- Local Producers Task Government on Improving Quality of Infrastructure
Notwithstanding efforts to revive some sectors in the manufacturing industry, stakeholders in the real sector have urged government across all levels to improve the quality of infrastructure in the industrial areas.
Citing the costs of parlous infrastructure on local production, the operators stated that the industrial sector depends heavily on constant power for production and good road network to facilitate logistics, noting that all of these issues affect competitiveness of the real sector.
Despite the potential to generate 12,522 megawatts (MW) of electric power from existing plants, Nigeria most days, is only able to generate around 4,000 MW, which is insufficient for domestic consumption and local production. To fill the gap, manufacturers have incrementally generated at least 13,000MW of electricity under their Independent Power Projects (IPPs), and microgrid platforms to meet their operational demands.
Indeed, the Lagos Chamber of Commerce and Industry (LCCI), while stressing the need for fiscal policies in the real sector called for the strengthening of the capacity of domestic industries, enhance their competitiveness, and reduce their import dependence as espoused in the Nigeria Industrial Revolution Plan (NIRP).
“More importantly the power issue needs to be addressed. It is almost impossible to achieve rapid industrialisation without resolving the issue of power and the deficit in key infrastructure. Textile production is energy intensive. This is a high energy cost environment and it is very difficult for any energy-intensive sector to survive”, the LCCI DG, Muda Yusuf, explained.For the Manufacturers Association of Nigeria (MAN), noted that the poorer the infrastructure, the higher the cost at which they can produce and deliver products to the market.
“When you are manufacturing, the first step is making an investment, so you want to look at the conditions that will make that investments worthwhile. The investment climate is key, and I think we all know this over the years. This Government has been working on improving the business environment, as there have been several initiatives to improve the investments climate and thereby making investments and businesses easier for investors.
“So, building infrastructure is one of the most critical responsibilities of the Government for industries as a whole to be more competitive.“One major constraint of the manufacturing sector in Nigeria is the cost of financing, which is very high. For instance, if you borrow funds to invest at 20% interest rate, you must make more than 20% for that investment to yield benefit.
“In other countries, it is less than 10% interest rate for investments; this means that you will have problem competing with manufacturers from those countries. Cost of financing is very important, and we must continue to work with Government to encourage the financial systems to continue to bring down cost of finance”, MAN’s President Mansur Ahmed, added.
MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games
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.
President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State
President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.
President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.
The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.
Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.
President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.
Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.
“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.
“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.
Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others
Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.
Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.
Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.
Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.
Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.
Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.
E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion
Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales
COVID-19 Vaccine: Crude Oil Extends Gain to $48 Per Barrel on Wednesday
Business2 months ago
Npower News on Permanency for Batch A, B
Forex2 months ago
Naira Improves Against Global Counterparts on Black Market
Business1 month ago
Buhari Budgets N420 Billion for Npower, Other Social Investment Programmes in 2021 Budget
Forex3 months ago
Zenith Bank Joins Other Banks to Cap International Spend Limit at $100/Month
Cryptocurrency2 months ago
Bitcoin Gains 1.67 Percent to $11,050 Per Coin Amid Liquidity Issue
Business3 months ago
Again, UBA Reduces International Spending Limit on Naira Card as Forex Scarcity Persists
Business3 months ago
FG Approves Stipends for Exited N-Power Beneficiaries
Stock Market3 months ago
Zenith Bank Declares 30 Kobo Interim Dividend for H1 2020