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Emerging Markets Suffer as Dollar Rises

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WASHINGTON – The South African rand sank to a fresh five-year low Thursday, as a rise in the dollar, fueled by strong U.S. jobs data, kept emerging market currencies under pressure.

The Turkish lira also suffered, closing in on its all-time low against the dollar reached earlier in the week. The rand and the lira are widely considered to be among the most vulnerable emerging market currencies, as both South Africa and Turkey are reliant on foreign investment flows to fund their wide current account deficits.

On Wednesday, December job growth in the U.S. private sector increased to 238,000 from 215,000 in November. It was expected to slip to 200,000. The report, the latest sign of strength for the U.S. economy, boosted demand for the dollar, which continued into Thursday’s European sessionMarkets were also digesting minutes from the December meeting of the U.S. Federal Reserve’s decision-making committee, the FOMC, at which it had decided to cut back on its bond-buying program.

The minutes showed that most officials had backed an initial paring of the Fed’s stimulus efforts, although some worried that the recovery might be too fragile.

Emerging Markets Suffer as Dollar Rises“Investors are nervous the U.S. Fed might change its forward guidance in the context of better economic performance [and raise interest rates sooner than expected],” said Benoit Anne, head of global emerging market strategy at Société Générale. Higher rates would boost the appeal of the U.S. currency.

The dollar climbed 0.2% to 10.813 against the rand, its strongest level against the South African currency since October 2008. The buck also added 0.2% against the lira to 2.193. In Turkey, a political corruption scandal has heaped further pressure on the currency in recent weeks.

Beleaguered emerging market currencies may suffer further declines before investors step in to pick up bargains, said Hakan Aksoy, senior emerging markets portfolio manager for Pioneer Investments, who helps to oversee 4 billion euros ($5.43 billion) of emerging market debt and high yield.“One of the key issues is that cost of funding in developed countries has increased. It will get better, but to invest in those currencies, we need to see prices falling more,” he said. Mr. Aksoy currently favors other emerging market bonds over those issued by Turkey and South Africa in his portfolios.

Elsewhere, European stock markets fell slightly, echoing a similar move on Wall Street after the release of minutes from December’s FOMC meeting.

Elsewhere, European stock markets wavered between small losses and gains, ahead of Thursday’s European Central Bank meeting. The Stoxx Europe 600 picked up from early losses to trade 0.2% higher midmorning. The ECB isn’t expected to introduce any new easing measures, but could sound a dovish note at its news conference after euro-zone inflation slowed further in December.

Germany’s DAX added 0.4%, while the U.K.’s FTSE 100 was up 0.3%.

U.S. markets were poised to recoup some of Wednesday’s losses, which came despite the strong jobs data. Around four hours before the start of trading, futures contracts indicated an opening gain of 0.3% for the S&P 500 and the Dow Jones Industrial Average. Changes in futures don’t always accurately predict market moves after the opening bell.In bond markets, the strong run for debt issued by Europe’s former crisis hot spots continued, with a well-received Spanish five-year bond auction. There were also initial indications of strong demand at a Portuguese debt sale.

In the secondary market, Spain’s 10-year yield fell to a fresh 4½ year low of 3.72%. Bond yields fall as prices rise.

In commodities markets, gold was up 0.1% at $1226.9, and Brent Crude climbed 0.6% to $107.82 a barrel.

In corporate news, there were some gloomy signs in the U.K. retail sector.

Shares in supermarket giant Tesco fell after it reported a further slide in sales over the Christmas period, depressed by weak U.K. demand and continued declines in its international markets. Morrisons was also among the decliners after saying full-year profit would be at the low end of market expectations.

Mark & Spencer was a brighter spot, seeing its shares reverse early declines, as investors weighed disappointing overall sales figures against a better showing in the important Christmas season.

– WALLSTREET JOURNAL

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Dangote Refinery Inspires Future Engineers as FUTO Students Experience Africa’s Largest Industrial Complex

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Dangote Refinery to Open Global Markets for Nigeria’s Downstream, Midstream Sectors

The Dangote Petroleum Refinery & Petrochemicals (DPRP) reaffirmed commitment to nurturing the next generation of African engineers, innovators, and industrial leaders, when it hosted outstanding students from the Federal University of Technology, Owerri (FUTO) on an educational tour.

