The Nation Newspaper

Category: Industry

  • EU invests N6tr in Nigeria

    The Trade Investment of European Union (EU) in Nigeriia is worth about N6 trillion (30billion euro), its Ambassador to Nigeria, Dr. David MacRae, has said.

    The Union is also set to partner with the Federal Government on a project tagged, “Energy for all initiative,” as part of efforts to tackle power supply challenge in Nigeria.

    Briefing reporters in Lagos, MacRae, said the EU Energy programme, which is a new initiative, is designed for the federal and some state governments to meet the energy needs of the country, adding that the project would be unveiled soon.

    He said improved power supply would enhance business activities for small and medium-scale enterprises and create additional opportunities for employment.

    MacRae said: “EU is committed in the negotiation of an Economic Partnership Agreement (EPA) with Nigeria.

    “Nigeria constitutes around half of the EU exports to the region and nearly 70 per cent of the imports. Of course, oil takes the biggest share, but the EU also attracts more than 50 per cent of the Nigerian non-oil exports, and is a key partner, through trade and investments in the industrialisation of the country. Stocks of EU investments in Nigeria alone amounted to no less than 30billion euro in 2010.

    “ We see EPA as a development tool to reinforce regional integration process and foster growth and development. The EU believes that the EPA represents an opportunity to Nigeria in terms of attracting investment to the no oil sectors, improved access to the EU market and economic governance”.

    He said Nigeria has remained EU’s key partner in Africa.

    “For these and associated reasons, EU’s commitment to Nigeria has been on the ascendancy in recent years. Our unwavering commitment to make this country better, a safer place, firmly anchored on the ideals of democracy and good governance has remained on course,” he said.

    He said the Union and the National Planning Commission have signed the Financing Agreements for two European Union- funded projects valued at N12billion( 62 million euro) to support the Federal Government’s efforts in the fight against drugs and related organised crime and the justice sector reform in the country.

    In a related development, the Minister of Trade and Investment, Mr Olusegun Aganga, has said about 18 countries have declared their intentions to invest in the country.

    Aganga spoke in Lagos at the second Nigeria International Investment Forum organised by his ministry.

    He said: “Out of the 20 countries I have visited in the last one year, about 18 countries have shown intentions to invest in Nigeria’s economy.

    “ Japan and 17 other countries were keenly interested in investing in different sectors of Nigeria economy.

    In a related event, the bilateral trade between Nigeria and Brazil recorded an overall balance of $9.6 billion (N1.5 trillion), in 2011.

    Speaking at the Nigerian Brazilian Chamber of Commerce and Industry’s (NBCCI) Thirrd Anniversary cocktail in Lagos, its President, Emmanuel Ibru, said the bilateral trade has been in favour of Nigeria, mainly because of the value of its crude oil export.

    He said: “The total figure of bilateral trade between Nigeria and Brazil for 2011, stood at $9.6 billion. Nigeria’s import was $1.2 billion, while her export was $8.4 billion.”

    To correct the unfavourable trade balance against Brazil, he emphasised the need for increased trade between both countries to achieve a reasonable balance of trade.

  • ‘Trade sectors still down, 52 years after Independence’

    The Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has criticised the poor state of infrastructure, quality of the financial systems, capacity utilisation and the macro-economic condition of the country.

    NACCIMA President, Dr. Herb Ademola, during a briefing to commemorate the nation’s 52nd Independence anniversary, said the resultant effect was that for over 13 years of Nigeria’s democracy, the trade and investment sector has not reached its desired potential. About 50 per cent of the population still languish in poverty as they live below the poverty line of $1.25 a day.

    “Available information to us reveals that while the nation witnessed various government initiatives, programmes and reforms at the three levels of governance to drive their agenda, a lot of energy was dissipated on self-inflicted crisis management while at the same time we continue to struggle with the ‘bubble-burst’ pattern characteristic of past oil price cycles,” he said.

    He said the on-going efforts of our various governments with regards to infrastructure, especially power supply, though significant is yet to meet the expectations of Nigerians and the business community.

    “The Nigerian business sector admits that this challenge is already being battled by the administration of President Goodluck Jonathan with its Transformation Agenda.

    “And with the development in the trade and investment sector picking up faster than ever, Nigerians cannot afford to be hopeless or despondent,” he said.

    He said a critical analysis of Nigeria’s trade and investment sector since 1999 despite the achievements or improvements recorded on the performance of the economy, it must be admitted that the country like other developing economies has its own peculiar challenges.

