The MTN Group seem to heave a sigh of relief following the renewal of its license few in Uganda where it paid a $100m renewal fee for a period of 12 years starting this July. MTN, Africa‘s largest mobile operator by subscribers, has finalised a deal that will see it carry on its operations in Uganda for another 12 years.
Speaking on the need to renew its operational license in Uganda, MTN said it is “pleased to announce the conclusion of negotiations for the renewal of its second national operator license which expired in October 2018”.The mobile operator said it had met all conditions, including the payment of $100m (R1.7bn) as a renewal fee for a period of 12 years starting July 1 2020. Renewal negotiations have been ongoing for close to two years with Ugandan authorities. MTN was first allowed to operate in the East African country for 20 years back in April 1998.
The mobile network operator had applied for a 10-year extension and the Uganda Communications Commission (UCC) gave it an interim license, pending resolution of a number of unspecified issues. Ugandan authorities have previously said that MTN had agreed to list its shares on Uganda’s local bourse as a condition of renewing its license. MTN Uganda is the country’s biggest telecom company with more than 10-million subscribers. It competes with a local unit of India’s Bharti Airtel, as well as smaller companies. MTN said it will conclude the signing of the agreement with the UCC in the next few days.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Revenue Mobilization is a key instrument for the Government of Sierra Leone in increasing financial independence, achieving middle income status and delivering on the ideals of the New Direction programs in the country. The last two years have witnessed some of the most audacious reforms in the Country’s tax system. The National Revenue Authority (NRA) has consistently registered an increase in tax collection by 1.1 trillion Leones in 2018 and 2019 respectively.
Commissioner General of the NRA – Dr. Samuel S. Jibao
In 2020, the NRA had projected an estimated 25 billion Leones as an average collection rate per day, but with Covid-19 currently ravaging economies, that number was dropped to 21 and 22 billion Leones as an average collection rate on a daily basis. When asked why the Revenue is still on the high end, the Commissioner General – Dr. Samuel S. Jibao, said: “We have built systems capable of absorbing shocks in the economy and that is why our collection rate was not badly hit.”
The NRA Boss said there are possibilities of the economy recovering if Covid 19 is eliminated in the coming months. Apart from gaining grounds in revenue generation and mobilisation, the institution has had improvement in its governance, organizational effectiveness and transparency output. Something that disappeared – until the last two years. NRA Governance has improved substantially over the last couple of years. This is fundamentally attributed to the robust appointments in critical areas of its operations which was non-existent.
The Board is playing a more effective role; and the relationship between the NRA and the Ministry of Finance has improved significantly. “To me this is the start of the turning around of this institution, and our next achievement will be the operations of our reforms”.
COVID-19 Pandemic and the measures on Revenue administration
Sierra Leone reported its first case of COVID- 19 on March 31st 2020. By then the impact of the pandemic was manifesting itself globally with lots of negative effect on the economy and by extension the NRA. Sierra Leone is largely an import driven economy which means a distortion in the global economic stability is expected to have an immense impact on the import flow and consequently on import-related revenues, especially when China and Europe are major trading partners being epicentres of the outbreak.
The proactive Commissioner-General of the NRA – Dr. Samuel S. Jibao, in collaboration with the Ministry of Finance, activated Tax Deferment procedures – allowing importers of essential commodities to utilise the Customs warehouse suspense regime whereby importers can import goods and pay later; provision of income tax reliefs and concessions in the form of tax deferrals for an initial period of three months to cushion the effects of COVID – 19 on businesses, especially the hospitality and the aviation industries. The income tax relief were also extended to businesses whose products lack market domestically, and whose key customers and partners are currently out of business or closed – both locally and internationally.
As part of celebrating his second year in office, the administrative-minded NRA Boss decided to visit some of the most remote border crossing points in the North of Sierra Leone. Other high ranking NRA officials over the weekend visited Dogoloya- a border crossing point in Kabala, Sanya – a little over a Hundred miles from the Northern town of Makeni, Kono, Gbalamuya, Port loko and Lungi international airport.
The NRA Boss said he is dedicating this second appointment anniversary to touching Base with NRA Staff across the Country – no matter where the staff is – “as long as there is a NRA post, I will visit, he said”. The delegation included the Customs Commissioner – Abu Kanneh, Domestic Tax Commissioner- Ibrahim Sorie Kamara, Assistant Commissioner Border Controls and Management – Richard H. Senesie and other NRA Officials.
Dr. Samuel S Jibao is the first Commissioner General to have all official border crossing points in Sierra Leone, says Assistant Commissioner Border Controls and Management – Richard H Senesie. The Commissioner of Customs – Abu Kanneh, encouraged his staff at various customs post to be professional as they work for the institution and by extension – Sierra Leone. The Commissioner General is set to do similar trips in the future.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Do you have an idea or a project that can help journalism? Take part in the MEDIA LOVES TECH competition and try to join a large family of experts and enthusiasts! This June marks the launch of the incubation program which aims to identify the best digital concepts for innovative and quality journalism.
After two Tunisian editions, MEDIA LOVES TECH is expanding to a larger region: in addition to Tunisia, and for the very first time, teams from Morocco and Algeria are invited to submit their project ideas.
Until July 31, 2020, journalists, entrepreneurs, creatives, developers, media enthusiasts — any actor or organization wishing to innovate the media landscape — are invited to send their innovative ideas for quality journalism to startup.medialovestech.com
The 12 best teams will each receive € 1,000 and will be qualified for the support phase which will start in the fall. After a series of webinars, one-to-one advice and a hackathon spent in the company of experts and mentors specializing in startups, the media and new technologies, the jury will unveil the winning projects in December 2020.
The grand final winner will receive € 10,000. In countries facing similar challenges, markets can enrich each other.
This is why MEDIA LOVES TECH is convinced that the expansion of its network in Morocco and Algeria will optimize the potential of the projects and the work of the teams, in order to create opportunities for development and sustainability for the media.
MEDIA LOVES TECH is an initiative of DW Akademie, the Deutsche Welle center for international media development, journalistic training and knowledge transfer. In cooperation with Al Khatt, a Tunisian NGO which works for press freedom and expression and aims to be a laboratory of ideas on the future of journalism in the Internet age.
Since 2011, DW Akademie has been engaged in Tunisia with its partners to strengthen the human right to freedom of expression and unhindered access to information.
DW Akademie enables people around the world to make free decisions, based on reliable facts and constructive dialogue. This project is funded by the BMZ — Federal Ministry for Economic Cooperation and Development of Germany.
Source: Communiqué
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer.
In a bid to get the Ugandan economy moving again after nearly three months of lockdown to curb the spread of coronavirus, the government on June 11 presented a budget offering a host of tax waivers and funding for the business community. The plan to boost economic recovery seeks to support the agriculture sector for food security and export, make credit accessible to small businesses, give tax holidays to firms and put money directly into people’s pockets.
Hon. Matia Kasaija, Ministry of Finance, Planning and Economic
“These objectives address the three most critical aspects of Ugandan society namely: The peoples’ welfare, the viability of farms and businesses, and the social eco-system in which they exist,” Mr Kasaija said. This, he said, will also restore household incomes and safeguard jobs by reigniting business activity, providing tax relief to businesses, enhancing economic infrastructure, improving governance and maintain security law and order.
According to Finance Minister Matia Kasaija, the country’s Ush45 trillion ($12 billion) budget for the 2020/2021 financial year is aimed at “stimulating the economy to safeguard livelihoods, jobs, businesses and industrial recovery in the wake of the effects of the coronavirus pandemic.”
According to a recent report by Makerere University-based Economic Policy Research Centre (EPRC), the lockdown affected mostly the micro-, small- and medium-sized enterprises, a number of which have either ground to a halt or are operating at below 50 per cent capacity. To improve credit and cash flows of these businesses, Mr Kasaija proposed Ush94 billion ($25 million) to be provided through Saccos and micro finance institutions.
