Business
2023: My Administration Will Achieve Double-Digit Economic Growth, If Elected – Tinubu
Asiwaju Tinubu said this in his speech at the 7th edition of Kaduna Economic and Investment Summit (KadInvest 7.0) on Saturday in Kaduna.
All Progressives Congress Presidential Candidate, Asiwaju Bola Ahmed Tinubu, has promised to build a vibrant economy that will achieve a double-digit growth when he becomes Nigeria’s president.
Asiwaju Tinubu said this in his speech at the 7th edition of Kaduna Economic and Investment Summit (KadInvest 7.0) on Saturday in Kaduna.
The APC presidential flagbearer hailed Kaduna State Governor Nasir el-Rufai for raising the bar in attracting investments to the state the same way he did in Lagos over 20 years ago.
“It is a great honour for me to be invited to give a speech on this occasion and it was a great pleasure listening to Governor Nasir El-Rufa’i as he shared with us the vision of how Kaduna State will attract and sustain investments.
“I would like to congratulate Kaduna State on this special occasion of the 7th edition of Kaduna Economic and Investment Summit (KadInvest 7.0). The theme for this year – Building a Resilient Economy – is very timely and appropriate. In a period of uncertainty in the global economy, it is important that we pursue a path of economic independence and insulation from global headwinds.
“I am particularly happy to be in an economic summit such as this. It reminds me of when we initiated Ehingbeti Lagos Economic Summit more than 20 years ago in Lagos State. Through the summit, Lagos State has been able to deliver landmark developmental projects in power generation, critical road infrastructure, street lightning, and clean energy initiatives, amongst others.
“Therefore, I am sure that under the able leadership of Your Excellency, Governor Nasir Ahmad El-Rufa’I, the leadership of the KADIPA, and subsequent administrations, Kaduna State will successfully collaborate with the private sector to usher in the investments in the priority sectors of technology, agriculture, manufacturing, infrastructure and solid minerals. These investments will in turn drive rapid economic growth and prosperity, providing jobs and opportunities for the good people of Kaduna State,” Tinubu said.
On the role of the private sector in the country’s economic development, Tinubu praised President Muhammadu Buhari for giving maximum support to them to flourish.
According to him, laws put in place by the Buhari administration helped to improve the ease of doing business in the country.
He said if elected, his administration will build on this, making it better for the private sector to excel.
“A vibrant private sector is a prerequisite for a functional state, playing a critical role in the mobilisation of capital, expertise and innovation for the creation of economic opportunities and employment. This is why it is important for the government to give maximum support and incentives to the private sector.
“In this light, President Muhammadu Buhari’s administration introduced a number of measures targeted at promoting private enterprises and businesses including the Repeal and Re-Enactment of the Companies & Allied Matters Act (CAMA), 2020, the passage of the Finance Act 2021, as well as the implementation of over 100 initiatives to improve ease of doing business in Nigeria.
“My desire is that the next administration, under my leadership, will continue to drive forward and accelerate on the progress made thus far, taking bold steps and initiatives to encourage investments in new areas typically considered risky, and leading the way by providing the enabling environment to nurture our innate entrepreneurial spirit.
“It is essential that our nation continues to champion the rule of law and sanctity of contracts, for these are the pre- requisites for creating a business-friendly economic environment.
“Whilst there must be active engagement between all the arms of government for the rule of law to prevail, it is critical for the judiciary to retain its autonomy and independence.
“Therefore, under my stewardship, the federal government will build on the efforts of the current administration to review, amend and/or enact the relevant laws that will engender the rule of law.
“My administration would ensure that the judiciary has true financial and administrative autonomy and strong disciplinary and integrity monitoring mechanisms,” Asiwaju Tinubu added.
He itemised his administration’s plans for the ensuring security returns to the country, stating the role of a secured nation in economic growth and development.
He noted that his administration will prioritise the training and retraining of the country’s security forces.
