Business
ONE Joins D’banj and African Partners to Launch ‘Do Agric’ at AU Summit
ADDIS ABABA – The ONE Campaign today released a new report and launched Do Agric, It Pays, a campaign calling for African governments to commit to spending at least 10% of national budgets on effective agriculture investments, through transparent and accountable budgets.
At the heart of the Do Agric campaign is an effort to push political leaders to adopt better policies that will boost productivity, increase incomes and help lift millions of Africans out of extreme poverty.
Nigerian singer-songwriter D’banj was on hand for the Do Agric, It Pays kick-off event in Addis Ababa today. Civil society partners at the launch included the Pan African Farmers Association (PAFO), ActionAid International, Acord International, Oxfam, East and Southern African Farmers Forum , ROPPA, Southern African Confederation of Agriculture Unions, the Africa Union Commission, Becho Welisho and the Alliance for Green Revolution in Africa (AGRA). Campaign champions include Tanzanian President Jakaya Kikwete, Beninois President Dr. Thomas Yayi Boni and Côte d’Ivoire footballer Yaya Touré, with Touré starring in a new ONE.
The launch of Do Agric in Addis Ababa coincides with the 2014 January African Union (AU) summit, where heads of state have gathered to discuss key development challenges across the continent. The AU has declared 2014 the Year of Agriculture in Africa.
“Now is the time to get our leaders to commit to a big push toward implementing effective agricultural policies, scale up public investment in agriculture and catalyze private sector participation in agriculture development,” says ONE Africa Director Dr. Sipho Moyo. “Of the more than 400 million Africans living in extreme poverty, 70% live in rural areas that depend on agriculture. Remarkably, the multiplier effect of agricultural growth in sub-Saharan Africa is estimated to be 11 times greater in reducing poverty than in other non-agriculture sectors, such as utilities and mining.(1)”
D’banj said, “There are massive untapped business opportunities in agriculture that could create jobs for millions of Africans on and off the farm. I want Africans to know that farming is not only the foundation of the economy, but also that farming is cool. I believe that, if the needed attention is given to agriculture, we Africans will not only feed ourselves, but also the rest of the world.”
“While other African leaders have made statements of good will, currently only eight countries have kept their promise to invest 10% of their national budgets in agriculture. It is therefore essential to do more, to go further. Agriculture is not only important, it is also vital. Agriculture pays,” said Yaya Touré.
A new ONE report, called Ripe for Change: The Promise of Africa’s Agricutural Transformation, calls on African governments to implement an “enhanced CAADP” package of policies to accelerate economic development in Africa through an African-led agricultural transformation agenda steered by the AU’s own CAADP (Comprehensive Africa Agriculture Development Programme). The package of policy recommendations, which was developed after a lengthy consultation process with African farmers and farmers associations from all over the continent, includes:
1) Make time-bound commitments to meet the Maputo pledge of spending at least 10% of national budgets on effective agriculture investments, through transparent and accountable budgets.
2) Eliminate the gender gap in agriculture.
3) Strengthen land governance and security of tenure rights.
4) Reduce barriers to intra-regional trade.
5) Increase R&D investment to at least 1% of agricultural GDP and bolster extension services.
6) Integrate sustainability and climate resilience into national agriculture plans.
7) Prioritise the reduction of post-harvest loss in national agriculture plans.
8) Design nutrition goals into agriculture sector strategies.
9) Foster an enabling environment for smallholder integration and responsible private sector investment.
10) Accelerate implementation of agriculture plans and ensure results for smallholder farmers.
The report also highlights recent success stories resulting from increased agriculture investment and enhanced CAADP-style policy reforms, such as those in Ghana, Ethiopia and Burkina Faso. In Ghana, agriculture is the biggest driver of poverty reduction, with initiatives such as credit reform, targeted subsidies for farmers, and new infrastructure supporting private sector investment, particularly in the cocoa sector. Perhaps no country illustrates the opportunities that agricultural investment can unlock better than Ethiopia. Three decades after experiencing a devastating famine that captured the world’s attention, the country has boosted cereal production and emerged as a leader in agricultural innovation, with an agriculture growth rate of 7% on average since 2003. In Burkina Faso, the government spends 10% of its budget on agriculture, resulting in growth rates of more than 6% per year in the sector. Following reforms, cotton production has tripled, leading to export earnings of $165 million and household income growing by between 19% and 43%.
Dr. Moyo added, “The good news is there are real success stories across the continent to build upon. These African-led successes must now be scaled, adopted and adapted across the region so that small farms can become small firms, young people can find good jobs and African economies can thrive. This virtuous cycle of agriculture-led industrialization will bring stability and prosperity across Africa. This is the future for African agriculture we can create together, if we seize the great opportunity of 2014.”
Dangote Cement Plc has recorded a strong performance in the first quarter of 2026, growing its cement and clinker exports from Nigeria by 71.6 per cent, as the Group’s total installed production capacity reached 55 million tonnes per annum (MTA) across Africa.
During the period under review, the company completed 10 clinker shipments from Nigeria to neighbouring markets, further consolidating its position as Africa’s leading cement exporter.
According to the company’s unaudited Q1 2026 financial results, total sales volumes increased by 13.8 per cent year-on-year, driven by growth of 11.5 per cent in Nigeria and 19.5 per cent across its pan‑African operations.
Commenting on the performance, the Group Managing Director and Chief Executive Officer of Dangote Cement Plc, Arvind Pathak, said the results reflected the strength of the company’s operating model and its disciplined execution across markets.
“We have delivered an outstanding start to 2026, with revenue up 20.4 per cent year‑on‑year to ₦1.198 trillion, driven by a strong rebound in volumes which grew 13.8 per cent across our markets. EBITDA increased by 22.8 per cent to ₦567.1 billion, demonstrating the strength of our operating model, disciplined cost control, and our ability to convert growth into superior profitability,” he said.
For the quarter, Dangote Cement reported a profit before tax of ₦421.1 billion, representing a 35 per cent increase from ₦311.9 billion recorded in the corresponding period of 2025. Earnings per share rose to ₦19.14, up from ₦12.29, underscoring sustained value creation for shareholders.
On exports and expansion, Pathak noted the rapid scaling of Dangote Cement’s export business and progress across key growth projects.
“Our export business continues to scale rapidly, with volumes from Nigeria up 71.6 per cent and 10 clinker shipments completed in the quarter. This performance reinforces our strategic position as Africa’s leading cement exporter,” he said.
“Following the commissioning of our 3Mta grinding plant in Côte d’Ivoire, we are progressing well with our expansion projects in Itori and Ethiopia, alongside other growth initiatives across the continent. These investments will further strengthen our footprint and keep us firmly on track to reach 80Mt of production capacity by 2030.”
Looking ahead to the rest of the year, Pathak expressed confidence in the company’s growth outlook.
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“We have entered the year with strong momentum and a clear strategic focus. Demand across our markets remains resilient, our expansion pipeline is delivering, and our operational discipline continues to drive margin improvement. We remain confident in sustaining this growth trajectory and in consistently delivering long‑term value to our shareholders.”
Dangote Cement is Africa’s leading cement producer, with 55.0MTA installed capacity across the continent. A fully integrated quarry‑to‑customer producer, the company operates 35.25MTA capacity in Nigeria, where its Obajana plant in Kogi State—the largest in Africa—has 16.25MTA capacity across five lines. The Ibese plant in Ogun State has 12MTA, Gboko plant in Benue State has 4MTA, while Okpella plant in Edo State has 3MTA.
Through sustained investments, Dangote Cement has eliminated Nigeria’s reliance on imported cement and transformed the country into a net exporter of cement and clinker, supplying markets across West and Central Africa.
CAPTION: Aliko Dangote in Norway:
President/Chief Executive, Dangote Industries Limited, Aliko Dangote (right) presenting a souvenir to the Chief Executive Officer of Norges Bank Investment Management (NBIM), Nicolai Tangen during a meeting in Norway.
In the face of continued global crude market disruptions, Nigeria is gearing efforts towards new markets.
Chairman, the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, made the revelation at the opening ceremony of the Offshore Technology Conference (OTC) in Houston, Texas on Monday.
He opined that Nigeria must move beyond traditional buyers and aggressively seek alternative markets to remain competitive and maximise revenue.
According to him, recent developments within the Organisation of Petroleum Exporting Countries (OPEC), including moves by some members to act independently, signal the need for Nigeria to rethink its crude marketing strategy.
“We must start developing markets outside our traditional destinations. It is not enough to rely solely on OPEC frameworks; we need to secure buyers for our crude in a more proactive manner,” he said.
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Ogunsanya noted that Nigeria produces some of the best crude grades globally and should leverage this advantage to penetrate new markets across Africa, Europe and other regions.
He stressed that expanding market access has become even more critical as Nigeria pushes to increase oil production and support the growing capacity of domestic refineries.
“With refining capacity in Nigeria expected to ramp up significantly, we must ensure consistent supply while also identifying external markets for excess production,” he added.
The PETAN chairman said participation in OTC provides a strategic platform to engage potential investors, partners and off-takers, as well as to showcase Nigeria’s capabilities in the oil and gas sector.
He also highlighted ongoing efforts to strengthen collaboration among African countries through the African Local Content initiative, which he said would support cross-border investments and market expansion.
Ogunsanya further emphasised the need for improved efficiency and adoption of modern technology to keep Nigeria’s crude competitive in the global market.
He warned that failure to secure new markets could expose the country to price volatility and reduced earnings, especially in a rapidly changing global energy landscape.
Despite challenges such as visa constraints affecting participation at this year’s OTC, he said Nigeria’s strong presence at the conference demonstrates its determination to remain a key player in the global oil and gas industry.
As crude oil deliveries bow to supply disruptions in the Middle East, oil giants, Exxon Mobil and Chevron have reported drops in profit in the first quarter of 2026 despite surging oil prices.
Exxon’s quarterly earnings fell to $4.2 billion from about $7.7 billion the same quarter last year, a decline of about 46 per cent, while Chevron’s profits fell to $2.2 billion from about $3.5 billion, down about 37 per cent. Still, both companies beat Wall Street expectations.
However, America’s two largest oil companies are still expected to eventually reap the benefits of soaring oil prices, which reached levels unseen since 2022 this week as the war in Iran continues, Reuters reported.
In a prepared statement, Exxon said that “timing effects” and volume impacts in the Middle East reduced reported earnings; when excluding those effects, the company reported $8.8 billion in profit. At Chevron, unfavourable timing effects totaled about $3 billion for the quarter, according to the company.
“One of the things that we called out in our press release was the timing,” Darren Woods, Exxon’s chair and chief executive officer, said in an interview. “As you close the quarter in the volatile market, you book the hedges, the paper, but the physical barrels are in inventory until they get delivered.
“So you get this deferred profit that we wanted to basically highlight, and make sure that our investors understood that the work that we’re actually doing to meet the demands today are resulting in benefits not necessarily booked in the quarter,” Woods added.
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At the start of the war, Donald Trump declared on Truth Social: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.”
Certain oil and gas companies are already reaping the benefits. BP announced that its profits more than doubled in the last quarter, crediting “exceptional oil trading” for its highest quarterly profit since 2023 – an announcement that led advocacy groups and some European finance ministers to call for greater taxes on windfall profits.
Other earnings reports indicate that it may take longer for oil companies to report clear gains. ConocoPhillips, a partner in Qatar’s state gas company, cut its forecast annual output due to disruptions in Qatar’s liquified natural gas operations caused by the war. Iranian attacks on QatarEnergy LNG’s export plant will take years to repair, state energy officials have said.
Chevron and Exxon’s stock jumped at the start of the war but eased in April as the US and Iran agreed on a ceasefire and the reopening of the strait of Hormuz. And Lockheed Martin, a key defense contractor with the federal government, initially saw its stock jump 25 per cent since the start of the year, but has since dropped to roughly the same levels.
Meanwhile, gas prices at the pump continue to climb, with the current average reaching $4.39, up from $3.187 a year ago. Americans are also facing fears of elevated inflation and slow job growth amid turmoil in the Middle East.
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