Manufacturing, agribusiness and other private sector firms will see an increase in access to credit at the Uganda Development Bank, which will be recapitalised with Ush1 trillion ($267 million) over the medium term.
“We shall increase funding to Uganda Development Corporation for public-private partnership investments to facilitate our import substitution and export promotion strategy, starting with Ush138 billion ($36.8m),” Mr Kasaija said.
The government will also push for banks to restructure loans to their borrowers who are facing liquidity constraints and reduce charges on mobile banking and mobile money transactions, “to improve efficiency, reduce person-to person contact to prevent the spread of coronavirus.”
A total of Ush673 billion ($180 million) has also been earmarked as payment of arrears by government to private sector firms starting next month to address liquidity constraints faced by government suppliers.
TAX RELIEF
To further address the short-term liquidity requirements of businesses in the tourism, manufacturing, horticulture and floriculture sectors, the government will defer payment of Corporate Income Tax or presumptive tax for tax compliant corporations and SMEs with a turnover of less than Ush500 million ($133 million) per annum with no accumulation of interests and penalties.
The Pay as You Earn (PAYE) tax will also be deferred until September while interests and penalties on tax arrears accumulated before July 1, will be waived to reduce the tax liability of businesses.
The minister also said that about Ush120 billion ($32 million) will be refunded as outstanding VAT refunds by the Uganda Revenue Authority. However, controversial taxes like the Over the Top tax levied on social media and the mobile money tax have remained.
The government is on the other hand encouraging the reduction of mobile money and other digital transactions fees that are charged by mobile network operators and commercial banks in order to limit the use of cash and customer visits to banks.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer.
With the crash in crude oil price, and its larger implications on the economy in general, the government of Gabon is inviting stakeholders and investors to promote the development and expansion of Gabon’s energy sector as a pillar of economic development. The Gabonese authorities hope to use the Gabon Oil & Power, taking place on March 15-16, 2021, in Libreville as the leading investment platform for Gabon’s oil, gas and power industries; The conference will showcase the country’s investment appeal which includes a long-established history of oil discoveries, a renewed and attractive petroleum code and a new push for power generation projects; The event will gather stakeholders and investors to promote the development and expansion of Gabon’s energy sector as a pillar of economic development and a means to recover from the impact of COVID-19. The event will be the prime energy investment platform for one of Africa’s most established oil and gas markets and will provide the venue to showcase oil, gas and power investment opportunities in the post-COVID-19 recovery period.
Gabon President Ali Bongo
While Gabon is capitalizing on the success of its new and improved Petroleum Code –which has attracted the interest of a myriad of international exploration and production companies and has seen several new production sharing agreements signed in its 2020 bid round – Gabon Oil & Power 2021 is the ideal platform for policymakers, investors and dealmakers to network and discuss the future of the industry. The growing interest in renewable power generation solutions and Gabon’s continued stewardship of the environment will be showcased during high-level panel discussions, while economic diversification, empowerment of women through the global Equalby30 initiative, and local content policies will also be highlighted at the event.
“Gabon’s recent changes to its oil and gas legal framework, combined with its proven history of oil success and offering of new opportunities in offshore acreage makes it one of the most appealing oil markets on the continent right now. Gabon Oil & Power 2021 will be the vehicle through which those investment opportunities will be better showcased to all relevant stakeholders in the industry,” said João Gaspar Marques, Director at Africa Oil & Power.
Gabon Oil & Power 2021 is one of a series of country-specific and industry-wide conferences organized by AOP throughout the continent, including events in Angola, South Africa, Equatorial Guinea, South Sudan, Senegal, Mozambique and Nigeria. AOP will work with all actors in the Gabonese oil, gas and power sectors, from government officials to private sector players, to define opportunities and help new and existing investors find success in the market.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The fact of the matter is African countries will need some form of sizable fiscal expansion in order to address the most pressing issues emanating from the COVID-19 pandemic, which for the time being, has yet to take hold with the same severity as witnessed in other parts of the world.
