Business
PAMA Lauds Banks Crucial Roles Towards Achieving Continental Integration
By Ocheneyi Alli
Pan African Manufacturers Association – PAMA, has lauded Afreximbank, AFDB, AFC, and others stakeholders for the energy they are putting towards achieving continental integration and creating the world’s largest Free Trade Area- AfCFTA.
Engr Mansur Ahmed, the Interim Chairman of PAMA, gave the kudos during the relaunch of the Association on the sideline of the ongoing Intra-African Trade Fair (IATF 2023) in Cairo, Egypt.
” Despite facing numerous challenges, significant strides have been made to advance the African Union’s Agenda 2063 since 2013, thanks to the dedication of African leaders, the AUC, and institutions like Afreximbank and the African Development Bank,” said Engr Mansur.
He, however, noted that the road to “The Africa We Want” remains lengthy and arduous, with intra-African trade still below 18 percent, and Africa’s global trade contribution at a mere 4 percent.
He said that to change this narrative, transformation is required across every sector, but one sector stands out as critical for economic growth: manufacturing.
In the modern global economy, manufacturing accounts for around 70 percent of global trade and more than 30 percent of service jobs.
To achieve the goals of Agenda 2063, African manufacturing must undergo a transformation and expansion, which is no easy feat and cannot be left to chance. Both the public and private sectors must make sustained efforts to successfully implement AFCFTA and attain Agenda 2063’s objectives.
The road to “The Africa We Want” remains lengthy and arduous, with intra-African trade still below 18 percent, and Africa’s global trade contribution at a mere 4 percent.
Institutions like Afreximbank, AFDB, AFC, and others are already playing crucial roles in this effort, but it’s essential for the private sector, particularly African manufacturers, to engage actively in fostering the necessary collaborations and partnerships for sector integration, expansion, and diversification.
This is where the Pan-African Manufacturers Association (PAMA) must play a more prominent role in promoting the growth of the African manufacturing sector.
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.
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.
BLACK MARKET
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Central Bank of Nigeria Rates
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CHINESE YUAN (CNY)₦197.74
SAUDI RIYAL (SAR) ₦353.20
SOUTH AFRICAN RAND (ZAR) ₦82.24
Business
Dangote Refinery’s IPO Officially Opens Today On NGX
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation…”
Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO) to the investing public.
The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) Limited in Lagos.
The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.
The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa.
The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.
Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said:“Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent.
We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.”
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