Dangote Industries Limited has said its $2bn petrochemical plant located in Ibeju-Lekki, in Lagos is designed to produce 77 different high-performance grades of polypropylene in the country.
The company said in a statementDangote $2B Petrochemical Plant on Sunday that with a turnover of $1.2 billion, the plant, situated alongside the Dangote Refinery, had been strategically positioned to cater to the demands of the growing plastic processing downstream industries in Africa and other parts of the world.
The Group Executive Director, Strategy, Capital Projects and Portfolio Development Industries Limited, Devakumar Edwin, said the plant would drive investment in the downstream industry, generate huge value addition, create jobs, increase tax revenues, reduce foreign exchange outflow and increase the Gross Domestic Product of the country.
Edwin, while giving an update on the plant in Lagos, was quoted as saying the petrochemical plant would reduce the demand for foreign exchange from the nation’s treasury to import petrochemical by-products.
He added that the plant currently nearing completion will also embark on the production of polyethylene products in the nearest future.
“The Dangote Petrochemical plant being built alongside the refinery will primarily produce polypropylene products. We are thinking of adding polyethylene products at a later stage.
“We have 77 types of polypropylene, which can go for different usage that we can produce from our petrochemical plant. Currently, the plant is capable of producing about 900,000 tonnes of polypropylene per annum. Our petrochemical plant should be the biggest in Africa.” He said
Edwin said the plant will reduce the demand for foreign exchange from the nation’s treasury to import petrochemical by-products.
“Right now, raw materials from polypropylene are imported into the country even as there is no foreign exchange for manufacturers to import raw materials. The Dangote plant is going to take care of this challenge.
“When the raw materials are locally available, there will be many more people who will be willing to invest in the economy. So, it not just the savings of foreign exchange from petrochemical products’ importation, but the country’s downstream sector will also benefit hugely from the availability of raw materials in the country.” He added.
Tanzania Investment Center (TIC) Records 235 New Projects in 2021
Tanzania Investment Center (TIC), has registered a total of 235 projects during the current fiscal year, up from 219 projects registered in the correspondent period last year. Director of Information Services and Chief Government Spokesperson, Mr. Gerson Msigwa said on Sunday noting that despite the COVID-19 Pandemic there has been a conducive investment climate.
According to him, between March to August this year TIC has registered a total of 133 of projects which are expected to create 29,709 employment by the time it is completed. “This is an increase compared to the last year where during this period TIC registered about 105 projects and created 8,252 employments,” he said.
Mr. Msigwa said that according to United Nations Conference on Trade and Development (UNCTAD 2020) World Investment Report,Tanzania received an investment of 1bn US Dollars which is equivalent to 1,235tr/- that has made Tanzania the leading source of valuable investment in East Africa.
Explaining further, He noted that the value of investment invested according to TIC, from March to August is 2,98 bn US Dollars approximately to 7 tr/- compared to the correspondent period last year in which the investment was 510 million US Dollars.
“So during this period the investment has increased significantly, this year’s investment is huge compared to the previous investment,” he said.
Union Bank Announces the Appointment of Aisha Abubakar as Independent Non-Executive Director
Union Bank of Nigeria Plc (“Union Bank”) has announced a change to the membership of its Board of Directors with the appointment of Ms. Aisha Abubakar as an Independent Non-Executive Director effective 9th September 2021, following the approval of the Central Bank of Nigeria (CBN).
Ms. Abubakar joins the Board of Union Bank following her tenure as Nigeria’s Honourable Minister for Women Affairs and Social Development from 2018 to 2019. Prior to this, she also served as the Honourable Minister of State for Industry, Trade and Investment between 2015 and 2018. At the start of her career, Ms. Abubakar worked at Continental Merchant Bank Ltd., African Development Bank and African International Bank.
She is an accomplished public sector administrator with over three decades of professional experience in Public Service and Pension Administration, Investment Banking, SME Finance/Rural Enterprise Development and Micro-Credit Administration.
Ms. Abubakar is a Fellow of the International Professional Managers Association (IPMA-UK), and the President of the International Experts Consultants (IEC-UK).
Commenting on the addition to the Board, Mrs. Beatrice Hamza Bassey, Union Bank’s Board Chair said: “On behalf of the Board of Directors, I welcome Ms. Aisha Abubakar to the Board. She brings many years of robust experience which will be invaluable in supporting our efforts to steer the Bank forward and deliver on our strategic objectives.”
Also commenting, Chief Executive Officer, Mr. Emeka Okonkwo said: “I am pleased to welcome our new Independent Non-Executive Director, Ms. Aisha Abubakar to the Board. We look forward to drawing from her wealth of experience and fresh perspectives as we continue to execute our vision to be Nigeria’s most reliable and trusted partner.”
AfDB Approves $50M Trade Finance Deal with Standard Chartered Bank
The African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement (RPA) for StandardChartered Bank.
This was contained in a statement titled ‘African Development Bank approves a $50m Multinational Trade Finance Risk Participation Agreement facility for Standard Chartered Bank’ published on the bank’s website on Wednesday.
The statement said, “The board of directors of the African Development Bank Group has approved a $50m Trade Finance Unfunded Risk Participation Agreement facility between the African Development Bank and Standard Chartered Bank.”
The essence of this agreement is to promote intra-Africa trade, ensure regional integration and lessen the trade finance gap in Africa.
“The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area,”
The bank’s Director for Financial Sector Development, Stefan Nalletamby, stated that “We are excited about finalising this facility with Standard Chartered Bank as it offers us the flexibility to use our strong AAA-rated risk-bearing capacity to increase access to trade finance and boost intra/extra-African trade on the continent, in support of the AfCFTA.
“This partnership is expected to catalyze more than $600m in value of trade finance transactions across multi-sectors such as agriculture, manufacturing and energy over the next three years.”
Director-General of the bank’s Southern Africa region, Leila Mokadem, was quoted to have said, “The advent of COVID-19, coupled with stringent regulatory/capital requirements and Know Your Customer compliance enforcement, has seen many global banks reduce their correspondent banking relationships in Africa, while some are exiting the market altogether.
“There is, therefore, an urgent need for financing to reenergise Africa’s trade, which requires more participation of institutions like the African Development Bank.”
The parties in the agreement are expected to share the default risk on a portfolio of eligible trade transactions originated by African Issuing Banks and indemnified by Standard Chartered Bank.
Beneficiaries of this facility are issuing banks in Africa with the ability to grow their trade finance business has been constrained by inadequate trade confirmation lines from international banks.
Other beneficiaries are small and medium enterprises (SMEs) and domestic firms which rely on these issuing banks to fulfill their trade finance commitments.
The RPA facility is aligned with the AfDB’s High 5 priority goals which are: light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people of Africa.
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