The Nation Newspaper

Category: Industry

  • Inflation declines but prices remain high

    Inflation declines but prices remain high

    Inflation has been declining in the last few months, indicating a fall in food prices. But some traders lament that the situation is at variance with reality, FECHUKWU ANYANWU reports.

    Things are technically looking up for the economy.

    Data released by the National Bureau of Statistics (NBS)showed that inflation rate has been declining in the last few months, indicating a fall in price. But in realities, it is not so and traders are complaining.

    According to the NBS, the Consumer Price Index (CPI), which measures inflation, dropped from 17.26 per cent in March to 17.24 per cent in last month. It said the 0.02 per cent drop in inflation rate makes it the third consecutive month of decline in the CPI.

    “The CPI, which measures inflation, increased by 17.24 per cent (year-on-year) though at a slower pace in April 2017, 0.02 per cent points lower from the rate recorded in March (17.26) per cent. “This is the third consecutive month of a decline in the headline CPI rate, exhibiting effects of some easing in the already high food and non-food prices, as favourable base effects over 2016 prices,” the NBS report said.

    However, the report though heart-warming, appears to be at variance with reality. Some traders and consumers, who spoke with The Nation, lamented that the drop in inflation has yet to translate into any significant decrease in prices of most food items.

    For instance, at Ikotun Market, Lagos, traders lamented the low patronage caused by high cost of food items. They cited huge transport costs, high shop rents and various market development levies as responsible for the hike in food prices, urging government to come to their aid.

    One of the traders, who identified himself as John, sells rice, beans and other grains. He  said he travels from Lagos to Abakiliki in Ebonyi State to buy goods and that each time he did, he discovered that prices of foodstuffs remained high. He said he had no choice than to transfer the burden to his customers.

    “I have to add a token on each (derica) or ‘paint bucket’ that I sell to customers to cover my expenses,”  John said, adding that traders in Ikotun Market were merely transferring the extra cost of bringing the food items in to buyers.

    John, however, explained that the price of rice and other grains are not constant because they are seasonal. “There are various types of rice and different time of harvest,” John said, noting that a bag of rice, which sold at more than N20, 000 early this year, now sells at about N17, 800.

    He lamented the low customer patronage that had hit him and other traders in the market. According to him, any slight increase in the price of items is usually resisted by customers most of who end up not buying anything after complaining of not having enough money to buy due to the economic downturn.

    “I didn’t make enough sales early this year because of the recession. After paying shop rent and meeting other expenses, what is left as my profit is never enough to enable me go back to the market and re-stock. I hope the economy gets better soon,”John said.

    He is not alone in his frustration. Mrs. Francesca, who sells provision and toiletries, also lamented that profit had been dwindling as a result of low patronage caused by high prices. She said she was considering switching to another line of business in the hope of breaking even.

    Similarly, Mama Chidera, a food item seller, said she is on the verge of quitting the business because of the fluctuating cost of food stuff coupled with the stress of waking up early to go to Liverpool Market in Apapa area of Lagos to get food items for sale.

    She regretted that despite the reported drop in inflation, cost of food items remained high. For instance, a bag of Egusi sells for N65,000, while a bag of Ogbono, which formerly cost about N95,000, now goes for as high as N100, 000.

    She also said a bag of crayfish, which was N26, 000, now costs N32, 000, while a bag of pepper is now 55,000.

    Mama Chidera also lamented that prices of toiletries and beverages, such as Dano Milk, Peak Milk and assorted brands of soap have remained high, despite the drop in inflation.

  • Tourism: Nigeria’s untapped gold mine

    Tourism: Nigeria’s untapped gold mine

    Despite boasting tourism destinations that could make other countries envious, Nigeria has yet to develop the industry to drive diversification, boost revenue and create jobs. But a strategic rethink on making tourism the economy’s mainstay has taken the centre-stage. Those behind the initiative are seeking stakeholders, the Federal Government’s support to make it work. Assistant Editor CHIKODI OKEREOCHA reports.

    Nigeria is literally sitting on tourism and hospitality gold mine. According to Nigeria Hospitality Report 2016, the industry generated an estimated $5.5 million, about N1.7 billion, representing about 4.8 per cent contribution to Nigeria’s Gross Domestic Product (GDP) in the third quarter of 2016. The report by Jumia Travel Nigeria, Africa’s hotel booking online portal, also said the industry employed about 1.6 per cent of Nigerians in 2016.

    Although Jumia’s Country Manager Mr. Kushal Dutta predicted that the industry’s contribution to the GDP will fall by 7.3 per cent this year, if security challenges persist, he projected that tourism will overtake the downstream oil and gas sector by 2021, if Nigeria adopts the recently-launched African Union (AU) passport. According to him, a unified, pan-African passport will allow free movement of domestic tourists in Nigeria.

    The AU had last year unveiled a common electronic passport that will grant holders visa-free access to all its 54-member countries.. The initiative represented the first step towards increasing mobility for Africans on the continent as well as boosting trade and opportunities for economic growth. The e-passport is expected to be distributed by 2018, with Dutta and other experts expressing optimism that it will boost Nigeria’s tourism.

    But the anticipated boost in tourism, which the proposed AU passport is expected to engender, is not the only indication that the industry’s future is bright. Industry operators and stakeholders also believe that Nigeria boasts viable tourism destinations with potential to turn around the fortunes of an economy severely bruised by recession, if the required infrastructure and appropriate investments are put in place.

    From east to west, north to south, Nigeria is naturally endowed with rich tourist destinations waiting to be fully exploited and harnessed. For instance, while the south west boasts breathtaking sites, such as the Ikogosi Warm Spring in Ekiti State, Olumo Rock in Abeokuta, Ogun State; Osun Osogbo Groove in Osun State, and Idanre Hills in Oyo State, the southsouth prides itself with the Obudu Cattle Ranch and Tinapa Resort, both in Cross River State.

    From the north comes the enchanting Yankari Game Reserve in Bauchi State, Mambila Plateau in Plateau State, and the Sukur Cultural Landscape in Adamawa State, among others. The southeast, on the other hand, has the Ogbunike Cave in Anambra State, Oguta Late in Imo State, National War Museum, Umuahia, Abia State.

    Festivals that can draw tourists from far and near also abound. Some of them include the Argungu Fishing Festival in Kebbi State, Osun Osogbo Festival, Abuja Carnival, Calabar Christmas Carnival, Cross Rivers State Carnival, Eyo Festival, Igue Festival, Ojude Oba Festival, Badagry Festival, and Durba Festival. There is hardly any state in Nigeria without a festival of international standard.

    Unfortunately, most, if not all of these tourist attractions, have yet to be fully developed by successive governments. Issues around lack of supportive infrastructure and investments in each of the tourist sites, insecurity, policy inconsistency, and lack of political will to articulate a clear policy roadmap that will reposition the tourism industry have combined to frustrate efforts at leveraging on a vibrant tourism industry to grow the economy.

    New dawn on the horizon

    Hitherto neglected, the tourism industry looks good to bounce back. Encouraged by the avalanche of tourist sites across the country with potential to make tourism a major revenue earner and also create jobs, the Federal Government has taken a number of steps aimed at repositioning the sector to become the economy’s mainstay.

    Some of the recent initiatives and steps include the recent tripartite partnership involving the Ministry of Information and Culture, the United Nation (UN) World Tourism Organisation (UNWTO) and global news leader CNN, resuscitation of the Presidential Council on Tourism, and relaxation of Nigeria’s rigid visa regime.

    Others are the setting up of a Committee to implement the Tourism Roadmap and the putting in place of a Task Force on creative economy. The Federal Government has also designed a festival calendar for the country to stimulate internal tourism and attract foreign tourists, among other steps.

    The overall objective, The Nation learnt, was to position tourism as the major driver of the ongoing economic diversification agenda aimed at weaning the economy from its over-dependence on proceeds from the oil and gas sector. This was in the wake of the crisis that hit the economy, forcing it into recession, following the crash in oil prices at the international market.

    Already, the ministry’s tripartite partnership with UNWTO and CNN may have raised hopes of industry operators and stakeholders that a rebound of the tourism industry is in the offing. Essentially, the plan, according to Minister of Information and Culture Alhaji Lai Mohammed was to ride on the back of Nigeria’s comparative advantage in film production through Nollywood to promote tourism.

