Dangote brings back $688 million from African ventures
Dangote Industries Limited announced that it has repatriated over $687.98 million through Nigerian banks, including $576 million through various banks and $112 million through a cash swap with Ethiopian Airlines.
- Dangote brings back $688 million from African ventures
- BDC operators advise caution to currency speculators amid naira’s appreciation
- Shortage of cooking gas impacts Lagos, Kano, Katsina, and more states
- Experts call for rethinking Africa’s resource management
- Musk to integrate xAI with social media platform X
The company expressed confidence in Nigeria’s economic prospects, emphasising its genuine and authentic investments.
Dangote called for agencies to investigate its foreign exchange transactions in the past decade and make any infractions public.
The firm highlighted that the utilised funds were visible in commissioned projects and stated that its investments in Africa would contribute to repatriating forex and strengthening Nigeria’s forex market.
BDC operators advise caution to currency speculators amid naira’s appreciation
The Association of Bureau de Change Operators of Nigeria has warned currency speculators as the naira strengthens against the US dollar.
The Central Bank of Nigeria’s measures of dollar liquidity injection and naira mopping through interest rate hikes are causing the naira to rebound.
The local currency strengthened by 15.18 percent to N950/$ in the alternative market, and the dollar was sold for 783.67/$ in the Importers’ and Exporters’ forex window.
ABCON noted the need for caution in attacking the Naira and called for continued clarification and inclusion of BDCs in the foreign exchange market to ensure stability.
Shortage of cooking gas impacts Lagos, Kano, Katsina, and more states
A shortage of cooking gas, or liquefied petroleum gas (LPG), has affected Lagos, Katsina, Sokoto, Delta, Kaduna, and Kano states, leading to a surge in prices since last month. Gas terminal owners raised prices by 66 percent in October, according to PUNCH.
A 12.5kg cooking gas cylinder is now selling for between N13,500 and N14,000 on the black market, up from N8,700 in June. While Abuja and Kwara have no reported shortages, prices remain high.
The Nigerian Liquefied Natural Gas Limited supplies 70 percent of the country’s cooking gas. The LPG sector is rapidly growing in Nigeria.
Experts call for rethinking Africa’s resource management
Experts at a recent African Development Bank webinar stressed the need for Africa to rethink the management of its natural resources to prevent adverse socio-economic consequences and support sustainable development.
With the 2023 United Nations Climate Change Conference approaching, the sustainable management of these resources is vital for reducing environmental degradation and adapting to climate change.
The discussion emphasised the importance of addressing overlaps between natural resource management and climate action.
Africa’s role in the global energy transition and IT solutions was also highlighted as crucial for social development and well-being.
Musk to integrate xAI with social media platform X
Elon Musk’s AI startup xAI will be integrated into his social media platform X and offered as a standalone app.
The startup’s first AI model, a bot named Grok, is available to X Premium+ subscribers, aiming to assist humanity in its quest for understanding.
Musk has criticized Big Tech’s AI efforts and sees AI as a disruptive force that could transform employment.
Musk’s xAI also collaborates with his electric car company, Tesla, and other firms.
