Tag: South Africa

The Coronavirus has hit Mr. Aliko Dangote, affecting his business and forcing him to lose over N240 billion in five hours space period. Africa’s richest man on Wednesday was hit as Stock Exchange recorded a loss as a result of the Coronavirus effect. The loss came shortly the World Health Organisation (WHO) declared Coronavirus as a pandemic, warning the world to put a global effort to stamp it out. The Nation reports that some companies in the Dangote Group suffered enormous losses at the market. However, investors are reported to have lost over N1.41 trillion in just three days as the virus becomes a global threat. "Benchmark equities indices indicated an average decline of 3.4 percent on Wednesday, which is equivalent to net capital depreciation of N426 billion. The equities lost N985 billion between Monday and Tuesday," the report shows. "Dangote Cement Plc, the flagship of Dangote Industries Limited (DIL), led the decline with the maximum daily allowable drop of 10 percent or N17, which is equivalent to net depreciation of N289.68 billion. Dangote Cement is Nigeria’s most capitalized quoted company and accounts for more than 20 percent of the total market capitalization." "Two other members of the Dangote Group, Dangote Sugar Refinery (DSR) Plc and NASCON Allied Industries Plc lost N1.8 billion and N3.05 billion. Dangote Cement’s share price dropped by N17 from N170 to close at N153. NASCON Allied Industries declined by N1.15 to close at N3.05 while DSR lost 15 kobo to close at N9.75 per share."
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Industrialization only way Nigeria can create jobs, drive economic prosperity – Dangote

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Mr. Aliko Dangote, Africa’s richest man has said industrialization is the way Nigeria can get sustainable growth and expand her economy.  Dangote said Nigeria

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