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Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.

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25 minutes ago

September 24, 2026

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Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline ‌that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.

The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity ⁠at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.

Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline ‌and ⁠power plant, and a polypropylene packaging facility, in Ethiopia.

The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.

Developers say the infrastructure will strengthen ⁠energy security and improve supply chain resilience for the two countries, he said.

Abiy is on a visit to Djibouti and ⁠made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.

In Kenya, Dangote and the government are ⁠due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.

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China Woos Nigeria To Join WAICO Memberships For Technology Advantages

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Business

China Woos Nigeria To Join WAICO Memberships For Technology Advantages

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

Published

6 hours ago

September 24, 2026

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The Chinese Ambassador to Nigeria, Yu Dunhai, has emphasised the need for Nigeria to join the World Artificial Intelligence Cooperation Organisation (WAICO) to share in global tech development.

The World Artificial Intelligence Cooperation Organization (WAICO) is an international organization focused on artificial intelligence (AI) established in July 2026. Proposed by China before its 2026 World Artificial Intelligence Conference, it is headquartered in Shanghai and oriented toward the Global South.

Twenty-nine countries signed the founding agreement on 16 July 2026 in Shanghai, followed by eight additional signatories later that month, bringing the total membership to 37 countries.

African countries on the memberships list include South Africa, Kenya, Cameroon, Sudan, Ethiopia, Senegal, Zambia and Algeria.

WAICO is believed to have been set up to rival the US-led Pax Silica initiative, aiming to counterbalance Western influence across global supply chains for rare-earth elements, semiconductors, and AI governance.

Ambassador Yu made the call on Wednesday in Abuja during an event celebrating the 77th anniversary of the founding of the People’s Republic of China, which shares its October 1st National Day with Nigeria.

Speaking at the evening reception, Ambassador Yu said, ” Those who walk the same path go far. Let us empower development through innovation, openness, and sincere cooperation to continuously enrich China-Nigeria friendship and write a new chapter in China-Africa relations.”

Regarding 55 years of diplomatic ties with Nigeria, Yu noted that both nations have grown closer through mutual respect and shared success.

“Under the strategic leadership of President Xi Jinping and President Bola Ahmed Tinubu, our relationship has entered the fast lane,” he said.

Business

Otedola bypasses seven African billionaires as fortune hits $2 billion

The rise also ends his old tag as Africa’s poorest billionaire.

Published

12 hours ago

September 24, 2026

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Femi Otedola’s fortune has risen to $2 billion, lifting the First HoldCo chairman above eight other African billionaires on Forbes’ real-time wealth index.

The new valuation is a $700 million jump from the $1.3 billion attributed to him at the start of 2026.

Forbes’ real-time billionaires index now ranks Otedola 2,115th globally, up from $1.8 billion in August.

The rise also ends his old tag as Africa’s poorest billionaire.

Based on the wealth estimates supplied for September 2026, Otedola’s $2 billion places him ahead of eight African billionaires.

They are South Africa’s Christoffel Wiese at $1.9 billion and Egypt’s Youssef Mansour at $1.8 billion.

Morocco’s Othman Benjelloun and family are valued at $1.7 billion, the same as South Africa’s Paul van Zuydam. Morocco’s Aziz Akhannouch and family sit at $1.6 billion.

Egypt’s Samih Sawiris and Yasseen Mansour, alongside Morocco’s Anas Sefrioui and family, complete the eight, each estimated at $1.4 billion.

The comparisons rest on the supplied valuations and can shift with share prices and other assets.