Business
Dangote Cement Marks Host Community Day
. . . Ibese Plant Awards Scholarships, Empowers Youths, Women, Farmers
Dangote Cement Plc, Ibese Plant, has marked its 2023 Host Community Day with four multi-million Naira empowerment schemes targeted at youths, women, farmers and students.
These were detailed a statement electronically transmitted to Biztellers by the Corporate Communications Department of the Dangote Group on Thursday.
It stated, “At the well-attended event witnessed by leading traditional rulers, women and youth leaders from the host communities, 103 indigent and brilliant secondary and tertiary institution students across the 17 host communities were given scholarship awards and another set of 30 youths trained on shoe and bag-making were presented to the delight of the royal fathers.
“In the same vein, the management of Dangote Cement Ibese presented 60 Weeding Machines procured for farmers to help them clear their farms with ease, given that the communities are majorly agrarian and crop planting has been their means of livelihood.
“Not less than 50 women selected from the host communities were also empowered with deep freezers to help them cope with the prevailing economic challenge in the country.
“Same number of women were also gifted with ultra-modern grinding machines during the celebration of the maiden edition of the Community Day last year.
“Recall that the Cement Company had earlier intervened in a prolonged outage in some of the communities by procuring cables and other materials needed for the restoration of electricity to the affected communities.”
Plant Director, Ibese, Azad Nawabuddin noted that the company had stepped up its social interventions, given the prevailing challenging situation across the world.
According to him, businesses and families across the world and in Nigeria have been confronted with socio-economic challenges in the year 2023, pointing out that a lot has happened to test the peoples’ and organisations’ resilience and innovation, but that Dangote Cement has been able to weather the storm and remained afloat mainly due to the unalloyed supports received from the host communities.
He said, “The challenges notwithstanding, we are able to continue the upward trajectory in the delivery of our socio-economic development promises, in reciprocation and in line with our commitment to improving the overall wellbeing of our people. We have stepped up our social interventions in our host communities according to their needs and we will not shy away from making the people happy.”
According to Nawabuddin, Dangote Cement’s commitment to the well-being and development of its people through intentional empowerment programmes remain unwavering, adding that the management would continue to get better in its stride to fulfill the pact it has with the host communities and to complement the efforts of the Government in improving the standard of living of the people.
Reeling out some social investments carried out during the year, the Plant Director said “this year, we embarked on 23 social investment projects and revamp of ten non-functional CSR projects across the 17 host communities, in line with the thematic focus of DCP’s Social Investments i.e. Education, Health, Infrastructure and Empowerment, and we have so far recorded remarkable progress in their implementations.”
He described the scholarship programme as the oldest of the Corporate Social Responsibility (CSR) by the plant and added that the scheme, which started with 28 students, has grown to cover 103 tertiary institution students and 17 secondary school students on annual basis.
Noting that the selected students enjoy scholarship up to graduation stage, after which the concerned communities supply replacements, he disclosed that a total of 989 Scholarships have been awarded under the scheme to date with many testaments to the positive impacts on the various communities.
On youth empowerment, the Dangote Cement boss said youths are regarded as a very critical stakeholder group in every society, but expressed regret that it has become impracticable for governments and businesses to meet the employment demand of all the youths.
“Therefore, as a responsible organisation, Dangote Cement, Ibese annually trains and empowers Youths across the host communities in marketable trade areas, with various implementing partners since 2019,” Nawabuddin added.
According to him, “Host community Youths had been empowered in vocations such as Catering and Event Management, Acutherapy, Tailoring and Fashion designing, and Domestic Electrification in the previous years and that this year, no fewer than 30 youths selected from the 17 host communities are being trained on Shoe and Bag-making, with the Industrial Training Fund as the implementing partner.”
On empowerment of the farmers, Nawabuddin stated that the farmers need support to take advantage of the available large span of arable land and that was why Dangote Cement Ibese procured 60 Weeding Machines for the farmer beneficiaries, “as it is becoming increasingly difficult to source labour from the neighbouring Benin Republic as was the usual practice.”
According to him, the farmers have undergone one-day training on the usage and basic maintenance of the tool. The Implementing partner, Equinox, which is also locally sourced to promote local content, also offered to train specially two of the beneficiaries on the repair to guarantee sustainability.
On the decision to empower women, he said explained that Dangote Cement management recognised the important role women play in building families and by extension, the society; thus the company provided a platform for regular engagement with women representatives of the Host Communities tagged ‘Women Assembly’.
“This year, the Company reached out to assess the needs of the Women in our host communities and came up with the request for Chest Freezers to help our people start new businesses and expand existing ones. It is our joy that the proposal has now come to fruition. Fifty (50) lucky women have deep freezers to enhance their businesses”, Nawabuddin stated.
In his goodwill message, the Aboro of Ibeseland, Oba Rotimi Oluwaseyi Mulero thanked the management of Dangote Cement, Ibese Plant for its gesture in impacting their host communities positively, noting that the people are happy and the company should not relent in its social interventions.
While describing the social performance profile of the company as very impressive, the royal father stated that with what Dangote Cement has been doing for the people, it beholves on the community leaders and all the residents to reciprocate and ensure peace reigns for the good of all so that the company can do more.
Oba Mulero said, “much as the people and community leaders are lauding the company for the giant strides in the host communities, I am also enjoining them not rest on their oars. we are still asking for more because all these projects can never be too much for the people. Also, we want the management to consider someone from the host communities to be appointed into management position.
“In all, Dangote Cement has done excellently well, last year we were here when grinding machines were given to our women. Today, it is freezers, the youths and the farmers are not left out. Scholarship for the indigent students, what can we say than pray to God to continue to help Dangote Cement grow more so that they can do more.”
In the same vein, the Ogun State Commissioner for Trade and Investments, Adebola Sofela, who was represented by the Permanent Secretary of the Ministry, Dr. Olu Aikulola, commended Dangote Cement for the various interventions in form of empowerment of the people, describing the gesture as a kind of relief to the state government.
Of note, according to him, is the conflict resolution mechanism of the company, which he said has been very effective. He advised the management to sustain it while describing the Chairman of the Company, Aliko Dangote as the most progressive entrepreneur in the country.
Dangote Cement Plc, a leading cement manufacturer, has donated multi-million Naira educational support projects to secondary schools in Lagos as part of its social investment initiatives.
The company in a statement explained that the move is aimed at complementing the government’s efforts in providing quality and sustainable education in the state.
It was gathered that the projects were commissioned and handed over to various schools in the Ikoyi-Obalende Local Council Development Area, align with the Sustainable Development Goals (SDGs) on education. These goals focus on ensuring inclusive, equitable, and quality education, as well as promoting lifelong learning opportunities for all.
The projects, warmly received by both teachers and students, include 100 dual school desks for Ilado Community Junior High School and Wahab Folawiyo Senior High School, alongside a refurbished and fully equipped Chemistry Laboratory at the Government Senior Secondary School, Ikoyi.
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Also donated were reading tables, chairs, and bookshelves for the library at Government Junior Secondary School, Ikoyi.
A celebration also took place at Falomo Junior High School and Ireti Senior Grammar School, both in Ikoyi, where the company donated 20 brand-new desktop computers to the ICT departments of the schools.
At the event at Government Junior College, Ikoyi, the Group Managing Director of Dangote Cement Plc, Arvind Pathak, explained that social investment is a key part of Dangote Cement’s operations.
He said the company is dedicated to giving back to society and supporting the sustainable development of local communities, especially in areas where it operates.
Pathak’s address was delivered by Wakeel Olayiwola, the Head of Social Performance at Dangote Cement Plc.
He said, “education holds a pivotal role in the development and empowerment of the youths in the country. As a cornerstone for societal advancement, it serves as a critical tool for personal growth, economic development, and national progress. An educated youth population not only fosters individual success but also contributes significantly to the nation’s overall wellbeing.
“At Dangote Cement, we believe that providing quality education to our youth is vital and should not be left solely as the government’s responsibility. Thus, we aim to partner with the government to enhance educational development in this regard.
“The projects we are handing over today are part of our 2024 Corporate Social Responsibility (CSR) programme for selected schools within the neighbourhood of Dangote Cement Plc’s Head Office in Ikoyi, Lagos. These projects were selected based on need assessments in collaboration with the schools.”
As a responsible corporate entity, Pathak noted that Dangote Cement’s commitment to societal wellbeing, with investments in four key areas: Education, Healthcare, Infrastructure, and Economic Empowerment programmes.
“This year, our plants in Ibese, Ogun State; Obajana, Kogi State; Gboko, Benue State; Okpella, Edo State; and our Pan-African operations have launched several social investment projects. These efforts contribute to the quality of life in our host communities and support sustainable national development,” he added.
Pathak thanked the Lagos State Government, the Tutor General/Permanent Secretary, and the school management teams for their collaboration in identifying the schools’ needs and ensuring the timely completion of the projects.
Dr. Idowu Olufunke Oyetola, Tutor General and Permanent Secretary of Education District 3, Lagos State Ministry of Education, who was represented by Bolaji Rotimi Ajayi, Director of School Administration, praised the long-standing partnership with Dangote Cement, noting that the schools selected for the donations were fortunate beneficiaries. “We hope for more collaborations that will positively impact education,” she added.
The principals of the recipient schools expressed their gratitude after the formal handover of the projects.
Odunlami Olubunmi, Principal of Ilado Community Junior High School, Ikoyi, thanked Dangote Cement for the new desks, stating that the donation would significantly improve the learning environment for the students, helping to prepare them for a brighter future.
Bamidele Ayotunde, Principal of the school with the refurbished laboratory, urged other businesses to follow Dangote Cement’s example in supporting local schools, pointing out the positive impact of the laboratory’s renovation on the school’s learning environment.
The Principal of Ireti Senior Grammar School, Ikoyi, whose school received the new desktop computers, described the donation as a positive development and expressed hope for more support in the future.
Pupils also shared their appreciation for the contributions. Abiola Jamaudeen, a lab prefect at Government Senior College, Ikoyi, promised that the laboratory would be used to its fullest potential and well-maintained.
Lawal Rumayzo Abdulsalam, a student at the school, said the new library equipment would foster better reading habits and create a more conducive environment for learning, ultimately preparing them for success. Some students even performed special songs to welcome the Dangote team to their schools.
Osun State Governor, Senator Ademola Adeleke has celebrated the local content achievements of his administration, claiming it has transformed the state’s economy and strengthened local businesses.
The Governor, represented by his Deputy, Prince Kola Adewusi, made this declaration at the 2024 Trade Fair of the Osun State Chamber of Commerce and Industry held at the Trade Fair Complex, Osogbo.
This year’s fair is themed “Developing Osun Local Content Value Chain for Shared Prosperity”.
Gov Adeleke, reviewing his records on local content in the last two years, expressed pride to announce that his administration had set an unrivaled record in the promotion and commitment to local content development.
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According to Gov Adeleke, “our major infrastructural projects are being handled by local contractors. We are building up our indigenous companies to handle major jobs outside the state. Our local engineers are fully engaged in all facets of the construction processes. Our supply chain feeding the construction processes is also locally focussed and sourced.
“As local content is a tool for economic development, our multi billion naira infra plan has a focus beyond Osun money revolving within the Osun economy. We seek to stop capital flights, thereby ensuring a financially vibrant local economy that contributes to the fight against poverty and underdevelopment.
“Beyond a solvent grassroots economy, our policy ensures skill transfer. Local workers are empowered with requisite skills which they subsequently deploy as skilled service providers. We are building a pool of skilled citizens across all sectors.
“Additionally, our local content agenda is a strategy for employment creation. By adopting direct labour in many project executions, we provide jobs for the artisans and the unemployed. Osun is indeed a huge construction site with increasing job opportunities for the unemployed.
“Local content as a state strategy also drives our focus on infra growth and development. We are eager to bridge the infrastructure deficit to enhance trade and investment. We have recorded huge progress in that respect.
“Our administration is also removing possible bottlenecks in business operations in Osun state. The processing of Certificates of Occupancy is now within a 45-day window. This is billed to enhance business capacity to attract financial transactions and support within the business ecosystem.
“The era of multiple taxation is coming to an end as Osun state has now introduced a harmonized tax system. Our tax agency has become truly business friendly.
“To facilitate investment, we revive and strengthen the Osun State Investment Promotion Agency (OSIPA). The agency puts under one roof all regulatory and certification agencies of the Government.
“To accelerate the pace of industrialization, we revive the Free Trade Zone to provide over one million direct and indirect jobs for the people. We establish Markets with modern facilities, set up farm produce aggregation centres, and put life into moribund industries among others.
