The President and Chief Executive Officer, Dangote Industries Limited, Aliko Dangote has said the construction of the Dangote Petroleum Refinery is a result of his desire to help the Federal Government tackle the issue of petroleum products importation.
He also disclosed plans to increase the workforce at the site from 40,000 to 57,000 personnel in the coming months.
According to him, the project currently employs 29,000 Nigerians and 11,000 foreigners at the 650,000 barrels-per-day world’s largest single refinery project located in the Ibeju Lekki area of Lagos. This is a ratio of around three Nigerians to one expatriate presently, which will increase local talent with the new additions.
Speaking in Lagos in a recent broadcast, which aired on Arise TV, Dangote said the refinery project remains the biggest in Africa and one of the biggest in the world, adding that many Nigerians were getting massive training as a way to build in-country capacity.
“When we started the project, we were supposed to bring a lot of foreign workers, but as we speak today, we have less than 11,000 expatriates. We have almost about 29,000 Nigerian workers that are getting massive training. We are also creating a lot of capacity in the country, which will be of great help for future oil projects in Nigeria, most especially with the opening up of the oil industry through the new Petroleum Industry Act.
“It means that the country can boast of human capacity needed in the oil and gas sector. Most of these Nigerians can compete anywhere in the world in terms of electrical, welding, mechanical erection, etc. We have actually created massive capacity,” he added.
The business mogul said construction of the Dangote Petroleum Refinery was informed by his desire to help the Federal Government tackle the lingering issue of petroleum products importation.
“It makes me feel terrible to see a country as big and resourceful as Nigeria with a high population, importing all its petroleum products. It is very painful. So, we decided it is time to tackle this challenge. We tried before in 2007, but we were not able to make it happen. So, we jettisoned the idea,” Dangote explained.
He added, “What actually inspired me is when you look at what happened in a country like India where entrepreneurs went ahead and created about five million barrels-per-day oil refinery. This country does not have as much oil as Nigeria. Nigeria is here sitting on over 2.4 million barrels per day at a point and we do not refine the oil we produce. Here, we have a country of over 200 million people and we are importing 100 percent of what we consume.
“It is not sustainable. If you go to some places in Nigeria, you will discover that there are petrol stations that are not working. This actually pushed me into saying that this is a big challenge, which needed to be addressed urgently. Because I’m a Nigerian and if there are issues to be sorted out, I should be one of those who will bring solutions to our national problems.”
Dangote described the refinery project as an investment that would transform the economies of countries in sub-Saharan Africa. “This refinery is going to help transform, not only the oil sector, it is going to assist to transform the entire economy of Nigeria and all the countries in sub-Saharan Africa. It is unfortunate that all sub-Saharan African countries are importing petroleum products and this is not what it is supposed to be.
“It is not the government’s responsibility alone to address the challenge of petroleum products importation in Nigeria. No, we have to collaborate with the government to tackle these issues of petroleum importation. It will put millions of people directly and indirectly at work. The refinery is going to massively transform the economy. By this transformation, the government will have more money to take care of infrastructure, health, education. So, it is a massive transformational project,” he added.
Dangote emphasized the need for the country to shift attention from crude oil export and diversify the economy. “We should not as a country be comfortable with generating revenue from crude oil export alone because tomorrow, people may not need crude oil. If we don’t move from crude oil to something else, we will have issues as a country. This is one of the things that I took upon myself to help address in this country,” he said.
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.
Tanzania Investment Center (TIC) Records 235 New Projects in 2021
Stanbic Africa Holdings Limited Renews Confidence in Stanbic IBTC, Invests Additional N410.595 Million
U.S Investigates Binance for Possible Insider Trading
Naira2 weeks ago
Naira Plunges Further, Exchanges at N530 to U.S Dollar
News3 weeks ago
Buhari Terminates Appointment of Power and Agriculture Ministers
News7 days ago
Taliban Says Men and Women to Study Separately in Gender-Segregated Universities
Government4 weeks ago
Hakainde Hichilema Sworn In As Zambia President
Economy4 weeks ago
Nigeria Economy Grows 5% In Second Quarter, Its Third Consecutive Growth
Energy4 weeks ago
NNPC Made A Net Profit of N287B in 2020 – Buhari
Banking Sector4 weeks ago
Zenith Bank Launches Intelligent Chatbot, ZiVA
Appointments3 weeks ago
CBN Appoints Six New Directors, Confirms Nwanisobi Spokesman