The Nation Newspaper

Category: Industry

  • AfDB ‘disbursed $5.1b to projects in 2017’

    • Forum to source funding for projects coming

    The African Development Bank (AfDB) recorded an impressive project performance, disbursing a record $5.1 billion to projects and programmes across Africa last year.

    This represented an increase of 14 per cent over the previous all-time high of $4.5 billion in 2016.

    The bank said in a statement during the week that its strong performance and ratings are based on the solid support from its shareholders, including in the form of strong callable capital.

    For instance, its net operational earnings for 2017 showed a 63-per cent jump to $597 million, from $109 million in 2016 – capping a five-year upward trend from 2013.

    The bank’s overall achievements across other key metrics like volume of new development assistance, disbursements and governance, were also excellent, in spite of the difficult operating environment.

    AfDB’s Senior Vice President Charles Boamah noted that “Of all multilateral development banks, AfDB operates in the most challenging operating environment defined by rating agencies as a reflection of the risks associated with the countries of operation.”

    He said the bank’s challenging operating environment was offset by the institution’s intrinsic financial strength, which prompted shareholders at this year’s annual meetings in May to approve the commencement of discussions for a possible seventh General Capital Increase for the Bank Group.

    Such an increase “would further strengthen the financial base of the bank, thereby enabling it to further scale up its support to African countries, including those facing conditions of fragility,” Boamah added.

    Since its founding in 1974, the bank has invested $45 billion in operations across Africa, with significant focus on the LDC countries.

    Since assuming office in September 2015, AfDB President Akinwumi Adesina has overseen wide-ranging institutional reforms and restructuring at the bank, with significant positive impact on its development programmes and cost savings.

    The 2018 Aid Transparency Index Report issued by Publish What You Fund ranked the African Development Bank 4th among 45 development institutions surveyed, lifting the bank by six positions since 2016.

    The bank has the lowest ratio of Administrative Expenses to Adjusted Equity at 2.2 per cent, meaning that it spends the least in administrative costs for every dollar entrusted to it by shareholders.

    AfDB’s strong financial and project performance come ahead of its maiden African Investment Forum next month. The inaugural forum will hold from November 7 to 9, in Johannesburg, South Africa.

    The forum will offer the platform for sourcing funding for bankable African projects, brokering infrastructure deals and providing innovative financial solutions.

     

  • Nigeria-Norway trade volume hits $30b

    The trade volume between Nigeria and Norway stands at $30 billion, the Norwegian Ambassador to Nigeria, Jens-Petter Kjemprud, has said.

    At a forum by the Nigerian Norwegian Chambers of Commerce (NCNN) in Lagos, during the week, he said there is a lot both countries can do together.

    The envoy said, for instance, that Norway investors are planning to increase investments in Nigeria’s oil and gas industry with focus on the power sector.

    According to him, Nigeria’s manufacturing sector can only compete globally if the sector gets cheap and stable power supply.

    “The power sector needs to be regulated and organised to attract investments. There are huge investment opportunities in the power sector and there is also need to secure these investments, Kjemprud said.

    The Chairman, NCNN, Chijioke Igwe, said the objective of the chamber was to grow business-to-business interaction between Nigeria and Norway.

    He maintained that the forum was to seek ways on how best to tap into the resilience and discipline of the Norwegian economy.

    “The chamber cuts across all industries and we want  to create an enabling environment for Nigeria and Norway businesses to interact and develop projects to the benefits of both sides of the divide,” Igwe said.

    He said the chamber has put together a group of professionals to engage the government on the impacts of its policies on the economy.

    Igwe said this was because, most  times, the government does not have a clear understanding of the impact of its policies on business environments.

    The Consul General of Norway, Taofik Adegbite, said Nigeria must harness the technology of Norway to fast-track rapid growth and development.

     

     

  • Making retail industry next growth frontier

    The retail market accounts for 16 per cent of Nigeria’s Gross Domestic Product. It also holds a $40 billion growth opportunity by 2020, driven largely by a market of over 180 million, a growing middle class with spending power and rising urbanisation. Despite emerging as a new frontier of growth for local and international investors and retailers, experts say investors must embrace data and new technologies if they must be part of the future which the retail economy promises. Assistant Editor CHIKODI OKEREOCHA reports.

