Posts tagged as: dangote-cement

Nigeria: Dangote Approaches South PPC About Takeover Deal

Photo: Daily News

(file photo).

Dangote Cement has approached South African cement producer, (PPC), for takeover bid, but talks are at preliminary stages, Media reported on Thursday.

PPC is already considering a bid by local rival, AfriSam, which launched a new all-share bid that values PPC at about 9.2 billion rand

Dangote Cement bid for PPC is a way to increase its visibility in the South Africa and surrounding SADC market.

PPC offers the prospect of a much larger business than DangCems current operation in South Africa through Sephaku Cement.

Annual Financial Statement for the full Year ended March 31, 2017 shows that Sephaku Cement had revenues of R2.28 billion (178 million dollars) in 2016 (see Fig 1).

This compares to PPC which had revenues of R9.6 billion ($748 million) in 2016, about four times that of Sephaku.

Obviously DangCem would love to own the bigger company and has signalled it would be open to a sale of all or part of its cement operations in Sephaku Cement to win regulatory approval for a takeover.


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Dangote Cement Confirms Bid for PPC of South Africa

Dangote Cement Plc, which is the mostcapitalised company listed on the Nigerian Stock Exchange (NSE), wednesday… Read more »

Tanzania: Cement Wars – How Dangote Price Cuts Drive Competitors Into Loss Territory

By Allan Olingo

The entry of Africa’s richest man, Aliko Dangote, into the cement business in Tanzania has rocked the industry in the region, with cement manufacturers looking at huge losses.

The cutthroat competition introduced by Dangote Cement through price cuts, is forcing the firm’s competitors to sell their products at prices lower than their cost of production.

In the past two weeks, two of the region’s cement players with more than 60 per cent combined market share in Tanzania, posted negative results which they blamed on the price wars that have seen them consistently sell their products below cost as they struggle to stay afloat.

The Tanzania cement sector has experienced disruption following the entry of Dangote Cement, as discount pricing unsettled the large cement players in the region, further raising competition and cutting margins in the local and regional cement market.

Tanzania Portland Cement Company (TPCC), majority owned by Germany’s Heidelberg Cement, posted a 45.6 per cent drop in first-half profit after an output glut, while Kenyan headquartered Athi River Mining (ARM) Cement saw its losses compounded fivefold, from $2.54 million to $13.3 million.

ARM chief executive officer Pradeep Paunrana said that in the past six months, they have been forced to sell cement at a price below cost in Tanzania, which has hurt its 26 per cent market share.

“The commodity’s price in the Dar market fell from $88 per tonne in September last year to lows of $60 per tonne this year. This has greatly affected us,” Mr. Pauranha said.

The price cut was occasioned after Dangote Cement slashed its prices by up to 40 per cent in 2015 to gain market share, leaving the smaller players struggling.

TPCC, Tanzania’s biggest cement maker, with a 36 per cent market share, reported a net profit of $5.5 million, down from $10.03 million a year ago. Its chairman Hakan Gurdal said the drop in profit resulted from the lower prices in an increasingly competitive market that saw the firm’s revenue drop by 16 per cent to $52.57 million.

“The market situation remains challenging, but we will continue to work to maintain our market leadership. We are now implementing strict cost controls to reduce the cost of sales and administrative expenses,” Mr Gurdal said.

Last month, Dangote announced that it would start using its own gas-powered plant in Tanzania this month to reduce its reliance on diesel generators for electrical power which had seen its operations costs increase. This means that the firm’s costs will drop significantly, probably affording it further price cuts, to the detriment of its competitors.

Even as the other firms complained of high production costs, Dangote’s Mtwara plant increased volumes by at least 64 per cent in the first half of 2017, pushing the six-month sales to more than 400,000 tonnes, despite the losses incurred in its operations costs.

“The factory is still reliant on diesel generators which results in net income losses that weigh on our operations outside of Nigeria. However, we expect to have gas turbines installed by September, which will immediately bring the plant into profitability,” the firm said.

Mr Dangote has used his Ethiopian and Tanzanian plants to gain a foothold in the regional cement industry. His targeting of the consumers with low-cost cement, which is 20 to 40 per cent cheaper than other locally produced products, drove down retail prices in a market where they had remained static for close to a decade. It has since gained a 23 per cent market share after its 2015 opening of its three-million-tonne-per annum plant in Mtwara.

For ARM, losses have now forced it back to the drawing board as it seeks a new round of fundraising to steady its business, probably through selling a stake to a new investor in the short term.

ARM’s Tanzania business has remained uncompetitive as cement prices there have been declining, with the current levels of $66 per tonne, from a high of $105 in 2016.

Strategic investor

The Tanzania business accounted for 29.3 per cent of ARM’s total sales and income in 2016 but also contributed 65 per cent of the loss before tax.

“Our plan is to sell our non-cement business, which is the fertiliser plant in this case, take short term shareholder loans and bring on board a strategic long-term investor. We are doing this to restore the value which has been eroded because of our Tanzanian operations,” Mr Paunrana said.

In September 2016, the firm received $140 million investment from CDC Group, to reduce the long term debt which has been escalating over the years. As at December, its debt halved halved to $126.17 million from $232.53 million in 2015, However, the firm is looking to add more debt to ease near-term repayment obligations.

Analysts at Genghis say that they expect cement firms in the region to continue performing below par as the production cost remain high in Tanzania and Kenya, due to a ban of imported coal in Tanzania.

“We are confident that challenges relating to supply of coal will come off from the second half of this year due to the new two coal mines in Tanzania. Other challenges relate to electricity supply , but this is expected to level off, though at a slower pace, as the government installs new transmission lines,” analysts at Genghis said.

Dangote Says Technical Issue Halt Production, Not Costs

Photo: Daily News

Dangote Cement plant in Tanzania.

Mtwara’s Dangote Cement has refuted claims of stoppage of production due to high costs, saying the closure was due to technical problem.

CEO of Dangote in Tanzania, Mr Harpreet Duggal, said the temporary stoppage was caused by a technical problem in the plant’s units, which is not critical.

“Dangote engineers are on the job and the plant should resume operations in the coming days,” Mr Duggal said. In recent days, a number of information circulated on social media saying the plant has close down due to high operation costs.

However, when asked about the high cost of production, the CEO said that compared to other Dangote operations, the running cost in Tanzania is very high. Mr Duggal said “one of the main reasons is our dependence on diesel generators for powering the plant.

“Also because of the location, far away from the main market of cement, the transportation cost is very high.” Dangote said they are upbeat about their long-term investments in the country and are confident, in collaboration with the government they would be able to get the costs in control.

The USD 600m Dangote Cement plant in Mtwara is the largest cement investment in East Africa. It has a capacity to produce 3.0 million tons of cement a year.


Sharp Price Rise as Dangote Stock Runs Out

Cement buyers here are now forced to dig deeper into their pockets since distributors have run out of stock of the… Read more »

East Africa: Cement Boom Attracts Foreign Players, Price Wars Loom

By James Anyanzwa

East African cement makers face a significant drop in revenues due to cheap imports and rival foreign firms looking to pump millions of dollars into the regional industry.

A market study by AIB Capital shows that as foreign companies eye the region, local companies are expanding their capacity to sustain their market share and profitability amid declining margins.

The decision by the East African Council of Ministers to reduce duty on cement imports from non-EAC countries from 35 per cent to 25 per cent has also heightened competition, amid high power costs in the region, which account for 40 per cent of production costs.

For example, cement prices in Kenya dropped to $100 per tonne last year, from an average of $140 per tonne in 2011, while the industry’s net profit margin contracted to 10 per cent from 15 per cent in the same period.

Nigeria’s Dangote Cement, with a market capitalisation of $30.96 billion, is plotting a dramatic entry into Kenya by setting up a 1.5 million tonne plant. The company has already set up a three million tonne capacity plant in Tanzania, with production initially scheduled to start in August.

Dangote Cement leads in investment in the sector, expanding its footprint to fill the supply gap on new cement frontiers as well as to counter slowed growth in its home country. It is Africa’s leading cement producer with 40 million tonnes of operational, capacity and has three plants in Nigeria, an import terminal in Ghana and recently opened factories in Ethiopia, Zambia, South Africa, Senegal and Cameroon.

According to the AIB Capital report, the entry of new players in the sector and the expansion of the existing firms has created a fertile ground for price wars.

“We are bullish on the industry growth in the mid-term. However, only those companies that have enough capacity to supply the region will be able to defend their market share as competition increases,” an analyst at AIB Capital said.

The report notes that the East African region is one of the cement frontiers in sub-Saharan Africa, attracting international cement companies looking to offset the slowed growth in other countries. The region remains an attractive investment hub due to its high economic growth rates compared with sub-Saharan Africa averages.

East Africa’s growth is mainly being driven by infrastructure development, increased output in agriculture and an expanding services sector.

Oil and gas discoveries are also expected to significantly boost growth in the region as countries reduce dependence on agriculture. Kenya is estimated to have about 1 billion barrels of oil with production expected to begin in 2019, while Uganda has discovered an estimated 1.7 billion barrels of oil.

The Dubai-based conglomerate Dodsal Group discovered 2.7 trillion cubic feet of gas with a potential upside of up to 3.8 trillion cubic feet in Tanzania.

Lafarge-owned Bamburi Cement is the biggest cement supplier in the region, with a strong presence in Kenya and Uganda, while its subsidiary, Hima, mainly serves the Rwandan market due to its location.

Cement consumption has been growing faster than production on average in the region. For instance, cement consumption in Kenya grew at an average of 13.4 per cent per annum between 2009 and 2015.

Kenya with an installed capacity of 8.9 million tonnes controls the market with slightly over 50 per cent in the year 2015.

According to analysts, the game is, however, changing with international players setting up operations to close the supply gap in these markets.

In Tanzania, Dangote and ARM Cement set up three million tonne and 1.5 million tonne plants respectively.

Kenya produces approximately 6.5 million tonnes of cement per year compared with Uganda’s 2.1 million tonnes, Tanzania’s 3.3 million tonnes and Rwanda’s 0.8 million tonnes.

National Cement, owned by Nairobi-based Devki Group invested $184.45 million in a new plant in Uganda last year, with an estimated installed capacity of 1 million tonnes expected to be operational by the end of 2016.

The East African Portland Cement Company is also planning to expand its production capacity by refurbishing its old plant with a view to increasing its utilisation as well as investing in a new plant. Cemtech, a subsidiary of India’s Sanghi Group, also announced a plan to invest $131 million in a new cement plant in West Pokot County, in Kenya’s Rift Valley.


Nigeria’s Dangote Cement plans to set up a 1.5 million tonne plant in Kenya.

In Tanzania, Dangote and ARM Cement set up three million tonne and 1.5 million tonne plants respectively.

National Cement, owned by Nairobi-based Devki Group invested $184.45 million in a new plant in Uganda last year.

The East African Portland Cement Company also plans to refurbish its old plant.

Cemtech, a subsidiary of India’s Sanghi Group, plans to invest $131 million in a new cement plant

Imported Cement Pushed Out of Local Market

Imported cement is nowhere to be seen in the market after being pushed out by enhanced competition among local producers in new findings that raise doubts on the authenticity of claims of influx of imported products by local cement makers.

Our survey in Dar es Salaam revealed that cement by local producers are dominating the market particularly from the second half of last year after cement makers slashed prices of their products due to intense competition.

Hardware stores had stocked cement from Tanzania Portland Cement company, Rhino Cement and Dangote Cement.

Our reporters could not find imported cement during the survey in Buguruni, Kariakoo, Mwenge, Mbezi and Bunju areas of the city, raising doubts on the claims that imported or smuggled in cement have flooded the market, creating unfair competition with local products because they are sold cheaply.

The survey revealed there were no imported cement in hardware stores and according to traders interviewed it would not make economic sense to stock imported cement as it would not sell because prices of locally made cement have been reduced.

Some agreed to have been selling imported cement from Pakistan until last year when local cement producers lowered prices of their products in the market.

Local masons interviewed in Dar es Salaam also gave a similar picture, saying they were using local cement because their prices were now more affordable and were good in quality.

“I haven’t seen cement from Pakistan lately. We use Dangote, Twiga or Rhino,” said Mzee Elibariki Moshi, a local mason referring to cement from Dangote plant in Mtwara, Twiga brand of the Tanzania Portland Cement company and Rhino brand produced by ARM Cement Limited.

A building contractor who did not want his name to be mentioned also confirmed that imported cement was no longer in the market after local cement prices were slashed.

