The Federal Government has announced that it will begin supplying crude oil to the Dangote Refinery in exchange for naira on October 1.
According to a statement released by the Ministry of Finance on Monday, the decision was made during a meeting with the Technical Implementation Committee, led by Minister of Finance, Wale Edun.
More to follow…
Aliko Dangote, the chairman of Dangote Industries Limited, has been invited by President Brice Oligui Nguema of Gabon to invest in cement and fertiliser production in the country.
According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate).
“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said.
“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.”
According to the statement, Dangote conversed with Nguema and other top government officials during the visit.
“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.
“President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments.
“He noted that the collaboration with Dangote Industries would bring significant benefits, including job creation, technology transfer, and enhanced industrial capacity.”
To mark its Independence Day commemorated on August 3, the Republic of Niger Wednesday honoured two Presidential aides, two businessmen and two state governors with their national honours in recognition of their roles as ‘brother Nigerians’ who have strengthened the promotion of better relations between the two sister states.
The awardees are Alhaji Aliko Dangote, President of the Dangote Group, Abdulsamad Rabi’u, President of the BUA Group, and two northern governors, Alhaji Badaru Abubakar of Jigawa State and Mohammed Bello Matawalle of Zamfara State.
The Niger Republic also its highest Civilian Awards to two aides of President Muhammadu Buhari – the Senior Special Assistant (Household and Domestic Affairs) to the President, Sarki Abba, and the State Chief of Protocol, Ambassador Lawal Kazaure.
August 3 is set aside to mark the country’s independence from France in 1960 and since 1975 has been recognised as “tree planting day” when trees are planted across the nation to aid the fight against desertification.
In giving the awards, President Mohammed Bazoum said his country cherished Nigeria as one of its closest neighbours and friends.
They were awarded the “Order of Merit of Niger, Great Master of National Awards.”
In various citations read by the country’s leader, President Bazoum praised the efforts of “brother Nigerians” who had made great strides in increasing understanding between the two nations and for acting as agents of social and economic development.
Cement prices have surged by 40 per cent one year after Nigeria’s largest cement manufacturers boated of crashing cement prices in the country.
Dangote Cement and BUA Cement had locked horns in February 2021 following the increase in the price of cement.
During the period, cement prices were trading between N3,200 to N3,400. In 2020 the prices of cement went up to N4,000.
But BUA Groups Chairman, Abdulsamad Rabiu, said his company and other big industrial players were benefitting, but insisted that the country has no business with a cement price as high as N4,000.
Few days into 2022, cement prices are trading at N4,700 per bag and N4,500.
The development has triggered a surge in the overall cost of construction projects.
An Abuja based cement dealer who preferred anonymity said that both Dangote and BUA cement are trading around N4,400 and N4,500.
“Both Dangote Cement and BUA Cement are now selling for N4,500,” the cement dealer said.
Further checks revealed that in the first week of 2022, the commodity rose as high as N4,700 causing panic among developers.
Emmanuel, a cement dealer based in Abuja attributed the rise in the price of cement to several challenges such as rising cost of materials, rising prices of gas, cost of distribution, increasing cost of servicing equipment like cement plants, electricity issues and other operational impediments.
He further revealed that it has become a common practice for the price of cement to surge during the dry season because of the huge demand for the product by construction workers.
The increase in cement price is coming at a time when the Federal Government is planning fresh investments of N3.53trn in the Nigerian housing sector to reduce the deficit in the country which is estimated at about 17 million houses.
Read Also: FG Seal Fuel Station, Cement Depot in Abuja
The investments, to be made within the next four years is part of the strategies of government to boost housing delivery and guarantee affordable houses for Nigerians.
Nigeria has experienced rapid yet uncontrolled urbanisation, which put intense pressure on an already stretched housing infrastructure.
Nearly 50 percent of Nigerians currently reside in urban areas, which represents almost 100 million people.
Over the years, housing supply constraints and asymmetric information on existing housing policies have prevented Nigeria from keeping up with the rapid urbanisation rate.
Also, lack of policy continuity arising from political risk and change of government over the years have stifled government efforts thus, explaining the gap between the availability of affordable housing and the demand due to rising population.
Furthermore, the sector faces other hurdles such as proper land administration constraints; weak adherence to real estate market regulations; unhealthy speculation by stakeholders in the sector; low private sector involvement, poor housing database and mapping constraints as well as rising cost of building materials.
These challenges have all contributed to severely curtailing access to land despite the government’s best efforts to reform the mortgage sector.
