Business

Dangote to flood Nigerian markets with 1 million metric tons of paddy rice

Construction of the 32 metric tonnes per hour Dangote Rice Mill, being developed on a 30-hectare site in Wushishi, is progressing steadily and is on track for completion.

Published

4 months ago

May 13, 2026

OCHEFA

232 Views

• Aliko Dangote in a conversation with IFC MD/CEO, Maktar Diop

Dangote Rice Limited had signed a Memorandum of Understanding with the Niger State government for the production and supply of 1 million metric tons of paddy rice over the next 10 years.

This was disclosed in a statement by the Dangote Industries Limited’s Group Chief Branding and Communication Officer, Anthony Chiejina, stating that the company is collaborating with the Niger State government on several economic initiatives to boost food sufficiency in Nigeria.

The statement quoted the Regional Director and Senior Adviser to the President and Chief Executive of the Dangote Group, Fatima Wali-Abdurrahman, as saying that construction of the company’s rice mill in Niger State was progressing.

“Construction of the 32 metric tonnes per hour Dangote Rice Mill, being developed on a 30-hectare site in Wushishi, is progressing steadily and is on track for completion.

This landmark project represents a significant step forward in bolstering the food security initiatives of the state,” she said.

Wali-Abdurrahman emphasised that upon its delivery, the mill is expected to enhance local rice production, create employment opportunities, and contribute to the agricultural development of Nigeria.

Earlier, Africa’s billionaire industrialist, Aliko Dangote, the President of Dangote Group, told Makar Diop IFC MD/CEO, that to create more jobs and prosperity is to do agriculture. With agriculture, we’ll get to maybe 200,000 jobs. And that’s what will really give me self-satisfaction.

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Business

US Bond Selloff Pushes Benchmark Yield Past 5%, Stocks Rattled

Published

14 minutes ago

September 15, 2026

Charles Flames

2 Views

A sharp selloff in the US bond market has driven the benchmark Treasury yield above 5%, sending shockwaves through equity markets and heightening investor anxiety.

The surge in yields, particularly on the 10-year Treasury note, reflects growing concerns over persistent inflation, the outlook for interest rates, and the broader path of monetary policy. As bond prices fell, yields climbed past the psychologically important 5% threshold, marking a significant move that has unsettled risk assets.

US stock markets reacted with broad declines, as higher yields increased the attractiveness of fixed-income investments relative to equities and raised borrowing costs for companies. Major indices came under pressure, with investors reassessing valuations amid the rising cost of capital.

Market analysts note that the rapid move higher in yields has intensified volatility across asset classes. Traders are closely watching upcoming economic data and any signals from the Federal Reserve for clues on whether the upward pressure on yields will persist.

The development underscores the sensitivity of both bond and equity markets to shifting expectations around inflation and monetary policy in the world’s largest economy.

Business

Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Published

22 hours ago

September 14, 2026

OCHEFA

24 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

He urged Nigerians to deepen the capital market and promote wider ownership of wealth.

“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.