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  •  Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will ensure effective coordination of infrastructure development across the nation Osinbajo s spokesman Laolu Akande in a statement on Tuesday in Abuja said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari According to the vice president such collaboration will also bridge the nation s infrastructure gaps For efficient and effective implementation of infrastructure projects the National Integrated Infrastructure Master Plan NIIMP recommended the establishment of the National Council on Infrastructure and its Technical Working Group TWG Osinbajo said the Federal Government s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria s infrastructure stock to at least 70 per cent by the year 2043 The success of the NIIMP will depend to a large extent on the establishment of a strong implementation mechanism and framework that promotes performance and accountability The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters Osinbajo said in spite of the infrastructure deficit across the country there had been deliberate and massive investments in road rail and power infrastructure for rapid economic development by the present administration According to him a fundamental feature of the Federal Government s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure They include the second Niger bridge the Lagos Ibadan expressway the Abuja Kaduna Kano Road funded through the Presidential Infrastructure Development Fund the construction and upgrading of about 5 000 km of major road projects across the country through the Sukuk bond Rail sector investments include the Lagos Kano standard gauge lines the Warri Itakpe rail In the energy sector this administration has green lit NLNG Train 7 invested in the Ajaokuta Kaduna Kano AKK pipeline and is on track to complete an incremental 4 000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative the Transmission Rehabilitation and Expansion Plan the CBN financed Transmission Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment he said The vice president also highlighted the Federal Government s N15 trillion Infrastructure Corporation InfraCorp Nigeria in 2021 the Reviewed National Integrated Infrastructure Master Plan 2020 2043 and the National Development Plan 2021 2025 Osinbajo said the 2 3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone He said that a well coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria s infrastructure to the desired level by the year 2043 In his remarks the Minister of State Budget and National Planning Prince Clem Agba thanked the vice president for his leadership and selfless service to the nation Private sector members of the new council include the President of the Manufacturers Association of Nigeria MAN Engr Mansur Ahmed and a representative of the Nigerian Society of Engineers NSE Engr Tasiu Wudil The vice president is chairman of the National Council on Infrastructure and members include representatives of the state governors Federal Ministers heads of government agencies and members of the private sector They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum Kayode Fayemi Ministers of Finance Budget and National Planning Zainab Ahmed and the Attorney General of the Federation and Minister of Justice Abubakar Malami Others are the Ministers of Works Babatunde Fashola Power Abubakar Aliyu Transportation Mu azu Sambo Communications and Digital Economy Isa Pantami Water Resources Suleiman Adamu and Aviation Hadi Sirika More so Minister of State Budget and National Planning Prince Clem Agba CBN Governor Godwin Emefiele the President of MAN Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA John Udeagbala are members The Executive Vice Chairman Federal Competition and Consumer Protection Commission FCCPC Babatunde Irukera and Managing Director Nigeria Sovereign Investment Authority NSIA Uche Orji among others made the list The Federal Ministry of Finance Budget and National Planning through its Infrastructure Delivery Coordinating Unit has been strengthened further to function as the Secretariat for the Council NewsSourceCredit NAN
    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo
     Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will ensure effective coordination of infrastructure development across the nation Osinbajo s spokesman Laolu Akande in a statement on Tuesday in Abuja said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari According to the vice president such collaboration will also bridge the nation s infrastructure gaps For efficient and effective implementation of infrastructure projects the National Integrated Infrastructure Master Plan NIIMP recommended the establishment of the National Council on Infrastructure and its Technical Working Group TWG Osinbajo said the Federal Government s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria s infrastructure stock to at least 70 per cent by the year 2043 The success of the NIIMP will depend to a large extent on the establishment of a strong implementation mechanism and framework that promotes performance and accountability The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters Osinbajo said in spite of the infrastructure deficit across the country there had been deliberate and massive investments in road rail and power infrastructure for rapid economic development by the present administration According to him a fundamental feature of the Federal Government s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure They include the second Niger bridge the Lagos Ibadan expressway the Abuja Kaduna Kano Road funded through the Presidential Infrastructure Development Fund the construction and upgrading of about 5 000 km of major road projects across the country through the Sukuk bond Rail sector investments include the Lagos Kano standard gauge lines the Warri Itakpe rail In the energy sector this administration has green lit NLNG Train 7 invested in the Ajaokuta Kaduna Kano AKK pipeline and is on track to complete an incremental 4 000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative the Transmission Rehabilitation and Expansion Plan the CBN financed Transmission Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment he said The vice president also highlighted the Federal Government s N15 trillion Infrastructure Corporation InfraCorp Nigeria in 2021 the Reviewed National Integrated Infrastructure Master Plan 2020 2043 and the National Development Plan 2021 2025 Osinbajo said the 2 3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone He said that a well coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria s infrastructure to the desired level by the year 2043 In his remarks the Minister of State Budget and National Planning Prince Clem Agba thanked the vice president for his leadership and selfless service to the nation Private sector members of the new council include the President of the Manufacturers Association of Nigeria MAN Engr Mansur Ahmed and a representative of the Nigerian Society of Engineers NSE Engr Tasiu Wudil The vice president is chairman of the National Council on Infrastructure and members include representatives of the state governors Federal Ministers heads of government agencies and members of the private sector They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum Kayode Fayemi Ministers of Finance Budget and National Planning Zainab Ahmed and the Attorney General of the Federation and Minister of Justice Abubakar Malami Others are the Ministers of Works Babatunde Fashola Power Abubakar Aliyu Transportation Mu azu Sambo Communications and Digital Economy Isa Pantami Water Resources Suleiman Adamu and Aviation Hadi Sirika More so Minister of State Budget and National Planning Prince Clem Agba CBN Governor Godwin Emefiele the President of MAN Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA John Udeagbala are members The Executive Vice Chairman Federal Competition and Consumer Protection Commission FCCPC Babatunde Irukera and Managing Director Nigeria Sovereign Investment Authority NSIA Uche Orji among others made the list The Federal Ministry of Finance Budget and National Planning through its Infrastructure Delivery Coordinating Unit has been strengthened further to function as the Secretariat for the Council NewsSourceCredit NAN
    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo
    General news3 months ago

    FG, private sector partnership will bridge Nigeria’s infrastructure gaps—Osinbajo

    Vice President Yemi Osinbajo says collaboration between the Federal Government and the private sector will  ensure effective coordination of infrastructure development across the nation.

    Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president virtually inaugurated the National Council on Infrastructure set up by President Muhammadu Buhari.

    According to the vice president, such collaboration will also bridge the nation’s infrastructure gaps.

    “For efficient and effective implementation of infrastructure projects, the National Integrated Infrastructure Master Plan (NIIMP) recommended the establishment of the National Council on Infrastructure and its Technical Working Group (TWG).

    ” Osinbajo said the Federal Government’s NIIMP was developed to provide an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities.

    “The NIIMP takes stock of existing infrastructure and specifically sets out the goal of raising Nigeria’s infrastructure stock to at least 70 per cent by the year 2043. “The success of the NIIMP will depend, to a large extent, on the establishment of a strong implementation mechanism and framework that promotes performance and accountability.

    “The National Council on Infrastructure is to provide policy direction on infrastructure matters and drive the creation and sustenance of the expected synergy and linkages between the public and the private sector to enhance the implementation of the Infrastructure Master Plan.” He said the Technical Working Group would provide guidance to the Council and advise on all infrastructure related matters.

    Osinbajo said in spite of the infrastructure deficit across the country, there had been deliberate and massive investments in road, rail and power infrastructure for rapid economic development by the present administration.

    According to him, a fundamental feature of the Federal Government’s plan for the rapid development of the economy is a deliberate and massive investment in infrastructure.

    “They include the second Niger bridge, the Lagos-Ibadan expressway, the Abuja-Kaduna-Kano Road (funded through the Presidential Infrastructure Development Fund); the construction and upgrading of about 5,000 km of major road projects across the country through the Sukuk bond.

    “Rail sector investments include the Lagos Kano standard gauge lines, the Warri-Itakpe rail.

    “In the energy sector, this administration has green lit NLNG Train 7, invested in the Ajaokuta-Kaduna-Kano (AKK) pipeline and is on track to complete an incremental 4,000MW of generating assets such as Zungeru Hydro and Kashimbilla Hydro to complement systemic reforms and investments in the distribution and transmission segments of the electricity value chain.

    “The administration is investing more than 2 billion dollars in Distribution and Transmission through the Siemens Presidential Power Initiative, the Transmission, Rehabilitation and Expansion Plan, the CBN financed Transmission-Distribution Interface Programme and the recently approved 500 million dollars World Bank DISREP programme for the Distribution segment,” he said.

    The vice president also highlighted the Federal Government’s N15 trillion Infrastructure Corporation (InfraCorp Nigeria) in 2021, the Reviewed National Integrated Infrastructure Master Plan (2020-2043) and the National Development Plan 2021-2025. Osinbajo said the 2.3 trillion dollars estimated resource requirement for the National Integrated Infrastructure Master Plan implementation was too large to be provided from public resources alone.

    He said that a well-coordinated and strategic approach would be required to harness private resources to increase the stock of Nigeria’s infrastructure to the desired level by the year 2043. In his remarks, the Minister of State, Budget and National Planning, Prince Clem Agba, thanked the vice president for his leadership and selfless service to the nation.

    Private sector members of the new council include the President of the Manufacturers Association of Nigeria (MAN), Engr. Mansur Ahmed and a representative of the Nigerian Society of Engineers (NSE), Engr Tasiu Wudil.

    The vice president is chairman of the National Council on Infrastructure, and members include representatives of the state governors; Federal Ministers, heads of government agencies and members of the private sector.

    They include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum,  Kayode Fayemi,  Ministers of Finance, Budget and National Planning,  Zainab Ahmed and the Attorney General of the Federation and Minister of Justice, Abubakar Malami.

    Others are the Ministers of Works, Babatunde Fashola; Power, Abubakar Aliyu; Transportation, Mu’azu  Sambo; Communications and Digital Economy, Isa Pantami; Water Resources, Suleiman Adamu and Aviation, Hadi Sirika.

    More so, Minister of State, Budget and National Planning, Prince Clem Agba;  CBN Governor, Godwin Emefiele; the President of MAN,  Mansur Ahmed and National President of Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), John Udeagbala are members.

    The Executive Vice Chairman, Federal Competition and Consumer Protection Commission (FCCPC) Babatunde Irukera, and Managing Director, Nigeria Sovereign Investment Authority (NSIA), Uche Orji, among others made the list.

    The Federal Ministry of Finance, Budget and National Planning, through its Infrastructure Delivery Coordinating Unit, has been strengthened further to function as the Secretariat for the Council.


    NewsSourceCredit: NAN

  •  An Organised Private Sector OPS stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA on Wednesday in Lagos Dr Michael Olawale Cole President LCCI said the event was crucial to review major economic developments and communicate the chambers position to the wider business community and the government for a thriving private sector The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation s revenue base According to him Nigeria is losing crude oil at the level of about 91 per cent of output as the country lost 3 2 billion dollars in crude oil theft between January 2021 and February 2022 The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market he said Olawale Cole said that the country s total public debt stock rose from N39 56 trillion in December 2021 to N41 60 trillion about 100 07 billion by the end of the second quarter of 2022 as revealed by the Debt Management Office DMO He added that Nigeria s debt to Gross Domestic Product GDP ratio currently stood at 23 27 per cent against 22 43 per cent on Dec 31 2021 The LCCI president said the development had already resulted in concerns that most if not all of the assumptions in the Medium Term Expenditure framework MTEF 2023 2025 would be missed This he explained was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production In the face of rising debt servicing costs accompanied by a dwindling revenue the provision of critical infrastructure and amenities like healthcare services education power roads and security will be hard hit as funding shrinks he said Olawale Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market driven to enhance stability liquidity and transparency in the foreign exchange market The unification is expected to improve our currency management framework given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage he said The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities ASUU to come to an agreement as soon as possible to end the ongoing industrial action We cannot look to half baked graduates to build a prosperous economy Nigeria must begin to pay more attention to improving its latest Human Development Index HDI which stood at 161 out of 189 countries he said Olawale Cole expressed concern about the worsening insecurity profile of the country saying that it posed an apparent threat to the forthcoming general elections in 2023 and by extension a threat to democratic governance He said that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate in choosing those that should lead them We need to address the root causes of youths unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed he said In his remarks Ude Udeagbala President NACCIMA lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector as the electioneering year approached This would further help convey our plights to the incoming governments he said The Secretary to the Lagos State Government Mrs Folasade Jaji said the state would continue to leverage recommendations from the private sector to discern challenges affecting it Jaji represented by Mrs Olabisi Shonibare Director Political Affairs charged the sector to engage best practices in trade investments and commerce to solidify the state as the best investment destination On our parts we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges she said www nannews ng NewsSourceCredit NAN
    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile
     An Organised Private Sector OPS stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA on Wednesday in Lagos Dr Michael Olawale Cole President LCCI said the event was crucial to review major economic developments and communicate the chambers position to the wider business community and the government for a thriving private sector The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation s revenue base According to him Nigeria is losing crude oil at the level of about 91 per cent of output as the country lost 3 2 billion dollars in crude oil theft between January 2021 and February 2022 The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market he said Olawale Cole said that the country s total public debt stock rose from N39 56 trillion in December 2021 to N41 60 trillion about 100 07 billion by the end of the second quarter of 2022 as revealed by the Debt Management Office DMO He added that Nigeria s debt to Gross Domestic Product GDP ratio currently stood at 23 27 per cent against 22 43 per cent on Dec 31 2021 The LCCI president said the development had already resulted in concerns that most if not all of the assumptions in the Medium Term Expenditure framework MTEF 2023 2025 would be missed This he explained was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production In the face of rising debt servicing costs accompanied by a dwindling revenue the provision of critical infrastructure and amenities like healthcare services education power roads and security will be hard hit as funding shrinks he said Olawale Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market driven to enhance stability liquidity and transparency in the foreign exchange market The unification is expected to improve our currency management framework given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage he said The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities ASUU to come to an agreement as soon as possible to end the ongoing industrial action We cannot look to half baked graduates to build a prosperous economy Nigeria must begin to pay more attention to improving its latest Human Development Index HDI which stood at 161 out of 189 countries he said Olawale Cole expressed concern about the worsening insecurity profile of the country saying that it posed an apparent threat to the forthcoming general elections in 2023 and by extension a threat to democratic governance He said that in the absence of peace and security it would be challenging to hold credible free and fair elections that would reflect the choices of the electorate in choosing those that should lead them We need to address the root causes of youths unemployment drug abuse uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology Community policing and intelligence gathering need to be officially endorsed and systematically managed he said In his remarks Ude Udeagbala President NACCIMA lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector as the electioneering year approached This would further help convey our plights to the incoming governments he said The Secretary to the Lagos State Government Mrs Folasade Jaji said the state would continue to leverage recommendations from the private sector to discern challenges affecting it Jaji represented by Mrs Olabisi Shonibare Director Political Affairs charged the sector to engage best practices in trade investments and commerce to solidify the state as the best investment destination On our parts we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges she said www nannews ng NewsSourceCredit NAN
    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile
    Economy4 months ago

    LCCI, NACCIMA urge FG to address crude oil theft, rising debt profile

    An Organised Private Sector ((OPS) stakeholders have called on the Federal Government to address crude oil theft and other macroeconomic fundamentals to navigate the Nigerian economy to the path of growth.

    They gave the advice at the third quarter council meeting of the Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) on Wednesday in Lagos.

    Dr Michael Olawale-Cole, President, LCCI, said the event was crucial to review major economic developments and communicate the chambers’ position to the wider business community and the government for a thriving private sector.

    The LCCI president said the menace of oil theft had become a national disaster and a critical threat to the nation’s revenue base.

    According to him, Nigeria is losing crude oil at the level of about 91 per cent of output, as the country lost 3.2 billion dollars in crude oil theft between January 2021 and February 2022. “The twins factor of fuel subsidy payments and crude oil theft have combined to deny Nigeria the gains of the high crude oil price on the international market,” he said.

    Olawale-Cole said that the country’s total public debt stock rose from N39.56 trillion in December 2021 to N41.60 trillion (about $100.07 billion) by the end of the second quarter of 2022, as revealed by the Debt Management Office (DMO).

    He added that Nigeria’s debt to Gross Domestic Product (GDP) ratio currently stood at 23.27 per cent against 22.43 per cent on Dec. 31, 2021. The LCCI president said the development had already resulted in concerns that most, if not all, of the assumptions in the Medium-Term Expenditure framework (MTEF) 2023-2025 would be missed.

    This, he explained, was as the country continued to experience unprecedented levels of disruptions to supply chains and agricultural production.

    “In the face of rising debt servicing costs accompanied by a dwindling revenue, the provision of critical infrastructure and amenities like healthcare services, education, power, roads and security will be hard hit as funding shrinks,” he said.

    Olawale-Cole also urged monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensure that rates were market-driven to enhance stability, liquidity and transparency in the foreign exchange market.

    “The unification is expected to improve our currency management framework, given that the multiple exchange rate systems have continued to create uncertainties and sources of arbitrage,” he said.

    The LCCI president also appealed to the Federal Government and the Academic Staff Union of Universities (ASUU) to come to an agreement as soon as possible to end the ongoing industrial action.

    “We cannot look to half-baked graduates to build a prosperous economy.

    “Nigeria must begin to pay more attention to improving its latest Human Development Index (HDI) which stood at 161 out of 189 countries,” he said.

    Olawale-Cole expressed concern about the worsening insecurity profile of the country, saying that it posed an apparent threat to the forthcoming general elections in 2023 and, by extension, a threat to democratic governance.

    He said that in the absence of peace and security, it would be challenging to hold credible, free and fair elections that would reflect the choices of the electorate in choosing those that should lead them.

    “We need to address the root causes of youths unemployment, drug abuse, uncontrolled small arms and unmanned borders through which foreigners infiltrate our territories.

    “We also need to boost security enforcement through frequent recruitments into the security agencies and well supported with modern weaponry and deployment of warfare technology.

    “Community policing and intelligence gathering need to be officially endorsed and systematically managed,” he said.

    In his remarks, Ude Udeagbala, President, NACCIMA, lauded the Lagos State Government for its efforts in supporting the private sector and accommodating its needs under the THEMES agenda.

    Udeagbala urged members of the private sector to engage politicians and political parties in discourse to know their plans for the private sector, as the electioneering year approached.

    “This would further help convey our plights to the incoming governments,” he said.

    The Secretary to the Lagos State Government, Mrs Folasade Jaji, said the state would continue to leverage recommendations from the private sector to discern challenges affecting it.

    Jaji, represented by Mrs Olabisi Shonibare, Director, Political Affairs, charged the sector to engage best practices in trade, investments and commerce to solidify the state as the best investment destination.

    “On our parts, we would continue to promote more friendly environment for enterprises and provide workable solution to all the challenges,” she said.

    (www.

    nannews.

    ng)•
    NewsSourceCredit: NAN

  •   Paper can be Nigeria s second oil once revitalised CEO FAE Envelope From left Prof Adesoji Adesugba MD Nigeria Export Processing Zones Authority NEPZA Iyalode Alaba Lawson former National President Nigerian Association of Chambers of Commerce Industries Mines and Agriculture NACCIMA Asiwaju Michael Olawale Cole President Lagos Chamber of Commerce and Industry Mrs Layo Okeowo Bakare FAE Ltd Chief Ide Udeagbala National President NACCIMA and Mr Adeleke Adeleye COO FAE Ltd during tChief Executive Officer FAE Envelopes Mrs Layo Bakare Okeowo on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy Bakare Okeowo made the assertion at the company s facility tour by the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA in Lagos According to her the paper industry which she referred to as a gold mine will generate more foreign exchange tackle unemployment and contribute to the country s Gross Domestic Product GDP The FAE boss however stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country s sufficient use and for exports She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry Billions of dollars is what is being expended to import paper into the country meanwhile God has blessed us with so much raw materials that can be transformed into making paper We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it s gestation is about 12 years Also waste products bamboo sugar cane jute leaves popularly called ewedu are all raw materials that can be transformed to paper with a quick turn around time for investment Once all these are in place the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area AfCFTA and globally she said Bakare Okeowo said that in spite of the obvious challenges with the operating environment her passion to drive Nigeria s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years She reiterated the company s commitment to becoming more innovative in its drive to secure contents of envelopes saying that the company had in its pipeline a fireproof envelope With the elections coming soon there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed Again the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills she said President LCCI Dr Michael Olawale Cole reiterated the chamber s interest in the success of all manufacturing companies at the heart of its operations He called for continued amiable relationship to drive Nigeria s industrialisation agenda for all round growth and prosperity of the nation s economy Ude John Udeagbala President NACCIMA advocated the need for proper succession planning for businesses in Nigeria to engender sustainability Also Mr Adesoji Adesugba Managing Director Nigeria Exports Processing Zones Authority NEPZA charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country This he said would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually In spite of the current global digitalisation paper continues to be important for job creation forestry and education and literacy www nannews ng NewsSourceCredit NAN
    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope
      Paper can be Nigeria s second oil once revitalised CEO FAE Envelope From left Prof Adesoji Adesugba MD Nigeria Export Processing Zones Authority NEPZA Iyalode Alaba Lawson former National President Nigerian Association of Chambers of Commerce Industries Mines and Agriculture NACCIMA Asiwaju Michael Olawale Cole President Lagos Chamber of Commerce and Industry Mrs Layo Okeowo Bakare FAE Ltd Chief Ide Udeagbala National President NACCIMA and Mr Adeleke Adeleye COO FAE Ltd during tChief Executive Officer FAE Envelopes Mrs Layo Bakare Okeowo on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy Bakare Okeowo made the assertion at the company s facility tour by the Lagos Chamber of Commerce and Industry LCCI and the Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA in Lagos According to her the paper industry which she referred to as a gold mine will generate more foreign exchange tackle unemployment and contribute to the country s Gross Domestic Product GDP The FAE boss however stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country s sufficient use and for exports She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry Billions of dollars is what is being expended to import paper into the country meanwhile God has blessed us with so much raw materials that can be transformed into making paper We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it s gestation is about 12 years Also waste products bamboo sugar cane jute leaves popularly called ewedu are all raw materials that can be transformed to paper with a quick turn around time for investment Once all these are in place the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area AfCFTA and globally she said Bakare Okeowo said that in spite of the obvious challenges with the operating environment her passion to drive Nigeria s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years She reiterated the company s commitment to becoming more innovative in its drive to secure contents of envelopes saying that the company had in its pipeline a fireproof envelope With the elections coming soon there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed Again the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills she said President LCCI Dr Michael Olawale Cole reiterated the chamber s interest in the success of all manufacturing companies at the heart of its operations He called for continued amiable relationship to drive Nigeria s industrialisation agenda for all round growth and prosperity of the nation s economy Ude John Udeagbala President NACCIMA advocated the need for proper succession planning for businesses in Nigeria to engender sustainability Also Mr Adesoji Adesugba Managing Director Nigeria Exports Processing Zones Authority NEPZA charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country This he said would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually In spite of the current global digitalisation paper continues to be important for job creation forestry and education and literacy www nannews ng NewsSourceCredit NAN
    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope
    General news4 months ago

    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope

    Paper can be Nigeria’s second oil once revitalised – CEO, FAE Envelope   From left: Prof. Adesoji Adesugba, MD, Nigeria Export Processing Zones Authority(NEPZA); Iyalode Alaba Lawson, former National President, Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture, NACCIMA; Asiwaju Michael Olawale-Cole, President, Lagos Chamber of Commerce and Industry; Mrs Layo Okeowo-Bakare, , FAE Ltd; Chief Ide Udeagbala, National President, NACCIMA and Mr Adeleke Adeleye, COO, FAE Ltd during tChief Executive Officer, FAE Envelopes, Mrs Layo Bakare-Okeowo, on Wednesday said that paper industry could equate oil revenue generation for Nigeria if revived and maximally exploited using backward integration policy.

    Bakare-Okeowo made the assertion at the company’s facility tour by the Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) in Lagos.

    According to her, the paper industry, which she referred to as a gold-mine, will generate more foreign exchange, tackle unemployment, and contribute to the country’s Gross Domestic Product (GDP).

    The FAE boss, however, stated the need for a functional paper mill in the country and the proper implementation of backward integration policy to ensure ease of access to raw materials for production.

    She quoted that the sum of five million dollars was enough to create paper mills cluster to drive the sector to full potential for the country’s sufficient use and for exports.

    She also called for more support to the sector to engender more research in pulp and paper as well as capacity building to develop the industry.

    “Billions of dollars is what is being expended to import paper into the country, meanwhile, God has blessed us with so much raw materials that can be transformed into making paper.

    “We have the Kenaf specie for paper production with a gestation period of six months against that of wood that it’s gestation is about 12 years.

    “Also, waste products, bamboo, sugar cane, jute leaves popularly called ‘ewedu’ are all raw materials that can be transformed to paper with a quick turn around time for investment.

    “Once all these are in place, the future of the Nigeria paper industry is endless and could become self sufficient and also begin to export both in the Africa Continental Free Trade Area (AfCFTA) and globally,” she said.

    Bakare-Okeowo said that in spite of the obvious challenges with the operating environment, her passion to drive Nigeria’s industrialisation agenda to fruition was part of what had sustained the envelope business for over forty years.

    She reiterated the company’s commitment to becoming more innovative in its drive to secure contents of envelopes, saying that the company had in its pipeline, a fireproof envelope.

    “With the elections coming soon, there is need for tamper proof envelope which is water resistant and can be used to secure votes once sealed.

    “Again, the future of paper is endless and we hope that the government can do what is necessary to drive the sector to its full potential seeing that Egypt has 25 functional paper mills,” she said.

    President, LCCI, Dr Michael Olawale-Cole, reiterated the chamber’s interest in the success of all manufacturing companies at the heart of its operations.

    He called for continued amiable relationship to drive Nigeria’s industrialisation agenda for all round growth and prosperity of the nation’s economy.

    Ude John Udeagbala, President, NACCIMA, advocated the need for proper succession planning for businesses in Nigeria to engender sustainability.

    Also, Mr Adesoji Adesugba, Managing Director, Nigeria Exports Processing Zones Authority(NEPZA), charged players in the paper industry to take advantage of the Free Trade Economic Zones across the country.

    This, he said, would enable industries enjoy the maximum incentives such as duty free imports at the free trade zones.

    The News Agency of Nigeria reports that over 400 million metric tonnes of paper is being imported into the country annually.

    In spite of the current global digitalisation, paper continues to be important for job creation, forestry, and education and literacy.

    (www.

    nannews.

    ng)
    NewsSourceCredit: NAN

  •   Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce Industry Mines and Agriculture ASACCIMA says a number of foreign exhibitors are expected at Asaba International Trade Fair slated from Nov 18 to Nov 27 The President of ASACCIMA Chief Anthony Idigbe said this at the signing of a consultancy agreement for the fair between the chambers and two partners Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday Idigbe represented by the Director General of ASACCIMA Mr Edwin Chukwuma said the fair would also attract indigenous exhibitors as well as about 200 participants The objective of the trade fair is to promote commerce as well as boost commercial activities in the state he said He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community We have put everything in place to ensure that the hosting of the fair is hitch free We have made adequate security arrangement we also have good facility as well as befitting venue for the event he said The ASACCIMA president lauded the partners for the consultancy agreement describing it as a milestone in the quest for successful hosting of the fair in Asaba He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country the ministry empowered the Nigeria Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA to do This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA Idigbe said NewsSourceCredit NAN
    Foreign exhibitors to feature in Asaba international fair
      Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce Industry Mines and Agriculture ASACCIMA says a number of foreign exhibitors are expected at Asaba International Trade Fair slated from Nov 18 to Nov 27 The President of ASACCIMA Chief Anthony Idigbe said this at the signing of a consultancy agreement for the fair between the chambers and two partners Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday Idigbe represented by the Director General of ASACCIMA Mr Edwin Chukwuma said the fair would also attract indigenous exhibitors as well as about 200 participants The objective of the trade fair is to promote commerce as well as boost commercial activities in the state he said He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community We have put everything in place to ensure that the hosting of the fair is hitch free We have made adequate security arrangement we also have good facility as well as befitting venue for the event he said The ASACCIMA president lauded the partners for the consultancy agreement describing it as a milestone in the quest for successful hosting of the fair in Asaba He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country the ministry empowered the Nigeria Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA to do This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA Idigbe said NewsSourceCredit NAN
    Foreign exhibitors to feature in Asaba international fair
    General news4 months ago

    Foreign exhibitors to feature in Asaba international fair

    Foreign exhibitors to feature in Asaba internatThe Asaba Chamber of Commerce, Industry, Mines and Agriculture (ASACCIMA), says a number of foreign exhibitors are expected at Asaba International Trade Fair, slated from Nov.18  to Nov. 27. The President of ASACCIMA, Chief Anthony Idigbe, said this at the signing of a consultancy agreement for the fair between the chambers and two partners – Atlantic Exhibition Ltd and Andrea Ashlan Ltd in Asaba on Wednesday.

    Idigbe, represented by the Director General of ASACCIMA, Mr Edwin Chukwuma, said the fair would also attract indigenous exhibitors, as well as about 200 participants.

    ”The objective of the trade fair is to promote commerce as well as boost commercial activities in the state,” he said.

    He assured that participation at the fair would be fruitful as it was expected to attract high patronage from the business community.

    ”We have put everything in place to ensure that the hosting of the fair is hitch-free.

    ”We have made adequate security arrangement, we also have good facility as well as befitting venue for the event,” he said.

    The ASACCIMA president lauded the partners for the consultancy agreement, describing it as a milestone in the quest for successful hosting of the fair in Asaba.

    He said although it was the responsibility of the Federal Ministry of Trade and Investment to organise trade fairs in the country, the ministry empowered the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) to do.

    .

    “This gave the association the leverage to organise trade fairs and to pay tax to the Federal Government annually through the Ministry of Trade and Investment and ASACCIMA is a member of NACCIMA,” Idigbe said.


    NewsSourceCredit: NAN

  •  The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
     The Manufacturers Association of Nigeria MAN on Wednesday urged commercial banks and the Organised Private Sector OPS to join hands to grow the economy Mr Mansur Ahmed President of MAN gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks ACAMB in partnership with the Chartered Institute of Bankers of Nigeria CIBN in Lagos The News Agency of Nigeria reports that the conference supported by Access Bank Ecobank FirstBank and Zenith Bank had Promoting Synergy Between the Banking Industry and the Organised Private Sector as the theme Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy hence the need for both sectors to work together to reduce poverty attract investment and boost economic growth The traditional industry bank lending relationship is no longer supporting the growth of the industry the bank and the economy as a whole Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight Based on this information it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription he said He therefore recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy He stressed the need to prioritise attention to industry foreign exchange requests particularly in this period of acute shortage Ahmed represented by Mr Ambrose Oruche Director Corporate Services of MAN also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality He recommended the creation of a process that would support equipment acquisition in the industry and creation of funds to support industry bank joint venture for easy financing of specific industry business He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit Mr Ide Udeagbala President Nigerian Association of Chambers of Commerce Industry Mines and Agriculture NACCIMA represented by Mr Ayo Osinloye urged stakeholders to provide answers to the difficult challenges being faced by the private sector They face weak infrastructure especially in terms of power transportation and workspace They lack a collective voice and have relatively weak influence of policy formulation They have poor access to vital resources especially finance Udeagbala said Also speaking Mr Eboagwu Ezulu Deputy Director Financial System Stability Directorate of the Central Bank of Nigeria CBN advised the OPS to approach the development financing institutions for financial assistance I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks Banks are supposed to approach the CBN on behalf of their customers to solve these problems the commercial banks lend for credit purpose they have the primary responsibility to protect their depositors Ezulu said Dr Ken Opara the CIBN President noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation job creation provision of goods and services and poverty alleviation Thus a well functioning financial system and a rigorous private sector are important drivers of national growth in terms of Gross Domestic Product employment generation economic stability and poverty reduction However I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies Given the interdependence of both sector it has become imperative for both to work mutually for the growth of the nation s economy Opara said Earlier Mr Rasheed Bolarinwa President ACAMB said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy Finance the essence of banking is the driving force for the private sector Capital is probably the primary factor of production On the other side the private sector as the end users of banking services and the largest sector of the economy is also conversely the driver of a sustainable and viral banking sector So I will say there is a symbiotic relationship between the two sectors banking is important to the private sector just as the private sector is important to the banks That explains why this conference is taking place So it is safe to conclude that the more active and synergistic the relationship between banking and private sector the more we are collectively able to develop and grow the national economy for sustainable Nigeria he said NewsSourceCredit NAN
    MAN tasks banks, OPS on economic growth
    Economy4 months ago

    MAN tasks banks, OPS on economic growth

    The Manufacturers Association of Nigeria (MAN) on Wednesday urged commercial banks and the Organised Private Sector (OPS) to join hands to grow the economy.

    Mr Mansur Ahmed, President of MAN, gave the advice at the first National Stakeholders Conference organised by the Association of Corporate Affairs Managers of Banks (ACAMB) in partnership with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

    The News Agency of Nigeria reports that the conference supported by Access Bank, Ecobank, FirstBank and Zenith Bank had: “Promoting Synergy Between the Banking Industry and the Organised Private Sector,’’ as the theme.

    Ahmed said that the performance and development of both sectors were expedient for the sustainability of the economy; hence, the need for both sectors to work together to reduce poverty, attract investment and boost economic growth.

    “The traditional industry-bank lending relationship is no longer supporting the growth of the industry, the bank and the economy, as a whole.

    “ Industry activities have massively declined showing rising number of moribund industries across the country and the increasing capital flight.

    “ Based on this information, it is important that the commercial banks and the industry should come together to chart new ways of supporting each other to the benefit of all.

    “ There is no doubt that the industry needs the bank to increase investment and production while the bank needs the industry for interest payment incomes and equity subscription,’’ he said.

    He, therefore, recommended that the commercial bank should develop corporate patriotism to strengthen the willingness to lend at the interest rate that supports both the industry and the banking sector for the sake of the economy.

    He stressed the need to prioritise attention to industry foreign exchange requests, particularly in this period of acute shortage.

    Ahmed represented by Mr Ambrose Oruche, Director, Corporate Services of MAN, also urged the banks to ensure that government or international development funds were well accessed without undue difficult conditionality.

    He recommended the creation of a process that would support  equipment acquisition in the industry and creation of funds to support industry-bank joint venture for easy financing of specific industry business.

    He also suggested the creation of a unit for business support and capacity development for the industry as well as a trade support unit.

    Mr Ide Udeagbala, President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), represented by Mr Ayo Osinloye, urged stakeholders to provide answers to the difficult challenges being faced by the private sector.

    “They face weak infrastructure, especially in terms of power, transportation, and workspace.

    They lack a collective voice and have relatively weak influence of policy formulation.

    They have poor access to vital resources, especially finance,” Udeagbala said.

    Also speaking, Mr Eboagwu Ezulu, Deputy Director, Financial System Stability Directorate of the Central Bank of Nigeria (CBN), advised the OPS to approach the development financing institutions for financial assistance.

    “I am aware that the Development Bank of Nigeria was established in collaboration with the CBN to provide funding as well as the Bank of Industry established to support the manufacturing sector.

    “Have we the manufacturing sector approached those entities to utilise the funds available rather than asking the commercial banks?

    “Banks are supposed to approach the CBN on behalf of their customers to solve these problems; the commercial banks lend for credit purpose, they have the primary responsibility to protect their depositors,’’ Ezulu said Dr Ken Opara, the CIBN President, noted that the organised private sectors were the real drivers of real sector growth and economic advancement through industrialisation, job creation, provision of goods and services and poverty alleviation.

    “Thus a well-functioning financial system and a rigorous private sector are important drivers of national growth in terms of  Gross Domestic Product, employment generation, economic stability and poverty reduction.

    “However, I must admit that there are still a lot of untapped opportunity between these two critical sectors some of which are attributable to lack of proper handshake between the bodies.

    “Given the interdependence of both sector, it has become imperative for both to work mutually for the growth of the nation’s economy,’’ Opara said.

    Earlier, Mr Rasheed Bolarinwa, President ACAMB, said that the outlook of the conference was essentially to develop a workable roadmap for the two sectors to synergise for the benefit of the national economy.

    “Finance, the essence of banking is the driving force for the private sector.  

    Capital, is probably the primary factor of production.

    “On the other side, the private sector, as the end users of banking services and the largest sector of the economy, is also conversely the driver of a sustainable and viral banking sector.

    “So, I will say there is a symbiotic relationship between the two sectors, banking is important to the private sector, just as the private sector is important to the banks.

    That explains why this conference is taking place.

    “So, it is safe to conclude that the more active and synergistic the relationship between banking and private sector, the more we are collectively able to develop and grow the national economy for sustainable Nigeria,’’ he said.

    (
    NewsSourceCredit: NAN

  •  The Association of Corporate Affairs Managers of Banks ACAMB says that constant engagement and communication between the Organised Private Sector OPS and the banking sector will promote the desired sustainable growth and development of the economy Mr Rasheed Bolarinwa President of ACAMB disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos Bolarinwa said Nigeria would be the major beneficiary of the high profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the first ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug 3 2022 Bolarinwa said that the first ever conference would birth far reaching strategies that would help to unlock several opportunities for the Nigerian economy He said that the conference would be organised by the ACAMB the banking industry corporate marketing communications and reputation management association in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria CIBN Bolarinwa said Nigeria will be the major beneficiary of the high profile meeting between banks and the Organised Private Sector as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the conference which would hold at the Bankers House Victoria Island Lagos would bring together the best players in banks and OPS to act as think tank for the nation s macroeconomic growth Bolarinwa said that the Governor of the Central Bank of Nigeria Mr Godwin Emefiele would be the keynote speaker He added that the Presidents of the Chartered Institute of Bankers of Nigeria CIBN NACCIMA Institute of Directors IoD and Manufacturers Association of Nigeria MAN would be major speakers He said that the strategic panelists would be led by the leadership of the sectors which would cut across banking players and the OPS including NECA NASSI and NASME among others He also said that the main plenary session would be moderated by the foremost economist Dr Biodun Adedipe We are providing an open minded platform for both sectors to articulate and ventilate their fears interest and expectations and opportunities that will benefit both sectors the national economy and Nigeria at large At the end of the session we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS Bolarinwa said According to him the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy Therefore there is a need for the two sectors to work closely together The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy communication cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy Bolarinwa said He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry describing the media as being crucial to creating mutual understandings NewsSourceCredit NAN
    Banks, OPS synergy key to sustainable growth, says ACAMB President
     The Association of Corporate Affairs Managers of Banks ACAMB says that constant engagement and communication between the Organised Private Sector OPS and the banking sector will promote the desired sustainable growth and development of the economy Mr Rasheed Bolarinwa President of ACAMB disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos Bolarinwa said Nigeria would be the major beneficiary of the high profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the first ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug 3 2022 Bolarinwa said that the first ever conference would birth far reaching strategies that would help to unlock several opportunities for the Nigerian economy He said that the conference would be organised by the ACAMB the banking industry corporate marketing communications and reputation management association in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria CIBN Bolarinwa said Nigeria will be the major beneficiary of the high profile meeting between banks and the Organised Private Sector as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy He said that the conference which would hold at the Bankers House Victoria Island Lagos would bring together the best players in banks and OPS to act as think tank for the nation s macroeconomic growth Bolarinwa said that the Governor of the Central Bank of Nigeria Mr Godwin Emefiele would be the keynote speaker He added that the Presidents of the Chartered Institute of Bankers of Nigeria CIBN NACCIMA Institute of Directors IoD and Manufacturers Association of Nigeria MAN would be major speakers He said that the strategic panelists would be led by the leadership of the sectors which would cut across banking players and the OPS including NECA NASSI and NASME among others He also said that the main plenary session would be moderated by the foremost economist Dr Biodun Adedipe We are providing an open minded platform for both sectors to articulate and ventilate their fears interest and expectations and opportunities that will benefit both sectors the national economy and Nigeria at large At the end of the session we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS Bolarinwa said According to him the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy Therefore there is a need for the two sectors to work closely together The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy communication cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy Bolarinwa said He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry describing the media as being crucial to creating mutual understandings NewsSourceCredit NAN
    Banks, OPS synergy key to sustainable growth, says ACAMB President
    Economy4 months ago

    Banks, OPS synergy key to sustainable growth, says ACAMB President

    The Association of Corporate Affairs Managers of Banks (ACAMB) says that constant engagement and communication between the Organised Private Sector (OPS) and the banking sector will promote the desired sustainable growth and development of the economy.

    Mr Rasheed Bolarinwa, President of ACAMB, disclosed this in an interview with the News Agency of Nigeria on Sunday in Lagos.

    Bolarinwa said Nigeria would be the major beneficiary of the high-profile meeting between banks and the OPS as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy.

    He said that the first-ever national stakeholders conference on synergy between the Nigerian banking industry and the OPS would hold on Aug.

    3, 2022.

    Bolarinwa said that the first-ever conference would birth far-reaching strategies that would help to unlock several opportunities for the Nigerian economy.

    He said that the conference would be organised by the ACAMB – the banking industry corporate, marketing communications and reputation management association; in partnership with other stakeholders including the Chartered Institute of Bankers of Nigeria (CIBN).

    Bolarinwa said: “Nigeria will be the major beneficiary of the high-profile meeting between banks and the Organised Private Sector, as stakeholders seek to find lasting solutions to the constraints between the two key sectors of the economy.” He said that the conference which would hold at the Bankers House, Victoria Island, Lagos, would bring together the best players in banks and OPS to act as think tank for the nation’s macroeconomic growth.

    Bolarinwa said that the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, would be the keynote speaker.

    He added that the Presidents of the Chartered Institute of Bankers of Nigeria (CIBN), NACCIMA, Institute of Directors (IoD) and Manufacturers Association of Nigeria (MAN) would be major speakers.

    He said that the strategic panelists would be led by the leadership of the sectors, which would cut across banking players and the OPS including NECA, NASSI and NASME, among others.

    He also said that the main plenary session would be moderated by the foremost economist, Dr Biodun Adedipe.

    “We are providing an open-minded platform for both sectors to articulate and ventilate their fears, interest and expectations and opportunities that will benefit both sectors, the national economy and Nigeria at large.

    “At the end of the session, we expect a robust communique that will provide a road map for a new relationship between the banking industry and the OPS,” Bolarinwa said.

    According to him, the OPS is a valued stakeholder of the banking industry as both the banking industry and the organised private sector play major roles in growing the economy.

    “Therefore, there is a need for the two sectors to work closely together.

    “The conference offers a unique platform for private sector players and the banking community to share perspectives on the synergy, communication, cooperation and mutual understanding between these two critical segments of the Nigerian economy can be improved to benefit the Nigerian people and economy progressively.

    “ACAMB is reaching out to all critical stakeholders to ensure inclusiveness and maximisation of capacity.

    “We will persist in generating innovative and creative initiatives to promote the growth and development of the banking industry and the national economy,” Bolarinwa said.

    He urged the media to partner in the new paradigm shift of engagements with critical stakeholders in the industry, describing the media as being crucial to creating mutual understandings.

    NewsSourceCredit: NAN

  •  The Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession Mr John Udeagbala National President NACCIMA gave the charge on Friday in Lagos via a report from the association s third quarter economic briefing Udeagbala said the advice was imperative following the possible false sense of security from the 3 11 per cent economic growth recorded in this year s first quarter He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID 19 pandemic and the Russia Ukraine conflict While other stakeholders might see this as the leveling out of economic growth from the COVID 19 pandemic the private sector is concerned that external shocks brought about by the Russia Ukraine conflict have put immense pressure on the productive capacity of our economy We therefore urge once again the implementation of government policy that places priority on improving domestic production otherwise face a likely state of economic recession by the end of 2022 he said On inflation the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed He however stated that the move was majorly an inflation management measure and did not address the root cause of the inflation such as rising food prices devaluation of the Naira and high cost of energy and transportation Nevertheless we look forward to the continued implementation of the Central Bank s intervention in the agriculture manufacturing energy healthcare and export sectors which will ensure some improvement in food and energy supply he said Addressing the country s power situation Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria s energy sufficiency to become a net exporter of petroleum products and eventually electricity He also called for urgent action in fixing domestic refineries or the implementation of the Petroleum Industry Act which is currently hobbled by the petroleum subsidy regime If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy it is time to ask ourselves how many refineries could we have built in that time As we acknowledge the economic impact of the sudden removal of petroleum subsidy we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy We can start by taking a look at other developing countries in this space such as Trinidad and Tobago who never had to carry out Turn Around Maintenance on their only refinery or revisit crude oil to petroleum product swap arrangements he said Addressing unemployment Udeagbala lauded the government s innovative policies such as approved tax reliefs and other incentives for startups to harness Nigeria s digital innovation and entrepreneurship ecosystem He urged the government to further consider the security implications of the high unemployment rate of 33 per cent and do more to address the regular faceoff with the Academic Staff Union of Universities ASUU He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth The regular face off between the Federal Government and ASUU leading to incessant strikes has gradually altered the educational systems in the country limiting the number of productive graduates available NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency even as we hope that the two week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result he said On the country s public debt Udeagbala counselled all levels of government to consider other sources of funding such as leveraging on public private partnerships for tax credits spread over time He said the advice was very necessary because Nigeria s current debt levels were unsustainable as the International Monetary Fund IMF projects that by 2026 all of Nigeria s revenue would go to servicing debt The economy cannot run based on increasing the number of taxes borne by the private sector as we have witnessed by recent laws passed by the National Assembly We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt he said NewsSourceCredit NAN
    NACCIMA tasks FG on urgent actions to avoid recession
     The Nigerian Association of Chamber of Commerce Industry Mines and Agriculture NACCIMA has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession Mr John Udeagbala National President NACCIMA gave the charge on Friday in Lagos via a report from the association s third quarter economic briefing Udeagbala said the advice was imperative following the possible false sense of security from the 3 11 per cent economic growth recorded in this year s first quarter He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID 19 pandemic and the Russia Ukraine conflict While other stakeholders might see this as the leveling out of economic growth from the COVID 19 pandemic the private sector is concerned that external shocks brought about by the Russia Ukraine conflict have put immense pressure on the productive capacity of our economy We therefore urge once again the implementation of government policy that places priority on improving domestic production otherwise face a likely state of economic recession by the end of 2022 he said On inflation the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria CBN to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed He however stated that the move was majorly an inflation management measure and did not address the root cause of the inflation such as rising food prices devaluation of the Naira and high cost of energy and transportation Nevertheless we look forward to the continued implementation of the Central Bank s intervention in the agriculture manufacturing energy healthcare and export sectors which will ensure some improvement in food and energy supply he said Addressing the country s power situation Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria s energy sufficiency to become a net exporter of petroleum products and eventually electricity He also called for urgent action in fixing domestic refineries or the implementation of the Petroleum Industry Act which is currently hobbled by the petroleum subsidy regime If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy it is time to ask ourselves how many refineries could we have built in that time As we acknowledge the economic impact of the sudden removal of petroleum subsidy we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy We can start by taking a look at other developing countries in this space such as Trinidad and Tobago who never had to carry out Turn Around Maintenance on their only refinery or revisit crude oil to petroleum product swap arrangements he said Addressing unemployment Udeagbala lauded the government s innovative policies such as approved tax reliefs and other incentives for startups to harness Nigeria s digital innovation and entrepreneurship ecosystem He urged the government to further consider the security implications of the high unemployment rate of 33 per cent and do more to address the regular faceoff with the Academic Staff Union of Universities ASUU He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth The regular face off between the Federal Government and ASUU leading to incessant strikes has gradually altered the educational systems in the country limiting the number of productive graduates available NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency even as we hope that the two week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result he said On the country s public debt Udeagbala counselled all levels of government to consider other sources of funding such as leveraging on public private partnerships for tax credits spread over time He said the advice was very necessary because Nigeria s current debt levels were unsustainable as the International Monetary Fund IMF projects that by 2026 all of Nigeria s revenue would go to servicing debt The economy cannot run based on increasing the number of taxes borne by the private sector as we have witnessed by recent laws passed by the National Assembly We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt he said NewsSourceCredit NAN
    NACCIMA tasks FG on urgent actions to avoid recession
    Economy5 months ago

    NACCIMA tasks FG on urgent actions to avoid recession

    The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to address the necessary economic parameters to prevent Nigeria from slipping into recession.

    Mr John Udeagbala, National President, NACCIMA, gave the charge on Friday in Lagos, via a report from the association’s third quarter economic briefing.

    Udeagbala said the advice was imperative, following the possible false sense of security from the 3.11 per cent economic growth recorded in this year’s first quarter.

    He said that the statistics might not have fully captured the supply and value chain disruptions brought about by the COVID-19 pandemic and the Russia-Ukraine conflict.

    “While other stakeholders might see this as the leveling out of economic growth from the COVID-19 pandemic, the private sector is concerned that external shocks brought about by the Russia-Ukraine conflict, have put immense pressure on the productive capacity of our economy.

    “We therefore, urge once again, the implementation of government policy that places priority on improving domestic production, otherwise face a likely state of economic recession by the end of 2022,” he said.

    On inflation, the NACCIMA president said that the decision of the Monetary Policy Committee of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate from 13 to 14 per cent was welcomed.

    He, however, stated that the move was majorly an inflation management measure, and did not address the root cause of the inflation such as rising food prices, devaluation of the Naira, and high cost of energy and transportation.

    “Nevertheless, we look forward to the continued implementation of the Central Bank’s intervention in the agriculture, manufacturing, energy, healthcare and export sectors, which will ensure some improvement in food and energy supply,” he said.

    Addressing the country’s power situation, Udeagbala called on the government to renew its focus on implementing policies to ensure Nigeria’s energy sufficiency to become a net exporter of petroleum products and eventually, electricity.

    He also called for urgent action in fixing domestic refineries, or the implementation of the Petroleum Industry Act, which is currently hobbled by the petroleum subsidy regime.

    “If we estimate that Nigeria has spent an average of N2trillion a year for the past 16 years on petroleum subsidy, it is time to ask ourselves, how many refineries could we have built in that time?

    “As we acknowledge the economic impact of the sudden removal of petroleum subsidy, we advocate a gradual removal with attendant policy initiatives to cushion the effect on the economy.

    “We can start by taking a look at other developing countries in this space, such as Trinidad and Tobago, who never had to carry out Turn Around Maintenance on their only refinery, or revisit crude oil to petroleum product swap arrangements,” he said.

    Addressing unemployment, Udeagbala lauded the government’s innovative policies such as, approved tax reliefs and other incentives for startups to harness Nigeria’s digital innovation and entrepreneurship ecosystem.

    He urged the government to further consider the security implications of the high unemployment rate of 33 per cent, and do more to address the regular faceoff with the Academic Staff Union of Universities (ASUU).

    He emphasised the need for a foundation of quality education as a basis to ensure the employability of the Nigerian youth.

    “The regular face-off between the Federal Government and ASUU, leading to incessant strikes, has gradually altered the educational systems in the country, limiting the number of productive graduates available.

    “NACCIMA calls on the Federal Government to resolve such pending issues with a sense of urgency, even as we hope that the two-week ultimatum given to the Minister of Education by President Muhammadu Buhari will yield a lasting result,” he said.

    On the country’s public debt, Udeagbala counselled all levels of government to consider other sources of funding, such as leveraging on public-private partnerships for tax credits spread over time.

    He said the advice was very necessary because Nigeria’s current debt levels were unsustainable, as the International Monetary Fund (IMF), projects that by 2026, all of Nigeria’s revenue would go to servicing debt.

    “The economy cannot run based on increasing the number of taxes borne by the private sector, as we have witnessed by recent laws passed by the National Assembly.

    “We advocate policies that systematically and consistently increase the tax base in terms of the volume of production or the number of taxpayers.

    “We also counsel that the executive and legislature make concerted efforts to reduce the cost of governance as a way to reduce the pressure to run a government based on debt,” he said.

    NewsSourceCredit: NAN

  •   Ten takeaways from State Visit to Portugal Two Nations and the will for strategic partnership Garba Shehu TEN TAKEAWAYS FROM STATE VISIT TO PORTUGAL TWO NATIONS AND THE WILL FOR STRATEGIC PARTNERSHIP By Garba Shehu President Muhammadu Buhari s State Visit to Lisbon Portugal Wednesday 28th June to 2nd July was a first class success story and this is measurable by outcomes not least the real determination of the two nations to engender a close relationship Many in Nigeria remember that historically Portuguese sailors were the first in Europe ahead of British to have contact with the territory now called Nigeria when a certain Explorer Rui de Sequira visited the Lagos area in 1472 actually naming the area around the city as Lago de Curamo which means Lake of Curamo Curamo recall Kuramo Lagoon Kuramo Beach and Kuramo Hall at the famous Eko Hotel Lagos Among the important things embedded in the vision of Nigeria s role and place in the world clearly laid by President Muhammadu Buhari is the revival of important relationships that have suffered long neglect In addition he has a strong willingness to assume the leadership expected from Africa s largest country in population and economy So herein lies the first importance of this visit One there can be no better illustration of the larger strategic goal of the future of this relationship than the eight agreements and Memoranda Of Agreement MOUs signed in the course of this visit These are the MOU on political consultations diplomatic training research and exchange of information and documentation cooperation in the field of culture in the field of women and girls development empowerment and gender affairs youths and in the area of sports At the very well attended Portugal and Nigeria Economic Forum with the chosen theme Expanding Investment and Trade Between Nigeria and Portugal two agreements also were signed one between the Nigerian Investment Promotion Council and AICEP its Portuguese equivalent and another between the Nigerian Association of Chambers of Commerce NACCIMA and the similar body in Portugal Two this visit achieved a desire for a strategic partnership to strengthen the work Nigeria has been praised for doing by all levels of Portuguese authority President Prime Minister President of National Assembly and Mayor of Lisbon which is her stabilizing role in West Africa and importantly for the hosts the stability and support of the ex Portuguese territories in the subregion specifically Guinea Bissau and S o Tom and Principe This is resonating very well with the Portuguese Three Invariably linked to this is the convergence of strategic interests and the laying of a framework to strengthen security and cooperation between the two states Portugal which has an association with with its former territories in Africa the equivalent of our own British Commonwealth made up of Angola and Cape Verde in addition to the two others states mentioned They have troops deployed for safekeeping duty in West Africa They have committed to support Nigeria in military training the sharing of intelligence and in the war against terrorism Four Nigeria and Portugal have equally identified a common interest and goal in the transatlantic gas pipeline for which our country needs investment and security This is with a view to finding a market in Europe for the enormous gas resources available to us After listening to a briefing on the pipeline by Mele Kyari the Group Managing Director of the Nigerian National Petroleum Company NNPC Limited President Marcelo de Sousa was quick to show interest in the maritime mapping of the gas pipeline instead of the Trans Saharan pathway which is equally an option Portugal says President Sousa has chosen for itself the role of the spokesman and defender of African interests in the EU Nigerian LNG is important for Portugal especially at this time of the Russia Ukraine war and the regime of western sanctions imposed on the Russian supply of oil and gas With 60 percent of our LNG going to Portugal meeting 30 percent of their energy needs Portugal is today more energy secure than most of their Russia dependent European neighbours It is noteworthy that the Portuguese are very appreciative of the consistency and reliability of the gas from Nigeria thanks of course to good management from NLNG Five The Kano Maradi railway line being constructed by a Portuguese company Mota Engil is turning out to be a significant factor in the emerging relations between our countries Despite President Buhari s emphasis at several speaking opportunities that the contractor met all requirements to beat others to get the job the Portuguese authorities see it not only as a milestone in trade relations but also as a trailblazer and a precursor to the evolution of Nigeria as the gateway to the vast African market opened up by the African Continental Free Trade Area AfCFTA President Sousa spoke about their wish for the entry into the Nigerian market of Portuguese companies not in 30s or 100 but in their thousands Six Portugal which was a strong force in the UN recognition of Nigeria as one of five centres for vaccine production in Africa has determined to key into our health sector They will come in It s a country with a very strong pharmaceutical economy Seven in the choice of Jose Peseiro the Portuguese coach of the Super Eagles Nigeria struck yet another positive cord that resonates politically and diplomatically Even before the advent of coach Peseiro there are more than 200 professional football players of Nigerian origin in Portugal Some of them were brought to a meeting with the President coordinated by Chairman Nigerians in Diaspora Commission NiDCOM Hon Abike Dabiri Erewa Now we have a commitment that the country famous for producing Ronaldo and for its globally recognized football academy is opening up chances for our youth to train Eight there is also a welcome plan to share the achievements of Portugal in the field of renewable energy With 60 percent of their energy got from renewable sources that country ranks among the world leaders hoping to reach carbon neutrality by 2030 For the Buhari administration and hopefully for the succeeding ones the attainment of set climate change objectives will continue as a priority For our two countries this will be a win win Nine we have now an MOU on political consultations diplomatic training research and exchange of information and documentation This will see our two nations working hand in hand at multilateral institutions including the UN Portugal prides herself with experience in international relations Ten Lastly is the important thing about the very strong alignment of strategic interests of both countries It s rare to see this anywhere The commitment to be with Nigeria is everywhere All levels of authority in the country President Prime Minister President of the National Assembly and Mayor of Lisbon showing a total commitment to align with Nigeria President Sousa in his second term said I waited six years for this marriage They honored him with that country s highest national order For President Buhari this visit is an affirmation of the norm that global aspirations must be accompanied by global engagements and a demonstration of his determination to turn commitments into actions Hopefully these will lead to the acceleration of the nation s economic growth securing the country attracting investment and creating jobs Garba Shehu is Senior Special Assistant to the President Media and Publicity NewsSourceCredit NAN
    Ten takeaways from State Visit to Portugal: Two Nations and the will for strategic partnership – Garba Shehu
      Ten takeaways from State Visit to Portugal Two Nations and the will for strategic partnership Garba Shehu TEN TAKEAWAYS FROM STATE VISIT TO PORTUGAL TWO NATIONS AND THE WILL FOR STRATEGIC PARTNERSHIP By Garba Shehu President Muhammadu Buhari s State Visit to Lisbon Portugal Wednesday 28th June to 2nd July was a first class success story and this is measurable by outcomes not least the real determination of the two nations to engender a close relationship Many in Nigeria remember that historically Portuguese sailors were the first in Europe ahead of British to have contact with the territory now called Nigeria when a certain Explorer Rui de Sequira visited the Lagos area in 1472 actually naming the area around the city as Lago de Curamo which means Lake of Curamo Curamo recall Kuramo Lagoon Kuramo Beach and Kuramo Hall at the famous Eko Hotel Lagos Among the important things embedded in the vision of Nigeria s role and place in the world clearly laid by President Muhammadu Buhari is the revival of important relationships that have suffered long neglect In addition he has a strong willingness to assume the leadership expected from Africa s largest country in population and economy So herein lies the first importance of this visit One there can be no better illustration of the larger strategic goal of the future of this relationship than the eight agreements and Memoranda Of Agreement MOUs signed in the course of this visit These are the MOU on political consultations diplomatic training research and exchange of information and documentation cooperation in the field of culture in the field of women and girls development empowerment and gender affairs youths and in the area of sports At the very well attended Portugal and Nigeria Economic Forum with the chosen theme Expanding Investment and Trade Between Nigeria and Portugal two agreements also were signed one between the Nigerian Investment Promotion Council and AICEP its Portuguese equivalent and another between the Nigerian Association of Chambers of Commerce NACCIMA and the similar body in Portugal Two this visit achieved a desire for a strategic partnership to strengthen the work Nigeria has been praised for doing by all levels of Portuguese authority President Prime Minister President of National Assembly and Mayor of Lisbon which is her stabilizing role in West Africa and importantly for the hosts the stability and support of the ex Portuguese territories in the subregion specifically Guinea Bissau and S o Tom and Principe This is resonating very well with the Portuguese Three Invariably linked to this is the convergence of strategic interests and the laying of a framework to strengthen security and cooperation between the two states Portugal which has an association with with its former territories in Africa the equivalent of our own British Commonwealth made up of Angola and Cape Verde in addition to the two others states mentioned They have troops deployed for safekeeping duty in West Africa They have committed to support Nigeria in military training the sharing of intelligence and in the war against terrorism Four Nigeria and Portugal have equally identified a common interest and goal in the transatlantic gas pipeline for which our country needs investment and security This is with a view to finding a market in Europe for the enormous gas resources available to us After listening to a briefing on the pipeline by Mele Kyari the Group Managing Director of the Nigerian National Petroleum Company NNPC Limited President Marcelo de Sousa was quick to show interest in the maritime mapping of the gas pipeline instead of the Trans Saharan pathway which is equally an option Portugal says President Sousa has chosen for itself the role of the spokesman and defender of African interests in the EU Nigerian LNG is important for Portugal especially at this time of the Russia Ukraine war and the regime of western sanctions imposed on the Russian supply of oil and gas With 60 percent of our LNG going to Portugal meeting 30 percent of their energy needs Portugal is today more energy secure than most of their Russia dependent European neighbours It is noteworthy that the Portuguese are very appreciative of the consistency and reliability of the gas from Nigeria thanks of course to good management from NLNG Five The Kano Maradi railway line being constructed by a Portuguese company Mota Engil is turning out to be a significant factor in the emerging relations between our countries Despite President Buhari s emphasis at several speaking opportunities that the contractor met all requirements to beat others to get the job the Portuguese authorities see it not only as a milestone in trade relations but also as a trailblazer and a precursor to the evolution of Nigeria as the gateway to the vast African market opened up by the African Continental Free Trade Area AfCFTA President Sousa spoke about their wish for the entry into the Nigerian market of Portuguese companies not in 30s or 100 but in their thousands Six Portugal which was a strong force in the UN recognition of Nigeria as one of five centres for vaccine production in Africa has determined to key into our health sector They will come in It s a country with a very strong pharmaceutical economy Seven in the choice of Jose Peseiro the Portuguese coach of the Super Eagles Nigeria struck yet another positive cord that resonates politically and diplomatically Even before the advent of coach Peseiro there are more than 200 professional football players of Nigerian origin in Portugal Some of them were brought to a meeting with the President coordinated by Chairman Nigerians in Diaspora Commission NiDCOM Hon Abike Dabiri Erewa Now we have a commitment that the country famous for producing Ronaldo and for its globally recognized football academy is opening up chances for our youth to train Eight there is also a welcome plan to share the achievements of Portugal in the field of renewable energy With 60 percent of their energy got from renewable sources that country ranks among the world leaders hoping to reach carbon neutrality by 2030 For the Buhari administration and hopefully for the succeeding ones the attainment of set climate change objectives will continue as a priority For our two countries this will be a win win Nine we have now an MOU on political consultations diplomatic training research and exchange of information and documentation This will see our two nations working hand in hand at multilateral institutions including the UN Portugal prides herself with experience in international relations Ten Lastly is the important thing about the very strong alignment of strategic interests of both countries It s rare to see this anywhere The commitment to be with Nigeria is everywhere All levels of authority in the country President Prime Minister President of the National Assembly and Mayor of Lisbon showing a total commitment to align with Nigeria President Sousa in his second term said I waited six years for this marriage They honored him with that country s highest national order For President Buhari this visit is an affirmation of the norm that global aspirations must be accompanied by global engagements and a demonstration of his determination to turn commitments into actions Hopefully these will lead to the acceleration of the nation s economic growth securing the country attracting investment and creating jobs Garba Shehu is Senior Special Assistant to the President Media and Publicity NewsSourceCredit NAN
    Ten takeaways from State Visit to Portugal: Two Nations and the will for strategic partnership – Garba Shehu
    General news5 months ago

    Ten takeaways from State Visit to Portugal: Two Nations and the will for strategic partnership – Garba Shehu

    Ten takeaways from State Visit to Portugal: Two Nations and the will for strategic partnership – Garba Shehu

    TEN TAKEAWAYS FROM STATE VISIT TO PORTUGAL: TWO NATIONS AND THE WILL FOR STRATEGIC PARTNERSHIP

    By Garba Shehu

    President Muhammadu Buhari’s State Visit to Lisbon, Portugal, Wednesday 28th June to 2nd July was a first class success story and this is measurable by outcomes, not least, the real determination of the two nations to engender a close relationship.

    Many in Nigeria remember that historically, Portuguese sailors were the first in Europe (ahead of British) to have contact with the territory now called Nigeria, when a certain Explorer, Rui de Sequira visited the Lagos area in 1472, actually naming the area around the city as Lago de Curamo, which means Lake of Curamo (Curamo, recall Kuramo Lagoon, Kuramo Beach and Kuramo Hall at the famous Eko Hotel, Lagos).

    Among the important things embedded in the vision of Nigeria’s role and place in the world , clearly laid by President Muhammadu Buhari, is the revival of important relationships that have suffered long neglect. In addition, he has a strong willingness to assume the leadership expected from Africa’s largest country in population and economy.

    So herein lies the first importance of this visit.

    One, there can be no better illustration of the larger strategic goal of the future of this relationship than the eight agreements and Memoranda Of Agreement, MOUs signed in the course of this visit.

    These are the MOU on political consultations, diplomatic training, research and exchange of information and documentation; cooperation in the field of culture; in the field of women and girls development, empowerment and gender affairs; youths and in the area of sports.

    At the very well attended Portugal and Nigeria Economic Forum with the chosen theme: “Expanding Investment and Trade Between Nigeria and Portugal,” two agreements also were signed, one between the Nigerian Investment Promotion Council and AICEP, its Portuguese equivalent and another between the Nigerian Association of Chambers of Commerce, NACCIMA and the similar body in Portugal.

    Two, this visit achieved a desire for a strategic partnership to strengthen the work Nigeria has been praised for doing by all levels of Portuguese authority- President, Prime Minister, President of National Assembly and Mayor of Lisbon-which is her stabilizing role in West Africa and importantly for the hosts, the stability and support of the ex-Portuguese territories in the subregion, specifically Guinea Bissau and São Tomé and Principe. This is resonating very well with the Portuguese.

    Three. Invariably linked to this is the convergence of strategic interests and the laying of a framework to strengthen security and cooperation between the two states.

    Portugal which has an association with with its former territories in Africa, the equivalent of our own British Commonwealth made up of Angola and Cape Verde in addition to the two others states mentioned. They have troops deployed for safekeeping duty in West Africa. They have committed to support Nigeria in military training, the sharing of intelligence and in the war against terrorism.

    Four. Nigeria and Portugal have equally identified a common interest and goal in the transatlantic gas pipeline for which our country needs investment and security. This is with a view to finding a market in Europe for the enormous gas resources available to us. After listening to a briefing on the pipeline by Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company (NNPC) Limited, President Marcelo de Sousa was quick to show interest in the maritime mapping of the gas pipeline, instead of the Trans Saharan pathway which is equally an option. Portugal, says President Sousa has chosen for itself, the role of the spokesman and defender of African interests in the EU.

    Nigerian LNG is important for Portugal especially at this time of the Russia-Ukraine war, and the regime of western sanctions imposed on the Russian supply of oil and gas.

    With 60 percent of our LNG going to Portugal, meeting 30 percent of their energy needs, Portugal is today more energy secure than most of their Russia-dependent European neighbours. It is noteworthy that the Portuguese are very appreciative of the consistency and reliability of the gas from Nigeria, thanks of course to good management from NLNG.

    Five. The Kano-Maradi railway line being constructed by a Portuguese company, Mota-Engil, is turning out to be a significant factor in the emerging relations between our countries.

    Despite President Buhari’s emphasis at several speaking opportunities that the contractor met all requirements to beat others to get the job, the Portuguese authorities see it not only as a milestone in trade relations but also as a trailblazer and a precursor to the evolution of Nigeria as the gateway to the vast African market opened up by the African Continental Free Trade Area, AfCFTA.

    President Sousa spoke about their wish for the entry into the Nigerian market of Portuguese companies, “not in 30s or 100, but in their thousands.”

    Six, Portugal, which was a strong force in the UN recognition of Nigeria as one of five centres for vaccine production in Africa has determined to key into our health sector. They will come in. It’s a country with a very strong pharmaceutical economy.

    Seven, in the choice of Jose Peseiro, the Portuguese coach of the Super Eagles, Nigeria struck yet another positive cord that resonates politically and diplomatically.

    Even before the advent of coach Peseiro, there are more than 200 professional football players of Nigerian origin in Portugal.

    Some of them were brought to a meeting with the President, coordinated by Chairman, Nigerians in Diaspora Commission (NiDCOM), Hon Abike Dabiri-Erewa. Now, we have a commitment that the country famous for producing Ronaldo, and for its globally recognized football academy is opening up chances for our youth to train.

    Eight, there is also a welcome plan to share the achievements of Portugal in the field of renewable energy. With 60 percent of their energy got from renewable sources, that country ranks among the world leaders, hoping to reach carbon neutrality by 2030.

    For the Buhari administration, and hopefully for the succeeding ones, the attainment of set climate change objectives will continue as a priority. For our two countries, this will be a win-win.

    Nine, we have now an MOU on political consultations, diplomatic training, research and exchange of information and documentation. This will see our two nations working hand in hand at multilateral institutions including the UN. Portugal prides herself with experience in international relations.

    Ten. Lastly is the important thing about the very strong alignment of strategic interests of both countries. It’s rare to see this anywhere. The commitment to be with Nigeria is everywhere: All levels of authority in the country: President, Prime Minister, President of the National Assembly, and Mayor of Lisbon showing a total commitment to align with Nigeria. President Sousa in his second term said “I waited six years for this marriage.”

    They honored him with that country’s highest national order.

    For President Buhari, this visit is an affirmation of the norm that global aspirations must be accompanied by global engagements and a demonstration of his determination to turn commitments into actions.

    Hopefully, these will lead to the acceleration of the nation’s economic growth, securing the country, attracting investment and creating jobs.

    Garba Shehu is Senior Special Assistant to the President, Media and Publicity.

    NewsSourceCredit: NAN

  •  Stakeholders in the environment sector on Tuesday in Abuja sought a credible decarbonisation pathway for Nigeria They made the call at the inauguration of the Carbon Chamber Project CCB a conference organised by the National Chamber Policy Centre of the Abuja Chamber of Commerce and Industry ACCI The News Agency of Nigeria reports that the conference with the theme Carbon Footprints Reduction The Role of Business was aimed at recorgnising the role of business in carbon reduction Chief John Udeagbalam highlighted the importance of helping businesses to access their carbon footprint and engage in advocacy for energy efficiency adoption Udeagbalam is the National President Nigerian Association of Chamber of Commerce and Industry Mines and Agriculture NACCIMA Represented by Chief Emeka Ogbolu Ist Deputy President ACCI Udeagbala emphasised the necessity to create a link between business and green energy providers As much as we have raised the question of justice in energy transition at national and international levels locally we need action to address our carbon footprints NACCIMA has over 70 chambers of commerce under its fold across the federation With thousands of companies as our members the Chamber Carbon project is our response to the global push for carbon emissions reduction Udeagbala said Dr Joe Abah the Country Director Development Alternatives Incorporated DAI emphasised the involvement of businesses in further strengthening Nigeria s resilience against climate change impacts DAI is a company of skilled technical specialists and project managers trained in the disciplines of international development According to Abah it is fundamental to establish a systematic approach for the country to identify the major climate risks and vulnerabilities facing the country How to strengthen existing capacities to adapt to the impacts of climate change And here the involvement of businesses and the civil society will be key he said Abah said that finding the right balance between transition to green energy climate change action and equitable energy access was critical in carbon reduction In Nigeria a just transition is necessary to achieve a low carbon economy while ensuring a just outcome for communities Agriculture including forestry and land use change and energy sectors are key sectors requiring significant restructuring to achieve a just transition inclusive for all The green transition is a pathway that comes with many benefits in terms of income jobs creation and environmental sustainability Both resilience and development can be achieved through a country and continent wide green transition pathway that would see African economies adopt a low carbon high growth formula Green growth and climate smart solutions are economic and existential imperatives Funding Nigeria s climate requirements will require decisive action strategic partnerships and an environment where a thriving private sector is free to develop innovative new business models he said Also speaking Mr Sean Melbourne Head of Climate Change and Energy West Africa UK High Commission said that the transition to Net Zero would require unprecedented changes in how we invest measure risk and assign value to assets Furthermore greening the global financial system is crucial to ensuring that the risks from climate change and the opportunities of transition are systematically embedded and priced into mainstream decision making Melbourne said He said that the global shift to a low carbon economy would transform many sectors including power transport construction and agriculture And as the biggest economy in Africa the low carbon market opportunities in Nigeria are significant Nigeria s Economy is expected to undergo massive change over the next two decades The most obvious opportunity is perhaps in the renewables sphere but there are many others too Access to energy is key to promoting inclusive economic development poverty alleviation social equity and advances in health and education Off grid renewables offer the most cost effective solution to bringing energy to people who are not yet connected to the grid As such these technologies can contribute significantly to building climate resilience in poor rural and urban areas Responsible waste management and support for the biocircular economy is another growth area he said Dr Dorothy Bassey the National President Nigerian Environmental Society NES said that reduction of Green House Gases was important to boost global economy as well as improve public health According to Bassey it will lead to positive incremental effects on plants and animal biodiversity reduce the effects of climate change and promote innovation NAN
    ACCI inaugurates project for decarbonisation pathways for Nigeria
     Stakeholders in the environment sector on Tuesday in Abuja sought a credible decarbonisation pathway for Nigeria They made the call at the inauguration of the Carbon Chamber Project CCB a conference organised by the National Chamber Policy Centre of the Abuja Chamber of Commerce and Industry ACCI The News Agency of Nigeria reports that the conference with the theme Carbon Footprints Reduction The Role of Business was aimed at recorgnising the role of business in carbon reduction Chief John Udeagbalam highlighted the importance of helping businesses to access their carbon footprint and engage in advocacy for energy efficiency adoption Udeagbalam is the National President Nigerian Association of Chamber of Commerce and Industry Mines and Agriculture NACCIMA Represented by Chief Emeka Ogbolu Ist Deputy President ACCI Udeagbala emphasised the necessity to create a link between business and green energy providers As much as we have raised the question of justice in energy transition at national and international levels locally we need action to address our carbon footprints NACCIMA has over 70 chambers of commerce under its fold across the federation With thousands of companies as our members the Chamber Carbon project is our response to the global push for carbon emissions reduction Udeagbala said Dr Joe Abah the Country Director Development Alternatives Incorporated DAI emphasised the involvement of businesses in further strengthening Nigeria s resilience against climate change impacts DAI is a company of skilled technical specialists and project managers trained in the disciplines of international development According to Abah it is fundamental to establish a systematic approach for the country to identify the major climate risks and vulnerabilities facing the country How to strengthen existing capacities to adapt to the impacts of climate change And here the involvement of businesses and the civil society will be key he said Abah said that finding the right balance between transition to green energy climate change action and equitable energy access was critical in carbon reduction In Nigeria a just transition is necessary to achieve a low carbon economy while ensuring a just outcome for communities Agriculture including forestry and land use change and energy sectors are key sectors requiring significant restructuring to achieve a just transition inclusive for all The green transition is a pathway that comes with many benefits in terms of income jobs creation and environmental sustainability Both resilience and development can be achieved through a country and continent wide green transition pathway that would see African economies adopt a low carbon high growth formula Green growth and climate smart solutions are economic and existential imperatives Funding Nigeria s climate requirements will require decisive action strategic partnerships and an environment where a thriving private sector is free to develop innovative new business models he said Also speaking Mr Sean Melbourne Head of Climate Change and Energy West Africa UK High Commission said that the transition to Net Zero would require unprecedented changes in how we invest measure risk and assign value to assets Furthermore greening the global financial system is crucial to ensuring that the risks from climate change and the opportunities of transition are systematically embedded and priced into mainstream decision making Melbourne said He said that the global shift to a low carbon economy would transform many sectors including power transport construction and agriculture And as the biggest economy in Africa the low carbon market opportunities in Nigeria are significant Nigeria s Economy is expected to undergo massive change over the next two decades The most obvious opportunity is perhaps in the renewables sphere but there are many others too Access to energy is key to promoting inclusive economic development poverty alleviation social equity and advances in health and education Off grid renewables offer the most cost effective solution to bringing energy to people who are not yet connected to the grid As such these technologies can contribute significantly to building climate resilience in poor rural and urban areas Responsible waste management and support for the biocircular economy is another growth area he said Dr Dorothy Bassey the National President Nigerian Environmental Society NES said that reduction of Green House Gases was important to boost global economy as well as improve public health According to Bassey it will lead to positive incremental effects on plants and animal biodiversity reduce the effects of climate change and promote innovation NAN
    ACCI inaugurates project for decarbonisation pathways for Nigeria
    Economy6 months ago

    ACCI inaugurates project for decarbonisation pathways for Nigeria

    Stakeholders in the environment sector on Tuesday in Abuja, sought a credible decarbonisation pathway for Nigeria.

    They made the call at the inauguration of the Carbon Chamber Project (CCB), a conference organised by the National Chamber Policy Centre of the Abuja Chamber of Commerce and Industry (ACCI).

    The News Agency of Nigeria reports that the conference with the theme “Carbon Footprints Reduction: The Role of Business’’, was aimed at recorgnising the role of business in carbon reduction.

    Chief John Udeagbalam highlighted the importance of helping businesses to access their carbon footprint and engage in advocacy for energy efficiency adoption.

    Udeagbalam is the National President, Nigerian Association of Chamber of Commerce and Industry, Mines and Agriculture (NACCIMA.

    Represented by Chief Emeka Ogbolu, Ist Deputy President, ACCI, Udeagbala emphasised the necessity to create a link between business and green energy providers.

    “As much as we have raised the question of justice in energy transition at national and international levels, locally we need action to address our carbon footprints.

    “NACCIMA has over 70 chambers of commerce under its fold across the federation.

    “With thousands of companies as our members, the Chamber Carbon project is our response to the global push for carbon emissions reduction,’’ Udeagbala said.

    Dr Joe Abah, the Country Director, Development Alternatives Incorporated (DAI), emphasised the involvement of businesses in further strengthening Nigeria’s resilience against climate change impacts.

    DAI is a company of skilled technical specialists and project managers, trained in the disciplines of international development.

    According to Abah, it is fundamental to establish a systematic approach for the country to identify the major climate risks and vulnerabilities facing the country.

    “How to strengthen existing capacities to adapt to the impacts of climate change.

    “And here, the involvement of businesses and the civil society will be key,’’ he said.

    Abah said that finding the right balance between transition to green energy, climate change action and equitable energy access was critical in carbon reduction.

    “In Nigeria, a just transition is necessary to achieve a low-carbon economy while ensuring a just outcome for communities.

    “Agriculture including forestry and land use change and energy sectors are key sectors requiring significant restructuring to achieve a just transition inclusive for all.

    “The green transition is a pathway that comes with many benefits in terms of income, jobs creation and environmental sustainability.

    “Both resilience and development can be achieved through a country and continent-wide green transition pathway that would see African economies adopt a low carbon, high-growth formula.

    “Green growth and climate-smart solutions are economic and existential imperatives.

    “Funding Nigeria’s climate requirements will require decisive action, strategic partnerships and an environment where a thriving private sector is free to develop innovative new business models,’’ he said.

    Also speaking,   Mr Sean Melbourne, Head of Climate Change and Energy West Africa, UK High Commission, said that the transition to Net Zero `would require unprecedented changes in how we invest, measure risk and assign value to assets’.

    “Furthermore, greening the global financial system is crucial to ensuring that the risks from climate change and the opportunities of transition are systematically embedded and priced into mainstream decision-making,’’ Melbourne said.

    He said that the global shift to a low carbon economy would transform many sectors including power, transport, construction and agriculture.

    “And as the biggest economy in Africa, the low carbon market opportunities in Nigeria are significant. Nigeria’s Economy is expected to undergo massive change over the next two decades.

    “The most obvious opportunity is perhaps in the renewables sphere but there are many others too.

    “Access to energy is key to promoting inclusive economic development, poverty alleviation, social equity and advances in health and education.

    “Off-grid renewables offer the most cost effective solution to bringing energy to people who are not yet connected to the grid.

    “As such, these technologies can contribute significantly to building climate resilience in poor rural and urban areas.

    “Responsible waste management and support for the biocircular economy is another growth area,’’ he said.

    Dr Dorothy Bassey, the National President, Nigerian Environmental Society (NES) said that reduction of Green House Gases was important to boost global economy as well as improve public health.

    According to Bassey, it will lead to positive incremental effects on plants and animal biodiversity, reduce the effects of climate change and promote innovation. (

    (NAN)

  •   Dangote Tackling Nigeria s fertiliser conundrum By Angela Okisor News Agency of Nigeria The issue of fertiliser has been a knotty matter for farmers in Nigeria over the years Very often it is either in short supply or just too expensive and well beyond reach The supply of the commodity so cardinal to bountiful farming output has over the years defied all logics with the activities of middlemen who hoard the product and lack of adequate local production capacity combining to compound the woes of farmers across the country Eager to address the lingering problem the Federal Government initiated policies to drive the agricultural and agro allied sector as a component of its economic growth agenda In 2016 President Muhammadu Buhari introduced a fertiliser initiative which saw a surge in the number of local manufacturers of fertiliser Priod to that year there were very few functional fertiliser plants The number has increased to over 70 most of which are owned by private sector operators One of such local fertiliser plants the Dangote Fertiliser Plant located at the Lekki Free Trade Zone Lagos was inaugurated by President Buhari on March 22 Believed to be Africa s largest granulated Urea fertiliser plant it was built at a cost of 2 5 billion dollars and occupies 500 hectares of land It has the capacity to produce three million metric tonnes of urea fertiliser per annum Analysts believe that this quantity will meet almost half of the country s total fertiliser need estimated at seven million metric tonnes per annum With the coming on stream of the Dangote Fertiliser plant it is expected that the product will be available in large quantity as at when due It is also expected that Dangote Fertiliser will make Nigeria and Africa self sufficient in food production and a net exporter of food to the world Dr Joe Dada Chairman of Livestock Feeds plc believes that Dangote Fertiliser will bring massive foreign exchange to the country and also create employment For me it is another crude oil to Nigeria because Nigeria will soon be an exporter of the product Recently Nigeria signed the Africa Continental Free Trade Agreement so this is a major platform for us to cover the whole African region I see massive foreign exchange inflow as a result of the Dangote investment he said Mrs Omolara Oguntuyi Zonal Director South West Federal Ministry of Agriculture and Rural Development has a similar view The plant will bring succour to the nation especially with fertiliser standing as a big hurdle on the nation s path to food sufficiency Over the years the Dangote group has always penetrated the rural areas to ensure the end users got its products we do not expect the fertiliser to be different While inaugurating the plant Buhari had said that the 2 5 billion dollar plant would boost Nigeria s foreign exchange earnings and accelerate economic growth This fertiliser plant is expected to enhance our administration s drive towards achieving self sufficiency in food production in the country I commend the Dangote Industries Ltd for their business initiative in establishing this plant It will reduce our dependence on importation of fertiliser create jobs increase the inflow of foreign exchange and accelerate economic growth According to him the establishment of the plant demonstrates the commitment of Dangote Industries Ltd to the socio economic development of the country and the well being of Nigerians The president expressed optimism that the investment in the plant would replicate the group s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent Mr Gideon Negedu Executive Secretary Fertiliser Producers and Suppliers Association of Nigeria FEPSAN is optimistic that more investments will still come into the fertiliser industry According to him the good policy of the federal government is responsible for the recent surge in the number of fertiliser manufacturing plants in the country He said the fertiliser plants would meet the requirements of farmers across the country One challenge with fertiliser is that the requirement of southern Nigeria is totally different from Northern Nigeria as the Northern soil is not as fertile as the southern soil which has a higher level of nutrients Now Nigeria has a local industry that blends fertiliser to the specific needs of farmers So all farmers need to do is to visit any local blender around notifying them that a soil test has been done and then the blender provides the farmer with appropriate and even customised fertiliser he said On complaints over the high price of fertiliser he said the price of the commodity had increased globally which affected fertiliser importation and purchase price A bag of fertiliser is said to cost between N20 000 and N23 000 depending on the company quality of fertiliser and size But operators have attributed the 30 per cent of the cost to logistics as the commodity is transported mainly by road For Dr Akin Olonihuwa ex provost of the College of Agriculture Kabba Kwara State farmers need more support and assistance for their production activities He said that support was needed for instance in land preparation in some parts of the country for rice and other food crops To John Olateru chairman Commodities Association of Nigeria what remains crucial is the expansion of the federal government s Anchor Borrowers Programme to the South arguing that it had remained lop sided mainly in favour of the North He claimed that since the inception of the programme handled by the Central Bank of Nigeria the beneficiaries had been mainly from the North But to ensure availability of fertiliser to farmers with the coming of Dangote Fertiliser stakeholders have called for the overhaul of the entire distribution system of the products Mr Lanre Oguntoye of the National Association of Chambers of Mines and Agriculture NACCIMA particularly cautions against allowing middleman to neutralise the gains expected from the new plant He recalled that during the inauguration of the Dangote Fertiliser Alhaji Aliko Dangote Chairman Dangote Group promised availability of the products saying that the days of scarcity of the product were over Mr Basil Okafor a local farmer in Delta believes that agriculture can be the main stay of the nation s economy if given the necessary priority He said the country had vast arable land in all the six geo political zones to support the nation s food security agenda Chief Joseph Olanrewaju of the Organised Private Sector Exporters Association believes that support of non oil exporters by the federal government would help in attracting the much needed foreign earnings thereby creating millions of jobs across the country He said that friendly and conducive policies would not only boost investors confidence like the case of fetiliser sector but also attract the much needed Foreign Direct Investments FDIs to the country But while analysts await the impact of the Dangote fertiliser plant Mr Oboh Abumeri a cassava grower in Edo believes that food shortages will be tackled if fertiliser is made available to genuine farmers The coming on stream of the plant will put more food on the tables of common Nigerians create jobs wealth as well as help the country attain the much talked about food security There are regrettable challenges of insecurity in the land which may distract farmers and frustrate effective supply across the country but I am confident that such hurdles will be effectively tackled so that the nation will fully enjoy the full impact of the Dangote Fertiliser plant he said Like Abumeri many analysts believe that gains from the Dangote Fertiliser Plant are massive and urge stakeholders to support the group so as to effectively tackle the fertiliser conundrum that had stood on the path to Nigeria s effective economic revival NANFeatures If used please credit the writer and the agency NAN
    Dangote: Tackling Nigeria’s fertiliser conundrum
      Dangote Tackling Nigeria s fertiliser conundrum By Angela Okisor News Agency of Nigeria The issue of fertiliser has been a knotty matter for farmers in Nigeria over the years Very often it is either in short supply or just too expensive and well beyond reach The supply of the commodity so cardinal to bountiful farming output has over the years defied all logics with the activities of middlemen who hoard the product and lack of adequate local production capacity combining to compound the woes of farmers across the country Eager to address the lingering problem the Federal Government initiated policies to drive the agricultural and agro allied sector as a component of its economic growth agenda In 2016 President Muhammadu Buhari introduced a fertiliser initiative which saw a surge in the number of local manufacturers of fertiliser Priod to that year there were very few functional fertiliser plants The number has increased to over 70 most of which are owned by private sector operators One of such local fertiliser plants the Dangote Fertiliser Plant located at the Lekki Free Trade Zone Lagos was inaugurated by President Buhari on March 22 Believed to be Africa s largest granulated Urea fertiliser plant it was built at a cost of 2 5 billion dollars and occupies 500 hectares of land It has the capacity to produce three million metric tonnes of urea fertiliser per annum Analysts believe that this quantity will meet almost half of the country s total fertiliser need estimated at seven million metric tonnes per annum With the coming on stream of the Dangote Fertiliser plant it is expected that the product will be available in large quantity as at when due It is also expected that Dangote Fertiliser will make Nigeria and Africa self sufficient in food production and a net exporter of food to the world Dr Joe Dada Chairman of Livestock Feeds plc believes that Dangote Fertiliser will bring massive foreign exchange to the country and also create employment For me it is another crude oil to Nigeria because Nigeria will soon be an exporter of the product Recently Nigeria signed the Africa Continental Free Trade Agreement so this is a major platform for us to cover the whole African region I see massive foreign exchange inflow as a result of the Dangote investment he said Mrs Omolara Oguntuyi Zonal Director South West Federal Ministry of Agriculture and Rural Development has a similar view The plant will bring succour to the nation especially with fertiliser standing as a big hurdle on the nation s path to food sufficiency Over the years the Dangote group has always penetrated the rural areas to ensure the end users got its products we do not expect the fertiliser to be different While inaugurating the plant Buhari had said that the 2 5 billion dollar plant would boost Nigeria s foreign exchange earnings and accelerate economic growth This fertiliser plant is expected to enhance our administration s drive towards achieving self sufficiency in food production in the country I commend the Dangote Industries Ltd for their business initiative in establishing this plant It will reduce our dependence on importation of fertiliser create jobs increase the inflow of foreign exchange and accelerate economic growth According to him the establishment of the plant demonstrates the commitment of Dangote Industries Ltd to the socio economic development of the country and the well being of Nigerians The president expressed optimism that the investment in the plant would replicate the group s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent Mr Gideon Negedu Executive Secretary Fertiliser Producers and Suppliers Association of Nigeria FEPSAN is optimistic that more investments will still come into the fertiliser industry According to him the good policy of the federal government is responsible for the recent surge in the number of fertiliser manufacturing plants in the country He said the fertiliser plants would meet the requirements of farmers across the country One challenge with fertiliser is that the requirement of southern Nigeria is totally different from Northern Nigeria as the Northern soil is not as fertile as the southern soil which has a higher level of nutrients Now Nigeria has a local industry that blends fertiliser to the specific needs of farmers So all farmers need to do is to visit any local blender around notifying them that a soil test has been done and then the blender provides the farmer with appropriate and even customised fertiliser he said On complaints over the high price of fertiliser he said the price of the commodity had increased globally which affected fertiliser importation and purchase price A bag of fertiliser is said to cost between N20 000 and N23 000 depending on the company quality of fertiliser and size But operators have attributed the 30 per cent of the cost to logistics as the commodity is transported mainly by road For Dr Akin Olonihuwa ex provost of the College of Agriculture Kabba Kwara State farmers need more support and assistance for their production activities He said that support was needed for instance in land preparation in some parts of the country for rice and other food crops To John Olateru chairman Commodities Association of Nigeria what remains crucial is the expansion of the federal government s Anchor Borrowers Programme to the South arguing that it had remained lop sided mainly in favour of the North He claimed that since the inception of the programme handled by the Central Bank of Nigeria the beneficiaries had been mainly from the North But to ensure availability of fertiliser to farmers with the coming of Dangote Fertiliser stakeholders have called for the overhaul of the entire distribution system of the products Mr Lanre Oguntoye of the National Association of Chambers of Mines and Agriculture NACCIMA particularly cautions against allowing middleman to neutralise the gains expected from the new plant He recalled that during the inauguration of the Dangote Fertiliser Alhaji Aliko Dangote Chairman Dangote Group promised availability of the products saying that the days of scarcity of the product were over Mr Basil Okafor a local farmer in Delta believes that agriculture can be the main stay of the nation s economy if given the necessary priority He said the country had vast arable land in all the six geo political zones to support the nation s food security agenda Chief Joseph Olanrewaju of the Organised Private Sector Exporters Association believes that support of non oil exporters by the federal government would help in attracting the much needed foreign earnings thereby creating millions of jobs across the country He said that friendly and conducive policies would not only boost investors confidence like the case of fetiliser sector but also attract the much needed Foreign Direct Investments FDIs to the country But while analysts await the impact of the Dangote fertiliser plant Mr Oboh Abumeri a cassava grower in Edo believes that food shortages will be tackled if fertiliser is made available to genuine farmers The coming on stream of the plant will put more food on the tables of common Nigerians create jobs wealth as well as help the country attain the much talked about food security There are regrettable challenges of insecurity in the land which may distract farmers and frustrate effective supply across the country but I am confident that such hurdles will be effectively tackled so that the nation will fully enjoy the full impact of the Dangote Fertiliser plant he said Like Abumeri many analysts believe that gains from the Dangote Fertiliser Plant are massive and urge stakeholders to support the group so as to effectively tackle the fertiliser conundrum that had stood on the path to Nigeria s effective economic revival NANFeatures If used please credit the writer and the agency NAN
    Dangote: Tackling Nigeria’s fertiliser conundrum
    Features7 months ago

    Dangote: Tackling Nigeria’s fertiliser conundrum

    Dangote: Tackling Nigeria’s fertiliser conundrum

    By Angela Okisor, News Agency of Nigeria

    The issue of fertiliser has been a knotty matter for farmers in Nigeria over the years. Very often, it is either in short supply or just too expensive and well beyond reach.

    The supply of the commodity, so cardinal to bountiful farming output, has, over the years, defied all logics, with the activities of middlemen, who hoard the product, and lack of adequate local production capacity, combining to compound the woes of farmers across the country.

    Eager to address the lingering problem, the Federal Government initiated policies to drive the agricultural and agro-allied sector as a component of its economic growth agenda.

    In 2016, President Muhammadu Buhari introduced a fertiliser initiative which saw a surge in the number of local manufacturers of fertiliser.

    Priod to that year, there were very few functional fertiliser plants. The number has increased to over 70, most of which are owned by private sector operators.

    One of such local fertiliser plants, the Dangote Fertiliser Plant located at the Lekki Free Trade Zone, Lagos, was inaugurated by President Buhari on March 22.

    Believed to be Africa’s largest granulated Urea fertiliser plant, it was built at a cost of 2.5 billion dollars and occupies 500 hectares of land. It has the capacity to produce three million metric tonnes of urea fertiliser per annum.

    Analysts believe that this quantity will meet almost half of the country’s total fertiliser need, estimated at seven million metric tonnes per annum.

    With the coming on stream of the Dangote Fertiliser plant, it is expected that the product will be available in large quantity as at when due.

    It is also expected that Dangote Fertiliser will make Nigeria and Africa self-sufficient in food production and a net exporter of food to the world.

    Dr Joe Dada, Chairman of Livestock Feeds plc, believes that Dangote Fertiliser will bring massive foreign exchange to the country and also create employment.

    “For me, it is another crude oil to Nigeria because Nigeria will soon be an exporter of the product.

    “Recently, Nigeria signed the Africa Continental Free Trade Agreement, so this is a major platform for us to cover the whole African region.

    “I see massive foreign exchange inflow as a result of the Dangote investment,” he said.

    Mrs Omolara Oguntuyi, Zonal Director, South-West, Federal Ministry of Agriculture and Rural Development, has a similar view.

    “The plant will bring succour to the nation, especially with fertiliser standing as a big hurdle on the nation’s path to food sufficiency.

    “Over the years, the Dangote group has always penetrated the rural areas to ensure the end-users got its products; we do not expect the fertiliser to be different.”

    While inaugurating the plant, Buhari had said that the 2.5 billion dollar plant would boost Nigeria’s foreign exchange earnings and accelerate economic growth.

    “This fertiliser plant is expected to enhance our administration’s drive towards achieving self-sufficiency in food production in the country.

    “I commend the Dangote Industries Ltd. for their business initiative in establishing this plant.

    “It will reduce our dependence on importation of fertiliser, create jobs, increase the inflow of foreign exchange and accelerate economic growth.”

    According to him, the establishment of the plant demonstrates the commitment of Dangote Industries Ltd. to the socio-economic development of the country and the well-being of Nigerians.

    The president expressed optimism that the investment in the plant would replicate the group’s earlier experience in the cement sector where it had become a leading name in Nigeria and across the African continent.

    Mr Gideon Negedu, Executive Secretary, Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN), is optimistic that more investments will still come into the fertiliser industry.

    According to him, the good policy of the federal government is responsible for the recent surge in the number of fertiliser manufacturing plants in the country.

    He said the fertiliser plants would meet the requirements of farmers across the country.

    “One challenge with fertiliser is that the requirement of southern Nigeria is totally different from Northern Nigeria as the Northern soil is not as fertile as the southern soil, which has a higher level of nutrients.

    “Now, Nigeria has a local industry that blends fertiliser to the specific needs of farmers.

    “So, all farmers need to do is to visit any local blender around notifying them that a soil test has been done and then the blender provides the farmer with appropriate and even customised fertiliser,” he said.

    On complaints over the high price of fertiliser, he said the price of the commodity had increased globally, which affected fertiliser importation and purchase price.

    A bag of fertiliser is said to cost between N20,000 and N23,000, depending on the company, quality of fertiliser and size.

    But operators have attributed the 30 per cent of the cost to logistics, as the commodity is transported mainly by road.

    For Dr. Akin Olonihuwa, ex-provost of the College of Agriculture, Kabba, Kwara State, farmers need more support and assistance for their production activities.

    He said that support was needed, for instance, in land preparation in some parts of the country, for rice and other food crops.

    To John Olateru, chairman, Commodities Association of Nigeria, what remains crucial is the expansion of the federal government’s Anchor Borrowers Programme to the South, arguing that it had remained lop-sided mainly in favour of the North.

    He claimed that since the inception of the programme handled by the Central Bank of Nigeria, the beneficiaries had been mainly from the North.

    But to ensure availability of fertiliser to farmers with the coming of Dangote Fertiliser, stakeholders have called for the overhaul of the entire distribution system of the products.

    Mr Lanre Oguntoye of the National Association of Chambers of Mines and Agriculture (NACCIMA), particularly cautions against allowing middleman to neutralise the gains expected from the new plant.

    He recalled that during the inauguration of the Dangote Fertiliser, Alhaji Aliko Dangote, Chairman, Dangote Group, promised availability of the products, saying that the days of scarcity of the product were over.

    Mr Basil Okafor, a local farmer in Delta, believes that agriculture can be the main stay of the nation’s economy if given the necessary priority.

    He said the country had vast arable land in all the six geo-political zones to support the nation’s food security agenda.

    Chief Joseph Olanrewaju of the Organised Private Sector Exporters Association, believes that support of non-oil exporters by the federal government would help in attracting the much needed foreign earnings, thereby creating millions of jobs across the country.

    He said that friendly and conducive policies would not only boost investors’ confidence like the case of fetiliser sector, but also attract the much needed Foreign Direct Investments (FDIs) to the country.

    But while analysts await the impact of the Dangote fertiliser plant, Mr Oboh Abumeri, a cassava grower in Edo, believes that food shortages will be tackled if fertiliser is made available to genuine farmers.

    “The coming on stream of the plant will put more food on the tables of common Nigerians, create jobs, wealth as well as help the country attain the much talked-about food security.

    “There are regrettable challenges of insecurity in the land which may distract farmers and frustrate effective supply across the country, but I am confident that such hurdles will be effectively tackled so that the nation will fully enjoy the full impact of the Dangote Fertiliser plant,” he said.

    Like Abumeri, many analysts believe that gains from the Dangote Fertiliser Plant are massive and urge stakeholders to support the group so as to effectively tackle the fertiliser conundrum that had stood on the path to Nigeria’s effective economic revival. (NANFeatures)

    ** If used, please credit the writer and the agency.

    (NAN)

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