Business

  The Dangote refinery is to become the biggest refinery in the world when its capacity is enlarged. In a parley with the press the owner of Dangote refinery Alh. Aliko Dangote who is also regarded as Africa's richest man has announced an intention to enlarge the capacity of the Dangote refinery from its present capacity to refine 650 barrels of crude oil per day to a capacity of 1.4 million barrels of crude oil per day.   Alh Dangote also said he'll sell ten percent of the company to finance the project.   When it is completed it will be the largest refinery in the world surpassing the Jamnagar refinery in Gujarat, India. The Jamnagar refinery which has a capacity to refine 1.250 million barrels of crude oil per day is presently the largest in the world.   The Dangote refinery when completed will create 50000 more jobs.  …
  To support FG's strategy to replicate in Nigeria every service provider facility draining the country's foreign reserves, Air Peace is building MRO destination in Nigeria. In a groundbreaking ceremony with the minister of Aviation Mr Festus Keyamu San as special guest of honour,at the site of the MRO facilities,at the Muritala Mohamed Airport in Lagos, the minister said the establishment of the facilities is enhanced by the Brazilian trips of the President as these encouraged the establishment of the facilities with the Embraer of Brazil adding its own technical know how. Underlining how the several trips of the President to Brazil had yielded benefits. Speaking at the event, the CEO of Air Peace Ben Onyeama comended the FG and promised to repay government for facilitating a strategic project like this with diligent services.   He also said this first of its kind facility in west and central Africa will…
  In the wake of fresh imposition of tariffs hike on South Africa by President Donald Trump of US, South African economy which had witnessed growth in recent times, will be hit hard.   Recent growth in the mining and rebound in manufacturing may take downward turn. South African economy grew for a third consecutive quarter at about 0.3-0.4% and had shown signs of not going down.   But recently imposed tariffs may see such positive developments taking a downward turn as the agricultural and manufacturing sector will be mostly hit by the development.   President Trumps had imposed fresh tariffs on trading partners which also affected South African exports, with a 30% levy on all South African exports, this is relatively high by any standard. This of course has the potential of raising the unemployment rates to the highest levels.   Already hampered with one of the highest unemployment…
Oil magnate Aliko Dangote has decided to distribute petrol and diesel directly to filling stations free of charge all over the nation to reduce the pump price.   The development has sent jitters all over the market as this is seen as a threat to oil marketers who had been benefiting from a manipulation of oil prices in the past and who have been struggling to keep up the price of petroleum for their profits. This move will signal a change for the better in respect of consumers' convenience in the industry, which is expected will benefit from the decision, but will signal a lot of loss to marketers.   The date for the takeoff of the program is Aug.15th, 2025. The new Dangote delivery service is expected to involve 4000 trucks and another set of trucks for gas.   All the trucks are expected to be CNG-powered. This development…
Dangote has said his company may generate up to 30 billion dollars by 2026. Despite the expected negative impact of US tariffs on global trade, Dangote, whose products are cement, fertilizer, sugar, and refined oil, expects his company to grow and not decline.  Since Trump tariffs does not affect oil and gas he hopes to continue steady exports to the US. He also see the 14% tariffs imposed on Nigeria as being competitive enough compared with 30% imposed on imports from Algeria his major competitors for cement. Same thing goes for fertilizer. So he expects to leverage on this to continue to stay ahead of his competitors.  He expects to grow to the number one producer of cement by next year as he hopes to surpass all other competitors as he's working to increase output of cement.
U.S. President Donald Trump is considering a reversal of the hike in tariffs on Chinese imports to the U.S. Speaking to reporters in the white house on Tuesday, he promised to bring the tariffs down. Though he cautioned that it will not go back to zero. Experts believe that this is a signal that the US president is ready to reconsider his stand on the tariff war with China.    Trade Secretary Bessent had said earlier in the day that the hike in tariffs had created something like an embargo on imports from China. However, if Trump's idea was to get China to the negotiating table, that has not been successful, as China has not responded that way. Instead, China is busy making diplomatic moves to counter the US attempt to isolate China   China, on the other hand, had received the news with caution and seems ready for negotiations…
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