Business
Dangote sets to power his vast industrial empire with biggest seaport in Olokola, Ogun State
This project will require the construction of pipelines from the Niger Delta, according to Devakumar Edwin, vice president of the Dangote Group
Africa’s richest man, Aliko Dangote, is moving ahead with plans to build a major seaport near his fertilizer and oil refinery plants, a move aimed at easing exports and powering the continued expansion of his vast industrial empire.
Bloomberg reports that Dangote confirmed that his group submitted paperwork in late June to begin work on what he described as “the biggest, deepest port in Nigeria.”
The proposed Atlantic seaport will be located in Olokola, Ogun State, about 100 kilometres (62 miles) from his massive fertilizer and petrochemical facilities in Lagos.
Currently, Dangote exports fertilizer and urea through a private jetty he built near the refinery site, the same jetty that also receives the heavy equipment needed for operations.The new port will help integrate logistics and export activities across the group.
It could rival key facilities in Lagos, including the Chinese-backed Lekki Deep Sea Port, which opened in 2023.
“It’s not that we want to do everything by ourselves,” Dangote said, “but I believe this kind of investment will inspire other entrepreneurs to get involved too.”
Beyond fertilizer exports, Dangote also plans to ship liquefied natural gas (LNG) from Lagos.
This project will require the construction of pipelines from the Niger Delta, according to Devakumar Edwin, vice president of the Dangote Group.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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