The Nation Newspaper

Category: Industry

  • Chamber to banks: be flexible in funds disbursement to SMEs

    The Enugu Chamber of Commerce, Industries, Mines and Agriculture (ECCIMA) has called on relevant financial institutions to be flexible in the disbursement of funds to Small and Medium Enterprises (SMEs).

    ECCIMA President Mr. Emeka Udeze made the call at the chamber’s 45th Annual General Meeting (AGM) in Enugu, during the week.

    He said the Federal Government had taken the right step by recapitalising the the concerned financial institutions, thereby boosting their services.

    “We also commend the Federal Government’s efforts in bringing down the interest rate of loans from the Bank of Industry (BoI) to a single digit by providing N10 billion to them.

    “The setting aside of N15 billion for the recapitalisation of the Bank for Agriculture (BoA) and BoI will always give confidence to SMEs in doing business with these banks.

    “However, the Federal Government should increase the funds being allocated to the two banks as this will grow the nation’s SMEs, which is the life wire of every economy,” Udeze said.

    The president, however, said undue stringent hurdles should not be allowed to defeat the purpose which SME administration and industrial development funds was meant.

    Udeze said the chamber was excited by the Federal Government’s resolve in fixing infrastructure across the country through shrewd budget implementation.

    He expressed the chamber’s optimism that going forward, the economy would be stimulated by the implementation of the 2019 budget.

    He said although, the economy was expected to be stimulated by the financing of contracts across the country, the Federal Government should take the issue of diversification of the economy serious with a view to building a strong and virile economy.

    Udeze praised the Enugu State Government for sustaining and improving the peace, stability and orderliness in the state.

    “This has resulted in the current report of World Bank Ease of Doing Business, which placed the state in second position,” Udeze said.

    In his remarks, ECCIMA Director-General, Mr. Emeka Okereke, said the AGM was a period of stocktaking and mapping out new ways of taking the chamber to greater heights.

     

     

  • Tough times ahead for private sector operators

    Members of the Organised Private Sector (OPS) may be in for a tough operating environment this year. There are fears that the upward review of the national minimum wage as well as the expected increase in election-related expenditure may push up inflation in the coming months. The likely delay in the passage of the 2019 budget may hurt the implementation of capital projects designed to improve infrastructure. Operators and experts say the accelerated passage of the budget and sound policy reforms, among others, are key imperatives to shield the sector from shocks, Assistant Editor CHIKODI OKEREOCHA reports.

    The manufacturing sector currently accounts for just 9.5 per cent of Nigeria’s total Gross Domestic Product (GDP), a figure considered by operators and industry stakeholders as being grossly inadequate, compared with South Africa’s 15 per cent, for instance.

    Understandably, this has compelled operators under the aegis of Manufacturers Association of Nigeria (MAN) to set an ambitious target to substantially improve the sector’s contribution to GDP and appreciably increase member-companies’ capacity utilisation this year and beyond.

    Capacity utilisation in the manufacturing sector slowed to 54.6 per cent in 2018, from 57.14 per cent in 2017, while the aggregate local sourcing of raw materials by the sector also dropped to about 57.87 per cent in 2018, from 63.21 per cent in 2017.

    To boost the sector’s capacity utilisation and enhance its GDP contribution, MAN President, Mr. Mansur Ahmed, announced last week that the association will establish well-structured and mutually beneficial linkages between big companies and smaller ones.

    Ahmed, who spoke during the MAN annual media luncheon in Lagos, said he also plans to expand the scope of strategic corporate partnerships not just in the country, but in Africa at large, adding that MAN will also promote policy consistency in a manner that gains already made are not pulled back while ensuring the revival of sectors that are currently struggling.

    While Mansur’s aspiration for a manufacturing sector sufficiently stimulated to contribute significantly to the nation’s GDP is legitimate and patriotic, there are strong indications that its realisation will not be a walk in the pack.

    Already, a thick cloud of uncertainty may have descended on the sector, as operators and experts predict a gloomy outlook this year, citing among others, the coming general elections, possible delay in the passage of 2019 budget, and likely increase in inflation rate, following the upward review of the national minimum wage.

    For instance, Cowry Asset Limited Managing Director, Mr. Johnson Chukwu, said the expected increase in electioneering activities and subsequent injection of excess liquidity into the system without a corresponding increase in national productivity may push up inflation.

    Chukwu said: “When elections come, parties and contestants spend a lot of money; such monies that come into circulation certainly have to be spent on goods and services. And when you have an increase in demand for goods and services and that increase is not matched by increase in supply of goods and services, the effect will be that prices will go up.”

    The likelihood of this situation and its implication is not lost on the Organised Private Sector (OPS) either. For instance, the Lagos Chamber of Commerce and Industry (LCCI) in its review of the state of the economy and the nation expressed concerns over the possibility of inflation rate remaining in the upward trajectory over the coming months.

    The policy advocacy institution observed that although, inflation rate dropped consistently for 18 months up to July 2018 when it hit 11.14 per cent, it has since been on the upward trajectory.

    Citing latest inflation numbers released by the National Bureau of Statistics (NBS), LCCI President, Mr. Babatunde Paul Ruwase, said the year-on-year inflation rate for December 2018, which stood at 11.4 per cent, will likely remain in the upward trajectory over the coming months.

    He said this will be as a result of the upward review of the national minimum wage, as well as increase in election related expenditures. He, therefore, said it was important to enhance non-oil sector productivity to increase output and moderate inflation.

    Ruwase, who spoke at a press briefing in Lagos, last week, said political transition and electoral process in the country have far reaching implications for the economy because political and social stability are critical factors that drive investors’ confidence.

    “There is a strong nexus between political instability and economic progress. An unstable political environment naturally escalates the risk of investment; it creates anxiety and undermines confidence of investors,” he said.

    The LCCI boss listed other risks associated with the election period to include security risks, governance and policy risks and risk to existing contractual obligations.

     

    Fears over delayed 2019 budget

    Even before Mansur hinted of plans to raise the bar of the manufacturing sector’s GDP contribution, MAN had earlier noted that technically, from the observed trends in the nation’s budget cycle, the 2019 budget proposal might undergo late passage.

    MAN in its outlook for 2019 was emphatic that the resultant negative effect of such delay on the overall economy might be colossal for an economy whose current growth rate is still fragile, despite exiting recession.

    Since the economy exited recession in 2017, it has maintained positive, but fragile growth. There was constrained improvement in the GDP figure in the third quarter of 2018. The year started with 1.95 per cent first quarter growth, and declined to 1.5 per cent in the second quarter. It grew back to 1.81 per cent in the third quarter.

    The economy’s fragile growth, according to experts, is reflected in the growing unemployment figure in the country. For instance, the latest report by the NBS showed that the number of unemployed Nigerians rose from 17.6 million in the fourth quarter of 2017 to 20.9 million in the third quarter of 2018.

    This represents a rise from 18.8 per cent in the fourth quarter of 2017 to 23.1 per cent in the third quarter of 2018. This has prompted calls by real sector operators for sustained efforts to create the enabling environment to attract more private capital to boost investment, spur growth and create jobs.

    MAN Director-General, Mr. SegunAjayi-Kadir, attributed the slowed growth in national output to delay in the passage of the 2018 budget. And this was why he urged the National Assembly to speedily pass the 2019 budget to stimulate economic growth in the face of mounting unsold inventories recorded in 2018.

    He said early passage of the budget will allow funds to be injected into the system for use. MAN also said given the poor state of infrastructure, it expects the government to allocate significant amount for capital expenditure, while moderating the recurrent expenditure.

    The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) National President, Iyalode Alaba Lawson, said the Chamber commends the increased allocations to capital projects in the annual budget.

    She, however, lamented that the late passage and late implementation of the budget have negative effects on the implementation of capital projects from one fiscal year to another.

    “This has serious and negative impacts, especially for the Small and Medium Enterprises (SMEs). And given the fact that over 37 million Micro, Small and Medium Enterprises (MSMEs) employ over 60 million people in Nigeria, we must pay attention to this issue.

    “Infrastructure such as road, power, rail and water are critical to effective functioning of the SMEs and government must pay attention to these areas.

    “We are therefore, calling for the stringent implementation of capital projects designed to improve infrastructure as listed in the budget,” Lawson said.

