- Ambode Seeks Patronage of Made-in-Nigeria
The Lagos State governor, Akinwunmi Ambode, has advised Nigerians to patronise goods made in the country to create more jobs and develop the economy.
Speaking during the inauguration of the furniture factory, “The Home and You” built by Mrs. Feyisola Abiru, in Ikorodu, Ambode said the factory would produce industrial made-in-Nigeria furniture that can compete globally for both corporate and home use within and outside the country. He said it is only through this means that the local economy could be developed.
Represented by Rotimi Ogunleye and Mrs. Olayinka Oladunayo, commissioners for Physical Planning and Commerce & Industry respectively, the governor commended Mrs Abiru for citing the factory at Ibeshe, a suburb of Ikorodu.
“This is the first furniture company of its kind in the Ikorodu axis and a clear indication that the efforts of Lagos Sate government to provide security and infrastructure is beginning to yield positive fruits,” he said.
Speaking at the event, Mrs. Abiru, identified, “passion and an undying crave for success had been the reason I was able to whether the storms in the early days of the 21 year old business.”
She commended the Bank of Industry (BoI), in the realisation of the noble dream which today has become one of the major economic drivers in the state and Nigeria as a whole.
“But for the support from BoI, we won’t be here today. They gave us the first facility in 2006 to get us running. We acquired world class machines from Italy, when we needed to improve on our quality and expand the capacity of the business, we approached them again for another facility which was granted in 2017,” she said.
On his part, Olusegun Osunkeye, the pioneer chairman of the company, described the ‘Home and You’ as a great edifice, noting that Nigeria would benefit from the establishment of the ultra-modern furniture factory as it would create employment and boost the local content policy of the government. “They will use local wood to produce first class furniture, so it will create employment and because it is profitable, government will get its taxes, and impact skills on the surrounding. So, it is a factory that will bring many benefits to its immediate surroundings, Lagos state and ultimately to the country at large,” he said.
At the current rate of population growth, more than 500 million Africans are projected to live in cities by 2030. This growth as well as favourable government policies in some African countries is believed to favour the furniture businessas this is anticipated to increase the demand for real estate; residential accommodation, office space, hotels and schools.
Flour Mills of Nigeria Repays N51.64 Billion Series 2 Commercial Paper
Flour Mills of Nigeria Plc (FMN) has successfully repaid its N51.64 billion Series 2 Commercial Paper as revealed in a statement issued by the company.
This follows the earlier repayment of its N13.33 billion Series 1 Commercial Paper in August 2023.
Both the Series 1 and Series 2 Commercial Papers, totaling N64.97 billion, were initially issued on February 22, 2023, under FMN’s N200 billion Commercial Paper Programme.
The Series 1, with a yield of 13.0%, raised N13.3 billion, while the Series 2, with a yield of 14.0%, raised N51.64 billion.
FMN had launched its N200 billion Commercial Paper Programme on February 10, 2023, reflecting the company’s strategic financial planning.
The Group Chief Finance Officer, Mr. Anders Kristiansson, expressed satisfaction with the timely and successful repayment of the Series 2 Commercial Paper.
He emphasized FMN’s commitment to financial prudence and acknowledged the confidence placed in the organization by the investing public.
Kristiansson expressed gratitude to stakeholders for their continuous support, reiterating FMN’s dedication to delivering sustainable value and upholding the highest standards of corporate governance.
In addition to the successful repayment, FMN tapped into the market for its Series 3 Commercial Paper in June 2023, with subscriptions from banks and Pension Fund Administrators, contributing 39.7% and 40.8%, respectively.
The transaction was managed by FBNQuest Merchant Bank Limited as the Lead Arranger, with ChapelHill Denham Advisory Limited, FCMB Capital Limited, and United Capital PLC serving as Joint Arrangers.
African Airlines Projected to Cut Losses to $400m in 2024, Says IATA
The International Air Transport Association (IATA) has forecasted a reduction in losses for Nigerian and other African airlines from $500 million in 2023 to $400 million in 2024.
The Switzerland-based IATA made this projection while presenting the global airline industry outlook in Geneva, Switzerland, on Wednesday.
IATA’s Director-General, Willie Walsh, shared the outlook, stating that global airlines are expected to generate approximately $964 billion in revenue in the coming year.
The report indicated that airline industry net profits are anticipated to reach $25.7 billion in 2024, reflecting a slight improvement over the projected $23.3 billion net profit for 2023.
Despite the challenges faced by the aviation industry in recent years, IATA sees the $25.7 billion net profit in 2024 as a testament to aviation’s resilience.
Walsh acknowledged the impressive speed of recovery but emphasized that the net profit margin of 2.7% remains below industry expectations.
IATA estimates that around 4.7 billion people will travel in 2024, surpassing the pre-pandemic level of 4.5 billion recorded in 2019.
However, Walsh highlighted ongoing challenges, including regulatory burdens, fragmentation, high infrastructure costs, and a supply chain populated with uncertainties.
He emphasized the need for the industry to build a resilient future, given its significant contribution to global GDP and livelihoods.
Fuel prices are expected to average $113.8 per barrel in 2024, accounting for 31% of all operating costs, totaling $281 billion.
Walsh concluded by expressing optimism about more normal growth patterns for both passenger and cargo in the post-pandemic era.
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