Connect with us

Business

Reactions as Dangote Asks Northern Govs to Combat Extreme Poverty

Published

on

Aliko Dangote - Investors King
  • Reactions as Dangote Asks Northern Govs to Combat Extreme Poverty

Africa’s richest man and President of the Dangote Group, Aliko Dangote, on Wednesday expressed concern about the high rate of poverty in the North, saying northern governors should wake up to address the problem.

Dangote stated this when he delivered a keynote address at the 4th edition of Kaduna Economic and Investment summit (KADInvest 4.0).

He noted that 60 per cent of northerners lived in extreme poverty, saying it was unacceptable for a people with vast arable land for agriculture to live in poverty.

The billionaire urged the governors to wake up and pull the region out of its current economic woes.

He said, “The North must focus on harnessing its massive agricultural potential in terms of both production and processing. No region with high such agricultural potential should be this poor.

“We have what it takes to turn around our fortunes and I pray all the 19 governors of the northern states will wake up and follow the footsteps of the Kaduna State Government.

“Given the vast arable land and conducive condition, I think in the next 10 years, agriculture can generate more revenue and prosperity than oil that we have now if we have the right commitment.”

He also told governments in the region to identify their areas of comparative advantage, adding that the provision of information and data on what was available in various states was equally necessary.

According to him, efforts should be made to encourage local investors because “they will attract foreign investors.”

Dangote said, “While the overall social economic consideration in the country is a cause for concern, the regional indicators are very alarming. In the north-western and north-eastern parts of Nigeria, more than 60 per cent of the population lives in extreme poverty.

“It is instructive to know that the 19 northern states, which account for over 54 per cent of the country’s population and 70 per cent of its landmass, collectively generated only 21 per cent of the total sub-national internally generated revenue in 2017.

“Northern Nigeria will continue to fall behind if the respective state governments do not move to close the development gap and that is why we are always saying that the biggest challenge we have and what we are always praying for is to have 10 governors like Mallam Nasir El-Rufai in the North.”

Yakasai, Balarabe Musa back Dangote

Meanwhile, elder statesman, Alhaji Tanko Yakasai, and a former governor of old Kaduna State, Alhaji Balarabe Musa, supported Dangote’s position.

In separate telephone interviews with one of our correspondents, in Abuja, on Wednesday, both men expressed displeasure with the way northern governors were administering their states.

Yakasai said, “We still have arable land and a growing population of young, energetic but jobless people roaming the streets but our governors are not providing the right kind of leadership to turn this population into a useful force in our farms.

“What is required of the Federal Government are the right policies as well as provision of power and other infrastructure because the governors own all the land in Nigeria and land is key to agriculture. Dangote is absolutely right.”

Also, Musa said, “I agree with Aliko Dangote, our governors are part and parcel of our problem especially in the area of corruption. These governors are engaged in massive stealing, corruption and waste of public resources.

“The North certainly has no business with poverty but we are certainly not making progress with the kind of leadership we have both at the federal level and in the various northern states today.”

At the event, President Muhammadu Buhari said the Federal Government would accord priority to economic recovery.

Buhari noted that the implementation of the economic recovery and growth plan would no doubt create sustainable jobs and prosperity for Nigerians.

Earlier in his remarks, El-Rufai assured the people of the state of his administration’s willingness to implement the suggestions made at the last edition of the KADinvest, especially the state development plan, the tax consolidation and the development of a digital land registry.

El-Rufai also announced that the state had attracted over $500m investments in four years in spite of the challenges confronting it.

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

Continue Reading
Comments

Company News

NNPC and ARPHL Collaborate to Expand Port Harcourt Refinery to 310,000bpd

Published

on

NNPC - Investors King

The Nigerian National Petroleum Company Limited (NNPC) has joined forces with the African Refinery Port Harcourt Limited (ARPHL) to expand the Port Harcourt Refinery.

The collaboration entails ARPHL’s subscription of a 15% equity stake in the Port Harcourt Refining Company, a move aimed at augmenting the refinery’s daily production capacity from 210,000 barrels per day (bpd) to 310,000bpd.

The agreement, finalized at a signing ceremony held at the NNPC Towers in Abuja, underscores the commitment of both parties to bolstering Nigeria’s downstream oil and gas sector.

Managing Director of African Refinery Port Harcourt Limited, Omotayo Adebajo, and NNPC’s Executive Vice-President, Downstream, Adedapo Segun, sealed the deal, marking a pivotal moment in the nation’s quest for energy self-sufficiency.

According to statements released by NNPC and ARPHL, the subscription agreement represents a crucial step towards expanding Nigeria’s refining capacity and addressing the nation’s persistent reliance on imported petroleum products.

The proposed increment of 100,000bpd in the Port Harcourt Refinery’s capacity is poised to significantly reduce Nigeria’s dependence on imported fuel, fostering economic resilience and energy security.

Speaking on the collaboration, NNPC’s Executive Vice-President highlighted the strategic significance of co-locating the proposed additional refining capacity with the existing facilities at the Port Harcourt Refinery complex.

The move not only optimizes existing infrastructure but also underscores NNPC’s commitment to modernizing and revitalizing Nigeria’s refining sector.