These measures must primarily target infrastructure: first, to bolster critical healthcare services; and second, in the form of government assistance in the primary utility sector to ensure unrestricted access to water and electricity following implementation of requisite lockdown protocols. Furthermore, funding should also be made available to the private sector as a backstop to the inevitable economic contraction driven by a freeze in real economic activity.
Moratorium on debt repayments “is not as critical”
The issue of a moratorium or a ‘standstill’ on debt repayments as suggested is not as critical in relation to the aforementioned needs, and more importantly, would greatly compromise the future access of African economies to international markets. Such a standstill would be perceived as a default, and no matter the severity of the current shock, it would inflict great damage over the long run. Private markets themselves ought to be the ultimate provider of productivity enhancing capital that is so critical for the continued development on the continent.
As an example, the ability for countries such as Benin and Ghana to access capital markets over the past year at 5.75% for seven years (EUR500m), and 8.875% for 40 years (US$750m), respectively, is a testament to the favourable conditions from which African nations have benefited. It would be wise not to jeopardize such a milestone at this juncture.
The issue of Eurobond debt repayment could instead be addressed as part of a comprehensive package that includes, most importantly, a fiscal backstop aimed at addressing the current and incoming economic challenges facing Sub-Saharan African countries as outlined above. Such funds could be disbursed to the countries in need by multilateral institutions in the form of a 10-year zero coupon debt at a cost of say 1% (as merely one possibility).
Nigeria is a case in point, which recently requested $6.9bn of multilateral financing from the IMF, World Bank and African Development Bank to combat the brewing coronavirus crisis. Part of the request would be used to establish a $1.2bn COVID-19 crisis intervention fund to upgrade healthcare facilities and provide intervention funds to states. Such an amount needs to be compared to its external debt servicing commitments which will average less than $750m over the next 48 months.
If Africa is to wean itself from its long-standing dependency on donors and multilateral funds to finance its economic development, it needs to evolve towards market-based financing. With principal and interest commitments on all outstanding Sub-Saharan Africa Eurobonds tallying approximately $5bn per year over the next 48 months, such “relief” as proposed would be a high price to pay to compromise the region’s hard-earned access to international capital markets and unhindered future development.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Telecom operators in Nigeria and South Africa should be worried for their market shares. This is because Orange, France’s largest telecom operator, believes it would benefit from having a wider footprint in Africa and will give itself a few months to make further inroads into the contient, Chief Executive Stephane Richard told Les Echos business newspaper.
Chief Executive Stephane Richard
“It could make sense to be in economies such as Nigeria and South Africa,” Richard was quoted as saying. “If one considers there are things to do, the time frame I am considering is rather a few months than a few years.”
Here Is What You Need To Know
Richard declined to comment on a possible interest in South Africa’s MTN Group Ltd.
The Middle East and Africa, where Orange has a presence in 18 countries, is the company’s fastest-growing market.
The region makes a large chunk of its revenues from payment transfers — a key part of the group’s diversification into financial services.
Orange said earlier this year it was bringing its operations in the Middle East and Africa into a single entity, paving the way for a potential listing of the operations that could raise cash to invest in overseas expansion.
Richard said Orange would also be looking at bolstering partnerships with health companies or institutions.
Earlier this year, the French telecom operator inaugurated an Orange Middle East and Africa operational head office in Morocco.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions. He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance. He is also an award-winning writer
Today’s confinement is revealing how working and learning from home could improve mental and physical health, increase productivity, and contribute to building a society based on strong moral values, especially adopting the Moroccoan example, writes Abdellah Benahnia. –
We may not be surprised to hear that half of a company’s workers permanently leave their offices, to work instead from home, in the near future. We may also hear that a number of teachers are conducting their classes from their sofa instead of school premises. We might also hear about people “wandering” in the mall, shopping from stores with quick delivery from bed, instead of jostling through crowded streets and navigating the hustle and bustle of transportation.
Dr Abdellah Benahnia, an international researcher and consultant in education, training, and culture
These are only some of the fantasies that are beginning to appear in the midst of this pandemic, and might soon develop further.
