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Dangote Group optimistic about boosting Nigeria’s falling currency with $30 billion revenue

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The $30 billion in income that Dangote Group plans to generate by the end of 2025, according to company President Aliko Dangote, will strengthen the naira. Dangote made the plan known during a Monday tour of Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals.

The plan signals a strategy to become independent from the Central Bank of Nigeria regarding foreign exchange sourcing.

The richest man in Africa stated that the substantial amount of foreign exchange that his companies are expected to bring into Nigeria will naturally increase the value of our local currency and restore the value of the naira in the global exchange market.

When the refinery started operating fully in 2024, its primary focus was on the refinement of intermediate products, including naphtha, polypropylene, RCO, gasoline, diesel, and jet fuel.

He clarified that in March 2024, the refinery began its steady-state production phase. Furthermore, he projected that by August, production will escalate to 500,000 barrels per day with 15 crude cargoes each month, reaching 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.

“Petrol production will commence in July with sales from August,” assured Dangote.

Additionally, he disclosed that the group plans to list Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange Group in the first quarter of 2025.

He continued by saying that Nigerians would be allowed to take a stake in these businesses.

“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year. However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year. This will allow us to offer shares for sale and enable Nigerians to participate as shareholders,” Dangote stated.

At full capacity, the Dangote Refinery can process 650,000 barrels of oil per day, making it the largest single-train facility in both Africa and the globe.

Additionally, the largest granulated urea fertiliser factory in Africa is run by Dangote Fertiliser Limited. At the moment, the most capitalized firm in Nigeria is Dangote Cement.

He emphasized that the refinery would produce 53 million litres of gasoline and 1.1 million tonnes of diesel per day, although its total storage capacity is 4.5 billion litres, which is enough to meet Nigeria’s crude needs for 20 days and store products equal to 15 days’ worth of fuel.

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Ghanaian cocoa farmers stockpile beans ahead of price rise

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According to industry sources cited by Reuters, cocoa farmers in Ghana, the world’s second-largest producer, are stockpiling beans in anticipation of higher prices.

This could put pressure on supplies to a global cocoa market that is trying to rebound from the devastating harvests of the previous season.

A dozen farmers, purchasers, and representatives from the state regulator Cocobod confirmed the practice, though it was unclear how widespread the up-country bean stocking was. Some blamed the practice for the slowdown in bean purchases.

“I have more than 300 bags, but I won’t sell,” said a cocoa farmer in south-central Ghana, who asked not to be named. “I will only sell after Christmas. We want to see if they will increase the price as they said.”

All of the reports claimed that farmers were responding to remarks made by Vice President Mahamudu Bawumia, who four weeks prior had promised to increase farmer prices to members of the ruling New Patriotic Party.

Speaking at Sefwi Wiaso, one of the largest cocoa-growing communities in southwest Ghana, Bawumia is vying for the presidency in the elections scheduled for December 7. Since then, he has claimed that his remarks were misinterpreted.

According to Cocobod officials, Ghana lost over one-third of its 2023–2024 cocoa production to smuggling, compounding the problems that caused production to drop to a level not seen in over two decades and contributed to record-high cocoa prices worldwide.

After a volatile session on Monday, US stocks ended the day marginally lower as investors braced for a pivotal week that would see the Federal Reserve make its policy announcement and Americans elect a new president.

Ghana increased the fixed farmgate price by over 45% to 48,000 cedis, or little less than $3,000, per metric tonne for the 2024–25 season, which began in September, in an effort to increase farmer incomes and discourage smuggling.

But Ivory Coast, Ghana’s neighbour and the largest cocoa producer in the world, increased the price to 1,800 CFA francs ($3.00) per kilogramme, which is only marginally more than Ghana’s.

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VenturesNow

Zambian govt spends K16.6 billion in October on debt servicing, gulping K4.7 billion

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Zambian Ministry of Finance and National Planning released K16.6 billion in October to assist Zambian development and public service delivery, according to the ministry’s budget release issued by the Treasury.

The government allotted K4.5 billion to pay public service personnel salaries and allowances. Health and teaching staff and Zambian ambassadors abroad received allowances.

The government set aside K4.7 billion for debt service and arrears to reduce national debt. K2.2 billion went to domestic debt service, K256.9 million to overseas debt, and K2.1 billion to legacy fuel arrears.

The ministry’s budget, which stated, “Notable expenditures included K3.5 billion for transfers, subsidies and social benefits, K4.2 billion for various development programs, general operations and capital expenditure, and K700 million for drugs and medical supplies.”

Situmbeko Musokotwane, Minister of Finance and National Planning, took advantage of the statement to urge foreign investors to think about Zambia as a potential place to invest.

Musokotwane emphasised Zambia’s favourable investment climate while speaking at a recent World Bank meeting in Washington. He also urged collaborations in the fields of manufacturing, mining exploration, renewable energy, and agriculture.

“Zambia is endowed with critical natural resources, and we invite you to collaborate with local business players in mobilizing the resources required for green energy projects, mining explorations and development, and agriculture value chain ventures that support out-grower schemes through farm blocks,” Musokotwane stated.

He called for investors to collaborate with Zambian companies, highlighting the advantages of doing so in important economic sectors like mining, agriculture, and energy.

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