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Africa will become the food basket of the world, Dangote boasts at UN General Assembly

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NIGERIAN business magnate, Aliko Dangote told investors “Agriculture, agriculture, agriculture. Africa will become the food basket of the world.”

In a packed room at the headquarters of global law firm Shearman and Sterling LLC  high level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan president Paul Kagame openly converse on Africa’s opportunities and challenges.

Both leaders underscored the ongoing movement to diversify African economies. In the case of  Nigeria, Africa’s largest economy, Dangote stated “we should pray that oil prices remain low. This helps wean us off the dependency on revenues from petroleum. We must take oil to be the icing on the cake. We already have the cake,” he added.

In addition to agriculture Dangote cited Nigeria’s vast mineral resources and gas as well and the need to manufacture more goods locally for domestic consumption. Both he and President Kagame cited continued need for heavy investments in education and connected the need for young people to be well trained for the jobs of tomorrow.

Dangote predicted that “five of the twelve million jobs needed in Africa soon must be created in Nigeria.”

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We should pray that oil prices remain low. This helps wean us off the dependency on revenues from petroleum.

Dangote’s fortune which stems from cement, sugar, and other household commodities has expanded into fertilizer and other processed high-value goods. “Technology of course helps us a lot and our factories are state of the art with the use of robotics but we shouldn’t be overly tech oriented to create wealth,” he told investors.

Mr. Dangote who is often cited as one of the most inspiring business leaders in the world today and a model for young entrepreneurs offered advice to Americans who tend to rely on outdated news and wrong perceptions of Africa, “Don’t be lazy. Go there and find the real story for yourself. Things have changed.”

Dangote noted the Rwanda success story where he has business interests as an example of positive change, good governance and leadership, and where corruption has been cured. He cited a personal experience of offering a $100 US tip for services at the Kigali Airport to staff who refused to take money for work they were paid to do. President Kagame was praised for delivering the environment for growth he promised. “There is nothing African about corruption,” the Rwandan president added.

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The session was moderated by Rosa Whitaker, former US Trade Representative and author of the AGOA (African Growth Opportunity Act), whose business consultancy is credited for helping both African governments and US companies develop commerce

 

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Ex- NCC chief, Akande backs Oyo APC with N5m, urges unity ahead of LG poll

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Former Chairman of the Nigerian Communications Commission (NCC), Professor Adeolu Akande, has made a fervent appeal to factions within the All Progressives Congress (APC) in Oyo State to reconcile and unite ahead of the forthcoming local council election.

Addressing party chairmen and chairmanship candidates from the 10 local government areas of Oke Ogun zone, Akande emphasised the critical need for solidarity within the party ranks to secure victory in the elections scheduled for this month.

Highlighting the significance of unity within the party, the former Governor Ajimobi’s aide underscored that Oyo State is inherently an APC stronghold, but internal conflicts hampered the party’s performance in the previous election.

He urged members to set aside their differences and focus on the common goal of delivering a progressive government to the people of the state.

Speaking during the gathering in Otu, headquarters of Itesiwaju Local Government area, Akande stressed the imperative of forgiveness and reconciliation, emphasising that the party’s success hinges on unity. He lauded the efforts of the national leadership in fostering reconciliation, urging members to embrace the spirit of unity.

As a gesture of support, the ex-NCC gaffer provided financial assistance amounting to N500,000 to each of the 10 local government areas to bolster their preparations for the upcoming April 27 election.

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The event was attended by APC Chairmen and Chairmanship candidates from the Oke Ogun Zone, alongside 21 former local government chairmen, demonstrating a collective commitment to the party’s success in the forthcoming election.

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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Ukrainian Conflict Claims 50,000 Russian Troops

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Officers of the special police force “White Angel” Hennadiy Yudin 47(L) and Dmytro Solovyi 23 (R) walk past destroyed buildings and debris during the evacuation of local residents from the village of Ocheretyne not far from Avdiivka town in the Donetsk region, on April 15, 2024, amid the Russian invasion in Ukraine. (Photo by Anatolii STEPANOV / AFP)

More than 50,000 Russian military personnel have died during the Ukraine conflict, the BBC reported Wednesday, citing its own reporters, independent media group Mediazona and volunteers.

They found that more than 27,300 Russian soldiers died during the second year of the war, a 25-percent increase on the first year.

BBC Russian, Mediazona and volunteers have been counting deaths since February 2022, using open-source information from official reports and the media, as well as using satellite images of Russian cemeteries to estimate the number of new graves.

The figure of more than 50,000 is eight times higher than the official toll acknowledged by Moscow in September 2022. It does not include deaths of militia in Donetsk and Lugansk in eastern Ukraine.

Ukraine said in February that it had lost 31,000 soldiers, but that figure is also likely to be significantly lower than the true toll.

Russian losses spiked in January 2023 as it launched a large-scale offensive in Donetsk and again months later last year during the battle for the city of Bakhmut.

Russian President Vladimir Putin announced a “special military operation” at dawn on February 24, 2022, which has since turned into a bloody and attritional war, isolating Russia from the Western world.

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Responding to the report, the Kremlin said it did not disclose any information on military deaths and casualties, which falls under the remit of the defence ministry.

Kremlin spokesman Dmitry Peskov added official secrets laws and those covering what Russia calls its “special military operation” in Ukraine meant it was “absolutely understandable” that the ministry did not release the figures.

 

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