Business

PMI accelerates to 58.8 in March, from 56.0

Published

7 years ago

April 5, 2018

Sahara Weekly

Inflows of new orders grow at record pace
Unprecedented job creation as firms look to increase output capacity

Stanbic IBTC Bank Nigeria PMI

Private sector business conditions in Nigeria improved at an unparalleled rate in March, led by record growth in new orders, employment and stocks of purchases. Panel respondents frequently noted an upturn in demand across the domestic market, whilst new export orders also returned to growth in the latest survey. Price pressures sharpened in March, with both input and output charge inflation registering above their respective long-run averages.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI^®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.

Commenting on March’s survey findings, Ayomide Mejabi, Economist at Stanbic IBTC Bank said:

“In March, the Stanbic IBTC Bank PMI hit a new record. The reading rose to 58.8 from 56.0 in Feb and 53.0 in Mar 17 due to a combinatoion of substantial increases in new orders and consequently a rise in output levels. The positive momentum was broad based as it also resulted in an increase in employment levels as that sub-index rose at a record pace to 56.1 from 54.0 in Feb and 50.1 a year ago. This rise in employment appeared to be in response to the increase in new orders. Furthermore, the availaibility of FX coupled with declining inflation expectations should continue supporting Nigeria’s economy. The output prices PMI corroborates our benign inflation outlook as it rose at a moderate pace, from 53.9 in Feb to 54.2 in March. We still expect headline inflation to moderate to the 13.0% handle by the end of the year, despite marginal upward pressure which the increase in excise duties on alcoholic beverages and tobacco will exert. This category accounts for only 1% of the inflation basket. ”

The main findings of the March survey were as follows:

At 58.8, up from 56.0 in February, the figure accelerated to a record high in March, signalling the fastest improvement in business conditions since the survey began in January 2014. Furthermore, the first quarter of 2018 indicated the strongest quarterly expansion on record.

Inflows of new business received by private sector firms was a key component of the latest expansion. The rate of growth was unprecedented in March, with many firms reporting a strong upturn in domestic economic conditions. New order books have been improving continuously since the start of 2017. Meanwhile foreign demand returned to expansion in the latest survey.

In response to record inflows of new orders, firms increased output at a sharp rate. The rate of expansion was strong overall and the third-fastest since the survey’s inception.

Reflecting the increase in output requirements, firms hired additional staff at a record pace in March. Job creation has been recorded in every month since May last year. Despite the increase in staff numbers, inflows of new orders outpaced output capacity, as indicated by a solid increase in backlogs of work in the latest survey.

In terms of inflation, average cost burdens increased at a historically elevated pace in March. The rate of input inflation was the fastest recorded for 49 months and was comprised of both rising staff costs and higher raw material prices.

Output charge inflation remained marked in the latest survey, although still well below the highs registered in 2016. According to anecdotal evidence, some firms increased selling prices to increase profit margins.

Buying activity also increased at a record rate in March. Firms increased input purchasing in anticipation of an expected upturn in demand, alongside the current strong level of new orders. Reflecting input buying growth, stocks of purchases accumulated at an unparalleled rate. Despite increasing demand for inputs, supplier delivery times improved to a record extent.

Business

Akarigbo of Remoland Hosts Grand Royal Reception in Honour of Sir Aare Adetola EmmanuelKing’s 50th Birthday

Published

6 hours ago

May 27, 2025

Sahara Weekly

Akarigbo of Remoland Hosts Grand Royal Reception in Honour of Sir Aare Adetola EmmanuelKing’s 50th Birthday

In a magnificent display of royal honour and cultural pride, His Royal Majesty, Oba (Dr.) Babatunde Adewale Ajayi, CFR, the Akarigbo and Paramount Ruler of Remoland, hosted a grand royal reception in celebration of the 50th birthday of Sir Aare Adetola EmmanuelKing, KOF, the Otun Akile of Remoland.

The prestigious event, held at the Sagamu residence of the Akarigbo, drew an esteemed gathering of traditional rulers, captains of industry, political dignitaries, and members of the Remo community. Together, they celebrated a man whose life has been defined by visionary leadership, a deep-rooted commitment to development, and philanthropy across Remoland and Nigeria at large.

