Browsing: Aliko Dangote

• This [gasoline production] will eliminate all fuel queues in Nigeria. This will improve the health of everybody. This will also make sure that there is consistent supply to the market, says Aliko Dangote.
• Refinery hailed as a big step in weaning Nigeria from its heavy reliance on imported oil products.
• Its capacity to export surplus products, such as aviation jet fuel and diesel, offers additional revenue streams for the country.

Nigeria’s energy sector is poised to experience a monumental shift as the Dangote Oil Refinery, a $20 billion investment on the outskirts of Lagos, started gasoline production on Monday. According to media reports, this development marks a big step towards reducing the country’s heavy reliance on imported oil products.

The refinery, which began operations in January, is set to revolutionize Nigeria’s oil industry, promising to address long-standing challenges that have plagued the nation for decades.

“It’s a very historic, monumental …

• South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person in a move that highlights the tectonic shifts sweeping across Nigeria and South Africa’s economies.
• While Rupert’s wealth soared, Dangote’s fortune took a gut punch, contracting by $1.7Bn this year to $13.4Bn.
• Richemont, with its portfolio of luxury brands, operates in a global market that is less vulnerable to the economic woes of any single country unlike the Dangote Group.

The crown for Africa’s richest man has left Nigerian industrialist Aliko Dangote to South African luxury goods icon Johann Rupert. For over ten years, Aliko Dangote seemed unassailable, with his name often being synonymous with wealth, increasingly representing a new breed of modern-era industrialists, and power in Africa.

In the latest disclosures according to the Bloomberg Billionaires Index, however, South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person. This change underscores some of the tectonic shifts …

• The construction took over 20 years and bears a processing capacity of 650,000 barrels per day 250,000 per day of gasoline and 100,000 of diesel.
• The Dangote oil refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.

Dangote Oil Refinery

Aliko Dangote, Nigeria’s and Africa’s wealthiest man ambition to foster energy reliance in his motherland and the region at large might be at risk. The giant oil refinery which is said to possess the potential to end decades-long gasoline trade from Europe to Africa worth $17 billion a year.

Concerns and tensions are high as a myriad of issues emerged before and since the $ 20 billion refinery came to life. According to various news reports, including the BBC and Reuters, the construction began in 2016 and started producing diesel and aviation fuel in January this year as petrol is expected to …

• This initial batch is designed to sustain the facility’s ambitious goal of processing 350,000 barrels per day during its initial operational phase.
• The 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.
• A major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency).

Dangote Refinery, a 650,000 barrels per day plant has started operations by striking strategic alliances and resource acquisitions as it seeks to redefine Nigeria’s oil industry standards.

One such landmark development is the recent procurement by the Dangote Petroleum Refinery and Petrochemicals plant of 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO).

This significant move marks a crucial step in the refinery’s journey, as it not only serves to facilitate …

The Nigerian government has taken various steps to address the persistent fuel shortages, including rehabilitating the country’s refineries, the establishment of new refineries, and promoting private sector investment in the downstream sector. However, progress has been slow, and the problem persists. However, the Dangote oil refinery’s boost to Nigeria’s oil refining capacity should help the government in its quest to address the persistent fuel shortages and end the energy sector crisis.…

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.…

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 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.…

• On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014
• Aliko’s wealth has been increasing exponentially, from $10.1 billion in 2020, $12.1 billion in 2021, and 13.9 billion in 2022
• Nigerian Abdulsamad’s worth has risen from $3.1 billion in2020 to $7 billion in 2022, arguably the best performer on the list.

The African economy is not doing so well. But that does not mean so are all the people on the continent!

Aliko Dangote, a business magnate in Nigeria, has topped the 2022 Forbes list of the richest men in Africa for the eleventh consecutive time.

Despite the Coronavirus pandemic, the continent’s 18 billionaires’ combined worth is 15 per cent more than it was in 2021, standing at roughly $84.9 billion.

On average, the continent’s billionaires are worth $4.7 billion now compared to the $3.4 billion in 2014.

Soaring stock prices across sub-Saharan …