The Nation Newspaper

Category: Industry

  • MAN bemoans lack of inspection facilities in Apapa ports

    •Customs’ inspection target drops from 200 to 60 containers per day 

    Lack of inspection tools and equipment in Apapa ports has led to a reduction in the inspection target  of   the   Nigeria   Customs Service (NCS)  from 200 containers per day to about 60 containers per day.

    This has resulted in the payment of avoidable demurrage and unnecessary delay  in manufacturing  operations,  the  Manufacturers Association of  Nigeria (MAN) has said.

    The Chairman of MAN, Apapa branch, Mr. Babatunde Odunayo, in his address at its  44th Annual General Meeting (AGM)  held in Lagos on  November 12, spoke on the theme. At the AGM: ‘The Nigerian Manufacturing Sector:  What   Future   for   Capacity   Utilization   and   Growth   under   a   New   Economic   Situation?

    Odunayo said because of lack of inspection facilities at the ports, raw materials, plant and machinery, and spare parts are not released efficiently by Customs.

    “Presently, trailers also queue up on port roads leading to loss of man-hours and contribute to the cost of doing business in Nigeria,” Odunayo lamented, adding that already the deplorable state of roads within Lagos metropolis and the consequent traffic gridlock at the Tin-Can Island   and   Apapa   Ports   have   led   to   closure   of   and   relocation   of   some   manufacturing companies from Apapa to other neighbouring states.

    While noting that the Lagos State Government’s rail transportation project appears to have stalled,   Odunayo   calling   on   the   State   Government   to   fast-track   the   completion   of   the proposed Trailer Pack at Tin Can Inland, which, when completed, would promote an orderly and traffic-free conduct of business in that area.

    The Man chief also expressed hope that the NCS will improve on the facilities and processes at the ports in order to achieve the 48-hour clearing mandate, while also improving on the Pre-Arrival Assessment  Report (PAAR) procedures  in   order   to ensure  that   PAAR-related challenges such as complaints arising from Free on Board (FOB) values are minimized.

    This year’s AGM,  according to   Odunayo,  was  aimed  at engaging  with some  established economists and  technocrats in  further  understanding the  strategies  required   to  rescue  the manufacturing sector from imminent danger in the prevailing macro-economic and currency controls environment.

    He noted, for instance, that the controversial exclusion of 41 items from the official foreign exchange (forex), and the shortage of forex to finance imports is threatening operators in the manufacturer sector. “This unfavourable business environment poses serious threats to the survival of the manufacturing sector,” he said.

    According to Odunayo, “The Central Bank of Nigeria may have stampeded itself into the removal of the 41 items from the official forex window if you consider that the list includes essential raw material inputs for manufacturing, which do not have local substitutes.”

  • BoI invests in capacity building

    BoI invests in capacity building

    In line with its commitment to taming the growing army of unemployed youths, Bank of Industry (BoI) has kick-started a three-day capacity building entrepreneurship programme. The graduate entrepreneurship scheme, which is in partnership with the National Youth Service Corps (NYSC), will afford participants access to sizeable funding required for nurturing their business ideas to fruition.

    BoI Managing Director, Mr. Rasheed Olaoluwa, who made this known in Lagos during the week, while flagging off the scheme, said the training will hold simultaneously in seven centres, including Katsina, Plateau, Taraba, Osun, Delta, Abia and Lagos states. He explained that the programme was conceived to encourage graduates to shift focus from job-seeking to job creation through generation of feasible business ideas capable of influencing the economy positively.

    “We are doing this because we thought we need to find a way to encourage the youth corpers to begin to think of an alternative, to actually create the jobs that they are looking for and become employers of labour. We are really impressed by the quality of business ideas that we got and these are ideas in the real sectors.

    “People want to do poultry; people want to set up a bakery, agro-processing, fabrication of poultry cages and others,” he said, adding that these are things that can really add value to the Nigerian economy. He said the bank was really pleased to have this crop of young Nigerians, who are determined to do things differently.

    The BoI boss said the eligible 1,000 participants were selected from about 3,100 applicants, who enrolled for the programme on the BoI portal. He added that on completion of the training, participants with ability to vet plausible business concept will have access to base capital loan to actualise their business plans.

    He said: “The key output for these three days training will be a business plan. After this training, each participant will have produced a plan. With that business plan, they can approach BoI to have access to the small business loans of up to N2 million. If this works we can actually recycle it and spread it to more and more people.”

    On the sustainability of the scheme, he said though BoI is sponsoring the programme from its shareholders fund, the development bank will explore various possibilities to generate funding to facilitate it.

    The NYSC Co-ordinator for Lagos State, Mr. Akhanemhe Cyril, while commending the efforts of BoI, urged corps members to avoid defaulting on the terms on which the loans will be granted, saying it is an avenue to achieve great goals.

    “They are a chosen generation right now, the first set to utilise these loans. Nigeria depends on them not to fail and must not default. I’m sure that with the effort of BoI in selecting these people, they cannot default, he said, pointing out that a country cannot develop without the talent and ingenuity of its youths.

  • U.S govt backs CBO investment management fund with $18.75m

    U.S govt backs CBO investment management fund with $18.75m

    The Overseas Private Investment Corporation (OPIC), the U.S. Government’s development finance institution, has approved an $18.75 million commitment in CBO Investment Management (CBOIM’s) fund, CBO Growth Private Equity Investment Limited Fund. The Fund is seeking to raise $150 million from international and local institutional investors to invest in Small and Medium Enterprises (SMEs) in West Africa.

    CBOIM is one of the first private equity fund managers to target African institutional capital through a Nigeria onshore fund in parallel with a fund backed by international investors. The fund will specifically invest in SMEs with scalable growth patterns and credible management teams across six core sectors including agri-business/food processing, energy services, manufacturing and import substitution, education and healthcare services, technology, media and real estate services.

    CBOIM and OPIC have a mutual commitment to make investments that not only generate commercial private equity returns but also have a positive developmental impact. “CBOIM presents an opportunity for OPIC to support an institutional-quality investment manager that will provide critical capital to SMEs in a variety of sectors in Nigeria and the rest of West Africa where access to finance for SMEs remains a challenge, but has a strong potential for development impact.

    “I’m especially proud that this is the first Africa-focused approval to result from OPIC’s Innovative Financial Intermediaries Program (IFIP), an OPIC initiative to facilitate capital flow to developing economies,” OPIC’s President/CEO Elizabeth Littlefield, said.

    Managing Partner of CBOIM, Bex Nwawudu,  commented: “Securing investment from OPIC is a powerful endorsement of the opportunity and our strategy to support the best caliber SMEs in West Africa, and our governance structures. We have a long term vision for CBO and a clear plan for delivering superior returns. We are now making excellent progress to ensure we are attracting both international and African institutional investors as well as the partnerships required to fulfill them.”

    CBO Investment Management is a West Africa investment firm based in Lagos, Nigeria and founded in 2008. The firm is managed by Managing Partners Bex Nwawudu & Chuka Mordi, along with Managing Director Joanne Yoo. The firm has 17 professionals on the ground.

    CBOIM recently appointed Gary Steinberg (the former Chief of the Investment Unit at the International Monetary Fund) as Chair of the Advisory Board and to the Investment Committee.

  • JETRO confident in Nigerian market

    JETRO confident in Nigerian market

    Japan External Trade Organisation (JETRO) has expressed confidence in the viability of the Nigerian market as the body successfully ended the Lagos trade fair with two outstanding awards as the Overall Best Pavilion and Best Foreign Pavilion.

    The Japanese government body saddled with promotion of trade and investment between Japan and other nations in its second year of participation engineered a huge foreign attendance of more than 30 Japanese firms and local distributors, who displayed various products including technologies during the 10-day trade fair.

    Taku Miyazaki, Trade Commissioner and Managing Director of JETRO Lagos said: “A number of Japanese companies are keen to expand their businesses in Nigeria, and they have highly advanced technology. Their durable and quality products eventually give customers cost-saving merit as well.”

    He noted that some of the exhibitors have invested and have started producing”. He explained that beyond marketing their numerous goods, jobs are concurrently created, technology transferred and values of Japanese craftsmanship shared.

    Speaking on his exploits, one of the exhibitors, Managing Director of Honda Manufacturing (Nigeria) Ltd., Osamu Ishikawa said: “We received more visitors than last year and their responses were very positive.” Honda has a long history of manufacturing motorcycles at its factory in Ota, Ogun State, and its sister company Honda Automobile West Africa Ltd. It has also started assembling passenger vehicles “Accord” in Nigeria this July.

  • Bol, AfDB partner to support export business

    Bol, AfDB partner to support export business

    The Bank of Industry (Bol) is partnering the African Development Bank (AfDB) to assist businesses engaged in export trade.

    Bol Executive Director, Small and Medium Enterprise (SME), Mr. Waheed Olagunju, made this known at the ongoing Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry (LCCI).

    The fair theme is Enhancing Value Addition in the Non-oil economy.

    Olagunju said the theme is very apt as the nation needs to diversify the oil-dependent economy, especially now that income from the sector has dimmed. He said the bank is scouting for consultants to help SMEs write bankable proposals to enable them obtain loans at a single digit interest.

    He also spoke of the need to engage more SMEs and upgrade their accounting skills, which, according to him, has given rise to an account application that will enable even an accounting illiterate to do his business.

    Olagunju said to spread its services, BoI has given  out special funds to specific sectors, such as textile and Nollywood, with billions dedicated to operators. BoI, he said, also has a pact with the National Youth Service Corps (NYSC) to support over 1,000 Corps members with soft loans at a  single digit interest.

    “Bol is not like any other bank, but aimed at empowering and impacting developmental activities to grow the economy. Our consultants are helping the SMEs with preparing their proposals to check the over 90 per cent failure rate of loan applications by them,” Olagunju stated.

    Earlier, Chairman, LCCI, Trade Promotion Board, Dr. Michael Olawale-Cole, said the chamber aims to draw attention to the need to reposition and diversify the economy, and address the issue of value addition in non-oil export  to ensure that the nation earns more from commodities.

    He said the fair is holding at three locations – Tafawa Balewa Square; Muson Centre, which hosts the corporate and business-to-business exhibition, and Freedom Park on Broad Street, in response to the yearnings of the business world.

    Olawale-Cole said: “This investment conference is aimed at drawing attention to investment opportunities in the non-oil sector with a view to expanding the non-oil export net in line with the vision on diversification of the economy. The much needed development and diversification we crave for cannot be achieved without investments.”

    He observed that foreign-direct investments in the country have dwindled from $1.38 billion in July 2014 to $723.49 million as at July, 2015, pointing out that in real terms, the non-oil sector contributed 90.20 per cent to the gross domestic product (GDP).

    This is marginally higher from the figure recorded in the first quarter of 2015 and 89.55 per cent in second quarter of 2014. “This justifies our focus on investment and the non-oil sector development this year,” he added.

    Olawale-Cole praised  the organisation of the 2015 fair, which attracted investors from China, Japan, Egypt, European Union, Indonesia, Pakistan, India and Ghana. He maintained that it demonstrates the acceptance and attractiveness of the country to foreign direct investment.

    LCCI President Mr. Remi Bello regretted the recent report by the World Bank on “Ease of Doing Business” that showed a dismal performance by Nigeria.

    He said the indicators on paying taxes and construction permit are relevant to having an attractive investment climate. He called on the government to put in place a conducive policy and business environment for investments in productive sectors of the economy to thrive.

  • Leverage on multiple revenue streams to beat poverty, expert urges

    Leverage on multiple revenue streams to beat poverty, expert urges

    For Nigerians to achieve financial freedom and miti gate worsening unemployment, especially among the youth, there is the need to leverage on multiple revenue streams by exploiting any of the numerous opportunities that abound in virtually all the sectors of the economy, a certified trainer and manpower development expert, Pastor Ola Adejubee has said.

    Adejubee, who is the provincial pastor of the Redeemed Christian Church of God (RCCG) Dominion Cathedral, Lagos Province 12 headquarters, Gowon Estate, Lagos, spoke at the last Lagos Money Conference. He said from real estate to telecommunications, blogging, Internet trading, web designing, book selling/publishing, gardening, equipment rentals and aquaculture, among others, opportunities abound for discerning Nigerians wishing to diversify their revenue base.

    Pastor Adejubee said what has stood in the way of Nigerians from taking advantage of the opportunities to free themselves from the shackles of poverty is the lack of ideas, information and knowledge. “Ideas and information, not money rule the world,” he said, adding, “Your knowledge level determines the financial height you attain in life,”

    He explained that the conference themed ‘The Mystery of Multiple Streams of Income’ was aimed at getting people informed on how to make, manage and multiply money, mitigate unemployment and empower the youths. He said the church has decided to hold the conference on annual basis to deal with the unemployment problem in the country and at the same time speak to Christians and other Nigerians on how to be materially and financially successful.

    Adejubee, however, called on the Federal Government to strengthen the real sector. He said in order to reduce unemployment, government must pay attention to two major sectors – manufacturing and agriculture, which are labour-intensive and could generate jobs for many graduates.

