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Dangote, Sinoma sign agreement to build 6Mta cement plant

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Dangote, Sinoma sign agreement to build 6Mta cement plant

Dangote Industries Ltd. (DIL) has signed an agreement with China Sinoma International Engineering to build a six million tonnes per annum cement plant in Itori, Ogun State.

The development was contained in a statement signed by Mr Anthony Chiejina, Group Chief Branding and Communication Officer, DIL, on Wednesday in Lagos.

According to the statement, the agreement was signed by Alhaji Aliko Dangote, President, Dangote Group alongside the Group Executive Director, Strategy, Capital Projects and Portfolio Development, DIL, Mr Devakumar Edwin.

It said that China Sinoma Engineering was represented by its President, Yin Zhisong, and the company’s Chairman, Liu Renyue.

The statement said that the new integrated cement plant at completion would strengthen the local production capacity of Dangote Cement.

This brings its local capacity to 41.25 million tonnes per annum and total African capacity to 57.6 million tonnes per annum.

It added that the Itori Cement Plant would also increase Nigeria’s capacity to export cement, thereby enabling more diversification and foreign exchange inflows for the economy.

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The statement said that the project was further expected to develop the domestic economy through creation of thousands of indirect and direct jobs and drive economic development in the Itori axis.

The statement said that ancillary businesses would be drawn to the axis to take advantage of the location of the cement plant to provide goods and services to staff, contractors and other stakeholders.

“Constructing the new cement plant is in line with Dangote Group’s vision of producing local goods that were formerly imported in spite of the abundance of raw materials for local production of such goods.

“Sinoma is a strategic partner who has been instrumental to the success of key projects in Dangote Group.

“You have handled some of our key projects and I am positive that this project will be completed as scheduled,” he said.

The China Sinoma Group President expressed satisfaction with the commitment and determination of the Dangote Group in building cement plants across Africa.

“It is an honour for us to build another cement plant for Dangote Group and we are proud and happy to be on this journey with the company again,” it said.

The News Agency of Nigeria (NAN) reports that the plant projected to be completed in 27 months is expected to have two lines by 6,000 TPD clinker production with an installed daily total capacity of 12,000 TPD of clinker production.

The Itori Cement Plant will be Dangote Cement’s fourth cement plant constructed as a green field project in Nigeria; the rest are Obajana, Ibese and Okpella Plants.

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Naira rebounds, gains N28.15 against dollar

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Naira rebounds, gains N28.15 against dollar

Naira rebounds, gains N28.15 against dollar

The Naira on Tuesday closed the month of April on a good footing as it gained N28.15 at the official market, trading at N1,390.96 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the gain represented a 1.98 per cent appreciation for Naira.

The percentage increase is significant when compared to the previous trading date on Monday, April 29.

The local currency experienced about two weeks steady fall by exchanging at N1,419 to a dollar.

The success story was replicated in the volume of currency traded, as the total daily turnover increased.

The daily turnover stood at 225.36 million dollars on Tuesday up from 147.83 million dollars recorded on Monday.

Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,450 and N1,200 against the dollar.

Naira rebounds, gains N28.15 against dollar

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Naira appreciate, gains further by 1.8% against dollar

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Naira appreciate, gains further by 1.8% against dollar

Naira appreciate, gains further by 1.8% against dollar

The Naira experienced a further appreciation at the official market, trading at N1,382.95 to a dollar on Tuesday.

Data from the official trading platform of the FMDQ revealed that the Naira strengthened by N25.09 or 1.78 per cent, compared to the previous day’s rate of N1,408 against the dollar.

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However, the total turnover increased to $245.58 million on Tuesday, up from $222.15 million recorded on Monday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

The reports gathered that the Central Bank of Nigeria(CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR), by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira appreciate, gains further by 1.8% against dollar

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Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development

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Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development
Retreat

The Ministry of Petroleum Resources as well as its agencies and parastatals are expected to brainstorm on emerging developments in the oil and gas industry, at a sectoral retreat scheduled to hold in Abuja.

Mrs Oluwakemi Ogunmakinwa, Deputy Director, Press and Public Relations, Ministry of Petroleum Resources, said in a statement on Sunday that the retreat would focus on the Ministerial Deliverables (2023-2027) for the oil and gas sector.

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The retreat with the theme: “Building Synergy for Enhanced Development in the Oil and Gas Sector” would hold between March 26 and March 28.

Ogunmakinwa stated that the retreat would also fashion the way forward for the industry as earmarked by President Bola Tinubu.

“In the course of the retreat, heads of agencies under the ministry will be required to make presentations on the mandate, vision and mission of their respective organisations,” she stated.

According to Ogunmakinwa, the Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri and the Minister of State Petroleum Resources (Gas), Mr Ekperikpe Ekpo will be attending the retreat.

The Permanent Secretary, Ministry of Petroleum Resources, Amb. Nicholas Agbo Ella, Directors in the Ministry, as well as the Chief Executive Officers (CEOs) and Directors from the Agencies under the supervision of the Ministry would also be in attendance.

It would be recalled that President Bola Tinubu had the first year Ministerial Retreat with Ministers, Presidential Aides, Permanent Secretaries and top government functionaries from Nov. 1 to Nov. 3, 2023.

The retreat by the president was to chart a path for progress and prosperity of the nation, where he charged the participants to deliver on their mandates for the sake of Nigerians.

Petroleum Ministry, NNPC Ltd., others brainstorm on oil, gas development

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