    A mix of favourable fundamentals and positive forecast may have positioned Nigeria’s retail sector as a new frontier of growth for local and international investors and retailers. Her large market of over 180 million; a fast-growing middle class with disposable income, rising urbanisation rate and a stable polity are transforming that segment of the real estate sector into a gold mine.

    Nigeria’s middle class, which is estimated at about 24 per cent of the population, is credited with having the spending power and the taste for new and convenient shopping culture and appetite for foreign products. Government’s recent push to encourage local production of goods as well as supply chain improvements are also said to have contributed significantly to the sector’s growth.

    Today, the retail sector, according to experts, contributes as much as 16 per cent to Nigeria’s Gross Domestic Product (GDP). A report by McKinsey and Company, a New York-based management consulting firm, also estimated that the growth opportunity in food and consumer goods in Nigeria will reach $40 billion in 2020.

    The firm hinged its positive forecast on Nigeria’s urbanisation rate, which it estimated at four per cent per annum, making it is one of the fastest in the world. And as the trend towards modernisation continues, prompted by continued population shift from rural to urban areas, the firm said this presents a huge opportunity for global retailers.

    But, despite these favourable fundamentals and positive forecast, experts say that embracing data and new technologies are key to making the retail sector more competitive and rewarding to investors while also contributing more to GDP.

    For instance, the Country Head of Fraym, a firm that delivers data and insights into Africa’s fastest growing markets, Ali Djire, believes that embracing a data-driven approach to retail is the way to go.

    He said in a market under pressure with retailers struggling with under-performing new locations due to steep competition and a lack of critical consumer mix, access to data is increasingly transforming the fortunes of companies in the sector.Djire, who is one of the emerging thought leaders in the field, said:

    “The need for a data-driven approach is becoming an imperative for retailers to not only inform what products to carry on the shelf, but also to get unprecedented insights into where to locate their stores, how to price based on ability to pay, and how to respond to competition.

    ”Interestingly, the convergence of Artificial Intelligence (AI), technology and data on Nigeria’s multi-billion dollar retail market will be a strategic focus to local and international developers, investors and retailers at the 4th annual West Africa Property Investment (WAPI) Summit slated to hold in Lagos, November 15-16, 2018.WAPI is the region’s largest and most premier real estate event. It connects the most influential local and international Africa property stakeholders, driving investment and development into a wide range of real estate and infrastructure projects and developments across the region.

    The Managing Director of the WAPI Summit, Kfir Rusin, said this year’s summit will provide a platform for the traditional retail sector to network and realise the real-world benefits of how relevant data and tech is essential to growing the formal retail sector. According to him, the advent of data and new technologies are critical to quickening the somewhat slow pace of recovery in the retail sector post-recession.

    As Djire added, “WAPI is a platform for engagement. It is the platform where the message of a data approach in retail could gain grounds.”There is a unique opportunity to engage directly with decision-makers, demystify the concept of geospatial data, and walk them through the idea of a data approach and how it could affect their business and bottom line.

    “More importantly, it’s an opportunity to hear from them about the ways they think about the market, their business, and their consumers, to ensure that we’re all on the same wavelength.”

    According to experts, Nigeria’s retail market is considered one of the world’s most significant and accessible investment opportunities. They, however, note that for many, the opportunity has been missed or misjudged due to lack of relevant, actionable and useful data.To underscore the opportunity that abounds in the retail sector, Djire said the value of retail to Nigeria’s GDP has been growing, currently accounting for 16 per cent of the GDP and is viewed by many as a new frontier of growth for local and international investors. The Head of Property Development for Novare Equity Partners, a pan-Africa real estate development fund, Jan Van Zyl, shares this view.

    “Nigeria is the largest economy in Africa. Therefore, you cannot brand yourself as a sub-Saharan fund and not have a presence in Nigeria,” he said.Van Zyl added: “We believe that we are at the right place, at the right time, and we have invested in four shopping centres in Nigeria since 2010 with a book value in excess of $300 million.”

    Although, he said the fund was also looking at options in Ghana and Cote D’Ivoire, he emphasised that as one of Africa’s bullish international funds in real estate, the pan-Africa fund was in Nigeria for the long-term.

    Van Zyl said although, the economic recovery over the last 12 months has been slow, it was not a Nigerian, but an emerging market phenomenon.He also said the fact that many potential new entrants into the retail sector are waiting on the sidelines until the uncertainty surrounding the 2019 election period has settled was not a Nigeria specific cycle, but is experienced in most emerging markets throughout Africa and other continents.

    The expert, however, noted that there has been a trend of decreasing the size of future shopping centre developments in the current market, which is one way in which the market has recalibrated to cope with market relating to the recession.

    As part of the recalibration, Djire said his firm was actively working with global investment players, development organisations, as well as local companies to get actionable market insights.

    ”Through our data, we are seeing early signs of companies leveraging Fraym’s geospatial data platform to streamline their operations and retail strategy. We see a growing need for actionable data for companies to be able to make effective decisions,” he added.The first mall in Nigeria,

    The Palms, opened its doors for business in 2005. From that time to 2015 when the crisis in the international market forced down oil prices, leading to the country’s worst economic recession in 25 years, the retail market has been gaining significant interest from local and international investors.

    The investors, which include real estate developers and retailers invested heavily in the development of modern shopping malls and centres similar to what obtains in Europe, America, South Africa and other developed nations.

    From only two shopping malls – The Palms in Lagos and Ceddi Plaza in Abuja, Nigeria now boasts several malls such as the Jabi Lake Mall in Abuja, Ikeja City Mall and Maryland Mall in Lagos, among others in Port Harcourt, Ilorin, Owerri, and Onitsha. According to accountancy firm KPMG, 10 cities have at least one modern shopping mall as at mid-2017.Nigeria’s retail space has also increased, reaching 326,958 square metres (sqm) in 2017, from 30,000 in 2005. However, the total retail space is still considered small compared to other markets such as South Africa, the continent’s most developed retail economy, which boasts of 23 million sqm of retail space.

     

    E-commerce holds promises 

    Although, digitalisation has not yet reached its full potential in Nigeria, there has been a significant proliferation of online delivery services, indicating that the potential of e-commerce in Nigeria is enormous, given the sheer size of the population.At present, Nigeria’s e-commerce market is estimated at $13 billion (about N4.01trillion).

    However, experts in the financial service sector have projected its market value to hit $50 billion (N15.45trillion) over the next decade.

    The National Bureau of Statistics (NBS) was more specific in its projection, noting that the e-commerce sector would contribute about 10 per cent, representing a projected N10 trillion, to the nation’s GDP this year. Already, a recent report by London-based Economist Intelligence Unit (EIU) has identified industry giants such as Jumia, Konga and Jiji as leading the African charge to boost the continent’s growth of online, technology-based retail business.Although, experts say that online retailing is still at its infancy in Nigeria, successes do far recorded by Jumia and Konga, the two largest online retail platforms, are seen as indication that the future of online retailing is indeed, bright.

    This optimism is hinged on Nigeria’s growing Internet penetration and increased adoption of smart phones.

     

  • Making retail industry next growth frontier

    The retail market accounts for 16 per cent of Nigeria’s Gross Domestic Product. It also holds a $40 billion growth opportunity by 2020, driven largely by a market of over 180 million, a growing middle class with spending power and rising urbanisation. Despite emerging a new frontier of growth for local and international investors and retailers, experts say investors must embrace data and new technologies if they must be part of the future which the retail economy promises. Assistant Editor CHIKODI OKEREOCHA reports.

    A mix of favourable fundamentals and positive forecast may have positioned Nigeria’s retail sector as a new frontier of growth for local and international investors and retailers. Her large market of over 180 million; a fast-growing middle class with disposable income, rising urbanisation rate and a stable polity are transforming that segment of the real estate sector into a gold mine.

    Nigeria’s middle class, which is estimated at about 24 per cent of the population, is credited with having the spending power and the taste for new and convenient shopping culture and appetite for foreign products. Government’s recent push to encourage local production of goods as well as supply chain improvements are also said to have contributed significantly to the sector’s growth.

    Today, the retail sector, according to experts, contributes as much as 16 per cent to Nigeria’s Gross Domestic Product (GDP). A report by McKinsey and Company, a New York-based management consulting firm, also estimated that the growth opportunity in food and consumer goods in Nigeria will reach $40 billion in 2020.

    The firm hinged its positive forecast on Nigeria’s urbanisation rate, which it estimated at four per cent per annum, making it is one of the fastest in the world. And as the trend towards modernisation continues, prompted by continued population shift from rural to urban areas, the firm said this presents a huge opportunity for global retailers.

    But, despite these favourable fundamentals and positive forecast, experts say that embracing data and new technologies are key to making the retail sector more competitive and rewarding to investors while also contributing more to GDP.

    For instance, the Country Head of Fraym, a firm that delivers data and insights into Africa’s fastest growing markets, Ali Djire, believes that embracing a data-driven approach to retail is the way to go.

    He said in a market under pressure with retailers struggling with under-performing new locations due to steep competition and a lack of critical consumer mix, access to data is increasingly transforming the fortunes of companies in the sector.Djire, who is one of the emerging thought leaders in the field, said:

    “The need for a data-driven approach is becoming an imperative for retailers to not only inform what products to carry on the shelf, but also to get unprecedented insights into where to locate their stores, how to price based on ability to pay, and how to respond to competition.

    ”Interestingly, the convergence of Artificial Intelligence (AI), technology and data on Nigeria’s multi-billion dollar retail market will be a strategic focus to local and international developers, investors and retailers at the 4th annual West Africa Property Investment (WAPI) Summit slated to hold in Lagos, November 15-16, 2018.WAPI is the region’s largest and most premier real estate event. It connects the most influential local and international Africa property stakeholders, driving investment and development into a wide range of real estate and infrastructure projects and developments across the region.

    The Managing Director of the WAPI Summit, Kfir Rusin, said this year’s summit will provide a platform for the traditional retail sector to network and realise the real-world benefits of how relevant data and tech is essential to growing the formal retail sector. According to him, the advent of data and new technologies are critical to quickening the somewhat slow pace of recovery in the retail sector post-recession.

    As Djire added, “WAPI is a platform for engagement. It is the platform where the message of a data approach in retail could gain grounds.”There is a unique opportunity to engage directly with decision-makers, demystify the concept of geospatial data, and walk them through the idea of a data approach and how it could affect their business and bottom line.

    “More importantly, it’s an opportunity to hear from them about the ways they think about the market, their business, and their consumers, to ensure that we’re all on the same wavelength.”

    According to experts, Nigeria’s retail market is considered one of the world’s most significant and accessible investment opportunities. They, however, note that for many, the opportunity has been missed or misjudged due to lack of relevant, actionable and useful data.To underscore the opportunity that abounds in the retail sector, Djire said the value of retail to Nigeria’s GDP has been growing, currently accounting for 16 per cent of the GDP and is viewed by many as a new frontier of growth for local and international investors. The Head of Property Development for Novare Equity Partners, a pan-Africa real estate development fund, Jan Van Zyl, shares this view.

    “Nigeria is the largest economy in Africa. Therefore, you cannot brand yourself as a sub-Saharan fund and not have a presence in Nigeria,” he said.Van Zyl added: “We believe that we are at the right place, at the right time, and we have invested in four shopping centres in Nigeria since 2010 with a book value in excess of $300 million.”

    Although, he said the fund was also looking at options in Ghana and Cote D’Ivoire, he emphasised that as one of Africa’s bullish international funds in real estate, the pan-Africa fund was in Nigeria for the long-term.

    Van Zyl said although, the economic recovery over the last 12 months has been slow, it was not a Nigerian, but an emerging market phenomenon.He also said the fact that many potential new entrants into the retail sector are waiting on the sidelines until the uncertainty surrounding the 2019 election period has settled was not a Nigeria specific cycle, but is experienced in most emerging markets throughout Africa and other continents.

    The expert, however, noted that there has been a trend of decreasing the size of future shopping centre developments in the current market, which is one way in which the market has recalibrated to cope with market relating to the recession.

    As part of the recalibration, Djire said his firm was actively working with global investment players, development organisations, as well as local companies to get actionable market insights.

    ”Through our data, we are seeing early signs of companies leveraging Fraym’s geospatial data platform to streamline their operations and retail strategy. We see a growing need for actionable data for companies to be able to make effective decisions,” he added.The first mall in Nigeria,

    The Palms, opened its doors for business in 2005. From that time to 2015 when the crisis in the international market forced down oil prices, leading to the country’s worst economic recession in 25 years, the retail market has been gaining significant interest from local and international investors.

    The investors, which include real estate developers and retailers invested heavily in the development of modern shopping malls and centres similar to what obtains in Europe, America, South Africa and other developed nations.

    From only two shopping malls – The Palms in Lagos and Ceddi Plaza in Abuja, Nigeria now boasts several malls such as the Jabi Lake Mall in Abuja, Ikeja City Mall and Maryland Mall in Lagos, among others in Port Harcourt, Ilorin, Owerri, and Onitsha. According to accountancy firm KPMG, 10 cities have at least one modern shopping mall as at mid-2017.Nigeria’s retail space has also increased, reaching 326,958 square metres (sqm) in 2017, from 30,000 in 2005. However, the total retail space is still considered small compared to other markets such as South Africa, the continent’s most developed retail economy, which boasts of 23 million sqm of retail space.

     

    E-commerce holds promises 

    Although, digitalisation has not yet reached its full potential in Nigeria, there has been a significant proliferation of online delivery services, indicating that the potential of e-commerce in Nigeria is enormous, given the sheer size of the population.At present, Nigeria’s e-commerce market is estimated at $13 billion (about N4.01trillion).

    However, experts in the financial service sector have projected its market value to hit $50 billion (N15.45trillion) over the next decade.

    The National Bureau of Statistics (NBS) was more specific in its projection, noting that the e-commerce sector would contribute about 10 per cent, representing a projected N10 trillion, to the nation’s GDP this year. Already, a recent report by London-based Economist Intelligence Unit (EIU) has identified industry giants such as Jumia, Konga and Jiji as leading the African charge to boost the continent’s growth of online, technology-based retail business.Although, experts say that online retailing is still at its infancy in Nigeria, successes do far recorded by Jumia and Konga, the two largest online retail platforms, are seen as indication that the future of online retailing is indeed, bright.

    This optimism is hinged on Nigeria’s growing Internet penetration and increased adoption of smart phones.

     

  • AfDB showcases Africa’s investment opportunities to investors

    The African Development Bank (AfDB) has presented Africa’s financial products and investment opportunities to Nordic investors to leverage more access to financing.

    The Bank made the presentation during a series of road shows it organised, which brought together more than 50 private sector companies, investors and government and public institutions in Norway, Sweden, Finland, and Denmark.

    The aim of the event was to bring the Bank closer to customers in order to increase awareness of key private sector stakeholders to understand the Bank’s financial and risk mitigation products for investment projects.

    The road shows also generated significant interests of businesses to the Africa Investment Forum, the Bank’s maiden market place, scheduled for November 7-9 in Johannesburg, South Africa.

    The first road show took place in Norway on 24-25 September, followed by Sweden on September 27- 28. In Finland, the Bank met key private sector companies, private funds, and pension funds from 1-2 October and the final event was in Denmark on October 4-5.

    The Bank presented its strategy for the transformation of African economies and showcased investment opportunities on the continent. The highly interactive event targeted commercial banks, institutional investors including pension funds, asset managers and insurers as well as individual investors across the Nordic region.

    “Nordic countries are very important for the development of Africa and we want to see more investments coming from these countries. Hence, the road show was organised to showcase African investment opportunities and to present the Bank as a gateway for their investments”, the Director, Syndication, Co-financing and Client Solutions Department, Olivier Eweck, said.

    He added that several private investors and companies have shown keen interest in the Africa Investment Forum.

    The AfDB team discussed key roles in accelerating Africa’s investment opportunities across the Nordic region in line with the Bank’s development priorities for Africa as enshrined in the High 5s such as light up Africa and power Africa, feed Africa; industrialise Africa, integrate Africa; and improve quality of life for the people of Africa.

    The Bank sees its partnership with long-term investors from the Nordic region as important and welcomes their perspective and visions to support new investments in infrastructure and to foster sustainable development initiatives in Africa.

    The Africa Investment Forum is a novel platform for international business and social impact investors looking to transact and invest funds in Africa. It will connect investors with both public and private sector projects throughout the continent.

    The Bank expects that holding the event under one roof would provide an ideal platform for interfacing with its partners, reduce intermediation costs, improve the quality of project information and documentation, and increase action-oriented engagements between African governments and the private sector.

  • ‘Technology key to reaching underserved populations’

    New technology and innovative finance will help bridge the infrastructure gap in getting goods and services to end users, and connecting the underserved populations to business value chains.

    The African Development Bank (AfDB) made this known during a session at the Global Infrastructure Forum 2018, on the sidelines of the World Bank/International Monetary Fund annual meetings in Bali, Indonesia.

    This year’s forum was themed “Unlocking Inclusive, Resilient, and Sustainable Technology-driven Infrastructure.” The “last mile” was a crucial topic of discussion during a main panel session of the Forum entitled “Achieving the last mile through technology.”

    AfDB’s Director for Energy Financial Solutions, Policy and Regulation, Wale Shonibare, said the Bank’s commitment to connect millions of households under its New Deal On Energy For Africa, a core component of its Light Up Africa High 5 development priorities –  required flexibility and innovation from both a technology and financial perspective.

    “We are looking to connect 200 million households to electricity – 75 million of those will be off-grid,” Shonibare, said, adding that “Conventional grids cost, on average, $2,500 per connection in rural communities, whereas mini-grids cost between $500-1, 00 per connection.”

    Shonibare said in Cote d’Ivoire, the Bank’s approval of a credit guarantee covering part of a guaranteed loan facility to Zola EDF Côte d’Ivoire (ZECI), a 50/50 joint venture between Off-Grid Electric (OGE) and EDF, paved the way for them to provide access to approximately 100,000 rural households with pay-as-you-go solar home systems by 2020.

    According to him, this operation was the first large-scale local currency financing structure using the securitisation technique for the off-grid renewable energy sector in Africa.

    Shonibare added that energy projects in Rwanda and Nigeria, which had obtained the Bank’s approval, were additional examples of the Bank partnering with the private sector to bring service to end users in innovative ways.

    Other panelists in the session weighing in from backgrounds in law, private sector and development finance, discussed new and green technology, the digital economy, social media and innovation.

    The Vice President for Economic Research, Risk and Strategy and Partnerships, NDB, Sarquis Jose Buainain Srqis, warned that the contribution of MDB’s would still depend on conventional infrastructure -roads, healthcare access, which is why innovation was particularly essential.

    Jiang Yang, an entrepreneur from China, who has developed a map-based public participation platform focusing on space quality and livelihood issues, said data would be essential to the process of creating opportunities for doing business inclusiveness, and improving the livelihood of people.

    Given the remarkable improvements in the field, Shonibare said there was no doubt as to the role technology could play in the Light Up drive and other key aspects of the Bank’s development agenda.

    He said smart technologies and creative financing models could facilitate business and inclusiveness, while also improving livelihoods across the continent. “We have to look for more ways of scaling up access,” Shonibare said.

    The Global Infrastructure Forum takes place annually and brings together private sector investors with representatives from the United Nations, and leaders from the major multilateral development banks.

    They include AfDB, Asian Development Bank, Asian Infrastructure Investment Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, International Finance Corporation, Islamic Development Bank, New Development Bank, and the World Bank.

     

  • Content Board lauds Dangote Refinery on local content

    The Nigerian Content Development and Monitoring Board (NCDMB) has hailed the management of Dangote Petroleum Refinery and Petrochemical Free Trade Zone Enterprises (DPRP) over its adherence to the local content law in the execution of its projects.

    The Board also declared its intention to further partner with the firm on the implementation of the local content policy.

    The Director, Monitoring & Evaluation, NCDMB, Mr. Akintunde Adelana, who represented the board’s Executive Secretary,  Simbi Wabote, an engineer, disclosed this at the weekend during the DPRP Nigerian Content Sensitisation/Awareness Creation Programme, titled: “Let’s Walk the Nigerian Content Talk Together,” at Lekki Free Trade Zone, Lagos.

    According to him, “The Dangote Refinery project was expected to close a major gap in the supply of petroleum products in the country. We consider this as a very important project and we are willing to partner with the company to ensure full implementation of the local content policy.

    “We embarked on this journey with the company a long time ago and we are ready to partner with the Dangote Group. Part of what you see today is part of our efforts to ensure that the company and its contractors comply with the local content policy and they have put in a lot of efforts in this regard.”

    Speaking further, Wabote described the Local Content Act as the quantum of composite value added to, or created in the Nigerian economy by a systematic development of capacity and capabilities, through the deliberate utilization of Nigerian human, material resources and services in the Nigerian oil and gas industry.

    He said the country recorded loses prior to the enactment of the local content policy, which he noted, came from jobs executed abroad by International Oil Companies (IOCs) operating in the country.

    “The narrative then was that nothing can be done in-country. Plants and modules were fully fabricated offshore without any structure in place to achieve knowledge transfer. Before 2010, we had no active dry-dock facilities. The few we had were abandoned and left to rot away. Today, we have four active dry docking facilities in Port Harcourt, Onne, and Lagos,” he added.

    Wabote said the board’s mandate was to develop local capacity in key areas such as manufacturing and fabrication and promote indigenous ownership of assets and utilization of indigenous assets in oil and gas operations.

    He added that the board’s responsibility also include linking  the oil and gas industry  with other sectors of the economy, enhance multiplier effect of oil and gas investments in the economy and develop pool of competitive supply chain rooted in oil bearing communities.

    Reading the riot act to defaulters of the Nigerian Content Policy, Wabote said non-compliance with the law would result to the suspension of projects/contracts, penalty of five per cent of project sum, withdrawal of NCDMB’s services, and project cancellation.

    Other penalties for non-compliance, according to the Executive Secretary, are escalation to other regulators to withdraw or suspend license, withdrawal of approvals or de-classification of contractor from pre-qualification list, application of the full weight of the law in accordance with Section 68, and publication of non-compliant operators in newspapers and professional gazettes.

    The Chief Operating Officer, Department of Petroleum Resources (DPR), Mr. Giuseppe Surace, said the programme was organised to create awareness among the company’s contractors on the requirements of NCDMB, as part of moves to ensure the local content policy takes root in their day-to-day operations.

    “The programme was organised to ensure that our contractors are well informed about the Nigerian Content Act and this is expected to assist them with the execution of not just the Dangote project, but other projects in their portfolio,” he added.

  • Heineken to inspire global style with fashion week

    Heineken has been announced as headline sponsor for the 2018 edition of the Lagos Fashion Week. The announcement was made at a press cocktail held in Lagos, on October 11, 2018.

    According to Senior Brand Manager, Heineken, Obabiyi Fagade, Heineken is the most international premium beer in the world, with presence in 192 countries.

    He said this internationality is reflected in all the company does, from sponsoring the most prestigious club football competition in the world – The UEFA Champions League, to Formula 1, music, rugby and of course here in Nigeria, fashion.

    Fagade, who represented the Marketing Director, Nigerian Breweries Plc, Emmanuel Oriakhi, at the cocktail ahead of this year’s Heineken Lagos Fashion Week, said for three years now, Heineken has thrown its weight behind the Lagos Fashion Week as title sponsor.

    “This is because as  a brand, Heineken is keenly interested in the development of the Nigerian fashion industry – first because the brand embraces and celebrates the world’s diversity and second because the fashion industry is a typical example of an industry that constantly innovates in order to rise to the changing consumer demands,” he explained.