    Citing India’s economy, which took a turn for the better because of its labour-orientated manufacturing sector, Adejubee said, “The benefits derived from agric sector can’t be quantified. The Federal Government should pursue development in these areas. At the same time, unemployed graduates need to change their mindset on money; nobody owes them a job anywhere.”

  • Dangote, others flag off campaign on cooking gas

    Dangote, others flag off campaign on cooking gas

    Dangote Group yesterday flagged off a nationwide pilot scheme to encourage Nigerians to embrace the use of Liquefied Petroleum Gas (LP Gas), called cooking gas.

    At the event held in Abuja, the Federal Capital Territory (FCT), Vice President of the Group and President of the Gas to Health Initiative (GTHI), Sani Dangote, said the initiative was aimed at protecting the health of Nigerians and preserve the environment from deforestation.

    Dangote, who also launched a new book by the Secretary of GTHI, Mrs. Betty Ugona, said the book addresses key issues of acceptability of LP Gas, focusing on four cardinal elements: efficiency, benefits, sensitisation and the empowerment of core users of LP Gas.

    He bought 200 copies of the book titled: “Who Cooks it Feels the Brunt.”

    “The book strikes on the root causes of low LP Gas usage and offers practical steps to achieving improved usage of LP Gas,” he said.

    Dangote said with abundance resources and a population of over 165 million, Nigeria still ranks amongst the lowest in LP Gas consumption in ECOWAS member countries, with a per capita consumption of about 1.8kg, trailing countries like Senegal at 8.46kg, Cote D’Ivoire at 9.3kg and Ghana at 10kg per capita.

    He regretted that, despite being rated as the leading producer of LP Gas in Africa, with annual production of about 3.2 million MT and 12th in global ranking, the country still ranks abysmally low in terms of consumption of LP Gas and its application to other relevant domestic, industrial and social purposes.

    According to him, about 56 per cent of energy needed for cooking within Nigeria is supplied by fuel wood (firewood), particularly in the rural areas, adding that the effect of this is the negative impact on citizens’ health, the environment and the economy.

    “Deforestation and its effects (desertification, soil erosion, landslides, etc.), which can be traced directly to the high demand for cooking energy, has become a major issue in Nigeria over the years as we currently lose about 350,000 – 400,000 hectares annually,” he said.

    Dangote said in view of its environmental and socio-economic malaise, there is an urgent need to  switch from firewood and other alternative sources of energy to LP Gas.

    “While there are a number of reasons for the low rate of success in the switch to LP Gas, inadequate awareness and sensitisation of the populace has been identified as the greatest culprit,” he added.

    He stated that the flag off of the “Operation Mama Put/Local Food Vendors Conversion to LPG Usage” nationwide project is notable, as the project is designed to take a practical approach to addressing this lack of awareness and sensitisation.

    He said: “By providing the ‘Mama Put’ women with LP Gas starter kits, the project hopes to make converts, and eventually, ambassadors of these members of the community, who will in turn create micro awareness of the benefits of LP Gas consumption.”

    Chairman of the occasion Mr. Anthony Ogbuigwe regretted that despite that Nigeria produces 10 times the LP Gas it consumes,  the country ranks very low in Africa.

    Mrs. Ugona attributed the success of the campaign to the support of its sponsors, which include Mr. Dangote, saying that the initiative has also received support from market women. They are those in Utako Market, Garki International Market, Garki Model Market, Mpape Market Yanyan Market and Kubwa market among others.

    She said studies have shown that about 2.6 billion people around the world rely on traditional use of bio-mass for cooking and heating purposes, which results in the inhalation of toxic fumes leading to over four million premature deaths annually.

    At the event, the Permanent Secretary in the Ministry of Environment, who was represented by a Deputy Director, Mrs. Osunkoya O, said the ministry was ready to support the initiative as its aims were in line with those of the ministry.

    She said deforestation and gas flaring were of utmost concern to the ministry. “The initiative will without doubt help in the protection and preservation of the environment and the forest in particular,” she said.

    The Chief Operating Officer (CEO) of Ultimate Gas Limited and Public Relations Officer of the initiative, Mr. Auwalu Ilu, said the initiative became necessary in view of the health hazards the use of firewood poses to Nigerians.

  • ECOWAS laments 12 per cent drop in regional trade

    The Economic Community of West African States (ECOWAS) has lamented the low level of intra-regional trade within the sub-region, noting that several years after regionalism; intra-regional trade in ECOWAS is still consistently low at about 12 per cent.

    The Commissioner, Industry and Private Sector Promotion, ECOWAS and Kalilou Traore, explained that the regional body adopted the protocol of free movement of people and goods since 2000, but stressed that the level of regional trade still remains low at 12 per cent of total trade.

    Traore, who spoke during a technical meeting convened in Lagos by the ECOWAS Private Sector Directorate, explained that there was need to take more action to strengthen regional trade. He stressed that the only way to achieve this feat is the establishment of trade support bodies.

    At the technical meeting convened to consider the draft on the ECOWAS Business House (EBH), Traore said, “We need to take more action to strengthen this regional trade and one way to do that is through trade support bodies. We are here to develop the concept of an ECOWAS Business House (EBH) that will be a business oriented organisation at the regional level to facilitate trade among member countries.”

    He said the overall goal of EBH system is to foster intra-regional trade, promote ECOWAS exports and deepen market penetration for Micro, Small and Medium Enterprises (MSMEs)  in the region.

    He noted that it would also facilitate bulk creation, high quality regime and standardisation in the region, reduce cost of business for SMEs and promote the establishment of relevant trade infrastructure including quality infrastructure in the region.

    “Our expectation is that within the first five years of establishment of the regional EBH, apart from boosting the Gross Domestic Product (GDP) in the regional economies, made in ECOWAS States’ products will be viable and visibly present for business in the regional market and companies to reap the gains from international trade.

    Traore said although there are still lots to be done in the area of feasibility study so that the directorate can have all the details of the project in order to involve all the stakeholders at the financial and member state level so that businesses can be created.

    He emphasised the importance of MSMEs development and the status of the implementation of some regional programmes including the ECOWAS quality programmes, regional payments system, private sector and MSME development strategies and efforts at establishing the common market for free movement of persons and goods.

    The Deputy Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NAC-CIMA), Dr. Sani Yandaki, allayed fears of Nigeria and other countries in ECOWAS that they may become dumping grounds, saying that the project will open markets for products made in the sub-region.

    “The essence of the whole initiative is to build capacities of micro businesses in the region by providing access to markets for the products and services. We want to connect these products to people who actually need them in other parts of the sub-region. The EBH will act as a third party between the producers and the consumers,” he said.

    He further explained that the initiative would facilitate trade that will bring about economic growth, job opportunities and increase the GDP of the sub-region. According to him, all the goods that are going to be displayed at the business houses are going to be goods produced locally with locally sourced raw materials.

    Dr. Yandaki urged ECOWAS member states to harness their potentials and stop depending on foreign donors and overseas investments, insisting that no foreigner can develop their economies for them.

    Yandaki queried the rationale behind the investigations and studies carried out by Chatam House, United Kingdom on the formal and informal trade trend in the region, stressing that it may not be in the best interest of the regional body. He therefore, encouraged ECOWAS member states to close ranks to develop their potentials and stimulate growth.

    Head Business and Enterprise Promotion, ECOWAS, Dr. Enobong Umoessien, stressed that the region has enjoyed a lot of support from countries, Non Governmental Organisations (NGOs) and groups, but called on the region to look inward by establishing a platform to drive the region’s project and harness the resources available in the region to drive development.

    “We have to start looking at ways to leverage our capacities and resources to do the things we need to do.  The project targets many of the industries and business communities in the region. As you know about 90 per cent of our businesses are SMEs and these businesses want to export, distribute and connect with the international market. But the key challenges facing them is that their products are small, so it is a challenge for them to move from one country to another in an efficient manner,” he said.

    Head,  Export Group, Manufacturers Association of Nigeria  (MAN), Tunde Olaoye lamented that over 360 million people in the region are daily impoverished by unbridled importation and dumping of goods from the developed economies. “We are not actually tapping on our potentials because we allow unbridled access to our economies by foreign trade.

    “We have good products but small companies that cannot take advantage of the so-called international trade. What we therefore, need is regional integration that will boost our products and by extension our economies as against allowing our economies to be dependent on importation when we have better alternatives,” he pointed out.

  • We’ve no offensive economic agenda, says EU envoy against Nigeria, says envoy

    We’ve no offensive economic agenda, says EU envoy against Nigeria, says envoy

    • €6.5 billion trade development grant coming 

    The European Union (EU) has no offensive economic agenda against Nigeria on the implementation of the Economic Partnership Agreement (EPA) between the EU and West Africa, the EU Ambassador/Head of Delegation to Nigeria & ECOWAS Ambassador, Micheal Arrion has said.

    Rather, the EU’s mission in Nigeria and West Africa, he said, is to ensure the advancement of the sub-region as well as the enhancement of the competitiveness of its various economic segments.

    Arrion made the clarification in Lagos while announcing the fourth EU-Nigeria Business Forum (EUNBF) with the theme Unlocking Opportunities for Diversification.

    The EPA seeks to create a Free Trade Area (FTA) between the EU and the African, Caribbean and Pacific Group of states (ACP). Under the scheme, the EU would immediately offer the 15-member ECOWAS and a non-member state, Mauritania, full access to its markets. In return, ECOWAS would gradually open up 75 per cent of its markets – with their 300 million consumers – to Europe over a 20-year period.

    But the EPA has been largely criticised by some members of the business community particularly manufacturers who raised concerns over perceived potential negative impact of the deal on the nation’s industrial sector if certain products were allowed tariff-free entry into the Nigerian market. The thinking was that the EPA would not be in the overall interest of the Nigerian economy over the long term.

    But the EU envoy noted that most of the arguments against the EPA were wrong, bordering on emotions than facts. He said in pushing for EPA, investors from EU’s 28-member states see Nigeria as a place they can invest and so had no hidden agenda whatsoever. “We have no offensive agenda for Nigeria because we believe that Nigeria and ECOWAS are very important places where European or other non-European businesses could invest because there is enough room for investment,” he said.

    Arrion, however, assured that in investing in Nigeria and other ECOWAS member states, the EU would not invade the West African market with products that could compete with domestic products which Nigeria and other countries in the region would be producing, pointing out that the EU has removed all its export subsidies to the West African market.

    Arrion stressed the importance of the EUNBF, which started in Lagos yesterday and ends tomorrow, noting that it would bring together business leaders and policy makers from both the public and private sectors in the EU and Nigeria to discuss business opportunities and impediments to investments. Specific sessions have been designed to address obstacles to the effective development of the agricultural value chain and the opportunities which exist in the framework of the EPA between the EU and West Africa.

    “The forum will aim to increase domestic and foreign investments particularly in agribusiness, in line with Nigeria government’s diversification efforts,” he explained, announcing €6.5billion financial trade related development assistance for Nigeria’s growth and development for every five years till 2035. He said the gesture was to demonstrate the EU’s strong belief and confidence in the Nigerian market.

    “Every five years, we are committed to giving grants and development assistance. The EU and its 28 member states have agreed to give a minimum of €6.5billion for every five years. We are very comfortable to provide this development assistance,” he said, adding that since 2012, EUNBF, a collaborative effort of the EU and its member states in Nigeria, has served as a platform for private sector participants to gather essential market information, identify business opportunities and connect with key players.

    Noting that EU’s economic relations with Nigeria have been robust, with the EU being the top destination for Nigeria’s oil and non-oil exports, Arrion said the volume of trade between Nigeria and EU stood at €34.4billion in 2013, accounting for 29.6 per cent of Nigeria’s total trade in that year.

    He stated that the forum will build on these strong relations to deepen understanding of the role that EPA can play in supporting the diversification of Nigeria’s economy. “It will also strengthen EU-Nigeria business relations through identification of opportunities in agribusiness and forging of partnerships, while also addressing bottlenecks related to the effective development of agribusiness in Nigeria,” he added.

    Arrion however, pointed out that many of Nigeria’s economic policies are at variance with the basic rules of ECOWAS trade operations in the sub-region. He said, for instance, that since January 2015 when the new ECOWAS Common External Tariff (CET) came into force, giving member states 14 months to comply, Nigeria is yet to comply in clear disregard for agreements and conventions of ECOWAS.

    “Nigeria is maintaining import bans against ECOWAS. You can do this outside ECOWAS but not within. You are part of the same community and bound by some rules relating to free movement of goods and people,” he stated.

  • Mouka appoints CEO

    Mouka appoints CEO

    Mouka Limited, a mattress/ beddings manufacturer, has appointed Raymond Murphy as Chief Executive Officer (CEO), effective from November 2.

    Murphy takes over from Femi Fapohunda who had been acting CEO since 2014.

    “Having established itself as a leading player in the mattress and bedding product manufacturing space in Nigeria, Mouka is now laying the foundation for its next phase of growth,” Board member of Mouka Limited and partner at Abraaj Group, Mr. Jacob Kholi, said.

    Kholi added the Board was pleased to welcome Murphy  and confident that he would lead Mouka through te hexciting journey ahead.

    Murphy is a seasoned CEO with over 30 years experience in developing and growing businesses across growth markets within the consumer goods and healthcare terrain.