BUSINESS
We Will Maintain N3500 Cement Price Starting January, Says BUA
The Chairman of the BUA Group, Abdul-Samad Rabiu, has affirmed the company’s commitment to selling cement at the rate of N3,500 starting from January 2024.
During a conversation with State House Correspondents in Lagos on Thursday after meeting with President Bola Tinubu, Rabiu assured that the company would ensure accessibility and affordability of the product for customers, even in the face of numerous challenges.
“You know the price that we have set will be N3,500 per bag. You know, x factory, of course, plus VAT, and then delivered to customers depending on the region.
“As you know, the factory that we have; one is in Edo, the other one is in Sokoto state. So, for example, if you want us to deliver cement to you from Sokoto, say, to Lagos from Adamawa or to Maiduguri, the distance is quite far.
“So dependent on the distance and dependent on the location. You know the price changes, but we intend to keep that promise,” he said.
Rabiu added that the cement company site in Sokoto, which will be inaugurated by January 2024, is expected to expand the market further across the country.
“And as we all know, the volumes that we will be having will be about six million tonnes per annum combined. And we expect those volumes to have an impact.
“Though we’re having some issues here and there, these are issues that I believe we can address, and we are addressing them,” he added.
Rabiu mentioned that his purpose in visiting the President was to extend felicitations for the Christmas and New Year festivities. He added that the visit was a delightful experience.
“It is always quite good to see them when they are relaxed, and you know, I am pleased to say that his excellency looked very relaxed, well rested and also in good spirits,” BUA chief said.
BUSINESS
Naira drops to N1,089 against US dollar at official forex market
The Naira on Tuesday depreciated to N1,089.51 against the US dollar at the official foreign exchange market.
Data from FMDQ showed that the Naira dropped to N1,089.51 per US dollar compared to N856.57, which was quoted at the end of business on Monday.
The figure represents N220.38 depreciation in the local currency compared to the N856.57 per dollar on Monday.
The development comes after the country’s currency dropped after three days of successive gains in the new year.
Similarly, the Naira dropped to N1,245 per US dollar from N1,240, which it traded on Monday at the parallel market.
The depreciation comes despite the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank over a week ago.
BUSINESS
Nigeria’s economy to grow at 3.3 per cent in 2024 – World Bank
The Washington-based World Bank has projected Nigeria’s economy to grow 3.3 per cent this year.
The leading development bank disclosed this in its recent Global Economic Prospect (GEP).
Accordingly, the latest growth projection for Africa’s largest economy, Nigeria, is about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.
Meanwhile, the projection is slightly behind that of sub-Saharan Africa (SSA), which is to expand by 3.8 per cent, but far modestly above the estimated global average of 2.3 per cent.
The latest projections for 2024 and 2025 are way above June forecasts, which were three and 3.1 per cent, respectively, re-validating the global bank’s rising confidence in the prospect of the economy since downstream oil and foreign exchange reforms that started the mid-last year.
According to the report, Nigeria’s inflation will “gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade”, with the structural reforms expected to boost fiscal revenue.
“Growth in SSA is expected to accelerate to 3.8 per cent in 2024 and further to 4.1 per cent in 2025 as inflationary pressures fade and financial conditions ease.
“The projections for regional growth in 2024 and 2025 have changed little from June forecasts, but these aggregates mask a mix of upgrades and downgrades at the country level.
“While growth in the largest economies in SSA is expected to lag the rest of the region, non-resource-rich economies are forecasted to maintain a growth rate above the regional average.
“Excluding the three largest SSA economies, growth in the region is expected to accelerate from 3.9 per cent in 2023 to 5 per cent in 2024 and a further 5.3 per cent in 2025,” the report said about Africa.
WORLD WIDE GIST reports that on the first day of this year, President Bola Ahmed Tinubu signed the N28.7 trillion 2024 appropriation bill into law with a 3.76 per cent projected economic growth rate.
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