Business
Sanwo-Olu Flags Off Construction Of Logistics Hub In Epe
Lagos State government has flagged off the construction of what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
Lagos State government has flagged off the construction of what will be the largest Food Security Systems and Central Logistics Park in sub-Saharan Africa.
Governor Babajide Sanwo-Olu, on Wednesday, performed the sod turning at the site of the facility being built on 1.2 million square metres of land in Ketu-Ereyun, Epe.
Establishment of the food park is a component of an audacious five-year Agricultural and Food Systems Road Map (2021–2025) launched last year by the Sanwo-Olu administration to enhance food sufficiency in Lagos.
When completed, the central food and logistics hub is expected to create direct wealth for more than five million traders in the agricultural value chain, while guaranteeing uninterrupted food supplies to more than 10 million Lagosians, at least 90 days, in a period of scarcity.
The hub will have storage facilities for more than 1,500 trucks that will daily service the needs of thousands of operators within food value chain throughout the year, while large commercial transactions would be processed in the facility.
Besides, Sanwo-Olu visited the site of the State-owned Neuro-Psychiatric Hospital in Ketu-Ereyun, where the Governor inspected the level of construction work on the project.
Transactions on food items in Lagos are estimated to be N5 trillion yearly, just as farmers daily lose 40 per cent of produce worth millions due to lack of post-harvest storage system.
Sanwo-Olu said the central food hub would guarantee greater returns for farmers and investors in the agro-allied sector, as the facility would cut out several layers of middlemen and facilitate improved access to modern processing and packaging services.
The Governor said market matrix generated from the facility would help the Government generate useful data for public planning and for the use of private sector players to project investment.
He said: “Today’s flag-off of the Food Security Systems and Central Logistics Park is proof of our administration’s commitment to addressing the challenges of stakeholders in the Agri-space and giving hope to the people through improved quality of life. I make bold to say this is one of the most important interventions in agricultural sector that Nigeria has ever seen. The fact that this project is taking off in Lagos, the fastest-
growing sub-national entity, means that it is bound to have significant national, regional, and continental impact.
“This hub will provide a better buying experience for consumers, help achieve a reduction in logistics costs, while guaranteeing the standardisation of quantity and quality for agricultural products. It also will improve productivity, guarantee greater returns for farmers, by cutting out several layers of middlemen. It will facilitate improved access to modern processing and packaging services for farmers and generate useful data for the use of government agencies, private sector players, and multilateral agencies.”
Sanwo-Olu said the choice of the location for the project was strategic, given its easy access and proximity to agrarian settlements. He said the State had secured a well thought out funding scheme to kick off the project, which he promised will be delivered in last quarter of 2024.
Lagos agricultural road map, the Governor said, sought to take full advantage of all value chains in which the State has competitive and comparative advantages, with a view to scale up self-sufficiency in food production from 18 to 40 per cent.
The Governor said the hub, when completed, would add to the catalogue of life-changing projects sited within Epe Division, which include 32-metric tons per hour Rice Mill in Imota, Agbowa-Ikosi Timberville, and Ketu-Ereyun Psychiatric Hospital, among others.
“The development of this all-important Central Logistics Hub will be achieved through a collaboration between the State Government and the private sector and will be implemented through a Design-Build-Finance-Operate-and-Transfer model. At every step of the way, we will be counting on the contributions of the private sector, in terms of financing and technical advisory and support,” Sanwo-Olu said.
Commissioner for Agriculture, Abisola Olusanya, said the current global food shortages were parts of the harsh consequences of climate change and global warming, which, he said, had led to economic instability in some countries.
The Commissioner stressed that a continuous disruption in food distribution sequence could portend catastrophic consequences on security of the people, pointing out that Lagos initiated the agricultural plan to protect its residents from the effects of food shortages. The only way forward, she said, is to build a resilience that will protect Lagos.
“Upon completion, the Central Food and Logistics Park will unleash the potential in both the upstream and downstream of agricultural sector. This project will further reaffirm the leadership of Lagos as the first destination for agricultural produce along the West African corridor,” Olusanya said.
The project partner, Origin Group, assured the first phase of the project, which requires building storage facilities, would be delivered in the next seven months.
The hub will be operated on off-grid power source of 900 megawatts, and is expected to provide 16,000 direct jobs.
Amenities that will come to the facility include aggregation facilities, administrative offices, trading area, packaging facilities, processing facilities, cold chain/dry goods services, and logistics services.
Others are trailer park, water treatment plant, health centre, fuel station, fire station, abattoir and lairage.
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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