By Lucy Ogalue

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has emphasised the importance of building capacity and market access in driving small businesses in the country

The Director-General of SMEDAN, Mr Charles Odii, said this in an interview with the News Agency of Nigeria (NAN) while speaking on the impact of President Bola Tinubu’s government in the sector.

According to Odii, SMEDAN has been at the forefront of several transformative initiatives aimed at boosting the Small and Medium enterprises (SMEs) sector in Nigeria.

“Capacity development is the next one, access to training. We are very big on training. We train week in week out, month in month out.

“As a matter of fact, members of our team have just finished one major training, which is our National Business Skills Development initiative in Ekiti .

“Where we trained our small business owners and youth entrepreneurs on things that we think that they need to thrive.

“After the training, we then give them tools to enable them start and grow sustainable businesses,’’ he said.

According to Odii, SMEDAN is also focusing on access to the market to help build our value chain in different industries such as fashion and agriculture.

He said SMEDAN was revitaising industrial development centres to enable small businesses access the right machineries needed for their production and growth

According to the SMEDAN boss, many of these strategies will not be actualised when the environment is not business friendly, so we need to enhance the ease of doing business.(NAN)

Edited by Ese E. Eniola Williams

By Victor Adeoti

Mr Olatunbosun Oyintiloye, a Chieftain of All Progressives Congress (APC), has appealed to President Bola Tinubu to give maximum support to the development of blue economy to serve as an alternative to crude oil in terms revenue generation.

Oyintiloye, a member of the defunct APC Presidential Campaign Council (PCC), made the appeal while speaking with journalists on Sunday in Osogbo.

The APC chieftain in Osun said that harnessing the potential of the marine and blue economy sector was capable of redefining sustainable growth in the nation’s Gross Domestic Product (GDP).

Oyintiloye said that the projection by Alhaji Gboyega Oyetola, the Minister of Marine and Blue Economy, that the blue economy could generate $20 billion annually and, also create two million jobs is huge potential to the country’s economy.

According to him, experts also projected that the untapped potential within the marine and blue economy sector is estimated at a staggering of $296 billion.

“I want to commend the president for the creation of Ministry of Marine and Blue Economy.

“With the huge potential embedded in it, I believe if well tapped, it can serve as an alternative source of revenue generation for the country.

“And that is why we need to unlock the potential in the marine and blue economy to revamp dwindling economy and reduce over dependency on crude oil,” he said.

Oyintiloye, a former lawmaker said that investing in marine and blue economy sector would yield a multitude compelling benefits.

“Not only will it diversify and stimulate economic growth, but it also plays a pivotal role in enhancing marine health and safeguarding oceanic ecosystems.

“By fostering sustainable livelihoods, generating employment opportunities, and bolstering ocean tourism, blue economy will preserve our oceans, while fortifying communities against climate change impacts,” he said.

Oyintiloye, who commended Oyetola for his efforts at tapping the blue economy potentials, said that in no distance time Nigeria would start to reap the benefits of the marine economy for economic growth.

He, however, said that in order to establish a sustainable development in marine and blue economy sector, it is essential to develop an economic and financial system capable of directing financial resources towards ocean related activities such as maritime shipping, fishing and aquaculture, coastal tourism, among others.

Oyintiloye said that with various ongoing economic policies put in place by the president, Nigerians would smile again. (NAN)(www.nannnews.ng)

Edited by Tayo Ikujuni

By Lucy Ogalue

The management of Okumu Oil Palm Company Plc. has urged Federal and State Governments to support the company in tackling the bandits whose activities are affecting the company’s operations.

They spoke in an interview with the News Agency of Nigeria (NAN) on Saturday in Abuja.

NAN reports that the multi-million naira company had threatened to shut down operations in Nigeria following a recent attack by militants on its staff on May 6.

One of the recent attacks led to the death of three of the company’s workers inside the plantation.

The company’s Managing Director, Graham Hefer, told NAN that insecurity posed one of the major challenges for the company.

“It is a very difficult task for the company because we are not a security outlet but rather deal in oil palm production.

