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Dangote Optimistic On Nigeria’s Economic Growth, Says Recession Will End 1st Quarter Of 2017.

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Mr. Aliko Dangote, President Dangote groups, is optimistic that the Nigeria economy will take a complete U-turn out of the recession by the first quarter of 2017, if the government could get its priorities right and implement the right policies. He added that the government will need $20billion, fresh funds to revive the economy from recession.

He emphasized the need for government to address foreign exchange challenges if it wants private sector operators to increase their stakes in the diversification agenda. According to him, diversification from oil cannot be achieved if there is little or no foreign exchange available for private sector operators.

Besides, Dangote has unveiled plans to invest in dairy business to address dependence on import in the sector.According to him, 98 per cent of the country’s demand for dairy products is being imported, stressing that plans are on to turn around the nation’s milk industry over the next three years.

“We are already discussing ‎with the Central Bank of Nigeria (CBN) to kick-start this project. We believe we can do a lot to bridge the importation gap by developing local production of this product because we have the competitive and comparative advantages.”

He spoke during a courtesy visit by the Executive MBA students of the Lagos Business School (LBS) to his refinery in Lagos.Dangote who expressed optimism that the country would get out of the current precarious state, however, argued that this could only be achieved if the right support would be given to the Organised Private Sector (OPS) through adequate foreign exchange supply, infrastructural development as well as consistent and favourable economic policies.

“Nigeria has what it takes to be great again. I believe so much in the Nigerian economy and if the right things are done, we should get out of the economic recession by first quarter in 2017. The private sector is huge and I think we will get out of the recession ‎as soon as possible,” he said.

In his presentation tagged the “Role of business in driving sustainable development in Africa – The story of Dangote group,” he said the group had grown from a commodity trading company to a more diversified conglomerate over the last two decades.

The businessman added that the group’s operation was underpinned by five key pillars which are to provide basic needs, substitute imports and earn foreign exchange from exports, execute efficiently new plants and technologies, operate effectively by entering new markets with highest quality products, entering into strategic partnerships and investing in human capacity ‎development.

“We are top 10 in Africa and top 400 globally. We are globally competitive, growing local capacity, manufacturing quality products, rapidly transforming ‎from a Nigerian company to a dominant African brand and our revenues and profitability have continued to grow,” he said.

Source: guardian.ng

EVENTS

Nigeria Selects “Mai Martaba” As International Feature Film (IFF) Contender For 2025 Oscars

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Mai Martaba as international feature film contender | fab.ng

The Nigerian Official Selection Committee has selected the epic Hausa film, Mai Martaba as its contender for the International Feature Film (IFF) category at the 97th Academy Awards. The Committee announced in an official statement that they selected the film to contend for the Oscars because of its theme and visual appeal.

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MUSIC

Don Jazzy Announces Tega Oghenejobo As The New President Of Mavin Records

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Tega Oghenejobo As The New President Of Mavin Records | fab.ng

On Tuesday, October 29, 2024, Michael Collins Ajereh, the visionary founder of Mavin (Records) Global, better known by his stage name Don Jazzy, announced a significant expansion within the company. He announced Tega Oghenejobo as the new president of Mavin Records.

Tega has been an integral part of Mavin’s journey. Now, his position as President has elevated his status in the company. In addition, he has been in the existing role of Chief Operating Officer (COO).

Don Jazzy expressed his admiration for Tega’s passion and resilience. He acknowledged his ability to spot these qualities in Tega from the early stages of their professional relationship.

He said,

I’m proud to announce @TEGAMAVIN expanded role as President and COO of Mavin. I am often praised for being able to spot and raise superstars, but I can proudly say the most genius thing I have done in my life was being able to spot the passion and resilience in Tega.”

“From the early days, I’ve watched him be curious about the business, build teams, develop executives, and ensure our talents have sustainable careers from the start. His commitment to growing Mavin and shaping the future of African music has been relentless, and I’m confident that with him in this role, we’ll continue to break new ground and achieve even bigger milestones for our artists and company,” he added.

Accepting the appointment gracefully, Tega Oghenejobo said,

“I’m honored to step into this new role as President & COO of Mavin Records. It means embracing new challenges, setting new goals, and reaching new heights. Thank you, Supreme Leader @donjazzy, for your unwavering belief and trust in me to lead the Mavin team.”

Check here for more updates.

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BUSINESS

Moniepoint Reaches African Unicorn Status With $110 Million Funding Boost

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Moniepoint reaches African unicorn status | fab.ng

Moniepoint Inc., a leading fintech company in Africa, has successfully raised $110 million in equity financing. This is to power the dreams of millions of businesses and their customers across the continent and the diaspora.

The Series C investment was led by Development Partners International’s African Development Partners (ADP) III fund. It is a premier fund focused on Africa.

Additionally, new investors joined the funding round. This includes a leading African private equity firm, Google’s Africa Investment Fund and Verod Capital. Existing investor, Lightrock, a global impact firm, also participated.

Tosin Eniolorunda and Felix Ike founded Moniepoint (formerly known as TeamApt) in 2015. Initially, it focused on providing infrastructure and payment solutions for banks and financial institutions. It has since grown into Nigeria’s leading business banking provider, trusted by millions of businesses.

The capital raised will be used to accelerate growth for Moniepoint across Africa.

Further, that entails building an all-in-one, seamlessly integrated platform for African businesses of all sizes. This platform will include services such as digital payments, banking, foreign exchange (FX), credit, and business management tools, making it a one-stop shop for business solutions.

Moniepoint’s exceptional contributions to Nigeria’s financial services sector have been widely acknowledged, along with its enviable track record of serving customers across Africa.

Each month, Moniepoint processes over 800 million transactions, with a monthly total value exceeding $17 billion, all while operating profitably.

Tosin Eniolorunda, Founder and Group CEO of Moniepoint Inc., expressed his excitement about the successful funding round and the company’s plans to expand its offerings and reach across the African continent.

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