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Nigeria

We want to be Nigeria’s biggest provider of power, says Transcorp

Transnational Corporation of Nigeria Plc says its goal is to be the biggest provider of power in Nigeria. Tony Elumelu, chairman of the company, said this on Tuesday while commenting on the appointment of Adim Jibunoh as the new president of Trancorp. In a statement by Napoleon Esemudje, the company’s director of resources, Elumelu said Transcorp has a very special mission in Nigeria. “We want to be the biggest provider of power to the Nigerian economy,” he said. “We want to put light in homes, schools and hospitals.

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Aliko Dangote on why there are so few large African conglomerates

At the recent Ibrahim Governance Weekend in Marrakech, Morocco, prominent political and business leaders convened to debate some of the important issues surrounding Africa’s potential today. Among the speakers was renowned Nigerian businessman Aliko Dangote. He is the CEO and founder of the Dangote Group, which has an annual group turnover of over US$3bn and interests that span cement, agriculture, food processing and real estate across the continent.

At the forum, Dangote noted that there are relatively few African companies that have managed to reach a similar size to the Dangote Group, and he highlighted some of the reasons why he thinks this is.

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Facebook Plans To Get More Africans Online With Fiber Optic Cable

Facebook plans to lay almost 500 miles of fiber cable in Africa for better wireless internet, but the social media giant isn’t going it alone. Facebook is partnering with Airtel and BCS on the project, Redcode reported. Rather than just leasing bandwidth on undersea cables and terrestrial connections operated by telecoms, Facebook, Google, and Microsoft are building their own networking infrastructure both on land and across the seas, Wired reported in May. They’re assuming a role traditionally played by telecom companies. Facebook and Microsoft are laying a cable across the Atlantic from Virginia to Bilbao, Spain, moving digital data across 4,100 miles of ocean.

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Profit-making idea: Follow Dangote’s lead and invest in Nigeria’s agriculture sector

Profit-making idea is a series of short posts, each with a piece of information that we think you might find useful: for investment, for growing your company or to start a new business.

Nigeria’s oil-related economic woes and the depreciation of the currency against the US dollar, is opening up opportunities for the domestic cultivation and processing of agricultural commodities. The cost of importing food has increased significantly, making local production more appealing. One person taking advantage of the situation is Aliko Dangote, founder of Dangote Group and among the country’s richest people. Dangote Rice is in the process of rolling out rice outgrower schemes across the country, through which the company will distribute seedlings to local farmers to plant and grow.

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