Manufacturing/Industry

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Business Solutions Manufacturing/Industry

Afreximbank, Veenocks sign facility agreement for tiles plant in Nigeria

Cairo, Aug. 15, 2024 – African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria. The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million. Mrs Kanayo Awani, the Executive Vice President, Intra-African Trade and Export Development Bank, …

Business Solutions Manufacturing/Industry

CPPE advises Nigerian regulatory agencies to exercise powers with discretion

Lagos, Aug. 11, 2024 – The Centre for the Promotion of Private Enterprise (CPPE), a private sector think tank in Lagos, has appealed to regulatory agencies in the country to exercise their powers with more discretion. The centre gave the advice in a statement issued by its Chief Executive, Muda Yusuf, in Lagos on Sunday. The CPPE said it had observed a growing trend of irritations, distractions, and frustrations inflicted on manufacturing sector and investors in the country by the regulatory agencies. The CPPE said these overbearing regulatory dispositions often …

Capital market Manufacturing/Industry

BUA Foods recorded 38% revenue growth in H1 2024 – official

Lagos, Aug. 5, 2024 – BUA Foods recorded a significant growth in revenue the first half of 2024 in spite of the harsh operating environment in Nigeria. According to its financial results for the half-year filed with the Nigerian Exchange Limited, BUA Foods recorded a 38% growth in its revenue, amounting to N130 billion. This is against the N95.18 billion recorded in the same period in 2023. The revenue growth was boosted largely by increased sales in sugar, pasta and flour. Ayodele Abioye, its Managing Director, the first half of …

Business Planning Business Solutions Manufacturing/Industry

Dangote regains title of Africa’s richest man

Lagos, Aug. 5, 2024 – Aliko Dangote has reclaimed the title of Africa’s richest man, just days after South African businessman Johann Rupert briefly overtook him. As of August 5th, 2024, according to Bloomberg’s billionaire real-time index, Dangote’s net worth stands at $13.7 billion, surpassing Rupert’s current net worth of $13.3 billion. He is six spots above the South African billionaire on the Bloomberg’s list. On August 2nd, 2024, Rupert had risen to the top of Africa’s wealthiest with a net worth of $13.6 billion, matching Dangote’s at the time. The …

Manufacturing/Industry Trade

Nigeria’s Chiejina on global “Influence 100” list for 4 years running

By Paul Ejime Abuja, Aug. 2, 2024 – Global PR firm, PRovoke Media has listed Anthony Chiejina, Group Head of Corporate Communications, Dangote Industries Limited, as one of the “100 most influential communications and marketing executives in the world” in 2024, and for the fourth consecutive year. Chiejina was among the 100 influencers for 2021, 2022, and 2023, and shares the 2024 illustrious list with global Communications, Brand and Marketing Executives such as Bea Perez, Executive Vice President (EVP), Global Chief Communications, Sustainability & Strategic Partnerships Officer, Coca-Cola, Andreas Bartels, …

Business Planning Manufacturing/Industry

Dangote Group plans $30bn revenue by 2025 – chief executive

Lagos, July 14, 2024 – Aliko Dangote, the Chief Executive of Dangote Group, says the group anticipates $30 billion revenue by 2025. He said the group planned to make hard currency revenue to account for 90% of its total revenue. Dangote disclosed this to journalists who were on media tour of his refinery in Lagos on Sunday. He also said the group was targeting to become the largest foreign exchange earner in the country. “What we are trying to do is to totally get ourselves out of the demand of …

Manufacturing/Industry Politics

New executive order on local drug production, a reflection of Tinubu’s visionary leadership – TSF

Abuja, July 6, 2024 – The Tinubu Stakeholders Forum (TSF) has applauded the decision taken by President Bola Tinubu to issue an executive order aimed at enhancing local production of pharmaceutical products, describing it as a reflection of his visionary leadership. In a statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah, the group noted that it was a significant milestone in the country’s journey towards self-reliance in the pharmaceutical sector. It said: ” Like many Nigerians, we are enthused by the new Executive Order of President Tinubu …

Agriculture Capital market Manufacturing/Industry Money market

U.S. GDP grinds lower in Q1

Washington D.C., June 27, 2024 – The US economy grew at a sluggish 1.4% annual rate in the first quarter of 2024, according to the Bureau of Economic Analysis’ latest estimate. This marks a significant deceleration from the robust 3.4% growth recorded in the previous quarter. This is the third estimate for Q1 GDP, incorporating more comprehensive data than previous releases. Upward revisions to nonresidential fixed investment and government spending were partially offset by a downward revision to consumer spending. The downward revision to GDP growth highlights potential headwinds for …

Agriculture Business Planning Investment Manufacturing/Industry

Otti pledges to make Abia hub for fertiliser production

Umuahia, June 12, 2022 – Alex Otti, the Abia State Governor, has promised to make the state a hub for organic fertiliser production in Nigeria. Otti made the promise on Tuesday while receiving a group of Turkish investors who are willing set up organic fertiliser production plants in the state. He said he would do the all the needful to ensure the group achieve its objective, adding that there were enough raw materials in the state. “For us in Abia, we are very open for business. You know that when …

Commodities Foreign Manufacturing/Industry

Post-COVID, China is back in Africa and doubling down on minerals

Johannesburg, May 29, 2024 – China’s flagship economic cooperation program is bouncing back after a lull during the global pandemic, with Africa a primary focus, according to a Reuters analysis of lending, investment and trade data. Chinese leaders have been citing the billions of dollars committed to new construction projects and record two-way trade as evidence of their commitment to assist with the continent’s modernisation and foster “win-win” cooperation. But the data reveals a more complex relationship, one that is still largely extractive and has so far failed to live …