“We will be committed to introducing cross-sector initiatives that will address the economic and social constraints that prevent people from advancing or opting for crime.
Under my leadership, the government will place great emphasis on the use of a counter-insurgency doctrine and strategy by our military. We will continue to train and equip our gallant forces and security personnel with the resources, gear, and equipment that they need to hasten our inevitable march to resounding victory against enemies of our great nation. Where necessary, we will recruit and train more personnel to bridge any gaps in manpower.
“Furthermore, my administration will prioritise the use of superior aerial technology to deter criminal and terrorist activities, as well as to monitor and protect our critical national infrastructure including our network of pipelines, our power stations, our transmission and distribution networks, our sea and airports, our rail networks and other vital infrastructure,” he added.
“I will marshal a team of the most talented of Nigerians – men, women and youths – no matter their tribe and affiliations, to reset our nation on a path to achieve double-digit economic growth within a couple of years. We will do this through a coordinated set of policies in key sectors.
“We will champion an efficient government that will eliminate revenue and expense leakages across all federal government areas, leveraging technology, which will be increasingly embedded into government operations.
“In oil & gas, we will prioritise gas distribution and availability to power our industries.
“In agriculture, we will provide incentives for investments, machinery and equipment, expand and empower commodity boards, enhance our strategic grains reserves, encourage the formation of farm cooperatives and expand the scope and depth of access to finance for our farmers.
“In housing, we will introduce policies that will make it easier to transfer title and carry out transactions on landed properties. We will work with the private sector to significantly expand mortgage financing and we will provide credits and incentives to encourage real estate developers.
“We will collaborate with key technology partners to develop policies that promote the use and integration of technology across other sectors within the nation. We will work to accelerate the work that is being done with the private sector to train our youth and promote innovation through sponsored incubator hubs and science technology parks.
The APC candidate urged all Nigerians to join hands with him to work together to achieve the collective vision of building the Nigeria of our dreams.
Business
LAFARGE AFRICA ACHIEVES RECORD SALES OF 697BN; OPERATING PROFIT At 192bN, UP BY 89%; PAT UP BY 96% TO CLOSE AT 100BN
( Net Sales: FY 2024 up 72% YoY benefiting from improved volume; Q4 2024 up 86% vs PY
( Operating Profit: FY 2024 up 89% YoY; Q4 2024 up 103% vs PY
( Operating Margin: FY 2024 28%, up from 25% PY; Q4 2024 31%, up from 28% PY
( Profit After Tax: FY 2024 up 96% YoY, driven by Topline growth; Q4 2024 up 263% vs PY
( Continued focus on Increased product range, Sustainability and Health & Safety
Lafarge Africa Plc, a leading innovative and sustainable building solutions company and manufacturers of a range of cement brands has released its audited financial statement, recording a revenue of N696.76Billion for the 2024 financial year. The growth in revenue represents an increase of 72% from N405.50 billion that was recorded in the corresponding period in 2023. A breakdown analysis of the audited result also revealed that operating profit for the company in the financial year ended 2024 grew from N102.02billion in the corresponding period in 2023 to N193.01billion, representing an 89% significant rise.
According to the result released by NGX, the earning per share for the company for the 2024 financial year rose by 96%, moving from 3.17 to 6.22. A statement signed by the Chief Executive Officer, Lafarge Africa, Lolu Alade-Akinyemi noted that despite inflationary pressure on purchasing power which has affected the business, the Nigerian Infrastructure and construction sector has witnessed tremendous growth.
Alade-Akinyemi described the company’s outstanding financial performance as a testament to its strong market positioning, strategic initiatives drive on Volume growth, decarbonizing its environment though emission reduction and converting waste into energy.
We also leveraged on innovation and operational efficiency to deliver strong products and solutions into the building market, drive cost improvement, creating a great environment for our people to thrive and delivering value to our stakeholders.