Aare Adetola EmmanuelKing, who also serves as Chairman/CEO of Adron Group, was visibly moved by the royal honour. In an emotional expression of gratitude, he described the event as a defining moment in his life.

“This goes far beyond a birthday celebration,” he said. “It is a sacred reminder of the unbreakable bond I share with my heritage, my people, and most especially, my revered father, the Akarigbo.

“I am deeply humbled by this royal gesture. To be so honoured by the custodian of our culture and tradition, His Royal Majesty, the Akarigbo, is one of the highest privileges of my life. It is a call to even greater service and sacrifice for the land that raised me. I thank Kabiyesi for his unflinching support, for his prayers, and for this unforgettable display of love. I pledge my continued loyalty and service to the Remo Kingdom and the enduring vision of unity, progress, and prosperity that he so nobly represents.”

The ceremony was rich with cultural heritage, featuring traditional music, heartfelt prayers, and powerful tributes that resonated with the values of Remoland.

In his royal address, the Akarigbo lauded Aare Adetola EmmanuelKing as “a visionary son of the soil whose legacy of service is etched in the sands of time.” He commended him for his steadfast loyalty to the throne and for being a beacon of hope and transformation within and beyond Remo.

As the golden jubilee celebration of Sir Aare Adetola EmmanuelKing, KOF, continues, the outpouring of tributes from across the nation reflects the impact of a life lived with purpose, a man who has not only built homes but has built lives, uplifted communities, and carried the light of Remoland wherever he goes.

Business

Dangote Cement wins ‘Dividend Paying Company of the Year Award’

Published

1 day ago

May 26, 2025

Sahara Weekly

Dangote Cement wins ‘Dividend Paying Company of the Year Award’

Africa’s largest cement producer, Dangote Cement has been named the Dividend Paying Company of the Year at the inaugural Nairametrics Capital Market Choice Awards, held weekend, in Lagos.

According to the organisers, the awards’ ceremony, themed “Capital Market as a Catalyst for Nigerian Economic Transformation,” celebrated companies making significant contributions to the country’s economic progress.

Dangote Cement was awarded the Dividend Paying Company of the Year, ahead of other nominees including Nigerian Aviation Company and Airtel Africa—recognizing its record of solid shareholder returns. The company has established a strong reputation for rewarding its shareholders with consistent and robust dividends.

Speaking on the award, Group Head, Investor Relations, Dangote Group, Temilade Aduroja, said “Our commitment to paying strong dividends reflects our robust financial performance, commitment to value creation, and dedication to delivering sustainable value to our shareholders. It reinforces trust, rewards long-term investment, and signals discipline in capital allocation.”

A review of Dangote Cement’s annual reports and accounts indicated that since 2018, the company has paid above N10 per share as dividend, increasing the payout to N16 per share and sustaining it through 2022. In 2023, the dividend rose to N20 and was later raised to N30 for the 2023 financial year.

The board for the financial year ended December 31,2024 proposed a dividend of N30 per share subject to the approval of Shareholders.

It should be noted that Dangote Cement recently emerged as the Platinum Award Winner of the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX REGCO) Corporate Reporting Award. Organised by ICAN-NGX REGCO, the event celebrated excellence in corporate transparency and governance, with other notable winners including MTN Nigeria, Seplat Energy, Stanbic IBTC Holdings, GTCO, Zenith Bank, United Bank for Africa, and International Breweries.

According to the Corporate Reporting Award guidelines issued by ICAN-NGX REGCO, thirty listed companies were evaluated across three key categories with marks allotted for compliance. The categories and allotted marks are financial reporting with 35 percent, corporate governance allotted 30 percent and sustainability reporting allotted 35 percent. The awards were ranked in Platinum, Gold and Silver categories.

Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, with a production capacity of 35.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with

16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta. The company is building a new six million tons per annum cement plant in Itori, Ogun State.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement and clinker, serving neighbouring countries.