“So we have to look to the government to assist us in this kind of situation, be it federal or state,

“We need the government to step in and to protect us because that is part of the provisions in the constitution to protect properties and lives.

“The Edo State government has done quite a lot to help us. These workers need to be protected to do their work,” he said.

He said the company was also making efforts to collaborate with the local community to ensure security.

Hefer said: “on our part, we are having a lot of discussions with the local community. They have also been attacked by the same youth. It is not just Okomu oil.

“So everybody is trying to work together to ensure that this does not happen again; we are taking a holistic approach.”

The managing director said that in addition to insecurity, the devaluation of the naira, lack of forex, and poor infrastructure, among other things, affected the company.

Hefer said some government policies and regulations, especially multiple taxation, were other obstacle facing the firm.

He expressed hope that the government would tackle these to make it easier for businesses to perform better and attract more foreign investors.

The managing director said there were no immediate plans to expand the company’s business unless its board decides otherwise.

“At the moment, we have a good market for what we are producing, and we are happy within that market; we feel we are comfortable with that.

“But if later on, my board decides to look into different things, we may, but right now, we are happy with where we are,” he said.

Hefer said rubber production was strategic in the firm’s operations because it is one its major sources foreign exchange earnings.

However, he decried some losses encountered in its production, which he said were also a result of insecurity.

“Last year, we also had attacks. The same people were attacking us last year, so we had to stop our rubber farming.

So we did not fulfil our obligations in terms of our commitment because we could not tap at that stage,” he said.

Hefer, who said the company was keen on quality products, said it was also part of a Compliance Certification Scheme such as the Roundtable on Sustainable Oil Palm (RSPO).

“We are with the European Union Deforestation Recertification (EUDR) and have all of these available. We are also certified ISO for our environment, so we are very cognizant of afforestation.

“Remember, being an agriculture company, it is critical that we keep our soil and environment safe because, without that, we do not have a company,” he said.

Also speaking, Mr Gbenga Oyebode, chairman of the company, reiterated the importance of tackling insecurity around the environs of the company’s plantation.

Oyebode said: “we will continue to do what we have to do, and we are working very hard to reduce this incidence of insecurity.”

On climate, he said the company’s activities had no negative effects on its environs, adding that they would continue to plan sustainably to drive their business. (NAN)

Edited by Uche Anunne

By Grace Alegba

CBN Governor, Yemi Cardos has said that the pains of ongoing reforms would soon be over if Nigerians remain focused on supporting the monetary and fiscal policies of the government.

Cardoso represented by Dr Blaise ljebor, Director, Risk Management, said this while participating in a panel discussion during the Vanguard Economic Discourse in Lagos with the theme: “Reforms in the Era of Global Economic Uncertainties: Whither Nigeria”.

He was responding to economic and financial issues raised during the session by organised labour, Bureau De Change operators, manufacturers and economic advisers.

He said inflation had many parts which the government was trying to fix.

“If we stay focused on the reform, the pains would be short-lived,” he said.

Earlier, Cardoso said the impact of the policies of the apex bank in resolving foreign exchange challenges and other monetary issues.

He explained the reasons for the planned bank’s recapitalisation and measures towards tackling food inflation, Naira volatility and other uncertainties.

“As the Governor of the Central Bank of Nigeria, I remain committed to repositioning the bank to deliver meaningful data-driven and sustainable solutions with a clear positive impact on the livelihood of all Nigerians.

“However, addressing these challenges requires the concerted effort of all stakeholders, especially the monetary and fiscal authorities working in harmony,” he said.

He thanked the contribution of Vanguard Newspaper in organising the event for collaboration and synergy in the march towards common goals of a larger and more resilient economy.

He said the CBN will continue to implement bold reforms to make the economy work for all Nigerians, adding that, the apex bank had embarked on tightening monetary policy to address inflationary pressure while reeling out positive results.

According to him, CBN is working to address the challenges in the BDC segment.

