Economy
Ogun Speaker Urges Dangote to Sustain Investments in Critical Sector
By Modupe Gbadeyanka
The Speaker of the Ogun State House of Assembly, Mr Oludaisi Elemide, has described lauded the contributions of Dangote Industries Limited to the Nigerian economy.
The lawmaker described the company’s contributions as second to none, urging the owner of the firm, Mr Aliko Dangote, not to be deterred by challenges facing businesses in the country.
“There is no doubt that Mr Aliko Dangote has contributed immensely to the economic well-being of this country with his investments across various sectors. There is no household in this country that does not use one of Dangote products. I buy Dangote salt and it’s what we use in my house and in my farm,” Mr Elemide stated at the Dangote Special Day at the ongoing 14th Gateway International Trade Fair in Abeokuta.
He encouraged Mr Dangote to continue to invest in critical sector of the economy just as he has done in the oil and gas sector with the world class petroleum refinery, tasking others to “emulate him and imbibe his patriotism.”
Speaking in the same vein, the Permanent Secretary in the Ministry of Industries, Trade and Investment, Mr Olu Aikulola and the Chairman of Yewa North Local Government, Mr Olusola Adebode, said if Nigerians had been lucky to have two investors of Dangote stature, the country would have ranked among the developed countries.
They stated that the DIL has remained the backbone of Nigeria’s economy and urged the management not to rest on its oars.
Welcoming guests earlier, Dangote Cement’s Sales Director, Lagos/Ogun, Mr Tunde Mabogunje, said Dangote Group is committed to producing critical household items, with some of its other products serving as either feedstock or raw materials for other manufacturers as a sure way of galvanizing the nation’s economic independent through industrialization.
“At Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own,” Mr Mabogunje noted.
“This commitment informs our active partnership with Ogun State Chamber of Commerce, Mines and Agriculture (OGUNCCIMA). Businesses need connections at various levels—business-to-business, distributorship, and ultimately with the final consumers.
“With our Petroleum Refinery and Petrochemical, we are optimistic that many new manufacturing outfits will emerge relying on both the products and by-products of the petroleum complex as feedstock in their production processes,” he noted.
According to him the evolution of different businesses under the Group is expected to crystallise Nigeria’s economy by creating linkages between different industrial sectors. The linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.
“Linkages are vital in sustainable economic and industrial development. We are envisaging a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population,” he added.
The Dangote Cement boss explained that the Group’s participation at the Fair, apart from the exhibitions, is to seek connections with other businesses.
On the Group’s interventions, Mr Mabogunje disclosed that the Company has commenced export of products from its petroleum refinery to other parts of the world of which Saudi Aramco is the latest destination of its petroleum export while Dangote fertilizer is also exported to other countries thus bringing in the much-needed foreign exchange.
“Dangote Group has actively participated in road construction and rehabilitation projects aimed at improving transport conditions. The Group also plays a critical role in export financing, particularly through its cement business.
“Our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has helped also reduced pressure on foreign exchange,” he stated.
The President of OGUNCCIMA, Mr Niyi Oshiyemi, said the Dangote Group has remained a consistent pillar of support for his Chamber despite the present challenges confronting Nigeria’s economy. They have displayed steadfast commitment to OGUNCCIMA for which Ogun State government has been grateful.
He added that the Dangote Group’s journey is a story of strategic diversification and visionary leadership, capitalizing on Nigeria’s rich natural resources and creating millions of jobs, opportunities for SMEs, and an environment for foreign investments.
He further said that the Group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by marginal 0.02 per cent on Tuesday, March 25 spurred by a boost in the price of 11 Plc.
At the close of business, the share price of 11 Plc increased during the trading day by N1 to close the day at N241.00 per unit compared with the previous day’s N240.00 per unit.
Consequently, the market capitalisation increased by N340 million to settle at N1.929 trillion, the same value it ended a day earlier, and the NASD Unlisted Security Index (NSI) went up by 0.62 points to 3,340.14 points from Monday’s 3,339.52 points.
Trading data showed a decrease of 98.3 per cent in the volume of securities transacted to 16,848 units from the 961,456 units transacted in the previous trading day, the value of transactions slid by 85.6 per cent to N3.2 million from N22.1, and the number of deals fell by 81.8 per cent to four deals from 22 deals recorded.