    Ajayi said the prospects of positive improvements were also quite bright and NACCIMA has no doubt that the trade and investment sector environment, which is the pivot of economic growth, would continue to improve.

    “We would like to draw attention to great advantages in reorganising our civil service, especially the human resources and expertise locked in within civil servants through training and re-training programmes because they are the most important managers of the nation’s policies and progress that would ensure the success of the transformation agenda,” he said.

    He tasked the government consider putting in place entrepreneurial training by the OPS for Youth Corp members to help them discover themselves as employers of labour instead of applicants.

  • Firm launches scratch card lottery

    Firm launches scratch card lottery

    ISIS Gaming Limited has launched the first-ever scratch card lottery that offers players a variety of gaming options in Lagos.

    “Unlike other conventional lotteries, what you see under the silver panel on the scratch card is what you win, thus eliminating the stress of forecasting and waiting for results to be announced,” the firm said.

    ISIS is entering the lottery market on three exciting platforms namely – C money + which sells for N50 and players stand a chance to win from N50 to N50, 000, Money-Rain which goes for N100 and winners have the chance to win from N100 to N200, 000 and the Big-Boy selling for N500 where winners could win from N500 to N500, 000.

    In his address at the event, the Chief Executive Officer, Lagos State Lottery Board, Mr. Lanre Gbajabiamila, commended the initiative, saying “it is the first of its kind in the country.”

    He further stated that the members of the public who patronise the product are spending their money on a good cause as against the “general gambling” belief people hold against lottery, explaining that revenue generated from the lottery will be channeled to infrastructural development in Lagos State.

    The company’s Marketing Executive Officer, Okharedia Otibho, in a chat with journalists, said the company is committed to promoting good cause and enrich lives by developing new games with the high winning chances and payout ratios, adding that the lottery’s winning will also include scholarships awards.

     

  • Govt plans industrial policy to boost growth

    Govt plans industrial policy to boost growth

    To boost economic growth, the Federal Government will soon come up with a new industrial policy , the House of Representatives Committee on Commerce and Industry has said.

    The panel said there was need to diversify the economy through a rapid and sustainable growth plan for the industrial sector.

    Speaking during a tour of WEMPCO Group in Ikeja, the panel’s Chairman, Mohammed Onawo said Made-in-Nigeria goods would be promoted through the envisaged policy.

    He said there was hope for the economic transformation of Nigeria from what could be seen at the company.

    Onawo said the bill is expected to drive the nation’s industrial revolution , adding that it would enhance the activities of the local industries.

    The bill, he said , would also address policy issue; ensure transparent business operational procedures; enhance the economy and build investors confidence.

    A committee, Onawo said , was set up early this year by the Federal Government to work on the bill. The Committee comprises Manufacturers Association of Nigeria (MAN) ; Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA); industry leaders in various sector of the economy.

    “In the past ,inferior products were said to originate from Taiwan and recently from China, but surprisingly the Chinese are here making quality products which can favourably compete globally.

    “The Federal Government will be prompted to do more, through its industrialisation policy by the achievement of this company. It is a foolish thing to depend on one source of income (crude oil), especially with experts predicting that our oil will dry up in the next 40 years,” he said.

    Onawo said the the committee would help the company over come some of its challenges.

    They called on industrialists and investors to come forward with private bills on industrialisation that would help transform the economy.

    “A private member Bill can be sent to us by any industrialist and investor which will be sponsored by members of this committee in the House. We will continue to promote bills that will give our partners confidence and secure their investments,” he said.

    Onawo said the committee was pleased with the employment and wealth creation capacity of the company, the training of Nigerians to operate industrial machines and the promise that in the next five years, all their raw materials would be sourced locally.

    “This is an individual company generating 54 megawatts of electricity on its own, and being here for the past 40 years, it is obvious that they know more about Nigeria than China, so they can better tell the true story of Nigeria as a country of opportunities for those who are seeking success,” he said.

    In his response, the Chairman of the Group, Alhaji Tokunbo Ali, said the firm started with the manufacturing of enamel-ware, and expanded to steel, plywood, hospitality and roofing sheets, among others.

    He said the company boasts of owning the largest wood plantation in Nigeria and 15 factories across the country with around 15,000 staff in the employ of the group.

    “We are still marching on with our expansion vision because we are not a ‘briefcase Group’ and we assure SON that we will abide by their quality standards,” he said.

  • Fed Govt to triple FDI in free zone

    Fed Govt to triple FDI in free zone

    The Nigeria Export Processing Zones Authority (NEPZA) has said the operation of free trade zones has boosted investment in the country with $9billion (N1.4trn).

    Acting Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), David Nongo, said: “Presently Nigeria has attracted over $9billion Foreign Direct Investment (FDI) through free zones operation across the country and that will triple very soon with aggressive government efforts in developing the sector.”

    The NEPZA boss praised the Ministry of Trade and Investment for organising the Oil and Gas Trade and Investment forum, held in Onne, Port Harcourt, Rivers State. He said the forum has opened up the Onne Oil and Gas Free Zone, which he described as the largest in the world, to both foreign and local investors.

    Nongo said NEPZA had opened up a line of communication with other stakeholders, especially the Ministry of Petroleum Resources to attract more Foreign Direct Investment (FDI) through oil and gas.

    He added that the ministry in conjunction with the stakeholders put up the forum to open up the zone to boost investment in the oil and gas sector. “We are out to promote the free trade zone to enhance inflow of FDI and boost the economy.

    “Government plan was to attract investment to the oil and gas sector generally because trade has to live. We will work in conjunction with the Ministry of Petroleum Resources to promote investment in the oil and gas sector.

    “And this is what the ministry has just done and I can tell you that we are going to triple the investment we have been having in the past few years as a result of this forum,” he said.

  • Researcher seeks sweet potato flour as alternative to wheat

    A Rwandan Agricultural Scientist/researcher, Kirimi Sindi, has advised African countries to use sweet potato flour for confectioneries as an alternative to wheat.

    Sindi, in a paper presented at the 16th Triennial Symposium of International Society for Tropical and Root Crops, in Abeokuta, Ogun State, noted that sweet potato is rich in Vitamin A. His paper was entitled What is the consumers’ perception of bakery products made with Vitamin A rich sweet potato and wheat?

    He said the consumption of sweet potato could eliminate Vitamin A deficiency common in many parts of the continent.

    “Sweet potato is better than wheat because it is cheaper while imported wheat is costly,” Sindi said.

    He explained that Africa had many local alternatives to wheat flour that could reduce the cost of producing confectioneries.

    According to him, flour made from potato and cassava can be used to bake bread, doughnut, biscuits and cakes, reducing production cost by 15 per cent.

    Sindi said that a study, conducted by himself and four other researchers in Rwanda showed that confectioneries, made a combination of sweet potato flour and wheat, tasted better.

    He said that respondents in the research, preferred such confectioneries to those made from only wheat.

    “Manufacturers who import agricultural commodities like wheat are facing increasing costs due to rising commodity prices. Sweet potato can replace up to 40 per cent of the wheat in bakery products. This can lower production costs, save a country’s foreign exchange, and increase the rural farmer’s income,” he noted.

    Using the Rwanda study as a reference point, Sindi recommended the establishment of more and efficient distribution and supply chains.

  • Bad roads blamed for high cement price

    THE Cement Manufacturers Association of Nigeria (CMAN) has attributed the high price of cement in some parts of the country to bad roads.

    Briefing reporters after its quarterly meeting to review the performances of cement companies at the United Cement Company , Calabar, Cross River State, CMAN Chairman, Mr Joseph Makoju said manufacturers have done everything possible to bring down the price of the product, adding that road haulage has become a major challenge.

    Makoju said the cement industry has recorded remarkable success , adding that cement companies were succeeding when other manufacturing sectors were shrinking and facing challenges.

    Makoju said local production has risen from two million recorded in 2002, to 13 million in 2011, and even gone up to 17 million in the month of September this year, adding that the policy of the Federal Government in reducing importation has contributed to the availability and affordability of the product.

    He described the government policy of not issuing import license as a land mark achievement and that cement manufacturers had in reciprocating the government gesture, tried to ensure there is availability in the market as well as ensuring a significant reduction in the price of the product.

    Makoju said CMAN is talking to government about investing more on infrastructure and that the main focus of the association include among others, working harder to ensure that there was availability of the product.

    CMAN, he said, is focusing on training and human capital, so as to have qualified Nigerians that would run the plants.

    He said cement manufacturing companies in the country were pooling resources together for the proposed Cement Technological Institute that is to be floated by the government which will soon take off.

    According to him, the institute would help in the area of human capital development.

    Besides, he said CMAN is considering producing new products that will meet the requirements of every body in terms of price so as to meet the various needs of the market.