The Confederation of Tanzania Industries (CTI), Policy and Advocacy Director, Mr Hussein Kamote, said the cement industry has turned its focus into capturing the new and maintaining the old markets by producing high quality cement at affordable prices which have pushed out imported products.

“Some of the new players who entered the cement industry focused on producing not only high quality cement but also at an affordable prices,” he said.

The two concepts of quality and prices have automatically reduced or taken out cheap imports from Asian countries from the local market.

Instead most of the cement players were currently investing in promoting their products in order to maintain their status in the market and sustain stiff competitions. Tanzania’s cement industry has been dominated for years by three major producers, Tanzania Portland Cement, owned by a subsidiary of Germany’s Heidelberg Cement AG, Tanga Cement, majority owned by Afrisam Mauritius Investment Holdings Limited; and Mbeya Cement, owned by France’s Lafarge SA.

A team of new players include Arthi Rhino Cement, Camel Cement, Lake Cement, Lee Building Materials and Dangote Cement which have enhanced competition in the market.

However it is the coming of Dangote Cement that changed the landscape significantly after it slashed cement prices up to 10,000/- per 50kg bag last year being only months after it started operations.

Other players had to follow suit by lowering prices of their products and begin sales promotion campaigns so as to survive in the market. Local cement producers are complaining that imported cement have flooded in the market subjecting them to unfair competition since they are cheap as a result of subsidies from exporting countries or tax evasion.

Tanga Cement Managing Director, Reinhardt Swart told the Minister for Industry, Trade and Investment, Charles Mwijage in Tanga last week that they have been subjected to unfair competition in the market due to cheap imported cement that are nevertheless of low quality.

He said some of the cheap products were clinkers on transit that are diverted in local market and sold cheap because they are not taxed.

“We ask the government to either stop the imports or at least impose higher tariffs on imported clinkers… We are pleading with the government to ensure clinkers on transit reach their destinations.

This will remove unfair competition in the market,” he said during the inauguration of the second clinker manufacturing line at Pongwe area. The minister advised local cement producers they need to build a compelling case that will convince the government to act on their complaints.

The minister said that they should file their complaints at special desks on ease of doing business that have been established in the ministry in efforts of the government to improve business environment in the country.

“Let’s reason together so that we can build our case that I can defend to the government,” he said noting they need to reason together and build a compelling case on their complaints before the government.

Tanzania: Ports Authority On 163-Project Blitz to Boost Performance

The Tanzania Ports Authority (TPA) is implementing 163 projects aimed at raising performance in all ports in the country.

Basking in the glory of improved performance, TPA Director General, Engineer Deusdedit Kakoko told reporters in Dar es Salaam that the authority paid 80.1bn/- to the government in 2015/16: 40bn/- in form of corporate tax; VAT 37.4bn/- and withholding tax 2.7bn/-.

“Dividend to the government this year was 93bn/- against our collected revenue amounting to 662bn/-,” he noted.

He said performance up-lifting projects in Dar es Salaam port alone will cost 690m US dollars.

The International Bank for Reconstruction and Development (IBRD) will offer a 600-million dollar softloan; the UK’s Department for International Development (DFID) and Trade Mark East Africa will jointly offer 30-million US dollars grant and the Government will contribute 60 million US dollars.

Eng. Kakoko said the money will be spent on ten schemes, which include increasing berth depth to 14 metres — covering berths number 1 to 11; increasing scanners from three to five; building a new berth at Gerezani Creek and two more at number 13 and 14 locations, deepening to 14 metres the port’s gateway, installation of a conveyor system and silos, modernisation of the railway network within the port, expansion of Bandari-Mivinjeni Road and completion of a onestop centre building along Sokoine Drive.

Tanga will get an oil jetty and storage tanks, he said, adding that designs and feasibility study for the proposed Mwambani Port will be launched in the near future.

Mtwara Port will be modernised by building a multipurpose terminal while Dangote Cement Company has been permitted to build its own berth at Kisiwa-Mgao, which should handle cement only.

Modernisation of Lindi Port by Comfix and Engineering Limited has been completed by 25 per cent but the DG said work is expected to be complete in the first quarter of next year.

Under the modernisation programme, Eng. Kakoko said attention will be paid to ports in the Great Lakes Region, building Karema, Lagosa, Kagunga, Kirando, Kibirizi and Kalya berths.

Building of Sibwesa berth on Lake Tanganyika is projected to be completed in December. Works on Ntama and Lushamba berths continue, the director general said.

A new 200-passenger vessel to ply Lake Nyasa and two self-propelled cargo barges are being built at Kyela at a cost of 10.350bn/-.

The project is due for completion in February next year. The DG said a critical analysis to establish the reasons for a drop in cargo at Dar es Salaam port was underway, but gave no figures or suspected causes of the drop.

Nonetheless, he said, in the 2014/15 fiscal year, the ports collectively handled 15,979,693 tonnes of cargo compared with 15,427,830 tonnes in 2013/14.

In 2014/15, the port handled 4,732 tonnes of cargo destined to neighbouring countries.

Dangote Factory Now Fined Sh15m

By Haika Kimaro

Mtwara — The National Environmental Management Council (Nemc) has slapped Dangote Cement factory here with a Sh15 million fine for failure to observe environment rules and regulations.

The fine was imposed after an inspection by the deputy minister of State in the Vice President’s Office, Mr Luhaga Mpina, revealing hard waste within the factory compound as well as failure to construct a latrine at the site where drivers park their vehicles as they await loading them.

Nemc coordinator in the Southern Zone, Mr Lewis Nzila, said the factory was found operating against the environmental law and that it was supposed to pay the fine within seven days and build a toilet within two weeks. “We found the factory littered by solid waste. They should have dust bins. They are also supposed to construct a parking area as the current one is too dusty,” he said.

For his part, Mr Mpina said temporary toilets should be built within two weeks.

“There is no reason why the factory should not build a toilet for its customers. They should put up temporary facility in the next two weeks and commence on building a permanent one,” he said.

The head of Human Resources at the factory, Mr Kajele James, said they will fulfil all the set conditions and directives. “We respect the environment. Health of our workers and visitors depend on safe environment. This factory has just begun operations and there are some support facilities which are still under construction,” he said.


Dangote Cement Plant Fined for Polluting

THE National Environmental Council (NEMC) has ordered the Dangote Industrial Limited to pay a fine of 15m/- for… Read more »

Nigeria: Again, FirstBank Tops List As CBN Sells U.S.$136 Million to Banks

By Obinna Chima

The Central Bank of Nigeria (CBN) sold a total of $136,038,458.17 to 13 commercial banks, three merchant banks and the Bank of Industry (BoI) between March 3 and 6, 2016.

This is just as the country’s foreign exchange reserves plummeted further to $26.919 billion last Thursday.

Returns on forex utilisation published by the financial institutions showed that FirstBank of Nigeria Limited, with $16,809,785 got the highest allocation from the central bank.

Forex returns published by the bank showed that it sold the greenback to 713 customers last week, just as it revealed that Dangote Cement Plc bought $5 million from the bank in the week under review, making the company the biggest customer that bought forex in the first week of March.

Coming in second place, Stanbic IBTC was allotted $14,754,332.91. Of this amount, $9,000,942 was purchased by foreign investors exiting the equities, bonds and money markets. Although Stanbic IBTC reported that it sold dollars to 121 customers, its biggest customer last week was also Dangote Cement Plc which bought $1,816,470 from the bank.

Standard Chartered Bank was allocated $14,350,737.12 to occupy the third place. The bank whose returns on forex utilisation showed that it sold dollars to 162 customers, also had Dangote Sugar Refinery as its biggest customer.

Similarly, Zenith Bank Plc was allocated $13,594,769.12 from the central bank to hold the fourth place. Its returns showed that it sold the greenback to 400 customers. Of this number, its biggest customers during the week were AG-Dangote Construction Limited and Dangote Group with a combined sum of $2,577,462.

Also, United Bank for Africa Plc (UBA) with $12,260,897.70 occupied the fifth position. UBA’s biggest customers last week included NFE Industry Limited ($1.454 million); IATA ($1.5 million); Matrix Energy Limited ($1 million); and Inview Technology Limited ($1 million).

Diamond Bank Plc got $10,841,837.83 from the central bank that was sold to 238 customers. Also, Guaranty Trust Bank Plc (GTBank) was allocated $9,071,610.87 to occupy the seventh place; Access Bank Plc got $8,986,677.12, while First City Monument Bank Plc (FCMB) got $7,225,908.47 that it sold to 300 customers.

