Business

Trade Fair: FG, LASG Restate Commitment To Business Growth

President Muhammadu Buhari and Lagos State Governor, Babajide Sanwo-Olu on Friday reiterated that federal and state governments will continue to provide an enabling environment for businesses to thrive in the country.

Published

2 years ago

November 5, 2022

Chinedu Nwankwo

They made the statement at the Opening Ceremony of the 36th edition of the Lagos International Trade Fair, with the theme: “Connecting Businesses, Creating Value” held at the Tafawa Balewa Square (TBS), Lagos.

President Buhari, who was represented by the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the Federal Government will continue to ensure that the atmosphere is right for businesses, especially manufacturing and export to thrive.

He said Nigeria’s signing of the African Continental Free Trade Agreement (AfCFTA), would be a great opportunity for Nigeria as the country’s international trade recorded a trade surplus of N3.2trillion between January and June this year.

Adebayo, who noted that the international trade records could be better with the collaboration of both the public and private sectors, described the Lagos International Trade Fair as a great opportunity to showcase Nigeria’s capacity to produce to international standards.

“The private sector can help boost the demand for Nigerian products by aggressively pursuing value addition greatly to the quality of goods originating from our country,” he said.

In an opening address, the President of LCCI, Dr. Michael Olawale-Cole said the Lagos International Trade Fair is one of the ways the Chamber has been boosting commerce and trade despite huge challenges.

Olawale-Cole, who commended the Lagos State Government for its continued support to grow small businesses, said the business community is looking forward to the outcome of the national trade policy currently being reviewed.

In his address, Governor Sanwo-Olu, who was the Guest of Honour at the ceremony, restated his administration’s commitment to prioritising the growth and development of Micro, Small and Medium Enterprises (MSMEs) to further drive the economic growth and development of the state.

He said his administration will continue to partner with the Organised Private Sector to boost the economy of Lagos State, adding that his government would further create policies that would deliberately engender ease of doing business to enable the state to attract investments and allow businesses to thrive.

Governor Sanwo-Olu according to a press statement signed by Sanwo-Olu Chief Press Secretary, Gboyega Akosile outlined how his administration had been boosting MSMEs with soft loans from Lagos State Employment Trust Fund (LSETF) and Lagos State Science Research and Innovation Council (LASRIC), among others, urged business owners in Lagos to take advantage of the opportunities to grow their business and further boost the economy.

The Governor, who described MSMEs as the heartbeat of any economy, said their development was critical, particularly in the face of the current harsh global uncertainties posed by the COVID-19 pandemic and the Ukraine- Russian war.

He said: “On our part, we have continued to make giant strides by formulating and implementing policies, programmes and projects that have impacted and stimulated economic growth in the State. In our quest to build a globally competitive economy, especially through the MSMEs, we have considerably improved our Economic Policy Coordination and Implementation. We have encouraged Partnership Building between the Public and Private Sectors and we have prioritised labour to facilitate and promote investment in the development of a quality workforce for the various categories of enterprises in the State.

“We have also been working to lower the Cost accof Doing Business, Improve Ease of Doing Business, Build Skills, support Innovation and Strengthen the function of the Labour Market to improve capabilities, reduce conflict and foster harmonious industrial relations. Without a doubt, my administration has been proactive and intentional in its support and interventions to improve and reinvigorate MSMEs.”

“Let me further assure you that we shall not rest on our oars until business prosperity is guaranteed. This is because our administration is not oblivious to the fact that for us to achieve our dream of becoming Africa’s model megacity by 2025, we must continue to improve our business climate so as to attract more private sector investments, create jobs and increase productivity.”

Governor Sanwo-Olu also commended the Lagos Chamber of Commerce and Industry (LCCI), organisers of the fair for being an unrelenting partner, especially through its policy advocacy that has been yielding positive results not only Lagos State but also Nigeria as a whole.

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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.