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Stakeholders Collaborate on Local Raw Materials, Equipment

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Nigeria
  • Stakeholders Collaborate on Local Raw Materials, Equipment

Stakeholders from the Manufacturers Association of Nigeria, Raw Materials and Research and Development Council and Clarion Events are working on an arrangement that will ensure availability of raw materials, machinery and funding for large corporations as well as operators in the Micro, Small and Medium Enterprise sector of the Nigerian economy.

This was disclosed at a press briefing in Lagos, where they also announced the plan to organise an exhibition for this purpose.

They said the two-in-one event tagged Nigerian Raw Materials Exposition and Nigerian Manufacturing and Equipment expo, aimed to bring together, equipment manufacturers, suppliers as well as raw materials suppliers in a relationship that would see each depending on the other for critical equipment and input.

The Director-General, RMDC, Dr. Hussaini Ibrahim, said that the NIRAM expo was a flagship programme of the council premised on economic recovery and growth plan of the Federal Government, which was based on optimising the use of local content and empowering local businesses.

He said, “It is hinged on an industrial development strategy based on sustainable sourcing of raw materials.

Ibrahim said the previous editions of NIRAM had been responsible for local sourcing of high quality starch, glucose syrup and extracts, fruit juice concentrates, among others, by industries.

He said, “The NIRAM expo also created a platform for highlighting the challenges to local sourcing of gypsum and today, most of these challenges have been addressed and cement industries can now look forward to the sourcing of gypsum from local miners.

“The 2017 expo will ultimately result in increased patronage of high quality raw materials or intermediate input from local sources in preference to imported ones and therefore help to conserve foreign exchange and free funds for other development purposes,” he said.

In his remarks, the President of MAN, Dr. Frank Jacobs, said the 2016 edition of the Nigerian Manufacturing and Equipment expo, which incorporated NIRAM expo, was created in response to government’s commitment to industrialisation and diversification of the economy.

He said, “It provided a veritable platform for the SMEs to learn processes on how to boost their output, reduce cost, drive quality improvement, manufacture for new market and secure funding for growth.

“A major feature of the 2016 NME expo was the chief executive officers and government’s forum tagged, ‘Manufacturing Partnership for African Development’ session which was co-chaired by MAN and the Federal Ministry of Industry, Trade and Investment.

“These C-level sessions that took place alongside the NME enabled policy discussions between major stakeholders from both the public and private sectors of the Nigerian economy.

“A key aftermath of the 2016 mPAD forum was the provision of cheaper funding for the industrial sector by the Bank of Industry.

“In 2017, the sessions will again give top stakeholders in the private and public sectors the opportunity to appraise developments in manufacturing and jointly propose quick-win solutions that will help our country revive its manufacturing sector.”

Jacobs added that the 2017 event was expected to attract over 3,700 visitors and exhibitors, consisting of multinationals and member companies of MAN, large and small firms and other manufacturing equipment distributors from over 120 leading local and international suppliers. “There will be on display the latest manufacturing equipment, machine tools, technologies, spare parts and manufacturing raw materials,” he said.

The Managing Director of Clarion Events West Africa, Mr. Dele Alimi, said the recent inclusion of the NIRAM expo into the NME would afford several companies and countries that had registered as exhibitors and visitors to the expo, a rare opportunity of exposure to the entire manufacturing value chain, which would include machinery, equipment, financial support, professional consultancy and raw materials.

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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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Shell

Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

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Institute of Chartered Shipbrokers

Exporters Say CBN Pre-export Requirements is Frustrating Export of Goods

Exporters have said the recently introduced pre-export requirements by the Central Bank of Nigeria is creating unnecessary bottlenecks for exporters and the movement of goods out of the country.

Exporters, who spoke under the aegis of the Network of Practicing Non-oil Exporters of Nigeria (NPNEN), said the electronic Nigeria Export Proceed Form now required by financial institutions from exporters had come with so many challenges.

Ahmed Rabiu, the President, NPNEN, explained that the new policy had several requirements that often led to delays and loss of income on the part of exporters.

He said, “We acknowledge the CBN’s desire to ensure that all exports out of Nigeria are documented in order to ensure that the proceeds of such exports are repatriated.

“However, the reality on the field shows that the process is causing undue delays and consequently, encouraging corruption.

According to them, in the new pre-export requirements, the Central Bank of Nigeria wants an export transaction to be initiated through eNXP processing on the trade monitoring system.

After which exporters are expected to have a pre-shipment inspection agent, the Nigeria Customs Service and other designated government agencies carry out their pre-export inspections.

The exporters said the pre-shipment inspection agent was expected to issue a clean Certificate of Inspection while Customs would issue the Single Good Declaration. All these they said takes time and delay goods from leaving the country on time.

Pointing to a recent report, they said about N868 billion worth of goods bound for export were stuck at the ports due to the new policy.

Speaking further Rabiu said, “For example, for the PIA to issue the CCI, the exporter is required to upload a certificate of origin as one of the supporting documents for the eNXP.

“The PIA is also required to upload the CCI to the TRMS(M) and until this is done, the Customs service will not issue the Single Good Declaration.”

He added, “After issuing the SGD, the customs is further required to upload it into the TRMS before the goods are allowed to be gated into the port and loaded on the vessel by the shipping line.

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