Dangote Cement Plc has disclosed that fuel and power consumed by the company increased by 34.4% to N196.634 billion in 2021 from N146.342 billion in 2020.

The Group Chief Financial Officer, Dangote Cement, Mr. Guillaume Moyen who disclosed this at the company’s 13th AGM said the increase was as a result of volume growth and inflationary pressures on the costs.

What the company is saying
Moyen said, “In total, manufacturing costs increased by 25.8% to N551.0 billion from N437.9 billion in 2020 while fuel and power consumed increased by 34.4% to N196.6 billion from N146.342 billion and materials consumed increased by 30% to N175.4 billion from N134.91 billion.

“The increase in Nigeria’s manufacturing costs was mainly driven by energy costs due to increased production volumes and price increases for gas which is pegged to the US Dollar. The Nigerian naira depreciated from N401/1US$ at the end of 2020 to N424/1US$ at the end of 2021.

“Thanks to our continuous cost control efforts, total selling and administrative expenses only rose by 19.6% to N256 billion in 2021 mainly from higher haulage expenses which are driven by volume, AGO costs and other general administrative expenses. Inflationary pressure and the foreign currencies’ conversion to Naira is driving part of this increase.”

EdoBoy90:
https://nairametrics.com/2022/06/15/dangote-cement-spent-n196-billion-on-fuel-and-power-in-2021-due-to-inflationary-pressure/

Sirheny007:
The power sector is just moribund with the epileptic national grid collapsing every second. You can then imagine what small businesses go through.
APC must go.

pendy79:
Lagos State Governor, Mr. Babatunde Fashola, on Sunday evening boasted that he could provide uninterrupted power supply to Lagos residents between six and eight months.

Fashola spoke at the commissioning of 8.5 megawatts Lekki Independent Power Project (IPP), the fifth of such power projects in the last five years in the state.

The governor said the addition of the Lekki IPP was a testament to the fact that stable power does not require rocket science to achieve in the country.

While challenging power distribution companies in the state, Fashola said, “Let the Eko DISCOs sign a contract with me, giving part of their concessioning to the state government, in about six to eight months, there will be power in all homes in Lagos State,” Fashola said.

He added, “So, let no one say that he has no money to deliver power for the entire country. This is the limit to which the law allows us to do, but we have done this to make a statement that power can be generated. So, when they come with lies that power is impossible, you can tell them that we have power here; we make it possible”.

The project, courtesy of the state government, in partnership with Heritage Bank, is to serve Lagos State Water Corporations in Lekki Phase 1, Oniru, Victoria Island and Ikoyi, as well as over 25km of public lightening in the Lekki axis.

Commissioning the project, Fashola said he felt fulfilled with the conduct of youths that delivered the project, despite the difficulties in getting to the finishing point.

He said it also showed that the money to improve the Nigerian economy is here, “since we don’t need the World Bank to come and do this for us.”

Also, General Manager, Lagos State Electricity Board, Damilola Ogunbiyi, said the state had shown that reliable and sustainable power projects are possible through the youths.

Ogunbiyi said though it had been a successful story, the state was just scratching the surface in its “aggressive development plan” in the area of power.

Promoter of the project, Faruk Agoro noted that the new IPP was an innovative idea of world-class natural gas-fired power generating facility, sold to the government by youths and it was bought into, to support government institutions, especially in the area of water supply and security.

The Lekki IPP is 8.5 megawatts, with the capacity for 30 megawatts.

This brings the Lagos IPPS to a total of 47 megawatts of electricity in total, powering several public institutions around the state.

The generated megawatts is however still a far cry from the over 10, 000 megawatts power deficit in the state.

On his part, the State Commissioner in the Ministry of Energy and Mineral Resources, Taofeek Tijani, said the new addition was about continuity in public infrastructure programme of the state government

http://dailyindependentnig.com/2015/03/can-provide-stable-power-eight-months-fashola-boasts/

McGg:
Being just OBIDIENT can solve all most all of Nigerian problems

Be OBIDIENT because we're OBIDIENT too

michlins:
It's sad that someone will read this and still decide to vote in the wrong person and people.

It's time to vote competence.

Vote Obi

anonimi:

Obediently fraudulent for the next scam

anonimi:


Obediently fraudulent for the next scam

McGg:
I don't have your time just be OBIDIENT

Eriokanmi:
Guy, all these propaganda no dey move market again, go tell that to the mountain ok?. A ti gbon ! It's Obi or nothing.