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Dangote to invest more in north central Nigeria

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The Dangote Group is set to deepen its investments in Niger State, North Central Nigeria representative of the Group at the state’s trade fair, Bello Danmusa has revealed.

He said Niger State has all it takes to be industrialised given its vast land and natural resources, even as he commended the government of Abubakar Sani Bello for being proactive in the partnership with the Dangote Group and other private sector investors.

Wife of the governor, Dr Amina Sani Bello, who declared the Dangote Day open said the contribution of the Group to the development of Niger State was incalculable.

President of the Niger Chamber of Commerce Industry, Mines and Agriculture (NCCIMA), Dr Umar Ahmed Bakai, commended the Dangote Group for supporting and sponsoring the trade fair, adding that Alhaji Aliko Dangote has helped in job creation in the state. He called on other investors in the country to emulate him.

Speaking also, chairman, House of Assembly Committee on Investment, Muhammad Nurudeen, said the state house of assembly welcomes private sector participation in driving the economy of the state.

Permanent secretary, Ministry of Commerce and Investment, Uthman Shehu, urged the Dangote Group to scale up its investments in shea butter, saying the State has about 64 per cent share of the total global shea butter production.

The Dangote Group said its sponsorship of the ongoing Niger State Trade Fair was part of its commitments to support states toward the industrialisation of Nigeria.

In partnership with states’ chambers of commerce, the Group has, over the years, sponsored most of the trade fairs across the country, a statement from the Group’s corporate communications department said.

It said Niger State has vast arable land, mineral resources and great potentials for industrialisation, adding that Governor Abubakar Sani Bello has taken the path to industrialisation and job creation through his government’s partnership with the private sector.

The fair which opened on Saturday July 29, is expected to close on Thursday July 9, 2018.

The theme for the fair is: ‘Exploring Agriculture and Solid Minerals as Panacea for Nigeria’s Economic Growth and Development.’

Director general of Niger Chamber of Commerce Industry, Mines and Agriculture (NCCIMA), Adamu Salihu, said the partnership between the Dangote Group and his chamber was robust as the conglomerate is the biggest promoter of agriculture and solid minerals in Nigeria.

He said about 10 states, 12 federal agencies, and not fewer than a thousand traders were participating in this year’s fair.

Source: NIPC Intelligence

AB InBev to open breweries in Nigeria and Mozambique as part of Africa expansion

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Anheuser-Busch InBev (AB InBev) is readying new African operations as the world’s largest brewer continues its expansion in Africa after the blockbuster takeover of SABMiller.

AB InBev intends to open its first brewery in Mozambique in the second half of next year after starting production in Nigeria later this month, CEO Carlos Brito told reporters in Johannesburg late on Tuesday. The Belgium-based company has also agreed to build a $100m brewery in Tanzania, and is in discussions about tax policy in the East African country, he said.

The world’s largest brewers, including AB-InBev and rival Heineken, are investing in Africa is to take advantage of rising beer consumption in the world’s least developed continent. Jorge Paulo Lemann, one of AB InBev’s billionaire shareholders, said last year that the continent’s rapid urbanisation and warm climate could eventually see it overtake the US in beer sales.

“We are very excited about building in Africa,” Brito said after meeting investors and analysts in Johannesburg. “Where others see risk we see opportunity.”

AB InBev cited Africa as a significant factor in the decision to buy Johannesburg-listed SABMiller in a deal that created the world’s largest brewer. The company has sought to expand the availability of signature brands, such as Budweiser and Stella Artois, while retaining a commitment to SAB’s best sellers, such as Castle Lite lager.

The new Nigerian brewery will see the firm become the second largest producer in Africa’s most popular country, behind Heineken’s Nigerian Breweries. In Mozambique, the planned brewery will have capacity of 2-million hectolitres.

Source: Bloomberg

BREAKING: Erdogan’s call to citizen to convert out of dollars causes worse Turkish lira value loss

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The Turkish lira added to its steep losses on Friday after Turkey President Recep Tayyip Erdogan asked citizens to convert their dollar and gold holdings to lira.

The lira traded down 11 percent against the U.S. dollar at 6.18 following Erdogan’s remarks. The currency had already declined sharply against the greenback before Erdogan’s latest comments.

Erdogan said Turkey was facing an “economic war” and noted the country would respond to those countries who had started it.

Speaking to a crowd in the northeastern city of Bayburt, a defiant Erdogan said the dollar would not block Turkey’s path, framing the sell-off of the lira as a “national struggle.”

From CNBC.com

Reuters contributed to this report.

Adesina, AfDB president, calls for new techs to boost agriculture in Africa

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The President of the African Development Bank Group, Akinwumi Adesina, has made an urgent call to give farmers across the continent new technologies with the potential to transform agricultural production. Adesina said the technology transfer was needed immediately and that evidence from countries like Nigeria demonstrated that technology plus strong government backing was already yielding positive results.
”Technologies to achieve Africa’s green revolution exist, but are mostly just sitting on the shelves. The challenge is a lack of supportive policies to ensure that they are scaled up to reach millions of farmers,” Adesina said during a keynote speech delivered at the 2018 Agricultural and Applied Economics Association (AAEA) Annual Meeting held in Washington, D.C August 5, 2018.
Adesina cited the case of Nigeria, where policy during his tenure as the country’s Minister of Agriculture, resulted in a rice production revolution in three years.
“All it took was sheer political will, supported by science, technology and pragmatic policies…Just like in the case of rice, the same can be said of a myriad of technologies, including high-yielding water efficient maize, high-yielding cassava varieties, animal and fisheries technologies,” Adesina said.
The African Development Bank is pointing the way to how this can be done, and is currently working with the World Bank, the Alliance for a Green Revolution in Africa (AGRA), and the Bill and Melinda Gates Foundation to mobilize US$ 1 billion to scale up agricultural technologies across Africa under a new initiative called Technologies for African Agricultural Transformation (TAAT).
TAAT is taking bold steps to bring down some of the barriers preventing farmers from accessing latest seed varieties and technologies to improve their productivity.
“With the rapid pace of growth of the use of drones, automated tractors, artificial intelligence, robotics and block chains, agriculture as we know it today will change,” the President said. “It is more likely that the future farmers will be sitting in their homes with computer applications using drone to determine the size of their farms, monitor and guide the applications of farm inputs, and with driverless combine harvesters bringing in the harvest.”
Adesina used the opportunity to advocate for African universities to adapt their curriculum to enable technology-driven farmers and to focus on agribusiness entrepreneurship for young people, emphasizing the need to rise beyond theories to application.
Through its innovative Enable Youth initiative, the African Development Bank has in the past two years committed close to US$ 300 million to develop the next generation of agribusiness and commercial farmers for Africa.
Adesina stressed the Bank’s resolve to change the face of agriculture in Africa to unleash new sources of wealth.
AAEA President Scott Swinton said Adesina and the African Development Bank exemplify the use of economics that makes a difference in people’s lives.
“If applied economics is economics that make a difference, I think that there is no better example of someone who has used that than Akinwumi Adesina,” Swindon said.
Adesina told delegates at the 2018 conference attended by over 1,600 agricultural and applied economists from around the world: “There is no reason why Africa should be spending US$ 35 billion a year importing food. All it needs to do is to harness the available technologies with the right policies and rapidly raise agricultural productivity and incomes for farmers, and assure lower food prices for consumers.”
Adesina, who was the 2017 World Food Prize winner, is advocating for the creation of staple crops processing zones across Africa (SCPZs): vast areas within rural areas set aside and managed for agribusiness and food manufacturing industries and other agro-allied industries, enabled with right policies and infrastructure.
“I am convinced that just like industrial parks helped China, so will the SCPZs help to create new economic zones in rural areas that will help lift hundreds of millions out of poverty through the transformation of agriculture- the main source of their livelihoods- from a way of life into a viable profitable business that will unleash new sources of wealth,” he said.
The African Development Bank has already begun investing in the development of processing zones in a number of African countries, including Ethiopia, Togo, Democratic Republic of Congo, and Mozambique, with a plan to reach 15 countries in a few years.
To help Africa transform its agriculture, the Bank is investing US$ 24 billion over the next ten years to implement its Feed Africa Strategy.
Distributed by APO Group

Day American workers for int’l auto companies demonstrated against Trump’s trade tariffs on China

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U.S. business leaders and scholars have warned that Washington’s tariffs on additional Chinese imports could backfire.

Despite concerns by U.S. businesses and industries, the Trump administration said Tuesday that it will begin slapping extra 25 percent tariffs on another 16 billion U.S. dollars in Chinese imports in two weeks, further risking an escalation of the ongoing trade tensions.

“Whether you’re a farmer, a fisherman, or a factory worker one thing is clear – tariffs are counterproductive for long-term U.S. economic success,” Myron Brilliant, vice president for international affairs at the U.S. Chamber of Commerce, said in a statement.

The tariffs, set to take effect on August 23, come after the Trump administration imposed additional 25 percent tariffs on 34 billion dollars in Chinese goods in early July, both criticized as protectionist measures under the “America First” policy.

With extra tariffs on 50 billion dollars worth of Chinese products, there is a continuing absence of a coherent path forward to address the trade dispute between the United States and China, Brilliant said, urging the two sides to “get back to the negotiating table to work towards solutions.”

The new round of tariffs targets 279 product lines, mainly chemicals and electronic parts. The U.S. Trade Representative’s office only removed five items from the original list after a 46-day public comment and review period.

The U.S. Semiconductor Industry Association (SIA) was among those disappointed about the tariffs.

“We have made the case to the administration, in the strongest possible terms, that tariffs imposed on semiconductors imported from China will hurt America’s chipmakers, not China’s,” SIA President John Neuffer said in a statement Tuesday.

Matthew Shay, president and CEO of the National Retail Federation, described the latest move by the Trump administration as “another step toward throwing away the benefits of tax reform” and “a huge risk for American consumers and workers with no endgame in sight.”

“It’s time to stop digging a deeper hole while we can still climb out,” Shay said.

“The trade conflict with China continues to escalate and hurt American small businesses and consumers,” Sage Chandler of the Consumer Technology Association said in a statement issued Monday.

“Under the threat of tariffs, the U.S. is benching businesses and encouraging the Chinese to import goods from America’s foreign competitors,” Chandler said. “Tariffs are a recipe for disaster – giving a leg up to America’s foreign competitors.”

According to a study released Tuesday by the U.S. Federal Reserve Bank of Atlanta, Washington-fueled trade tensions with other economies have prompted almost a fifth of U.S. businesses including about 30 percent of manufacturers to review their capital spending plans.

“Retaliatory tariff hikes by trading partners can also affect domestic investment by curtailing the demand for U.S. exports,” Atlanta Fed Research Director David Altig wrote on a blog posted on the bank’s website.

“An uncertain outlook for trade policy can cause firms in all industries to delay investments while they wait to see how trade policy disputes unfold,” he said.

The U.S. economy grew at an annual rate of 4.1 percent in the second quarter of 2018, which pundits believe is likely to slow down in the second half of the year, as fiscal stimulus fades and the Federal Reserve further increases interest rates.

The Trump administration has the wrong view on trade, and its protectionist measures will take their toll on American manufacturers, farmers and consumers, Donald J. Boudreaux, a professor of economics at George Mason University, told Xinhua in a recent interview.

A huge headwind on the country’s economic growth is the Trump administration’s trade policy, said Boudreaux, warning that if it continues “as it’s happening now, not only will it slow the economic growth, it might actually reverse it.”

“The bulk of the bullets are aimed not at foreigners. They are aimed at fellow Americans,” the economist said.

From XINHUA NET