How the coronavirus is already changing the nature of work
Now is perhaps the first time in history that a majority of people have been forced to abandon their offices and stay home. They are certainly and perhaps for the first time in their life, experiencing the benefits of distance work, as well as the advantages of managing and executing agendas and tasks from afar.
They are also testing the benefits of making decisions remotely, with the opportunity to enjoy homemade meals instead of relying on light meals, fast food, and sandwiches from the streets. The confinement is giving them a chance to eat with family and spend more time with loved ones, given that under normal circumstances, some of them would at times not return home until late at night due to pressured working conditions.
None of us would have imagined that one day parents, children, educators, and officials would all be forced to enjoy the unique opportunity of working from home. Moreover, it is perhaps the first time that some parents are realizing the dangers of their loitering in the streets and other places until late at night, and the impact of this bad habit on their children, family, and community as a whole.
Future studies may show the advantages of distance working and distance learning in gaining time and knowledge for both workers and students, as well as the positive effects of this on the behavior of both children and adults. People young and old have been suffering through constantly traveling to and from school and work, feeling excessive stress due to crowding in the streets, not to mention the difficulty of maintaining regular timing for important daily moments such as meals and prayer.
Future studies may also show improved productive capacity for young people and adults alike in such circumstances. Educators, nannies, and teachers may give us positive opinions about children’s proficiency in receiving and completing duties under today’s conditions.
Moroccans are glad that the government plans to facilitate remote administrative work.
There is no doubt the Moroccan people are happy to hear the issue of distance work is appearing in parliamentary discussions. They have been hearing about the concept of “approximation of public administration services to citizens,” although reality is showing that Morocco cannot fully apply this concept without a broad dispatch of electronic services. If that is to be the case, many citizens must be involved in parallel training, learning how to rely on those services using their computer or smartphone.
This implies that some administrative employees will not necessarily need to be in their office, but can successfully work from home. The government is discussing the introduction of a decree concerning remote work, by which tasks can be accomplished outside official administrative workplaces. The strategy will require using information and communication technologies to offer better services, and in a much more relaxing atmosphere.
According to Morocco World News, the government believes that “teleworking” will enable a balance between the needs of the administration on the one hand, mainly represented in the continuity of efficient, effective services, and the conditions of employees on the other hand, with the flexibility it provides in scheduling working hours while maintaining the same average of working hours.
This experience may provide opinions and data indicating the cost-effective nature of working under quarantine, and the extent of the citizens’ ability to perform their duties rapidly and with all the comfort and ease of being at home—despite the difficult circumstances surrounding this situation.
Furthermore, future studies on the current situation may demonstrate that remote work can increase individuals’ profitability as well as corporate revenue. Avoiding congestion and traffic accidents on the roads going to and from work may reduce depression, anxiety, and stress among employees. Concerning digitization, there are many administrative, social, educational, medical, and industrial entities that will enlarge the scope of digitization within their operations. This phenomenon is already making its way to the market and the world of business.
Another benefit of distance work is the high level of productivity among workers. It is a reality that feeling at ease and working in a pleasant atmosphere and environment, free of all sorts of stress and hustle, is a vital factor in raising productivity levels. Doctors and psychiatrists have long attributed mental health to positive working conditions and environments. We are already seeing that they are advocating these principles specifically within the realm of remote work.
There is no doubt that reducing the number of individuals on the streets, roads, and in workplaces (as we have seen these days during the imposed pandemic confinement) would reduce air pollution, especially in cities and crowded neighborhoods. It would also reduce the rates of infectious disease transmission, theft, and many forms of violence and crime.
Future aspirations regarding distance work and remote learning
Since many countries already suffer from the problem of overcrowding in schools, this experience may lead to reevaluating the value of distance education. This could apply at least for some subjects that do not require attendance at the institution, such as in the field of humanities and in some areas of university education. This would inevitably reduce overcrowding in offices and workstations, and contribute to reducing costs and saving energy.
