The Nigerian Federal Government has called on West and Central African countries to foster collaboration for the success of the African Continental Free Trade Area (AfCFTA).
During the closing ceremony of the 43rd Council and 18th Managing Directors’ Roundtable of the Port Management Association of West & Central Africa in Lagos, Dr. Magdalene Ajani, the Permanent Secretary of the Federal Ministry of Transportation, stressed the importance of a united Africa and collective action for AfCFTA’s success.
“One Africa certainly is possible, and I urge us all to be active participants in that journey. We can only make collective progress when we work together to continue sharing experiences and best practices among ourselves. If you want to go fast, go alone; but if you want to go far, go together,” Ajani stated.
Encouraging participants to turn discussions into actionable plans, Ajani assured that Nigeria, under the administration of President Bola Tinubu, would prioritize the development of the maritime sector.
Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority, emphasized the interconnectedness of West and Central African countries, stating, “Our geographical reality of interconnectedness and interdependence makes cooperation a necessary precondition for the collective advancement of our Ports.”
The call for unity aligns with the broader goals of AfCFTA to enhance intra-African trade and economic cooperation.
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Dangote Petroleum Refinery Set to Make History with Public Listing on NGX
Aliko Dangote, the president and chief executive of Dangote Industries Limited, has announced plans to publicly list the subsidiary, Dangote Petroleum Refinery, on the Nigerian Exchange Limited (NGX).
Dangote expressed confidence in overcoming previous challenges related to crude oil supply, stating, “We have resolved all the issues with crude oil supply. We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”
The refinery, poised to commence operations in December, holds the promise of significant contributions to the Nigerian economy.
At full capacity, it is expected to produce 650,000 barrels of oil per day, with an initial rollout of 540,000 barrels daily.
The facility will produce 27 million liters of diesel, 11 million liters of kerosene, and nine million liters of jet fuel, sourcing crude from various Nigerian producers, including the state oil company.
A finalized deal for the delivery of the first cargo of approximately six million barrels next month signals the imminent realization of this ambitious project.
The refinery’s impact is anticipated to extend beyond the oil and gas sector, with projections suggesting significant cost savings for Nigeria by eliminating the need to import petrol.
Industry operators and government officials are optimistic about the transformative potential of the Dangote Refinery.
Akinwumi Adesina, President of the African Development Bank (AfDB), lauded the project as the best-industrialized initiative for Africa, projecting substantial savings for Nigeria and the continent as a whole.
As Nigeria’s largest refinery project, the facility has garnered praise from the Lagos Chamber of Commerce and Industry (LCCI).
Dr. Chinyere Almona, the LCCI Director-General, commended the visionary efforts of Aliko Dangote and the supportive federal government, emphasizing the refinery’s capacity to meet Nigeria’s refined petroleum product needs.
The impending listing on the NGX positions Dangote Petroleum Refinery as a catalyst for economic growth, energy security, and self-sufficiency in Nigeria and beyond.
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