Impresit Bakolori Plc remained the most active stock by volume at the bourse since the start of the year till yesterday with 533.9 million units worth N520.9 million, followed by Industrial and General Insurance (IGI) Plc with 70.0 million units worth N23.8 million, and Geo Fluids Plc with 44.1 million units sold for N88.9 million.
Also, Impresit Bakolori Plc was the most active stock by value on a year-to-date basis with a turnover of 533.9 million units worth N520.9 million, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 13.3 million units valued at N513.9 million, and Afriland Properties Plc with 17.6 million units valued at N360.1 million
By Adedapo Adesanya
The Naira witnessed a 0.09 per cent or N1.37 depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, March 25, closing at N1,533.66/$1 compared with the previous day’s value of N1,532.29/$1.
Also, the Nigerian currency weakened against the British Pound Sterling yesterday in the official market by N4.62 to quote at N1,985.37/£1 compared with Monday’s closing price of N1,980.75/£1 and crashed against the Euro at the same market segment by N3.29 to finish at N1,659.12/€1, in contrast to the preceding session’s N1,655.83/€1.
At the parallel market window, the Naira maintained stability against the Dollar during the session at N1,570/$1, according to data harvested by Business Post.
The domestic currency has been volatile in the past trading days despite moves by the Central Bank of Nigeria (CBN) to sustain FX liquidity to ease the pressure on the Naira.
As for the cryptocurrency market, investors reacted positively to the US Federal Reserve’s dovish stance on inflation and a cooldown in concerns around the upcoming US tariffs, which have supported gains in the past week.
However, the lack of altcoin correlation with Bitcoin’s (BTC) recent moves hints that the current price action might lack broad market support.
During the session, Dogecoin (DOGE) appreciated by 5.8 per cent to sell at $0.1942, Solana (SOL) rose by 2.9 per cent to trade at $143.97, Litecoin (LTC) recorded a 2.6 per cent growth to close at $95.01, and Cardano (ADA) jumped by 1.9 per cent to settle at $0.7542.
Further, BTC improved its value on Tuesday by 1.5 per cent to finish at $87,889.95, Ripple (XRP) went up by 1.4 per cent to end at $2.45, and Ethereum (ETH) expanded by 0.3 per cent to close at $2,068.23.
On the flip side, Binance Coin (BNB) depreciated by 1.7 per cent to finish at $632.46, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market was mixed on Tuesday as a truce between Russia and Ukraine offset concerns about tighter global supply due to threatened US tariffs on countries buying Venezuelan production.
Brent crude futures closed higher by 2 cents or 0.03 per cent at $73.02 a barrel and the US West Texas Intermediate (WTI) crude fell by 11 cents or 0.16 per cent to $69 per barrel.
The US reached deals with Ukraine and Russia to pause attacks at sea and against energy targets, with Washington agreeing to push to lift some sanctions against Russia.
The agreements are the first formal commitments by the two warring sides since President Donald Trump’s inauguration.
President Trump is pushing for an end to the war in Ukraine and a rapid rapprochement with Russia that has alarmed Ukraine and European countries.
The US agreement will help seek the lifting of international sanctions on Russian agriculture and fertiliser exports, a Russian demand that has been in the offing since.
Meanwhile, both sides said they would rely on the US to enforce the deals, while expressing scepticism that the other side would abide by them.
Market analysts confirmed that a ceasefire between Russia and Ukraine might open the door for the reduction of sanctions on Russian oil.
However, President Trump’s threat of tariffs against countries importing oil and gas from Venezuela has raised supply concerns.
The tariffs have been considered an indirect sanction designed to hurt China’s independent refineries , which are the largest buyers of Venezuelan oil.
The Trump administration has extended a deadline to May 27 for US producer Chevron to wind down operations in Venezuela.
The withdrawal of Chevron’s licence to operate could reduce production in the country by about 200,000 barrels per day.
This is after the US issued new sanctions intended to hit Iranian oil exports last week.
In addition, the Organisation of the Petroleum Exporting Countries and allies (OPEC+) will likely stick to its plan to raise oil output for a second consecutive month in May.
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 4.6 million barrels for the week ending March 21. Official information will come from the US Energy Information Administration (EIA) later on Wednesday.
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