Business
We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote
We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote
The founder of Dangote Group, Aliko Dangote, has revealed that he has paid off $2.4bn of the $5.5bn loan for his $19bn Lagos-based refinery.
The Africa’s richest man also alleged that powerful oil cartels tried to undermine his refinery project.
Speaking at the Afreximbank Annual Meetings in Nassau, The Bahamas, on Wednesday, Dangote said his 650,000-barrel-per-day refinery will act as Nigeria’s strategic reserve, as reported by This Day Newspaper.
“We borrowed the money based on our own balance sheet. I think we borrowed just over $5.5bn. But we paid also a lot of interest as we went along, because the project was delayed because of lack of land, also the sand-filling took a long time. Almost five years or so we didn’t do anything.
“We actually started in 2018. We borrowed that much. We have actually, of course, paid interest and some principal, about $2.4bn. We’ve done very well. We now have only about $2.7bn left to be paid. So we’ve done very well for a project of that magnitude,” he said.
Dangote thanked Afreximbank and Access Bank for their support, acknowledging that many had doubted the project’s success.
He stated that the vision would have failed without their backing.
Dangote further remarked that foreign banks showed little interest in supporting Africa’s development.
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The billionaire acknowledged that he anticipated resistance, but admitted that he underestimated the ferocity of the opposition, stating that the pushback was far more intense than he had expected.
He stated that both local and international interests, which he likened to a “mafia”, made repeated attempts to thwart the refinery’s completion.
“Well, I knew that there would be a fight. But I didn’t know that the mafia in oil, they are stronger than the mafia in drugs. I can tell you that. Yes, it’s a fact,” he stated.
Dangote, who described himself as a fighter, said they “tried all sorts” to stop him.
“But I’m a person that has been fighting all my life. You know, so I think it’s part of my life to fight,” he said.
He added, “As a matter of fact during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project will just be dead. And that didn’t happen with the help of banks like Afreximbank.”
Dangote also announced his plans to venture into the steel industry, stating that his goal is to use only Nigerian-produced steel, ensuring self-sufficiency and reducing reliance on imports.
Newstrends reports the Dangote Refinery recently shifted its plan to release petrol into the market from June to July 10-15. Dangote cited minor challenges for the delay.
We’ve repaid $2.4bn of $5.5bn refinery loan, says Dangote
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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