The Nation Newspaper

Category: Industry

  • Govt to support research on leather sector

    The Federal Government has pledged to continue to support activities on leather research and production in the country to enable the sector become one of the highest revenue earners for the country.

    The Minister of Science and Technology, Professor Ita Okon Bassey, made this known during the commissioning of some projects at the Nigerian Institute of Leather and Science Technology (NILEST), in Zaria.

    “The entire ministry of science and technology is aware of the efforts of NILEST in the area of manpower and infrastructural development and will continue to support these efforts until research and development in leather and leather products technology takes its rightful place so as to position it as one of the highest income generating sectors of the Nigerian economy,” Okon said.

    The Director General, NILEST, Dr Isuwa. Adamu, said the institute is capable of assisting the government in its efforts to fight unemployment through the teaching of necessary skills in footwear and leather goods production.

     

  • Nigeria has most difficult business environment, says survey

    SOUTH African-based Omidyar Network Africa, in partnership with Monitor Group, has ranked Nigeria as the most difficult business environment in Sub-Saharan Africa.

    The report which was presented to entrepreneurs, investors and government officials in Lagos, listed inadequate electricity supply, lack of access to finance and infrastructural deficiency as some of the challenges militating against entrepreneurs in the country.

    The survey, which was carried out in Nigeria, Ghana, Kenya, Tanzania, Ethiopia and South Africa, showed that Nigerian banks demand higher collateral from investors than every other country in the Sub-Saharan Africa.

    According to the report, 58 per cent of respondents believe that the physical infrastructure available in the country does not provide sufficient support for new and growing firms, the most negative result amongst benchmarked countries.

    It noted that inconsistent electricity supply across the country has resulted in backup generators forming a key part of any business assets, albeit at significant additional operating expenses.

    “In fact, only 12 per cent of respondents believe that new and growing firms can afford the costs of using the physical infrastructure available in the country. These findings highlight the impact of Nigeria’s well-documented infrastructural challenges on new business owners”, the report added.

    In the survey, challenges related to accessing finance drew mixed perceptions from both the demand and supply sides.

    The report stated that while many entrepreneurs bemoaned a limited supply of capital, financiers point out that many projects are not fundable.

    However, a press released by the Ernst & Young Research Institute, last week, stated that Africa is becoming more attractive to investors and Foreign Direct Investment (FDI)

    The statement signed by the Managing Partner of Ernst & Young Research Institute, Mr Mark Otty, said projects have steadily grown over the past five years in the continent.

    According to the statement, despite a fall in project numbers from 867 in 2011 to 764 in 2012, in line with the global trend, project numbers are still significantly higher than anything that preceded the peak of 2008. The continent’s global share of FDI has also grown from 3.2 per cent in 2007 to 5.6 per cent in 2012.

    It stated that despite the impact of the ongoing global economic situation, the size of the African economy has more than tripled since 2000.

    “The outlook also appears positive, with the region as a whole expected to grow by four per cent for 2013 and 4.6 per cent for 2014. A number of African economies are predicted to remain among the fastest growing in the world for the foreseeable future,” its said.

  • AfriHeritage urge Nigerians to embrace entrepreneurship

    In order to address poverty and unemployment challenges, the Nigerian youths have been urged to take advantage of entrepreneurship initiatives using local raw materials.

    This call was made by stakeholders at the development policy seminar organised by the institute in Enugu.

    The occasion also featured the public presentation of the book- “30 Eye Openers to Business”, written by Mrs. Chinyere Funmilola Dike of Centre for Entrepreneurial Studies, Michael Okpara University of Agriculture, Umudike, Abia State (CES MOUA).

    Reviewing the book, the Executive Director, AfriHeritage Institute, Dr. Ifediora Amobi said the institution would continue to encourage its Associate Fellows and collaborate with other stakeholders towards providing intellectual leadership in helping Nigeria and Africa think through the emerging economic renaissance.

    He commended the author for her dedicated research, commitment, tenacity and passion in opening the eyes of the world to 30 excellent business opportunities and pursuing the growth of entrepreneurial leadership and awareness in Nigeria and Africa at large.

    Director, Centre for Entrepreneurial Studies, Michael Okpara University of Agriculture, Umudike, Abia State (CES MOUA), Dr Gideon Onuekwusi said small organisations accounted for more than 80 per cent of jobs created in many developed countries, while it accounted for about 55 per cent in the third world.

    He added that the recent reforms in Nigeria have brought about tremendous growth in creating more jobs and it is just the beginning of great things being expected.

    Dr Onuekwusi averred that entrepreneurship education must run through all the levels of education so that the youths can place their hands on the production of goods, services and develop a business consciousness that guarantees survival and successful living, not only for the individual, but also for the society in which the individual lives and operates.

    The Chairman of the occasion, who is also the Group Chairman, Knowledge Factory International, United Kingdom , Prof Chris Nwagboso commended the author for the work and showered encomiums on AfriHeritage for opening its platform for showcase the masterpiece.

     

     

     

     

     

     

     

     

     

  • Akwa Ibom targets Canadian Investors

    A team of Canadian investors are expected in Akwa Ibom to explore economic opportunities beneficial to the state.

    Governor Akpabio stated this on Monday in Uyo during his interraction with newsmen as regards his official trip to the Nigeria-Canada Economic Summit held in Toronto.

    Akpabio said: “I attended the Nigeria-Canada Economic Summit which was held in Toronto. I was happy with the high representation of Akwa Ibom people from the business, academia to the government circles. We had useful discussions with the would-be investors and also companies that are interested in doing business in Nigeria.

    “We also represented the people of the state in Canada and a lot of interest was shown, judging from the crowd that followed the Akwa Ibom delegation. I believe strongly that Canadian investors are coming to Nigeria. Outside investing in Federal Government concerns, Akwa Ibom would be the first port of call and we were able to sell the Ibaka Deep Seaport, the free trade zone with the possibility of establishing ammonia plant in the state”.

    The Governor, who described Canada as a major aviation hub in the world in the manufacture of hi-tech bombadier aircraft, noted that the state government delegation was able to sell the maintenance, repair and overhaul facility of Akwa Ibom International Airport.

    “I also went with the Nigerian delegation to take a tour of the bombardier facility. So I am hopeful that the effort with Canada would yield fruitful results,’’ he said.

    He said the Canadian investors has showed interest in the crude oil sector in the country, saying that Africa showcased Nigeria as the highest complaint on technical know-how due to the country’s law on local content which is beneficial to the citizens in the oil sector.

    Akpabio hinted that the delegation moved to Houston in the United States of America for oil retreat. He said there is hope that prospective investors would explore the opportunity by investing in the rich oil deposits in the country and in the sta

  • SMEDAN DG to set standard for the agency

    Alhaji Bature Umar Masari has been announced as the new Director-General/Chief Executive of Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

    Masari who was warmly welcome by the Senior Management of the agency, according to a statement, assumed office on Monday.

    Masari said he is going to take the agency to the next level, adding that new standard will be introduce.

    “I will uphold the ideas of the Agency.Our target is to make out what is best for our nation.

    “I will like to be remembered as a man that came to an office, improved on it and left it better off when the time arrives,” he said.

    Masari, 51, hails from Masari in Kafur Local Government of Katsina State. He is an alumnus of two prestigious Institutions – Bayero University, Kano (BUK) and Ahmadu Bello University [ABU], Zaria.

    He is a man of many parts: a journalist, politician, entrepreneur, and a seasoned administrator.

    He attended Kafur Primary School and Government Secondary School Malumfashi before proceeding to Bayero University, Kano [BUK] in 1983. He graduated in 1986 with Bachelor of Arts Degree [Mass Communications] (Hons.) and then proceeded to Ahmadu Bello University, Zaria, from where he bagged a Masters Degree in International Affairs and Diplomacy (MIAD) in 2010.

    He was once a Reporter with the Defunct Democrat Newspapers, Kaduna from 1987-1990. From 1990 to 1999.

    with the Nigeria Customs Service.

     

     

     

  • LCCI urges CBN to review monetary policy

    The Lagos Chamber of Commerce and Industry (LCCI) has urged the Central Bank of Nigeria (CBN) to review its Monetary Policy Ratio (MPR) to grow the real sector.

    Speaking at a stakeholders’ forum organised by the Financial Services Group of LCCI in Lagos, the Chamber’s Director-General, Mr Muda Yusuf, said the CBN’s reforms had stabilised the economy.

    He said there was need to relax the MPR to aid the growth and contribution of the real sector to the economy.

    He urged the CBN to reconsider its decision on the MPR to boost real sector.

    He said: “We expect the CBN to continue to maintain the MPR at 12 per cent considering the inflationary pressure that still persists but may ease the MPR mid way 2013.”

    He said the inability of most firms to meet NSE’s post-listing requirements is a major hurdle in accessing funds on the Nigeria Stock Exchange (NSE) through listing.

    He said: “We have provided different products to address different needs of different markets. For our $1 trillion target, we are working to ensure that the market is not over-hit. We are watching closely to ensure that the fundamentals are right.”

    Muda urged the Federal Government to involve local meter manufacturers in the Transformation Agenda in the power sector to boost the country’s Gross Domestic Products (GDP).

    He said the government should renew its commitment to patronage of local manufacturers of prepaid meters.

    Muda said though the Federal Government has announced its intention to patronise locally manufactured goods, this has not been done.

    “Local manufacturers, including meter manufacturers, have been groaning in loss due to very low patronage they have been experiencing. We want the Federal Government to renew its commitment to start patronising local meter manufacturers to boost their production,’ he said.

    He also said the low patronage of local products often accounted for poor quality and packaging of their goods, which many had complained about.

  • EU, Nigeria sign N18b pacts

    The European Union (EU)has signed three agreements worth 89 million euro (about N18 billion) with the Federal Government to support the non-oil sector and other related developmental programmes.

    Speaking at the event, which held at the Ministry of National Planning in Abuja, the EU Ambassador to Nigeria, Dr David MacRae, said the grants would impact on the targeted sectors and help the country in leveraging its successes and supporting the efforts to attain of the Millennium Development Goals’ (MDGs’) targets.

    The Secretary to the National Planning Commission, Fidelis Ugbo, who signed the agreement on behalf of the Minister of National Planning, Dr Shamsuddeen Usman, and for the Federal Government, said with the deals, the EU would provide the cash, noting that it will help Nigeria achieve the MDGs.

    He expressed optimism that the grants would assist the country in achieving its developmental goals as enunciated in the Vision 20:2020, the administration’s Transformation Agenda and the imminent Second National Implementation Plan.

  • NEMA hails NACCIMA

    The National Emergency Management Agency (NEMA) has hailed the Nigeria Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) for its N250million emergency relief project aimed at supporting disaster victims.

    Speaking at the launch of the project in Abuja, NEMA’s Director-General, Alhaji Muhammad Sani Sidi, said the project was timely, because many communities are confronted with various challenges of natural and human induced disasters.

    According to him, the reason NACCIMA is suporting the fund is borne out of the strong desire to reduce the impact of disasters, ensure the speedy recovery of affected persons and their means of livelihoods and partner with government in the development of the country.

    The NEMA helmsman advocated a synergy between the government and the private sector to restore normalcy and ensure the achievement of the set targets of development.

    He observed that members of the private sector through NACCIMA are looking beyond the profitability of their shareholders and are investing their resources in the service of humanity as part of their corporate social responsibility.

    “This commendable initiative of NACCIMA, which is in line with global best practices presents a win-win scenario for both the private and public sectors of the economy,” he said.

  • SON won’t extend deadline for e-registration

    The Standards Organisation of Nigeria (SON) has ruled out the extension of the June 30 deadline for the electronic registration of products.

    Speaking with The Nation, SON Director-General, Dr Joseph Odumodu, said the deadline had earlier been shifted from May.

    In February, the agency launched electronic registration to check the influx of fake and substandard products into the country.

    Odumodu said under the exercise, products would have an electronic registration code for easy identification of both manufacturers and importers.

    Any product that does not carry SON electronic code by June, he said would be seized and destroyed.

    The aim of the exercise he said, was to ensure a stress-free registration by operators, adding that it would mark another important step in the effort to rid the country of substandard products.

    He said: “Any product that does not carry the SON electronic code by June 2013, will be removed from the market and destroyed by the agency.”

    Odumodu said the agency would set up an electronic security system with the electronic registration with other agencies to give an alert on the arrival of products.

    “At present, we have improved collaborations with relevant authorities in order to achieve this objective. The essence of this is to build a database on details of all the products in the market.

    “We need to have a link with the products by having all the details; we will not accept any product that has no product liability.

    “One point I would like to stress in talking about is that we need to change our strategy and we would do most of the things we did last year, but some additional things would be included and I will explain why we have to do them. We have to do them for sustainability, to also connect to the world.

    “When I started this job, we all focused on the prevalence of substandard products in Nigeria and the challenge of standardisation is that it is measured in terms of the prevalence of substandard product. It is an outcome of a failed system or a non-existed system that leads us to what is currently happening now,’’ he said.

    Odumodu said the organisation would focus on promoting certified indigenous products.

    He said the agency had started a regime aimed at ensuring that any product was traceable.

    “You must be able to tell its characteristics, such as who made it and who brought it into Nigeria, among others,’’ he added.

  • Minister: Fed Govt to finetune multilateral trade policies

    The Federal Government is to finetune multilateral trade policies, Minister of State for Industry, Trade and Investment, Dr. Samuel Ortom, has said.

    This, he said would be done through the execution of liberalised trade and economic policies.

    At a workshop on trade facilitation in Abuja, Ortom said the government was committed to trade facilitation and trade related financial services. The government, he said, was desirous of a smooth and effective import and export procedure relating to customs and port clearance; border management and performance monitoring systems; trade documentation and tariff development.

    He said as a member of the World Trade Organisation (WTO), Nigeria would intensify efforts to play a collaborative role in shaping multilateral trade policies.

    “Mr President is committed to the reform and customs modernisation that will create the necessary enabling environment for investment and trade facilitation.

    “It will also enable our seaports, which have excellent facilities to regain their pre-eminent position in the West Africa sub-region. The government is committed to continue with the reform of the Nigeria Customs Service, which started in 2004. The objective of the reform is to have a service that is responsive to the demands of a rapidly globalised economy in terms of human capacity and ICT infrastructure, which are necessary for the effectiveness of trade facilitation,” Ortom said.

    He commended the management of Customs for the full automation of the goods clearing system and the re-positioning of the Customs Service to meet WCO/WTO standards and ensuring that international requirements are met.

    He said the concern for trade facilitation, which led to WTO negotiations to remove trade inhibitions at the borders, has reduced trade among countries.

    The Comptroller-General, Nigeria Customs Service, Alhaji Abdullahi Dikko, who was represented by Comptroller Azarema Abdulkadir, said trade can be facilitated through an update of customs procedures to a modern technology standard, adding that the Customs Service has undertaken this since 2006 through the development of customs single window for trade; Nigeria Integrated Information System (NICIS); establishment of Nigeria Trade HUB website and Pre-Arrival Assessment Report (PAAR), which covers valuation, classification and risk management for imported goods.

    He said the harmonised processes and policies have contributed immensely in the improvement of Customs operations and speedy clearance of goods and increase government revenue, and that the organisation would continue to collaborate with stakeholders to enhance global trade facilitation and increase government’s revenue.

    The Director, Nigeria Shipping Services, Mrs. Dabney Shaw-Holmer, said Nigeria’s participation at WTO negotiations was aimed at helping traders and Small and Medium Enterprises (SMEs) to have access to trade laws and regulations of their trading partners in a more transparent manner.

    She said an important step was to periodically conduct the needs assessment and utilise the result to develop the skills for favourable negotiations with Nigeria’s trading partners.