Wednesday, December 31, 2025
Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2927

4 Things Every Business Must Pay Attention To

Business by definition is an economic system where goods and services are exchanged for one another (trade by barter), or for money. It entails the ability to produce desired goods and render requested services respectively with the aim of satisfying a customer. By this definition, it’s possible to say that it is easy to handle a business. However, with a deeper understanding comes the realization that running a business and successfully managing it effectively are two ways apart.

The problems of managing a business in Nigeria are complex and highly demanding. The more attempts you make to keep those problems to the minimum, the more other problems crop up. Business comprises of both the human and non-human resources that could possibly turn out to be basic issues affecting the growth of a business. It places a pressing burden on your management skills to keep them at bay, and still make desirable profit.

The first goal of any business setup is to make a profit while incurring minimum cost. It is imperative to recognize that a large percentage of businesses crumble along the way because they have taken with levity the necessary instruments to keep growing. Therefore, we have to think beyond having enough capital, time, structure and skills, and start extending our focus towards the inevitable in business.

Hopefully these crucial aspects of business would help you attain your envisaged global height, for both existing and newly established firms.

EMPLOYEE MOTIVATION

The question of what propels a worker to put in his utmost best in the achievement of an organization’s goals and objective has become a dominant theme in management circles. It is recognized that just as an organization has its pre-determined goals, so does an individual has his personal goals. As an organization, you must take note of the effect motivation has on your employees. Motivation is that thing that gives the worker the urge or driving force to work for the organization, what would make them want to see to the greater achievement of its goals and objective. As a business owner, you must with all essentiality affect the driving force of your workers. You must consistently put the human resources of your firm above your non-human resources as they are responsible for putting those internal resources into external values. We would advise you try out Abraham Maslow’s Theory of Motivation and John Stacey’s Equity Theory to give you an insight on what motivation is about.

MARKETING STRATEGY

Marketing is a solid backing for every growing business. Every organization must be able to sell themselves beyond the existing circles. Marketing information is a vital resource in business for marketing decision, if an organization is equipped with latest market information, risk of loss can be reduced. Apparently, any business aiming for total market control and customer submission must be able to get their products out there with an unbeatable marketing strategy to ensure a long lasting existence.

COMPETITIVE ENVIRONMENT

This is a collection of firms with similar resources capabilities, goals and services that satisfy common consumer needs and that have relationships that can restrain the growth and profitability of one another. This is a critical segment in the operation of any organization and has to be strategically handled; it can either hinder business growth or be used as a tool for business growth. As a (prospective) business owner, you must assess your environment and identify your competitors or rivals. Penetrate the market with eye-catching products and ideas and constantly improve in your domain.

Also, make advertising and rebranding a lifestyle. Consumers always want to be thrilled by new products idea, so you can’t let your competitors have that.

ECONOMIC ENVIRONMENT

This can either affect business operation favorably or adversely. In view of this, business concerns should be aware of them and prepare sufficiently for their impact. Owing to the present state of Nigeria’s economy, business owners have to keep abreast to every detail of its plummet or increase. This is the more reason why economic environment has to be momentarily considered, you have to be current on every upward and downward movement in the graphical representation of the country’s financial state in order to help you plan ahead of uncertainties.

You can’t predict or avoid the shocking disasters that might affect the economy of a nation, but you can prevent it from totally crushing your business.

Daar Communications Made N3.4 Billion Loss In 2013

Daar Communications Plc recorded a loss of N3.4 billion in 2013, despite modest improvement in earnings of N5.6 billion and 6.9 billion in 2013 and 2014. The deficit, which was however reduced to N107 million in 2014, was largely blamed on increasing cost of operation which was not matched with corresponding growth in earnings due to dwindling advertising budget.

Speaking at the joint Annual General Meetings (AGM) for the two-year period, Chairman, Daar Communications Group, Chief Raymond Dokpesi, Jnr. said nevertheless, the company recorded growth earnings of 33 per cent and 23 per cent respectively for the periods in review.

He said: ” I want to assure you that the new Board of your company under my chairmanship has taken a holistic review of operations of the company with a view to ensuring total restructuring of the company for efficiency and economy in its operations.

