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Textile Union Lauds CBN’s Ban on Sale of Forex

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  • Textile Union Lauds CBN’s Ban on Sale of Forex

The General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria, Mr Issa Aremu, has commended the Central Bank of Nigeria for banning the sale of foreign exchange to textile importers.

The News Agency of Nigeria reported that the CBN had on March 5, banned the sale of forex to importers of textiles into the country at a meeting with stakeholders in the cotton, textile, and garment value chain in Abuja.

The CBN listed all forms of textile materials among items prohibited from foreign exchange in its official windows.

It promised a financial intervention to textile manufacturers with the provision of funds at single digits rate to refit, retool and upgrade their factories to enable them to produce high-quality textile materials for the local and export market.

Aremu, who is also a National Executive Council member of Nigeria Labour Congress, gave the commendation on Thursday in Abuja.

He observed that more than ever, the CBN had commendably financed development in Nigeria under the leadership of Mr Godwin Emefiele, citing the anchor rice borrowers’ scheme that had improved rice sufficiency in the country.

He said smuggling and wholesale importation of textiles contributed to the closure of many textile industries in the past.

Aremu, however, described smuggling as an economic terrorism, adding that the new initiative of the CBN would boost local production, create jobs and lessen the pressure on forex if fully implemented.

The labour leader commended the creativity of the CBN on the dollar restrictions on goods Nigeria could produce at home including textiles.

According to Aremu, the CBN governor said the decision was critical toward reviving the moribund sector and creating jobs for Nigerians.

Emefiele disclosed that the country was spending over $4bn annually on imported textiles and ready-made clothing, which he said was unacceptable.

He said the CBN would craft adequate measures to deal with the menace of smuggling, which had often threatened efforts toward self-sufficiency.

Aremu warned all forex dealers in the country to desist from granting any importer of textile material access to foreign currency in the Nigerian foreign exchange market.

He recalled that in the 1970s and early 1980s, Nigeria was home to Africa’s largest textile industry with over 180 textile mills in operations, which employed close to over 450,000 people.

The labour leader said the industry was supported in the production of cotton by 600,000 local farmers across 30 of Nigeria’s 36 states, among others.

He said that in recent times, many of the textile employers had to lay off employees, while most of the factories mentioned had all stopped operations.

“This has left only 25 textile factories in operation presently and operating below 20 per cent of their production capacities with total workforce of less than 20,000 people,” he said.

Aremu commended the CBN for all the creative measures to stimulate domestic production, which would put a stop to factory closures and create new jobs.

He said that as a developing economy, Nigeria needed creative monetary policies and development financing that could boost industrialisation.

He called on the Federal Government to complement the development financing of the CBN through fiscal, industrial and labour market policies to re-invent the Nigerian economy and ensure sustainable decent jobs for the youths.

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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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director

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Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations

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FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

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Nigerian Brand, JR Farms Acquires 11% Stake in Rwandan Firm

JR Firms, an agribusiness firm with headquarters in Nigeria, has announced partnership with Sanit Wing Rwanda through the acquisition of 11 per cent stake in the company.

The CEO of the company, Mr Rotimi Olawale, explained in a statement that the partnership was in furtherance of its goals to ensure food security, create decent jobs and raise the next generation of agrarian leaders in Africa.

The stake was acquired through Green Agribusiness Fund, an initiative of JR Farms designed to invest in youth-led agribusinesses across Africa.

Sanit Wing Rwanda is an agro-processing company that processes avocado oil and cosmetics that are natural, quality, affordable, reliable and viable.

The vision of the company is to become the leading producers of best quality avocado and avocado by-products in Africa by creating value across the avocado value chain.

With focus on bringing together over 20,000 professional Avocado farmers on board and planting of three million avocado trees by 2025 through contract farming, the company currently works with One Acre Fund in supply of avocado to its processing facility.

The products of the company which include avocado oil, skin care (SANTAVO), hair cream and soap are being sold locally and exported to regional market in Kenya.

With the new partnership with JR Farms- the products of the company will enjoy more access to markets focusing on Africa and the European Union by leveraging on partnerships and trade windows available.

Aside funding, the partnership comes with project support in areas of market exposure, capacity building, exposure and other thematic support to grow the business over the next four years.

JR Farms has agribusiness operations in Nigeria, Rwanda, United States and Zambia respectively.

In Nigeria, the company deals in cassava value chain processing cassava to national staple “garri” which is consumed by over 80 million Nigerians on daily basis, while in Rwanda, it works in the coffee value chain with over 4,000 coffee farmers spread across the East Central African country.

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