Connect with us

Latest Jobs

BUA reveals how cement costs can crash in Nigeria

Published

on

BUA Cement Plc has revealed how the costs of cement can crash within the face of the excessive price of the product throughout the nation.

The second-largest cement producer in Nigeria stated that cement costs will crash if Nigeria has extra producers.

Nigeria at present has 3 main cement producers specifically; Dangote Cement, BUA Cement and Lafarge Cement. Their mixed 30 million tonnes every year manufacturing doesn’t meet rising native demand.

This disclosure was made by the Chairman of BUA Cement Firm, Alhaji Abdul-Samad Rabiu, on the Annual Normal Assembly of the corporate on Thursday in Abuja.

In accordance with the Information Company of Nigeria (NAN), Rabiu stated that with elevated manufacturing by extra firms, the costs of cement is predicted to tumble.

What the Chairman of BUA Cement is saying

Rabiu admitted that though an elevated variety of cement producers would imply extra competitors for him, the pursuits of the nation and that of its folks had been paramount.

READ ALSO:  World's richest man resigns, earns $4 billion in a day, value $203 billion

He urged the Federal Authorities to licence extra cement producers with a view to assembly native demand.

Rabiu stated, “The excessive value of cement is of nice concern for me; the worth is definitely excessive. We’re 210 million or 220 million folks, 30 million tonnes of cement every year is definitely low for us. Nobody can actually management the worth as a result of it is determined by demand and provide. We are attempting onerous to make sure the worth is just not as excessive as it’s now.

“Nigeria is rising with an enormous economic system; we’d like extra vegetation on stream to cater to the rising demand for cement within the nation. Egypt produces 85 tonnes of cement every year and the demand for cement in that nation is simply 50 million tonnes every year and that’s the reason the costs of cement in Egypt are the bottom on the African continent.’

READ ALSO:  AfDB appoints new Director-Common for Nigeria Nation Workplace

He stated that BUA’s third cement plant in Sokoto could be inaugurated by the top of 2021 whereas different vegetation had been underneath building.

What it’s best to know

  • It may be recalled that in April 2021, BUA Cement had refuted claims about any purported enhance within the ex-factory value of its cement by N300 per bag saying that it had no plans to boost the worth of its product within the close to future.
  • That is as BUA blames the massive distinction between the ex-factory costs and the retail costs of cement on the distributors and retailers who’re profiting from elevated cement demand and inadequate provide to make most earnings.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Latest Jobs

UK to chill out quarantine restrictions for vaccinated travellers

Published

on

The British authorities has moved to chill out quarantine guidelines on vaccinated travellers as a part of its efforts to ease Covid-19 journey restrictions.

The UK (UK) Transport Secretary, Grant Shapps, has stated that UK residents, who’re totally vaccinated towards Covid-19, will not self-isolate upon their return from one other nation.

Shapps, who made this recognized on Thursday, July 8, 2021, stated that people who’ve been totally vaccinated by way of UK’s mass immunisation programme or rollout will not must self-isolate once they return to the nation from international locations on the UK’s amber checklist.

In line with a report from the Information Company of Nigerian (NAN), over 140 international locations are at the moment on the UK’s amber checklist, which entails a 10-day quarantine upon arrival within the U.Ok. with a check earlier than arrival and a couple of checks on day two and eight after arrival. Individuals can ‘check out’ after day 5 with a unfavorable check.

What the UK Transport Secretary is saying

Shapps in his assertion stated, “I affirm immediately that from July 19, UK residents, who’re totally vaccinated by way of the vaccine rollout, will not must self-isolate once they return to the nation.

“Guidelines stipulating that travellers should take a second check eight days after they return to the UK will even be scrapped from this date. Travellers would nonetheless must conduct a PCR check three days earlier than they journey again to the UK.

“People will even nonetheless be required to take a PCR check within the UK inside two days of their arrival.’

READ ALSO:  Introducing NIRXBLOCK, 1st secure utility coin custodian in Nigeria

He additionally stated that vaccinated passengers should point out their vaccination standing on their passenger locator kind upon arrival.

In case you missed it

It may be recalled that about 2 weeks in the past, the UK authorities had prompt that it’s going to enable totally vaccinated travellers from the US and lots of different international locations in Europe into the nation for non-essential journey within the coming weeks with out the necessity to quarantine.

Presently, solely a handful of nations are on the U.Ok.’s inexperienced journey checklist, between which individuals can journey freely for vacationer functions with out the necessity to quarantine as most international locations are on their amber checklist.

Continue Reading

Latest Jobs

NEM, COURTVILLE surge as NGX ASI plunges

Published

on

The inventory alternate market made a bearish pattern on the finish of as we speak’s buying and selling session posting losses that decreased the index by -31.44 factors. The All-Share Index decreased by -0.08% to shut at 38,469.87.

  • The inventory alternate market worth at present stands at N20.08 trillion. Its Yr-to-Date (YTD) returns at present stands at -4.47%.
  • The market breadth closed detrimental as NEM led 12 Gainers, and 16 Losers topped by PRESTIGE on the finish of as we speak’s session.
  • The inventory market has declined -1,800.85 basepoints for the reason that begin of the 12 months.

NGX ASI prime gainers

1. NEM up +10.00% to shut at N2.20
2. COURTVILLE up +9.52% to shut at N0.23
3. NAHCO up +5.71% to shut at N2.59
4. CAVERTON up +4.42% to shut at N1.89
5. TRANSCORP up +4.40% to shut at N0.95

NGX ASI prime losers

1. PRESTIGE down -10.00% to shut at N0.45
2. PHARMDEKO down -9.70% to shut at N1.21
3. UPL down -7.88% to shut at N1.52
4. WAPIC down -5.08% to shut at N0.56
5. MBENEFIT down -4.65% to shut at N0.41

READ ALSO:  AfDB appoints new Director-Common for Nigeria Nation Workplace

Outlook

  • Market sentiments pattern in the direction of the bears as 12 gainers have been surpassed by 16 losers.
  • Nairametrics advises cautious shopping for on this period of rising uncertainties.
Continue Reading

Latest Jobs

DEAL: Smile Identification secures $7 million in Collection A funding

Published

on

Smile Identification, an organization that gives ID verification and KYC compliance for African faces and identities has closed a $7 million Collection A funding.

The spherical was co-led by Costanoa Ventures and pan-African enterprise agency, CRE Enterprise Capital. Different traders that participated embody VCs like LocalGlobe, Intercept Ventures, Future Africa, and unnamed angel traders.

Current traders, together with Khosla Affect, ValueStream Ventures, Beta Ventures, 500 Startups, Story Ventures, participated as nicely.

Based in 2017 by Mark Straub and William Bares, Smile Identification makes it simple for Africans to show their id on-line, by unifying ID verification and KYC compliance infrastructure throughout Africa.

In Africa, id isn’t just a danger and compliance perform, it’s a key constructing block for commerce. Identification is important to accessing monetary accounts, social companies, loans, SIM playing cards, and property.

READ ALSO:  NEPZA, Nigerian Shippers Council to work on boosting non-oil deliverables

Smile Identification is constructing a expertise layer that makes Africa’s new (and previous ID) methods accessible and helpful for the following technology of African expertise firms whereas sustaining best-in-class safety and enabling native consent and compliance requirements.

The corporate is current throughout six markets in Africa: Nigeria, Kenya, South Africa, Ghana, Rwanda, and Uganda and reportedly covers greater than 250 million identities and verification for 15 completely different ID sorts whereas performing over a million id checks each month.

Its software program is utilized in banking, fintech, ride-sharing, employee verification, public social welfare applications, and telecommunications.

Based on TechCrunch, Smile Identification says it has about 80 clients who’re charged on a per-query foundation. They embody funds firms like Paystack, Paga, and Chipper Money; neo-banks like Kuda and Umba; conventional banks like Stanbic IBTC; cryptocurrency exchanges like Binance, Luno, and Paxful; and supply-chain companies like Twiga.

What you need to know

  • In 2019, Smile Identification secured a $4 million seed spherical. With this Collection A, the corporate has raised a complete of $11 million.
  • The corporate plans to make use of this new funding to enhance its companies, broaden throughout extra markets, add assist for extra ID sorts, and rent extra engineers and assist employees throughout Africa.
Continue Reading

Trending