Some pockets of new investments were recorded in the economy
in the last few years, data tracked by Financial Vanguard has revealed. The new
investments came from Nestle Nigeria Plc, Dangote Cement Plc, Lafarge WAPCO
Cement Plc; Western Metal Products Company Limited, WEMPCO Group, and Teragro,
the agro-business subsidiary of Transnational Corporation of Nigeria,
Transcorp, Makurdi, Benue State.
in the last few years, data tracked by Financial Vanguard has revealed. The new
investments came from Nestle Nigeria Plc, Dangote Cement Plc, Lafarge WAPCO
Cement Plc; Western Metal Products Company Limited, WEMPCO Group, and Teragro,
the agro-business subsidiary of Transnational Corporation of Nigeria,
Transcorp, Makurdi, Benue State.
Also in the pack are Indorama Eleme Petrochemical Limited, Port
Harcourt; SABMiller Plc’s brewery plant in Onitsha, Anambra State as well as PZ
Wilmar palm oil factory and plantation at Ikorodu, Lagos and Calabar,
respectively.
Harcourt; SABMiller Plc’s brewery plant in Onitsha, Anambra State as well as PZ
Wilmar palm oil factory and plantation at Ikorodu, Lagos and Calabar,
respectively.
Analysis of the new investments showed
that Nestlé invested N12 billion in Flowergate factories, dedicated to the
production of Maggi products, at Sagam, Ogun State. It also made an investment
of N5.4 billion to set up a Distribution Center in Agbara, Ogun State; Dangote Cement
on its part invested a total of N140 billion in Ibese plant with a capacity of
six million metric tons built by Sinoma, using state-of-the-art Chinese and
European technology.
that Nestlé invested N12 billion in Flowergate factories, dedicated to the
production of Maggi products, at Sagam, Ogun State. It also made an investment
of N5.4 billion to set up a Distribution Center in Agbara, Ogun State; Dangote Cement
on its part invested a total of N140 billion in Ibese plant with a capacity of
six million metric tons built by Sinoma, using state-of-the-art Chinese and
European technology.
The plant is expected to increase its
capacity to 12 million tons per year by the end of 2014, providing ample
supplies for the rapidly growing South-West region of Nigeria, as well as the
ability to export cement and clinker through Dangote Cement terminals in Lagos.
capacity to 12 million tons per year by the end of 2014, providing ample
supplies for the rapidly growing South-West region of Nigeria, as well as the
ability to export cement and clinker through Dangote Cement terminals in Lagos.
Lafarge WAPCO on the other hand
invested N75 billion on a 2.5 million tons plant at Ewekoro II christened
“Lakatabu. Lafarge also invested N23 billion on power plants at Ewekoro Ogun
State to generate a total of 90 megawatts both to power Lafarge’s Lakatabu
cement plant and to support Nigeria’s quest for power sufficiency.
invested N75 billion on a 2.5 million tons plant at Ewekoro II christened
“Lakatabu. Lafarge also invested N23 billion on power plants at Ewekoro Ogun
State to generate a total of 90 megawatts both to power Lafarge’s Lakatabu
cement plant and to support Nigeria’s quest for power sufficiency.
Still in Ogun State, Western Metal
Products Company Limited (WEMPCO Group) invested N1 billion CBN intervention
fund it got through the Bank of Industry (BoI) on a 52 megawatts power plant to
provide 24 hours electricity to all its factories.
Products Company Limited (WEMPCO Group) invested N1 billion CBN intervention
fund it got through the Bank of Industry (BoI) on a 52 megawatts power plant to
provide 24 hours electricity to all its factories.
WEMPCO also recently made a combined
investment of N344 billion on steel, ceramic tiles plant and nail production,
at its 700,000 metric tons per annum Cold Rolled Steel Mill complex in Ibafon,
Ogun State to complement its existing investments in the country.
investment of N344 billion on steel, ceramic tiles plant and nail production,
at its 700,000 metric tons per annum Cold Rolled Steel Mill complex in Ibafon,
Ogun State to complement its existing investments in the country.
The Group Managing Director, Wempco Group, Mr. Lewis Tung, gave
the breakdown as follows: $1.5 billion steel, ceramic tiles plant worth $500m
and a nail production plant worth $200m. Benue State also got a slice of the
new investments with an injection of Teragro N1billion fruit processing plant
which was commissioned March last year by President GoodLuck Jonathan. Teragro,
the agro-business subsidiary of Transnational Corporation of Nigeria,
Transcorp, signed an agreement with the Benue State Government for Benfruit,
the fruit juice concentrate company.
the breakdown as follows: $1.5 billion steel, ceramic tiles plant worth $500m
and a nail production plant worth $200m. Benue State also got a slice of the
new investments with an injection of Teragro N1billion fruit processing plant
which was commissioned March last year by President GoodLuck Jonathan. Teragro,
the agro-business subsidiary of Transnational Corporation of Nigeria,
Transcorp, signed an agreement with the Benue State Government for Benfruit,
the fruit juice concentrate company.
The plant, which is located in the Makurdi Industrial Estate, is
situated on one hectare of land. It has installed capacity to produce orange,
mango and pineapple fruit concentrates at up to 26,500 metric tons per annum.
Anambra State was not left out as South Africa’s brewery giant, SABMiller
Brewery invested $100 million dollars (N15 billion) on its first beer plant at
Onitsha for the product launch of Hero Lager.
situated on one hectare of land. It has installed capacity to produce orange,
mango and pineapple fruit concentrates at up to 26,500 metric tons per annum.
Anambra State was not left out as South Africa’s brewery giant, SABMiller
Brewery invested $100 million dollars (N15 billion) on its first beer plant at
Onitsha for the product launch of Hero Lager.
The project was awarded in March 2011
to Jagal Nigeria Limited and was completed within 18 months. The new plant
which has an annual capacity of 500,000 hectoliters was also commissioned by
President Goodluck Ebele Jonathan along with Governor Peter Obi and other
government dignitaries. Also in attendance were senior officials from SABMiller
Plc including Mr. Mark Bowman, Managing Director, SABMiller Africa.
to Jagal Nigeria Limited and was completed within 18 months. The new plant
which has an annual capacity of 500,000 hectoliters was also commissioned by
President Goodluck Ebele Jonathan along with Governor Peter Obi and other
government dignitaries. Also in attendance were senior officials from SABMiller
Plc including Mr. Mark Bowman, Managing Director, SABMiller Africa.
In addition to these, Indorama Corporation is also investing
US$1.2 billion (about N188 billion) on single-stream gas-to-urea fertiliser
project in Port Harcourt, through its Nigerian subsidiary, Indorama EPL.
US$1.2 billion (about N188 billion) on single-stream gas-to-urea fertiliser
project in Port Harcourt, through its Nigerian subsidiary, Indorama EPL.
The Indorama fertiliser plant, which has capacity for 1.4 million
metric tons of Urea, Ammonia and NPK fertilisers per annum would be the world’s
largest single-stream gas-to-urea plant, says the Technical Director of the
project, Mr. Uptal K. Chatterjee.
metric tons of Urea, Ammonia and NPK fertilisers per annum would be the world’s
largest single-stream gas-to-urea plant, says the Technical Director of the
project, Mr. Uptal K. Chatterjee.
According to Chatterjee, the plant, expected to be completed in
fourth quarter of 2015, is geared towards transforming Nigeria from a major
importer to a key exporter of fertiliser.
fourth quarter of 2015, is geared towards transforming Nigeria from a major
importer to a key exporter of fertiliser.
According to the Managing Director of Indorama, Eleme
Petrochemicals Limited, Mr. Manish Mundra; “When completed, the project would
deliver high quality fertilisers to Nigerian farmers, thereby helping Nigeria
to boost agricultural output and enhance food security,” Mr. Mundra said.
Petrochemicals Limited, Mr. Manish Mundra; “When completed, the project would
deliver high quality fertilisers to Nigerian farmers, thereby helping Nigeria
to boost agricultural output and enhance food security,” Mr. Mundra said.
The project has already attracted huge financing from many
international and local financial institutions, revealed Mr. Munish Jindal,
Director of Finance of IEPL.
international and local financial institutions, revealed Mr. Munish Jindal,
Director of Finance of IEPL.
Last February 18, 2013, Indorama and its financial partners sealed
an US$1.2 billion financing arrangement in Dubai. A total of $800 million
dollars is in loans, while $400 million dollars is in equity.
an US$1.2 billion financing arrangement in Dubai. A total of $800 million
dollars is in loans, while $400 million dollars is in equity.
According to Mr. Jindal, the financial partners involved in the
$800 million loan syndication include the International Finance Corporation
(IFC), Standard Chartered, African Development Bank (AFDB), Africa Export
Import Bank (AFREXIM Bank), Bank of India, as well as KFW and DEG of Germany.
$800 million loan syndication include the International Finance Corporation
(IFC), Standard Chartered, African Development Bank (AFDB), Africa Export
Import Bank (AFREXIM Bank), Bank of India, as well as KFW and DEG of Germany.
Others are Commonwealth Development Corporation of the United
Kingdom, FMO Entrepreneurial Development Bank of Netherlands and Emerging
Africa Infrastructure Fund. The Nigerian banks are United Bank for Africa
(UBA), Stanbic IBTC Bank, Guaranty Trust Bank (GTB), and Access Bank.
Kingdom, FMO Entrepreneurial Development Bank of Netherlands and Emerging
Africa Infrastructure Fund. The Nigerian banks are United Bank for Africa
(UBA), Stanbic IBTC Bank, Guaranty Trust Bank (GTB), and Access Bank.
Chairman of Indorama, Mr. S.P. Lohia,
had in May 2011, broken the news of the fertiliser project to President
Goodluck Jonathan, who promised to support the project because of the huge
impact it would have on Nigeria’s agricultural sector and the creation of
employment opportunities for Nigeria.
had in May 2011, broken the news of the fertiliser project to President
Goodluck Jonathan, who promised to support the project because of the huge
impact it would have on Nigeria’s agricultural sector and the creation of
employment opportunities for Nigeria.
Also tracked by Financial Vanguard in
the new investment and job creation drive is PZ Wilmar, a new joint venture of
PZ Cussons Nigeria Plc and Singapore’s Wilmar.
the new investment and job creation drive is PZ Wilmar, a new joint venture of
PZ Cussons Nigeria Plc and Singapore’s Wilmar.
They are investing N109 billion. N100
billion in oil palm plantations in Calabar and N9 billion refinery based in Lagos.
billion in oil palm plantations in Calabar and N9 billion refinery based in Lagos.
Speaking on the new investment, the group’s Chief Executive, Mr
Christos Giannopoulos said that palm oil plantation and refinery is the
conglomerate’s new business line, adding that it has already acquired 30,000
hectares of palm oil plantation in Cross River State to boost its palm produce
business in the country.
Christos Giannopoulos said that palm oil plantation and refinery is the
conglomerate’s new business line, adding that it has already acquired 30,000
hectares of palm oil plantation in Cross River State to boost its palm produce
business in the country.
Giannopoulos, who noted that Nigeria’s lost status as the biggest
producer of palm oil in the world promised that his company would work assiduously
towards helping the country regain its lost glory in the palm oil and
associated produce in the global market.
producer of palm oil in the world promised that his company would work assiduously
towards helping the country regain its lost glory in the palm oil and
associated produce in the global market.
