Business

Nigerians Must Embrace Made-In-Nigeria Products Post Covid-19, Says ICAN President

Published

4 years ago

August 7, 2020

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Onome Joy Adewuyi, has called on Nigerians to embrace and patronize “Made in Nigeria” products post covid-19.

Adewuyi, who made the call m in Lagos, said one of the great lessons from the covid-19 pandemic and the attendant lockdown was the ingenuity displayed by Nigerians by producing their own face masks, water/soap dispensers, sanitizers, personal protective equipment and ventilators.

“Necessity, they say, is the mother of invention. In unison, Nigerians arose. This points to the huge human capacity and creativity that exist in this country. The spirit of WE CAN DO IT must be embraced, propagated and seriously encouraged,” she added.

While calling on the government to latch in on this to drive national economic revival, she advised that the effort should be reinforced through more investment in tertiary institutions to fine tune these inventions.

Speaking further, Adewuyi said since the lockdown prevented many people and corporate entities from going about their value-creating activities, the hardest hit were SMEs, SMPs and other players in the informal sector.

She therefore called on governments to focus on how to support these entities and people who contribute the most to national economic growth, adding that most of the SMEs and SMPs might have consumed their capital in order to survive.

“There is need for them to be given one-year interest free loans by development institutions so that they can revive their businesses. When they start to grow and prosper, they will pay back the loans while the government will reap taxes from them,” she suggested.

On steps to be taken to set Nigeria on the path of economic growth, the ICAN President explained that one of the banes of economic growth and development of Nigeria was over dependence on oil and poor infrastructure such as power supply, roads, rail, health, education facilities and potable water.

She advised that diversification of the national source of foreign exchange must be done not only in words and plans but in real investment in infrastructure.

She said Nigeria must evolve a strategy for the export of intangible human expertise to drive its development.

She also posited that the nation should create business hubs based on specialization in different zones of the country.

“While agriculture is key and should be mechanized, except the nation adds value to its products before export, we would continue to be at the mercy of our trading partners.

“We need to process our agricultural products to add value and earn foreign exchange,” she concluded.

BUNMI OWOLABI
Principal Manager, Corporate Communications

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

19 hours 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

1 day 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

2 days 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.