At a time not too far in the future, the world may realize that pushing huge numbers of people to work and study locations every morning and evening, especially in big cities, may be the cause of the spread of infectious diseases, depression, and psychological discomfort.
Keeping children home as much as possible is in itself a mark of progress. Mothers and fathers are currently not given enough time to raise their children, talk to them, and eat all meals with them, unlike previous generations. This is happening at a time when all these problems could be avoided by facilitating and, when appropriate, legalizing remote work in different professional sectors.
If we acted on this, we could gain abundant time and save money, energy, and effort. Most of all, we could contribute to building a civilization and a nation that is productive in the truest sense, armed with science, knowledge, noble ethics, and proper behavior. We could build a civilization in which the new generation’s ethics and behavior are based on honesty and piety, love, coexistence, interdependence, tolerance, happiness, and peace and safety.
Dr Abdellah Benahnia is an international researcher and consultant in education, training, and culture.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
As part of efforts aimed at diversifying its portfolio of investment, Dangote Group, one of Africa’s most admired workplace has reaffirmed its status as the biggest cement producer in Africa with the exportation of 27,800 metric tonnes of clinker to a neighbouring African country. With this historic maiden voyage from its Export Terminal located in Apapa Port, Lagos weekend, Dangote has gradually made Nigeria, which until recently was one of the world’s largest bulk importers of cement, first self-sufficient in cement production, and now an exporter of cement clinker to other countries. The exportation of clinker from the Dangote Cement Export Terminal will also place Nigeria as one of the leading clinker exporters in the world. The company is expected to increase the quantity of clinker export to other African countries within the next few weeks, it was further learnt.
In a statement from Dangote Group, this development would enable Dangote Cement take advantage of the African Continental Free Trade Area, and by so doing contribute to the improvement of intra-regional trade within the ECOWAS region. Reacting to this, the Manufacturing Association of Nigeria (MAN) commended Dangote Cement for leading the way for Nigeria to become one of the biggest cement and clinker exporters in the world. Also speaking during the departure of the ship conveying clinker from the Export Terminal at the weekend, Group Executive Director, Dangote Group, Alhaji Sada Ladan-Baki said the increased exportation of clinker and cement to other African countries would not only place Dangote Cement among top clinker exporters in the world, but would also boost Nigeria’s foreign exchange earnings and reduce unemployment in the country.
“The beauty of what we have done is that we are going to be generating foreign exchange for the country in terms of dollars and Euros. For every batch of clinker we export, the money comes back to Nigeria. The amount we are talking about is not small. Presently, Dangote Cement should either be number one or number two exporter of cement in Africa and the revenue we have generated in the form of foreign exchange is running into millions. Today, we have formally launched the Dangote Cement Export Terminal. We are still going to do another major launch when the second ship is going out of the country,” he added.
Alhaji Sada recalled that only a few years ago, Nigeria was one of the world’s largest bulk importers of cement, saying that “Dangote has gradually made Nigeria self-sufficient in cement production as well as an exporter of clinker to other countries. He disclosed that the company would also be launching its export terminal in Onne in the next few days, adding that the export terminal would enable the company export clinker, initially to its grinding facility in Cameroon and then to new grinding plants the company is building across West Africa.
He explained that not only would this generate useful foreign currency for Dangote Cement to support other expansion projects outside Nigeria, it would also help to increase the output of the Nigerian plants, saying these would help to improve job creation and increase prosperity in Nigeria.
He stated: “This terminal will assist Dangote to actualise the full potential of the company’s investment in cement. You know as usual, when the rain comes, sales decline, but not clinker export. This feat by Dangote is going to generate a lot of jobs because the Export Terminal has already created jobs for many Nigerians. As at now, the numbers of employed Nigerians at the terminal have reached 100. We are targeting about 200 to 300 workers in Lagos Terminal alone.
“But, apart from job creation opportunities, the exportation of clinker by Dangote will position the country to participate fully in the Africa Free Trade Liberalisation Agreement when it comes into being, so that Nigeria will be protected against foreign products. It will also help the country compete effectively with every country that is in the business of exportation of clinker. At Dangote Cement, we are going about it aggressively and we are seeing it as an opportunity.”
Alhaji Sada said the company has also concluded plans to increase its clinker and cement export to other countries. “This vessel, being the maiden ship, is exporting 27,800 metric tonnes to Senegal and this is just a tip of the ice-berg as to what we have in plan. What we have in plan is to send clinker from Nigeria to Ivory Coast, Cameroon and Ghana. Cameroon as an example, takes about 82,000 metric tonnes every month. Our target is to export at least 4 million metric tonnes of clinker annually to various parts of Africa.
“That is our target that we hope to achieve within the next one to two years. This particular voyage is going to our sister company in Senegal. We have an integrated plant of 1.5 million tonnes and this one is expected to give the plant additional clinker that is required for the plant to sustain production. In the next one week or two, we are going to be shipping 82,000 metric tonnes to Cameroon in batches of about 25,000 to 29,000 metric tonnes per voyage,” he added.
Speaking on Dangote’s achievement, the Acting Director-General of the Manufacturers Association of Nigeria (MAN), Chuma Oruche praised the wealthiest man in Africa for leading the way in the export of products from Nigeria to other countries. According to him, this feat by Dangote Cement is capable of boosting Nigeria’s foreign earning and reducing unemployment in the country. He said: “The export of clinker by Dangote Cement at the weekend will definitely be beneficial to Nigerian economy in terms of export earnings, job creation and wealth creation for families connected with these achievements.”
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Nigeria’s Prof. Benedict Okechukwu Oramah has been re-elected as the President of African Export-Import Bank (Afreximbank). The shareholders meet today to re-elect him for a second 5-year term. The decision was announced in Cairo following Afreximbank’s 27th Annual General Meeting of Shareholders which was held by circulation of resolutions due to the COVID-19 pandemic situation.
Prof Benedict Oramah, president Afriexim bank
In an acceptance statement released shortly thereafter, President Oramah told Shareholders that the Bank’s ultimate goal under his second term of office is the realisation of Africa’s strategic ambition to create an integrated market. “We want an Africa where the foundations of the African Continental Free Trade Agreement (AfCFTA) are laid expeditiously so that the 84,000 kilometres of borders that have divided us for ages can begin to come down,” said prof. Oramah who added that AfCFTA would “drive the industrialisation of Africa, support the emergence of regional value chains, turn Africa’s creative and cultural assets into engines of growth, grow jobs for the continent’s youth, convey respect to Africans wherever they may be and better prepare the continent to compete more effectively in the global markets.”
Prof. Oramah highlighted that between 2015 and 2019, Afreximbank disbursed more than US$30 billion in support of African trade with over US$15 billion channeled towards the financing and promotion of intra-African trade. “We will aim to double intra-African trade financing so that by the end of my term, it will constitute no less than 40% of the Bank’s total assets, with aggregate disbursements, on a revolving basis, over the 5 years exceeding US$30 billion,” he announced.
In office since 2015, Prof. Oramah’s re-appointment was one of the key decisions taken by shareholders during the Bank’s 2020 General Meeting. A resolution proposing the re-election of Mr. Stefan-Luis Francois Nalletamby as a director representing Class “A” Shareholders and Mr. Kee Chong Li Kwong Wing as a director representing Class “B” Sharefolders was also approved by the meeting.
In addition, the 2019 audited accounts were approved, as well as the proposal to raise an additional US$500 million in equity within Afreximbank’s current Strategic Plan dubbed “IMPACT 2021-Africa transformed”. The approval to raise additional equity was in recognition that an amount of US$1 billion earlier authorized to be mobilized had almost been fully raised. “I make a commitment that with your support, the Bank will remain well capitalised throughout my term of office and beyond. We will continue our efforts to diversify sources of equity to include the markets while ensuring that the Bank’s development focus remains unchanged,” President Oramah assured the Bank’s Shareholders.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
