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BUA Group Invests $2bn in Nigerian Cement Industry

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BUA Sugar
  • BUA Group Invests $2bn in Nigerian Cement Industry

BUA Group, one of Nigeria’s largest conglomerates, has invested about $2 billion in the Nigerian cement industry with capacities in excess of over 12 million tonnes per annum.

Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, made this disclosure last week at the inauguration of the $1billion Obu Cement factory in Okpella, Edo State by Vice President Yemi Osinbajo.

According Rabiu, the unveiling of the complex, which comprises the three million tonnes BUA Cement, Obu Plant line 1 and the ground breaking of the second line of the same capacity, was an important milestone for BUA Group, the Cement industry and the Nigeria economy as they will not only make the country self-sufficient in cement production but also a net exporter of the commodity.

The foremost industrialist noted that the construction of a second cement plant line of three million tonnes was essential as the success and impressive efficiency of the Obu cement plant in its first year of operation was over 90 percent of capacity utilisation.

He said: “This marks an important milestone, not only for the BUA Group but also for the Nigerian cement industry and the Nigerian economy in general as we witness the official inauguration of the three million tonnes Obu cement plant, as well as the ground breaking of the second line of three million tonnes plant. Similarly, BUA has started the construction of another greenfield cement plant in Sokoto State with an annual capacity of 1.5 million tonnes at a cost of over $300 million which will be inaugurated in 2018. Additionally, our investments in the 2 cement lines in Edo State represent the largest non-oil and gas related investment in the whole of the South-Southern region of Nigeria. With these, BUA will have invested over $2 billion dollars in the Nigerian cement industry with capacities in excess of over 12 million tons per annum within the course of a decade. Rabiu noted that over 10 years Nigerian integrated cement manufacturing policy which has transformed the country’s cement industry is a signal that Nigeria is closely attaining self-sufficiency in cement production and net exportation.

Meanwhile, Osinbajo has described the plant as a consolidation of Nigeria’s self-sufficiency in cement and a big boost to the nation’s export capacity.

While congratulating Rabiu and the staff for the remarkable achievement, Osinbajo said the BUA Cement Factory, Okpella, as a consolidation of Nigeria’s self-sufficiency in cement and a big boost to the nation’s export capacity.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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General Images Of Residential Property

China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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