Author: The Nation

The Development Bank of Nigeria (DBN) is pushing to have Micro Small and Medium Enterprises (MSMEs) contribute more than 50 per cent to the nation’s Gross Domestic Product (GDP)

To achieve this, the DBN has trained 1,000 small businesses across six states in the North-East and Northwest.

Managing Director/CEO, DBN, Dr. Tony Okpanachi, in a statement said “small businesses are value-creators and they create wealth for individuals.

The DBN he said is “passionately committed to seeing MSMEs increase their capacity for growth and expansion, and being more sustainable so that together, we can continue to build a stronger economy for the benefits of all Nigerians.”

Okpanachi noted that the training “was in line with the bank’s unwavering commitment to strengthening the capacity of MSMEs in the country so that they can continue to contribute more to economic growth and development of the country.

He argued that “the strategic role of MSMEs as enablers of socio-economic development cannot be over-emphasised.

“A larger percentage of businesses in Nigeria are in the informal sector dominated by MSMEs. The MSMEs sector is a significant pillar for the Nigerian economic growth; they make up 97 per cent of businesses, generate six million jobs and contribute 50 per cent of national GDP”.

The DBN boss said the bank through “its numerous capacity training platforms has enriched the knowledge and capacity of MSMEs owners in the country through regular highly-enriching training initiatives and retooling, thereby positioning them for sustainable growth and expansion”. 

One of the platforms employed by the bank is the annual DBN Entrepreneurship Training Programme (DBNETP) currently in its 5th Cycle and has benefitted over 2000 MSMEs across Nigeria who have been trained digitally and physically, leveraging partnerships and the DBN Learning Management System (LMS).

The MSMEs that received the recent training were drawn from across Gombe, Maiduguri, Adamawa, Katsina, Sokoto and Kebbi states. The capacity training programme, which was conducted in each of the locations, had facilitators who are experts in business management for SMEs.

The DBN stated that “the training focused on optimisation and development of skills, aimed at further strengthening the capacity of the beneficiaries to scale up their businesses.

It also said the key objective of the training programme across locations, was to help the owners of the businesses develop their capacity and gain better knowledge of how they could access the DBN funding through the participating financial intermediaries (PFI).

About 8 million tons of plastics and 5 trillion pieces of plastics are currently in the ocean, the Managing Director (MD), Nigerian Liquified Natural Gas NLNG Ship Management Limited (NSML), Abdulkadir K. Ahmed, has said.

Ahmed who spoke at the NSML stakeholders Water Initiative programme in Port Harcourt, said the waterways and by extension the world oceans, are in the depths of a plastic crisis.

 The workshop focused on highlighting the devastating impacts of plastics, debris, litters and wastes in the waterways and by extension the oceans.

He noted that plastics and marine pollution have found their way into every marine ecosystem on the planet.

He said the situation is affecting the economic activities and health of the people and the environment.

According to him, scientists had predicted more plastics in the ocean by 2050 that will weigh more than fish in the sea with an ever-increasing level of micro-plastics entering the global food chain.

Ahmed said only highlighting the extent of the problem, but also building consensus and alignment for collective action.

“The expectation is that we will engender open and frank discussion on the malaise of marine pollution, whilst building and developing a broad-based coalition necessary to address the menace going forward,” he said.

He noted that the threat of plastic pollution in the sea called for action both at the micro and macro levels saying that in addition to other environmental considerations the United Nations’ Sustainable Development Goal 14 (SDG 14) is focused on the need to “conserve and sustainably use the oceans, seas and marine resources for sustainable development”.

“With the oceans covering more than 70per cent of the surface of the earth, they play a key role in supporting life on earth. The ocean provides natural resources including food, materials, substance and energy.

“Increasing levels of debris in the world’s seas, oceans and waterways is having a major and growing economic impact. Oceans, seas and other marine resources are essential to human well-being and social and economic development worldwide,” Ahmed said.

In his remarks, NLNG General Manager, External Relations and Sustainable Development, Andy Odeh said the clean water initiative was a universal cause, given the importance of water to human existence.

He said: “The Clean Water Initiative campaign for which we are here today, is part of NLNG Ship Management Limited’s (NSML’s) Corporate Social Responsibility (CSR) initiative to highlight the effects of plastics, debris, and other litter in the waterways in Rivers State.

“The initial scope of this campaign is the company’s primary areas of operation comprising the waterways from the NLNG Jetty in Port Harcourt to its operating terminal in Bonny Island.

“We are aware that this route has coastal communities whose livelihoods depend largely on the water through fishing and other economic activities.”

The National Union of Air Transport Employees (NUATE) has prescribed survival pills to bail out struggling carrier – Arik Air out of the doldrums.

The union said given the state of affairs with over N240 billion debt overhang, depleting fleet and other challenges, the once strong carrier is moving towards liquidation. It called on the Receiver Manager appointed by the Asset Management Corporation of Nigeria (AMCON ) to forget their differences and embrace cooperation to bail the carrier out of the woods.

At a briefing in Lagos, yesterday NUATE’s General Secretary, Comrade Ocheme Aba called on the warring parties for the ownership of Arik Air to sheathe their swords for the continued existence of the airline.

 Aba said if the airline is destroyed with the ongoing legal battle by the Receiver Manager, AMCON and the owner, Sir Ikhide-Arumemi Johnson both parties would gain nothing.

He noted with dismay before receivership, Arik Air was run aground by its owner due to absence of proper due diligence, needs assessment, impacts assessment, forecast analysis, and clear business and operational objectives and that the Airline was not properly founded.

At the time of receivership, Arik Air was indebted to AMCON to the tune of about N180 billion, while its total assets value was about N80 billion.

“This clearly indicated that the Airline’s debt far outweighed its assets. So, Arik was incontestably insolvent or, in more simple terms, bankrupt,” he said.

Comrade Aba noted that after receivership, though no investment had been made by AMCON but things are beginning to look up for the airline.

He cited the prompt payment of salaries and bills by the airline despite its current state.

He said: “The airline is presently paying all its bills promptly – to FAAN, NAMA, NCAA, fuel vendors, caterers, and other contractors. That means, no new debt has been incurred by the Receivers Manager.

“Staff salaries are being paid promptly, and staff deductions of taxes and pensions are being remitted promptly. Staff promotions are now carried out periodically and salaries have been upgraded at least twice, not minding that rates are still low. Workers are allowed to join unions with three unions, including ours, operating freely, despite hiccups. In fact, the workers now have negotiated Conditions of Service which is in its first circle of review presently.”

He observed that, against the background of the gloom and the doom that was sure to come had receivership not occurred, significant gains have been made and should not be allowed to go to waste and must be protected.

To this end, he said, the Receiver Manager and Sir Johnson must come to a roundtable to reach an agreement on the way forward for the airline, its staff and operations.

“As industry insiders we are assured that a simple determination among stakeholders will be enough to turn the fortunes of the airline around,” he said.

According to him, cooperation is needed in this regard as the two entities (aside the workers) have the most to gain, or lose, from the state of the Airline, adding that, a recognition of this fact will alter the present state of adversity/animosity between the two gladiators which has been anything but helpful.

“We consider it extremely vital for the owners of Arik and the Receivers Manager to accept the need to cooperate with each other. If the two parties agree to work together, and receive the understanding of the workforce, it is our concrete belief that a pathway out of the doldrums will not be too difficult to chart,” he said.

Aba emphasized that the matter at hand is not a legal matter but a purely financial one and only through financial engineering, and not legal fireworks would a resolution be achieved.

“For, at the end of the day, this is about defraying debts. The onus of this rests more with the owners. And we have cause to believe that AMCON should be willing to listen to a good offer in this respect,” he said.

The NUATE scribe explained that, without investment, it would be impossible for the airline to move an inch and get out of the woods, suggesting two options to adopt.

“There presently exists a $34million down payment to Boeing for purchase of aircraft which has been lying fallow since before the receivership. By cooperation between AMCOM and the owners, this money can be released as part of the debt to AMCON. The workers inform us that this amount can conveniently bring back five Arik aircraft that are presently out of service. This action alone will return the Airline to profitable mode by which its indebtedness can continue to journey up north.

“AMCON should relax its current stance of nil investment in the Airline. This posture is counterproductive to the Corporation’s chosen path of turning the Airline around. It does not make sense to us that after all the effort that has stabilized the Airline, then the effort is made to waste by a change towards liquidation.

“Our honest advice is to ask AMCON to put behind the hurtful acts of the past administration which denied it the benefit of setting up the new airline of NG Eagle on the altar of personal agenda,” he said.

Capital importation grew by 6.78 per cent in the first quarter (Q1) of the year, according to the National Bureau of Statistics (NBS).

The total capital imported stood at $1.13 billion, up from the $1.06 billion recorded in Q4 2022.

Quarterly, foreign investment into the country increased by 6.78 per cent but dropped by 28 per cent yearly.

“Total capital importation into Nigeria in Q1 2023 stood at $1.13 billion, lower than $1.57 billion recorded in Q1 2022, indicating a decrease of 28 per cent.

“When compared to the preceding quarter, capital importation rose by 6.78 per cent from $1.06 billion in Q4 2022,” the NBS said.

