Tag: Bloomberg

?angote’s wealth doubles to $28bn, as refinery begins production – Report

Aminu Imam
Dangote diesel

Africa’s richest man, Aliko ?angote, has seen his wealth more than double to $27.8 billion following the long-awaited opening of his Nigerian oil refinery, according to the Bloomberg Billionaires Index. The ?angote Refinery in Lagos is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. The 67-year-old Nigerian industrialist now leads one of Africa’s most ambitious private enterprises: a refinery poised to transform…

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‘DisCos to raise electricity tariff in April, as subsidy bites’ – Bloomberg

Aminu Imam

The Federal  Government plans to triple energy prices in the coming weeks in a bid to revitalise the country’s energy sector and cut the about $2.3 billion spent on subsidy annually. However, according to findings,the planned tariff increase is being talked about in hush tones, and the regulator, Nigerian Electricity Regulatory Commission (NERC), a government-controlled body, is yet to make any statement on the rumours. “The regulator will make any pronouncements based on its discussion with the distribution and generating companies. The presidency cannot say anything at this stage”,  spokesman…

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2024: ‘Naira will record worst performance in 25yrs’ – Bloomberg  

Aminu Imam

Bloomberg, a US-based media organisation, has predicted that the naira will decline further in 2024. According to the publication, yesterday, the naira is poised for its worst year since the return to democracy in 1999 adding that analysts are predicting further depreciation in 2024. The report said naira fell 55% this year to N1,043 per dollar at the official market on Thursday. The decline, Bloomberg said, made the naira the third worst-performing currency in the world behind the Lebanese pound and the Argentine peso — among 151 currencies tracked by…

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‘Biggest devaluation for Naira likely after Feb. 2023 Elections’, Bloomberg predicts

Aminu Imam

Nigeria is expected to devalue its currency after elections in February by the steepest margin in six years to align it with market perceptions, according to a survey of investors and analysts. Nigeria, Africa’s largest economy, operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many businesses and individuals, which in turn drives demand to the unauthorised black market. This has led the spread between the managed and parallel markets to significantly widen. The difference is almost 77%. Of the 13 participants in…

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Naira now among worst in the world – Bloomberg

Aminu Imam

Nigeria’s currency, the Naira, which is officially said to be doing pretty well this year, has been rated as one of the world’s worst-performing among more than 150 currencies globally, the Bloomberg media has said. That makes it one of the world’s worst-performing currencies, after Ghana’s cedi, which is down nearly 55 percent this year. Its peers include Sierra Leone’s Leone, which is down 36 percent, and the Egyptian pound, which has lost 35 percent. While the naira officially closed at 442.75 to the US dollar on Friday, currency traders…

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Bloomberg poll gives Peter Obi clear lead ahead of 2023

Aminu Imam

A new opinion poll conducted for Bloomberg, the global television group based in New York, has revealed that away from the two most popular parties in Nigeria, a third-party candidate is the top choice to become Africa’s most populous country’s next president. According to the Bloomberg poll, the clear majority of respondents said they intend to vote for Peter Obi, the presidential candidate of the Labour Party, in elections scheduled for February.  The results of the survey conducted for Bloomberg News by Premise Data Corp. were published yesterday, as the…

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Aliko Dangote ranked 117th in latest Bloomberg billionaires index

Aminu Imam

The President of Dangote Group, Aliko Dangote, has been ranked 117th in the latest Bloomberg Billionaires Index.  The index is a daily ranking of the world’s richest people.  In the index, which usually has its figures updated at the close of every trading day in New York, Dangote is said to have a net worth of $17.8bn. Top of the index is Tesla CEO, Elon Musk, with a net worth of $194bn, closely followed by Amazon founder, Jeff Bezos, who is also worth $194bn. In third place is Bernard Arnault…

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