Chinese renewable energy manufacturing firm, Sinoma, plans to site its subsidiary in the proposed Evergreen City in Nigeria.

Nigeria’s Federal Government has secured the commitment of a Chinese renewable energy manufacturing firm, Sinoma, to site its subsidiary in the proposed Evergreen City in Nigeria.

Special Presidential Envoy on Climate Action (SPEC) and Presidential Spokesperson, Ajuri Ngelale, disclosed this in a note made available to newsmen on Monday evening.

Ngelale said “After a long journey to Beijing from Accra over the weekend, Nigeria’s endeavour to achieve value chain localization in renewable energy technology manufacturing took a significant step forward as I was hosted by the Chairman of Sinoma International Engineering Company, Mr. Yin Zhisong, to a dinner in the Chinese capital.

“A leading subsidiary of the CNBM Group, which boasts $85 billion in assets under management, 200,000 employees, 11,000 patents, and 26 R&D Institutes, Sinoma expressed strong interest in siting its formidable renewable energy technology manufacturing industry in Evergreen City as a strong demonstration of their belief in President Bola Tinubu’s green industrial vision. It was a productive and memorable introductory session.

“Following the hours-long evening reception, I joined a very important (1:00am Beijing time/1:00pm D.C. time) virtual discussion with a combined technical team from the U.S. Department of Energy and the U.S. State Department with respect to a follow-up on Nigeria’s development of a circular economy and the new programmatic, project-driven, private sector-led, and public sector-enabled initiative to co-create industrial clusters and consumer credit-tied financing packages to unlock Nigeria’s envisioned $1 trillion GDP in an inclusive fashion that creates opportunity for all Nigerians.”

President Brice Oligui Nguema of Gabon has invited Africa’s wealthiest man, Aliko Dangote, to invest in his country.

According to Dangote Industries Limited, the billionaire was asked to explore investment opportunities in Cement and Fertiliser (Urea and Phosphate).

“President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote to invest in Cement and Fertiliser production in Gabon,” Dangote Group said in a statement.

“The President urged Dangote to explore potential investment opportunities in the country’s cement and fertilizer sectors, specifically urea and phosphate production.

According to the statement, Dangote conversed with Nguema and other top government officials during the visit.

“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” Dangote Group said.

Monthly Subsidy: Oil marketers project a monthly subsidy of about N707 billion due to the high landing cost of petrol

Landing Cost: The landing cost of petrol is N1,117 per liter, which is the main reason for the high monthly subsidy

Dangote Refinery: The Dangote Petroleum Refinery is expected to begin petrol production in August, but the company might export the product due to crude oil supply crisis and regulatory challenges

Government Intervention:  The Minister of State for Petroleum Resources, Heineken Lokpobiri, met with officials of Dangote refinery and other stakeholders to address the concerns between Dangote refinery and oil sector regulators and operators

House of Representatives: The House of Representatives inaugurated an investigative committee to look into the non-availability of crude oil to domestic refineries and allegations of deliberate hike in the cost of the product for profiteering