The visit was in fulfilment of a promise made by the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, during the university’s 37th Public Lecture, where he pledged to expose exceptional students to world-class industrial operations. The initiative is aimed at bridging the gap between academic learning and real-world industry experience.

Led by the Vice Chancellor of FUTO, Prof Nnenna Oti, the delegation comprised top-performing students drawn from engineering, technology, and entrepreneurship disciplines.

Speaking during an interactive session with the students, the Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird, described the facility as a compelling demonstration of how innovation, advanced technology, and private sector investment can drive economic transformation while opening up opportunities for young Africans.

According to Bird, the refinery, widely regarded as the world’s largest single-train refinery, represents the peak of technological sophistication on the African continent.

“There is no better showcase of modern technology than the refinery that Alhaji Aliko Dangote has built here,” he said.

“What we have created is one of the world’s youngest, most modern, energy-efficient, highly automated, and data-rich refineries. It is also contributing to the decarbonisation of the oil and gas value chain while delivering cleaner fuels to Nigeria and West Africa.”

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He emphasised that exposure to facilities of this scale is critical to reshaping perceptions about Africa’s industrial sector.
“I am incredibly inspired by the curiosity, passion, and enthusiasm shown by these students. They are seeing first-hand that this industry is dynamic, innovative, and offers rewarding long-term career opportunities for highly skilled professionals,” Bird added.

He further disclosed that the refinery plans to deepen collaboration with universities and research institutions, particularly in emerging fields such as renewable energy and sustainable fuel technologies.

“Our objective is to stay closely aligned with universities, understand the research they are undertaking, and identify opportunities to support the commercialisation of innovative ideas. There are exciting developments around biofuels and other technologies shaping the future of energy,” he said.

In her remarks, Professor Oti described the visit as a transformative and life-changing experience for the students, noting that it aligns with ongoing efforts to strengthen partnerships between academia and industry.
She explained that the students were personally invited by Aliko Dangote following his lecture at the university earlier in the year.

“At the end of his lecture, he invited 15 female and 15 male students to visit his refinery and factories in Lagos as special guests. This was part of his vision to inspire the next generation, and today stands as a fulfilment of that promise,” she said.

According to the Vice Chancellor, the initiative provides a rare platform for students to connect classroom knowledge with practical industrial applications.

“This is what I describe as an Ivory Tower–Industry Partnership. There is no more effective way to bridge the gap between theory and practice than by exposing students to facilities of this scale,” she said. “These are some of our best students across mechanical, chemical, petroleum and software engineering, as well as entrepreneurship. This experience will undoubtedly broaden their horizons, expand their ambitions, and shape their future careers.”

She added that the visit underscores the transformative impact of visionary African entrepreneurship in driving industrialisation and economic growth.

For many of the students, the tour offered a unique opportunity to see firsthand the technologies and systems they had previously encountered only in theory.

A 500-level Mechanical Engineering student, Amadi Ijeoma Winfrey, described the experience as both enlightening and inspiring.

“The experience has been amazing,” she said. “Seeing the practical application of equipment such as pumps, compressors, and turbines has helped bridge the gap between theory and reality.”

She noted that witnessing the scale and sophistication of the refinery has strengthened her aspirations for a career in engineering and industrial development.

Similarly, a 500-level Chemical Engineering student, Israel Ifanyichukwu, described the visit as transformative, noting that it provided valuable insight into how classroom theories are applied on an industrial scale. He said the experience has not only broadened his perspective but also equipped him with knowledge he intends to apply in his academic and professional pursuits.

Also speaking, Professor Abraham Ngwuta, Director of the Centre for Entrepreneurial Studies, and Professor Chikwendu Emenike Orji, Dean of Students Affairs, described Aliko Dangote as a model entrepreneur whose diverse investments across critical sectors highlight the power of vision, discipline, and long-term value creation. They noted that his industrial footprint offers a practical framework for students to understand entrepreneurship as a driver of national development, job creation, and economic transformation.

The visit forms part of Dangote Industries’ broader commitment to advancing education, innovation, and skills development, as well as preparing a new generation of professionals capable of driving Africa’s industrial transformation.

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Farmers’ Empowerment: Dangote Cement Ibese Boosts Food Security Free Farming Inputs

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The Dangote Cement Plc, Ibese Plant has reinforced its commitment to food security and Sustainable Community development with the roll-out of its 2026 annual farmers’ empowerment initiative, providing free agricultural inputs and capacity-building training to farmers drawn from its 17 host communities.

The programme, which has become a cornerstone of the company’s social investment strategy, saw beneficiaries receive modern farming inputs alongside technical training aimed at improving crop yield, productivity, and income across the agricultural value chain with each of the 60 farmers receiving Three bags of 50kg NPK fertilizer; Two bags of Urea fertilizer; One Knapsack sprayer and Ten litres of Force-Up herbicide.

Welcoming the guests and beneficiaries, the Plant Director, Ayyagari Subbaraidu emphasized that the programme was designed not only to support local farmers but to build a sustainable agricultural ecosystem within the company’s host communities. He noted that the intervention aligns with Dangote Cement’s broader corporate social responsibility priorities, which include empowerment, education, health, and infrastructure development.

He said the programme was meant to provide Dangote Cement’s support to “men and women whose labour sustains our food systems and contributes immensely to the well-being of our communities, and the society at large therefore aligns with the yearnings of Government. Your presence despite the public holiday reflects your commitment to agricultural development and the prosperity of our communities.

“At Dangote Cement, we understand that while we manufacture cement for the construction of homes, schools, hospitals, roads, and other critical infrastructure, true development is ultimately about people. It is about creating opportunities, improving livelihoods, and enabling communities to thrive. This philosophy remains at the heart of our operations and our relationship with our host communities.

“This marks the fifth consecutive edition of our Farmers Empowerment Programme at Ibese Plant. It represents five years of consistent engagement, meaningful investment, and a shared commitment to improving livelihoods across our host communities. The initiative has evolved into one of the most impactful interventions under our community development efforts.

“To date, 300 farmers across our host communities have benefited from training, farm inputs, and agricultural tools. Together, the beneficiaries have cultivated more than 800 acres of farmland and produced over 40,000 tons of agricultural output. These figures tell an important story, representing families whose livelihoods have improved, children whose educational needs have been supported, businesses that have grown, and communities that have become more resilient. They demonstrate what can be achieved when communities and corporate organizations work together toward a common goal.

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According to him, the free distribution of farming inputs, including fertilizers, herbicides, and other essential tools, is a deliberate effort to reduce the burden on farmers and equip them with the resources needed for modern agricultural practices. “We provide modern farm inputs to support our farmers to enhance productivity and achieve better yields. This is not just about distribution; it is about enabling a shift to more efficient and sustainable farming methods that will ultimately boost food production and livelihoods,” he said.

He further explained that the training component of the programme is critical in ensuring that beneficiaries maximize the value of the inputs provided. Participants were taken through practical sessions on good agricultural practices, including crop protection and pest management techniques, equipping them with knowledge to mitigate farming risks and improve output.

The event also featured remarks by representatives of the host communities, who commended Dangote Cement for its consistent investment in grassroots development. Speaking on behalf of the communities, a representative described the programme as a “game changer” that has not only boosted food production but also strengthened the relationship between the company and its host communities.

In their responses, beneficiaries of the programme expressed profound appreciation for the intervention, describing it as timely and impactful, especially in the face of rising input costs and climate-related farming challenges.

One of the farmers, Mr. Akanbi Moses from Aga-Olowo Community noted that the provision of free inputs and training has significantly improved their productivity and income levels, enabling them to scale their farming activities. Another beneficiary highlighted how the training sessions have enhanced their understanding of modern farming techniques, resulting in better crop management and reduced post-harvest losses.

Also speaking, Chairman of Yewa North Local Government, who was represented at the event by Hon. Segun Ableto, lauded the initiative, describing it as a model of effective public-private partnership in driving rural development. The representative commended Dangote Cement for complementing government efforts in boosting agricultural production and enhancing food security within the region.

