The Federal Government has begun moves to recapitalise the Bank of Industry (BoI) to ensure the availability of funds to local operators in the real sector.
Addressing reporters in Lagos, the Minister of State for Trade and Investment, Dr. Samuel Ortom, said the Federal Government was aware that funding posed a major challenge to private sector investors, adding that government has set up the machinery to recapitalise the bank.
He said President Goodluck Jonathan had directed the ministry to re-capitalise BoI in such a way that there would be enough resources for serious-minded investors.
According to him, in the course of building capacity for SMEs, it was discovered that one of the major challenges after training was funding which is being addressed through the Bank of Industry (BoI) and Central Bank of Nigeria (CBN).
According to the minister, boosting industrialisation and developing the manufacturing sector would help in resolving many economic problems in the country.
Ortom said the Federal Government has adopted a holistic approach to tackle the challenges faced by investors in the country and is willing to continue providing intervention funds to them. He however warned that government would not allow BOI to go down through the regressive actions of those who plan to misuse such funds.
“We are bent on transforming the financing of our industries to make them work, it is not just enough to borrow money and at the end you have nothing to show,” he stated.
He assured listeners that all sectors of the economy would receive due attention in terms of funding because it was necessary to encourage those who have the passion for creating employment and producing quality goods.
“Developed countries did not get to where they are today by importing, so we must encourage the local manufacturing industry and patronise made-in-Nigeria goods.
When we do this we would be recycling our resources and doing justice to ourselves and our children by securing the future of this country’s economy,” he said.
He said government would continue to partner with the private sector in the area of capacity building, stressing that it was mandatory for all industries in the country employing over five persons to register with the Industrial Training Fund (ITF) for training.
Category: Industry
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Govt to re-capitalise BoI
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SMEDAN, others plan mechanic business clusters
THE Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), National Automotive Council (NAC), the Lady Mechanic Initiative (LMI) and other stakeholders have begun talks on establishing world-class auto-mechanic business clusters, equipped with modern technologies.
A statement from the Assistant Director (Corporate Affairs) of SMEDAN, Levi Anyikpa, said the mechanic clusters are expected to employ hundreds of thousands of male and female technicians in auto repairs and maintenance.
According to the arrangement, SMEDAN would make available some of her Industrial Development Centres (IDCs) scattered across the country, provide entrepreneurship training, provide access to working capital and mentoring services to the prospective beneficiaries.
It said the National Automotive Council (NAC) and the Lady Mechanic Initiative (LMI) which already have some strategic sponsors and partners, are expected to provide the qualitative technical training to existing and prospective auto mechanics using ultra-modern technologies and facilitating the procurement of start-up technologies for the trainees.
Expected to be part of the collaboration are organisations such as; Nigerian Bottling Company, MTN Foundation, Peugeot, Tata, Honda, Mitsubishi, Global Fund for Women, Toyota Nigeria, RT Briscoe, federal Ministries, Departments and Agencies (MDAs), state governments, Foreign Embassies in Nigeria among others.
Speaking in Abuja during a visit by the Founder/Executive Director of Lady Mechanic Initiative , Mrs Sandra Aguebor-Ekperuoh, the Director-General of SMEDAN, Muhammad Nadada Umar, noted that for small and medium enterprises to achieve their optimal potentials in Nigeria, technological advancement must be embraced to full capacity.
He said the entrepreneurial opportunities that abound in the field of auto repair and maintenance should be exploited by all those involved in the business as there are so many potentials for development and job creation in the sector.
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Consumers to get more satisfaction from Royco
Unilever Nigeria has introduced two new seasoning to the Royco family – Royco seasoning powder for stews and soups.
Speaking at the launch of the products, the Marketing Director Mr David Okeme,said: “At Unilever, we continuously improve on our brands because we always want to provide our consumers with products that help them get the best out of life.
“With the new Royco seasoning powders, women now have the opportunity to enjoy the consistent superior Royco quality, as well as an irresistible aroma from their cooking.”
Assistant Category Manager, Savory, Aurora Monye said the decision to come to market with the new offering was in response to the consumers yearnings for affordable and more improved seasoning for cooking.
On what would be the impact of the new product on the fortune of the brand in the market, the Assistant Category Manager added that it would further increase the brand market share in the market and give it a competitive advantage.
“As a company, Unilever has always committed to what will bring the highest satisfaction to consumers at all level of the market.
After a research and survey, we discovered that the market is in need of another tantalised seasoning that would appeal not only to the people at the upper echelon of the market but also the mass market, hence the introduction of Royco seasoning powder for stews and soups,”
Two loyal consumers of the brand; Mrs Ogozi Egbochukwu and Mrs Rasheedat AbdulRasaq also spoke glowingly about the uniqueness of Royco among other seasonings in the market.