Alongside the heads of state the summit attracted some 1 500 to 2 000 African and French business leaders including South African mining magnate Patrice Motsepe and Nigeria's Aliko Dangote who set out his conditions for investing in a 650 000-barrel-a-day oil refinery in East Africa narrowing the choice to Kenya or Tanzania...
Vol 67 No 9 |
- KENYA
- FRANCE
William Samoei Ruto opened the Africa Finance Corporation summit on 23 April in Nairobi last week flanked by Nigeria's Aliko Dangote and Uganda's Yoweri Museveni – a tableau to show Kenya's president as a regional powerbroker and an investment magnet...
Billionaire Aliko Dangote whose business empire includes a US$2...
Despite an earlier agreement between the NNPC and the 650 000 b/d refinery owned by billionaire Aliko Dangote the NNPC was able to supply only five of the 12 agreed cargoes forcing the refinery to buy its crude feedstock at far higher international prices (AC Vol 65 No 17 Dangote and Tinubu wrestle over the future of oil)...
In 2018 Theresa May visited Nigeria signing several bilateral trade agreements and meeting business leaders such as Aliko Dangote and Femi Otedola...
France is buying more Nigerian crude oil while Nigeria is importing fewer refined petroleum products from Britain as it expands domestic refining capacity both through numerous small-scale refineries in the Niger Delta and Aliko Dangote's 650 000-barrel-a-day plant which began commercial operations last year...
Investors are showing more interest in the Nigerian Stock Exchange which has gained over 60% in dollar terms this year helped by major listings including Aliko Dangote's 650 000 barrel-a-day oil refinery petrochemical plant cement companies and agricultural projects (AC Vol 65 No 17 Dangote and Tinubu wrestle over the future of oil)...
DISPATCHES
The investment deal is a major boost for Nigerian billionaire Aliko Dangote whose group will own 60% of the venture and is emerging as a rival to Morocco's parastatal OCP group – which was previously planning a fertiliser plant in Ethiopia – as the continent's main fertiliser manufacturer...
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More oil is being refined locally after the resurrection of domestic refining led by Aliko Dangote's 650 000 b/d capacity operation in Lekki Lagos State...
Ahmed has also faced calls for his sacking following his public feud with Aliko Dangote who operates the world's largest single train refinery...
The threat of more mass protests and the spiralling cost of petrol over 1 000 naira (62 US cents) a litre in parts of Nigeria have played to Aliko Dangote's advantage in his latest battle with President Bola Tinubu's government (AC Vol 65 No 17 As the protests rage Tinubu risks losing the north)...
Why Dangote's refinery made so many enemies Despite complaining about successive governments Aliko Dangote always rejected calls to run for office...