  • Unilever set to unlock tea’s goodness with product

    Unilever Nigeria PLC, the producer of Lipton Yellow Label tea, has launched its first Lipton tea party tagged “Making Success a Habit.”

    Speaking at the launch of the tea party, the Managing Director, Unilever Nigeria Plc, Mr Thabo Mabe, said the company’s mission is to unlock the goodness of tea, hence, allowing people to drink better and to live positively.

    His words: “On the platform of the world’s number one tea brand – Lipton – we will be specially showcasing the power of a switched-on mind and the amazing things you can achieve when you cultivate the right habits.”

    “Just like good habits, Lipton tea is pleasurable, invigorating and uplifting. It also contains Theanine, which sharpens the mind.

    These qualities of Lipton tea endear it to us, which is why from the moment our tea leaves are picked, to when the tea is brewed, we go extraordinary lengths to deliver natural goodness.”

    The Brand Building Manager, Unilever PLC, Mr David Okeme said the Lipton Tea party is an event put together for young people who wants to achieve or aspiring to achieve in life and it’s about teaching them the habit of taking Lipton every morning to get the right start to the day.

    “The reality is that in 8 out of every 10 homes, you will find Lipton; eight out of every 10 times that tea is consumed in this country, it is Lipton that is consumed. That is leadership that we quite comfortable with.”

    “One of the uniqueness of Lipton is that we source all our materials from renewable sources; we got farms and the farms we pick our tea leaves from got practices that support sustainability. We source our tea from farms in east Africa and other parts of the world but the big chunk of the tea is got from Kenya.

    We grow our tea under a right condition and we are able to guarantee top quality right from the farm straight into your cup.

  • 21-year-old wins entrepreneurial competition

    A 21-year-old undergraduate of Ahmadu Bello University, (ABU), Zaria ,Ashbel Ngalabak Ayuba, has won the 2012 edition of the Global Student Entrepreneurship Awards (GSEA).

    Ayuba would represent Nigeria at the GSEA global final in New-York US on November 14th. In addition, Ayuba would also receive a free business support from Stambic/IBTC Bank and a free communications pack from Etisalat.

    At the event held at the auditorium of the Lagos State Chamber of Commerce and Industry Ayuba show enterprise by bringing the show to his feat as a lad who went into farming at 17, and earned his first millions by selling eggs and other agricultural produce at 20, while still in secondary school .

    The GSEA is an organisation that encourages through awards, cash rewards and trips outside the country to international competitions among other pecks, to youths that have distinguished themselves via exceptional talent in entrepreneurship through their ability to own and successfully nurture their businesses from scratch to some level of prominence.

    Other six finalists were Abimbola Amusan a 300-Level undergraduate of Obafemi Awolowop University (OAU) Ile-Ife; Ashefo Bezaleel Reuben, a 400-Level Computer Science student from the University of Ibadan; Aladasuyi Tolulope a 2011/2012 graduate of Crop, Soil and Pest Management from the Federal University of Technology Akure (FUTA); and Christian Nwosu another 300-Level Agric Economic undergraduate of the Federal University of Technology, Owerri.

    Other finalists would also enjoy Etisalat free communications packs with a potential mentoring programme courtesy the Lagos Chamber of Commerce and Industry internship opportunities.

  • Sweet Sensation opens outlet in Ikorodu

    Sweet Sensation, Nigeria’s leading quick service restaurant, has opened another outlet in Ikorodu.

    According to the MD/CEO, Sweet Sensation ,Mrs Kehinde Kamson, the new outlet is to consolidate the brand’s leading position as the trail blazer in the quick service restaurant sub-sector and the resolute desire to continue to take wholesome meals closer to customers irrespective of class and status.

    “The outlet is simple, compact with the Sweet Sensation trademark of enviable ambience, affordable meals and excellent customer service. It also boasts of an ample parking space,” she said.

    ‘Go Sensation’, the delivery arm of Sweet Sensation also commenced operation to cater for the needs of the busy residents of Ikorodu and environs who may not afford the luxury of time to visit the outlet. “With this introduction, customers can be assured that they will still be able to enjoy all Sweet Sensation meals no matter how busy they may be,” Kamson said.

    The highpoint of the opening was the courtesy visit of top management staff of Sweet Sensation led by the CEO to the Oba of Ikorodu, Oba Oyefusi, the Ayangburen of Ikorodu to formally acquaint the royal father with opening of the new outlet and to receive the royal blessings.

    The Ayangburen gave the visitors his blessings and promised to give all necessary support to the brand whenever necessary.