“It is also expected that the restructured company will be able to create greater dominance in the advertising revenue in the industry and consequently better financial performance in the coming years. I irrevocably promise you that all necessary measures have been taken to return your company to sustainable profitability which will ultimately translate to better returns on your investment in the company.”

He further noted that the company had cleared all its tax obligations and resolved the lingering debt commitment between Daar Communications and Fidelity Bank Plc in respect of a loan for the hosting of the 2009 U-17 World Cup.

Nigeria Will Not Withdraw From OPEC Or Devalue Currency -­President Buhari

Just nine months into his term, Nigerian president Muhammadu Buhari is under pressure. Under his leadership, the currency has reached record lows and inflation has reached the highest level since 2012, while Nigeria currently has a budget deficit of over $10bn.

With almost 90 percent of Nigeria’s export earnings tied to oil, the low oil price has had a devastating impact on his country, the world’s eighth-largest oil exporter and Africa’s largest oil producer.

In an interview with Martine Dennis on Talk To Al Jazeera, Buhari questions the current policy of the Organisation of the Petroleum Exporting Countries (OPEC) to prioritise market share over the price of a barrel of oil.

“OPEC has to work together to save the situation. If you can produce less and earn more, why produce more and earn less? I have never been able to understand it but the market forces are influenced by a lot of political decisions, both regional and global, and we have to live by it.

He calls on OPEC to be mindful of the diverse economic conditions in its member countries. “In Nigeria, we were unable to diversify our economy, so we are much more disavantaged by the lower oil prices. OPEC may try to help us, but basically it is our own fault.”

He dismisses the idea of Nigeria withdrawing from OPEC. “Under my leadership, Nigeria will not withdaw from OPEC. Between 1976 and 1979, I served as petroleum minister, so I value the institution of OPEC. Nigeria will make the necessary sacrifices to remain in OPEC.”

With a chorus of voices, including from the International Monetary Fund (IMF), calling for the Nigerian government to devalue the naira, Buhari says he will not reconsider his insistence on freezing the currency. Buhari says as Nigeria “virtually imports everything, from rice to toothpicks,” it cannot afford to devalue its currency.

“If it is against our national interest, why can’t we go against the IMF advice?” Buhari asks.

Buhari dismisses criticism of his foreign exchange policies, which have placed pressure on everyone from traders to parents who can no longer afford to send their children to study overseas.  “Nigeria can only afford to live within its means,” he says.

Similary, he dismisses the current unrest in Biafra. “For the last 16 years, [oil] cost from over $140 a barrel, now to sometimes under $30. So the system of allocation has to correspondingly affect them. Why shouldn’t it affect them when it’s affecting the whole of Nigeria?”

a

EKEDC Partners Mojec, Set for Large Roll Out of Prepaid Meters

Eko Electricity Distribution Company Plc (EKEDC) is set to commence a large roll out of smart prepaid meters to its customers in partnership with Mojec International Limited, Nigeria’s leading indigenous Smart Meters manufacturing company.

This was made know recently by the management of Eko Electricity Distribution Company Plc (EKEDC) during a tour of its Central Store located at Ijora Olapa Area of Lagos State to inspect the thousands of Mojec smart prepaid meters in stock and ready for immediate deployment to yearning customers.

According to the Managing Director, Electricity Distribution Company Plc (EKEDC), Engineer Oladele Amoda, the DISCO is ready under the new meter roll out plan to ensure that all customers within its network are provided with smart prepaid meters in line with the objective to ensure that both old and unmetered customers within its network are adequately metered.

“This new prepaid meters roll out plan is a massive one, as you can see, we have several thousands of smart meters in our store and our engineers have already commenced installation to the customers. We want to assure all our customers that we would not relent in our effort to ensure all customers are provided with prepaid meters with a few month” he said.

Amoda assured the customers of the company’s commitment to completely eradicate estimated billings which he noted, is one of the major issues in customers dissatisfaction and distrust of the DISCO’s under the old PHCN. He also restated the DISCOs resolve to constantly improve the reliability of the distribution network and enhance consumer’s satisfaction.

