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Dangote Fertilizer to Train Farmers in South East, Receives ECCIMA’s Commendation

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Good times are ahead for farmers in the South East geopolitical zone as Dangote Fertilizer has promised to train them on better ways of farming to obtain bumper yields. This is as Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) have commended President/CE of Dangote Industries Limited, Aliko Dangote for his contributions to the Nigerian economy.

A representative of Dangote Fertilizer, Mr. Ekene Obiefuna, in his presentation at the 2021 Enugu International Trade fair said that with the training on the best ways of applying fertilizer, farming will become very lucrative and attract more people to embrace it as a means of livelihood.

He explained that the fertilizer company which has commenced operations has the capacity to meet and exceed the domestic demand for fertilizer across the country. According to Obiefuna, farmers in the country especially in the South East are to benefit immensely from the company as there will be soil tests to determine the appropriate fertilizer type and quantity to be applied as to produce a bumper harvest.

In his welcome address, President of Council, ECCIMA, Mr. Emeka Nwandu said that the entrepreneur had through his company, Dangote Group, added a lot value to the nation’s economy, operating in almost every sector of the economy.
Nwandu represented by a council member Mr. Nonye Osakwe, said the company had showed “great level and high degree of vision, creative thinking, research, innovation, doggedness, handwork and industry.

“Today, Dangote business and entrepreneurship indulgence has spread to many parts of African continent, employing thousands of people across the world of which not less than 85 per cent are Nigerians.

“As we look forward to Dangote Refinery coming on stream, we believe it will go a long way in addressing the challenges and problems associated with availability and cost of refined petroleum products in Nigeria.

“I have no doubt that in the years to come, Dangote Group will become not just a big industrial player in Nigeria and Africa, but also the entire globe, deepening the creation of wealth and employment generation”, he added.
The ECCIMA President then gave the assurance that the council would continue to partner with the industry to be endearing as well as grow from strength to strength.

Representative of Dangote Industries Limited, Bankole George, in his remarks, promised to maintain the partnership with ECCIMA to stimulate economic activities in the South East.

Bankole described the Enugu Trade Fair as an avenue for the company to connect with their numerous customers in the South East. “It is a home coming as the region is known for innovation and industry. We at Dangote Group and people of the South East share the trait of continuously pushing beyond limits and discovering new levels of success, he added.

Bankole who is also the Regional Sales Director, South East, Dangote Cement, said “Despite our dominance position, we are innovative and always thinking of strategies that will drive business and create value for our customers.

“This we achieve partly by increasing the number and quality of products in our portfolio as increased range of products provide more options, alternatives and businesses for our customers.

“Our target is to ensure that Nigeria becomes self-sufficient in all the sectors where we play, cement, agriculture, mining and petroleum”, Bankole said.

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Economy

Naira Makes More Recovery, Sells at N1,453/$1

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The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

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Economy

Naira Gains Against Dollar, Trades at N1,603/$1

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The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

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Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

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By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters

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