    According to Obabiyi, following this year’s theme of ‘AFRICA: Shaping Fashion’s Future’, Heineken hopes to inspire African fashion excellence by supporting a new generation of trendsetters and give the needed spotlight to the key players shaping the future of the industry.

    He said the 4-day fashion week was a platform that drives the Nigerian fashion industry by bringing together makers, buyers and the media to view and experience the best collection from designers in the fashion capital of Africa — Lagos, Nigeria.

    As part of this year’s Lagos Fashion Week activities, Heineken is providing unique entertainment experiences for attendees, including remarkable performances by a classical pianist, a ballerina and more to entertain guests.

     

     

    The Heineken Lagos Fashion Week, regarded as the most prestigious fashion event in this part of the world, was founded by Style House Files. The platform provides initiatives that support, strengthen and develop the fashion industry.

    The event features runway shows, fashion business series, fashion focus talks, and the highlight of the week; Heineken Live Your Music (HLYM) after party.

     

     

  • MTN Gets Five New Awards in Nigeria

    MTN Nigeria was the biggest winner of the night at the 2nd edition of the Nigeria Tech Innovation & Telecom Awards (NTITA) held by the Instinct Wave and the Association of Telecom Companies of Nigeria (ATCON) recently in Lagos

    The ICT company carted five (5) awards – Telecom Company of the Year, Social Impact Award, Digital Transformation Award, Customer Experience Award and the Telcom CEO of the Year awards.

    Some of the awards won by MTN on the night Corporate Relations Executive, MTN Nigeria, Tobechukwu Okigbo, who was one of the executives present for the company, received the awards and expressed the organisation’s gratitude to the organisers and the independent judges.

    “We are honoured to not only receive these but to have been considered nominees in such lofty categories. MTN Nigeria has always and will continue to strive for excellence in all frontiers. Recognition for the work that thousands of us come together for every day is an incentive to do more, create more and be more.”

    The Group Chief Executive Officer of Instinct Wave, Akin Naphtal, explained that the prestigious award ceremony has quickly become the benchmark for outstanding performance and a symbol of excellence in leadership in the highly competitive technology industry.

    The award which is only in its second edition, fields judges formed from an independent panel of industry experts and recognises organisational performances products and services, innovations, corporate executives among other categories.

  • 26m women may lose jobs to technology, IMF warns

    About 26 million female jobs in 30 countries are at risk of being displaced by technology, the International Monetary Fund (IMF) has warned.

    The IMF in its report, “Gender, Technology and the Future Work”, said globally, 11 per cent of women were at risk of losing their jobs due to advances in computer technology, while only four per cent of the male population faced the same risk.

    The IMF President, Ms Christine Lagarde, made this known on Tuesday at a panel discussion on “Empowering Women in the Workplace” at the IMF/World Bank Annual Meetings in Bali, Indonesia.

    Lagarde said: “Less well-educated and older female workers aged 40 and above, as well as those in low-skill clerical, service, and sales positions are disproportionately exposed to automation.

    “Extrapolating our results, we find that around 180 million female jobs are at high risk of being displaced globally.

    “Therefore, policies are needed to endow women with required skills, close gender gaps in leadership positions and bridge digital gender divide that could confer greater flexibility in work, benefiting women.”

    Also, the Indonesian Minister of Finance, Mrs. Mulyani Indrawati, said adding more women into the labour force of an economy would reduce poverty and ensure prosperity.

    She urged women to be role models at their places of work. “As women, we must strive to do extraordinarily well in other to set example for the younger generation.

    “We also need to ensure girls have the right role models and mentors so they can really be the ones leading the way,” she said.

    The Executive Secretary, United Nations Economic Commission for Africa, Mrs. Vera Songwe, also said increased access to the Internet would bridge women’s skill gap.

    “250 million fewer women than men in 2017 had access to the Internet. In Africa, 27 million fewer women access reliable and affordable Internet, which will help close the current digital divide,” Songwe said.

    She also said higher female labour force participation could boost economic growth of a country. “Creating more and better opportunities for women to engage in paid work and a greater ability to control their income and assets can also contribute to stronger economic growth in emerging market and low-income economies,” she stated.