Business
Dangote Plans 650,000bpd Refinery in East Africa, Seeks Regional Backing
Dangote Plans 650,000bpd Refinery in East Africa, Seeks Regional Backing
Africa’s richest man, Aliko Dangote, has unveiled plans to establish a 650,000 barrels-per-day refinery in East Africa, in a move aimed at expanding his refining footprint beyond Nigeria and reducing the continent’s dependence on imported petroleum products.
Dangote made the disclosure on Thursday during a presidential panel at the Africa We Build Summit in Nairobi, organised by the Africa Finance Corporation, where he called for the support of East African governments to replicate the scale of his Lagos-based refinery.
He said his group was ready to deliver a similar project in the region if the necessary backing is provided.
“I can give commitment to the presidents here today that if they support the refinery, we will build the identical one that we have in Nigeria, a 650,000 barrels-per-day refinery. The discussions are still early, but it will work. There is nothing that can stop it,” Dangote said.
The proposal comes amid ongoing discussions involving Kenya, Uganda, and Tanzania to develop a joint refining hub in the port city of Tanga, which is expected to process crude oil from across the region, including supplies from the Democratic Republic of Congo and South Sudan.
Dangote expressed confidence in the feasibility of the project, citing his experience in delivering the 650,000bpd refinery in Lagos, widely regarded as Africa’s largest.
He further revealed that expansion works had already commenced in Nigeria to scale up refining capacity to 1.4 million barrels per day.
“We have already started piling for the expansion. We are building it to a scale of 1.4 million barrels per day. It will be the largest refinery globally,” he said, adding that the development would account for about 10 per cent of the United States’ refining capacity alongside significant petrochemical output.
The billionaire industrialist stressed the need for Africa to prioritise industrial self-sufficiency, warning that reliance on imports exposes economies to global price shocks.
“Look at what is happening today. If not for the local production of polypropylene in Nigeria, many businesses would have collapsed. In just 45 days, the price jumped from about $900 per tonne to nearly $3,000 per tonne. That tells you why we must build local capacity,” he said.
Dangote noted that improved financial capacity across Africa now makes large-scale industrial projects more feasible, compared to previous years when funding constraints posed major challenges.
“There was a time in Nigeria when interest rates were as high as 44 per cent. We had to rely on international institutions to raise funds for early projects. Today, the landscape has changed significantly,” he added.
He also disclosed plans to open up ownership of the refinery business to African investors, promising dollar-denominated returns.
“We want all Africans to invest. This is a continental asset, and we will be paying dividends in dollars,” he said.
On project timelines, Dangote said the proposed East African refinery could be delivered within four to five years once agreements are finalised with participating governments.
“My commitment is that if we agree with three or four governments in the region, we will lead the process and ensure that the refinery is built within the next four or five years,” he stated.
Earlier, William Ruto confirmed that talks were ongoing with Dangote and regional stakeholders on establishing the refinery in Tanga.
Dangote also announced plans to establish about 20 fertiliser blending plants across Africa by 2028, further expanding his industrial investments on the continent.
Energy experts say the proposed refinery, if realised, could significantly reshape Africa’s fuel supply chain, reduce import dependence, and strengthen regional energy security.
Business
US Threatens New Tariffs on UK, EU, China, 57 Others
US Threatens New Tariffs on UK, EU, China, 57 Others
The United States has announced plans to impose fresh tariffs of between 10 and 12.5 per cent on imports from dozens of countries over concerns that they have failed to do enough to curb the trade in goods produced through forced labour.
The move marks the second major tariff initiative by the administration of President Donald Trump since the US Supreme Court struck down a significant portion of his earlier import duties in February.
According to the US Trade Department, the proposed tariffs would affect 60 trading partners that collectively account for almost all goods imported into the United States.
The department said the measures were aimed at countries that have either failed to prohibit the importation of goods made with forced labour or have not effectively enforced existing restrictions.
Announcing the proposal, US Trade Representative Jamieson Greer said the continued trade in goods linked to forced labour created unfair competition for American workers.
“It creates a dynamic where American workers are forced to compete globally on an unlevel playing field,” Greer stated.
The proposed tariffs have yet to take effect, as the Trump administration is expected to complete the necessary legal and regulatory processes before implementation.
The action follows an investigation launched in March by Greer into whether major US trading partners had taken adequate measures to prevent the importation of products made wholly or partly through forced labour.
Findings from the investigation indicated that 54 countries had “failed to impose a legal prohibition on the importation of goods produced wholly or in part with forced labour and to effectively enforce such a prohibition.”
The report further stated that six trading partners — the European Union, Canada, Ecuador, Indonesia, Mexico and Pakistan — had failed to effectively enforce existing bans on imports linked to forced labour.
Under the proposal, a 10 per cent tariff would be imposed on imports from countries and blocs including the European Union, United Kingdom, Canada, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, Guatemala, Malaysia and Taiwan.