Cardoso listed policies and measures that had been adopted to sanitise the BDCs while also increasing the inflows from diaspora remittances into the economy through official channels.

He explained efforts towards improving liquidity in the foreign exchange market

He assured that CBN will continue to strengthen collaboration with other regulators and fiscal authorities to deliver sustained and inclusive economic growth. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Nigeria requires N35bn to restart Ajaokuta Light Steel section -minister

By Martha Agas

The Federal Government says it has reached an advanced stage of raising more than N35 billion required to restart the Light Mill Section (LMS) of the Ajaokuta Steel Company.

The Minister of Steel Development, Prince Shuaibu Audu, said this at the Ministerial Sectoral Update on the performance of President Bola Tinubu’s administration in the last one year,on Thursday in Abuja.

Audu said that a presidential approval had been given to raise the amount from a local financial institution, as part of the Tinubu’s administration resolve to boost the economic profile of Nigeria.

“The local financial institution has given us a final offer.

“I have done a cover letter and forwarded the relevant documents to the Minister of Finance to be able to take the financing on behalf of the Federal Government,” he said.

He said that the LSM had the capacity of producing 400,000 metric tonnes of iron rods per annum, and was critical in shoring up industrialisation in Nigeria.

According to him, he is working closely with the minister of works to supply the iron rods needed for road construction projects in the country from the section.

“There are so many roads being constructed in the country, about 30,000km of roads across the six geo-political zones.

“We understand that the ministry of works needs about seven million metric tonnes of iron rods over that four year period (first term) to construct these roads, Ajaokuta can produce 400,000 tonnes,” he said.

He said that advanced discussions were held with the Minister of Defence, who is in charge of Defence Industries Corporation of Nigeria (DICON), to revive its engineering workshop to produce military hardware to enhance security in Nigeria.

“So what is required is that we have a Metallurgical Development Centre that has the ability to provide us with the lead and zinc required, to be able to provide and produce some of these military hardware,” he said.

Audu said that plans were ongoing to revive the Ajaokuta 110 Megawatts power plant that could supply power not only to the plant, but also to the national grid.

According to the minister, due to the paucity of funds, it is engaging in a public private partnership where the asset will be used as the collateral vessel to providing financing.

He said talks were ongoing with three potential investors which are: Transcorp power, NigerDelta Power Holding Company and Reticulated Global Engineering.

The minister said the mandate of the ministry was to revive both the Ajaokuta Steel Company and the National Iron Ore Mining company, and also to revive the steel industry, adding that it had engaged experts.

According to the minister, the vision is critical to the Renewed Hope agenda of the president, whose desire is to grow the economy of Nigeria to more than one trillion dollars by the end of the first term, thereby, making the country a G20. Economy.

He said that a minimum of two million dollars was needed to revive Ajaokuta steel, adding that the plan was to concession the company to people that had the competence to get the job done. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

Nigeria, transitioning from monocultural economy under Tinubu’s administration -Alake

By Martha Agas

The Minister of Solid Minerals Development, Dr Dele Alake, has said that Nigeria was transitioning from a mono-cultural economy under President Bola Tinubu’s administration.

Alake stated this during the Ministerial Sectoral Update on the performance of the President Bola Tinubu’s administration in the last one year, on Thursday in Abuja.

He said that the President priortised economic diversification in his eight priority areas.

He noted that sectors such as the solid minerals and agriculture were not given the sufficient attention to thrive in other administrations.

“Since May 29 last year, on assumption of our President, there have been a major plan of the renewed hope agenda, which is contingent on the diversification of the economy away from oil,” he said.

He said that global upsurge in energy transition has led to the focus on green energy, which relied on critical minerals that Nigeria possess in commercial quantities.

According to the minister, the critical minerals will provide opportunities for the sector to contribute more to Nigeria’s Gross Domestic Product and develop its local economy.

He said that Nigeria has been showcasing the potential of its minerals, which has been attracting the interest of foreign investors visiting Nigeria to seek more information for business.

He said that to ease doing business for investors, the ministry has unveiled the Nigerian Minerals Resource Decision Support System Software.

