NEWSPAPER REVIEW DECEMBER 14, 2018
Eczellon Capital Seeks MAN’s Partnership (This day pg. 42)
Eczellon Capital has expressed its preparedness to support manufacturers in Nigeria exploit alternative means of accessing capital.
The company’s chief executive, Diekola Onaolapo, made this known during a courtesy visit to the leadership of MAN in Lagos recently.
The Eczellon Capital boss said the firm has a plan to help manufacturers in Nigeria address some of the challenges they face in the area funding.
Onaolapo said: “Manufacturing is at the core of what we need to get right as a continent. We are in the business of creating and allocation of capital; one of the most important tools for any economic activity and even economic development.
“One of the issues we found for companies in Nigeria and Africa has been the wrong mix of capital, its inadequacy, the lack of access to it in its efficient form, in a way that it can facilitate economic activities. “That is what we have dedicated ourselves to doing and in the last eight years. We have been able to achieve some remarkable feat for both the public and private sector.”
Source: This day
SON mops up substandard lubricants nationwide (Punch pg. 31)
The Standards Organisation of Nigeria has announced that it was mopping up substandard lubricants in different parts of the country.
It explained that the action became necessary after it discovered that most lubricants in the market failed to meet quality parameters of the Nigerian Industrial Standard.
The Director- General, SON, Osita Aboloma, who was represented by the Coordinator, Surveillance, Intelligence and Monitoring unit, SON, Isa Suleiman, at an enforcement exercise in ASPAMDA market, Lagos, disclosed that over five containers of substandard lubricants were seized to prevent the goods from finding their way into the hands of unsuspecting buyers.
A statement quoted him as saying, “Before now, we did a lot of surveillance activities where most of the brands of this engine oil and lubricants were tested.
“Quite a number of them failed the test, including this particular brand we have intercepted.
“This activity is just the beginning; we are going to follow up while also talking to the market leaders for self-regulation.”
He urged members of the public to always look out for the Mandatory Conformity Assessment Programme number and logo to ensure that they purchase standard and certified products.
FG loses $325m revenue yearly to smuggled textiles (Punch pg. 31)
The Federal Government is losing about $325m revenue annually to the smuggling of garments into the country.
The Minister of State for Industry, Trade and Investment, Aisha Abubakar, gave the figure on Thursday in Abuja during the opening session of a high-level stakeholders’ retreat on the cotton, textile and garments policy.
The event was convened to build consensus and understanding on a clear revitalisation roadmap for the sustainable growth and development of the cotton, textile and garments sector across the value chain.
Abubakar told participants at the event that while the government had in 2015 approved a national cotton policy improving investments and competitiveness of the sector, the expected outcomes of the policy intervention had yet to be realised due to challenges.
Some of the challenges, according to the minister, are insufficient cotton seeds for production, high costs of operations, smuggling and counterfeiting, high influx of cheap textiles and garments products into the country and lack of quality and standards.
Abubakar said despite the challenges, the government was committed to the growth of the sector as encapsulated in the Economic Recovery and Growth Plan.
Ban of fertilizer import may cripple farmers (Daily trust pg. 3)
Some agriculturalists have cautioned the Federal Government against the ban on importation of fertilizer, saying the action will impact negatively on farmers’ productivity.
They said that the nation’s fertiliser sector is not ripe yet for such a ban and warned that there may be dire consequences for such action.
The CBN, through a circular by Ahmed Umar, Director, Trade & Exchange Department, said that effective December 7, fertiliser was included as one of the imported goods and services not valid for foreign exchange.
The apex bank said that fertiliser was included in the listed items to promote the activities of the Presidential Fertiliser Initiative (PFI) established in 2016.
But Prof. Simon Irtwange, President, Yam Farmers, Processors, and Marketers Association of Nigeria, said that farmers’ access, a high cost of fertiliser and availability of NPK and other brands still remain a huge challenge for farmers in the country.
“The challenge we have with most of these policies is that they come ahead of things that we ought to have been done in the first place.
Source: Daily trust
FDI increases to $208.7m in Q2, says MAN (The Nation pg. 14)
The manufacturing sector’s Foreign Direct Investment (FDI) increased to $208.7 million in the second quarter of 2018, from $141.42 million in corresponding period of 2017. This indicated $67.3 million or 47.6 percent increase over the period.
Making this known in a report made available to The Nation, the Manufacturers Association of Nigeria (MAN) stated that the investment also increased by $64.83 million or 45 percent when compared with $144.0 million recorded in the preceding quarter.
MAN Director-General Mr. Segun Ajayi-Kadir, said the manufacturing sectors’ performance in the firt half of 2018 was strongly influenced by macroeconomic developments in the period under review.
‘Generally, macro-economic indices slightly improved in the period given the decleration in inflation rate, growing external reserves, stable forex and the steady high crude oil price in the international market,’ he said.
Source: The Nation
NECA worried by weakening economic outlook, cautions on ratifying AfCFTA (Business day pg. 1)
Recent reversals in the economic outlook for Nigeria, including cuts in growth forecasts for the economy by the two Bretton Woods institutions, are worrisome as they portend grave consequences for the economy, the Nigerian Employers’ Consultative Association (NECA) has said.
These downward trends should spur the government to intensify efforts aimed at diversifying the economy away from dependence on oil revenue, Mohammed Yinsua, president of NECA, said yesterday at a media briefing Lagos.
Source: Business day
Nigeria signs $1b Intra-Africa trade deal with Afreximbank (The Nation pg. 1)
Nigeria yesterday signed a $1billion Memorandum of Understanding (MoU) with the Africa Export-Import Bank (Afreximbank) to promote trade.
The trade facilitation instrument will be managed by the Nigeria-Africa Trade and Investment Promotion Programme (NATIPP), AFREXIM, the Nigerian Export Promotion Council (NEPC), and the Nigerian Export Import Bank (NEXIM).
Afreximbank Chairman Dr. Benedict Oramah, NEPC Executive Director Segun Awolowo, NEXIM Managing Director Abubakar A. Bello and Intra-African Trade Initiative Managing Director Mrs. Kanayo Awani signed the agreement.
The event, which was held at the IATF Conference Centre, was flagged off by the Vice President, Prof. Yemi Osinbajo, who flew into Cairo, the Egyptian capital yesterday morning to unveil Nigeria’s Day at the first ongoing Intra-African Trade Fair.
He said Intra-African trade remained a veritable tool to develop the continent in the light of its growing population.
Source: The Nation