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Tinubu woos Germany, South Korea, India to invest in Nigeria, says ‘We’ll leave nothing hanging’

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President Bola Tinubu has wooed leaders of countries identified as key partners to his economic development to invest in Nigeria.

In a statement by Ajuri Ngelale, the president’s spokesperson, Tinubu met with leaders of Germany, South Korea, and India on the sideline of the G20 summit.

Tinubu was the first head of state to arrive at New Delhi for the G20 summit, following the invitation of Nigeria by Narendra Modi, the prime minister of India.

Modi also invited the African Union (AU), which formally joined the group of 20 top global economies.

 

Speaking with Olaf Scholz, the German chancellor, at the summit, Tinubu said his administration is designing a financial architecture for an expanded economic partnership with a nation like Germany.

 

He said Nigeria is orchestrating its economic policies to align with large-scale manufacturers like Volkswagen, a German company.

 

“It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership. It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country,” the president told the German leader.

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On his part, Scholz acknowledged the “business friendly” policies of Tinubu, adding that Nigeria and Germany share economic history.

He promised to visit the president in Nigeria in October.

“Thank you for this important discussion, Mr. President. I appreciate this opportunity to advance our economic relations. Your market is unique and our companies have a history in Nigeria,” he said.

 

“We acknowledge the business-friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives.”

In his discussion with Yoon Suk Yeol, the president of South Korea, Tinubu stressed the need for partnership in the areas of production, telecommunications, technology and oil and gas.

Tinubu said: “We will leave nothing hanging. We will finalise what we agree to and we will execute. We will work point by point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms.”

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Speaking with Modi, the president appreciated the tremendous development in India under the leadership of the prime minister, and noted that “there are many lessons our nation can learn from the rapid progress of India”.

‘WE SEE FANTASTIC OPPORTUNITY BETWEEN OUR NATIONS’

“We see fantastic opportunity between our nations across sectors, such as agricultural development, but specifically, there is more we can do to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa. Nigeria has the local players who can drive it from the front,” the president said.


Modi in response to Tinubu the teams of both countries must now stay close in touch “to detail our priority areas of upscaled cooperation with respect to agriculture, defence, industries, capacity building, and even FinTech growth”.

“I see your commitment,” the Indian president said.

“We believe there are immense prospects for Nigeria in the UPI (Unified Payments Interface) and we will ensure that we come together and make progress on these fronts very rapidly.”

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Apart from these three leaders, Tinubu also had discussions with U.S. President Joe Biden; Ursula Von Der Leyen, president of the European Commission (EC); and Ajay Banga, the president of the World Bank.

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Port Harcourt refinery to begin operation July

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The 210,000-barrel-per-day Port-Harcourt refinery may finally commence operations by the end of July after several postponements.

 

The new date was disclosed on Monday by the National Public Relations Officer, Independent Marketers Association of Nigeria, Chief Ukadike Chinedu.

 

He stated that the development would stimulate economic activities, reduce the price of petroleum products and ensure adequate supply.

 

Last year in December, the Minister of State for Petroleum Resources, Heineken Lokpobiri, announced the mechanical completion and flare start-off of the biggest crude refinery in Port Harcourt.

 

The refineries comprise two units, with the old plant having a refined capacity of 60,000 barrels per day and the new plant has 150,000 BPD.

 

The refinery shut down in March 2019 for the first phase of repair works after the government secured the service of a technical adviser of Itay’s Maire Tecnimont to handle the reviews of the refinery complex, with oil major Eni appointed technical adviser.

 

On March 15, 2024, it was reported that the Group Chief Executive Officer of NNPC Limited, Mele Kyari, stated that the Port Harcourt refinery would commence operations in about two weeks.

 

The NNPC boss disclosed this during a press briefing after he appeared before the Senate Ad hoc committee investigating the various turnaround maintenance projects of the country’s refineries.

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He said, “We did a mechanical completion of the refinery that was what we said in December. We now have crude oil already stocked in the refinery. We are doing regulatory compliance tests that must happen in every refinery before you start it, and I assure you that this Port Harcourt refinery will start in two weeks.”

 

However, the machinery had yet to begin operations two months after he made the promise.

 

In an exclusive interview on Monday, the IPMAN official stated that the work done represented a complete turnaround, not just rehabilitation, emphasising that every effort would be made to meet the July deadline.

 

Ukadike said, “Yes when we visited the place, the MD told us that the refinery was almost ready and by the end of July, they would start producing. It has been turned into a new one they changed all the armoured cable to brand new and everything there is almost like a brand-new refinery.

 

“The turnaround on maintenance is very massive and the job is being done day and night. All hands are on deck to make sure that they meet that target. By ending of July the refinery should be ready.”

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When reminded of several promises by the government to kick start the project, Ukadike replied, “Yes, there have been delays but they didn’t tell us any reason for the delay of the last deadline given in April.

 

“They are not facing any challenges at all; I can say the refinery is 99 per cent ready.

 

“What we want is competition. I am very sure that with the two refineries, the price of petrol will be reduced. Dangote is coming soon and the Port Harcourt refinery is almost ready too and that is very good. We need that competition for the benefit of the nation.”

 

The new timeline coincides with a proposal by the Dangote Refinery to commence petrol production by ending of next month (June).

 

The Chairman of the Dangote Group, Aliko Dangote, while speaking at the Africa CEO forum annual summit in Kigali, assured Nigerians that following the laid-down plans of the Dangote Refinery, Nigeria would no longer need to import petrol starting next month.

 

According to him, the refinery can meet West Africa’s petrol and diesel needs, as well as the continent’s aviation fuel demand.

 

With an average monthly consumption of 1 billion litres, Nigeria currently spends approximately N520bn on the importation of PMS every month.

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This means the government may cut approximately N6.2tn yearly import bill.

 

Commenting, the NNPCL Chief Corporate Communications Officer, Femi Soneye, said regulatory approvals from international bodies were the only impediment stalling the operational commencement of the refinery.

 

Soneye in an exclusive interview with our correspondent on Monday reiterated that mechanical completion had been achieved, and all pipes were operating flawlessly, transporting crude oil supplied by Shell.

 

He said, “We have said that the mechanical completion has been done and every other thing is done. There is crude oil and all the pipes are working; we are only waiting for regulatory approvals. Like I said, some of our materials and the things we use have to do with nuclear and we need the nuclear authorities to give us approval to use all those things at the site.

 

“And some of these approvals come from bodies outside of Nigeria. Until they give us those approvals, we can’t begin operations. We are ready to go but if something happens without it, which would be another issue. Everything has been completed in terms of our work, and once we get those approvals, it will start operations.”

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I need 35 visas to travel within Africa but French investors don’t – Dangote

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Aliko Dangote, Africa’s richest person, says he still faces difficulties travelling in Africa with his Nigerian passport.

Dangote spoke recently at the Africa CEO Forum Annual Summit in Kigali, Rwanda.

 

“I still complained to President Kagame. I told him that as an investor, I have to now apply for 35 different visas on my passport, and I told Mr. President, I really don’t have the time to go and be dropping my passports in embassies to get a visa,” he said.

 

“But you see, the most annoying thing is that yes, if you are treating everybody the same, then I can understand.”

 

Using the French passport as an example, Dangote said Patrick Pouyanne, chairman of Total Energies, does not need 35 visas on his French passport to gain access to African countries.

 

“You don’t need 35 visas on your French passport. This means you have a freer movement than myself in Africa,” he said.

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Speaking further on businesses within Africa, he said right now, “our main job is to make sure the regional markets all work. Once they work, then we can now go to Africa Continental Free Trade Agreement (AfCFTA). But then, for AfCFTA also, we need to make sure that it works”.

 

“We cannot have a very promising continent and our intra-trade rate is less than 16 percent. Okay, so we Africans will have to do it. If we are waiting for foreigners to come and do it, both the development of Africa, it’s not going to happen,” he said.

 

“So it can only happen to us Africans. We must risk our sources and make sure that we lead, then we will have people who actually trust and believe in Africa like Patrick to come and help us to push to the next level.”

 

Also, at the event, the business mogul announced that Nigeria will not have to import petrol into the country by June when Dangote refinery commences production of the product.

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Nigeria to stop petrol importation in June, says Dangote

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FUEL SCARCITY

 

Aliko Dangote, Africa’s richest person, says Nigeria will stop importation of petrol into the country by June.

Dangote spoke at the Africa CEO Forum Annual Summit in Kigali on Friday.

 

He said the country should end petrol imports by June when Dangote refinery commences production of the product.

 

“Right now, Nigeria has no cause to import anything apart from gasoline and by sometime in June, within the next four or five weeks, Nigeria shouldn’t import anything like gasoline; not one drop of litre,” he said.

 

Consequently, Dangote said the shortfall in the supply of petrol will be addressed not only in Nigeria but other West African countries.

“We have enough gasoline to give to at least the entire West Africa. We have enough diesel to give to West Africa and Central Africa,” he said.

 

Dangote said there is enough aviation fuel to meet the continent’s demands, as well as export to Brazil and Mexico.

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Speaking on the commencement of petrol production by the refiner, Dangote said “next month, we will be producing diesel and gasoline”.

 

He said the refinery would take most African crude grades.

 

DANGOTE SAYS REFINER WILL NOT FOCUS ONLY ON PETROLEUM PRODUCTS

Dangote said the refiner would not only focus on producing petroleum products.

 

“Today, our polypropylene and our polyethene will meet the entire demand of Africa and we are doing base oil, which is to do like engine oil,” he said.

 

“We are doing linear benzyl, which is raw material to produce LLB, which is raw material to produce detergent. We have 1.4 billion population and nobody is producing that in Africa.”

 

He said all the raw materials detergents are being imported into Africa, adding that the refinery is producing these raw materials to make Africa self-sufficient.

 

“As I said, give us three and a maximum of four years and Africa will not, I repeat, not import any more fertilizer from anywhere. We will make Africa self-sufficient in potash, phosphate (even if we don’t have enough, there is a lot in Morocco. But we are also looking at the opportunities,” he said

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“For our urea, we are at three million tonnes and in the next twenty months, we will be at six million tonnes of urea which is the entire capacity of Egypt.”

 

The business mogul said the refiner has 650,000 barrels per day, one million tonnes of polypropylene, 590,000 carbon black — the raw materials ink, dyes and others.

 

Dangote said the second phase of the refinery will start early next year.

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