BusinessDay

Five things to know to start your Monday

Dangote plans 300,000 fresh jobs for Nigerians

Aliko Dangote, is confident that the new multibillion Naira investment in the sugar sub-sector would help provide no fewer than 300,000 jobs in Nigeria.

According to NAN, a statement from the Corporate Communication Department of the company, said that the Group’s President, Dangote said the company was providing fresh funds for expanding its operations in the sugar sub-sector.

Dangote, who was speaking at the Flag-off Ceremony of the 2022/2023 Crushing Season and Outgrower Scheme Awards in Numan, Adamawa, said the opportunities would include both direct and indirect jobs.

He said: “We are making massive investment in Adamawa State through expansion of DSR Numan’s sugar refining capacity from 3000tcd to 6000tcd, 9800tcd, and to 15,000tcd.

”DSR will be able to create about three hundred thousand jobs, direct and indirect, with positive multiplier effects on the economy nationwide.”

Mota-Engil, Chinese ventures for $2.5bn Lagos bridge

The Lagos State government said it has shortlisted a consortium led by Portugal’s Mota-Engil and two Chinese ventures to build a $2.5 billion bridge that is expected to relieve severe congestion in the megacity.

Jubril Gawat, a senior spokesman for the Lagos State governor, revealed this to Reuters on Sunday, stating that the 37-kilometer Fourth Mainland Bridge will be built under a public-private partnership.

According to Gawat, it will have three toll plazas, nine interchanges, and a design speed of 120 kilometres per hour.

Ghana plans to buy oil with gold instead of dollars

Ghana’s government is working on a new policy that will see it jettison the US dollar for gold when buying oil products.

According to Reuters, the move, announced by Mahamudu Bawumia via his Facebook page on Thursday, is meant to tackle dwindling foreign currency reserves. This adds to the growing demand for dollars by oil importers, which is weakening the local currency and increasing living costs.

Ghana’s Gross International Reserves stood at around $6.6 billion at the end of September 2022, equating to less than three months’ worth of imports. That is down from around $9.7 billion at the end of last year, according to the government.

If implemented as planned for the first quarter of 2023, the new policy “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,”  Bawumia said.

Beijing reports 840 symptomatic, 3,048 asymptomatic COVID cases

COVID-19 took another dangerous turn on Sunday in China after authorities in Beijing reported 840 symptomatic new locally transmitted COVID-19 infections and 3,048 asymptomatic cases for Nov. 27.

This compared with 747 symptomatic and 3,560 asymptomatic cases the day before.

Authorities said 474 cases on Sunday were found outside quarantined areas.

This information comes as bad news as it is likely to affect the price of crude oil.

India’s first private rocket company looks to slash satellite costs

In an interview with Reuters, India’s first private satellite company has promised to slash the cost of taking a satellite into orbit. The company founders have promised to do this in 2023 at half the cost of established launch companies.

Skyroot Aerospace, which is backed by Singapore’s sovereign wealth fund, GIC, says the $68 million it has raised will fund its next two launches. Skyroot says it has been in contact with more than 400 potential customers.

Thousands of small satellite launches are planned in the coming years as companies build out networks to deliver broadband services like SpaceX’s Starlink and to power applications like tracking supply chains or monitoring offshore oil rigs.