Business

Fidelity Bank CEO highlights non-oil investment opportunities

Published

9 years ago

September 11, 2015

Managing Director/Chief Executive, Fidelity Bank PLC, Mr. Nnamdi Okonkwo has identified the recent foreign exchange restrictions placed on importation of 41 items as one of the many non-oil investment opportunities in the economy.

He stated this during a presentation titled, “Beyond Oil & Gas: Emerging Business Opportunities in Nigeria”, at the Nigeria-British Chamber of Commerce Breakfast Meeting held in Lagos.

Okonwko noted that despite pressure points in the economy, Nigeria’s economic fundamental remains strong, adding that, “, The convergence of social, political and economic factors are generating great expectations, opportunities and uncertainty in the Nigerian macroeconomic environment”.

He said the decline in crude oil prices, resulting to fallen revenue, as well as, the other problems in the oil and gas sector, has prompted a quest for alternative investment opportunities beyond the oil and gas sector.

“But Nigeria’s strong growth reserves are opening new prospects”, he said. These growth prospects, he noted include, “The 60 percent of Nigeria’s arable land yet to be cultivated as well as the country’s population of over 170 million people, which is youthful and provide a huge potential demand and pool of skills. It also provides huge internal market for consumption and expenditure growth.”

He added that in addition to these, the series of reforms implemented by government in recent times, in a bid to transform the economy has created investment opportunities in key sectors of the economy, namely agriculture, health, education, Information Communication Technology and Manufacturing.

For example, he said, “CBN has continued to apply administrative and capital control measures in containing the pressure on the Naira.

On June 23, 2015, the CBN released a circular that expanded the list of imported goods and services that are excluded from accessing foreign exchange (forex) at the Nigerian Interbank Foreign Exchange Market (IFEM).

“Also, on November 6, 2014, the CBN had excluded six items: electronics, finished products, information technology, generators, telecommunication equipment, and invisible transactions from the retail Dutch Auction System (RDAS). The funding of the six items was transferred to the interbank forex market.

“These, and other measures, are to ensure stability of the forex market and the efficient utilisation of forex, and in the process, conserve foreign reserves, encourage local production of the items, and enhance employment generation in the long run. This presents huge opportunity for local investors to seek out capital and strategic alliances to exploit the import-substitution opportunities presented by this policy,” Okonkwo said.

He noted that in the manufacturing sector, “This opens up huge investment opportunities across the ‘banned’ items. The recent gains in electric power generation and the pragmatic determination of government to facilitate improvement in the generation, transmission, and distribution of electric power should enhance the sector’s capacity utilization. High costs of factors of production, ostensibly exacerbated by the naira devaluation, should help in the establishment and growth of local manufacturing.”

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

34 minutes ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

8 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

1 day ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.