Business News in Brief

Dangote Floats Truck Assembly Plant

Dangote Group of Companies has established a $100 million truck assembly plant in Lagos as part of its efforts to boost foreign exchange and job creation.

The group said in a statement on Sunday in Lagos that the plant was floated by the group in partnership with National Heavy Duty Truck Group Company Limited, (SINOTRUK), a Chinese firm.

Mr Anthony Chiejina, the Chief Corporate Communication Officer of Dangote Group said the plant, located in Ikeja, has the capacity to produce 10,000 trucks annually.

22 Ships with Petrol, other Goods Expected this week –NPA

Twenty-two ships laden with petroleum products, food items and other goods are expected to arrive Apapa and Tin-Can Island Ports in Lagos.

The Nigerian Ports Authority (NPA) made this known on Wednesday in its Shipping Position publication, the News Agency of Nigeria reports.

The ships are expected to arrive at the ports from Jan. 10 to Jan. 21.

Three of the ships would berth with petrol and aviation fuel.

NPA said that the remaining 19 ships were carrying buck wheat, general cargoes, base oil, frozen fish, bulk gypsum and containers.

Fashola Reads Riot Act to DISCOS

The Minister of Works, Power and Housing, Mr Babatunde Fashola, on Monday warned the distribution companies in the country to step up their service delivery or quit.

Fashola gave the warning at the opening ceremony of the 11th Monthly Stakeholders meeting in Lagos.

According to him, we all know the issues around metering and billing system; we must build the trust and confidence that customers’ complains will be addressed.

Tomato Factory to Reopen February

The Dangote Tomato Processing Factory in Kadawa, Kura Local Government Area of Kano State is to resume production in February.

The company, which began production in Feb. 2016, had to suspend operation due to lack of enough raw materials.

The Managing Director of the company, Abdulkadir Kaita, disclosed this in an interview with the News Agency of Nigeria yesterday in Kano.

He added that preparation for production to resume was at an advanced stage.

Ajimobi Proposes ₦207.67b for 2017

Gov. Abiola Ajimobi of Oyo State on Thursday in Ibadan presented N207.67 billion as the 2017 Appropriation bill to the state House of Assembly.

The 2017 Appropriation bill, tagged “Budget of Self-Reliance”, is 19 per cent higher than the 2016 budget, which was N173.43 billion.

Ajimobi said that its structure reflected the priority government accorded the various sectors in terms of their anticipated developmental effects.

CBN Sells more T-Bills after Bond auction disappoints

Nigeria's central bank sold more treasury bills than it offered at an auction this week, it said on Friday, to mop up liquidity after the debt office cut the size of a domestic bond sale in view of its high borrowing costs.

The central bank raised 147.48 billion naira ($484 mln) at a treasury bill sale on Wednesday, higher than the 83.24 billion naira it originally advertised, and yields remained unchanged at the auction.

Tanzania, Nigeria's Dangote reach Natural Gas Supply Deal

Tanzania and Nigeria's Dangote Cement have reached a deal on the supply of natural gas to the firm's manufacturing plant in the East African country after negotiations stalled over prices, Tanzanian President John Magufuli said at the weekend.

The $500 million cement factory in the southeastern Tanzanian town of Mtwara, set up last year with an annual capacity of 3 million tonnes, runs on expensive diesel generators and has sought government support to reduce costs.