He further commended Mojec International Limited for its resolve and commitment as a trusted partner to the utility as well as its provision of world-class quality meters, which are now being deployed to customers.

Also speaking at the event, the Managing Director, Mojec International Limited, Ms. Chantelle Abdul, explained that Mojec International prepaid meters are of international standard and are tropicalized for the Nigeria environment to withstand the weather condition such as temperature, humidity, meter tampering and energy theft.

Ms. Abdul stated that the meters manufactured in Nigeria by Indigenous companies have been specifically designed and crafted to withstand the extreme weather of time and humidity condition as well as theft situation peculiar to the Nigerian environment.

“Whereas meters produced locally are stronger and better suited for the Nigerian utilities than most of the imported meters. To build most of the meters being imported into Nigeria, Nigerian companies had to give feedback to foreign manufacturers to produce meters suitable for the Nigerian environment while meters deployed in Nigeria are made specifically for the Nigerian market.

Fielding question from the media on the quality Assurance measures put in place by Mojec to ensure that meters meets requisite standards, She explained that the quality process of Mojec ensures that products are put through different stages of random testing and calibration during the production process and are later sent to the Meter Testing Stations under EMSL for further testing.

“Mojec range of smart prepaid meters are pretested and confirmed to be of the best quality before they are deployed into the field across Nigeria. This is why all our meters are certified for optimal performance and we provide a 10-year warranty on all meters made by Mojec. At Mojec, we deliberately set a very higher quality standard for ourselves with about 25 per cent above the industry standard” She said.

Ms. Abdul commended Eko Electricity Distribution Company Plc (EKEDC)for the confidence it repose in Mojec International Limited on the quality of its meters and for the bold step taking in the industry to eliminate estimated billing and ensure that all its customers are metered. She the pledged her company’s support and commitment to the EKEDC in its quest to ensure that Eko Disco rolls out over 100,000 meters to customers by the close of 2016.

NCAA Lifts Ban On Bristow Helicopters

Bristow Helicopters

The  temporary suspension on the operation of the Bristow Helicopter Sirkorsky S-76 aircraft in the country has been lifted by the Nigerian Civil Aviation Authority (NCAA)

Julie King, who is the External Communications Manager, said the return of the Sikorsky S-76 aircraft to flight operations followed completion of the NCAA’s comprehensive operational audit.

Bristow Helicopter’s aircraft type Sikorsky s-76C was temporary given supension by NCAA had on Feb. 4, due to the successive mishaps of the aircraft type in the country.

King  said the company, in addition, carried out an extensive return to service safety activities.

Mr Mike Imalachi, who is the Bristow Group Vice President, Global Operations, thanked the NCAA for conducting thorough review of its operations.

It was mentioned that there was a  detailed safety inspection of our S-76 series helicopters and test flights for all (16) S-76 aircraft in compliance with the NCAA.

Julie King in her  statement noted that Bristow had concluded a number of return to service safety activities with flight crews, engineers and other service employees, clients and key stakeholders.

FG Allocates Over N39 Billion For Cars In 2016 Budget

The discontentments trailing the 2016 budget re-emerged yesterday as it was discovered that the federal government budgeted a whopping N39.41 billion for the purchase of cars in this fiscal year.

The 2016 budget contains escalated figures which many had said implied that the government had no clear-cut roadmap to re-direct the economy of the country while others dismiss the claim of change as nothing but a ruse.

According to reports, the N39.41 billion budgeted for vehicles in 2016 budget, N29.41 billion of them is meant for the purchase of vehicles by ministries, departments and agencies (MDAs).

It was also gathered that N24.38 billion of the N29.41 billion has been allocated for the purchase of cars; N1.67 billion allocated for the purchase of buses while another N362.65 million is earmarked for the purchase of vans.

Also some agencies such as the Nigerian National Petroleum Corporation (NNPC), Nigeria Ports Authority (NPA), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS) have the combined budget of N10 billion for the purchase of vehicles. The N39.41 billion budget is besides the budget for the planned purchase of vehicles by the judiciary which is not clearly stated in judiciary’s budget.

Buhari Committed To Boosting Export In Non-oil Sector – Ngige

Minister of Labour and Employment, Dr Chris Ngige has said that the President Muhammadu Buhari- led administration has resolved to boost export activities in the non-oil sectors.

The Labour minister said the Buhari government in its quest to realise the set goals in its economic diversification drive, has made adequate planning in the development of critical sectors of the Nigerian economy.

 “The abundant solid mineral and agricultural potentials in Nigeria are enviable resources that we must creatively deploy to the benefit of all Nigerians and our children yet unborn.

“The National Directorate of Employment will no doubt play a significant role in the actualization of these noble objectives that are designed to turn around the fortunes of our great country.

“The agricultural skills training centres and agricultural parks operated by the Directorate across Nigeria will be deployed to further develop a pool of agriculture based businessmen and women who will take agriculture in Nigeria from substantial level to a vibrant industry.”

 

FG To Employ Over 700,000 Youths Under Agricultural Programme

As part of efforts to reduce the level of youth unemployment, the Federal Government has unveiled plans to empower 740,000 young agricultural producers in rural areas under its Youth Employment in Agriculture Programme.

This was disclosed by the Permanent Secretary at the Federal Ministry of Agriculture and Rural Development, Dr. Shehu Ahmed, while delivering a keynote address at a one – day stakeholders’ workshop on YEAP in Abuja.

The permanent secretary who was represented by the Director, Animal Production and Husbandry Services, Dr.  Egejuru Eze, was quoted as saying that the programme would cover 36 states of the federation as well as the Federal Capital Territory.

According to him, the programme has commenced with six pilot states selected from the six geopolitical zones including Bauchi, Imo, Katsina, Lagos, Niger, and Rivers, adding that beneficiaries would comprise 20,000 school leavers and rural youth leaders from each state of the federation.

The statement signed by the Director of Information, FMARD, Tony Ohaeri, further disclosed that the programme was aimed  at training 18,500, university graduates to become agribusiness entrepreneurs who would be involved in farming, storage, processing, value addition, marketing services and logistics.

Senate Will Pass NDDC Budget Promptly – Committee Chairman

The Senate Committee on the Niger Delta has promised to treat the 2016 budget of the Niger Delta Development Commission, NDDC, with speed and urgency.
The Chairman of the Committee, Senator Peter Nwaoboshi, said in an interview with newsmen on Saturday that the financial appropriations for the commission would be ready within one month after the passage of the Federal Government’s budget.
Senator Nwaoboshi was speaking at the end of a two-day inspection tour of NDDC projects in Akwa Ibom State by the Senate committee and directors of the interventionist agency. He said: “I can assure you that as soon as we get the budget, we will work on it expeditiously. We are already collating facts. In fact, with what we have seen on the ground, we are set to go. As soon as the Federal Government’s budget is passed, within one month, you can be sure that we will get the NDDC budget out.”
The committee chairman explained that one of the reasons for the late approval of NDDC budgets in the past was because it had to wait for the passage of the Federal Government’s budget to know what had been allocated to it.
Senator Nwaoboshi said: “We will not allow what happened in the general budget to happen to the NDDC budget. This time, we are going to go through the budget line by line to determine the relevance of the projects to the people of the Niger Delta. We will see whether that is what they deserve and what they demand before allocating funds for the projects. It is not going to be a budget for projects to be scattered everywhere and nothing is achieved at the end of the day.”
“People should understand that we are in the 8th Senate. We are not just going to allocate money for no particular purpose. We are going to look at the projects for which the money is being allocated. This time, if we identify a project and we think that it is relevant to the people, we will make budgetary provision for it.”
The committee chairman said further: “One of the things we have gained from our visits to the project sites is that it has exposed us to certain facts that were unknown to us previously. We are going to look at these projects and make sure that they are funded, especially those that are of great importance to the people of the Niger Delta. It is not going to be business as usual.”
“The NDDC has asked state governments to make inputs into its 2016 budget. It is not going to be just any kind of contribution. We won’t allow special interests from government officials to use that as an opportunity to feather their own nests. We are going to make sure that the proposed projects are relevant to the people of the Niger Delta.”
The committee had earlier inspected the 30-kilometre Nsasak Junction-Okon Road, in Essien Udim Local Government Area of Akwa Ibom State. Senator Nwaoboshi commended the contractor for the quality of work on the road. “I am very impressed that a Nigerian contractor did this good job. When you see this type of performance, you will be encouraged. We will recommend this company for more quality jobs. We assure the contractor that money will be appropriated for the project in the 2016 budget.”
The Managing Director of Seyang Construction, the company handling the project, Engr. Sam Inyang, said that the road would be the shortest route from Akwa Ibom to Rivers state through Aba. He also described the road as having huge potentials for economic benefits to the people of several communities and local governments in the area.

Nasarawa’s Solid Mineral Resources Can Sustain Nigeria – Governor Tanko

Nasarawa State Governor, Umaru Tanko Al – Makura has revealed that solid mineral resources in the state can sustain the country if harnessed.

Makura said with the effort by the federal government to diversify the economy, Nasarawa state has large deposit of over 27 solid mineral resources that can earn the country foreign income.

He commented that with the dwindling fortune in the oil industry, the deposit in Nasarawa is a window of opportunity to sustain the economy especially with the present effort of President Muhammadu Buhari to diversify the economy, adding that his administration has made a lot of opportunities for investors to come over and make a fortune.

The governor stated that a lot of amenities have been provided that will make it easier for investors to invest in the state ranging from roads and investor friendly policies.

He said aside from lands that can be utilized for federal government mass housing estate which has been earmarked around Mararaba, gate way to Abuja there are other opportunities such as tourism potentials.

CBN Renews Call for New Foreign Exchange Sources

 The CBN has called for the enlargement of sources of foreign exchange inflow into the country, blaming the current slide of the naira on the scarcity of the dollar.

A source at the apex bank who spoke to the News Agency of Nigeria over the weekend, said that the CBN had not underestimated the value of naira, but scarcity of foreign currencies was responsible for the depreciation of the naira at the parallel market.

According to him, the CBN has always supported for diversification of sources of foreign exchange into the country rather than depending solely on sale of crude oil, and that the CBN has also been championing schemes to promote local production of goods.

According to him, one of such initiatives was the introduction of the Anchor Borrowers Programme (ABP) to boost local production of rice and wheat regarded as two of the four products that dominated the food import bill, while another is a policy called Produce, Add Value and Export to earn Forex (PAVE).

The rationale behind the two initiatives was to improve and deepen the foreign exchange market by improving supply of foreign exchange into the market, he said.

Nigeria Imported 1.25 Million Barrels Of Kerosene From The US In 2015 – Report

A report by the Energy Information Administration, an arm of the US Energy Department, has disclosed that Nigeria was the second-largest importer of kerosene from the United States last year.

The country, which is Africa’s biggest crude oil producer, also took in the third-largest volume of the US jet fuel in 2015.

The report said Nigeria imported 1.25 million barrels of the US kerosene from January to December, while other products imported from the US by Nigeria include Liquefied Petroleum Gas, lubricants, petroleum coke, fuel ethanol and finished motor gasoline.

The report also revealed that the country imported 1.72 million barrels of the LPG; 290,000 barrels of lubricants; 121,000 barrels of petroleum coke, 161,000 barrels of fuel ethanol and 616,000 barrels of finished motor gasoline, the EIA data showed.

Nigeria bought a total of 1.427 million barrels of the US kerosene in 2014. In 2013, 1.040 million barrels were imported; 272,000 barrels in 2012; 1,000 barrels in 2009; 4,000 barrels in 2008, and 1,000 barrels in 1995.

Dangote Sugar Earns Global Food Certification

Dangote Sugar Refinery (DSR) has secured the Global Food Safety Systems (FSSC 22000) Certification.

According to a statement released by the company, the certification is fully recognised by the Global Food Safety Initiative (GFSI), the certification came in recognition of the standards the company has already achieved through the refinery such as the ISO 9001:2008, ISO 22000:2005 and ISO OHSAS 18001:2007.

It also stated that recommendation for DSR’s FSSC 22000 certification was given in November 2015, after series of processes, followed by internal and surveillance audits.

Mr Abdullahi Sule, Dangote Sugar Refinery acting Group Managing Director, also stated that the feat was part of strategic plan to meet its customer’s needs using good manufacturing practices, enhanced food safety culture and management systems. It added that the certification would boost consumer confidence in the brand and eliminate production loss time in its refinery.

The statement also said that the company was actively pursuing a backward integration master plan with a target of producing a total of 1.5 million tonnes of sugar per annum. The target was to enable the firm meet the national sugar master plan.

“The firm is also planning an additional investment of N180 billion in four factories in Sokoto and Kebbi States and has 150,000 hectares of land allocated for the project in Kogi, Kwara, Jigawa, Sokoto, Taraba and Kebbi States,” it said.

Importers Move To Exports Of Nigerian Products As Forex Crunch Bites

The foreign exchange crunch and declining value of the naira has caused many Nigerian importers to shift their focus to the export trade, mainly timber and solid minerals.

The President of the Shippers Association of Lagos State, Mr. Jonathan Nicol, speaking in an interview with the Punch Newspapers, said the development arose due to the current unprofitable nature of importation business.

According to him, what many import entrepreneurs are currently doing is going into some aspects of export, to cover for the period of lull in imports.

Nicol added that the solid mineral sector was another area of interest for importers, some of whom had already applied for prospecting licences.

He described the development as a positive one for Nigeria, adding that there was the likelihood that some members might not return to the importation business any more.

Kaduna State To Acquire Shares In Peugeot Automobile Nigeria

Kaduna State governor, Nasir El-Rufai, revealed that the state is set to acquire majority shares of the comatose Peugeot Automobile of Nigeria. He added that plans for the acquisition have already been concluded.

El-Rufai said the state had already submitted its interest to the Assets Management Company of Nigeria (AMCON) which manages the liabilities of the company.

 “our hope is that when we acquire the majority share of the company, we will restructure it to operate to full capacity of assembling between 90,000 and 100,000 cars yearly. We have the support of PAN as well as the government of France in this drive.”

He described PAN as a critical partner in Kaduna state’s industrial history, and lamented that it had now gone down from assembling 90,000 cars per annum to merely 200 a year.

“We are determined to bring back all industries related to Peugeot established in Kaduna as part of plans to ensure that every youth in Kaduna State has something doing,” he said.

The governor also commended the Kaduna Chambers of Commerce, Mines, Industries and Agriculture (KADCCIMA), for bringing captains of commerce and industries to the state for the event.

BoI Commissions 24KW Solar Power Solution In Gombe State

As part of efforts to  encourage economics activities by empowering the small and medium enterprises across the country, the Bank of Industry (BOI) has commissioned a 24 kilowatts micro-grid solar solution in Kolwa, Kaltungo Local Government Area of Gombe State.

This came as the state government also concluded plans with the development finance institution to replicate the power project in other nine local government areas of the state.

Prior to the installation of the solar power system, the over 250 households in the rustic and largely agrarian village had relied on self-power generation.

However, the Kolwa eletrification project is a 24KW capacity installation that covers a 6 km distribution network, and is also capable providing commercial ventures with electricity.

While the BoI/UNDP solar power pilot project is to be installed in six rural communities in the six geo-political zones of the country, the Kolwa project makes it three, having previously been installed in Bisanti, in Katcha Local Government Area of Niger State, and in Onibambu, Ife-North LGA in Osun State.

The three others, namely: Ogbekpen, Ikpoba in Okha LGA, Edo State, Onono, Anambra West LGA, in Anambra State and Carwa/Cakum, Markarfi LGA, in Kano State are awaiting commissioning.

Expectations On Earnings Lifts Equities Market

Investors in the Nigerian equities market smiled home last week as the market responded positively to the earnings and dividends declared by some companies. Besides, investors are expecting more earnings and dividends in the days ahead.

The positive run recorded last week was also boosted by the impressive full year, 2015, earnings and dividend declaration of Dangote Cement Plc. While Dangote Cement declared a dividend of N8 per share, Greif Nigeria Plc and African Prudential Registrars Plc recommended 60 kobo and 43 kobo respectively.