The remaining 45 countries, including China and India, would face higher duties of 12.5 per cent.
Reacting to the announcement, the British government maintained that it was taking steps to address forced labour concerns within supply chains, while China rejected allegations that goods produced through forced labour were entering global markets.
The European Union, however, described the proposed tariffs as unjustified.
An Indian trade analyst characterised the move as a pressure tactic aimed at strengthening Washington’s position in ongoing trade negotiations with New Delhi.
Business
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
Nigeria Grants Rwandans 30-Day Visa-Free Entry to Boost African Integration, Trade
The Nigerian Government has commenced a 30-day visa-free entry policy for Rwandan nationals, in a move aimed at strengthening continental integration, boosting trade, and enhancing mobility under the African Continental Free Trade Area (AfCFTA) framework.
The policy, which takes immediate effect across all entry points, follows an announcement by President Bola Tinubu at the Africa CEO Forum held in Kigali, Rwanda, where he reiterated Nigeria’s commitment to easing movement across African borders.
In a statement issued on Thursday, the Nigeria Immigration Service (NIS) confirmed that operational arrangements had been concluded for the full implementation of the directive at airports, land borders and seaports nationwide.
Under the new arrangement, Rwandan citizens will be allowed to enter Nigeria without a visa for up to 30 days for legitimate purposes, including tourism, business engagements and official visits.
The Service, however, clarified that visitors wishing to stay beyond the approved period must obtain the appropriate visa through Nigerian diplomatic missions abroad or apply via the Nigeria e-Visa platform.
“Under this bilateral arrangement, Rwandan nationals may enter Nigeria without a visa for a period not exceeding thirty (30) days for lawful purposes, including tourism, business, and official engagements,” the statement read.
The NIS said the policy reflects the strengthening diplomatic relationship between Nigeria and Rwanda, while also aligning with broader African efforts to promote free movement of persons, trade facilitation and economic cooperation across the continent.
It added that the initiative underscores Nigeria’s commitment to regional integration under the AfCFTA agreement, which seeks to create a single African market for goods and services.
“The Nigeria Immigration Service notes that this initiative reflects the strong diplomatic and bilateral relations between the Federal Republic of Nigeria and the Republic of Rwanda, while promoting intra-African mobility, tourism, and economic cooperation in line with continental aspirations,” the agency said.
The Service reaffirmed its readiness to ensure safe, orderly and lawful migration in line with international standards and the Federal Government’s Renewed Hope Agenda.
The visa waiver comes amid growing continental momentum toward easing intra-African travel barriers, as several countries push policies aimed at improving economic linkages, tourism flows and regional investment opportunities.
Business
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
Trump Threatens Higher Tariffs on EU if Trade Talks Fail
United States President, Donald Trump, has threatened to impose “much higher” tariffs on the European Union if the bloc fails to remove its levies on American goods before July 4, escalating fresh tensions in transatlantic trade relations.
Trump issued the warning after a phone conversation with European Commission President Ursula von der Leyen, stating that the EU must agree to zero tariffs on U.S. exports or face steep economic consequences.
“I agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels,” Trump said.
In response, von der Leyen said the European Union was making “good progress towards tariff reduction” ahead of the deadline, while reaffirming commitment to ongoing negotiations between both sides.
The tariff dispute comes amid renewed uncertainty over a trade agreement reached last year between Washington and Brussels, which initially proposed a 15 per cent tariff on EU exports to the United States, while Trump had earlier pushed for a 30 per cent levy on European goods.
Although the deal received conditional backing from the European Parliament in March, lawmakers inserted safeguards requiring assurances that the United States would also honour its commitments, particularly concerning steel and aluminium exemptions.
Under the proposed arrangement, EU legislators insisted they would only accept zero tariffs on U.S. goods if European exports made with steel and aluminium were excluded from Trump’s global 50 per cent tariffs on the metals.
Despite parliamentary progress, final approval still depends on agreement from all 27 EU member states, while further negotiations are expected to continue later this month in Strasbourg.
Ahead of Trump’s latest comments, European Parliament chief negotiator Bernd Lange said discussions were progressing but warned that “there is still some way to go.”
However, tensions were further complicated hours after Trump’s threat when a United States trade court ruled that his latest 10 per cent global tariffs were not justified under U.S. trade law, potentially opening the door to further legal challenges.
The court ruling, though limited in scope, questioned the legal basis used by the Trump administration under Section 122 of the 1974 Trade Act, which allows temporary tariffs to address balance of payments deficits.
Trump had previously introduced the sweeping 10 per cent levy in February, following earlier legal and political disputes over his so-called “freedom day” tariffs.
While the court decision does not immediately block the tariffs nationwide, it applies to import duties involving two companies and could encourage wider legal opposition.
With negotiations ongoing and legal uncertainty mounting, analysts say the dispute signals a renewed phase of economic friction between the United States and the European Union.
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