Only eight of the 36 states and the Federal Capital Territory (FCT) received capital investments in Q1 2023.

Lagos remains the top destination for foreign investment ($704.87 million), followed by FCT ($410.27 million), Akwa Ibom ($5.121million), Adamawa ($4.50 million), Anambra ($4 million), and Ogun ($2.09 million).

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Others are Niger ($1.50 million), Ondo ($0.20 million) and Ekiti ($0.01 million).

Further analysis showed that the highest capital importation was received through portfolio investment, which accounted for 57.32 per cent ($649.28 million).

Other investments accounted for 38.31 percent ($435.76 million) and foreign direct investment (FDI) accounted for 4.20 percent ($47.60 million) of total capital importation.

The sector that received the highest capital investment was banking ($304.56 million), representing 26.89 percent of total capital imported. The production sector recorded $256.12 million, the IT sector had $216.06 million), consultancy ($0.02 million), oil and gas ($0.75 million), and brewing ($0.65 million).

By banks, the report shows that Citibank Nigeria Limited ranked top with $424.13 million (37.45 per cent). Standard Chartered Bank Nigeria Limited was next with $360.33 million (31.81 per cent) and Stanbic IBTC Bank had $151.85 (13.41 per cent).

President Bola Ahmed Tinubu has continued to reiterate his administration’s commitment to ensuring consistency in policy and a better business climate to attract investment.

In a recent meeting with Shell Petroleum Development Company (SPDC), Tinubu said attracting investments was “a promise I made personally to Nigerians. Whatever it takes, I will fulfil that promise to Nigerians”.

West African Specialty Coffee Association (WASCA)has established the Nigerian-Canadian Coffee Exchange Corridor, an initiative that aims to strengthen bilateral trade between Nigeria and Canada.

  This is skewed to promote the  diversity and quality of Nigerian coffee to the international market.

  In a statement signed by WASCA, Executive Secretary, Tope  Oluwaleye, he stated that coffee lovers around the globe are in for a treat as this unique collaboration unlocks the treasure trove of Nigeria’s coffee heritage

 He also said it would offer a selection of premium coffee varieties to Canadian consumers.

Furthermore he said: “The Nigerian-Canadian Coffee Exchange Corridor presents an unparalleled opportunity for coffee enthusiasts in both nations to savour and appreciate the distinct flavours, aromas, and cultural richness that each cup of coffee embodies.”

According to him Nigeria, is known for its vibrant coffee culture and fertile coffee-growing regions, boasts a wide range of exceptional coffee varieties, including but not limited to, the coveted Robusta, Arabica, and Excelsa beans.

These beans are meticulously grown by passionate farmers in Nigeria’s fertile soils, nurtured by a favorable climate, and harvested with utmost care and expertise.

 He also stated that the Nigerian-Canadian Coffee Exchange Corridor aims to facilitate seamless trade and foster long-term partnerships between Nigerian coffee producers and Canadian coffee importers, roasters, and retailers. Olaleye said by leveraging this corridor, Canadian businesses will gain access to a diverse array of high-quality Nigerian coffee beans, contributing to the growth of their specialty coffee market. Furthermore, he explained that the initiative will focus on promoting sustainable practices throughout the entire coffee value chain. He said WASCA, in collaboration with key stakeholders, is committed to ensuring that coffee cultivation in Nigeria adheres to stringent environmental and social standards. He explained that the commitment not only safeguards the delicate ecosystems but also empowers local communities, ensuring fair trade and sustainable livelihoods for coffee farmers.

WASCA President Larry Segun-Lean expressed his enthusiasm for the Nigerian-Canadian Coffee Exchange Corridor, stating, “This initiative marks an exciting chapter in the history of Nigerian coffee. Through this partnership, we aim to share our rich coffee heritage with the world while fostering economic growth and collaboration between Nigeria and Canada. We are confident that the Nigerian-Canadian Coffee Exchange Corridor will be a catalyst for innovation, quality improvement, and sustainable development within the coffee industry.”

The Nation learnt that as part of this groundbreaking collaboration, WASCA plans to organize educational programs, workshops, and trade events to facilitate knowledge exchange and foster a deeper understanding of Nigerian coffee within the Canadian market.

According to the statement, by highlighting the uniqueness of Nigerian coffee, consumers will be encouraged to explore new taste profiles, while coffee professionals can enhance their expertise and create innovative blends.

 He used the opportunity to invite coffee enthusiasts, industry professionals, and stakeholders to join hands in celebrating the launch of the Nigerian-Canadian Coffee Exchange Corridor. In his words together, let us embark on a journey to elevate the coffee experience and forge enduring connections between Nigeria and Canada.