In a similar vein, Tola Ayo-Adeyemi, Group Executive Director, Legal and Regulatory Compliance at African Refinery Group, emphasized the transformative impact of the collaboration on Nigeria’s energy landscape.

He highlighted the ARPHL refinery project’s position as the largest private refinery in Nigeria’s South-South and South-East geopolitical regions, underscoring its pivotal role in driving regional development and economic growth.

The groundbreaking ceremony for the ARPHL refinery project, scheduled for later this year, symbolizes a significant milestone in Nigeria’s journey towards energy independence.

With construction slated to commence in 2025 and commercial operations targeted for 2027, the project represents a beacon of hope for Nigeria’s refining sector, promising to deliver over 30 million liters of various petroleum products daily upon completion.

Continue Reading

Company News

Tech Giants Microsoft and Alphabet Beat Expectations, Driven by AI and Cloud Revenue

Published

on

microsoft - Investorsking

Industry titans Microsoft Corp. and Google parent company Alphabet Inc. have surpassed Wall Street’s expectations, buoyed by robust growth in artificial intelligence (AI) and cloud computing revenue streams.

The stellar quarterly results underscore the pivotal role of advanced technologies in shaping the future of these tech behemoths.

Both Microsoft and Alphabet showcased impressive performances in their latest earnings reports, sending their shares soaring in after-hours trading.

Microsoft’s stock surged by 6.3%, while Alphabet witnessed an astonishing 17% increase, reflecting investor confidence in the companies’ strategic investments and innovative initiatives.

The driving force behind this remarkable success story is the accelerating demand for AI-powered solutions and cloud services. As businesses increasingly embrace digital transformation, the adoption of AI technologies and cloud infrastructure has become paramount, fueling substantial revenue growth for both Microsoft and Alphabet.

At the forefront of this AI revolution, Microsoft and Alphabet have been fervently expanding their AI capabilities and integrating them into a wide array of products and services.

From advanced AI models to cloud-based AI solutions, both companies have been relentless in their pursuit of technological innovation, positioning themselves as leaders in the rapidly evolving AI landscape.

Silicon Valley has heralded 2024 as the year of generative AI, a groundbreaking technology capable of creating text, images, and videos from simple prompts.

Microsoft and Alphabet have capitalized on this trend, leveraging generative AI to drive business growth and enhance their cloud computing offerings.

The surge in cloud computing demand has been a particularly welcome development for Google, which has long trailed behind rivals such as Amazon and Microsoft in this competitive market.

After achieving profitability in its cloud operation last year, Google’s first-quarter profit of $900 million far exceeded analysts’ projections, signaling a significant turnaround for the tech giant.

Microsoft’s Azure cloud computing platform also experienced robust growth, with sales climbing by 31% in the quarter, surpassing analysts’ expectations.

The integration of AI technology into Azure subscriptions has proven to be a key driver of growth, as businesses increasingly recognize the value of AI-driven insights and automation.

Furthermore, both Microsoft and Alphabet have seen promising uptake of AI-powered tools across various industries. From AI assistants for office productivity to AI-driven coding platforms, these companies are empowering businesses with cutting-edge AI solutions that enhance productivity, efficiency, and innovation.

Despite the stellar performance of Microsoft and Alphabet, the broader tech landscape remains dynamic and competitive.

While both companies have demonstrated resilience and adaptability in navigating market challenges, they must continue to innovate and evolve to maintain their competitive edge in an increasingly digital world.

As the AI and cloud computing revolution continues to unfold, Microsoft and Alphabet are well-positioned to lead the charge, driving innovation, shaping industries, and delivering value to customers around the globe. With their unwavering commitment to technological excellence, these tech giants are poised for continued success in the dynamic landscape of the digital age.

Continue Reading

Company News

Axxela Limited Raises N16.4bn in Oversubscribed Bond Issuance

Published

on

Bonds- Investors King

Axxela Limited, a leading sub-Saharan African gas and power company, has successfully completed its N15 billion Series 1 Bond Issuance.

The company raised N16.4 billion due to oversubscription and investor confidence in the company’s financial strength and strategic direction.

Bolaji Osunsanya, Axxela’s Chief Executive Officer, expressed his satisfaction with the outcome, highlighting the bond’s oversubscription of 109%.

Despite challenging economic conditions marked by rising interest rates and limited market liquidity, Axxela’s bond offering attracted strong interest from a diverse group of investors, including pension fund administrators, asset managers, and high-net-worth individuals.

Osunsanya explained that the proceeds from the bond issuance would play a crucial role in funding the company’s long-term capital expenditures, managing its weighted average cost of capital, and diversifying its funding sources.

The funds will support the completion of ongoing gas pipeline projects across Nigeria, aligning with the company’s commitment to enhancing energy infrastructure and contributing to the country’s energy transition agenda.

Stanbic IBTC Capital, serving as the lead issuing house alongside seven joint issuing houses, played a pivotal role in facilitating the transaction, with Stanbic IBTC Bank acting as the transaction bank.

The successful bond issuance reflects Axxela’s strategic positioning as a key player in the region’s energy sector and its ability to leverage strong investor confidence to drive growth and innovation in the industry.

As Axxela continues to expand its presence and strengthen its operations, the oversubscribed bond issuance serves as a testament to the company’s resilience and its commitment to delivering value to shareholders and stakeholders alike.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending