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Nigeria boasts a population of approximately 200 million with about 70% of the population under 30, and 42% under the age of 15.
Despite this, the correlation between investment in human capital and the country’s economic growth and development has not yielded substantial results.
This is partly due to unemployment, poverty, and insecurity. Of course, this social and economic situation makes migration attractive to young people.
However, a recent report by PricewaterhouseCoopers highlights Nigeria’s significant Brain Capital advantage, with a large youthful population averaging 19 years old.
This demographic stands in contrast to the ageing populations observed in countries such as Germany, Japan, Italy, and the United States, where it’s projected that the worldwide working-age population will experience a 10% decline by 2060.
Nigeria has already demonstrated prowess across various service sectors, including entertainment and sports, showcasing talent capable of competing and excelling in the global market.
At the forefront of this dynamic industry are core professionals adept at identifying and nurturing talent, building experience and boosting portfolios to compete not only locally but on the international job market.
In the tradition of Nairametrics, we spotlight some influential female human capital professionals within various industries based on their experience and companies in their career portfolios.
[Nairametrics]
President of Dangote Group, Aliko Dangote, has asserted that products refined at the Dangote Petroleum Refinery & Petrochemicals, the world’s largest single train refinery, are of superior quality compared to imported equivalents and meet international standards.
He expressed his confidence after the House leadership insisted on testing other diesel products, alongside Dangote’s diesel at its state-of-the-art laboratory.
During a tour of both Dangote Petroleum Refinery and the Dangote Fertiliser Limited complex by members of the House of Representatives, the Speaker of the House of Representatives, Rt Hon. Tajudeen Abbas, and other members who observed the testing of Automotive Gas Oil (diesel) from two petrol stations alongside Dangote Petroleum Refinery, praised the company for its significant investments and contributions to Nigeria’s development.
The diesel samples were procured from two well-known filling stations near Eleko junction along the Lekki Epe Expressway, by the honourable members. Chairman of the House Committee on Downstream, Hon. Ikeagwunon Ugochinyere, and Chairman of the House Committee on Midstream, Hon. Okojie Odianosen, oversaw the collection of samples from the Mild Hydro Cracking (MHC) unit of Dangote refinery for testing of all the samples.
Lab tests revealed that Dangote’s diesel had a sulphur content of 87.6 ppm (parts per million), whereas the other two samples showed sulphur levels exceeding 1800 ppm and 2000 ppm respectively.
Dangote emphasised that these findings debunked claims made by Farouk Ahmed, CEO of the Nigerian Midstream and Downstream Petroleum Authority, who recently asserted that imported diesel surpasses domestically refined products.
Ahmed had alleged that Dangote refinery and other modular refineries like Waltersmith and Aradel produced diesel with sulphur content ranging from 650 to 1200 ppm—a statement criticised by many Nigerians as a tactic to favour imported products over local ones.
Dangote openly challenged the regulator to compare the quality of refined products from his refinery with those imported, advocating for an impartial assessment to determine what best serves the interests of Nigerians.
“We produce the best diesel in Nigeria. It’s disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime; transparency is paramount to us.’
“It would be beneficial for the regulator to showcase its laboratory to the world so Nigerians can compare. Our interest is Nigeria first because if Nigeria doesn’t grow, we have limited capacity for growth.
“Right Honourable Speaker and esteemed members, you’ve witnessed the results of the credibility test. I appreciate your wise counsel in procuring samples from the filling stations alongside our refinery’s product. Ours shows a sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm. Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower.
“Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you’ve seen, those from the stations, imported by major marketers, fall well outside this standard.”
Dangote pointed out that high-sulphur content diesel regularly imported into the country often comes with dubious certifications.
He emphasised that the most effective method to verify the quality is to purchase the product directly from filling stations and conduct credibility tests.
According to him, this issue has resulted in both health risks and financial losses for Nigerians.
“Dubious certifications often accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians,” noted Dangote.”
“The best method to verify this is to purchase the product directly from filling stations where end-users obtain it. I believe Farouk Ahmed speaks without sufficient knowledge of our refinery. We have successfully exported diesel and jet fuel to Europe and Asia without any complaints; in fact, we have received repeated orders, indicating satisfaction with our products.”
Supporting Dangote’s assertion, VP of Gas and Oil at Dangote Industries Limited, Devakumar Edwin, highlighted recent actions by European countries like Belgium and the Netherlands. “These countries have expressed concerns about the carcinogenic effects of high-sulphur diesel being dumped into the Nigerian market, prompting them to impose bans on such fuel exports to West Africa.”
Edwin informed the federal lawmakers that the Dangote Petroleum Refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Tight Oil, conforms to Euro V specifications.
[DailyTrust]
Elder statesman, Dr Chike Obidigbo, has called on President Bola Ahmed Tinubu, to restrain his aide, Bayo Onanuga, from making intemperate public statements that could destroy Nigeria.
Obidigbo regretted that the Special Assistant to the President on Media and Strategy has been making inciting remarks and provocative hate speeches that could not only damage Nigeria’s feeble national cohesion but also set the nation on a needless conflagration.
The industrialist condemned Onanuga’s recent statement claiming that the 2023 Presidential candidate of the Labour Party LP), Peter Obi and his supporters called the Obidients should be blamed for the planned national protest against bad governance.
In a statement released to journalists on Sunday, Obidigbo lamented that despite Onanuga’s experience in media practice and knowledge of Nigeria’s troubled political history, the presidential aide continues to spew hate and divisive utterances.
“Many people still remember Onanuga’s role during the military era, when the Nigerian press adopted guerilla tactics to call attention to the oppressive regimes in the country. But, having witnessed and currently benefiting from the nation’s democracy, this veteran journalist has thrown caution to the wind.
“Onanuga has formed the habit of talking down on Nigerians as if he is at the head of a military junta. When he is not withdrawing ill-conceived communication, he churns out statements dripping with deep-seated bile and hateful innuendos sentences.
“His latest attempt to link the former Governor of Anambra State with the youth-propelled national protest comes as one of the unthinking statements unbefitting a presidential aide. Onanuga should be reminded that when the dark clouds he is invoking bring down rain, nobody’s roof will be safe,” Obidigbo stated.
He regretted that at a time when countless multinational business organisations were leaving the country due to unstable economic indices, the likes of Onanuga should find time to gloat about the last presidential election.
Obidigbo stated: “Onanuga and indeed all those in public offices should reckon that Nigeria is at a tricky crossroads and show some level of empathy to Nigerian masses who are going through excruciating hardship compounded by insecurity, rising food prices and cost of living challenges.
“In his heart of hearts, Bayo Onanuga knows that Mr Peter Obi has been exemplary in conduct and character and has remained focused on the issues of economic development, especially mitigating mass poverty and giving a helping hand to the poorest of the poor.
“During the electioneering, Mr Peter was elegant in his public communication and campaign messaging. He resisted provocations and attempts to be drawn to divisive rhetoric that bedevilled Nigeria’s partisan politics.
“But, Onanuga’s attempt to single out Igbo for hate by his dangerous innuendo is not lost on well-meaning Nigerians. This is not the first time the veteran journalist should descend so low to promote bigotry and ethnic baiting against the Igbo. And it is high time President Tinubu calls him to order unless Igbo bashing is at the core of the presidential communication.”
Obidigbo said the myriad of socio-economic challenges confronting Nigeria trumps the continuing efforts to isolate Igbo through nepotism and ethnic bashing, adding that the day equity and justice become the hallmark of national reconciliation, Nigeria will begin the process of national healing.
“Denying Igbo of political offices could be excused but trying to despoil their reputation and dependence on self-help could end up as the last straw that breaks the Camel’s back,” he cautioned.
[DailyPost]
Anambra state governor, Prof. Chukwuma Soludo, and the speaker of the State House of Assembly, Somtochukwu Udeze, have praised the election of Afam Osigwe, as the 32nd president of the Nigerian Bar Association (NBA).
In their separate statements, Soludo and Udeze expressed that Osigwe’s tenure would introduce a fresh perspective to the legal profession.
Both leaders from Anambra expressed their excitement about an Anambra-born legal expert leading the NBA in Nigeria.
They emphasised that Osigwe’s election is a testament to his exceptional qualities and dedication to the legal profession.
Soludo conveyed his confidence that Osigwe’s leadership would positively disrupt legal practice in the country, marking a new era of excellence.
He added that like everything Anambra, Osigwe’s tenure would bring about a paradigm shift, elevating the legal profession.
“Mazi Afam Osuigwe SAN we look forward to a distinct and excellent leadership for the Nigerian Bar under your watch.
“Like everything Anambra, I am certain that your tenure shall herald a paradigm shift that will positively disrupt legal practice in our country. Congratulations to you Learned Silk”, the governor said.
For the speaker: “I am delighted to learn about the election of Afam Osigwe, a respected Senior Advocate of Nigeria and a proud son of Anambra, as the 32nd President-elect of the Nigerian Bar Association (NBA).
“Dear Eminent Jurist, we are excited about your new role and confident that your leadership will bring positive changes to the Nigerian Bar.
“With your dedication and the proud legacy of Anambra behind you, I am sure you will inspire a new era of excellence in our legal system.
“It is also a personal joy to recall our shared experiences as classmates at DMGS, Onitsha. On behalf of the Anambra State House of Assembly, I extend my heartfelt congratulations. We are proud of your achievement and look forward to seeing the great strides you will make”, Udeze wrote
The lawmaker representing Abia North Senatorial District in the National Assembly, Orji Kalu, has backed calls for part-time legislature at both federal and state levels.
Speaking to reporters at an event in Umuahia, the Abia State capital, on Saturday, Kalu said the move would help reduce the cost of governance and enhance the people’s trust in the system.
The former Governor of Abia state also supported calls for a constitutional amendment.
He said, “I think it will be a very good idea if my colleagues and other members of the Houses of Assembly will agree that we can sit for three months and do constitutional amendment first.
“So we can sit four times a year, and if there’s any emergency, there will be emergency sitting. We can come to do a presidential bid on that basis and go back instead of sitting on a full-time basis.
“Not only the Senate and the House of Representatives but all the legislative houses in Nigeria will be part-time.”
Kalu also stated that regional government is another viable alternative of reducing the cost of governance, amid the worsening economic situation of the country.
He added, “If we’re going for a regional government, it also means that the ministers, the legislators, will be the same. I’ve been tinkering with the idea of how we can save money to run Nigeria because the country needs money.
“I will encourage the President, the National Assembly to make these kinds of laws. This will help him, and this will help the system, and this will help everybody.”
[Punch]
High sulphur contents: Regulators undermining the market, instead of safeguarding it – Dangote
AdminPresident of Dangote Group, Aliko Dangote, has advised regulators of Petroleum Refinery & Petrochemical products to safeguard the market rather than undermining it.
The Africa richest man stated that dubious certifications accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians.
Dangote who disclosed this during the weekend was reacting to the statement credited to the Authority Chief Executive, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Engr. Farouk Ahmed.
Engr. Farouk had alleged that Dangote refinery and other modular refineries like Waltersmith and Aradel produced diesel with high sulphur contents.
However, in a riposte Dangote opined: “We produce the best diesel in Nigeria. It’s disheartening that instead of safeguarding the market, the regulator is undermining it. Our doors are open for the regulator to conduct tests on our products anytime; transparency is paramount to us. It would be beneficial for the regulator to showcase its laboratory to the world so Nigerians can compare. Our interest is Nigeria first because if Nigeria doesn’t grow, we have limited capacity for growth.
“Right Honourable Speaker and esteemed members; you’ve witnessed the results of the credibility test. I appreciate your wise counsel in procuring samples from the filling stations alongside our refinery’s product. Ours shows sulphur content of 87.6 ppm, approximately 88, whereas the others exceeded 1,800 ppm.
“Although the NMDPRA permits local refiners to produce diesel with sulphur content up to 650 ppm until January 2025, as approved by ECOWAS, ours is significantly lower. Next week, we aim to achieve 10 ppm, aligning with the Euro V standard. Imported diesel is capped at 50 ppm, but as you’ve seen, those from the stations, imported by major marketers, fall well outside this standard.
“Dubious certifications often accompany the importation of high-sulphur diesel into Nigeria, causing both health risks and financial losses for Nigerians.
“The best method to verify this is to purchase the product directly from filling stations where end-users obtain it. I believe Farouk Ahmed speaks without sufficient knowledge of our refinery. We have successfully exported diesel and jet fuel to Europe and Asia without any complaints; in fact, we have received repeated orders, indicating satisfaction with our products.”
Similarly, the Vice President of Gas and Oil at Dangote Industries Limited, Devakumar Edwin, informed the federal lawmakers that the Dangote Petroleum Refinery, designed to process a wide range of crudes, including various African and Middle Eastern crudes, as well as US Light Tight Oil, conforms to Euro V specifications.
Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100% of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
On his part, the Group’s Vice President, Olakunle Alake, expressed disappointment over accusations of monopoly against the Dangote Group, stressing that there are multiple players in the industry, including the Nigerian National Petroleum Corporation (NNPC), which operates four refineries.
In his response, Rt. Hon. Abass, said: “Today’s visit to the magnificent facilities of Dangote Industries Oil Refinery section has been nothing short of enlightening. It has afforded us a rare opportunity to witness first-hand the monumental strides that your organisation has made in transforming the landscape of petroleum production in Nigeria. The sheer scale and sophistication of this facility are awe-inspiring; it stands as a beacon of hope for our country as we navigate through the turbulent waters of energy supply challenges.
“Each corner of this facility resonates with the echoes of hard work, dedication, and an unyielding pursuit of quality. Every drop produced here carries not just oil but also the hopes and dreams of millions who yearn for a brighter future. We are deeply impressed by what we have seen during this visit which confirms the rating of this industry as the single largest oil refinery in Africa. This remarkable achievement does not merely reflect corporate success; it symbolises national pride, a tribute to what can be accompanied when visionary leadership meets relentless determination.
“I would like to take this opportunity to acknowledge the myriad challenges that have beset this remarkable facility. The regulatory hurdles that often loom like dark clouds over progress, the complexities surrounding crude oil supplies that can stifle even the most ambitious endeavours, and the daunting economic landscape we navigate especially in these times when our economy grapples with foreign exchange constraints are all formidable adversaries. Yet, despite these tribulations, your unwavering commitment to excellence shines through.”
Refinery: Dangote now feels what Nigerians with no government connections have gone through in doing business—Aisha Yesufu
AFOLABIA social and political critic, Aisha Yesufu has said that Nigeria kills its own.
While appealing that the Dangote Refinery not be allowed to fail, Yesufu urged all hands to be on deck to ensure it succeeds.
Her statement comes after the Nigerian Midstream and Downstream Petroleum Regulatory Authority said the Dangote refinery has not been licensed to begin operations in the country.
Farouk Ahmed, the Chief Executive Officer of NMDPRA, had made the claims during a chat with journalists at the State House, Abuja on Thursday.
Ahmed revealed that the refinery was still in the pre-commissioning stage and had not been licensed yet, noting that there were concerns about the quality of petroleum products produced by the Dangote refinery.
He had alleged that the quality of product churned out from the new refinery was inferior to imported commodities.
He said, “So, in terms of quality, currently, the AGO quality in terms of sulfur is the lowest as far as a West African requirement of 50 ppm”, he said.
However, reacting to a call by an X user @Oluseun Onigbinde for the regulator to be sanctioned for the claim against the Dangote refinery, Yesufu said Nigerians should speak up.
The social critic said that Dangote now feels what Nigerian business people with no government connections feel and go through always.
She said: “Nigeria kills its own. I truly agree with you, the refinery should not fail. All hands should be on deck to ensure it succeeds.
“Alhaji Dangote @AlikoDangote now feels what Nigerian business people with no government connections have always felt and gone through.
How dreams are stolen and destroyed. Just yesterday LandMark got its share and there was silence from the business community.
“When you speak up when others are affected, it is to ensure that a stop is put to such injustice so it never gets to you.”
The Leader of INRI Evangelical Spiritual Church, Primate Elijah Ayodele has disclosed that the policies of President Bola Ahmed Tinubu’s administration are not friendly and fueling more economic hardship.
Primate Ayodele stated that the current government would have been the best if they listened to advice but the policies formulated so far have not been helpful to the country and her citizens.
In a statement signed by his Media Aide, Oluwatosin Osho, Ayodele said the decisions of Tinubu’s government have further destroyed the country and will likely bring more hardship and pain.
’Tinubu’s government would have been the best if they listened to advice. The government is formulating policies that have bad intentions because they are not friendly. Sending money and rice to people will further destroy the economy.
“The tax policy is not helping the country at all. There is so much wrong in the government that is yet to be explained, if care isn’t taken, this is how they will destroy the country and people will be facing more hardship and pains.’’
He advised the President to avoid being deceived by those celebrating his government because citizens are yet to experience a better economic situation where they can afford basic needs.
Ayodele said the country has resources that can help curb hardship but they are not being put to use. He urged the president to adjust his policies to become friendly.
‘’Things are not palatable; Tinubu shouldn’t be deceived by those celebrating his government. The economic policy should be adjusted and let them put things in place because people are not happy. We have resources that can help curb economic hardship but we are not using them.’’
Furthermore, Primate Ayodele mentioned that his prophecies are not to abuse the government or speak against them but to put them to work and speak truth to power.
‘’My prophecy isn’t to abuse the government or create panic but to put the government on their toes and whether they are fake or not, time will tell. The government needs to do something urgently, Tinubu should not be deceived. Economic hardship causes corruption and encourages insecurity.’’
The President of the Dangote Group has called on the House of Representatives to investigate the quality of diesel and petrol at filling stations.
Dangote made the call on Saturday when he received the leadership of the House led by Speaker Tajudeen Abbas and his deputy Benjamin Kalu.
To carry out the investigation, he urged the House to set up a committee to test products at various filling stations across the country.
Decrying the damage being done to vehicles and engines by substandard products, also called on the House to investigate the quality of laboratories being used to test imported products and compare that with the one at the Dangote Refinery.
He informed the lawmakers, who had earlier toured the refinery, that he was also open to independent testing of his refinery’s products as that would only attest to their quality while exposing the problem with some of the products being sold by other players in the sector.
The management of Dangote Refinery has complained in recent months about what they say is an attempt by international oil companies (IOCs) to sabotage the refinery. It has also decried what it says is the importation of substandard products.
In turn, the refinery has been accused of essentially pushing for a monopoly.
Dangote, however, dismissed the monopoly claims insisting that the Dangote Group did not receive any special incentive when the refinery was being built.
He also said there was no effort to prevent other players from operating.
Media
Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered illicit substances in Lagos.
The items – consignments of Cocaine and Loud, a synthetic strain of cannabis – were concealed in incense candles, game packs, dry hibiscus leaves and ladies’, NDLEA spokesman, Femi Babafemi said.
According to a Sunday statement, the hard drugs were meant to be smuggled in and out of Nigeria through the Murtala Muhammed International Airport (MMIA).
Babafemi said some suspects were apprehended
“A businessman, Abdulwahab Owolabi Alebiosu was on Thursday 18th July 2024 arrested at his Horizon Court, Lekki, Lagos residence after a consignment of 40 parcels of Loud weighing 20.30 kilograms hidden in packs of chessboards, scrabbles, checkers, and poker set, brought in from Canada on a British Airways flight was intercepted at the SAHCO import shed of the Lagos airport during a joint examination of the cargo with men of Customs Service,” the statement read.
“A search of his home also led to the recovery of more exhibits including some drug paraphernalia, such as a weighing scale, and cannabis potency test kit, while four vaping machines were recovered from his business premises on Admiralty Way, Lekki. A Mikano black truck with registration number FST 657 HP was also recovered from his house.
“In the same vein, NDLEA operatives at the NAHCO export shed of the MMIA on Friday 19th July intercepted two jumbo bags going to Pakistan. The bags contained dried hibiscus leaves, dried bitter leaves and other food items, which were used to conceal four parcels of cocaine and 14 parcels of Loud, both weighing 1.360kg. Further investigations led to the arrest of a businesswoman, Eze Queen Ogechi who claimed she was sending the illicit consignment to Pakistan on the instruction of her brother, Eze Nnamdi Promise based in the South Asia country.
“Also at the Lagos airport, NDLEA operatives attached to Terminal II, Departure Gate of the MMIA, on Thursday 18th July intercepted a male Beninese passenger, Orobi Adoubi Amen, travelling with a bag containing some female native dresses. The suspect was going to Dubai via Accra, Ghana on an Air Peace Airline flight and a connecting flight to Dubai, UAE on Emirates Airline. A thorough search of the bag revealed eight parcels of Loud weighing 2.10kg were concealed in the ladies’ native wears. The suspect claimed he was given the consignment for a fee of N600,000 on successful delivery in Dubai.”
On his part, the NDLEA Chairman, Brigadier General Mohamed Buba Marwa (rtd) commended anti-narcotics officers for the seizures.
He said that their operational successes and those of their compatriots across the country are well appreciated, urging them not to rest on their oars but continue to intensify ongoing drug supply reduction and drug demand reduction efforts
More...
Africa’s richest man, Aliko Dangote, has disclosed that the Federal Government did not give him any incentive to build his $20 billion refinery located at the Lekki Free Trade Zone.
He stated that he paid $100 million for the land the refinery was built on.
Dangote disclosed this on Saturday when he received the leadership of the House led by Speaker Tajudeen Abbas and his deputy Benjamin Kalu.
According to him, “In the refinery, we did not, and I repeat, we did not collect one single incentive from the Federal Government of Nigeria or even Lagos State. Yes, the Lagos State gave us a good deal but we paid $100m for the land. It wasn’t a free land; we paid for it.
“Majority of the population are with us. So, we are not discouraged, we will continue what we are doing.”
Speaking further, Dangote said the claim in some quarters that his group of companies enjoy monopoly is not true.
He said, “If you look at all our operations at Dangote (Group), we add value; we take local raw materials and turn them into products, and we sell.
“We have never consciously or unconsciously stop anybody from doing the same business that we are doing.
“When we first came into cement production, it was only Lafarge that was operating here in Nigeria…Nobody ever called Lafarge a monopoly,” he said, adding that labelling his group of companies as monopolistic is disheartening.
“Monopoly is when you stop people, you block them through legal means. No, it is a level playing field whereby whatever Dangote was given in cement, for example, other people were given because some of them even got more than us.”
The Peoples Democratic Party (PDP), Edo State chapter has reacted to the defection of the reinstated Deputy Governor of the state, Philip Shaibu.
Recall that Shaibu, alongside prominent members with their supporters dumped the PDP on Saturday.
The decamping took place in Benin at the inauguration of the National Campaign Council by the APC National chairman, Abdullahi Ganduje.
The deputy governor fell out with Governor Godwin Obaseki over his ambition to succeed his principal and was impeached after he lost to Asue Ighodalo in the PDP primary.
He was, however, reinstated by the court on Wednesday by the Abuja High Court and this has further caused division between Obaseki and him.
Speaking at the event, Shaibu said he was back to add value to the APC.
He said, “On behalf of the Legacy Group, I announce our movement to the APC. We have come to add value to the party.
“It is time to take back our state. We will not talk too much because action will speak for us. We are not afraid; we are ready to move forward.”
Reacting to Shaibu’s defection while speaking to Punch, the Chairman of the PDP in the state, Tony Aziegbemi wished the deputy governor well.
He claimed that those who were calling to join the party after Shaibu’s exit were more than those leaving.
He said, “I wish them good luck in their official endeavours. The PDP cannot be depleted because of this.
“Every vote counts but those who are now coming to us because of his exit are more than those who are leaving the party, so we are good. People have been calling me since he left to say they want to join our party.”
Dangote says firm will drop plan to invest in Nigeria’s steel industry to avoid monopoly allegations
AdminThe President and Chief Executive Officer (CEO) of Dangote Group, Aliko Dangote, has announced that the company will abandon its plans to enter Nigeria’s steel industry to avoid being branded a monopoly.
Dangote made this disclosure in a statement on Saturday while addressing journalists at his refinery in Lagos.
The business tycoon explained that the company’s board decided to avoid the steel industry to prevent accusations of attempting to monopolize it.
Furthermore, he noted that pursuing this venture would involve encouraging the importation of raw materials from overseas, which contradicts the firm’s core mandate.
“You know, about doing a new business which we announced, that is, the steel.
“Actually, our own board has decided that we shouldn’t do the steel because if we do the steel business, we will be called all sorts of names like monopoly. And then also, imports will be encouraged. So we don’t want to go into that,” he said.
Dangote, however, urged other Nigerians to invest in the industry to help boost the country’s economy.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us. They should bring that money from Dubai and other parts of the world and invest in our own fatherland,” the CEO added.
Backstory
In June, Nairametrics reported that Aliko Dangote said his company plans to delve into steel production in the near future stating that he wants to ensure that every steel used in West Africa comes from Nigeria.
He noted that the next venture after the refinery project would be in steel manufacturing and ensure that all steel products used in West Africa come from Nigeria.
“I don’t like people coming to take our solid minerals to process and bring the finished product. We should try and industrialise our continent and take it to the next level.
“I told somebody we are not going to take any break. What we are trying to do is to make sure at least in West Africa, we want to make sure that every single steel that we use will come from Nigeria”, Dangote said at that time.
What you should know
Nigeria has tried unsuccessfully to become a leader in the steel manufacturing industry with a handful of failed projects like the Ajaokuta steel plant, Delta Steel Company, Osogbo and Jos rolling mills even under government and private ownership.
Like the oil refineries, the federal government under different administrations has spent billions trying to put the local steel plants to work but has been unsuccessful.
The administration of President Bola Tinubu had promised during the campaigns to ensure steel production starts in the multi-billion-dollar Ajaokuta steel complex.
Dangote investment in the industry might have been a game changer, attracting more capital and economic opportunity to the sector.
However, with the recent revelation and decision from the African richest man, the steel industry may still linger in the shadow of underinvestment for years to come.
[Nairametrics]
Senator Ali Ndume, lawmaker representing Borno South, is obviously not done with his criticism of President Bola Tinubu.
His criticism of the president had led to his removal as Chief Whip of the Nigerian Senate.
His party had also asked him to quit and join an opposition party of his choice.
The lawmaker had accepted his removal in good fate, vowing not to stop telling the truth to power.
During an interactive session with journalists, Ndume was asked to comment on the N70,000 minimum wage which Tinubu convinced labour to accept.
“People are suffering, people are angry, people are not happy. I am happy that yesterday, the president agreed with NLC to increase the salary to N70,000, which is a good move, but it takes more than that because, realistically, that is like a bag of rice, money that will buy a bag of rice or cover the cost of a bag of rice.”
“So, I call on the president to still open up and listen to the people,” the lawmaker said.
Earlier, the lawmaker had described his action as patriotic, advising President Tinubu to listen to the cries of Nigerians and immediately address the concerned areas.
“I insist it is unpatriotic to stand by the president in whichever or whatever he does. It is patriotic to speak the truth not only to the president but also to anybody, for that matter. It is unpatriotic not to speak the truth to power or anybody and I still stand by that. In doing so, it is also known that God is always with the person that speaks the truth.
“So, I know that I am not wrong. The people are not wrong by speaking the truth and standing by the truth, and I pray that the president, who is now – I expect that the message has gotten to him – to look at what I have said and take appropriate measures to eliminate the sufferings of the people.”
[DailyTrust]