Business
Enugu Trade Fair: Dangote Has Added Immense Value To Nigeria’s Economy ― Jideonwo, ECCIMA President
… We’ll keep pushing new boundaries to satisfy our consumers ― Dangote
The president of Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo, has commended the Dangote Group, led by its President, Aliko Dangote, for adding, “immense value to the Nigerian economy and still going stronger.”
Jideonwo stated this at the 35th Enugu International Trade Fair, on Wednesday, 10th April, 2024.
The Fair was themed ‘Promoting Made in Nigeria Products for Global Competitiveness’.
In his opening remarks, Jideonwo enthused that the Dangote refinery, which recently started production of refined petroleum products will go a long way in addressing the challenges associated with availability of refined petroleum products in Nigeria.
“The exploits of the Dangote Group show great level and high degree of vision, creative thinking, research, innovations and doggedness, which has culminated in what is described as Dangote business and industrial empire today.
“I have no doubt that in years to come, Dangote Group will become not just a big industrial player in Nigeria and Africa, but the entire globe, deepening the creation of wealth and employment generation,” Jideonwo said.
The Regional Sales Director, Dangote Cement Southeast, Abayomi Shittu, emphasised that the target of the Dangote Group is to ensure that Nigeria becomes self-sufficient in all the sectors that it operates in.
This is just as he assured that the group will continue to push new boundaries to deploy technologies and skills where necessary in a bid to ensure consumers satisfaction.
Shittu stated that this year’s theme resonates well with the Dangote Group “as we are focused on domestically manufacturing goods that were hitherto usually imported despite the abundance of raw materials for such products in Nigeria.”
The Regional Sales Director noted that industrialisation is key to diversification of the economy and that is why “we are creating linkages that connect the whole economy while at the same time promote backward integration.
“Dangote Cement provides direct and indirect employment to millions of people across Africa and has touched lives by building schools, hospitals, clinics, roads, markets, vocational training centers in numerous host communities.
“The ongoing consolidation of Dangote Sugar Refinery, Dangote Salt (NASCON), Allied Industries and Dangote Rice into Dangote Foods are part of our strategies to harness the benefits of backward integration via linkages and build a more formidable food company.
“Dangote Sugar Refinery, through its out-grower scheme has provided jobs to thousands of farmers in the host communities. This has greatly helped to reduce unemployment, youth restiveness and improve the wellbeing of the host communities,” he said.
Shittu added that the group recorded a milestone on March 22, as Dangote Fertiliser marked two years of commissioning and operations.
“Dangote Petroleum Refinery was commissioned on May 22, 2023, and has started refining of petroleum products. Some of the by-products from the refinery are in demand as feedstock in some manufacturing sectors. We are on course to create diverse and ancillary industries across Nigeria.
“Our expectation therefore is that, through this Trade Fair, we will be able to further generate awareness on our innovative products, drive higher sales, get prospective buyers, improve the image of our brands, and open up new markets that will further translate into job creation and overall economic development in Nigeria and beyond. To sustain this process, we will keep innovating and pushing new boundaries while deploying the latest technologies and skills.”
Shittu congratulated the Enugu State government and Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) on the successful hosting of the 35th edition of Enugu International Trade Fair.
Business
Nigeria Can Achieve 5.5% GDP Growth – NESG
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
Business
CBN Approves Release Of Nigerian FX Code
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
READ MORE: Dangote Denies Culpability In Pumping Up Petrol Price
“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
Business
How Trump Plans To Grow American Economy By $1 Trillion Daily
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
ALSO READ: WHO Expresses Regret Over US’ Withdrawal
President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.