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MAN Urges FG to Sell Idle Assets

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  • MAN Urges FG to Sell Idle Assets

The President of Manufacturers Association of Nigeria (MAN), Dr Frank Jacobs, says idle assets that no longer yield dividend to government can be sold to boost the current economic situation.

Jacobs said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He said that funds realised from the sales of the idle assets could be used to develop structures that would enhance the economy of the country.

“What I will recommend is the sale of idle assets that are no longer yielding dividend to government.

“Government can also privatise those idle assets that have become redundant like the refineries.

“If the idle assets are sold off and income therefrom can properly be deployed to develop structures that will support the industrial sector, it can help to pull the country out of the recession,’’Jacobs said.

Commenting on the challenges of the manufacturing sector, Jacobs said that the country’s economy had not been favorable to the sector, adding that past challenges still lingered on.

He mentioned few of the challenges as indiscriminate changes in the Monetary Policy Rate (MPR), adding that this was a restraining obstacle that should be removed.

Jacobs said that reduction of other rates, especially refinancing and bank lending rates, should be tackled.

According to him, there should be special funding windows for the manufacturing sector to enhance its productivity.

According to him, there is need for the intensification of the resource-based industrialisation programme.

“This will save the country a lot of foreign exchange currently being used in importing raw materials.

“It will also provide free funds for government development projects,’’ he added.

The president called on government to intensify backward integration in the agriculture sector to catalyse more industrial input supply, adding that these would also free more funds for the government.

Jacobs said solution to the current recession required strong government resolve and commitment to re-energise the economy for increased revenue.

“The drive by the current administration to diversify the economy is, therefore, a step in the right direction.

“This will insulate the economy from the present experience and future external shocks.

According to him, the sector has been exacerbated recently, saying the challenges need to be addressed urgently.

Jacobs said that most manufacturers resorted to the parallel market for Forex and “this is expensive and has made their products uncompetitive price-wise.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Ellah Lakes Partner Ondo State Government to Develop Oil Palm, Cassava in the State

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The management of Ellah Lakes Plc said it has partnered with Ondo State Government to develop and manage 5000 hectares of land for the purpose of cultivating oil palm and cassava in Ondo State, Nigeria.

The company stated in a statement signed by Kenechi Ezezika, Company Secretary, Ellah Lakes Plc.

Speaking on the development, the Chief Executive Officer, Chuka Mordi said: “This is a significant landmark for the Company in the development of our landbank, & we are very excited to be working with ODSG.

I am delighted that we are fulfilling our strategic objective of progressively expanding our land bank & diversifying our portfolio and production base. I am also glad to say that the intercropping programme in Edo State is progressing steadily & we have achieved our first milestone of 100Hectares of Cassava with the participation of personnel of the Agricultural Development Program (ADP), in Edo State”.

The Special Adviser on Development & Investment to the Ondo State Governor/ Chief Executive Officer of Ondo State Development and Investment Promotion Agency (ONDIPA), Mr. Akinboye Oyewumi, who also spoke on the development said: “We are pleased with this collaboration with Ellah Lakes Plc., and we look forward to a mutually beneficial, valuable and fruitful venture.”

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Unilever Nigeria Appoints Mr Jaime Aguilera as a Non-Executive Director

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Unilever Nigeria Plc announced it has appointed Mr. Jaime Aguilera as a Non-Executive Director of the company effective from January 2021.

The company stated in a statement filed with the Nigerian Stock Exchange.

Mr Jaime Aguilera worked with Coca-cola, Nestle and Procter & Gamble before joining Unilever as Executive Vice President Unilever Eastern Europe in September 2016.

Therefore, his experience spans from Europe, Americas and Asia.

His key expertise areas are “in Sales & Marketing and he has lead teams in Spain, Brazil, South Eastern Europe, Middle East, Mexico and Global teams.

“In 2009, he joined Unilever Spain as EVP & Chairman and then moved to his current role as Unilever Executive Vice President Africa, leading the Unilever business in Africa. Jaime is of Spanish origin and is an alumnus of the Universidad Pontificia de Comillas- ICADE. Jaime majored in Economic Sciences, Management & Business Administration.”

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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