He explained that the software serves as a one-stop shop for investors seeking geoscience data and other credible information to make informed decisions.

“Any investor wants an efficient data about the type of minerals, the volume of minerals, where they are, the tenure of the longevity of the minerals.

“ These are critical information that any investor in the world will want to make an informed judgement,” he said.

He said that part of the strategies to develop the sector included the establishment of the Nigeria Solid Minerals Company through public/private partnership.

“ This company is to engage in joint venture, partnerships with the big players in the solid minerals sector on behalf of Nigeria.

“As a private sector driven corporation that will be structured to have not more than 25 per cent of federal government shares, 25 per cent to the Nigerian public and 50 per cent to the private sector.

“The equity structure is to make it substantially owned and driven by the private sector, so that we leave an enduring structure and legacy for future government.

“Such that no government after us can exert political influence in terms of managerial efficiency and proficiency of running it,” he said.

According to the minister, to sanitise the operating environment of mining , ownership of mining titles are being reviewed periodically.

He said that in 2023, 1,619 titles were revoked from operators who failed to meet their obligations to government, adding that more than 900 dormant mining licenses were revoked recently.

He said that ministry has formulated policies on local value addition to minerals before its export, to generate revenue, create job opportunities and other multiplier effects to the economy.

He said that the ministry had also reviewed the Community Development Agreement aimed at fostering harmony between mining companies and host communities.

The minister said as part of its efforts to secure the mining environment, the mining Marshal Corp was established comprising of 2,220 personnel, who have been deployed across the 36 states and the Federal Capital Territory.(NAN)(www.nannews.ng)

Edited by Gabriel Yough

By Femi Ogunshola

Mr Daniel Akeju, an advisor and treasury manager, has faulted the Central Bank of Nigeria’s (CBN) recent increase in the Monetary Policy Rate (MPR) in an attempt to curb inflation and stabilise the economy.

Akeju, a member of the Chartered Institute of Treasury Management (CITM), made his position known while speaking with newsmen in Abuja on Thursday.

The MPR is the interest rate at which the CBN lends to commercial banks.

The News Agency of Nigeria (NAN) recalls that CBN had increased MPR by 400 basis points to 22.75 per cent from 18.75 per cent in February 2024.

It was increased by 200 basis points to 24.75 per cent in March and currently by 150 basis points to 26.75 per cent in May.

Akeju said that the challenges facing Nigeria’s economy required more than a simplistic approach of raising the MPR.

He noted that while controlling inflation was crucial, it must be done in tandem with measures that would address the root causes of economic instability.

He said that a balanced, holistic strategy that would combine supply-side interventions, enhanced security, economic diversification, and social safety nets would be more effective.

This, according to him, is in terms of stabilising prices, improving food availability, reducing terrorism, and alleviating poverty.

“By adopting these comprehensive measures, Nigeria can build a resilient economy that provides prosperity and security for all its citizens. The time for such a transformative approach is now”, he said.

He said that the strategy of having to consistently increase the MPR was counterproductive, as evident in the continuous rise in prices, food scarcity, escalating terrorism, and growing poverty rates.

“The disconnect between the intended outcomes of these monetary policies and the harsh realities faced by Nigerians necessitates a critical reassessment of the CBN’s approach”, he said.

He stated that raising the MPR is typically aimed at controlling inflation by making borrowing more expensive, thereby reducing spending and slowing down price increases.

He however stated that, in Nigeria’s context, the policy had not yielded the desired results.

The reasons, he said include cost-push Inflation, largely driven by supply-side factors, including high costs of production and distribution fuelled by insecurity and infrastructural deficits, limited access to credit

Others include: Imported Inflation, government borrowing among others.

He urged the CBN to focus more on agriculture intervention; enhanced security; industrialisation; monetary and fiscal coordination and targeted social programmes

He added that the persistent hike in MPR has had severe socioeconomic repercussions, such as rising food prices, increased poverty, escalating terrorism, social safety nets among others. (NAN)www.nannews.ng

Edited by Uche Anunne