should focus on, is tax collection.”
“Today in Nigeria we have 60 percent more arable land than in China, yet most of what we consume we are importing, we must drastically change and diversify the economy if not we will be in trouble. We are the only African country that is not self-sufficient, we need to focus and move into agriculture,” he said.
During the occasion, which ended with a question and answer session with Mr Dangote, the guests were given a guided tour of the ongoing construction of the $12 billion Dangote refinery grounds which includes a petrochemical project, gas pipeline project and a fertilizer project.
Dr Henrietta Onwuegbuzie, LBS Entrepreneurship Faculty, who facilitated the visit to the refinery, said the purpose of the visit was to inspire participants and allow them see how they can also contribute to the growth of Nigeria.
“I believe the visit has a powerful effect in terms of inspiring the participants, for me it is important we develop impact driven executives, entrepreneurs and business owners; this is one way of getting them really inspired by seeing how they can contribute to accelerating the development of Nigeria” she said.
Participants in attendance were extremely grateful for the opportunity and very pleased with the knowledge they received.
Ify Ukachukwu, Executive Director, Rexons Industries Limited (OMP 22) said “the visit was very gratifying, I am happy I got the opportunity to learn about the importance of the manufacturing industry from Dangote, especially with the current economic situation of Nigeria.”
For Jeffery Olaleye, CEO, Frame Engineering (EMBA 18) the visit allowed him realise that there are various business opportunities which entrepreneurs can tap into.
“It is a bundle of knowledge and investment, this visit enabled me to understand the importance of diversification, it has also opened my eyes to a lot of opportunities which I will like to tap into,” he said.
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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