Meanwhile, the country’s forex reserves published by the central bank showed a year-to-date decline of $2.039 billion to $26.919 billion from $28.958 billion on January 5, 2016.

Nigeria’s external reserves were expected to take a hit due to the settlement of large swap positions between the banks and the CBN.

Overall swap books of some Nigerian banks were put at $5 billion, with most of it to be paid back this year.

“The estimated swap position alone would take Nigeria’s foreign exchange reserves down from the present $29 billion to $24 billion. As at nine months 2015, some of the banks within our coverage reported gains from derivative instruments, which in our view are mostly swap contracts.

“With the income from the swap deals expected to phase out through 2016, we believe the loss of swap income in 2017 will also negatively impact banks’ performance,” CSL Stockbrokers Limited said in a report recently.

Nigeria: Fidelity Bank Profit After Tax Declines 11 Percent in Q1 2016

Fidelity Bank Plc has recorded a profit before tax (PBT) of N4.0 billion and profit after tax (PAT) of N3.6 billion for the first quarter ended March 31, 2016. The PBT showed a decline of 14.6 per cent from N4.7 billion posted in the corresponding period of 2015 while the PAT fell by 10.5 per cent as against N4.0 billion posted in 2015.

However, the bank increased customers’ deposits by 1.9 per cent to N784.5 billion from N769.6 billion, while net loans increased by 2.1 per cent from N578 billion to N590.1 billion. Total equity rose by 1.3 per cent to N187 billion, from N183.5 billion, while total assets grew by 4.0 per cent from N1.232 trillion to N1.284 trillion.

Reacting to the results, analysts at FBN Quest said although loan loss provisions fell by 28 per cent, a 16 per cent spike in operational expenses resulted in PBT declining by 15 per cent.

“A negative result of N3.5 billion in other comprehensive income (OCI) amplified the decline in PAT. Moving back to the pre-provision profits, although funding income grew by 30 per cent, a 35 per cent decline in non-interest income was responsible for the single-digit growth in pre-provision profits. We note that the Q1 quarter marks the third consecutive quarter of decline on the non-interest income line,” they said.

According to FBN Quest, compared with their forecasts, PBT missed by 15 per cent because profit before provisions came in around 11 per cent lower than what they had modelled.

“A 96 per cent decline in net foreign exchange gain to N180 million ( N4.1 billion in Q1 2015) was a major driver behind the weakness in non-interest income, most likely due to issues surrounding forex supply which continue to impact banks’ results. We would be looking to management to get more clarity on this line on the bank’s conference call. We would not read too much into the 28 per cent decline in impairment charges at this time, given that these results are not audited,” they said.

Meanwhile, the Nigerian equities market opened the month on a positive note yesterday as the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 3.2 per cent to close at 25,865.50. Nestle Nigeria Plc, Dangote Cement Plc and Nigerian Breweries Plc were responsible for the growth recorded as they rose 10.3 per cent, 5.0 per cent and 5.0 per cent respectively.


Nigerian Journalist Arrested for News Report

Nigerian authorities should drop all criminal charges against journalist Jacob Onjewu Dickson and release him without… Read more »

Nigeria: Dangote Constructs U.S.$200 Million Cement Plant in Cote d’Ivoire

By Mohammed Shosanya

Lagos — Dangote Cement Plc is deepening its pan African expansion drive with the commencement of construction of a new 3-million metric ton per annum capacity cement grinding plant in Cote d’Ivoire.

The new project is coming just as the company announced the ground breaking of a new 6-million metric ton per annum Greenfield cement plant in Okpella, Edo state and commencement of work on a 6-million mtpa capacity plant in Itori, Ogun State.

Dangote Group Executive Director, Strategy, Projects and Portfolio Management, Mr. Devakumar Edwin, while making the disclosure in Lagos yesterday, said the Cote d’Ivoire project would cost the company $200m and would be completed in 18 months,

The project has aroused a lot of interest from both the government and people of Cote d’Ivoire.

The grinding plant, made up of two lines of 1.5 million metric tons capacity each, when completed, will more than double the total capacity of local cement production in the francophone West African nation, as the plant would raise total local cement production capacity of the country by over 100 per cent.


Lagos Unveils ‘Ease of Doing Business’ Strategy

To aid the ease of doing business and promote industrial growth as well as foreign direct investment, the Lagos State … see more »

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