     

    Outcry over rising debt

    About 25 per cent of the 2019 budget size of N8.8 trillion amounting to N2.140 trillion will go into servicing debts. The Federal Government’s continued borrowing within the domestic market, according to experts, will continue to limit the real sector from accessing funding for expansion and growth.

    They also cautioned that while the effect of the increasing debt might not be immediate in totality, it could be catastrophic in the long term with a chunk of revenue consumed by debt servicing to the detriment of infrastructure development.

     

    Insecurity also as a sore point

    The growing insecurity in some parts of the country, according to Ruwase, has become worrisome because of its grave implications for businesses and investors.

    Indeed, Nigeria has been grappling with protracted security challenges bordering on terrorism by Boko Haram blood hounds in the Northeast, herdsmen/farmers clashes, religious and ethnic crisis, attacks on oil installations, kidnapping, armed robbery and  banditry.

    Expectedly, the impact of these security challenges on businesses and investors’ confidence has been profound, with Ruwase pointing out, for instance, that there are no significant private sector investments in the Northeast for now.

    Also, the increase in the cost of providing additional security by operators in some key sectors of the economy such as oil & gas, telecommunications, manufacturing and banking, have become a source of worry.

    The LCCI helmsman also said the serious security issues confronting the country have grave implications for food security, as it could result to high food inflation forced by constrained investment in agricultural production and agro-allied industries.

    Already, many rural farmers are said to be holding back from the current planting season because of the fear of attacks by herdsmen, a situation that could hamper their ability to produce food.

    Ruwase listed other unsavoury consequences of the growing insecurity across the country to include shortage of local raw materials for agro-allied businesses, negative effects on investors’ confidence, as well as adverse global perception for the country.

    He, therefore, implored the Federal Government to prioritise safety of lives and property. “It is important to consider and review current security strategy to ensure safety of lives and property,” he said.

     

    The imperativeness of reforms

    LCCI Director-General, Mr. Muda Yusuf, said given the challenging economic conditions, key policy reforms would be imperative to support and sustain macro-economic stability.

    He listed some of the reforms that would put the sector and the economy on the path of sustainable recovery this year to include, a foreign exchange management framework that reflects the market fundamentals and the acceleration of the economic diversification agenda.

    Others are the normalisation of Lagos ports environment and the intensification of the oil and gas sector reform, especially the Petroleum Industry Bill (PIB). He also said there is need to reduce the cost of governance at all levels and improve domestic revenue to reduce volatilities of government revenues, among others.

  • Entrepreneurs seek improved auditing to boost SMEs

    Entrepreneurs have urged government agencies to embrace standard internal auditing to predict, indicate and curb sharp practices. This, they noted,  will boost the fight against corruption and promote the Small and Medium Enterprises (SMEs).

    To them, government agencies such as the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), among others, should embrace internal auditing to enable the government diversify the economy.

    Speaking with The Nation in Ijebu-Igbo, Ogun State, Adetowubo Group of Companies Chairman, Chief Ademola Adetowubo, said the Federal Government needs to empower internal auditors in its agencies to boost its revenue generation mechanism and assist the local industries to grow.

    Some tax and corporate lawyers also said the introduction and adoption of simple process of auditing guidelines, Standard Operating Procedures (SOPs), monitoring for compliance and punishment for defaulter will drastically reduce corruption in the country and boost SMEs’ capacity.

    One of the lawyers, Mr. Samson Agbalaya, said corruption is an unbridled propensity to amass wealth over and above the human need with attendant effect on the nation and its economy.

    “Corruption distorts the market, increases terrorism and universal hate, results in lack of employment and kills the small scale industries,” the tax lawyer said, adding that internal audit helps to strengthen the control mechanism in organisations, corporate entities and the country at large.

    According to him, internal auditing remains a viable tool for efficient and effective risk management, internal control or compliance and governance processes, adding that it was designed to add value to organisations and help them accomplish their objectives.

    A corporate lawyer, Mr. Gbenga Ajisafe, however, lamented that the profession had been neglected in Nigeria both at the tertiary institutions and professional levels, including those in practice.

    He stressed that internal auditing remained the panacea to corruption and inefficiencies in government agencies.

    “Internal auditing is about immortalising good corporate governance, effective enterprise-wide risk management and internal controls, compliance and good reporting system in any organisation,” Ajisafe said.

    He said incorporating internal auditing in government agencies as done in developed countries would bring about innovations that would be acceptable as global best practices and assist in developing the local industries.

    He noted that the role of internal audit is to stamp out corruption, which, according to him, is one of the challenges Nigeria is facing in developing its industries and growing the economy.

    Ajisafe, however, stressed that internal auditors should leverage technology to predict trends and intercept issues before they snowball into more serious problems.

    “Robotic process automation saves time and allows the auditor to face other salient activities. There can also be block chain network of ledgers and data to eliminate intermediaries and boost efficiency.

    “It is not at the end of a fiscal year that the government needs to invite an external audit. By then, the crime had been committed and the damage control put in place by the government might not be as effective to assist our industries,” he said.

  • Fed Govt assures businesses of safe, secure environment

    The Federal Government has assured the business community of its commitment to provide a safe environment by ensuring free, fair and credible elections to boost local and foreign investors’ confidence, and promote trade.

    The Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, gave this assurance at a security meeting organised by the Lagos Chamber of Commerce and Industry (LCCI) tagged: “Security Meets Business Session”.

    The SGF, who was represented by Dr. Shade Caifas, at the forum, described the theme  as appropriate and timely, based on the efforts and commitment of the President Muhammadu Buhari led-administration to perform its basic duty of protecting every Nigerian.

    “As we are all aware, there is a relationship between national security architecture and investment.

    “Given the role investment plays as catalyst for economic growth in many countries, this administration is determined to address the spate of insecurity in Nigeria, so as to provide a safe business environment that allows for effective business activities essential for economic growth and development,” the SGF said.

    The Federal Government, according to Mustapha, decided to allocate a huge portion of the 2019 budget to security based on its importance. He said the Federal Government was committed to free and fair elections and urged politicians to give peace a chance by avoiding all forms of political thuggery and violence in their struggle to get elected.

    The SGF pointed out that security agencies have been directed to ensure adequate security of lives and property before, during and after the elections in line with the policy direction of the Buhari Administration.

    He praised security agencies for their efforts at curtailing insurgency in the Northeast and all other forms of criminalities across the country.

    In his address, LCCI President, Mr. Babatunde Ruwase, said the event was organised to serve as a platform for discussions and exchange of ideas among the private sector, the diplomatic corps and the security agencies on the security situation in the country.

     

  • Joké Coker joins Forbes Coaches Council

    The CEO & Lead Coach, Constellation Coaching Group LLC, Mrs. Joké Coker, has been admitted into The Forbes Coaches Council, United States. This makes her an official member of Forbes Coaches Council.

    Forbes Coaches Council is an invitation only community for leading business and career coaches.

    Criteria for acceptance into the council include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors.

    Mrs. Coker was vetted and selected by a review committee based on the depth and diversity of her experience.

    “We are honored to welcome Joké Coker into the community,” said Scott Gerber, Founder of Forbes Councils, the collective that includes Forbes Coaches Council.

    Gerber further said: “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curetted, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”

    As an accepted member of the Council, Mrs. Coker has access to a variety of exclusive opportunities designed to help her and her organisation maintain peak professional influence. She will connect and collaborate with other respected local leaders in a private forum.

    She will also be invited to work with a professional editorial team to share her expert insights in original business articles on Forbes.com, and to contribute to published Question & Answer (Q&A) panels alongside other experts.

    Additionally, Mrs. Coker will benefit from exclusive access to vetted business service partners, membership branded marketing collateral, and the high touch support of the Forbes Councils member concierge team.

    Responding, Mrs. Coker said: “I am grateful to have been invited to such an exclusive group of global leaders in the coaching community.

    “In representing my organisation and indeed, the crop of excellent Coaches in West Africa and around the world, my aim is to propel continued growth in the impact and appreciation of the life changing work being done by the coaching community in general.

    “I will also further cement Constellation Coaching Group’s leadership position in propelling people and organisations to being their very best – through executive coaching, team coaching and coach training.”

    She further stated that “At Constellation, we truly believe in the human propensity for excellence – that there is brilliance in everyone and it is our privilege to work (both in the USA and Africa) with our clients to help them excel sustainably.”

    Forbes Councils is a collective of invitation only communities created in partnership with Forbes and the expert community builders who founded Young Entrepreneur Council (YEC).

     

     

  • Steel merchants seek new mineral sector’s road map

    Steel merchants have urged the Federal Government to develop a new mineral sector road map to boost the industry.
    According to the merchants, Nigeria spends about $4.5 billion (N887 billion) yearly on basic metals imports, made of processed steel, aluminium products and other derivatives.
    They urged the Federal Government to reposition the steel industry via a new roadmap to ensure that the industry is brought back to its rightful place in national development.
    Speaking with The Nation, a steel merchant, Mr. Gboyega Tejumola said, for instance, that despite the country’s ranking in terms of iron ore reserves in the world, exploitation and steel production were still very low.
    He said the government needs to replicate its policies in the sugar and cement industries in the steel industry to end over N887 billion the country is spending yearly on steel import.
    Tejumola said there was the need for the government to address the issue and save the country the huge foreign exchange it spends on steel importation.
    He noted that the Ministry of Mines and Steel Development was generating N700 million at the inception of the administration.
    He commended the initiatives of President Muhammadu Buhari’s administration for creating the necessary environment that is making it possible for the ministry to remit N3 billion through payment of royalty alone.
    “We are happy that Buhari’s administration identified the steel industry as one of the key components of the economic diversification agenda. Nigerian spends about $4.5 billion on steel imports yearly, which could be saved if we start its production locally,” Tejumola said.
    The Federal Government, he added, needs to collaborate with the Nigerian Sovereign Investment Authority, the Nigerian Stock Exchange and other financial institutions in assembling a huge investment fund for the sector.
    Tejumola noted that efforts at addressing the ease of doing business in Nigeria have led to improved ranking in sector specific assessment of the mining jurisdiction.
    He, however, said such efforts need to be consolidated by the private sector, which should develop the mineral value-chain activities.
    “For instance, the establishment of smelting facilities will add value to the minerals and generate huge businesses with attractive financial benefits.
    “Steel remains one of the most important technologies of the industrial revolution and the most valuable industry that any nation that hopes to break through the barriers of modern technology must establish,” Tejumola said.
    Private sector operators, he said, were ready to complement government policies by playing by the rules and promoting local contents.
    “About 15 years ago, Nigeria was faced with a nightmare when it was only producing four million tonnes of cement, but based on the government’s reforms, the stake has been raised to over 40 million metric tonnes, thereby saving the country over $4 billion annually,” Tejumola said.

     

  • LCCI to World Bank: review ease of doing business indicators

    The World Bank should review the indicators for composing the Ease of Doing Business (EoDB) Index to reflect the reality of each country, the Lagos Chamber of Commerce and Industry (LCCI) has said.

    Speaking in Lagos, its Director-General, Mr. Muda Yusuf, said country-specific criteria was desirable and not just using the same indicator for every country.

    He said countries vary in their peculiarities and challenges.

    “Some of the indicators in the EoDB composition do not properly capture the critical variables in our own environment.

    “Issues of power, transportation, security and our regulatory environment are not captured. We need to address all these other variables that are not on the list of the EoDB parameters,” Yusuf said.

    The LCCI chief pointed out, for instance, that the present indicators were about construction permit, ease of starting business, credit, reforms, trading across borders, among others.

    “There are some issues on the parameters that are not fundamental to our own business environment in terms of impact.

    “In many of those countries that you roll out these parameters, security is not an issue, power and transportation are taken for granted; whereas in our environment, these are very big issues,” he said.

    Yusuf said it was cogent for the World Bank to include these excluded variables in order to have a parameter that reflects the reality of each country.

    According to him, the excluded variables were factors that should be addressed as they drive the cost of doing business in the country, which invariably affect the ease of doing business and the business environment.

    The World Bank Doing Business Index (DBI) is a yearly ranking that objectively assesses prevailing business climate conditions across 190 countries based on 10 EoDB indicators.

    The Index offers comparative insights based on private sector validation of reforms delivered in the two largest commercial cities in countries with a population higher than 100 million.

    A nation’s ranking on the index is based on the average of 10 sub-indices namely, starting a business; dealing with construction permits; getting electricity; registering property; getting credit and protecting investors.

    Others are: paying taxes, trading across borders, enforcing contracts and resolving insolvency.

  • ‘Spending can push up inflation’

    The expected rise in campaigns toward the forthcoming next month’s general elections will lead to huge increase in expenditure. Also, the injection of excess liquidity into the system without a corresponding increase in national productivity may push up nflation.

    These were the submissions of Cowry Asset Limited Managing Director Mr. Johnson Chukwu, who argued that with the government’s expenditures expected to increase during the electioneering, operators in diverse sectors should expect inflation to go up.

    “When elections come, parties and contestants spend a lot of money; such money certainly have to be spent on goods and services. And when you have an increase in demand for goods and services and that increase is not matched by increase in supply of goods and services, the effect will be that prices will go,” he said.

    Chukwu told The Nation in Lagos that inflation-induced election-related expenses had started manifesting, with inflation increasing from 11.36 per cent to 11.3 per cent last November.

    Apart from increase in election expenses causing inflation to rise, he said there was also the possibility of the naira coming under serious pressure should the oil price drop. He said when this happened, the exchange rate would worsen and the effect will be visible in the general price level.

    “If the naira/dollar exchange rate increases, it will affect the price of crude, which invariably, could lead to inflation,” he warned, adding that the new minimum wage, when implemented, will also have effect on the price level.

    The expert said the cutting down of the proposed 2019 budget to N8.83 trillion was commendable, pointing out, however, that the budget assumptions appear ambitious, with the crude price of $60 per barrel, for instance.

    “Interestingly, we have seen a slump in oil price. Should that slump in oil price continue, the budget might be unattainable,” Chukwu stated, advising that the government should thinker with the crude benchmark when considering the budget.

    He also said the 2.3 million barrels projected crude production may be challenging, as the country has not achieved that in recent time.

    “I think the 2.3 million barrels are too ambitious; every other thing in the budget is dependent on government projected revenue,” he added.

    Chukwu pointed out that it was difficult to achieve the revenue projection.

    “I think that will be a challenge for the government; if you can’t achieve the revenue projection, it becomes difficult to meet the expenditure projection.

    “I think the government and the National Assembly should look at how realistic the revenue projections are given the current oil price environment,” he further advised.

    The Cowry Asset boss, however, observed that last year witnessed some gradual improvements in the business environment, resulting in the gradual expansion of the productive sector.

    He also observed that there was constrained improvement in the Gross Domestic Product (GDP) figure in the third quarter of last year.

    “There was an improvement in the third quarter 2018. The year started with 1.9 per cent first quarter growth, and declined to 1.5 per cent in the second quarter. It grew back to 1.8 per cent in the third quarter,” Chukwu said.

    He, however, maintained that the economy was on a slow growth path. He observed, for instance, that the trade sector did well, though it was in recession for so long. There was also an improvement in the manufacturing sector.

    “On the average, the economy is on the recovery path, but on a very slow recovery rate,” he stated.

    The expert observed that the economy was not growing at the rate the population was growing. “We saw an increase in unemployment from 17.9 per cent to 20.3 million people, which translated to increase of unemployment rate from 23 per cent to 23.1 per cent.

     

  • Industrialists seek dedicated freight corridor

    Industrialists have urged the Federal Government to modernise rail transport networks and create a Dedicated Freight Corridor (DFC) to serve the industrial clusters.

    They urged the Ministry of Transportation and the Nigerian Ports Authority (NPA) to address the concerns of industries by fixing the rails leading to the ports to facilitate the movement of goods.

    Speaking with The Nation, an industrialist and a former member of the House of Representatives, Mr. Maruf Akinderu-Fatai, said goods worth several billions of naira were transported by members through the ports yearly.

    Viable rail project at ports, the industrialist said, would support hundreds of industries, including cement, fertiliser, pharmaceutical, edible oil, food and a water filtration plant.

    “Rail infrastructure is one of the most important factors for a country’s progress. Although, the country has a large population with its own share of challenges, they can be overcome by energy-efficient technologies and customer-focussed approach

    “The importance of rail transportation in industrial cargo movement cannot be overemphasised. It is the ‘lifeblood ‘ of a nation. If we put the necessary rail infrastructure in place, it will add speed and efficiency to our country’s progress.

    “There is no doubt that good physical connectivity in the urban and rural areas is essential for economic growth,” Akinderu-Fatai said.

    According to him, infrastructural issues, particularly transportation, affect a nation’s progress, so the ports need much faster and efficient transportation systems to meet the target of industrial clusters across the country.

    Also, a member of the Manufacturers Association of Nigeria (MAN) in Ogun State, Chief Ajibola Adesoye urged NPA to bring stakeholders together and address the issues relating to their business.

    He said one of the issues was the delay in fixing the rail and other port infrastructure, which affects industries based on what they go through in clearing their raw materials.

    Adesoye said given the importance of the rail project in meeting the transportation needs, the Federal Government should find a “middle ground”to address the problem of quick evacuation of oods before the end of the second quarter of the year.

    “We do not want the government to shelve the rail project because of its economic importance to the industrial and manufacturing sectors. What we want is either our concerns be addressed or the road infrastructure are developed across the country,” he said.

    Adesoye said MAN’s advocacy campaign was not only aimed at improving the patronage of locally manufactured products by Nigerians, but to also help create more jobs for the youths in the local manufacturing sector by reducing imports.

    An entrepreneur, Mr. Bolarinwa Afuwape, said there was need for the Federal Government to partner  neighbouring countries to ensure that Nigeria’s porous borders are better policed to tackle smuggling and the influx of counterfeit products into the country.

    He urged the government to take action to promote the patronage of Made-in-Nigeria goods and boost the country’s manufacturing sector.

    Afuwape said certain sections of the law should be amended to attract stringent monetary penalties for defaulters, which would serve as deterrent and to protect the quality of goods.

    He added that the major focus of the President Muhammadu Buhari-led administration on the Ease of Doing Business should be on how to increase patronage of locally manufactured goods, as well as to create an enabling environment for the private sector to thrive.

    Afuwape also said the Federal Government should consider the request made by the association for a 35 per cent margin of preference for Made-in-Nigeria products for government procurements, adding that the country has a huge market for locally manufactured products, especially in the textile and footwear industries.

     

  • Gulder unveils ‘Own Your Journey’ campaign for consumers

    Premium beer brand Gulder has unveiled a new brand campaign with the tagline, “Own Your Journey” to inspire consumers on their journey to success.

    At the launch of the campaign in Lagos, the Portfolio Manager, National Premium Lager, Nigerian Breweries, Sarah Agha, explained that its theme would help individuals and consumers have a good definition of their personal journeys in all spheres of their endeavours.

    She said it would encourage them to own their journey to success and be the best version of themselves as they journey through life.

    Shedding more light on the new brand positioning, the Marketing Director, Nigerian Breweries, Emmanuel Oriakhi, said: “Gulder is one of the oldest beer brands in Nigeria, and as we continue to evolve as a brand, we feel the need to continually redefine what Gulder represents.

    “This is not a complete change of direction. We are simply crafting a narrative that allows us communicate our brand values better.

    “We want to encourage Nigerians to be proud of their quest for success. As young Nigerians, we are all on a journey towards achieving our personal and professional goals. This journey is what we want to celebrate.”

    Gulder’s fresh brand perspective will oversee some new creative directions which will further help distinguish the premium beer brand from all other competing brands.

    According to Agha, plans are already in place to launch a series of events that will cut across various media channels to communicate the fresh new identify of the Gulder brand.

    The beer brand had in 2018 introduced its bold new label design, which showcases one of Gulder’s strongest brand assets, ‘The Gulder Knight’, which is faced forward, giving the Gulder brand a more progressive outlook and a new tagline inspired by a fresh perspective themed: “Looking Forward”.

    This change further cemented Gulder’s position as the drink for the modern man.

    Since its launch in 1970, Gulder has often set high standards, achieving various milestones during its illustrious years as the “The Ultimate Beer”. This often led to the brand being regarded as Nigeria’s most innovative beer brand.

    Now, with its decision to urge consumers to “Own Their Journey”, Gulder is set to up the ante by challenging Nigerians to take charge of their quest for success and their proverbial journey towards achieving their personal and professional goals.

    Gulder Beer is one of the oldest Nigerian beer brands, renowned for being a staple for the young, bold and courageous Nigerian. It also celebrates the brave Nigerian spirit, all of these while retaining its crisp taste and signature look.