He encouraged the beneficiaries to make judicious use of the inputs and knowledge acquired, stressing that the success of the programme ultimately depends on their commitment to applying the training in their farming activities.

Chairman, Communities Joint Consultative Committee, Comrade Dayo Ogunyinka expressed the appreciation of the people to the management of Dangote Cement for sustaining the initiative, which has become a major support system for farmers across our communities, saying “This programme has continued to improve the lives of our people. It has strengthened our farmers’ capacity and deepened the relationship between Dangote Cement and our communities.”

Industry observers have noted that Dangote Cement’s farmers’ empowerment initiative has consistently contributed to stimulating local economies, creating opportunities for farmers, and strengthening food systems in host communities.

The programme forms part of Dangote Cement’s Community Development Agreement (CDA), which underscores its commitment to fostering socio-economic development and maintaining harmonious relationships with its host communities through targeted and impactful interventions.

Over the years, the Ibese Plant has continued to roll out various empowerment initiatives for different segments of the population, including youths, women, and artisans, reinforcing its philosophy that host communities remain key partners in progress.

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Food Security: AFC Deepens Partnership with Dangote Group with $600m Loan for Fertilizer Expansion

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The Dangote Group has strengthened its strategic partnership with the Africa Finance Corporation (AFC) with the signing of a $600 million loan agreement to support the expansion of its fertilizer production capacity, in a major boost to food security across Nigeria and the African continent.

The loan facility to GreenView Fertilizer Corporation (Greenview), the Dangote Fertlizer Holding Company will part finance the expansion of its urea fertilizer production capacity in Nigeria and the development of the plant in Ethiopia.

The investment forms part of Dangote Group’s broader US$7 billion fertilizer expansion programme, which is expected to increase Dangote Fertilizer’s production capacity in Nigeria from 3 million metric tonnes per annum (“MTPA”) to 9 MTPA, while also supporting the development of a new 3 MTPA urea fertilizer plant in Ethiopia. The programme is expected to materially expand Africa’s fertilizer production capacity, strengthen regional food security, support agricultural productivity, and reduce the continent’s dependence on imported fertilizer.

The financing underscores AFC’s continued confidence in Dangote Group’s vision to drive industrial growth and agricultural transformation through large-scale investments in critical infrastructure. The facility will be deployed towards expanding the Dangote Fertilizer Plant, one of the largest granulated urea fertilizer complexes in the world, located in Ibeju-Lekki, Lagos State.

This expansion is expected to significantly scale up production capacity, enhance supply chain efficiency, and ensure the steady availability of high-quality fertilizers to farmers across Africa. It will also help reduce dependency on fertilizer imports, stabilize prices, and improve agricultural yields, thereby strengthening the continent’s food security framework.

Speaking on the development, President of Dangote Group, Aliko Dangote says the expansion is expected to generate over $4 billion annually in export earnings within the next three years.: “What he’s actually given us this money for is a company where by the next three years we’ll be able to have an export of over $4 billion worth of urea fertilizer, and I think it is a big contribution to the foreign exchange income of the country… You can continue to count on us. When we say that we want to grow our group to $100 billion by 2030, it doesn’t mean that we want to grow alone, we want to grow together, especially with African Finance Corporation among other notable institutions in Africa”

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Commenting on the transaction, Samaila Zubairu, President & CEO of Africa Finance Corporation, said: “This transaction demonstrates AFC’s capital recycling model in action. Following the successful repayment of our earlier investment in Dangote Industries Limited, we are redeploying and doubling that capital into Dangote Group’s next phase of growth. By supporting the expansion of Dangote Fertilizer, AFC is backing a proven African industrial champion whose investments will strengthen food security, reduce import dependence, and create long-term economic value across the continent.”

The Dangote Fertilizer Plant currently plays a pivotal role in meeting domestic demand while also exporting to international markets, generating foreign exchange earnings for Nigeria. With the planned expansion, the company aims to further consolidate its leadership in the global fertilizer market.

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