The improved result announced by Dangote Cement excited investors leading to strong appreciation of 24 per cent in the company’s share price.
At the close of trades for the week, the NSE All-Share Index (ASI) and market capitalisation appreciated by 6.57 per cent and 6.55 per cent to close the week at 25,820.10 and N8.882 trillion respectively. This is the highest weekly growth the ASI has recorded this year. The gain reduced the year-to-date decline to 9.85 per cent.

Apart from the NSE-Main Board Index, NSE Consumer Goods Index and NSE Oil/Gas Index that depreciated by 0.54 per cent, 1.36 per cent and 6.10 per cent respectively other indices closed higher. But the NSE ASeM Index closed flat

Skye Bank Calls For Investment In Agriculture, Manufacturing, Industries In The Country

Skye Bank

Skye Bank Plc has pushed for the improved investments in the manufacturing, agriculture and extractive industries for the success of the diversification programme of the government.

According to the Group Managing Director/Chief Executive Officer of Skye Bank Plc, Timothy Oguntayo, the three identified sectors are critical for the success of the economic diversification agenda of the current government in view of the dwindling oil prices, low GDP growth, and rising unemployment in the country.

“The manufacturing sector contributed 10 per cent of GDP before the oil boom of 1970s but lamented Nigeria’s overdependence on oil export and earnings from the 1990s to date,” he said.

He lamented that over-dependence on oil has resulted in the neglect of the manufacturing sector; just as low investment in public goods and infrastructure led to the decline in manufacturing activities. He recommended the expansion of public infrastructure like road, electricity, among others to promote manufacturing.

Oguntayo advised manufacturers to access the earmarked N200 billion Central Bank of Nigeria and N200 billion Bank of Industry’s intervention funds to boost their operations. He added that the Bank of Industry and NEXIM Bank should be strengthened to provide long-term funding for manufacturers.

Sterling Bank Partners Innoson Motors In Auto Finance Deal

Following the pressing need to diversify the economy occasioned by the declining revenue generated from crude oil exports, Sterling Bank has taken a practical step to champion the use of locally manufactured goods and services by going into partnership with Innoson Motors to finance the purchase of locally made vehicles produced by the company.

Stated in the agreement is that Sterling Bank will provide Auto Finance to prospective customers willing to acquire any brand of Innoson Motor Vehicles.

The Bank’s Executive Director, Finance & Strategy, Abubakar Suleiman said; “The country’s dependence on oil exports for foreign exchange and the global oil sector downturn driven by the falling oil price has led to near economic recession in the country and has negatively impacted other sectors with prices of imported products rising significantly.

“For the country to navigate the current headwinds, there is an urgent need to diversify the economy and empower the manufacturing sector of the country. But local manufacturers will not thrive if they are not patronized by Nigerians. This is why we have entered this partnership with Innoson.”

Innoson Vehicle Manufacturing Company (IVM) is the premiere private vehicle manufacturing company in Nigeria. The indigenous company, headquartered in Nnewi, Anambra state, was commissioned in 2014 and has since gone on to produce several range of vehicles from Trucks, SUVs to mini-buses.

Two Nigerian Students Come Out Tops In Ghanaian University

Two Nigerian students have done the country proud after they emerged as the best graduating students in their respective fields of study.

Mr. Peter Hunnoho Moses, who graduated with a First Class Honours Bachelor of Science Degree in Information Technology was judged the overall best student of the graduation class with a cumulative GPA of 3.99, while the overall best student in the Female category went to Ms. Odinaka Abel Favour who graduated with a First Class Bachelor of Science Degree in Business Administration with a cumulative GPA of 3.90.

The two Nigerians won the top prize at the 9th Graduation Congregation of the Accra Institute of Technology (AIT), a leading technology-focus private university in Ghana. The event held at the Ghanaian capital city over the weekend.

1...2,9262,9272,928...3,015Page 2,927 of 3,015
© 2025 - BizWatchNigeria.Ng
BizWatchNigeria.Ng
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.