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No More Importation of Petrol Once My Refinery is Ready – Dangote

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Dangote Cement - Investors King

Aliko Dangote, president of Dangote Group, has assured Nigerians that when his refinery is ready, the country would no longer need to import petroleum products. Speaking at the site of his refinery in Lekki, Dangote said his refinery would put an end to fertiliser importation in Nigeria, transforming the country into a net exporter of refined crude and fertilizer.

“Today, Nigeria imports 100 percent of its fertilizer, but when we finish, Nigeria will be the largest exporter of Urea and Ammonia in Africa,” Dangote said.

“The refinery is the largest single line in Africa and it will meet our total domestic requirement and save foreign exchange.

“Thirty-eight per cent of CBN’s foreign exchange is spent on importation of petroleum products. But we can serve the whole West African market.”

Dangote said he had been working with the government and the central bank of Nigeria (CBN) in diversifying the economy.

“We are going to serve the whole domestic market in the next 10 years and also export. We have actually been doing this for a very long time to diversify the economy.

“The government will lay down the policies. The CBN will assist in terms of long-term funding through the banks and even directly now because they have actually helped us quite a lot. That is what we are now trying to do.”

Godwin Emefiele, the CBN governor, who visited the Dangote free trade zone, said the CBN would provide the needed foreign exchange for the refinery, adding that the refinery, upon completion, would generate $6 billion dollars in foreign exchange for Nigeria.

“Imagine what would happen to the savings in foreign exchange by the time the fertilizer plant is completed in 2017 and by the time the refinery and petrochemical plant is completed during the early part of 2018.

“We expect that by the time these projects are completed, they will not only meet the needs of our domestic requirements – by the time they are completed, he (Dangote) will be exporting these products to the point where he will be selling foreign exchange to Nigerians and CBN to the tune of almost $6 billion yearly.

“That is the kind of project we think we should support and we think that we need to encourage more Nigerians to begin to think like Aliko Dangote.”

The Organisation of Petroleum Exporting Countries (OPEC), in its world oil outlook for 2015 said Dangote is responsible for nearly 50 percent of refinery projects in Africa for the next five years.

The refinery is expected to cost about N2.8 trillion and refine about 650,000 barrels of crude oil per day.

Thecable

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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JUST IN: Abuja to Kaduna Train Service to Resume by December 5

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Lagos-Ibadan Train Services - Investors King

The Federal Government has announced that services along the Abuja–Kaduna rail corridor would resume on Monday, December 5, 2022.

This was disclosed by the Managing Director of Nigeria Railway Corporation, Fidet Okhiria. 

While speaking to the News Agency of Nigeria (NAN) yesterday, Okhiria noted that all is now set to open the train corridor to passengers. 

He, therefore, advised passengers wishing to utilise the service to commence updating their mobile app from December 3, to enable them to successfully book the ride. 

Investors King earlier reported that the resumption of the Abuja to Kaduna train service will commence last Monday. The resumption was however postponed due to ongoing security work on the trail track as well as coaches. 

It could be recalled that the Minister of Transportation, Mu’azu Sambo stated during the test run of the train on Sunday that Nigerians without a National Identification Number would not be allowed to board the train.

The Minister added that the government is doing everything to stop a re-occurrence of the event that happened early this year when terrorists attacked Abuja to Kaduna. 

An event that led to the death of no less than nine people while several others were kidnapped. 

Speaking further on the new development, the NRC boss noted that the services will commence with two train rides from Abuja-Kaduna and vice-versa.

Given the train schedule, Okhiria stated that “AK 1 will depart Idu Station at 9:45 am and arrive at Rigasa Station at 11:53 am.

“KA 2 will depart Rigasa at 8:00am and arrive at Idu station at 10:17am.

“AK 3 will depart Idu Station at 3:30pm and arrive at Rigasa Station at 5:38pm.

He added that “KA 4 will depart Rigasa at 2pm and arrive at Idu Station at 4:07pm.

Okhiria noted that the federal government will continue to do all it can to protect both lives and properties on board its train at all times.

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Dominic Pizza Partners 9mobile on Food Service Delivery

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

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Dominos Pizza

Quick Service Restaurant (QSR), Domino Pizza has partnered with mobile telecommunication provider, 9mobile to improve its food service delivery.

The mother brand of Domino Pizza, Eat’N’Go Africa noted that the partnership is a demonstration of the company’s commitment to better serve the Nigerian market.

According to a statement released by the company, the partnership is aimed to increase customer satisfaction and provide quick service delivery to both individuals and retail offices.

Investors King learnt that customers can now easily and swiftly order domino pizza through the newly launched dedicated call center. 

The statement added that the Call Centre service was currently active in all Domino’s branches in Lagos State, with plans underway to activate it in other locations in Nigeria and would provide multi-lingual services.

Speaking at the event, the Group Chief Executive Officer of Eat’N’Go Africa, Mr. Patrick McMichael noted that customers’ orders will henceforth be delivered as much faster as possible. He added that the core responsibility of the company is to attain customer satisfaction through its products and service delivery. 

“As an organization, Eat’N’Go is committed to always being at the forefront of customer satisfaction and by adapting to innovative ways we will keep improving on our service delivery which the call centre avails us,” he said. 

Similarly, the Chief Executive Officer (CEO) of 9mobile, Juergen Peschel who was present at the event expressed delight and confidence in the prospect of the new partnership. 

He noted that with the new partnership, Eat’N’Go will be able to revolutionise delivery. 

The CEO affirmed that the collaboration shows the extent to which technology can be deployed to ease the way business is done.

Meanwhile, Eat’N’Go Africa is the mother company of a number of trademark products which include Domino Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt brands. It is one of the leading Quick Service Restaurants (QSR) in Nigeria. 

The company currently has more than 190 outlets across the country with the goal to reach 250 outlets in 2023. 

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Aero Contractors to Resume Operations After Four Months of Suspension

Aero Contractors called off suspension, to resume operations in the first week of December

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Aero Contractors Airlines

Aero Contractors has disclosed plans to resume flight operations on the 5th of December 2022. The resumption is coming after more than four months of suspension owing to a lack of equipment capacity, foreign exchange scarcity, and other industry challenges.

Investors King could recall that in July 2022, Aero Contractors which is one of the oldest domestic airlines operating in Nigeria announced a voluntary withdrawal of service due to the numerous challenges facing the airline and the industry in general. 

“Due to the impact of the challenging operating environment on our daily operations, the management of Aero Contractors Company of Nig. Ltd. wishes to announce the temporary suspension of its scheduled passenger service operations with effect from Wednesday, July 20, 2022,” a statement issued by the airline in July partly read. 

The airline added that some of its aircraft were undergoing maintenance which made it a more complex situation to cope with the current reality in the aviation industry.

It highlights the high cost of maintenance, fuel, inflation, and forex scarcity resulting in high foreign exchange rates as some of the prevailing challenges which culminated in the suspension of service.

According to sources that are familiar with the new development, flight operations will resume with the Lagos to Abuja route while a check on the airline website showcases a confirmation. 

Meanwhile, the Nigerian Civil Aviation Authority (NCAA) has cleared Aero Contractors to resume flight operations. 

The Director General of NCAA, Capt. Musa Nuhu confirms the resumption during a discussion he had with journalists earlier today. 

The DG clarified that the airline was not grounded and that it never had safety issues. Rather, he said the airline was faced with financial challenges which, if not quickly nipped in the bud, may degenerate into safety issues.

“Aero Contractors was not grounded based on safety issues. We did an audit of them…and we found out that the issue they had was financial sustainability,” Capt Nuhu noted.

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