Business
Nigeria set to host 72 Countries in African raw materials summit
… seeks collaboration
The Raw Materials Research and Development Council (RMRDC) is gearing up to the Maiden Edition of the Africa Raw Materials Summit 2025 that would attract experts from over 72 countries across Africa and other parts of the world to chat a new course for the future of Africa.
The Director General, Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Martin Ike-Muonso, highlighted during an industrial visit to Chi Limited Company, Ajao Estate, Isolo, Lagos, to solicit for Collaboration .
Professor Ike-Munonso stressed that Africa is indeed blessed with abundant raw materials resources, but the challenge lies in its ability to harness these raw materials potentials for the benefit of the continent and its people.
According to the DG, “Africa is rich in natural resources; both minerals and agricultural resources, however, the continent has struggled to capitalize on these resources, with many countries exporting without adding value to them. This has resulted in limited economic benefits and a lack of industrial development, which should not be allowed to continue”.
Prof. Ike-Muonso noted that to address this challenges, the RMRDC is organizing the first of its kind; the Africa Raw Materials Summit scheduled to hold in May 20-22, 2025, which aims to bring together critical stakeholders across the globe, to interact and share ideas, to chart a new course for the development of Africa’s raw materials sector.
He further noted that for the RMRDC project, which will focus on themes such as; value addition, industrial development, and sustainable economic growth, to be a success, all hands must be on deck, he is therefore calling on key stakeholders to get involved and make the upcoming Summit worthwhile.
The summit, scheduled to take place from May 20 to 22, 2025, at the Abuja Continental Hotel, FCT, aims to address critical challenges facing the continent’s raw materials industries with special focus on raw materials value addition, economic diversification, industrial growth strategies, investment opportunities, and sustainable regional collaboration to enhance Africa’s position in the global raw materials market.
Earlier in his remarks, the Project Consultant and Chairman local organizing committee of the Summit Professor Bernard Odoh, during the visit enumerated that the historic event aims to bring together over 1,000 experts from 72 countries to discuss strategies for harnessing Africa’s raw materials for economic growth and development. He said it is an opportunity for stakeholders to come together to share ideas, build partnerships, establish mutually beneficial working relationships, and develop actionable solutions for unlocking the full potential of Africa’s raw materials sector .
“By participating in the summit, stakeholders can contribute to shaping the future of Africa’s resource landscape and help drive economic transformation.
“The RMRDC is urging all relevant stakeholders, including policymakers, corporate entities, research institutions, and the media, to join forces and make this event a success”, he said.
The Director Public Affairs and Communication Zainab Balogun and Director Procurement, who jointly represented the Management of the Chivita Foods Limited, were visibly delighted at the visit and the invitation to be part of the laudable project to see Africa looking onward to harness its abundant resources.
She said this will surely impact Africa, Nigeria and mostly the industrial sector in Nigeria, adding that Chi company appreciates the invitation to partnership in the Summit.
The Project Consultant, Prof. Odoh concluded that it is great to have Chi company as partner in the summit. “With the participation of key stakeholders like Chi company, the summit is poised to make a significant impact on the industrial sector in Nigeria and beyond”.
The Petroleum Products Retail Outlet Owners Association of Nigeria has explained that it members will not hesitate to dump Dangote Refinery for alternatives over its latest move to sale petroleum products in Dollar.
The National President of PETROAN, Billy Gillis-Harry disclosed this to DAILY POST on Thursday.
He was reacting to Dangote Refinery’s decision to halt the sales of petroleum products in Naira.
Speaking on the development, Gillis-Harry said Nigeria’s petroleum downstream market is prepared for uncertainty.
He stressed that if Dangote Refinery’s price template is not competitive following its suspension of petroleum products sales in Naira, retailers and marketers will seek alternatives from Nigerian National Petroleum Company Limited or imported petroleum products.
“The market is making preparations for any surprises. So, if there are surprises, we’ll have alternatives to go to.”
“One of the alternatives is the NNPC. We have also talked about some of the other refineries that are upgrading to 25,000 metric tonnes per day, like the Azikel refinery in Bayelsa. And then, importation is also going to be in the mix.”
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.
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