ARM Cement in Sh 6.5 Billion loss

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ARM Cement in Sh 6.5 Billion loss

Special Correspondent - June 2, 2018

ARM’s net losses widened 2.3 times to Sh6.5 billion in the year ended December on the back of lower sales and thinner profit margins. The...

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Why foreign investments are important for Africa’s economic growth

Africa is seeking to move beyond being a raw material supplier and establish itself as a critical energy player, government leaders said at African Energy Week (AEW) 2025: Invest in African Energies, highlighting investment opportunities, energy transition based on domestic resources, and the need for predictable policies for investors. Anatole Collinet Makosso, Prime Minister of the Republic of Congo, said the continent must leverage its vast oil and gas resources – as well as solar, geothermal and wind potential – to drive development. “Without energy justice, energy transition is an illusion,” he said. “To offer clean, affordable and reliable energy is not an option – it’s an imperative. Our need for development cannot be sacrificed. We need to support energy transition fully, but it must be based on our gas and petroleum resources.” Makosso highlighted key projects including Eni’s Congo LNG initiative, the recently licensed deepwater Nzombo block, the Banga Kayo gas monetization project and Perenco’s ongoing modernization and drilling works to extend field lifespans. “These initiatives are part of the national and continental strategy. Africa must no longer be considered as a provider of raw materials – it must be considered as a critical energy player,” he said. He called the continent “the investment opportunity of the century,” stressing that the goal is not merely to attract capital but to build a competitive, sovereign Africa. Nigeria’s Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), outlined measures the country has taken to boost investor confidence and expand production, including an Executive Order signed earlier this year to reduce production costs. The sector overhaul has already spurred significant activity, including $5 billion in new Shell investment in Bonga North, planned investments in Bonga Southwest and other deepwater projects, and the restructuring of state-owned NNPC into a commercially viable company. “Investors want predictability, efficiency and incentives, as well as alignment between stakeholders and industry,” he said. Lokpobiri also pointed to successes from asset divestments as evidence of Nigeria’s growing strategic role. “The companies that acquired IOC assets – Renaissance acquiring Shell’s onshore and shallow-water assets, Seplat acquiring ExxonMobil’s, Oando acquiring Eni’s – between the time the divestments were enabled and today, we have increased production by at least 200,000 barrels per day. That shows that divestment was the right decision,” he said. Looking ahead, Lokpobiri urged Africa to capture more of global oil and gas capital expenditure, and to “transition from being net importer to strategic value creator.” He also emphasized the need for partnerships rather than energy abandonment: “No continent or country is slowing down. What is needed is to reduce emissions, not abandon any form of energy, and what we need from the West is partnership.”

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Tag: ARM

ARM Cement in Sh 6.5 Billion loss

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