The Nation Newspaper

Tag: revitalise

  • U.S. investors to revitalise NIGERCEM

    Ateam of foreign investors from the United States (U.S) yesterday pledged to support both the core investor and Chief Executive Officer, Ibeto Nigeria Limited, Chief Cletus Ibeto and Ebonyi State government to revitalise NIGERCEM.

    The team, in collaboration with Ibeto Nigeria Limited,  embarked on an assessment visit to the premises of the cement firm as part of the rigorous  process of actualising the listing of Ibeto  in the U.S.

    Addressing stakeholders at the firm’s premises, Chief Ibeto said the delegation were on self-assessment tour of the firm.

    Ibeto said prior to the visit,  another team of Chinese contractors were in the state three weeks ago to finalise arrangements on the revitalisation  of the cement factory.

    He said: “I am standing before you with a team of American financiers who are here on an assessment visit to the cement company; they are here to see for themselves what is here at NIGERCEM cement company.

    “The team will help in the realisation of the dream of Ibeto  Group together with the Ebonyi  State government in actualising the revitalisation of the company.

    “Very soon, production would commence in NIGERCEM with the production of 6,000 metric tons of cement per day.

    “The Chinese team which visited the state before now would be working on designing; they would ensure that the 2015 contract agreement signed by Ibeto Group Limited and the host community Nkalagu is executed to the letter.”

    He said at the end of the assessment visit by the foreign financiers, every modalities on the revitalisation of the company would  take take effect.

    The leader of the American foreign investors, Mrs Amanda Wester, said the team would support both the core investor, Ibeto Nigeria Limited and the Ebonyi State government to ensure the revitalisation of NIGERCEM.

    The state governor, David Umahi, commended the investors and Ibeto Nigeria Limited for the commitment in ensuring the resuscitation of the company.

    “We extol Ibeto Nigeria Limited, the core investor in NIGERCEM, in their commitment to establish a new 6,000 tons per day dry process cement plant, 45 megawatt (Mw) capacity power plant in this first phase of the project at Nkalagu.

    “I wish to welcome specially our core investors and Dream Team from the U.S. (financiers) to Ebonyi State in their determination to revive Nkalagu cement and commence production in no distant time,” Umahi said.

    He said the state government has enacted  Investors Protection Act  that ensures that the government offers an  Irrevocable Standing Payment Order (ISPO) that insulates the investor from government interference and any change of administration.

    “No doubt, the brand Ibeto is a renowned household name in Nigeria and beyond that epitomises quality which has been tested and trusted. It is also a name which is synonymous with success in its endeavours,”  he said.

    The chairman of Ishielu Local Government Area, Mr Henry Eze assured that the local community would provide an enabling environment for the exploration and other activities in the company.

    He commended the state governor for his support and  efforts at revitalising the cement factory, noting that it was a dream come true for the community and the people of the state.

  • Federal Government to revitalise commodity exchanges

    The Federal Government plans to revitalise commodity exchange in Nigeria as part of a comprehensive development programme for the nation’s agricultural sector.

    Vice President, Professor Yemi Osinbajo, made this known yesterday at the 1st National Economic Forum organised by Vintage Press Limited, the publishers of The Nation Newspapers, in collaboration with CEEDEE Resources at Lagos Airport Hotel, Ikeja, Lagos.

    Osinbajo said the government would develop the commodity exchange system to support the development of the agricultural sector.

    He said government would revitalise the Abuja-based Nigeria Commodity Exchange (NCX) and other infrastructure and operators in the whole commodity exchange value chain.

    According to him, a functional commodity exchange would ensure that Nigerian farmers receive good prices for their products.

    Osinbajo said government also plans to introduce a Minimum Price Guarantee scheme under which government will set floor prices at which it would buy agricultural produce from farmers.

    He noted that a Minimum Price Guarantee scheme would encourage the farmers to scale up their production to their highest capacity with the assurance that government will be ever ready to buy the farm produce at guaranteed prices.

    It should be recalled that the NCX had introduced a pilot electronic warehouse receipt system (e-WRS) in 2014. Under the e-WRS, farmers will be able to place their commodities at an NCX-accredited warehouse in different parts of the country and will be issued an electronic receipt stating details such as commodity type, quality and quantity, owner and other relevant information. The depositor will have the choice of using the receipt as collateral to obtain bank loans or for trading on the Exchange. Another option is to keep such commodities in the warehouse until their prices stabilize or appreciate.

    The new initiative would encourage the provision of standard storage facilities for operators in the agricultural value chain and make the warehouse receipts a prime tool of trade while facilitating access to finance. The e-WRS is also expected to strengthen small scale farmers and agro-allied businesses while creating jobs and sustainable economic growth.

  • Council to revitalise wheat

    The National Agricultural Seeds Council (NASC) is making efforts to improve local cultivation of wheat by making seeds available to farmers.

    At an enlightenment programme on the effect of fake seeds in Ibadan, Oyo State, its  Director-General, Dr Philip Olusegun Ojo, said  the council and the Lake Chad Research Institute (LCRI) were working to ensure that improved seeds were made available to  farmers.

    The target states are Kano, Jigawa, Bauchi, Borno, Zamfara, Kebbi, Plateau, Sokoto, Gombe, Yobe, Adamawa and Katsina.

    To support the wheat action plan to enhance research and improve productivity, he said LCRI had produced wheat varieties that could garner more yields per hectare .

    In line with this, a national data base on seed production has been created.

    So far, he said the council had registered 156 seed companies. In addition, he said the council would ensure seed testing, quality control, and certification processes for classes of seeds. To this end, he said NASC was supporting research partnerships to develop new varieties of wheat, and other staples  required to feed the nation. In line with the seed sector development policy designed to handle seed needs across the country, Ojo said research institutions and the universities had mobilised to take responsibilities for crop breeding. According to him, there is effort to achieve food self-sufficiency and security with the production of adequate quality and quantity of improved certified seeds.

    On fake seeds, he said firms that are caught selling illegal seed will be sanctioned.

    A major seeds distributor, Mr Adenitan Solomon in Oyo State said seed dealers are supporting the NASC on the war to curtail the problem of seed adulteration.

    Farmers, he said, are encouraged to look out for  seeds with the tag of NASC. For every seed bag, according to him, there must be a tag from the Council. In addition to the tag, the seed company must put its own company tag.

    The President, Southwest Agro Inputs Dealers Association,Alhaji Akinmade Olayinka, attributed the use of poor quality seed by farmers to lack of awareness on availability of better performing crop varieties that are high yielding, disease and drought tolerant.

    Stakeholders say the steps taken so far by the government is capable of improving local production of the commodity this year, local farmers are capable of producing two million tonnes of wheat annually, amounting to about $2 billion.

    In 2014, wheat users across Nigeria imported only four million tonnes valued at nearly $4 billion. In 1987, Nigeria banned the importation of wheat and implemented an Accelerated Wheat Production Programme aimed at stimulating. The importation of wheat was banned. It was a bold move. Farmers were mobilised to produce wheat and were provided necessary inputs at subsidised rates.

    The production of wheat expanded from 50,000 metric tonnes in 1987 to 600,000 metric tons by 1990. Farmers had proved that they can produce wheat, if well supported. However, several challenges scuttled the burst of energy to produce wheat locally. The introduced varieties had very low yields, as average yield was less than one ton per hectare.

  • MAN, company move to revitalise ailing industries

    Kano Electricity Distribution Company (KEDCO) and Kano State chapter of the Manufacturers Association of Nigeria (MAN) have agreed to ensure the revitalisation of ailing industries.

    Leaders of the two organisations are hoping to achieve this feat through a five-year tariff path and a comprehensive technical investment framework towards service improvement.

    The Managing Director of KEDCO, Dr. Jamil Gwamna, made this known when he addressed reporters during a visit to customers of the distribution company to discuss with them for better business relationship and quality service delivery.

    Gwamna, who was accompanied by the management team of KEDCO, including heads of department and heads of units, visited the Sharada industrial layout as well as the Dakata and Bompai industrial areas where he engaged captains of industries and commerce in a bid to achieve customer intimacy.

    ano Electricity Distribution Company (KEDCO) and Kano State chapter of the Manufacturers Association of Nigeria (MAN) have agreed to ensure the revitalisation of ailing industries.

    Leaders of the two organisations are hoping to achieve this feat through a five-year tariff path and a comprehensive technical investment framework towards service improvement.

    The Managing Director of KEDCO, Dr. Jamil Gwamna, made this known when he addressed reporters during a visit to customers of the distribution company to discuss with them for better business relationship and quality service delivery.

    Gwamna, who was accompanied by the management team of KEDCO, including heads of department and heads of units, visited the Sharada industrial layout as well as the Dakata and Bompai industrial areas where he engaged captains of industries and commerce in a bid to achieve customer intimacy.