“The State Government recently hosted an Industrial Investment Summit. The event attracted local and international investors. While the current industrial policy is being vigorously implemented, we plan to review the policy to accommodate new realities occasioned by modern innovations and Artificial Intelligence.”
While restating his administration’s readiness to partner with the organized private sector, Gov Adeleke urged the business chamber to expand its scope, calling on the business leaders to reach out within and outside Nigeria for the development of businesses in Osun state.
“As the voice of Osun business, you are not a government agency. You represent the private sector. Your task is to expand your scope and mobilize businesses to grow as an umbrella body. I task you to interact with all sectors of the state economy. You have a duty to shake off bureaucratic burden and truly act like a private sector body”, the Governor charged the chamber.
The Commissioner for Commerce and Industry, Rev Bunmi Jenyo listed out several programmes and policies of the state government designed to support growth and development of businesses in Osun state, declaring that Osun is open for business.
According to the Commissioner, the recent industrial investment summit showcased the huge potentials of the state and expressed delight at the huge number of investors who showed up and expressed interest to tap into the investment potentials of Osun State.
President Bola Ahmed Tinubu has approached the National Assembly for approval of a fresh external borrowing plan totaling ₦1.767 trillion.
The loan, if approved, will help finance the ₦9.7 trillion deficit in the 2024 budget.
The request was presented during Tuesday’s plenary by the Speaker of the House of Representatives.
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Alongside the loan request, the president also submitted the Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) for 2025–2027.
Additionally, Tinubu proposed amendments to the National Social Investment Programme (NSIP) establishment bill, aiming to make the national social register the central tool for delivering federal welfare programs.
Debt Servicing Costs Skyrocket in 2024
Nigeria’s rising debt obligations have been brought into sharp focus with new data from the Central Bank of Nigeria (CBN).
The country spent $3.58 billion servicing foreign debt in the first nine months of 2024, marking a 39.77% increase from the $2.56 billion recorded during the same period in 2023.
May 2024 saw the highest monthly debt servicing payment at $854.37 million, a staggering 286.52% increase compared to May 2023.
The surge in debt servicing costs reflects a sharp depreciation of the naira, which weakened from ₦899.39/$1 in December 2023 to ₦1,470.19/$1 by June 2024.
Experts warn that the rising exchange rate and escalating international debt obligations place significant pressure on Nigeria’s fiscal sustainability.
State Debts Climb to ₦11.47tn by Mid-2024
The debt profiles of Nigeria’s 36 states and the Federal Capital Territory (FCT) have continued to rise, reaching ₦11.47 trillion as of June 30, 2024.
This marks a 14.57% increase from ₦10.01 trillion in December 2023, according to data from the Debt Management Office (DMO).
External debt for states and the FCT climbed from $4.61 billion to $4.89 billion during this period.
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However, domestic debt decreased from ₦5.86 trillion to ₦4.27 trillion. Lagos State remained the most indebted in foreign currency terms, holding 26.9% of the total external debt, valued at $1.24 billion.
In naira terms, state debts rose by 73.46%, reflecting the impact of the naira’s devaluation on repayment obligations.
States Overly Dependent on Federal Allocations
A BudgIT report on fiscal sustainability has revealed that 32 out of 36 states relied on Federation Account Allocation Committee (FAAC) transfers for at least 55% of their revenue in 2023.
Fourteen states were even more dependent, deriving over 70% of their revenue from FAAC allocations.
FAAC disbursements increased by 33.19% in 2023, reaching ₦5.4 trillion, contributing significantly to the total combined state revenue of ₦8.66 trillion for the year.
However, analysts have raised concerns over this heavy dependence on oil-driven federal allocations, warning of the financial risks posed by crude oil price shocks.
Lagos and Ogun States were exceptions, generating significant revenue internally and relying less on federal transfers.
Economic Implications
The federal and state governments’ growing reliance on borrowing and federal allocations signals deep fiscal challenges.
Analysts caution that President Tinubu’s proposed borrowing plan, combined with rising debt servicing costs and exchange rate pressures, may exacerbate Nigeria’s economic vulnerability.
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Erica Peterson
December 15, 2023 at 5:07 pm
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