Connect with us

Business

Forex Scarcity Threatens Leather Factory

Published

on

leather
  • Forex Scarcity Threatens Leather Factory

Scarcity and lack of access to foreign exchange (forex) is threatening the survival of the multi-billion naira leather factory project in Delta State. This is even as plans are underway to sponsor a handful of Delta youths to Europe, to acquire professional expertise needed in enhance the smooth running of the multi-million Naira state-of-the-art Shoe/Leather Works Factory in the state.

The N1.23 billion (S820,000) counterpart funding) Factory, which was set up partnership with the United Nations Industrial Development Organisation (UNIDO), was commissioned in May 2015, but has not been fully operational.

Part of the vision was to make the factory one of the biggest in West Africa, as well as reducing the unemployment index of the state, as when completed, would employ about 2,000 youths both skilled and unskilled.

Reacting to the development in a telephone interview the Executive Secretary, Delta State Micro, Small and Medium Enterprises, Development Agency (DSMSMEDA), Mrs. Shimite Bello, said the persistent rise in the exchange rate of the Dollar against the Naira has been a major setback in the commencement of the planned training exercise for the over 280 trainees (Deltans) proposed to be engaged at the centre.

She said the training is being organised in partnership between the Delta State Government and the United Nations Industrial Development Organisation, UNIDO, which is scheduled to commence in May, this year.

She however explained that given the continued scarcity of forex, the training may not hold anytime soon, except the high exchange rate, now at unprecedented highs is resolved.

Bello, in a telephone interview, hinted that aside the approval of the over N81 million for the proposed training, the State Government and UNIDO, had perfected all other necessary arrangements required for the smooth take-off of the training exercise.

While describing the market forces as circumstances currently beyond the control of the partners, she expressed confidence that once the current high exchange rate challenge normalises, the training exercise, which she described as critical to the SMART agenda of the government will commence.

She added: “We got the exchange at N324 to $1 (but) by the time the money came, the exchange rate was N385. Now, it has come down to N345; we have to watch the rate. But, as I speak with you right now, we are on queue at the Central Bank of Nigeria (CBN). You know that a lot of people are waiting for exchange currently, (but) it is not available. Until the money that we have currently can make transaction, we will still wait.”

She added, “I have spoken with UNIDO and have given them evidence that the money has been made available; anybody can go online and see that the exchange rate is really crazy; that is all that has been delaying it.

“Everything that the State Government needed to do have been done as well as that of the partnering agency, UNIDO, but the exchange rate, Naira to dollar is really crazy. We are waiting to ensure that we do good transaction.”

It would be recalled that the proposed training exercise is targeted at artisans in the state particularly, fashion designers and cobblers, among others.

But investigation revealed that the factory premises have been taken over by weeds and rodents with billions of Naira equipment rotting away, one security man at the gate who pleaded anonymity, decried government’s neglect of the factory.

He said: “I’m just here suffering in the midst of rodents and overgrown weeds, the place is completely moribund, the equipment locked inside the rooms are rotting away.”

In a swift reaction, the State Commissioner for Industry, Mrs. Mary Iyashere, who expressed regrets over the state of the factory, however assured of the Government’s commitment to reviving the factory, adding, “it is unfortunate that the factory had not lived up to its expectations, but the State Government will do something about it.”

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.

Continue Reading
Comments

Business

How to Check Your Nirsal Loan Approval

Published

on

Loan - Investors King

Here is a step-by-step walk-through on how you can check your NIRSAL COVID-19 loan approval by NIRSAL Microfinance Bank.

How to Check NIRSAL Loan Status

To check your NIRSAL loan approval or access the NIRSAL loan portal, you must have applied for the COVID-19 relief loan for small businesses and individuals when the application was on. If you applied, carefully go through your email address to check if you received an email from NIRSAL Microfinance Bank indicating you have been approved for the loan.

Do not be panic if you could not find the email sent to successful applicants as you can still check by clicking here or copy https://covid19.nmfb.com.ng/ to your browser.

Then select the category you applied for, SME or Households loan. The next stage is to input your Bank Verification Number (BVN).

How to Check NIRSAL Loan Approval With BVN

All applicants are required to verify their accounts by entering their Bank Verification Numbers (BVNs). After inputting your BVN, a window will pop up showing you the amount you were approved for if your application was successful.

The next step is to claim your loan by providing your bank account information in the correct format as specified on the portal.

Please proceed to the final step and read the terms and conditions of the loan you just secured. The name of the director in charge of your payment, his/her details and repayment procedure will be clearly stated.

Please note that 5 percent of the total amount will be deducted from the loan before disbursement and you are expected to pay it back, contrary to popular notion.

Ensure not to default on repayment, make sure repayment is done within the stipulated three-year time frame. Finally, note that since your BVN is linked to all your accounts, if you fail to repay, you will be continually debited monthly until you pay the complete amount.

Continue Reading

Company News

Dangote Cement Boosts Sub-Saharan Africa’s Economic Development

Published

on

Dangote Cement - Investors King

Operating in 10 African countries, Dangote Cement has significantly boost Sub-Saharan Africa Economic Development and play major roles in attracting Investors and job creation.

Sub-Saharan Africa is populated by more than half a billion people, and rapid urbanisation is creating challenges in the areas of housing, roads, railways, power supply, dams and water pipelines – aspects of infrastructure that are critical to the well-being of the population.

This situation indicates that cement and concrete will play a major role in construction technology in Africa, an aspect that makes the continent an attractive destination for investors.

The Dangote Group has taken cognizance and advantage of the cement demand in Africa by investing in 10 sub-Saharan counties like Nigeria, Senegal, South Africa, Cameroon, Ethiopia, Tanzania, Zambia, Ghana, Congo, and Sierra Leone.

Remarkably, the Dangote Cement plant has successfully operated in Senegal in the last five years, producing 32.5 and 42.5-grades, thereby offering the domestic market higher-quality cement at competitive prices.

The company’s 1.5Mta factory located in Pout, about 60km from Dakar, was commissioned at the end of December 2014 to take advantage of the geographical strategic location, strong demand and abundant limestone deposits.

Country Manager, Dangote Cement, Senegal, Luk Haelterman, said: “before our entry, the domestic market was almost entirely made up of 32.5-grade cement. Our plant produces 42.5-grade cement, thereby offering the market higher-quality cement at a competitive price, which the construction industry urgently needs.”

Dangote Cement Senegal’s integrated plant is modern, fuel-efficient that uses the latest technology to produce high-quality cement. This enables the company to compete very effectively in a Sub-Saharan cement industry that is fragmented and characterised by smaller-scale operators with older technologies.

Haelterman described Dangote Cement’s investment in Senegal as one of the biggest foreign direct investments by an African company, which is an indication of its strong belief in the future growth of its economy.

He said the market has potential for growth for both local consumption and export, despite being saturated by other cement brands, saying, “apart from capturing the local market in Senegal, we also now export cement to neighbouring countries of Mali, The Gambia and Guinea-Bissau.”

Haelterman attributed the company’s outstanding performance in Senegal to stringent quality assurance processes, which were deployed to ensure that customers get high-quality products that meet all the required technical standards.

According to him, Dangote’s introduction of the 42.5-degree brand of cement to the major market in Senegal upon entry has enabled the company to gain the desired market share in the country.

Luk also disclosed that Dangote Cement Senegal has developed a culture of supporting local employees and prioritising local hiring, which allows local country employees have the necessary knowledge, experience, and support to take up key roles within the company.

He said the policy aims to gradually reduce the number of expatriates employed by the business by enhancing the skills and capacity of Senegalese employees to take up leadership positions.

“We have ensured that our image has been aligned with two key principles from day one: maintaining high quality, and taking a local approach in everything that we do,” he said.

Human resources manager, Dangote Cement, Senegal, Waly Diouf, said the company takes training and development of employees as a priority. “Today, Dangote Senegal has about 800 employees. We make sure that we invest heavily in the training and development of employees. We have a programme, which enables us to boost the skills of local staff at all levels. Dangote Cement Senegal is one of the best plants in Africa. This consistent training of indigenous manpower has made our plant one of the best in Africa ” he disclosed.

Chief finance officer, Dangote Cement, Senegal, Ousmane Mbaye, said the company has contributed significantly to the development of Senegal’s economy, saying, “Dangote Senegal started operation in Senegal in 2015, and between 2015 and 2019, the company has contributed heavily into the Senegalese government treasury, thereby assisting in economic development.”

Head of mines, Dangote Cement, Senegal, Leyti Ndiaye added that “our job is to supply raw materials to the plant and make sure that blending of the limestone is done correctly. We operate under very strict environmental regulations. As a company, we have a sustainable environment management plan so as to reduce environmental degradation during operation as well as restoration of degraded lands after final mine closure.”

Chief executive officer, National Sector Mining Company, Ousmane Cisse commended Dangote Cement for investing massively in the Senegalese economy. “I am very proud to have Dangote Cement in Senegal. Dangote has been able to satisfy the Senegalese cement market since its inception in 2015. When Dangote arrived here, there were two players in the market. Dangote brought quantity and quality products through the introduction of 45.2R. Dangote has helped cement consumers in Senegal to access quality cement products.

“The company is also satisfying markets in the surrounding countries. When you visit Dangote, you will discover that most of the employees are Senegalese. The company has employed Senegalese and ensure adequate capacity building for everybody,” he stated.

The best practices adopted by the Dangote Cement Senegal Plant over the past five years have boosted its production process and quality of its products, with a corresponding positive impact on the economy of the country, Sub-Saharan Africa and the continent as a whole. This is a plus for development.

Dangote Cement has a production capacity of 48.6 million tonnes per year across 10 countries in Sub-Saharan Africa. The Group has integrated factories in seven countries, clinker grinding plant in Cameroon, and import and distribution facilities for bulk cement in Ghana and Sierra Leone. Together, these operations make the Group the largest cement producer in Sub-Saharan Africa.

Based in Nigeria, the Group operates in many of Sub-Saharan Africa’s key cement markets, helping the continent become self-sufficient in this basic commodity. In 2020, it started shipping clinker to West and Central Africa from Nigeria. Its regional strategy stated that it look for markets that have ample limestone, thriving economies, growing populations, and a pressing need for housing and infrastructure.

Continue Reading

Company News

Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

Published

on

Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending