Connect with us

Investment

AshakaCem to Complete N11bn Power Plant in 2019

Published

on

power plant
  • AshakaCem to Complete N11bn Power Plant in 2019

Ashaka Cement Plc has commenced the construction of a 16-megawatts power plant that is expected to be completed by 2019.

The Managing Director, AshakaCem, Mr. Rabiu Umar, explained that the project would help to significantly reduce the energy costs of the firm.

According to Umar, the N11bn project is being handled by a Chinese firm, BTG, and is located within the cement plant in Gombe.

Umar said, “Last year, we started our power plant, which is a N11bn project, and we hope to inaugurate the project soon. Currently, we rely on generators for our operations, which consume much fuel and whether you are using diesel or petrol, it has strong correlation to foreign exchange.

“So, we are helping to remove ourselves from the demand for energy and providing our own solution, which means a minimum of 16 megawatts of electricity will now become available to the public grid for the people in the region to enjoy from. The power plant is our biggest plan aimed at reducing our costs.”

He added that the firm, a subsidiary of Lafarge Africa and a member of the LafargeHolcin Group, had other plans to further improve on its operations due to its location.

Umar stated that the plans included working to reduce its environmental footprint in its host community by sourcing for cleaner source of energy for its operations.

He added, “As the largest industrial concern in the entire North-East region, it is a legacy we will want to keep by expanding our operations. We have three focus areas of youth education, empowerment and healthcare as a business and our desire is to deepen our relationship by empowering people.

“As a business, we are also committed to reducing our CO2 emissions by 40 per cent by 2030, what that means is that we must find better ways of producing the same cement by using less toxic fuel. The idea is to use the by-products of farming, for instance, palm kernel shells, rice husk and coffee husk where it exists, and using them to produce cement and reducing the amount of toxic fuel we use. It comes with a lot of benefits.”

Umar appealed to the government to be consistent with policies, adding that inconsistent policies negatively affect business.

“There is nothing more the government can do than to ensure consistent policies that can allow companies to plan. For instance, multiple taxation at different levels of governments should be addressed. This will give people more confidence to invest,” he added.

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.

Continue Reading
Comments

Investment

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

Published

on

tourism

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.

Continue Reading

Treasury Bills

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

Published

on

FG Borrows

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.

Continue Reading

Investment

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

Published

on

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.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending