The Nation Newspaper

Tag: investment

  • Investment in IT key to Nigeria’s growth, says NAICOM chief

    Investment in IT key to Nigeria’s growth, says NAICOM chief

    Nigeria must invest heavily in technological development and management, which will in turn aid growth and suitable competitiveness in various sectors of the economy, Commissioner for Insurance, National Insurance Commission (NAICOM), Mohammed Kari has said.

    He made this call at the maiden conference on Management, Technology and Development of the Abubakar Tafawa Balewa University (ATBU), Bauchi, Bauchi State.

    The Commissioner, therefore, challenged the University’s Faculty of Management Technology to reach out to insurance sector to maximise its contribution of technology in the country and ensure some relationship is developed soonest.

    He noted that as robust as the curriculum vitae (CV) of the faculty was, as read out by the Dean, it was sad to see that it is yet to have a partnership with ithe nsurance sector.

    He said investment in technology is necessary if the country is to maximise the contribution of technology to innovation and productivity in industry.

    He noted that to ensure this, the government needs to address key action areas, which include translating research to business, provide incentives to innovate, local and international collaboration, and technology adoption.

    He said: “Taking full advantage of research and realising the full innovation dividend for the economy requires significant improvements in the translation of research to business. Many systematic and cultural barriers exist, as well as market failures that can be profitably addressed by government action.

    “Incentivising and facilitating businesses, particularly small to medium enterprises, to efficiently adopt new technologies can further lift innovation, productivity growth and competitiveness. Improving collaboration in Nigeria between businesses and publicly funded research institutions including the universities, will significantly enhance innovation. International collaboration is also critically important. Both domestic and international collaboration will improve the productivity and competitiveness of Nigerian technology based firms.

    “Also, technological innovation is key to building industry competitiveness, through increasing productivity and reducing costs, realising commercial opportunities from research investment, and creating new areas of competitive advantage.”

    He rated technology and its application as one of, if not the main driver that can fast track any meaningful development.

    He pointed out that there is no denying the fact that the changes in technology have affected most industries worldwide. According to him, globalisation, which dominates the world today, was influenced mainly by information technology.

    “Information technology (IT) has transformed the process of production, product design, raw materials sourcing, transport, manufacturing, health care, marketing, service delivery and even general management.

    “There is also no denying the fact that industrial competitiveness has enabled countries to increase their presence in international and domestic markets whilst developing industrial sectors and activities with higher value added and technological content,” he added.

  • Slow growth spurs investment in agric

    Project  Director, Cassava: Adding Value for Africa (C:AVA)11,Prof  Kola  Adebayo  said  the slow growth in the agric sector has increased the need for more  investment  to drive transformation and inclusive growth.

    According to him, investment in agric is one of the most important and effective strategies for economic growth and poverty reduction.

    To  promote sustainable economic growth and poverty reduction,  Adebayo  said  it has become critical  to  increase investment while the  government  should work with  the  private sector to develop and deliver affordable solutions to the benefit of both producers and consumers, including the traditionally unbanked.

    While farmers are encouraged to embrace modern farming to ensure sustainable food security Adebayo said the suspension of support under the Growth Enhancement Support Scheme (GESS) was making it difficult for famers to increase production and meet the market demands.

    According to him, accelerating the pace of transformation in the agric sector, should be a major priority of President Muhammadu Buhari with food security issues as well as lifting people out of poverty.

    He said Nigeria’s potential in food production has remained unutilised despite promises by the government to reform the sector.

    He said it was time for the sector to improve the quality of products by following market demand while applying science and technology, marketing, and trademark building to boost efficiency.

     

     

     

     

     

     

  • IBB advocates private investment in education

    To address the decay in Nigeria’s education sector, former Military President, General Ibrahim Babangida has advocated for more private investment in education.

    He said private investment would revamp the country’s education, noting that it should not be left in the hands of government alone.

    Babangida made this call at the 20th anniversary of the El-Amin International School, Minna founded by his late wife, Maryam as part of her contribution to the development of the education sector in the country.

    Babangida said her passion for the overall well being of women and girls informed her decision to establish the school.

    He said with the collaboration of government and private investors, Nigeria’s education system would be one of the best in the world.

    Also speaking, Executive Director of the School, Dr. Mohammed Babangida, said the school is living the vision of the founder.  He described it as the most vibrant and outstanding private school in the north.

    “El-Amin runs both national and international examinations such as WAEC, NECO, Edexel and Cambridge. It has over the years churned out students that have today excelled in their various academic and professional endeavors.”

     

  • ‘Make investment in water sector profitable’

    ‘Make investment in water sector profitable’

    Michael Ale is the National President Association of Water Well Drilling Rig Owners and Practitioners (AWDROP). In this interview with TAYO JOHNSON, the former governor of World Water Council says he is committed to ensuring production of quality water for human consumption. 

    How would you describe the water situation in the country?

    Development of water resources in Nigeria cannot be described as sustainable. This is because we have considered one aspect of growth without due consideration to the essentials of growth which include competitiveness and inclusiveness.

    Management is also a critical aspect of growth. The reason for setbacks in the water sector is that we concentrate more on water resources development without necessary framework to sustain such growth. We have witnessed tremendous development in the past years because every government has responsibility to provide water for its citizens. But the main development framework has not been designed to meet the expected targets.

    How much do you think Nigeria loses annually as a result of lack of commitment to develop the water resources?

    Government has been investing in water resources, but the investment has been uncoordinated, improper and non-profitable. Annually, Nigeria loses billions of Naira due to lack of proper coordination of her water resources. Inappropriate concept, development, implementation, monitoring and management of any water project leads to financial loss.

    If such amount expended in constructing water infrastructure which is later abandoned is made accessible to the poor in terms of empowerment or poverty alleviation, it will solve a lot of problems. Most of our dams are not well managed. As a result of this negligence, Nigeria loses so much. This results from lack of leadership direction.

    If fully tapped into, how much jobs do you think can be created in the sector?

    If all policy instruments available to the Ministry of Water Resources such as National Water Resources Master Plan, (NWRMP), Code of Practice for Borehole Driller (CoP), Water Investment Mobilisation and Application Guideline, (WIMAG) etc, are well harnessed and put in perspective, the water sector can create both direct and indirect job opportunities for a large number of Nigerians.

    In the drilling sub-sector alone, the value chain of operation can provide over 50,000 jobs if the code of practice is fully harnessed. Provision of drilling equipment (rigs) and accessories for practices in the universities will create another 20,000 jobs.

    Compared to other developing countries, how is the water sector fairing in Nigeria?

    We are not doing badly. What is required to bring us back on track is the right leadership. From the last statistical information by the National Bureau of Statistics, access coverage for water supply is over 54 per cent while about 48 per cent has access to sanitation which is not bad enough considering the current situation of lack of information.

    But the current national water supply and sanitation data base update (NWSSDU) being undertaken by the Federal Ministry of Water Resources under the National Urban Water Sector Reform Programme (NUWSRP) (World Bank-Assisted), will give the true reflection of our current status

    In the light of this, we can measure performance using the layman’s tactics such as how many cases of diarrhoea, cholera, dysentery and shistosomiasis are recorded yearly? These are water-related diseases which result from lack of safe water.

    With good leadership we can do better. In Nigeria, anybody, as long as you have money, can buy a drilling machine and start drilling.

    Is your organisation into any collaboration with government or its agencies in carrying out your work?

    No collaboration so far, except that the role has been given to us without proper action plan.

    Are you partnering with international organisations to train practitioners and keep them in tune with international best practices?

    Our sister organisation in the United States (US) National Ground Water Association (NGWA) plans to organise a training mission for members of our association. They will be visiting Nigeria very soon and members will be taken through some course modules within the tenet of the profession.

     

  • Soros pulls $500m investment

    George Soros’s investment firm has pulled a $500 million investment with Bill Gross that it made last year after the bond manager left Pacific Investment Management Co to run a new fund at Janus Capital Group Inc, the Wall Street Journal reported, citing industry data and a person familiar with the matter.

    The money invested by Soros Fund Management was held in a separate, institutional account that followed a similar strategy as Gross’s mutual fund, the newspaper said.

    Gross’s fund at Janus, the $1.38 billion Janus Global Unconstrained Bond Fund, declined 1.2 percent this year, trailing 71 percent of similar funds, according to data compiled by Bloomberg. Gross personally invested $700 million in the Unconstrained Fund, according to a January filing.

    Janus spokeswoman Erin Passan declined to comment.

  • NBCC, NEPC target foreign investment at UK trade mission

    Nigerian-British Chamber of Commerce (NBCC) and the Nigerian Export Promotion Council (NEPC) have concluded arrangements to lead a delegation of 40 business executives on a five-day trade mission to the United Kingdom between November 2 and 6.  The aim is to attract foreign investment to the country with focus on multi sectors, particularly the non-oil products and services.

    NBCC President, Prince Dapo Adelegan, in a statement in Lagos, stated that the Chamber was committed to increasing trade relations between Nigeria and Britain. He said the Chamber’s partnership with NEPC was to enhance its drive to attract UK investors to different states in Nigeria during the UK trade mission. He pointed out that the trade mission will provide opportunities for state governors to showcase the investment potential in their various states.

    Adelegan said: “During the trip, premium members of the chamber and other delegates will have a face-to-face interaction with high level business leaders in the UK, trade related government officials, and a number of UK-based Chambers of Commerce.” He described Nigeria as one of the best destinations for business with its position as the biggest economy in Africa, having enjoyed political stability in the past few years.

    The NBCC boss noted that the highlight of the mission will be the presentations from the Fashion Designers Association of Nigeria (FADAN) and the Committee for Relevant Art (CORA). He said they will participate in a-two-day ‘Made in Nigeria Exhibition’ organised to showcase made-in-Nigeria products.

    NBCC has in the past partnered the United Kingdom Trade and Investment (UKTI), a joint effort that has translated to the steady growth of trade relations between the two countries, with trade volume increasing from £4 billion to £8 billion between 2010 and 2014.

  • Sahara urges investment in alternative energy

    The attainment of affordable energy through investments in alternative sources will enhance socio-economic growth in rural communities across the globe by 2030, Executive Director, Sahara Group, Mr. Tonye Cole has said.

    He spoke  at a meeting dedicated to Sustainable Development Goals (SDGs) at the just concluded 70th United Nations General Assembly in New York, United States.

    Cole who represented Sahara Group – a leading African Energy, Power and Infrastructure Conglomerate – on the Advisory Board of the Sustainable Development Goals Fund (SDG-F), told delegates that governments in developing nations need to explore more partnership platforms with the private sector in the quest for alternative energy sources.

    The meeting, which focused on Sustainable Development Goal 7 (ensure access to affordable, reliable, sustainable and modern energy for all) was attended by President of the World Bank,  Mr. Jim Yong Kim, Foreign Minister of Denmark,  Mr. Kristian Jensen, Prime Minister of Benin,  Mr. Lionel Zinsou, European Commissioner for International Cooperation and Development, Mr. Neven Mimica and President of the African Development Bank,  Mr. Akinwumi Adesina, among others.

    “Substantial investments are required to achieve affordable and sustainable energy in developing nations. Wind and solar energy are possible options that can be harnessed in rural communities where consumption is relatively low. With the right strategy and unwavering commitment from all stakeholders, we will be setting solid foundations for deploying alternative energy sources to transform lives and small businesses for disadvantaged communities across the globe,” Cole said.

    Cole said governments and power companies need to collaborate on sensitising the populace on the value chain of the power sector to ensure support for policies as well as address incidences of energy losses and theft that disrupt energy availability in developing nations.

    Delegates at the meeting were unanimous in urging the development of location specific action plans as the world seeks to achieve SDG 7. World Bank President, Kim said following its collaboration with the UN on the Millennium Development Goals (MDGs), the World Bank was excited about SDG 7 and further partnership with the private sector in a bid to ensure universal access to affordable, reliable and modern energy for all by 2030.

    Adesina urged African nations to take ownership of the process of taking affordable energy to rural communities, adding that his tenure at the ADB would focus on promoting sustainability and maximum impact for all interventions midwifed by the institution.

    Sahara Group has among other initiatives and collaborations, been promoting alternative energy sources through the “Sahara Light Up Nigeria Challenge,” a capacity building competition that seeks to produce inventions that support renewable, alternative and sustainable sources of power supply.

  • ‘Investment in CSRs beneficial to firms’

    Firms that encourage community involvement distinguish themselves from their competitors and get many benefits, including loyal customers and happier employees, a report has said.

    According to a May 2013 study by Cone Communications and Echo Research, 82 percent of  consumers consider corporate social responsibility (CSR) when deciding which products or services to buy and where to shop.

    But, for advertising agencies committed to giving back to the society, what gain could such effort bring to the table? Definitely not to curry more jobs from clients or patronage from the community. The answer, perhaps, according to an expert, is to establish goodwill as a social responsible company.

    In the light of this, the Chief Executive Officer, X3M Ideas, an ad agency, Mr Steve Babaeko, said for  ads agencies, the need to impact on lives should be a priority.

    He said such drive to improve lives of the less-privileged, assist the government in providing social services should propelled agencies  into having a corporate social investment.

    Babaeko’s agency invested in the campaign to support Project Alert, a Non-Governmental Organisation (NGO) aimed at tackling women brutality.

    While celebrating X3M Ideas third  anniversary, Babaeko donated lavatories to the Remand Home for the Boys popularly known as ‘Welfare’ in the Oregun, Lagos, owned by the Lagos State Ministry of Social Welfare Department under the Ministry of Youth and Social Development.

    “Affecting life and humanity, especially in the educating young Nigerians, is not new to the agency. It has consistently demonstrated the ‘doing good attitude’ from inception. With each anniversary that passes – three years back-to-back, the environment is carefully scanned to reveal the most pressing need(s) for certain people and how the agency can lend what have become very impactful helping hands to make life better and restore hope,” says a brand analyst at Brandcrunch.com.ng.

    During its first year anniversary, the agency also donated at the JSS 2 Block, Opebi Junior Secondary School, Awuse Estate, Opebi, Ikeja. It was a facelift that included stocking the classrooms with furniture for the use of teacher and students.

    Babaeko explained that agency was motivated into committing resources into the CSR project as a means of giving back the society, “in recognition of the fact that education they say, is the best legacy. We hope to affect the future of these children by providing a conducive learning environment for them.”

    Also, during its second anniversary, the agency also provided Information Communication Technology (ICT) facilities to two schools in Oregun Senior High School, and Community High School Wasimi, Lagos to help pupils act out their expected roles as digital natives (people born during digital era).

    The Principal, Oregun Senior High School, Oregun, Lagos, Mrs. Toyin Kuti and her deputy, Vice, Mrs. Idowu Deniga received the two units of laptops (pre-loaded with the required software/computer applications), one unit of Multimedia Projector, one unit of Tripod Projection Screen and 10 units of UPS.

    Similarly,, Community High School, Wasimi, Maryland, Lagos also got two units of laptops (pre-loaded with the required software/computer applications),   one unit of 2HP air-conditioners and 10 Units of UPS for its ICT classroom.

    Addressing representatives of the pupils of the two schools at the presentations of the items,  Babaeko advised that the they should avail themselves the best use of the tools.

    “The government believes it’s better to invest in corrective measures for these children from different homes and parts of the country today rather than having to grapple with full blown criminals they are likely to become in the future,” Mr. Musbau Abdulai, Director, Social Welfare, Lagos State Youth & Social Development, said.

    Meanwhile, the agency has been made the Creative Agency of the Year for the Project Alert.

  • Ambode’s quest for foreign direct investment laudable

    The quest for Foreign Direct Investment (FDI) by the Governor of Lagos State, Mr. Akinwumi Ambode is part of the larger plan to make the Lagos megacity a functional one. Lagos State, with a projected population of over 21million people, is a destination of choice to majority of Nigerians.

    It is seen as a state of unlimited opportunities and as such movement of young adults to the state in search of greener pastures is a daily occurrence. The collapse of the economy, especially the closure of manufacturing industries over time due largely to the absence of power and unfavourable investment climate, has had adverse effects on the security of lives and property of the people.

    The first responsibility of the government, as we all know, is to ensure the security of its people and their welfare. The most paramount need of man is food and nothing is too much a sacrifice to put food on the table of the people. After that, secondary issues that are likely to arise from the decision taken or being contemplated can be addressed.

    The reception which Governor Ambode accorded the Walmart delegation and a promise to create enabling environment for their business was borne out of the zeal to seek job opportunities for our young men and women, literates and illiterates. There is no gainsaying that our youth have become vulnerable to being lured into various types of anti-social activities hitherto alien to our culture.

    From high-degree human and drug trafficking, prostitution both at home and abroad, kidnapping, armed robbery, cyber fraud and drug addiction to mention but a few, our country has become a fertile recruitment ground for terrorist organisations. As the popular saying goes, “an idle mind is a devil’s workshop”. This is a frontline problem that must be tackled headlong and a multifarious approach must be employed to achieve desired result.

