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Lafarge Africa rewards customers with N120m 60th anniversary promo

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images 2020 10 02T072731.611 Lafarge Africa rewards customers with N120m 60th anniversary promo

Lafarge Africa Plc, the Nigerian operations of the world’s leading building materials company, LafargeHolcim, has launched a promotion to appreciate and reward loyal customers as it celebrates the 60th anniversary.

The promo, which has been ongoing for retailers since May climaxed with its extension to end users in August and it will run until the end of the year. The promo is targeted at all levels of the value chain: wholesale, retail, blockmakers and end users who sell or use Lafarge Africa’s suite of quality products for their building and construction projects.

Lafarge is the first company to produce cement in Nigeria with quality products and iconic brands including Elephant cement, Lafarge Elephant Supaset, AshakaCem and Unicem brands for the local market; relying on its global expertise. Recently, it introduced innovative products like the newly improved Elephant Supaset in horizontal bags and Supafix tile adhesive. In addition to these outstanding brands, Lafarge also offers other specialised solutions for advanced constructions while providing fee advisory services and customer service to support all customer needs.

To commemorate the 60th Anniversary, Lafarge rolled out a marketing communication campaign tagged “We built this city.” The campaign showcases some of the iconic structures which Lafarge has built through the years. Such structures include: the National theatre Lagos, the Lekki-Ikoyi link bridge Lagos, National Assembly Abuja, Tinapa ResortCalabar, AkwaIbom Stadium etc.

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COVID-19: Sterling Bank pledges N10bn to revamp domestic tourism

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download 4 COVID-19: Sterling Bank pledges N10bn to revamp domestic tourism

Sterling Bank Plc, has pledged a N10 billion facility for the purpose of revamping domestic tourism in the country post COVID-19.

Chief Executive Officer (CEO) of the Bank, Mr. Abubakar Suleiman, made the commitment while addressing participants at a tourism webinar organised by the Nigerian Tourism Development Corporation (NTDC) with the theme: Nigerian Domestic Tourism: Re-Imagined.

Suleiman who spoke on the topic: “Investment for the Tourism Sector to Enhance Domestic Tourism,” noted that, “Sterling Bank has funding capacity and is ready to inject N10 billion into domestic tourism” if the right stakeholders are available in the industry.

He enjoined stakeholders in the industry to collaborate rather than compete, saying stakeholders need to come together to offer worthwhile experience in different aspects of the industry.

Suleiman encouraged operators in the domestic tourism industry to sit down with their bankers to build the experience together, adding that the sector is a billion dollar business. He stressed the need to have extensive discussion with stakeholders in the tourism sector in order to scale up. He advised the stakeholders to stop approaching the government as individuals but as a team so they can push for policy initiatives that would be beneficial to the industry.

Minister of Information and Culture, Alhaji Lai Mohammed, who declared the virtual meeting open, noted that tourism assets and other social imprints in the country are huge just as tourism remains the largest employer of labour.

The Minister who was represented by the Permanent Secretary, Mrs. Isu Gekpe, said the restriction of the tourism sector in the wake of the COVID-19 pandemic has affected the most vulnerable groups in the industry.

She observed that the promotion of tourism is the first step to re-starting the economy post COVID-19 and encouraged stakeholders to promote existing tourism assets in the country while a robust legal framework is being worked out.

Also speaking, Director-General of NTDC, Mr. Folorunsho Coker, expressed the hope that the commission would be able to exploit opportunities in the hospitality industry through packages, affordability of flight and access to tourism destinations. Coker said there was a need to have a solid foundation for domestic tourism which international tourism could lean on in the future.

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Naira slides to 460/$ at parallel market

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images 48 3 Naira slides to 460/$ at parallel market

The naira fell slightly at the parallel market on Monday , as it exchanged to the dollar for N 460 / $ as of the close of work .
The naira had exchanged to the dollar on Friday for 458 / $ .
This is as the country ’s external reserves continued to maintain its downward trend.
Figures obtained from the Central Bank of Nigeria revealed that the country ’ s external reserves which stood at $35 . 75 bn as of October 02 had lost $ 78 . 34 m to close at $ 35 . 67 bn as of October 16 .
The CBN had stated in its report on ‘ Monetary, credit , foreign trade and exchange policy guidelines for fiscal years 2020 / 2021 ’ that external reserves were expected to lie between $ 29 . 9 bn and $ 34 .3 bn by 2020 ending .
It said, “ Sequel to the COVID -19 pandemic, the viability of the external sector in 2020 is expected to deteriorate , given the present worsening current account balance and depletion of external reserves driven, largely , by decelerating export receipts, particularly oil .
“ Specifically , the degree of external reserves accumulation is expected to decelerate , as outflows are expected to outweigh inflows .
“ As a result , external reserves are expected to lie between $ 29 .9 bn and $ 34 .3 bn at end -December 2020 ( predicated on current declining oil price between $ 20 and $ 40 ) . ”

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External reserves drop to $35.67bn

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images 42 3 External reserves drop to $35.67bn

Nigeria’s external reserves, last week, fell for the fourth consecutive week to $35.67 billion even as the naira depreciated to N462 per dollar in the parallel market.

Data from the Central Bank of Nigeria (CBN) show that the reserves fell to $$35.672 billion on Thursday last week from $35.725 billion the previous week. This translated to week-on-week (w/w) decline of $53 million dollars, more than 100 percent increase from the $23 million w/w decline recorded in the previous week.

According to the CBN data, the reserves have been on the downward trend for four weeks since September 17th. It fell by $139 million to $35.672 billion last week Thursday from $35.811 billion.

Prior to the four weeks decline, the reserves rose steadily for two weeks, by $145 million to $35.811 billion on September 17th from $35.666 billion on September 2nd.

Investigations reveal that the sustained decline, especially at a time of relatively stable crude oil prices, might not be unconnected to the CBN’s dollar injection in the foreign exchange market in a bid to keep the exchange rate stable.

However, in spite of the intervention, the naira depreciated by N5 in the parallel market last week, though it remained stable at the Investors and Exporters (I&E) window.

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