Following the entry into force of the newly created African Continental Free Trade Agreement (AfCFTA), the African Union Commissioner for Trade and Industry, Amb. Albert M. Muchanga, is set to receive the Champion of Trade Award at the 2nd edition of the Trade with Africa Business Summit schedule to take place August 1st & 2nd in Chicago.Continue reading “African Union Trade Commissioner to Receive Champion of Trade Award in Chicago”
Africa’s richest man, Aliko Dangote has been rated one of the World’s 50 Greatest Leaders in 2019. The Nigerian is the only billionaire and philanthropist from the continent on the list, clinching 11th position among several other top world leaders.Continue reading “Africa’s richest man, Aliko Dangote, ranked among Fortune Magazine’s annual list of the world’s greatest leaders”
Ambassadors, representatives and business leaders from Africa and the Caribbean will gather in Washington, D.C., in June to share how investors, businesspeople and entrepreneurs can successfully do business in their countries.
The Doing Business in Africa and the Caribbean Symposium will be held June 19-20, at the African Union Mission, 1640 Wisconsin Ave., N.W. Washington, D.C., 20007.Continue reading “Washington to host Doing Business in Africa and the Caribbean Symposium”
African Development Bank President Adesina said it is time that the United States “scale up and take advantage of opportunities that other global players are already investing in.” APA learned on Friday.
Speaking at a high-level dialogue in Washington D.C., Akinwumi Adesina noted that “it is time to turn around the declining investments of the U.S. in Africa.
South African billionaire Patrice Motsepe has donated over $500 million to projects in Africa pertaining to health, farming, agrobusiness, infrastructure, and music.
Last year, the African Rainbow Minerals founder also pledged to donate $250 million to South African land reform and $100 million to education initiatives.
His philanthropy was noted by US media giant, Forbes, in a report highlighting the largest philanthropists out outside the US.
The future of the African fintech sector will be discussed during the Africa Fintech Summit to be held on April 11, 2019, at the US Institute of Peace in Washington.
Of the 2,153 people who made it to the 2019 FORBES list of the World’s Billionaires, 13 of them are black, up from 11 a year ago.
Nigerian businessman Abdulsamad Rabiu, who made his fortune in cement, flour, edible oils and real estate, returns to the 3-Comma club after a multi-year hiatus. He last featured on the FORBES list of the World’s Billionaires in 2014.
By Tom Metcalf and Devon Pendleton
The best way to appreciate the scale of Aliko Dangote’s empire is to hitch a ride on one of his private jets. A half-hour after his Bombardier Challenger 605 takes off from Lagos Airport, it descends into a seemingly desolate area of Kogi State in central Nigeria, dusty fields and clusters of trees stretching to the horizon. Suddenly a tangle of exhaust stacks, silos, and kilns pierces the sky to the left of the aircraft as Dangote Cement Plc’s Obajana plant comes into view. It’s already the biggest in Africa, churning out enough sacks of cement to fill 1,000 trucks a day. A fifth production line now under construction will make it one of the world’s largest.
The cement plant and its two sister factories in Nigeria have long been the bedrock of Dangote’s fortune, Africa’s biggest. But Dangote’s future—and, as he likes to say, that of the entire continent’s economy—lies to the south on the Nigerian coast. About 40 miles east of Lagos, on more than 6,700 acres of former swampland bound by a lagoon and the Atlantic Ocean, contractors are putting the finishing touches on a fertilizer plant valued at $5 billion. Next to it, construction of a vast oil refinery—a $12 billion project—is under way.
If all goes according to plan, the complex will immortalize the 61-year-old Nigerian businessman as Africa’s most prominent industrialist, vaulting Dangote Industries’ annual revenue from $4 billion to about $30 billion, roughly 8 percent of Nigeria’s gross domestic product. Oil industry experts such as London-based CITAC have questioned the project’s timeline, citing logistical and financial challenges. But Dangote insists the refinery, which will be Africa’s largest, is on track.
“By 2020 I will finally dispatch oil,” he says during a January interview at his Lagos home. Continue reading “Africa’s richest man makes a $17 billion bid for immortality”