Economy
We’ve established strong platform for future growth, consolidation across Africa — Dangote Cement
Dangote Cement Plc. says it has established a very strong platform for future growth and consolidation of the company across the African Continent.
Mr Michel Puchercos, the Group Managing Director and Chief Executive Officer of the company, said this at the virtual Facts Behind the Figures (FBF) and Facts Behind the Sustainability Reports (FBSR) by the Nigerian Stock Exchange (NSE) on Wednesday in Lagos.
Puchercos said that at the end of 2019, the 2020 outlook was positive, considering the several plans for higher economic growth before the outset of COVID-19 pandemic.
“While the world faces economic recession and downturn, we are fortunate enough to have had a decent start in the year as reflected in our first half financial results, this is indeed humbling for me.
“H1 Group EBITDA was slightly up, supported by strong operating performance in Nigeria and Pan-Africa amidst COVID-19 challenges. EPS was up 6.3 per cent at N7.45. We are fortunate to have resilient H1 2020 results amid impact of COVID-19.
“Cement is an essential building material with no viable substitutes and the global cement industry continues to grow, driven by urbanisation, population growth, housing growth, industrialisation, and infrastructure development, especially, in emerging economies such as Africa, where we operate.
“We are presented with a huge opportunity and are strategically positioned to take advantage of these opportunities with our operational efficiency, product quality, modern facilities, and technology to leverage our unique economies of scale and know-how,” he said.
He also said that aside from regional and international institutions planning for higher growth, the Nigerian government had put plans in place for an increase in infrastructure spending, following the election cycle in 2019.
“Then the whole world was struck by COVID-19 pandemic which posed a significant threat to public health and overall economic conditions. We have all undoubtedly faced unprecedented challenges since. It is a social and economic phenomenon that is affecting us all professionally and personally.
“Some of the countries in which we operate, experienced full or partial lockdown earlier this year or had various levels of restrictions and curfews to protect public health and safety.
“Dangote Cement has placed an emphasis on the health and safety of team members, customers, suppliers, and communities at large as a core value.
“We have implemented several rigorous protocols in all our operations across the continent to support public health policies and ensure the highest level of protection of our stakeholders.
“I believe the future looks very bright for Dangote Cement. We have established a very strong platform for future growth and consolidation across Africa.
“We are on track to be a global leader in cement production, recognised for the quality of our products and services, and for the way we conduct our businesses.,” he said.
Guillaume Moyen, Chief Financial Officer of the company, said they paid over N1 trillion to share holders over the last seven years.
Moyen said that Dangote Cement had a focus on helping the Nigerian economy as it had taken Nigeria from a cement importing country to an exporter of cement.
“Dangote Cement has a sustained focus on helping the Nigerian economy and doing what it can to benefit the economy. Arguably our biggest achievement to date is taking Nigeria from being a big importer of cement to being self-sufficient and now an exporter.
“Dangote Cement has paid its taxes over the last 10 years and our VAT contribution in the last 10 years has been impressive. We are developing road infrastructure and durable concrete roads, which are major economic catalyst and hugely beneficial for the country’s transport sector.”
He also said that Dangote Cement had signed up to the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme; a public-private partnership (PPP) intervention.
“Participants are allowed to utilise the total cost (Project Cost) incurred in the construction or refurbishment of an eligible road as a tax credit against their future Companies Income Tax (CIT) liability,” he said.
According to Moyen; like the rest of the world, Sub-Saharan Africa will be affected by the ongoing Coronavirus pandemic and the International Monetary Fund (IMF) forecasts that it will contract by 1.8 per cent in 2020.
“H1 2020 numbers, which were resilient, bearing in mind the impact of COVID-19. Nigeria domestic volumes were up by 1.8 per cent despite the full lockdown at the end of March in key cities and states of Nigeria including Lagos, Abuja and Ogun states which are major markets for us.
“Revenues were up by 1.2 per cent owing to higher realised prices. EBITDA was only down by 3.1 per cent to N194.4 billion owing to higher energy costs and the adverse effects of COVID-19 on various dimensions of our operations,” he said.
He expressed belief that on a longer term, the African Continental Free Trade Area (AfCFTA) would give Dangote Cement the opportunity to leverage high quality limestone reserves and production assets to serve African markets still importing cement and clinker.
Mr Oscar Onyema, the Chief Executive Officer, NSE, said that the exchange was leveraging on digital technologies to ensure uninterrupted information about market activities.
Onyema said: “We have continued to remain resilient even in the face of the pandemic, leveraging various digital platforms and technology to ensure business continuity and uninterrupted information.
“We are pleased that Dangote Cement has chosen to use this platform to inform the market of its financial performances as well as its strategic and operational developments.
“Given that the market is driven by timely, regular information, your constant interaction with the market through this forum is vital and we encourage you to continue with this trend.
“We commend the board of the company for integrating sustainability into the core of their business operations,” he said.
Onyema commended the company for its efforts in curbing the spread of COVID-19 as well as its various interventions and donations to support national efforts to cushion the effects on the Nigerian populace.
He also pledged NSE’s continued emphasis on the importance of sustainable business practices in delivering value to their listed companies, investing publics to support Africa’s economic growth.
Also, Mr Bismarck Rewane, the Managing Director of Financial Derivatives Company, while giving his analysis said that the economy would spur slowly even though it was pandemic resilient.
Rewane said that of the 10 countries that Dangote Cement was represented in, only four would show positive growth this year in spite of the pandemic. He listed them as: Ghana, Ethiopia, Senegal and Tanzania.
“The average inflation rate across Africa is going to be about 8.6 per cent, the highest being Ethiopia with about 20 per cent and the lowest being Brazzaville with 1.1 per cent.
“The major exporters are South Africa with 31.2 per cent of total export, Nigeria is 28 per cent, Angola 21 per cent and Cote d’Ivoire 1.6 per cent.
“In terms of imports, major importers are : ,South Africa, 40 per cent; Nigeria 18 per cent, Kenya, 5.7 per cent and Cote d’Ivoire 2 per cent.
“This shows that there is a lot of economic activities in Africa and in the 54 countries, the bulk of activities lie with the top five or 10 and looking at the countries where Dangote Cement operates are the key drivers of the African economy, ” he said.
Eunice Sampson, Head of Sustainability, Dangote Cement, said that the company was strongly committed to its economic, environmental and social responsibilities.
Sampson said that these would ultimately translate to business sustainability, which therefore aligned with the UN’s Sustainable Development Goals (SDG’s).
“Our 2019 sustainability report is written in accordance with the reporting standards of the Global Reporting Initiative (GRI).
“Our approach to sustainability operationalisation is defined by our seven Dangote sustainability pillars which are: institutional, financial, operational, cultural, economic, social and environmental pillars,” she added. (NAN)
Economy
Nigerians to Pay More for Petrol as Fuel Prices Rise Nationwide

By: Fabian Apechihin
Nigerians are facing yet another spike in fuel prices as premium motor spirit (petrol) now sells for between ₦905 and ₦945 per litre across several filling stations in Abuja.
Checks on Monday, October 6, 2025, revealed that Nigerian National Petroleum Company Limited (NNPCL) retail outlets, along with Empire, AA Rano, and Shema filling stations, adjusted their pump prices upwards. Empire Filling Station in Gwarimpa reportedly sold petrol at the highest rate of ₦945 per litre.
Other stations, including MRS, Emedeb, Ranoil, and Eterna, dispensed petrol between ₦885 and ₦910 per litre.
Marketers Blame PENGASSAN Strike for Price Surge
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the sudden hike to disruptions caused by last week’s strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).
IPMAN President, Abubakar Maigandi, explained that the price increase was largely due to supply interruptions. He noted that stations receiving supplies from Dangote Refinery were still selling between ₦885 and ₦895 per litre, adding that prices were expected to stabilize soon.
“The feud between Dangote Refinery and PENGASSAN may have triggered panic buying and artificial scarcity. I can assure you that prices will drop and return to normal in the coming days,” Maigandi said.
IPMAN spokesperson Chinedu Ukadike also confirmed that the PENGASSAN strike caused temporary shortages in Lagos and Abuja but expressed optimism that availability would improve as supply chains normalize.
Depot Prices Edge Up
Depot prices have reportedly risen slightly, with Dangote Refinery selling petrol at ₦844 per litre, Ranoil and Aiteo at ₦845, and NIPCO at ₦850 in Lagos.
The fuel price increase comes just days after Dangote Refinery and PENGASSAN resolved their dispute over the alleged mass dismissal of Nigerian workers, which led to a two-day strike. Federal Government intervention helped broker peace between both parties.
Dangote Refinery later thanked President Bola Ahmed Tinubu and other mediators for their role in ending the strike.
Shettima, PENGASSAN Trade Words
Meanwhile, Vice President Kashim Shettima, speaking at the 31st Nigerian Economic Summit (NES31) on Monday, criticized PENGASSAN, declaring that “Nigeria is bigger than the union.”
In response, PENGASSAN President Festus Osifo countered, saying the country is also “bigger than Dangote Refinery and the presidency,” emphasizing the union’s commitment to protecting Nigerian workers’ rights.
Economy
Tourism wearing a new face in Kwara: Commissioner

- Urges Kwarans, foreigners to embrace it Stephen Olufemi Oni, Ilorin
Kwara State Government has continued to showcase the beauty of culture and traditional assets and its uniqueness in the daily lives of the citizens, urging the people to embrace it for development.
The State Commissioner for Communications, Hon. Bolanle Olukoju, had earlier in a broadcast, enjoined the people of the State, at home and in the diaspora, to embrace tourism as a tool for developmental progress to sustain transformational growth in line with the policy thrust of Mallam AbdulRahman AbdulRazaq’s-led administration.
The Commissioner made the call to mark the 2025 World Tourism day with the theme, ‘Tourism and Sustainable Transformation’, as declared by the United Nation’s World Tourism Organization(UNWTO).
According to Olukoju, tourism is more than travel, it is actually a way of supporting people, culture, and the environment while driving economic growth, urging all and sundry to explore the various tourist sites around them.
“Tourism is not just travel, it is about building a future where every journey contributes to people, culture and planet, it is about hospitality that opens our heart and also helps to preserve our heritage and create opportunities for growth and development”, She said.
The Commissioner, who was delighted that the Ilorin Emirate Durbar was recently ranked among the top ten festivals in Nigeria, celebrated Hajia Faridah Shagaya, who was recognised among Africa’s top tourism personalities, describing the recognitions as sources of pride for the state.
She commended the administration of Governor AbdulRazaq for investing in tourism and hospitality, citing projects such as the Visual Arts Centre, Flower Garden, and Sugar Factory Film Studios, among others, as commendable efforts.
She also announced that this year’s celebration includes a roundtable with stakeholders to advance discussions on the future of tourism in Kwara State.
“Tourism is wearing a new face, from the Sugar Factory Film Studio, the Visual Arts Centre and the improved road network to Owu Waterfalls and many more which are evident of his work and is gradually opening Kwara to the World”, she added.
The Commissioner, who was represented at the event by the Director, Personnel, Finance and Supply, Hajia Salamat Yahaya, assured that tourism will continue to receive priority attention under the present administration and urged all stakeholders to support the ongoing efforts to make Kwara a leading destination for culture, heritage, and hospitality.
In her remarks, the Secretary, kwara State Hospitality and Tourism Development Board, Hajia Ramat Akanni, applauded the present administration for priority attention given to the Board.
Hajia Akanni expressed optimism towards an enviable tourism and hospitality driven state, which she assured, would attract prospective investors and enhance revenue generation for the state.
She sought support and utmost compliance from hoteliers and relevant stakeholders to achieve the desired goals, pointing out that violators will face the full wrath of the law.
Relevant stakeholders and participants at the one-day event later visited Sobi Hills and the Kwara Sugar Film Factory as part of activities marking the celebration.
End
Economy
FAAN Rolls Out Cashless Payment System at Lagos, Abuja Airports

By: Fabian Apechihin
The Federal Airports Authority of Nigeria (FAAN) has introduced a new contactless and cashless payment system, tagged Operation Go Cashless, in partnership with Paystack.
In a statement on Thursday, FAAN announced that the initiative will take effect from September 29, 2025, at Murtala Muhammed International Airport, Lagos, and Nnamdi Azikiwe International Airport, Abuja.
“Effective September 29, 2025, all payments at FAAN revenue points, including airport access gates, car parks, and FAAN VIP and protocol lounges, will go cashless. This means we will be phasing out cash collection at these points,” the statement read.
According to FAAN, the new system will provide travellers and airport users with faster, more seamless services through a secure, contactless platform. The agency explained that the shift responds to rising demand for modern, transparent payment methods and aligns Nigeria’s airports with global digital standards.
FAAN added that reducing cash handling will enhance efficiency, strengthen revenue assurance, and improve customer experience. It also noted that the cashless policy will be gradually extended to other airports nationwide.
Do you want me to make this version more concise for a press release headline or keep it as a detailed report?
-
Uncategorized5 years ago
FG, states urged to harness flooding for ranching, others with technology – Agbaje
-
Headlines10 years ago
Breaking: EFCC seals Borno House of Assembly, as Hon members take to their heels
-
News11 years ago
Nigeria Security Operatives Stage Manhunt For Homosexual Perpetrator
-
News9 years ago
How 21-year-old Girl fled community over accusation of lesbianism
-
News10 years ago
Yobe Gov Moves Against Deputy
-
Opinion6 years ago
7 signs she has friend zoned you
-
Technology4 years ago
Online job placement company headhunts women
-
Headlines9 years ago
Borno Dep Gov Abducts Another Church Leader