Connect with us

Business

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

Published

on

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.

Continue Reading
Comments

Business

FG Starts Registration, Categorization For Nigerian Fish Farmers

Published

on

fish

The Federal Government of Nigeria, in its bid to solve the food crisis in the country, has kick-started the registration and categorization of all fish farms across the country. This move is also aimed at fighting the country’s economic challenges and encouraging export, inspection, data collection and record-keeping.

Investors King gathered that the Federal Department of Fisheries & Aquaculture, alongside states of the federation will commence the operation in the coming weeks. 

This development was disclosed at the end of a capacity-building training for fisheries officers and stakeholders involved in fish farming, processing and export recently.

During the training which was organized by the Norwegian Seafood Council (NSC), participants urged the Federal Department of Fishery to hasten the completion and perfection of the Aquaculture Residue Monitoring Plan for approval, in order to enable the export of farmed fish into the European Union and other countries.

In the same vein, the Norwegian Customs has said that Nigerians can now export fish to Norway without duties. However, the products must be of standard quality. 

“Exporters of Nigerian farmed fishes can only enjoy the zero duty rate the moment the ban on such fishes is lifted by the European Union”, the Customs said. 

Meanwhile, the Central Bank Nigeria (CBN) has expressed concerns over the absence of off-takers for fishery farmers in Nigeria. The bank said the situation is affecting the Bank’s ability to intervene in the aquaculture Anchor Borrowers’ initiative.

At the training, an official of the Development Finance Department, CBN, Mr. Samson Alatise said that the CBN is set to support the growth of the fishery sector in Nigeria “if there are the willing anchors that will take up the farmed fishes from the farmers.”

Alatise stated that there is a committee set up by the federal government to checkmate the activities of the sector in the absence of an undertaker. He also said that the “development is limiting the Bank’s participation in funding the aquaculture of ‘Cat’ and ‘Tilapia’ fishes. 

‘‘We are keen on funding aquaculture; the issue is that there is no viable anchor and this has limited the CBN’s participation in terms of growing the fishery sector.

“The CBN wants to see how it can be assisted to overcome the issue of non-availability of anchor,” Alatise added. 

Continue Reading

Company News

Walmart, Amazon, Apple, Others Top 2022 Fortune 500 List

Walmart took the top spot for the tenth year in a row, generating $5.1 trillion cumulative revenue over that time

Published

on

fortune 500

Fortune Magazine has released the 68th edition of their annual list of the top 500 US companies with Walmart, Amazon, and Apple topping the list.

Fortune 500 list is an annual list of the top 500 largest companies in the United States, ranked based on the total revenue each of the companies generated in their respective fiscal years. It is compiled by Fortune Magazine.

A check by Investors King shows 2022 top 500 largest companies in the United States earned a combined $16.1 trillion in revenue and realised $1.8 trillion in profits. Indicating that the 2021 revenue grew by $6.4 billion, or 19% when compared to 2021 numbers.

Breaking down this year’s list, Walmart took the top spot for the tenth year in a row, generating $5.1 trillion cumulative revenue over that time.  Amazon.com came second with a 22% increase in revenue in 2021 to cross the $450 billion threshold.

Apple, perhaps the most profitable company on the list for the eighth time in eight years, generated profits of $95 billion to sit in the number three position.

CVS Health and CEO Karen Lynch strive to produce Fortune 500 history as the highest-ranking firm ever led by a female CEO, at number 4.

UnitedHealth Group maintained its position as USA’s largest health insurance provider, with considerable growth in 2021. The corporation served 2.2 million more individuals this year than the previous year, and revenue increased by 12% to $287 billion, making it claim the 5th spot.

Exxon Mobil has risen from 10th to 6th place on the Fortune 500 after a difficult, pandemic-affected 2020. After COVID-related limitations drove energy consumption and oil and gas prices to plunge, Exxon Mobil trimmed costs to shore up its balance sheet, laying off 9,000 employees. These measures, combined with a resurgence in oil prices, let the business earn more than $23 billion in 2021, its highest annual profit in seven years.

Warren Buffet’s Berkshire Hathaway generated the second-largest profits among Fortune 500 firms last year, with $90 billion in net income. Its stock also soared, returning 23.2 percent in 2021, putting it in the 7th position.

Alphabet had a spectacular record, reaching $200 billion in sales for the first time. Alphabet was the best-performing Big Tech stock in 2021, with shares up nearly three times the Nasdaq’s 22 percent gain. It also put aside $50 billion for share repurchases and announced a 20-to-1 stock split to stimulate more investment. With steady growth in revenue and profit from 2006, Alphabet took the 8th spot.

Mckesson, one of the largest drug distributors in the country ranked 9th with a clear revenue of $238,228 million in the 2021 fiscal year despite a $4.5 billion loss.

Despite a fall in this year’s ranking, AmerisourceBergen increased its revenue by 12.7%, to $214 billion for the 2021 fiscal year. The company ranked 10th, following its counterpart, Mckesson.

2022 Top 10 Fortune 500 List

  • Walmart
  • Amazon
  • Apple
  • CVS Health
  • United Health Group
  • Exxon Mobil
  • Berkshire Hathaway
  • Alphabet
  • Mckesson
  • AmerisourceBergen

Continue Reading

Business

Kaduna Airport Finally Resumes Operation, Azman Air Becomes First Airline to Reopen 

Published

on

Kaduna International Airport

After it suspended all flight operations for almost two months, the Kaduna Airport has finally resumed its flight operations, starting with Azman Air. 

The Federal Airports Authority of Nigeria (FAAN) announced that the Kaduna airport has commenced full flight operations after it was shut down due to an attack by gunmen. 

The acting General Manager, Corporate Affairs, Federal Airports Authority of Nigeria (FAAN), Faithful Hope-Ivbaze, confirmed to newsmen on Monday that “Flight operations to Kaduna airport have commenced today with Azman Air.”

Investors King gathered that Azman Air, via its official Twitter account, announced the resumption of flights to the Kaduna airport, making it the first airline to resume operations.

The tweet reads: “Azman Air landed at Kaduna Airport today 23rd May 2022, to the elation and cheers of passengers, stakeholders, and staff. 

“Azman Air is the first Airline to resume operations in the Kaduna Airport after it has been closed for almost two months. 

“It was a defining moment for the aviation community as the airport is reopened after being closed for two months. It’s so exciting to be back!”

The airport manager, Aminat Salami, said: “As you can see, I have all my management staff here. We have been closed from the 26th of March, close to two months and I’m very sure and you can see we are all excited and happy and I’m praying that Azman will continue their operations successfully and they should not be discouraged by the first flight because people are not really aware”. 

“We will try to do more of the video advert so that the passengers would improve as time goes on,” she added. 

Recall that in March, it was reported that gunmen attacked the airport and killed a security guard while the Kaduna-Abuja train was also attacked on the same day. 

The airline had stopped its flight operations into Kaduna following the attack at the airport eight weeks ago. 

The attack was however repelled by the airport security operatives.

 

Continue Reading




Advertisement
Advertisement
Advertisement

Trending