World News

Nigeria’s petroleum importation from Malta surged significantly to $2.8 billion in 2023. Nigeria is one of Africa’s biggest oil-producing nations — but it lacks local refining capacity. Speaking at an event in May, Vice-President Kashim Shettima had said over $25 billion is expended on the importation of refined petroleum products yearly. The Nigeria National Petroleum Company (NNPC) Limited is the sole importer of petroleum products in the country. According to data from Trademap, a database on international trade statistics, between 2017 and 2022, there were no imports of the commodity from Malta — an island country in Southern Europe located…

President Brice Oligui Nguema of Gabon has invited the Chairman of Dangote Industries Limited, Aliko Dangote to invest in cement and fertiliser production in the country. According to a statement by the media office of Dangote Group, the billionaire was invited to explore investment opportunities in cement and fertiliser (urea and phosphate). “President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said. “The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer…

Vice President of Dangote Industries Limited, Mr Olakunle Alake, on Saturday, addressed members of the House of Representatives after the lawmakers toured the refinery and the fertiliser plant. According to BusinessDay, he provided significant insights into the ongoing challenges and milestones of the Dangote Refinery project.     Here are four critical highlights from Alake’s briefing: Crude oil supply and forward sales Alake mentioned that the forward oil sales made by Buhari’s administration created hurdles for securing crude oil for the refinery. He pointed out the specific contractual obligations that limit access to crude oil, affecting the refinery’s operations. “The…