Nigeria and African richest business mogul, Aliko Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital-generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourt quarter. In […]
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As Nigeria grapples with a foreign exchange crisis, one person stands out in the scramble to obtain hard currency: Aliko Dangote, Africa’s richest man. When the government restricted the supply of dollars in June 2015 to prop up the value of the Nigerian naira, firms owned by Dangote landed a healthy share of dollars available […]
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Ivory Coast plans to stop refined petrol export to Nigeria in ten years’ time from now to meet growing domestic demand, an official of the country’s oil refinery has hinted. The Société Ivoirienne de Raffinage (SIR), located in the country’s commercial capital, Abidjan, provides Ivory Coast with nearly all of its refined petroleum products and […]
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In May this year, President Mohammadu Buhari refused any argument supporting devaluation of the naira. This policy affected many companies, including Dangote group. At a meeting with members of the Council of Retired Federal Permanent Secretaries, the president told them he was not buying into the logic or benefits that such an action would bring. […]
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The United States Trade and Development Agency(USTDA) on Thursday in Lagos announced a grant of 997.4 million dollars (about N251.3 billion) as training support for the proposed refinery by the Dangote Group. The grant was announced at the signing of a Memoradum of Understanding (MoU) between Dangote Group and the USTDA. NAN reports that Dangote […]
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On oil subsidy The issue with subsidy is that government needs to block all loopholes. If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500, because there’s no VAT on petroleum products. That’s why the import of petroleum products is taking about 30% of our foreign reserve. […]
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