    I hold this position against the background of the piece titled “As Ambode lusts after Wal-Mart” authored by Abimbola Adelakun and published in the Punch of Thursday August 13, 2015. The writer, to my mind, sought to advise the governor to “err on the side of caution”.

    Yes, good advice, we need to be circumspect and weigh all options properly so that we don’t further impoverish the people we sought to lift from poverty. However, some of the assertions or reasons adduced to buttress the seeming disadvantages are not the same with the conditions in the United States used as the country of comparison.

    To begin with, the Venezuelan Ambassador to Nigeria, Enrique FernandoArundell, might have told the late Mrs. Dora Akinyuli the home truth by saying that we should look inward and build our country rather than wait for others to do it for us. Statement of fact, but a Yoruba adage says “you can’t in face of starvation continue to say you won’t eat from the pot of your enemy when your friends have no food to offer you”.

    True, we have many stupendously rich Nigerians who stack their billions in foreign accounts or prefer to invest outside Nigeria for God knows why. But can we reasonably close our eyes to foreigners who have resources to invest in the country to create the much needed job opportunities and grow the economy just because some of our people refuse to invest in her? I don’t think so.

    Walmart may be a retail outfit like Shoprite but its investment in Nigeria can only be a blessing to the nation and the particular location at this crucial time. There are not many retail outlets in the format of these giants in Nigeria that may go under in the face of competition. Our trading activities still largely take place in the various local markets where the traders ply their trade in one or two commodities.  The patronage of supermarkets as we know them is largely by the elites and the middle class that form a minute sector of the population. The larger majority still prefer the local haggling system.

    The population of Lagos State stands it in good stead to host the world-renowned retail outlet as its population is well stratified such that all contending forces will consistently find their share of the market without posing threat to others. After all, with all the boutiques in the state, big and small, the Okrika (fairly used clothes) vendors still smile to the banks; the Gutter Ariyofabric market still booms despite the fact that large a group of the elite wear English dresses during the week.

    Those of us who know what StrabagYard, the place where Ikeja Mall is located today used to be will not agree that Walmart will be a disservice to Lagos. The Ikeja Mall is of world standard, the jobs created in the course of construction and those in the employment of the various organisations operating therein and the multiplier effect on the economy cannot be overemphasised. To have the likes of Walmart to compete with Shoprite can only make it more efficient and people- friendly.

    Of major interest is the fact that Walmart is just one of the many investors being wooed. Manufacturing industries that will return Lagos to the position of industrial hub of the nation, employ large number of people, boost creation and development of many Small and Medium Scale industries are the prime targets and will berth in good time to reverse the trend of our unemployment and the attendant negative consequences.

    • Ogundeji wrote in from Alausa-Ikeja, Lagos
  • FXTM enlightens forex traders on investment conference

    FXTM enlightens forex traders on investment conference

    International broker ForexTime (FXTM) is educating Nigerian traders on its forthcoming online forex trading and investment conference.

    The conference, holding today and tomorrow as well as on 19th to 20th August, 2015 will feature speakers including: Abiola Akinyele, Country Director at FXTM Nigeria, and the highly respected forex expert, Professor Andreas Thalassinos.

    Thalassinos will provide technical analysis training, as well as an extensive workshop for participants.

    The conference is expected to attract over 1000 attendees, and comes on the heels of FXTM’s series of educational events which attracted 500 attendees in June.

    “Attendees can take part in sessions on the following topics: calculating profit levels, developing effective trading and risk management strategies, and identifying high probability entry and exit points,” the company said in a statement.

    Akinyele said: “We are dedicated to making trading understandable to anyone who is looking for new investment opportunities in the evolving global marketplace. Our latest conference is expected to be the biggest forex conference of its kind in Nigeria, and will equip traders with all the necessary skills and strategies to make well-informed trades in the currency and commodity markets.”

    Thalassinos said: “It is an honour to offer my expertise to FXTM’s clients in Nigeria. FXTM’s commitment to bringing top quality forex training to Nigeria has already seen the company hold a number of very successful educational events here this year. The high turnout expected for the conference in August demonstrates the real enthusiasm which local traders have to educate themselves on the currency markets and trading strategies.”