Business

Sugar Master Plan: We’ve Created 15,000 Jobs – FG

The Federal Government says it has so far generated over 15,000 jobs through its National Sugar Master Plan programme, stressing the country will soon achieve self-sufficiency in sugar production.

Published

3 years ago

March 18, 2022

Sunday Osanyintuyi

The Federal Government says it has so far generated over 15,000 jobs through its National Sugar Master Plan programme, stressing the country will soon achieve self-sufficiency in sugar production.

Minister of Industry, Trade and Investment, Mr Niyi Adebayo, revealed this in Abuja on Thursday, at the weekly ministerial briefing organised by the Presidential Communications Team.

According to the minister, currently the nation produces just five per cent of its sugar needs but the government is making frantic efforts to become self-sufficient in making the product available to Nigerians.

He added that although returns on investment in sugar production were slow, government would continue to focus on investing in the sector.

“We’re looking at Nigeria being self-sufficient in sugar production in 10 years.

“We’re hoping and we believe with the programs that we have in place that within the next 10 years, we will be 100% self-sufficient in sugar, and not only that, we’ll be able to export sugar produced in Nigeria.

“Certainly, with regard to employment, at the moment, the National Sugar Plan has created employment for 15,000 people,’’ he said.

On the effects of the ongoing Russia-Ukraine crisis on Nigeria’s economy, the Minister said his ministry would soon advise the president on what to do.

“Well, I can assure you that my ministry is looking at all the issues involved.

“And since the war has come up, the trade department in my ministry is looking at all the things that we import, and what we export to them with a view to come up with a policy paper, which we will be presenting to the President.

“Like I mentioned earlier, we have mandated our trade department to do an analysis, to look at all the issues involved, and to come up with a report.

“And once that report is ready, it will be presented to Mr. President, after the presentation I shall come here and brief you about it,” he said.

According to the minister, there are many requests from investors around the world, who want to do business with Nigeria in sugar production

“We get interest every day, we analyse these interests, and we give support to anybody who is interested in participating in the backward integration programme of sugar production.

“We are not giving out loans to the people we’re dealing with. We are dealing with recognized major conglomerates within the private sector, who are investing their own funds in the backward integration programme.

“All we are doing is we are providing intervention where possible, assisting them with infrastructure, and that is all.

“We’re not giving out any loans with regards to the sugar backward integration programme,” he added.

Adebayo, who also spoke on ports decongestion in Nigeria, noted that new ports will soon come on board, in order to ease the pressure on Apapa and Tincan ports.

He also explained why the Calabar and Warri ports are not currently being used.

Adebayo disclosed that the Calabar port had a legal challenge involving a subcontract for the dredging of the port.

He said: “On the development of ports, I pointed out earlier that yes, apart from Apapa and Tincan; we have a new port of Lekki coming up. I know that there are plans for a new port to come up in Badagry.

“At the last Presidential Enabling Business Environment Council (PEBEC) meeting, we also looked at the possibility of utilization of Warri port, but there are certain issues and problems with it at the moment that has been looked into.

“I believe the breakwater has collapsed, so the government is looking at how that can be repaired and to see how dredging can be done so that bigger vessels can use that port.

“Calabar port is a problem; apparently there is a court case on that one at the moment with regards to a subcontract for the dredging of that as well.

“As we all know, Port Harcourt and Onne are operating, and the government is looking at improving the road network to that port so that it can ease the congestion of Lagos.”

(NAN)

Related Topics:Niyi Adebayo Sugar production

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Business

LAFARGE AFRICA ACHIEVES RECORD SALES OF 697BN; OPERATING PROFIT At 192bN, UP BY 89%; PAT UP BY 96% TO CLOSE AT 100BN

Published

2 weeks ago

February 28, 2025

Seyi Babalola

( 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.

Business

Maintain status quo on subscription prices – FCCPC tells MultiChoice

Published

2 weeks ago

February 28, 2025

Seyi Babalola

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.

Business

Dangote slashes petrol price to N860 per litre in Lagos

Published

2 weeks ago

February 26, 2025

Seyi Babalola

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.