Business
Nigeria Offers Good Returns On Investment – Dangote
Aliko Dangote, president, Dangote Group, has described Nigeria as the world’s best kept secret in investment terms, revealing that the country offers good returns on investment.
Speaking in an exclusive interview with Cable News Network (CNN), Dangote reiterated his determination to continue investing in the country with the hope of creating more jobs and also assisting the government towards achieving economic growth and development. According to him: “I’m feeling fulfilled that at least I am doing something great for my country. Nigeria is really the best place to invest. It is one of the best places to make money. All over the world it is the best kept secret actually in terms of investment.”
Dangote is one of the largest private sector employers in Nigeria, with a nationwide workforce of over 12,000, a figure that is set to rise with the opening of new factories. He told CNN that he was motivated to create an African success story and to create huge employment in Nigeria because of his belief that entrepreneurship holds the key to the future economic growth of the continent. He also said he is committed to improving the conditions of those living close to his factories, as part of his philosophy of corporate social responsibility.
CNN’s I-List, which takes viewers to a different country each month, focused on Nigeria in September, highlighting changes shaping the country’s economy, culture and social fabric as it celebrated 50 years of independence. Dangote further revealed that with the plans by Obajana Cement Plant to double its capacity, opportunities will abound once more for eligible Nigerians to be gainfully employed. Obajana Cement Plants, it would be recalled is one of the largest cement plant in the world.
The Dangote Group is a diversified and fully integrated conglomerate with interests across a range of sectors such as cement production; sugar refining; flour milling; pasta production; sack manufacturing; salt production; port operations; and haulage. The group also has interests in oil and gas, real estate and other sectors of the economy.
The President, Dangote Group, Aliko Dangote, who has built a flourishing business empire with 13 subsidiaries spread all over Nigeria as well as nine African countries, is ranked by Forbes as one of the richest black African citizens in the world. Little wonder, the brand Dangote is a household name. The group started originally as a small trading firm in 1977, importing foodstuffs such as sugar, flour and construction materials and later diversified its operations. The group’s business strategy is to provide local, value-added products and services that meet the ‘basic needs’ of the Nigerian population. Dangote has a wide variety of leading brands such as Dangote Cement, Dangote Sugar, Dansa range of fruit juice and Dangote Noodles. Through the construction and operation of large scale manufacturing facilities in Nigeria and across Africa, the Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.
The group has four of its subsidiaries that are listed on the Nigerian Stock Exchange (NSE). They include Obajana Cement Plc (Dangote Cement Plc)/Benue Cement Company Plc (BCC); Dangote Sugar Refinery Plc; Dangote Flour Mills Plc and National Salt Company of Nigeria Plc. Meanwhile, despite the downturn currently being experienced by equities on the Nigerian Stock Exchange (NSE), investors in the four companies under the Dangote Group that are listed on the Exchange received a dividend of N21.225 billion as dividend for the year ended December 31, 2009. While many companies have not been able to declare dividend due to their poor financial performance as a result of the difficult operating environment, companies under the Dangote stable have enhanced the liquidity position of shareholders with a dividend of N21.225 billion in 2009.
According to the annual reports and accounts of the listed companies, Dangote Sugar Refinery paid a dividend of N12 billion, which translates into N1 per share, BCC paid N3.9 billion, which also translates into a dividend of N1 per share. NASCON paid a dividend of N1.325 billion, amounting to N0.50 per share, while Dangote Flour Mills is set to pay N4 billion translating into N0.80 per share. The company had already paid an interim dividend of N1.5 billion (N0.30) while shareholders are expected to approve a final dividend of N2.5 billion (N0.50 per share) after its forthcoming annual general meeting (AGM).
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter