The Nation Newspaper

Category: Industry

  • Envoy seeks patronage of Nigerian goods

    PATRONAGE of made-in-Nigeria products will impact positively on the Gross Domestic Product (GDP), Consul-General, South African High Commission in Lagos, Mr Mokgheti Monaisa, has said.

    The envoy, who spoke with reporters in Lagos, urged the Federal Government to encourage and support local manufacturers.

    He said: “We see a lot of South African products on the shelves of Nigerian markets. We also want to see more made-in-Nigeria goods in South Africa.

    “We have been encouraging Nigerian fashion designers in South Africa. What we want to start is to advance exports of consumer goods from Nigeria to my country,” he said.

    He said Nigerian manufacturers, including small scale ones, lacked basic facilities and which was hampering their progress.

    The consul-general also advised the Federal Government to address the problem of smuggling and importation of banned and substandard goods.

    He said it was imperative that locally made goods should not compete with foreign ones, especially where Nigeria had comparative advantage in the production of such goods.

    Monaisa said the promotion of the manufacturing sector would attract more foreign investors and assured that “South African businessmen will continue to do business with Nigeria”.

  • Nigeria, France trade volume hits $7b

    Trade between Nigeria and France stands at $7 billion, Nigeria’s Ambassador to France, Ambassador Akin Fayomi, has said.

    Fayomi told reporters that the figure represented the volume of trade last year.

    “As at 2012, the volume of trade was about $7 billion which translates to about 4.5 billion euro. It is a lot of money considering the economic recession, though given the potentials of Nigeria, we feel it is not enough.

    “We are France’s second largest trading partner in sub-Saharan Africa, and the trade is in favour of Nigeria as oil is our main export,” he said.

    The envoy, however, said French investors were keen on exploring other areas of investment.

    “Already, there is a lot of involvement in other sectors like construction, manufacturing and others. The oil sector is saturated; Total has been operating in the country for many years.

    “Also in Pharmaceuticals, there are some companies that manufacture drugs in partnership with some Nigerian companies,’’ Fayomi said.

    He added: “Similarly, in waste management and maintenance culture, some state governments are in partnership with French companies.”

    Fayomi further said the embassy was liaising with some French institutions for exchange programmes for Nigerian students and teachers in order to encourage the study of French as a language.

  • ‘Nigeria is bastion for global business’

    frican countries, particularly Nigeria, have been described as the last bastion for business globally. They will prove their potentials as a stable, lucrative continent for international commerce over the next few years, Chief Executive Officer of DHL Express, Mr. Ken Allen, said during his visit to countries in sub-Sahara Africa.

    He said: “Much has been said about Africa’s potential and, while it currently only contributes three per cent of the global Gross Domestic Product (GDP), it is still the fastest growing continent.

    “We have seen positive economic indicators from countries across Sub-Saharan Africa, such as Nigeria, Cote d’Ivoire, Ghana, Kenya, Mozambique and Uganda to name a few, and I believe we will continue to see Africa improve its standing on the international business stage.”

    He, however, pointed out the major challenge facing logistics industry’s operations in Africa.

    He said: ”The major challenge for Africa and, primarily for us as logistics operators, is to improve infrastructure, whether this is road infrastructure or air capacity.’’

  • Firm to boost CSR through online publication

    ThistlePraxis Consulting has introduced into the market,its new online portal, Sustainable Conversations. It will provide up to date information, insights and resources from experts on CSR, sustainability and sustainable development.

    This, according to a statement, is in line with ThistlePraxis’ vision to promote the adoption and practice of CSR in Africa to reach more professionals, organisations and government agencies. It also intends to drive environmental, social and business improvements in the continent.

    A statement by the Lead Consultant/Chief Executive Officer, Ini Onuk, said the response received so far has been very encouraging. He added that the need to take the learning experience a notch higher and reach out to much more interested professionals across the African continent has informed this decision.

    “We look forward to a more rewarding experience as we share more information in line with our quest to ensure an open, unending conversation,” he said.

  • Intel empowers women entrepreneurs

    Women entreprenurs should be encourage through adequate training and empowerment to use their potential and become a major economic block in Africa.

    This was the conclusion of speakers at a technology and entrepreneurship training for the 21st century woman in Lagos.

    Executive Director, The Women’s Technology Empowerment Centre, Oreoluwa Somolu, said: “Entrepreneurial forces are relatively strong in this country with women being at the hub of entrepreneurial activities. The lack of jobs and the rise in poverty leave few other options for the average Nigerian, more so the Nigerian woman. However, there appears to be a critical role and place of technology in entrepreneurship towards the advancement of the nation, for which the woman plays a critical role.”

    Somolu also stated that such an initiative with women empowerment as its focus is a welcome development and hailed Intel Corporation for throwing its weight behind the workshop. She added that for long, issues of women empowerment were treated as trivial.

    Corporate Affairs Manager of Intel, Osagie Ogunbor, noted that the initiative was borne out of the desire to stimulate interests in entrepreneurship as an approach to establish businesses that will strategically place women on a globally competitive level and, ultimately, reduce the increasing unemployment problem in Nigeria.

    “Empowering women through information and communications technology has been considered as critical to the attainment of the Millennium Development Goals in Nigeria. The disparity between men and women in Nigeria with regard to access to basic ICT services has been a gross limitation to the country becoming a major economic bloc in the African sub-region and indeed the world,” he stated.

  • NEPC: $2.7b non-oil products exported in 2012

    The Nigerian Export Promotion Council (NEPC) has said $2.7 billion non-oil products were exported between 2011 and last year.

    During a tour of Olam Nigeria Limited in Lagos, NEPC Chairperson Mrs Grace Clark said the council would enhance the capacity of the local manufacturers.

    “ The country exported about $2.7 non- oil products last year. On those industries that are adding value to the economic, they will received our attention. We want to encourage them to do more. They will be the first to benefit from the various incentives we are working on. This is in line with the government’s Transformation Agenda and backward integration policy. As for Olam, we are impressed in what we have seen so far,” she said.

    She said the Federal Government’s objective of boosting non-oil exports would enable the council to focus more on agro-allied industries as well as improve the packaging and labelling standards of made-in Nigeria products.

    Clark said the sesame seed promotion was part of government’s action to boost non-oil export in the country.

    On the Export Expansion Grants (EEG), Clark said the Federal Government has started a comprehensive review of the EEG programme to cater for inadequacies created by the current scheme.

    She said the reviewed policy would be released this year once the inter-ministerial committee working on the policy concludes its meeting.

    The EEG is a post-shipment export incentive scheme designed by government to encourage non-oil exporters whose minimum yearly export turnover is N5 million. This is geared towards assisting exporters expanding their volume and value of non-oil export. It will also diversify export markets and make them more competitive in the international market.

    The scheme was established by the Export (Incentives & Miscellaneous Provisions) Act of 1986 and currently being administered by inter-ministerial committee made up of the Federal Ministry of Finance, Central Bank of Nigeria (CBN), Nigerian Custom Service(NCS), NEPC and the Special Assistant to the President on Manufacturing Association of Nigeria and the private sector in general.

    Some of the challenges manufacturers encounter with the EEG disbursement include the cumbersome process spread of over 18 months and instability of government protectionist policy, as well as discontinuity of the scheme at a point in time, thus crippling the non-oil export sector at a period.

    The Managing Director, Olam Nigeria Limited, Mr Mukul Prakash, said the company is building a N2billion new modern sesame seed factory, expected to be inaugurated in 2014.

  • Cassava Bread Fund ready in April, says minister

    The Cassava Bread Fund (CBF) will be ready for users to access next month, the Federal Government has said.

    Speaking at the National Stakeholders’ Forum on Cassava Bread in Abuja, the Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, said to support the use of cassava flour substitution in bread; the government came up with some fiscal policies.

    These, he said, included, raising the tariff on imported wheat, removal of duty on enzymes for the production of cassava bread, as well as the removal of duty on equipment and machinery required for cassava bread production.

    Adesina said: “Nigeria is one of the largest importers of food in the world, spending annually about N635billion importing wheat flour for use in bread, confectionaries and other foods. This level of importation of wheat is economically non-sustainable.

    “Wheat accounted for a small share of the national food consumption in the 1960s as bread was not even a significant part of our food consumption. Total wheat import was only 78,000 metric tonnes in 1960. This rose to 1,400,000 MT in 1980; 1,913,000 MT in 2000 and an all-time high of 4,051,000 MT by 2010. By 2011, Nigeria spent N635billion on wheat imports.

    “The substitution of cassava flour for wheat flour is not a political decision. The substitution of up to 40 per cent wheat flour with cassava flour will save the economy N254billon annually. The savings will go to our own cassava farmers and processors, creating millions of jobs instead of exporting jobs to other countries.”

    The minister lamented that farmers were experiencing low and variable prices for cassava due to poor development of markets, adding that the use of cassava in the production of bread was one of the thing that would shore up the value of the produce.

    In a related development, the government has begun talks with the United States to fast-track increased investment in the agricultural transformation agenda.

    At a meeting with the U.S Corporate Council to Africa, led by the U.S. Ambassador to Nigeria, Terrence McCulley, Adesina, who solicited investment in Staple Crop Processing Zones (SCPZ), said the government had identified 14 sites, where infrastructural facilities, such as roads, water and electricity would be provided for investors.

    The government, he said, is working with the ministries and its departments, and international development agencies, to attract private sector agribusinesses into the storage, preservation, processing, and distribution of local agricultural produce in clusters of high food production.

  • ‘How to attract investors, by US envoy

    For Nigeria to be a major player in the global business world and attract more foreign investors, the act of global best practices must be strictly adhered to. This was the submission of the Ambassador of the United States to Nigeria, Ambassador Terrence McCulley.

    He said accountability and transparency should be the rule of the game, adding that the government should set the rules with a vision and mission of how things should be done.

    He said this at the briefing on the Corporate Council on Africa (CCA), Infrastructure Trade Mission to Nigeria.

    McCulley said: ‘’American and Nigerian businesses have a great deal to share with each other as the Nigerian market offers tremendous prospects.’’ He said the United States remains a key partner as Nigeria develops into a dynamic and mature economy.

    The trade mission was led by the Executive Vice President of the Overseas Private Investment Corporation (OPIC), Ms. Mimi Alemayehou.

    She said Nigeria will benefit from high value and high quality product being offered in the US.

    Alemayehou said African countries do not trade with each other as only 10 per cent of inter-trade is done among African countries unlike the level of trade between Africa and the rest of the world mainly caused by poor infrastructure.

    OPIC is the U.S Government’s Development Finance Institution and manages over $16 billion in financing and insurance, in support of private sector investment in emerging markets.

    She said the trade mission is designed to foster commercial engagement and create lasting relationships from which prospective business opportunities and avenues for collaboration can be explored.

    She said her institution intends to participate in the financial, energy and agriculture sectors where there is huge potential for progress .

    On the level of insecurity in the North, the Ambassador said it is a concern, which the President has to address.

  • DVK CEO named Global Entrepreneur of the Year

    DVK CEO named Global Entrepreneur of the Year

    The Founder of international trading and finance company DVK, Deepak Kuntawala, has been named the Global Entrepreneur of the Year at the TiE UK Awards 2013.

    Deepak Kuntawala was recognised for growing DVK from a start-up to an international brand with innovation and hard work

    Chief Guest and keynote speaker, the Rt. Hon. Nick Clegg MP, Deputy Prime Minister and Leader of the Liberal Democrats, presented the DVK CEO with the prize at the Grosvenor House Hotel on Monday, March 18.

    The Indus Entrepreneur (TiE) UK Awards select the finest in entrepreneurial talent from across the UK. The ceremony also honours the best of Britain’s Asian business and enterprise practitioners; those with the innovation, vision and tenacity to achieve success.

    In attendance at the ceremony were TiE UK Charter Members, high net worth individuals, political and public figures, including James Caan, music sensation and founder of New York Coffee Club Peter Andre, Jacqueline Gold, CEO of Ann Summers and Knickerbox, online gaming billionaire Vikrant Bhargava, Lord and Lady Dholakia and Lord Loomba.

    Deepak who was thrilled to receive the  award  thanked his supporters and team. He noted that “TiE UK is pivotal in nurturing entrepreneurs in the UK. These awards have always been a showcase for the UK’s many business talents who have contributed, and will continue to contribute, to the UK’s economy.”

    “My Grandfather and Father instilled in us that as you sow, so shall you reap, and that hard work will one day bear fruit. Indeed, the late Steve Jobs said: ‘I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance,’” he stated.

    Following the  award win, Deepak  has established an apprentice scheme at DVK to help aspiring entrepreneurs to learn the skills needed to succeed in the world of business.

    In line with the estimated £3.4bn that apprentices are said to contribute to the UK economy, Deepak said:  “We want to share our success by initiating and establishing an Apprentice Scheme – this year. We already had a student from the London School of Fashion.  In the next quarter, we will take two people. DVK believes that apprentice schemes are a powerful medium for any economy to flourish.”

    He quoted Nick Clegg MP, who had previously spoken about the value of apprenticeships, saying:  “’Apprenticeships are at the heart of our drive to provide employers with people who have the skills needed for their businesses to prosper and compete, often in a global market.

    “’Apprentices are vital to Great British business – from mechanical engineering and business administration to dental nursing and physiotherapy. We are making it as simple and rewarding as possible to take on apprentices.”

    Recently, DVK opened an office in the Kingdom of Saudi Arabia, with His Royal Highness, the Prince of Saudi, appointed Chairman of DVK Saudi.

    Deepak is also preparing to set up a Shari’ah Fund for women, designed to attract investment to the Middle East region. DVK’s successful performance in the last quarter has also led to the establishment of a DVK office in Bahrain.

    DVK’s other projects in the Middle East includes key infrastructure schemes. He also has ventures with China, and private equity transactions in Russia and Africa.

    The company is building an aviation wing that will create a cargo business in the Kingdom of Saudi Arabia as well as in other Gulf States, the Commonwealth of Independent States and Africa. DVK Aviation plans to develop new markets in the Gulf region while increasing its acquisition of aircraft and private jet businesses.

    The brand has a portfolio of businesses across private equity, wealth management, structured trade and commodity finance, capital markets, infrastructure, real estate, mining, aviation and fund management sectors.

    It is active in the following countries and territories; the Kingdom of Saudi Arabia (KSA), Bahrain, China, Hong Kong, the UAE, Switzerland, Nairobi, Ghana, Malawi and the cities of Moscow, Johannesburg and Madrid.

     

     

  • NACCIMA to raise N250m for disaster victims

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) is set to raise N250 million for emergency relief programme for victims of disasters.

    The fund raising programme, coming up in Lagos and Abuja, is expected to bring intervention in three areas, which are post-disaster medical services, psychological healing service and business advisory and soft loan for victims of disasters.

    Chairman, NACCIMA Emergency Relief Programme, Mr Goodie Ibru, in a statement, said NACCIMA decided to intervene in the three areas because most victims of disasters have psychological trauma as there is little or no immediate and long term psychological healing in terms of counselling.

    President of the association, Dr. Herbert Ajayi, said multinational and indigenous corporations should also support the initiative to help poor and weak Nigerians through their social responsibility funds.