Business
IATF: Dangote Preaches Trade, Investments Expansion In Africa
…As Dangote Subsidiaries show strength in Cairo
Africa’s leading entrepreneur and President/CE of the Dangote Industries Limited, Aliko Dangote has called for greater integration of African economies and expansion of trade and investments across the continent to stimulate growth and create employment opportunities.
He made the call at the ongoing Intra-African Trade Fair 2023 holding at the Al Manara International Conference Centre, Nasr City, Cairo Governorate.
Dangote, represented by his Group Executive Director, Stakeholder Management and Government Relations, Engr. Ahmed Mansur expressed commitment to participating and supporting both the African Continental Free Trade Agreement (AfCFTA) and the Intra-African Trade Fair (IATF).
In his words, “The Dangote Group is one of the largest conglomerates in Africa with investments in several sectors and across 14 countries in Africa. The integration of African economies and the expansion of trade and investments within the continent is therefore extremely important to our group because it provides opportunities for continuous growth and expansion. This is why we support the establishment of the African Continental Free Trade Agreement (AfCFTA) and indeed the Intra-African Trade Fair (IATF).
“We believe that both the AfCFTA and the IATF are important milestones in the trajectory of Africa’s economic growth and development and we as a major stakeholder in that development are therefore committed to participating and supporting both the AfCFTA and the IATF.”
His comments lent credence to the show of strength displayed by the various Dangote Business Units which stormed Egypt to showcase the remarkable products and services which have become household names across the continent.
The Business Units included Dangote Cement PLC, Dangote Sugar PLC and Dangote Packaging Limited (formerly Agrosacks), and some officials of the Branding & Communications Department of Dangote Industries Limited.
Biztellers reports that Dangote is a major sponsor and event partner of this year’s Trade Fair, organised by the Afreximbank.
Many participants from various organisations across Africa and beyond also thronged the Dangote stand to obtain information and seek possible collaboration with the Group and the various business units.
Also speaking on the sidelines of the event which drew interested participants from across Africa and beyond, Mansur affirmed that Dangote, which is one of the event partners, has a responsibility to help promote entrepreneursip and development in Africa; which was why the group had its presence in around 14 countries across Africa, and why it is collaborating and participating at the highest level of the IATF 2023.
“For an event of this magnitude, Dangote has a responsibility because it is recognised all over Africa. You will be surprised that perhaps the Dangote Group in terms of its capacity as a leading entrepreneur in Nigeria is recognised more widely in other African countries. And so, we have the responsibility to carry our brand and to carry that name very prominently.
“I think it is not just a question of coming to sell something or look for partners, we have loads of partners, Dangote sits at home, the partners will come from everywhere. But I think we also need to show the flag and it is important not only for Dangote but for Nigeria. We need to continue to recognise this responsibility,” he added.
The 3rd Intra-African Trade Fair (IATF2023) which was organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union (AU) and AfCFTA Secretariat, brought together 1,600 exhibitors drawn from over 75 exhibiting countries, with around 35 000 conference delegates, trade visitors and the media among the participants who thronged the event venue in Cairo.
The trade fair, with the theme ‘Connecting African Markets’, is billed to promote greater trade among African member-countries, drive regional integration, and spur the speedy implementation of the African Continental Free Trade Area (AfCFTA) Agreement for the benefit of all Africans.
It is expected to end on November 15, 2023.
Nigeria’s foreign exchange reserves have hit a new milestone, reaching $34.7 billion according to recent data from the Central Bank of Nigeria.
This marks a notable increase of $110 million from the previous day’s figure of $34.5 billion.
The reserves have seen steady growth over the past week, with a total surge of $316 million since July 1.
This surge is attributed to several factors including rising oil prices, increased diaspora remittances, and proactive measures by the Central Bank aimed at stabilizing the currency.
Economic analysts view the expansion of reserves as a positive development for Nigeria’s economy, providing a buffer against external economic pressures and supporting the country’s financial commitments.
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Fitch Ratings recently upgraded Nigeria’s economic outlook to positive, recognizing significant reforms that have restored macroeconomic stability and improved policy coherence.
Fitch said, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”
The Central Bank’s strategic initiatives in managing the foreign exchange market, such as the establishment of the Investors’ and Exporters’ window, have proven instrumental in attracting foreign investment and bolstering reserves.
These reforms have resulted in substantial inflows into Nigeria’s official foreign exchange market and a notable increase in foreign portfolio investments.
However, Fitch Ratings has highlighted lingering short-term challenges, including persistent high inflation and volatility in the FX market.
Despite these obstacles, the agency anticipates ongoing efforts towards monetary policy tightening and enhancing the transmission of monetary policy.
These measures are aimed at fortifying Nigeria’s economic resilience and fostering greater stability in the financial markets.
Fitch stated “The reforms have contributed to the restoration of macroeconomic stability and enhanced policy coherence and credibility.
“However, we see significant short-term challenges, notably high inflation, and the FX market has yet to stabilize, and the durability of the commitment to reform is to be tested.
The Corporate Affairs Commission (CAC) has granted a significant extension to the registration deadline for Point of Sale (POS) Operators, originally scheduled for July 7, 2024.
The new deadline is now September 5, 2024, providing an additional sixty days.
This decision, announced by CAC management in a statement released on Sunday, aims to accommodate operators who faced technical glitches during the initial registration period.
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According to the CAC’s statement, this extension is particularly beneficial for operators in remote areas who encountered network challenges while attempting to register.
The Commission emphasized the importance of compliance, warning that failure to register by the revised deadline could result in the loss of business privileges and potential legal consequences for non-compliance with regulatory requirements.
The statement reads, “The Corporate Affairs Commission wishes to notify Fintech Operators also known as Point of Sales (POS) Operators that the initial deadline of 7th July, 2024 given for the registration of sole Agents, Super Agents and Agents has been extended for a period of sixty days beginning from 7th July, 2024 to the 5th September 2024.
“This is to give sufficient time to Operators particularly those in remote areas who might have encountered network challenges to so register and continue with their businesses,”
“Operators who fail or refuse to register at the end of the extended deadline run the risk of losing such businesses and prosecution for aiding and abetting criminal activities.” It added
The Nigerian Exchange Group Plc (NGX Group) is pleased to unveil the appointment of Jude Chiemeka as the Chief Executive Officer of the Nigerian Exchange Limited (NGX), its operating exchange subsidiary, effective July 1, 2024.
A statement from the NGX under the signature of its Head, Group Communications and Partnerships, Clifford Akpolo has it that the announcement follows approval from the Securities and Exchange Commission (SEC).
Biztellers reports that since January 1, 2024, Chiemeka has been serving as the acting CEO of NGX, succeeding Temi Popoola, who transitioned to the role of Group Managing Director and Chief Executive Officer of NGX Group.
Chiemeka brings close to three decades of experience in African securities trading and asset management to his new role.
His career includes serving as Executive Director of Capital Markets at NGX and MD/CEO at United Capital Securities Limited.
He also worked at leading investment banking firms in Nigeria such as Chapel Hill Denham Securities and Rencap Securities (Nigeria).
A Fellow of the Chartered Institute of Stockbrokers, Chiemeka is an alumnus of the University of Lagos, Lagos Business School, and the University of Oxford, UK.
The Group Chairman, NGX Group, Alh Umaru Kwairanga, stated, ‘‘This strategic appointment aligns perfectly with our succession plan and reinforces the synergy we continuously foster across our group operations. Mr. Chiemeka’s extensive experience and proven leadership qualities are invaluable assets that will propel NGX towards long-term success. Under his leadership, I am confident that NGX will play an even more pivotal role in contributing to the sustainable growth for both Nigeria’s and Africa’s economies”.
On the appointment, Chairman of Nigerian Exchange Limited, Ahonsi Unuigbe, said, “The Board of NGX is pleased to confirm Mr. Chiemeka’s appointment as CEO of The Exchange. It is our hope and expectation that he will drive growth and innovation, enhance our operational perspectives, democratize investment in the capital market, and unlock opportunities for investors’’.
On his part, GMD/CEO, NGX Group, Temi Popoola, noted, “I am delighted to see Mr. Chiemeka step into the role of CEO of NGX. His extensive experience and deep understanding of our markets will be crucial in driving NGX’s growth while aligning with our broader group strategy. I look forward to working closely with him to unlock value and to create new opportunities for stakeholders across the entire NGX Group ecosystem”.
According to Chiemeka, “I am honored to be appointed as CEO of NGX at this critical period of The Exchange’s history and my sincere appreciation goes to the Boards of NGX Group and NGX. As we aim to build on our achievements and maximize value for all stakeholders, I look forward to forging strong collaborations with NGX’s exceptional team and the broader capital market community. We are committed to creating a more dynamic and inclusive exchange that fuels Nigeria’s economic growth and competes on the global stage”.
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