The Nation Newspaper

Tag: wealth creation

  • ‘NASENI programme’ll wealth creation’

    ThE Advanced Manufacturing Technology (AMT) Programme of  the National Agency for  Science and Engineering Infrastructure (NASENI)  will create more wealth, its Chief Information Officer (Media and Protocol), Mr. Segun Ayeoyenikan, has said.

    Speaking in Abuja, he said the AMT programme for wealth generation could deliver increased industrial productivity to reduce importation of goods, equipment, raw materials and services that translate to increase in Gross Domestic Product (GDP).

    Ayeoyenikan added that AMT could help reduce capital flight by generating value added employment, boosting performance of entrepreneurs and members of Manufactures Association of Nigeria (MAN).

    He affirmed NASENI’s readiness to provide facilities at its headquarters and its institutes for training in the various aspects of AMT.

    “The main objective of AMT programmes is to provide local training for the development of skills to address the shortage of qualified and competent technologists, technicians and engineers. We will focus, especially on design and manufacture of process equipment,” he explained.

    Ayeoyenikan said NASENI would provide high quality post-graduate training that would contribute to the Front End Engineering Design (FEED) in the manufacturing sector.

    “For Nigeria to be ranked among the 20 richest countries by 2020, there is no alternative to the adoption and application of AMT for economic growth,’’ he said.

    Customs turns the heat on smugglers of poultry products. Smugglers of poultry products into the country are in for tougher time following the launch  a special anti-smuggling operation against illegal importation of the products by the Nigeria Customs Service (NCS). The operation code-named ‘Hawk Descend’ was part of NCS efforts to salvage the poultry sector.

    Launching the operation at Seme border, Comptroller-General of Customs, Dikko Abdulahi said the objective of the operation is to achieve national food security and protection of the  economy against smuggling of frozen poultry products.

    According to him, Nigeria can no longer be a dumping ground for smuggled products, most of which are preserved with chemicals dangerous for human consumption.

    He said: “During this period, our operatives will intercept smuggled products, seize and destroy them in line with the provisions of extant laws and regulations.

    “There will be no hiding place for smuggled chicken in our land. Our hawks will descend and mop them out of circulation. As we roll out our guns smoking, we are strengthened by the outcome of recent medical research, which reconfirmed our fears about the health hazards of consuming smuggled products.’’

    Dikko, who was represented by Deputy Comptroller-General (DCG), Investigation, Inspection and Enforcement, Tahir Musa, said NCS needed to send a message to the exporter-countries that Nigeria would no longer be a dumping site for useless products.

  • Wealth creation tips for students

    Wealth creation tips for students

    A firm, Investment One Wealth Financial Services Limited, in collaboration with the Council of Faculty Presidents of the University of Lagos (UNILAG), has organised a Young Investors’ Forum, where students learnt tips on how to generate wealth. MODIU OLAGURO (400-Level Biology Education) reports.

    Should students, irrespective of discipline, be literate in capital market? Yes! A firm, Investment One Wealth Financial Services Limited, says every student should be knowledgeable about the workings of the capital market to create wealth.

    Last Wednesday, hundreds of students of the University of Lagos (UNILAG) converged on the Multipurpose Hall C to learn how they can generate wealth as undergraduates.

    It was at the maiden Young Investors’ Forum, organised by the firm in conjunction with the Council of Faculty Presidents of the university.

    Tagged: Promoting capital market literacy and participation amongst undergraduates, the programme had top financial experts in attendance, including the Managing Director of the firm, Mrs Abimbola Afolabi-Ajayi; an official of the Securities and Exchange Commission (SEC), Mr John Briggs; Managing Director, GTB Asset Management (Pension Division), Mr Azubuike Okonkwo, and the reigning Miss Nigeria, Anna Banner.

    Others included the Dean of Students’ Affairs (DSA), Prof Olukayode Amund; Dr Ore Sofokun and the General Manager of the Nigerian Stock Exchange, represented by Mrs Taba Peterside, General Manager, Listing Sales and Detention.

    Mrs Afolabi-Ajayi encouraged Nigerians to invest in short and long-term securities, saying the responsibility of Investment One was to equip them with information through investment education.

    She said: “We have been making efforts to encourage students of higher institutions to generate wealth and prepare them for the life-time investment that can make them independent after school. We want to create a veritable platform that will impact positively on the lives of students through wealth creation and guide them in the quest to develop entrepreneurial spirit that our nation craves.”

    Mrs Peterside, who spoke on Capital market investment and its inherent opportunities for wealth creation early in life, listed benefits of investing in the capital market.

    She said: “The core functions of the capital market include to authorise and monitor market operators, provide a platform for capital raising, provide a pricing mechanism between supply and demand for listed securities, protect investors and provide market data transparency.”

    She urged the participants to start investing in the stock market, noting that there is no age limit to being an investor in capital market.

    Briggs, who spoke on Collective Investment Scheme (CIS): The future of the capital market, highlighted advantages of CIS, which include provision of professional expertise, diversification, reduction of dealing cost and regulatory oversight among others.

    According to him, the scheme would contribute to the future growth and development of the capital market by promoting liquidity, encouraging foreign investments, bringing capital markets activities to the grassroots and strengthening demand for securities by deepening the market.

    Miss Banner took the participants round Virtual Investor Simulator, a contest that tested participants’ investment wisdom. Oyelade Oke won the contest and got a cash prize of N300,000 to invest in capital market.

    The runners up are Phillip Esi and Ugo Nwachukwu, who won N150 000 and N50 000 respectively. The participants had the opportunity to open Investment One accounts with a startup deposit of N5,000 for the first 50 students that arrive early for the seminar.

    Dr Sofokun urged the participants to explore the opportunity learnt from the seminar.

    Lydia Kofoworola, a student, praised the organisers, saying: “I have been educated on several financial terms I barely knew of. I guess it’s high time I started investing in stocks beginning with Investments One.”

    Another student, Tosin Oyebola, said: “If students in all campuses can have this knowledge opportunity given to us by Investment One, I have no doubt that unemployment would reduce because many would have been generating wealth before they leave school.”

  • Centre invites professionals to help achieve jobs, wealth creation in Ogun

    Centre invites professionals to help achieve jobs, wealth creation in Ogun

    Seven years old Technology Incubation Centre (TIC), Abeok-uta, is repositioning itself, ostensibly to enhance its chances of creating not only wealth but also the targeted 5,000 jobs or more for budding young entrepreneurs, among  the youth of Ogun State within a couple of years.

    It is a collaborative efforts of the Federal Government, state and local governments in Ogun to nurture the start-up development and growth of innovative business ideas and technologies via Technology Incubation Programme (TIP).

    And aside Abeokuta, the state capital, there are two extensions of TIP in the state – Odogbolu ( Ogun East) and Owode – Yewa (Ogun West).

    Penultimate week, the centre brought into its fold, professionals from tertiary institutions, marketing, NAFDAC, research institute, Standards Organisation of Nigeria (SON) and Ministry of Commerce and Industry to help it evaluate feasibility studies and business plans of potential small and medium scale entrepreneurs desirous of using the facility to incubate their business ideas and innovations.

    The professionals – are also expected to provide advisory role on linkages to other source of funding for financial support to the aspiring entrepreneurs as well as on product marketing and export potentials for products produced by them.

    The Nation gathered that since its establishment in May 2007, the centre has provided no fewer than 500 direct jobs to youths and there are about 20 young entrepreneurs producing different products using local raw materials and whose investment worth at inception, was put at N24m beside 200 unemployed, who were sponsored for training in various vocations by the Ogun State government.

    The TIC Manager, Dr. John Oni, who recalled that the facility was established by the Federal Government to serve as an “industrial nursery and designed to use locally generated technologies and raw materials” for wealth creation, said the invited professionals are needed to move the place forward.

    Members of the team include Olootu Layi Labode, National Institute of Marketing of Nigeria(NIMN), Pharm. Ugochukwu Ilo (NAFDAC), Engr. Enebi Onucheyo (Standards Organisation of Nigeria) and eight others.

    The state Commissioner for Commerce and Industry, Otunba Bimbo Ashiru, who inaugurated the 11-member  committee, advised them to use their experience in various callings to assist the centre attain its objectives of “jobs and wealth creation.”

    According to Ashiru, the TIP is an avenue to engage the youth and other enterprising minds needed to diversify the economy and steer the nation away from dependency on the oil sector and imports.

    The commissioner urged the budding small and medium entrepreneurs of the centre to leverage on the N1bn Ogun State – Bank of Industry Industrial Matching Fund and develop their various businesses to success stories.

    According to him, aside the link road, the state government built to the centre,  also request for provision of Industrial borehole, 500KVA transformer and connection of the Odogbolu extension are being looked into.

    The chairman of the advisory committee, Olootu Layi Labode, assured that products and discoveries at the centre would be made to get to the public as well as get certification and approval by government regulatory authority.

    According to Labode, who was former chairman, Ogun State Council of Nigeria Union of Journalists (NUJ), it served neither the manufacturer/entrepreneurs nor the public any purpose if goods produced do not get to those who would make use of them.

    He expressed the confidence that with the team, the centre could be positioned to create over 10,000 jobs in the state within a short space of time.

  • ‘Youth empowerment tool for wealth creation’

    ABIA State Governor, Theodore Orji has said youth empowerment is a tool for wealth creation that leads to socio-economic advancement.

    He spoke at the graduation of 400 beneficiaries of Abia Skills Acqusition Subsidy Reinvestment Empowerment Programme (SURE-P) in Umuahia.

    He said that youth empowerment programmes created an enabling environment for young people to contribute positively to the growth of the society.

    “This programme has created an opportunity for young people to engage themselves in ventures that will make them become good representatives of their families.

    “This has further reduced the number of unemployed youths in Abia by empowerment of 400 people, an indication that this skills acquisition programme is a success,’’ Orji said.

    A Subsidy Reinvestment Empowerment Programme (SURE-P) Consultant, Mrs Bisiola Nwakodo, said the beneficiaries were trained in catering, computer operation, fashion designing, hair dressing, fish/poultry farming and interior decoration.

    He said the beneficiaries were placed on a monthly stipend of N10, 000 and attached to establishments for internship during their trainings.

    “ I am confident that the beneficiaries through practising what they have learnt will bring economic growth to the state,”she said.

    The wife of the governor, Mrs Odochi Orji, urged the beneficiaries to be good ambassadors of the programme by practising the skills.

    “Self-reliance is capable of helping one to genuinely serve others and develop one’s talents,’’ she said.

    One of the beneficiaries, Mrs Chinwendu Abazie, said she would use the equipment to generate income for her family’s upkeep, while Mr Ndukwekalu, said he would become an employer of labour.

  • Minister urges diplomats on wealth creation

    Minister of Foreign Affairs Olugbenga Ashiru has urged the 69 graduating career diplomats of the 20th Regular Course of Master’ s Degree Programme in International Relations and Strategic Studies (MISS) on wealth creation for the country.

    The minister spoke at the weekend during the closing ceremony of the 20th Regular Course held at the Foreign Service Academy on the Lagos -Badagry Expressay.

    He said: “You should take cognissance of on-going measures to deploy our foreign policy to assist in the promotion of national development.

    “The agenda of wealth and job creation for Nigerians, building and upgrading infrastructure in consonance with the government ‘s Transformation Agenda are a precursor to the attainment of Vision 20-20.”

    Ashiru said the ministry has re-directed the nation’s diplomatic posts towards trade and investment drive by giving them targets and benchmark on performance.

    He urged the graduating officers to shun social vices and corrupt practices, that could tarnish the image of the nation, he said the ministry had re-invigorated the Joint and Bi-National Commissions with key countries, such as Germany, USA and Canada to create more business opportunities for the private sector.

    The minister, who said the training was aimed at equipping the officers with adequate against the backdrop of recurrent and emerging challenges, called on the officers to be good ambassadors of the country.

    Director of Foreign Services AcademyMr. Tiwalade Adelanwa said the Master’s degree programme was carefully crafted and introduced through the exemplary vision of the principals in the ministry with the sole purpose of imparting critically needed capacity unto newly recruited officers.

    “It was also borne out of the realisation that “a chain is as strong as its weakest link”.

    He said that the hallmark of the initiative was the creation of excellence hinged upon competence and enhancement of performance.

    Mr. Oko Charles Abechi, winner of the Best Overall Student Award, who spoke on behalf of the officers, promised that they would be worthy ambassadors of the nation whenever they are posted out.

    “We have benefited from the course immensely and this will equip us to do the nation proud, and compete with the best in the world”, he said.

    Various awards were given to the best students in languages, such as French, Spanish, Arabic, Portuegese and Germany