He explained that despite a challenging business environment, the company remained resilient,
leveraging innovation and green growth in line with its sustainability ambitions, while also delivering value to its stakeholders.
”Lafarge Africa Plc remains committed to strengthening its leadership position in offering environmental friendly building solutions, while driving long-term profitability,” he said.
“We maintain our positive outlook for 2025, with market recovery expected to continue at similar growth with 2024. We will continue to maximize volume opportunities across our markets and actively manage our costs. We remain committed to our sustainability ambitions and strategy of ‘Accelerating Green Growth’ through innovative building solutions and delivery of stakeholder value,” he said.
He expressed appreciation to its esteemed customers, employees and all other stakeholders for their commitment, despite the macroeconomic headwinds being experienced in the industry.
-END-
About Lafarge Africa Plc
Lafarge Africa Plc, a leading Sub-Saharan Africa building solutions company is a member of Holcim Limited, a world leader in building solutions accelerating our world’s green transformation. Listed on the Nigerian Exchange Group, Lafarge Africa is actively participating in the urbanization and economic growth of Nigeria, the largest economy in Africa.
Lafarge Africa has the widest footprint in Nigeria with cement operations in the South West (Ewekoro and Sagamu in Ogun State), North East (Ashaka, in Gombe State), South East (Mfamosing, Cross Rivers State) with Ready-Mix operations in Lagos, Abuja and Port Harcourt. Lafarge Africa has a current installed cement production capacity of 10.5Mtpa.
Lafarge Africa leverages on its innovative expertise to provide value-added products and services solutions in the building and construction industry in Nigeria. Additional information is available on the web site at www.lafarge.com.ng
About Holcim
Holcim is a global leader in innovative and sustainable building solutions with net sales of CHF 27.0 billion in 2023. Our 63,448 employees are driven by our purpose to build progress for people and the planet across our regions to improve living standards for all. We partner with our customers to offer the broadest range of advanced solutions, from sustainable building materials ECOPact and ECOPlanet, to our circular technology ECOCycle®, all the way to Elevate’s advanced roofing and insulation systems.
The Federal Competition and Consumer Protection Commission, FCCPC, on Thursday directed MultiChoice Nigeria to maintain its current subscription prices pending the outcome of ongoing investigations.
It should be recalled that the Pay-TV operator had announced a 21 per cent increase in subscription fees for its DStv and GOtv packages, effective from 1st March 2025.
However, on Tuesday, FCCPC vowed to investigate the price hike, summoning the company’s leadership to explain the circumstances behind the proposed increase.
MultiChoice Nigeria subsequently requested an extension of the date for its appearance before the commission.
In response, FCCPC, in a statement issued on Thursday by its Director of Corporate Affairs, Ondaje Ijagwu, said that while the request had been granted, “the company is now required to attend the rescheduled investigative hearing on 6th March 2025, along with all relevant officers and a comprehensive response.”
“Pursuant to this, MultiChoice is expressly instructed to maintain the existing price structure as of 27th February 2025, pending the Commission’s review and final determination on the matter.
“Maintaining the status quo on pricing is essential to prevent any potential consumer harm during this period,” the statement added.
Dangote Petroleum Refinery has announced a drop in the ex-depot (gantry) price of Premium Motor Spirit (PMS), often known as petrol, by N65.00, from N890 to N825 per litre, effective February 27th, 2025.
Under the new system, purchasers in Lagos will pay N860 per liter at MRS stations.
The price adjustment, according to Dangote was designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
This marks the second price reduction of PMS in February 2025, following a previous decrease of N60.00 earlier in the month.
Additionally, in December 2024, during the yuletide period, the refinery reduced the price of PMS by N70.50, from N970 to N899.50 per litre, as part of its commitment to easing the cost of living and providing relief to Nigerians during the holiday season.
With the latest reduction, the management of the refinery said Nigerians will be able to purchase the Dangote petrol at the following prices in all our partners’ retail outlets.
“For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.”
“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.”
The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.
It called on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.
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