Economy
Ogun Government Calls Dangote Cement Worthy Partner
By Aduragbemi Omiyale
Dangote Cement Plc has been described by the Ogun State government as a worthy partner due to its efforts to complement the state’s poverty alleviation programmes.
The company received this commendation at the graduation of 305 youths from the 17 host communities of the Ibese plant of Dangote Cement recently.
The beneficiaries underwent training and were empowered with start-up packs to enable them to start a meaningful business after completing their skills acquisition programme, courtesy of the cement firm.
The Commissioner for Youths and Sports Development in Ogun State, Mr Wasiu Isiaka, confessed that the partnership programmes of Dangote Cement have helped the state government tremendously in the area of poverty alleviation and job creation.
He, however, challenged Dangote Cement to sustain the trend by helping to ensure it creates markets for the products the youth beneficiaries would be churning out, noting that when there is a market for the products, the beneficiaries will be encouraged to double their efforts.
The Commissioner assured that the state government would be ready to assist in whatever is required to foster joint development of the state by empowering its people, especially the youths.
Mr Isiaka advised the company to ensure the diversification of its empowerment programme so that different skills can be acquired by the youths in various fields of vocation and in turn teach others.
He urged the youths and other stakeholders in the host communities to reciprocate the gesture of the Dangote Cement, Ibese by making peace and tranquillity their priority.
Speaking at the event, the Acting Plant Director of the Ibese Cement Plant, Mr Michael Johnson, described the conclusion of the skills acquisition programme as another testament to Dangote Cement’s commitment to the socio-economic development of its host communities and their people.
“Our focus is to support the indigenous people to become self-sustaining by delivering and sustaining values that are pivotal to their overall growth and development,” he said.
He explained that the beneficiaries are “being provided with multi-million Naira start-up packs comprising SR-810 Professional Single Needle Post-bed Heavy-lock Stick Shoe Patch sewing machine, Master Flex MF-2008BG Shoe filling machine and other accessories like scissors, hammer & sewing needle.”
The Plant Director also urged the beneficiaries to make good use of the opportunity to set up their businesses, grow them and become employers of labour by hitting the ground running immediately, saying a journey of a thousand miles starts with a step.
“Be bold and courageous to start your journey to greatness now! We live in a technology-driven world, which the advent of Artificial Intelligence (AI) has taken to another level.
“Hence, you need to remain focused and be conversant with the latest developments in your areas of specialization by embracing technology to remain relevant and competitive,” he said.
Responding on behalf of the beneficiaries, 21-year-old Olowookere Sadiq Opeyemi from Abule-Oke Community thanked Dangote Cement for the initiative.
“What Dangote Cement has done for us is unquantifiable. They have lessened the burden off our parents and the society at large will be better for it. With this, Dangote Cement, Ibese has proven that they are not just corporate citizen but a socially responsible corporate citizen,” he stated.
By Adedapo Adesanya
The Naira weakened against the United States Dollar by N4.75 or 0.35 per cent to N1,364.89/$1 from N1,360.14/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, August 11.
In the same vein, the domestic currency slumped against the Pound Sterling in the official market during the session by N4.11 to trade at N1,842.61 compared with the previous day’s N1,838.50/£1, and against the Euro, it lost N4.41 to sell at N1,575.50/€1 versus Monday’s N1,571.09/€1.
But it was a different scenario at the GTBank FX desk, where the Naira gained N4 against the US Dollar yesterday to close at N1,367/$1, in contrast to the previous day’s N1,371/$1, and appreciated by N5 in the parallel market to quote at N1,395/$1 compared with the preceding session’s N1,400/$1.
Interbank FX turnover, according to data from the Central Bank of Nigeria (CBN), fell sharply by 86 per cent to $29.1 million, down more than 86 per cent from $213.9 million a day earlier, with the number of settled interbank deals down to 47 from 182.
The decline in Dollar trading was attributed to weaker bank bids from customers seeking foreign exchange payments, while tight market liquidity continued to weigh on the Naira.
Nigeria’s gross external reserves rose by $83.81 million to $52.14 billion.
Meanwhile, the cryptocurrency market rebounded, with Dogecoin (DOGE) going up by 2.8 per cent to $0.0721 and taking its weekly gain to over 3 per cent, while Bitcoin (BTC) slipped by 0.3 per cent to $63,769.69.
Investors are focused on Thursday’s US Consumer Price Index (CPI) report and Middle East tensions, as lower inflation and a potential Fed pivot could fuel a relief rally in risk assets even as rising oil prices threaten to push inflation higher.
Binance Coin (BNB) grew by 2.2 per cent to $612.49, TRON (TRX) rose by 1.1 per cent to $0.3350, Ripple (XRP) increased by 0.9 per cent to $1.02, Ethereum (ETH) advanced by 0.8 per cent to $1,889.60, and Solana (SOL) jumped by 0.5 per cent to $76.24, while Cardano (ADA) lost 0.6 per cent to end at $0.1867, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) flat at $1.00 apiece.
By Adedapo Adesanya
Oil was up by 1 per cent on Tuesday as doubts about a potential United States-Iran peace deal fueled concerns that Middle East supply disruptions would persist.
As a result, Brent futures rose by $1.19 or 1.4 per cent to $88.91 a barrel, while the US West Texas Intermediate (WTI) futures expanded by $1.07 or 1.3 per cent to $83.20 per barrel.
Both contracts had jumped about 5 per cent on Monday as hopes for a peace deal between the US and Iran started to fade.
It looked worse on Tuesday when Iran said the Strait of Hormuz will remain closed unless the US ends the war and meets Iran’s conditions, raising the bar for a deal that would restore more oil traffic through the key waterway. About 20 per cent of global oil supply passed through the strait before the start of the Iran war on February 28.
Mr Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, said it has also delivered additional conditions to the US through mediators.
US officials had suggested last week that negotiations involving Iran and Oman were making progress toward allowing more vessels through Hormuz.
Shipping traffic through the Strait of Hormuz fell sharply on Monday as tensions continued to disrupt maritime activity across the Middle East.
Shipping data showed that only six vessels passed through the strategic waterway on Monday, below the 10-day average of about 11 vessels. Before the conflict, daily traffic through the strait averaged between 125 and 140 vessels.
The disruption comes amid heightened security concerns across key regional shipping routes.
In the Bab el-Mandeb, Yemen’s Iran-aligned Houthis attacked a Saudi vessel carrying military equipment, according to the Houthi-run Saba news agency.
Separately, Reuters reported a missile attack on a container ship off Pakistan in what was suspected to be a US strike, further underscoring the security risks facing commercial shipping in the region.
The disruption to regional maritime traffic has also raised concerns about the recovery of oil production in the Middle East.
The US Energy Information Administration (EIA) said on Tuesday that some oil producers in the region could struggle to restore output to pre-conflict levels by the end of 2027, even if shipping and trade patterns return to normal by early next year.
The outlook highlights the potential for prolonged disruptions to global oil supplies despite a possible normalisation of trade flows in the coming months.
In Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC), renewed violence in the strategic city of Zawiya has disrupted the oil industry, with state oil firm the National Oil Corporation saying it could declare force majeure if drone attacks on energy assets in the city continued.
In Europe, the Ukrainian military said on Tuesday it attacked an oil refinery in the Russian city of Orsk, the second-largest city in the Orenburg region and an important industrial hub.
The combination of Ukraine’s attacks on Russian energy infrastructure and the Iran war has limited global supplies and boosted global energy prices.
By Aduragbemi Omiyale
African leaders have been advised to focus on economic integration through industrialisation, as this would make the continent a formidable force in the global market.
This charge was given by the Minister of State in the Tanzanian President’s Office responsible for Planning and Investment, Prof. Kitila A. Mkumbo, during a visit to the Dangote Petroleum Refinery and Petrochemicals in Lagos.
“Africa now needs economic liberation, and that can only come through industrialisation,” he said, describing Mr Aliko Dangote as Africa’s leading industrialist whose investments are increasingly extending beyond Nigeria to support development across the continent.
He added that Tanzania looks forward to working with Dangote Group as part of a broader vision of accelerating Pan-African industrialisation and strengthening regional manufacturing capacity.
The Minister also highlighted the importance of local refining capacity in improving Africa’s energy security, particularly in light of recent disruptions in global oil markets.
Referring to the impact of tensions around the Strait of Hormuz on global fuel prices, he said increased refining capacity from facilities such as the Dangote Petroleum Refinery would help cushion African economies against external shocks.
According to him, affordable and reliable energy remains one of the most important drivers of economic development, noting that expanded refining capacity across the continent would contribute significantly to lowering energy costs and improving the quality of life for millions of Africans.
The Tanzanian delegation was in Nigeria to follow up on discussions held earlier this year between President Samia Suluhu Hassan and Mr Dangote regarding the expansion of Dangote Group’s investment footprint in Tanzania.
The East African nation reaffirmed its commitment to deepening economic cooperation with Dangote Group, expressing strong interest in attracting new investments in fertiliser production, energy and industrial infrastructure to support the country’s long-term development agenda.
“We have come here to make a follow-up on what they deliberated with our President in terms of further Dangote investments in Tanzania,” Mr Mkumbo said.