    The Minister made this known at the Nigerian Tour Operators (NATOP) Annual General Meeting (AGM) held in Lagos, early this month. At the AGM with the theme, ‘Positioning tourism within the Nigerian economic space’, he noted that the tripartite partnership was the first of its kind in Nigeria. He said it would go a long way in pushing tourism from the back-burner to the mainstream of the economy.

    Some experts and operators, who spoke with The Nation, noted that an arrangement involving Nollywood, as Nigeria’s film industry is called, could be the tonic to turn around the fortunes of the tourism industry. With the film industry worth about $5 billion, about N1.523 trillion, yearly, they believe that a synergy between government and private sector stakeholders in the film industry will augur well for tourism.

    For instance, the Group Managing Director/Chief Executive Officer, Filmhouse Cinemas, Mr. Kene Mkparu, told The Nation that with Nigeria’s film industry generating a whopping N1.523 trillion yearly, there was the need forthe government, industry operators (film makers) and the private sector to work together.

    Such collaboration, he said, was necessary to fight the over 90 per cent piracy penetration in the film industry. “Nigeria’s over 90 per cent piracy penetration is detrimental to the film industry,” Mkparu said, blaming the country’s high piracy rate on inadequate formal distribution outlets like cinemas or video shops.

    While reiterating that tourism has become a focal point for the government, the Minister added that the Committee on the Presidential Council on Tourism has been resuscitated to engender the sector’s rapid development through policy directions. According to him, The Committee will see to the implementation of the tourism roadmap and the festival calendar.

    Nigeria’s Tourism Master Plan was inaugurated in 2008 with UNWTO’s help and Tourism Development International as consultants. It was aimed at launching the sector as a viable economic alternative to oil, as well as marketing Nigeria’s tourism assets both at the local and international levels. Nine years down the line, the master plan, which would have set the tone for a holistic development of the sector, remained in limbo.

    However, with the harsh realities of the recession caused by crashing oil prices steering Nigeria in the face, the government was left with no option than to revive the tourism plan. This was after the International Tourism Adviser of the UNWTO, Mr. Jim Flanner, visited Nigeria.

    Flanner and his team were in the country to assist in the review of Nigeria’s Tourism Master Plan. He said he was in Nigeria to assist the Technical Committee set up by the Minister to review the document and identify those areas that can be implemented within the shortest time possible.

    According to Flannery, there is a renewed interest in tourism even among the big economies like the United States, because it’s assuming prominence in the global economy due to its vitality and inexhaustible nature.

    “Tourism worldwide is becoming recognized more and more as one of the great economic activities that is of major benefit to countries. Why is it of benefit?  Because tourism unlike manufacturing industry can go into the regions and in fact, it does go into communities and you don’t need major structured investment for tourism to be successful,” he said.

    The UNWTO official observed that the Tourism Master Plan could not be implemented nine years ago because of the sheer volume of activities that previous governments wanted to undertake at once, but lauded the new approach where salient areas can be identified for immediate implementation.

    For Mohammed, Flannery’s visit had kick-started the process of actualizing the six-point agreement reached between Nigeria and the UNWTO during his (Muhammed’s) visit to UNWTO’s headquarters in Madrid, Spain, in July last year.

    He said apart from reviewing the Tourism Master Plan, government has also moved to relax the rigid visa regime that has been discouraging tourists from coming into the country. With the review of the nation’s policies on issuance of visas, it now takes 48 hours to issue visas to foreign tourists interested in exploring Nigeria’s tourism sites.

    Also, the government has designed a festival calendar for the country. The aim was to stimulate domestic tourism and attract foreign tourists. The move was in line with Cross River State former Governor Dr. Liyel Imoke, who canvassed more focus on domestic tourism as a strategy to develop external tourism.

    Imoke, who spoke at the NATOP AGM, however, canvassed the harmonisation of festivals in the country to stimulate patronage and reduce confusion associated with simultaneous holding of festivals. The former governor and indeed, other experts believe that duplicity of festivals was stalling tourism’s growth.

    For instance, following the successful launch and continuity of the Calabar International Festival, similar carnivals/festivals have sprung up in some states across the country, causing confusion in the process. Some of them include the Abuja Carnival, Port Harcourt Carnival (Carniriv), and Akwa Ibom Festival, among others.

    Beyond the need to harmonise these festivals to reduce confusion and stimulate patronage, Imoke was optimistic that with the right policy, vision, infrastructure and attitude, the country could transform tourism into a major revenue earner, if Nigerians could stop the misrepresentation of the country to the outside world.

    Hear him: “The greatest problem facing the development of tourism in the country is Nigerians running Nigeria down, especially some of our people abroad. This is not good for our tourism, as foreigners will have wrong perceptions about us. We need to believe in the country for our tourism to grow. We need to speak well of the country everywhere we go….”

    The Director-General, Nigeria Tourism Development Corporation (NTDC), Mr. Folarin Coker, is no less optimistic over the prospects of tourism emerging the new driver of economic development and growth. He said the agency was partnering with stakeholders to promote domestic tourism while developing the right template to attract foreign tourists.

    Will these initiatives and interventions salvage the tourism industry? The consensus is that the success or otherwise will depend on how far government musters the political will to make the environment conducive through the provision of infrastructure to attract investments

  • Report: Nigeria leads in beer consumption

    Report: Nigeria leads in beer consumption

    Africa is by far the fastest growing region for beer consumption, market research group Global Data (formerly Canadean) has said.

    The group said it found over five per cent annual growth of beer consumption in Africa, compared with three per cent for Asia and less than one per cent for Western Europe.

    “There is untapped potential,” Global Data Analyst Andrew Curran said, noting that although, Ivory Coast is outside the top 10 beer consuming countries in Africa, it is showing more or less matching growth rates to the top 10.

    With 12.28 liters per year, Nigeria leads the top 10 biggest beer drinking countries in Africa, by virtue of her population, which technically results in higher volume and liters consumed per year.

    Beer makes up just 16 per cent of alcohol consumption in Nigeria, while other drinks make up 84 per cent due to the high popularity of home-brewed beverages.

    Nigeria is being followed on the top 10 beer consuming countries in Africa by Uganda, which consumes 11.93 litres per year; Botswana is third, with 7.96 litres per year, leaving Kenya in the fourth position, with 9.72 litres per year.

    While Namibia and Burundi consume 9.62 litres per year and 9.47 litres per year, respectively, South Africa and Gabon consume 9.46 litres per year and 9.32 litres per year, respectively.

    Rwanda consumes 9.10 litres of beer per year, while Tanzania consumes 7.7 litres of beer per year.

    However, Global Data’s research identified Ivory Coast as one of the continent’s most dynamic economies, with annual growth of over eight per cent, and her beer market is also expected to expand.

    “The Ivory Coast is outside the top 10 beer consuming countries in Africa, but it is showing more or less matching growth rates to the top 10,” the report said, adding that Ivory Coast has also gained importance since the recent merger between rivals SAB Miller and InBev.

    According to Curran, SAB Miller and InBev have consolidated their dominance in South Africa and forced Heineken to focus on the francophone West.

    He believes that success in the Ivory Coast could lead to further gains in the region, such as in Burkina Faso and Benin,

    Global Data’s report of Ivory Coast’s push to the top 10 biggest beer drinking countries in Africa came on the heels of Dutch multinational Heineken’s investment of $160 million in the West African country’s beer market.

    Heineken recently launched a new brewery named Brassivoire in association with distribution specialists CFAO on the outskirts of the Ivorian economic capital Abidjan.

    The $160 million state-of-the-art facility has capacity to produce 160 million liters of beer a year. The brewery will produce Heineken Ivoire beer, the result of extensive research into local tastes.

    Brassivoire has around 200 highly-skilled local employees, who have received over 3000 hours of training between them, according to General Manager Alexander Koch.

    The Dutch beer giant Heineken, which is the world’s second largest brewer, is targeting the Ivory Coast, and has said that its Ivoire brand has been well received and intends to scale up production.

    The vast majority of beer consumers in Ivory Coast are provided by French company Castel Groupe, which owns popular brands including Solibra, Flag and Castel. Castel Groupe previously held near monopoly on Ivorian beer market.

    However, with the inauguration of a new $160 million state-of-the-art plant, Heineken has made an ambitious play for the fast-growing Ivorian beer market.

    “It (Ivory Coast) has a young population, a high rate of urbanization – almost 50 per cent already – a dynamic economy and there is only one player so far,” says Heineken CEO Jean-Francois Van Boxmeer.

    What this means is that the battle for the soul of Ivory Coast’s beer market may have commenced. Already, Heineken believes its new Ivoire beer can eat into Castel’s market share, with its relatively low price and a product designed for local consumers.

    “We researched for years,” Koch said, adding, “We developed the bottle, the name, the color code, even the recipe together with the Ivorian consumer.”

    He said the new beer has performed well so far, and production will soon increase. “The Ivoire brand has had an incredibly good reception from the Ivorian consumer,” Koch stated, adding, “We are currently running at full capacity and will bring forward some of our investments to meet demand.”

  • Over 70% of drugs in circulation is fake, says firm

    More than 70 per cent of is fake, the Executive Director, Fidson Health Care Plc, Bola Adebayo, has said.

    Adebayo regretted that the National Agency for Food, Drug Administration and Control (NAFDAC) has failed to curtail the circulation of fake drugs.

    He also blamed the situation on the abscence of genuine drugs manufacturers in the hinterland, as many  are concentrated in big cities.

    He told The Nation that the gap created by lack of genuine manufacturers in the hinterland has led to the over-bearing presence of counterfeit drugs in villages and semi-urban centres in the country.

    On the challenges faced by his members, he said before now manufacturers literarily ran out of raw materials as a result of forex scarcity.

    He, however, praised the apex bank for bending backwards recently by giving them concessionary rate to keep their factories running. He said this has prevented what would have resulted in mass closure of factories.

    Adebayo confirmed that most drug firms are encouraging the Federal Government’s Backward Integration Policy by insisting that they buy pet bottles and glasses locally.

    On the challenges facing the sector, he recalled that they spend over 50 per cent of their working capital on electricity generation.

    “Electricity is not available and where it is available it is not usable. We provide our water, security, roads, access to market and debts from both State and Federal Governments,” he said.

    Meanwhile, the Pharmaceutical Group of Manufacturers Association of Nigeria (PMG-MAN) has concluded plans to hold a forum on: Improving Access to Medicines: The Imperatives of Local Manufacturing and Effective Supply Chain Management.

    The Executive Secretary of PMG, Mr. Obi Adigwe. said that the group, with about 120 members, was desirous of bringing high quality, affordable, sustainable pharmaceuticals closer to the people.

    He called for a concept that will guarantee medicine security and sustainable access to the people in the hinterland.

    Adigwe said there is need for the support of Private Sector Health Alliance of Nigeria (PHN), which represents the country’s foremost private sector platform.

    The platform is led by Alhaji Aliko Dangote, Mr. Jim Ovia, Mrs. Sola David-Borha, Aigboje Aig-Imoukhuede  and others. It has the target to save a million lives every year through various innovations including the setting up of the Africa Resource Centre for Supply Chain (ARC Nigeria).

    Adigwe said the forum hopes to deepen the debate regarding the most effective and efficient strategies to ensure sustainable access to affordable, high quality medicines for Nigerians.

    CEO, Private Sector Health Alliance of Nigeria, Mr. Muntaqa Umar-Sadiq, regretted that Nigeria has a complex healthcare system and pledged the preparedness of his organisation to optimise the nation’s innate abilities.

    He identified the challenges to include fiscal policies, taxes, regulatory agencies; supply chain, which has made it almost impossible for the majority of the people in the rural areas to have access to quality medication.

    Umar-Sadiq called for the reorientation of sovereignty and ownership by the Nigerian government and policy makers to move the country away from being a dumping ground for all manner of products.

    He said: “We should take the issue of health care for the majority of the citizenry as a priority and that of national security. The idea is to prioritise sovereignty over aids and grant.

    “Why should we allow our country to be a testing ground for all manner of vaccines and drugs? What our manufacturers need is encouragement and the provision of an enabling environment with the required and competitive infrastructure.”

  • CPC alerts consumers new unregistered products

    CPC alerts consumers new unregistered products

    The Consumer Protection Council (CPC) has warned consumers to be wary of some new and unregistered products being introduced into the markets, saying many of such products are injurious to health.

    CPC’s South-West Zonal Coordinator Garuba Ahmad gave the warning in Osogbo, the Osun State capital, during the week.

    Ahmad said many unscrupulous persons, who were desperate to make money, were flooding the markets with adulterated and injurious new products.

    He, however, said the CPC had the duty to carry out market surveillance, from time to time, to check the introduction of such fake products into markets.

    Ahmad said fake products such as food and beverages worth N56 million were seized in the zone in 2016.

    He said many sachet water factories were also sealed off in the zone for failing to meet the required standards.

    “We ensure quality of products in the markets and also prevent circulation of fake and injurious products,” Ahmad said.

    He appealed to consumers to always check for National Agency for Food, Drug Administration and Control (NAFDAC) approved number, address of manufacturers as well as manufacturing and expiry date of new products before buying them.

    Ahmad also said the council received 128 complaints from consumers of which 110 were resolved.

  • Sun Trust Bank partners ICD on non-interest banking

    Sun Trust Bank Nigeria Limited (SBN) has signed an agreement with the Islamic Corporation for the Development of the private sector (ICD), an arm of Islamic Development Bank Group (IDBG) to establish a new non-interest banking window.

    SBN Chief Executive Officer Mr. Muhammad Jibrin said in a statement in Lagos, during the week, that the agreement was signed in Jeddah, Saudi Arabia, and that the bank would earn maximum benefits from the collaboration.

    The statement said SBN and ICD are determined to collaborate, facilitate information and expertise exchange that incorporates non-interest banking products and services in Nigeria.

    Jibrin said: “We realize the many benefits of our close collaboration. By establishing the new window, we will diversify our banking offer and will attract investors not only from Nigeria but also from IDBG member countries, and we consider ICD as our strategic partner in those countries.”

    ICD Chief Executive Officer Mr. Khaled Al-Aboodi said they are determined to establish the non-interest window through SNB.

    “We look forward to strengthening mutual efforts in establishing the non-interest window and move a step forward in achieving one of ICD’s main objectives to promote Islamic finance in our member countries”. Al-Aboodi said.

    The mandate of ICD is to support economic development and promote the development of the private sector in its member countries through the provision of financing facilities and investments, which are in accordance with the principles of Shari’a.

    ICD also provides advice to governments and private organisations to encourage the establishment, expansion and modernization of private enterprises.

  • First Northern Nigeria’s solid minerals fair gets stakeholders’ support

    About eight federal agencies and 12 state governments have confirmed their participation at the First Northern Nigeria Solid Minerals Fair and Workshop slated for Kaduna next week.

    Corporate giants on board include Bank of Industry (BoI), Raw Materials Research and Development Council (RMRDC), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Nigeria Export Promotion Council (NEPC).

    Ministry of Mines and Steel Development as well as Ministry of Budget and National Planning have also assured of support for the specialised fair.

    The fair, which is the first of its kind in the solid minerals endowed north, is scheduled to draw attention of relevant stakeholders to available opportunities in the sector.

    Organisers of the event, the Kaduna Chamber of Commerce, Industry, Mines and Agriculture in collaboration with Proedge Limited, stated that the fair would provide a platform for stakeholders to be abreast of best practices in harnessing solid mineral deposits and minimising inherent hazards to individuals and communities.

    The Ministry of Mines and Steel Development has endorsed the event and expressed hope that it would be a forum to “showcase the products and services in Nigeria’s solid minerals sector as a means of diversifying the nation’s economy, increase revenue, as well as create job opportunities.”

    “The ministry therefore, endorsed the event in view of its importance to the change agenda and the nation’s quest for transparency and accountability, particularly in the solid minerals sector,” a letter signed by the Ministry’s Director, Planning, Research and Statistics, Mr. H. O. Davies, stated.

    He said already the forum is attracting support from relevant government agencies, and that participants will be drawn from all the 19 northern states and the Federal Capital Territory (FCT); relevant regulatory agencies, financial institutions, equipment manufacturers, private local and international investors and interested individuals.

    Discussants in the thematic areas who are carefully drawn from the academia, government and experienced industry players, would lead participants to explore legal and regulatory frameworks, collaboration among three tiers of government, management, environment and finance.

    Discussion will also touch on technology/equipment and geological studies to determine quantity and quality issues related to the sector.

    It would also serve as avenue to energise states and local governments to organise and register artisanal miners operating in their domain to ensure safer mining environment and improved revenue; curb environmental degradation and unhealthy practices that characterise illegal mining in many local communities’ activities.

    The forum would also be a rallying point for states and local governments to come up with templates to monitor, guide and support miners for optimal job creation and revenue enhancement.

    In addition, it would provide opportunities for miners to learn the benefits of cooperatives, safer mining processes, equipment leasing and financial support from sundry government agencies for improved productivity and profitability.

    They will learn, first-hand, the operation of government’s minerals buying centres across the country to ensure that minerals are properly priced and sold in a structured market setting as opposed to underground sales that had robbed both the local miners and the country of the expected financial gains.

  • BoI collaborates with NAFDAC on new drug laboratory

    BoI collaborates with NAFDAC on new drug laboratory

    The Bank of Industry (Bol)  in collaboration with National Agency For Food, Drug Administration And Control (NAFDAC) inaugurated a new Agilent High Performance Liquid Chromatography (HPLC).

    At the inuguration of the facility in Lagos, during the week, the Acting Managing Director, Bol, Mr. Waheed Olagunju,  said the essence of the collaboration was to reduce time wasting and  enhance efficiency while carrying out sample tests for the products it regulates.

    He stated that with the machine, over 200 samples of different products would be tested within 24 hours as against five, which was the traditional practice.

    Olagunju pointed out that the turnaround time for the equipment is within 60 days, stressing that the laboratory equipment will enhance acceleration of the process of accessing loans from BoI.

    He said; “We have been supporting members of the Pharmaceutical Group of Manufacturers Association of Nigeria (PMG-MAN). This is the beginning of our long time collaboration with NAFDAC.

    “If you don’t have NAFDAC number, you can’t sell your product. Unless we are sure you will sell your product we will not approve loans for you. With this collaboration, NAFDAC would be saddled with the responsibility of recording those qualified to access loans. “‘

    NAFDAC Acting Managing Director Mrs. Yetunde Oni said the instrument would avail the agency and its laboratory analysts the opportunity to work with user-friendly, high output, sensitive instrument with multiple detectors that can handle various product types.

    She said this would enable NAFDAC to improve on the timelines of analysis of pharmaceuticals, cosmetics, veterinary and other regulated products.

    Oni said:  “It will also equip our analysts to detect substandard and falsified medical products as well as unwholesome foods in our collective efforts to protect public health. This collaboration  is the beginning of greater ties between both organisations to promote and encourage the ease of doing business in Nigeria.”

    According to her,  the central drug control laboratory  is one of the seventh laboratories the agency depended on to make pronouncement on the quality of regulated products, especially human and  herbal medicines, cosmetics and medical devices.

    She appealed for greater support  from key stakeholders in keeping the laboratory fully functional .

    The NAFDAC boss  also urged the supervising ministry  to post  nurses and physicians to work in the clinic.

    The Permanent Secretary, Federal Ministry of Health, Mrs Binta Bello,  in her remarks, employed  all stake holders to support NAFDAC in the  maintenance of the instrument.

    According to her, the instrument will enhance regular training and retraining of staffs on current analytical techniques in quality control and  quality assurance of medicines.

    Since these laboratory equipment’s operations are capital intensive and capital budget release is never adequate, Mrs. Bello urged them to explore opportunities to raise funds to sustain operation of the laboratories.

    Bello said government was delighted to be part of the success story in the  unveiling of the laboratory equipment ensuring that they signed the MoU on behalf of NAFDAC with Bol.

  • BoI to support youths with zero interest loans

    BoI to support youths with zero interest loans

    The Bank of Industry (BoI) has revised its interest rates for corps members under its Graduate Entrepreneurship Fund (GEF) programme, from nine per cent to zero per as part of measures to encourage entrepreneurship and aid business growth.

    Currently on the second edition, the GEF scheme is being implemented by BoI in partnership with the National Youth Service Corps (NYSC) Directorate. It has recorded over N262.9 million disbursements to 177 successful candidates.

    BoI said it decided to further encourage such young entrepreneurs by administering their loans at zero per cent interest charge effective from May 1, this year.

    Existing GEF loans and those to be disbursed from May will require repayment of only the principal amounts, while the 177 candidates that have been financed under the scheme will pay the loan interest that accrued up to April 30.

    As at March 31, 2017, the bank had approved N583.8 million for disbursements to entrepreneurs under the scheme.

    BoI said it was motivated by the larger part of the 177 candidates who have exhibited strong dedication to their businesses and have demonstrated unusual commitment to repayment of their loans including the nine per cent interest portion.

    With the first disbursements already creating impact in the agriculture value chain and creative industry, the bank added that N46.98 million is expected to be disbursed to the remaining 28 successful candidates who are in various stages of complying with the loan requirements.

    “The Bank of industry is highly delighted in the outcome of its investment in these young Nigerians. The bank firmly believes that entrepreneurship is a critical pathway to resolving the worrisome unemployment problem in the country.

    “Hence, the bank desires to ensure the businesses that have been created through the GEF programme remain sustainable with progressive migration from small businesses to medium and eventually to large enterprises,” a statement by BoI said.

    The statement added that the bank believes that that the gesture will further attract young Nigerians that are undergoing their one-year compulsory national youth service to embrace entrepreneurship by participating in the GEF programme.

    “It is pertinent to reiterate that the zero per cent interest charge on loans apply only to the GEF programme, which is implemented in partnership with NYSC Directorate”, the bank added.

  • Film industry: SON advises stakeholders on quality culture

    Film industry: SON advises stakeholders on quality culture

    The Standards Organisation of Nigeria (SON) has urged film producers to adhere to standards to drive the industry.

    ItsDirector-General,Osita Aboloma, made the call at a stakeholders’ meeting with the legends of Nollywood industry, in Lagos, during the week.

    The theme of the meeting was: “Empowering the Nigerian film Industry-issues and prospects.”

    Aboloma, who was represented by the Head, Customer Feedback and Collaboration Unit, SON, Mrs. Mosunmola Samuel, said adherence to quality products and services would ensure inclusive growth.

    Noting that everything in the world is about standards, Abaloma maintained that the agency would continue to work tirelessly in educating Nigerians to be abreast of global trends.

    He noted that the agency was throwing its weight behind the  film industry to ensure that whatever instruments used conformed to the Nigerian Industrial Standard (NIS).

    “We are poised to use every opportunity to educate Nigerians on quality issues,’’ he said, adding that consumer protection could only be achieved through standards hence, the film industry needed to combat faking and counterfeiting through standards.

    “We are here to throw our support to the film industry to support their legends. We are also here to educate them and the physically challenged that are legends. They have contributed one way or the other to the success story of Nigeria.

    “We want to assure them that when they buy made-in-Nigeria certified products, they are buying safety. We want to also educate them on how to identify certified and quality products. If you look at the film industry today, all the products they use are brought into the country and we have a SONCAP scheme that ensures that these products conform to standards,” Abaloma said.

    He added that the SON moved to educate them to look beyond the aesthetic beauty and watch out for the specifications.

    “We are here to support them that through quality the film industry will remain sustainable,” he declared, assuring that SON will continue to use every medium to educate and sensitize the Nigerian consumers.

    In every forum, we discuss standards the safety aspect is taken care of using standards. We talk about every day to day activity. Everything in the world is about standards and we will continue to educate them about the importance of standards”.

    The convener, Mr. Paul Obazele, commended the agency for its fight against fake and substandard goods in the country.

    “SON has helped the film industry by ensuring that only instruments that meet global best standards are used in film production.

    “We are highly grateful for the support and encouragement of the SON. The agency has continued to fight relentlessly to safeguard every sector of the economy against the influx of fake and substandard goods in the country. This is the way to protect the local industries from unfair competition,” Obazele said.