From oil🛢️💰 to glamour💄👄
#153: With the new refinery, Nigeria can proudly embrace its "Giant of Africa" status.
Hello Venturer,
Nigeria is not only one of the biggest oil producers in the world today, but it also holds the grandest status on the continent as the largest oil-producing African nation.
As an oil giant, one would expect the country to possess the necessary infrastructure to meet its domestic oil demand. However, the reality is quite the opposite. Despite having four refineries, which have unfortunately become dysfunctional, Nigeria is heavily reliant on importing refined oil.
On Monday, the 22nd of May, a glimmer of hope was ignited at the end of Nigeria's dark tunnel, as the long-awaited Dangote refinery was commissioned. The $18 billion facility promises to reduce Nigeria's oil import dependence by up to 30 per cent. While much attention was fixated on its impact on oil production, we explored how it could potentially revitalize Nigeria’s struggling cosmetics and detergent industry. Enjoy.
Adekunle Agbetiloye
Staff Writer, Ventures Africa.
What’s new?
Running with the times: Navalayo Osembo’s Enda is racing to lead athletic fashion.
What do Nike, Puma and Adidas have in common aside from being the world’s biggest sporting shoe brands? There are many not-so-cryptic answers, including that their founders were fueled by the desire to make better shoes for athletes and the fact that they were all male and Western. Read more.
Will the Dangote refinery play a pivotal role in revitalizing the cosmetics and detergent brands in Nigeria?
Undoubtedly, Nigeria’s oil industry which has been on a steep downtrend stands to gain significantly from one of Africa’s top infrastructural projects. Yet, so will other industries. Specifically, the Dangote refinery’s upcoming production of key materials like naphtha and polypropylene is set to revive the cosmetics, and detergent industry. Read more.
Damage control? After congratulating Bola Ahmed Tinubu, the US wants to institute a visa ban on corrupt politicians.
The United States recently announced plans to uphold visa restrictions to certain individuals that undermined the democratic processes of the recently conducted Presidential elections in Nigeria. Anthony Blinken, the US Secretary of State, explained that the individuals have been involved in activities that undermined Nigeria’s democratic process. Read more.
Kenya’s ambitious plan to manufacture smartphones.
Over the years, there have been efforts by some African nations like South Africa, the Republic of Congo, and Egypt to develop their local mobile phone manufacturing capabilities and contribute to the global supply chain. The latest in this quest is Kenya. Read more.
My Pivot Journal: Favour Chibueze went from a 100-Day coding challenge to becoming a front-end engineer
Favour Chibueze’s journey into the world of technology began long before she fully grasped its incredible possibilities. Intrigued by coding after hearing a friend rave about his talented female colleague who was a coder, she decided to explore the tech space. Read more.
Weekly Economic Index: Ghana’s $3 billion loan, Nigeria’s hydropower project, and more layoffs.
Last Wednesday, the International Monetary Fund (IMF) announced that it has approved a three-year extended credit facility of $3 billion for Ghana. This approval allows for an immediate disbursement of approximately $600 million. Read more.
Twitter Space: Navigating Nigeria’s job market.
Nigerian tech workers find themselves in a challenging situation as they navigate the job market following the wave of layoffs, caused by the global tech downturn. With the economy grappling with instability and a flood of talent saturating the job market, finding new roles has become a daunting task for many. Join us on May 31st, at 4 pm WAT, @Ventures Africa's Twitter Space to discuss “Navigating Nigeria's Job Market".
Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click to read.
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