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Browsing: Aliko Dangote
There is still plenty to accomplish. Even after a year, the PIA is still in a transitional period, with committees deliberating its practical implications. One seasoned Nigerian expert questioned how much the NNPC would change due to its transition into a limited liability corporation. Still, post-PIA data suggests that Nigeria’s oil and gas industry may be moving in the right direction.
Dangote uses lower pricing to grow its market share, but Kenyans have had to wait longer for this to happen.
However, Dangote was a surprise attendee at William Ruto’s inauguration as Kenya’s fifth president. This revived talks among Kenyans that he probably would now be able to jumpstart his investment plans in Kenya and have the cement plants going.
Ruto and Dangote met in March 2014 when the then Deputy President visited the Obajana plant of Dangote Cement in Kogi State, Nigeria. At the time, Kenya intended to fast-track licensing for Dangote Cement in the country to boost job creation opportunities for Kenyans.
Dangote’s attendance was thus a reminder and probably a harbinger of what is to come in the cement production sector in Kenya.
President of Dangote Group, Aliko Dangote in his speech described the new plant as a game changer, as it can make Nigeria self-sufficient in fertilizer production, with spare capacity to export to other markets in Africa and the rest of the world.
While Dangote’s initial export targets were primarily Africa, current market realities mean there is increasing demand from outside the continent. Orders have come from far-flung places in the US, Brazil, Mexico, India, and the EU according to an article by African Business published on May 5, 2022.
According to the World Bank, the proximity of the new fertilizer plant offers a critical window of opportunity for Benin policymakers and the private sector to engage their Nigerian counterparts within the frameworks of the Economic Community of African States (ECOWAS), the African Continental Free Trade Agreement (AfCFTA) and other bilateral agreements to source fertilizer inputs for its farming population to increase food production and meet increasing regional demand for food products. This will make it easier for African countries to improve food production.
Rising costs have remained a critical issue in the aftermath of the outbreak. Data from the World Bank/NBS Nigeria – COVID-19 National Longitudinal Phone Survey 2020 reveals that food prices rose rapidly following the pandemic. In March and April, basic food commodity prices increased by 17.2 per cent and 18.37 per cent, respectively. According to the National Bureau of Statistics (NBS), the rise remains the highest in two years.
Recent findings based on comprehensive and long-term monthly food price data have revealed considerable price rises for all chosen food categories during the pandemic. Imported rice and wheat costs, for example, have climbed by 41% and 21%, respectively.
Wheat prices surged by 21% nationally, with considerable increases in price dispersion across markets when the epidemic began, and prices continue to grow.
Wheat is the main component of bread and other products such as noodles, pasta, semolina, and other Nigerian pantry staples. The consumption of these items is higher in cities due to easier market access than in rural regions. Nevertheless, bread remains a major staple throughout the country.
The global fertilizer market has been shaken, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, said that the plant is timely and will help Nigeria solve a perennial fertilizer problem.
The new fertilizer plant will produce 3 million metric tonnes annually, with Buhari expecting a boom as fertilizer is now readily available in more significant quantities and better quality. The head of state encouraged Nigerians to take up agriculture as a business, saying that he expects the rise of a new breed of agropreneurs who will add value to farming and make the nation self-sufficient in food production.”
Dangote said that fertilizer from the plant would be exported to many countries, including the United States, Brazil, Mexico, and India.
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