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Business News

Diversification may no longer be possible in few years – Dangote

Aliko Dangote has called on the Federal Government to diversify the nation’s economy now while it is still possible.

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Diversification may no longer be possible in a few years – Dangote, Finance Minister, CBN's Godwin Emefiele, Dangote, Jim Ovia meet for life beyond oil

Aliko Dangote has called on the Federal Government to diversify the nation’s economy while it is still possible, as diversification may no longer be possible for the Nigerian economy in a few years’ time. Dangote disclosed at the Consultative Roundtable hosted by the Central Bank of Nigeria in Abuja today.

The President of Dangote Group lamented over the chant for diversification, which had been on since 1979 when he first got to Lagos, without corresponding actions that could have translated into job creation and GDP growth.

Dangote finally addresses how he amassed his wealth without father’s money, Dangote concludes plan to secure 10,000 trucks from Indonesia ,Dangote and other Nigerians hold form as Forbes releases the richest African billionaires list , Dangote injects N63 billion to revive moribund ANAMMCO in Southeast, Dangote subsea pipeline to handle three billion gas supply, link Niger Delta to Lekki

“We need to make sure we make this happen before we get to the time when even with the money, we would not be able to satisfy our demands through importations.

“My heart actually bled when it was announced by the customs that we had a revenue of N1.35 trillion as import duties. It means that the economy is not working. If the economy is working, customs should not collect that kind of money. In fact, it is the FIRS that should collect that much money because we should produce more,” he said.

[READ MORE: Dangote subsea pipeline to curb gas flaring, links Niger Delta to Lekki)

He alluded to Nigeria’s over 200 million population growing at 2.7% annually, a domestic market and labour force, which he said could be exploited in the direction of self-sufficiency.

“We need to adopt backward integration and economic substitution. The country spent almost $47 billion on imports last year. It is not sustainable for us to continue importing everything we consume. We need to find a solution as to how to make our country to be producing things that we consume. Even if we decide to produce goods worth $30 billion, imagine how many jobs would be created.

“We cannot have 200 million people, growing at an average of 2.7% and then we are importing most of the things that we consume,” Dangote added.

He called on the government to adopt the backward integration and economic substitution where firms would be encouraged to import the machinery and carry out production in the country, rather than import finished goods.

[READ ALSO: Coronavirus: Dangote pledges over N200 million donation to FG)

Due to the adoption of import substitution in the Dangote groups, he said, Nigeria would become the highest exporter of cement in Africa this year, and highest exporter of rice and petroleum products in Africa, upon the kick-off of the rice plants and the refinery.

He emphasised on the need to address power and infrastructure problems to lower the cost of business operations, as the government loses taxes when entrepreneurs make fewer profits. Other business moguls in attendance include including Tony Elumelu, Ibukun Awosika, Jim Ovia, Aliko Dangote and the General Managing Director of NNPC, Mele Kyari.

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Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

1 Comment

1 Comment

  1. Ochiabuto emeka

    March 21, 2020 at 8:23 pm

    This our power sector, their matter tire person. Right from or before 1999. Is it that power is too powerful, or some God knows who is toying with Nigeria’s future.

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Companies

Africa Prudential proposes dividend of N1 billion for shareholders

Africa Prudential Plc has proposed a sum of N1 billion as dividend for shareholders.

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African Prudential could be worth more than N4.55

The Board of Directors of Africa Prudential Plc has proposed a sum of N1 billion as dividend to shareholders for the period ended 31st of December 2020.

This is according to a disclosure signed by the firm’s secretary, Joseph Jibunoh and sent to the Nigerian Stock Exchange, as seen by Nairametrics.

According to the notification, the proposed dividend will be paid electronically to qualified shareholders on the 26th of March, 2021, subject to appropriate withholding tax and approval from the company’s Annual General Meeting (AGM) scheduled a day earlier.

The breakdown of the proposed dividend shows that a sum of 50 kobo will be paid for each outstanding 2,000,000,000 ordinary shares of the company, held by its shareholders, totalling N1 billion. The proposed dividend is 28.6% lower than the 2019 figures of N1.4 billion.

The comparative decline in the company’s proposed dividend for the year might be attributed to a recent dip in profit and other key metrics recorded by the firm in its latest audited financial statement for 2020. For example, the firm posted a profit of N1.45 billion for the year, indicating a decline of 13.98% YoY. In addition, its earnings per share declined by 14.29% to print at 72 kobo.

What you should know

  • Africa Prudential had recently announced the appointment of Mrs Zubaida Rasheed as Director.
  • Africa Prudential Plc, formerly known as UBA Registrars Ltd, was incorporated as a private limited liability company on 23rd March 2006. It was listed in the NSE on 17th of January, 2013.

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Corporate Press Releases

Konga launches revolutionary membership programme, Konga Prime

Konga Prime puts money back into the pockets of subscribers by helping them make great savings.

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Konga, Nigeria’s leading composite e-Commerce giant, has rolled out Konga Prime, a revolutionary membership programme, with a lot of benefits for shoppers.

Konga Prime members enjoy unlimited free shipping, have access to exclusive offers and early bird deals, among others.

The incentives-filled loyalty programme went live on Monday March 1st, 2021.

Specifically, Konga Prime brings together a suite of exciting benefits which delivers great value to subscribers, helping them enjoy exclusive deals and other incentives such as faster deliveries of their orders. In addition, Konga Prime puts money back into the pockets of subscribers by helping them make great savings, incomparable to that offered by any other retail platform.

Furthermore, members of Konga Prime including busy individuals and families get to enjoy premium access to the full range of Konga’s cutting-edge assets. Among these are its powerful e-Commerce engine and online presence as well as the nationwide reach of a growing list of over 31 stores spread across the nooks and crannies of Nigeria. With this, Konga Prime members can take advantage of nationwide delivery of their items as fast as the next day.
Also, members have the added incentive of unlimited free delivery from Konga.com and access to discounts that make shopping faster and cheaper for all categories of shoppers.

Interested subscribers can sign up for Konga Prime here: https://www.konga.com/konga-prime Membership of Konga Prime is available to all customers, effective March 1st, 2021, beginning with Lagos and Abuja, the Federal Capital Territory (FCT). Equally important, Konga is currently offering specially discounted rates for interested subscribers to sign up for Konga Prime. In other words, subscription rates for Konga Prime membership have been slashed by as much as 50% for early bird subscribers.

In Lagos, membership of Konga Prime is currently up for N1,000 a month, as against N2,000 and N2,490 for three months, instead of N4,950 along with a 7-day free trial period. For Abuja, membership rates presently stand at N1,290 a month, as opposed to N2,500 and N3,490 for three months, instead of N6,950.

Meanwhile, the Konga Prime rollout is set to be extended to other states soon.

Vice President, Konga Online, Kenny Oriola, says the initiative is one that will deliver great value for members, including exclusive access to a growing list of special offers. These include unlimited free delivery, early access to exclusive deals as well as partner benefits and rewards.

“This initiative was implemented to provide a platform that allows our esteemed customers enjoy great value, including having their orders delivered to their preferred location for free. Saving time and money is not just the end goal here, but having access to exclusive deals, and mouth-watering discounts on special products also makes this service one to subscribe to.

‘‘Today, we kick-off this initiative in Lagos and Abuja. Subsequently, other states across the country will benefit from this service. We urge all interested subscribers to take advantage of the ongoing discounted rates to sign up for this value-adding programme,’’ he disclosed.

Further, Oriola submits that in the future, Konga will leverage its wide-ranging assets to add additional benefits for members in a variety of services and offerings, adding that the list of benefits will continue to grow over time.

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