Business

Brand Africa: Dangote beats MTN, DSTV, AZAM to emerge as the Most Admired African Brand

Published

1 day ago

May 26, 2025

Sahara Weekly

… Inducted into the Brand Africa Hall of Fame

… Honours Aliko Dangote with a Lifetime Achievement Award

It was another historic milestone for pan-African investor Aliko Dangote and the Dangote Industries Limited over the weekend, as they garnered three prestigious accolades at the 15th annual Brand Africa 100 awards, held at the iconic Africa Hall in Addis Ababa, Ethiopia—the birthplace of the Organisation of African Unity (OAU), now the African Union (AU).

Dangote Industries Limited was named Most Admired African Brand, following an independent, consumer-led survey conducted across more than 30 African countries. The company was also inducted into the Brand Africa Hall of Fame, becoming the first African firm to receive this distinction. The induction recognises Dangote’s transformative impact on African consumers and its influential role in shaping a positive narrative for the continent.

President/Chief Executive, Dangote Industries Limited, Aliko Dangote was honoured with a Lifetime Achievement Award in recognition of his leadership in driving impactful industrialisation, establishing a world-class African brand, and reshaping the continent’s economic future through a benchmark, homegrown enterprise.

Joining Dangote Industries in the inaugural Hall of Fame were MTN, M-Pesa, Ethiopian Airlines, and South Africa, for consistently ranking among Africa’s most admired brands over the past 5 to 15 years and for building sustainable, globally respected brands.

Reacting to the awards, Group Chief Branding & Communications Officer, Dangote Industries Limited, Anthony Chiejina, said the honours reflect the unwavering commitment, excellence, and innovation that define the group’s journey. He added that they are a testament to the dedication of the company’s outstanding team, partners, and stakeholders, who continue to believe in the mission to drive sustainable development and economic growth across the continent.

“We also extend our heartfelt appreciation for the Lifetime Achievement Award presented to our Founder and President, Aliko Dangote for building a purposeful world-class industrial brand that has exceptionally transformed African lives and the African narrative. This accolade celebrates not only his visionary leadership but also his tireless efforts in transforming industries, creating opportunities, and championing African enterprise on the global stage. His legacy is an inspiration to generations of entrepreneurs and leaders across Africa,” he said.

Noting that the recognition would further inspire the company to push boundaries, empower communities, and deliver meaningful value across Africa and beyond, Chiejina reaffirmed Dangote Industries’ commitment to excellence, integrity, and transformative growth.

In his keynote address, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa, Mr Claver Gatete, praised Aliko Dangote, the Hall of Fame inductees, and the Brand Africa laureates for advancing the African agenda. He highlighted the alignment between Brand Africa and the ECA’s mission to promote inclusive industrialisation, regional integration, and private sector-led growth. He also called for increased investment in youth-led innovation, regional value chains, and the establishment of a Pan-African Creative Innovation Fund to identify, finance, and globalise Africa’s most promising brands.

“I wish to particularly acknowledge MTN, Dangote Group, mPesa and Ethiopian Airlines for consistently maintaining their distinguished positions among the “Most Admired African Brands” category and continuing to set benchmarks in brand leadership, innovation and continental impact,” he said.

According to the organisers, the 2025 rankings reveal a stark contrast between rising African optimism and declining brand loyalty. While 68% of Africans expressed belief in the continent—up from 64% in 2024—only 11% of the Top 100 Most Admired Brands are African, marking a historic low and down from 14% in 2024. The report indicates the urgent need for homegrown brands to translate belief into consumer loyalty, and for Africans to more actively support Made-in-Africa products and enterprises.

“It is disappointing to see the sharp drop in African brands, which mirrors the ranking of non-African nations as the most influential in Africa,” says Thebe Ikalafeng, Founder and Chairman of Brand Africa. “It’s a wake-up call for Africa—and a barometer of the continent’s lagging industrialisation agenda. It’s not enough for Africans to say they believe in the continent—they must buy made-in-Africa. For that to happen, African brands must invest in R&D, continue to innovate, deliver quality, and use authenticity as a differentiator.”