Connect with us

Economy

FG Bars MDAs From Importing Uniforms — Emefiele

Published

on

banks
  • FG Bars MDAs From Importing Uniforms — Emefiele

The Federal Government has order the Ministries, Departments and Agencies to ensure full compliance with the Executive Order 003 and patronise local manufacturers for their textiles and uniforms.

The Central Bank Governor, Godwin Emefiele, said this on Thursday, during the meeting with service chiefs and chief executives of uniformed services in Nigeria, towards reviving the textile industry through enforcement of Executive Order 003, which supports local content in procurement by MDAs.

He said, “Crucial to this resolve is the call for patriotism and the need to support local manufacturers of textile, through patronage by MDAs as entrenched in Executive Order 003.

“Mr President has directed full compliance with this order as it will help in addressing the pressure on our foreign reserves, through demands for forex for the importation of textile and clothing materials.

“Our interactions with stakeholders revealed that MDAs have not made any significant order for uniforms or clothing materials from our Nigerian textile manufacturers and garment companies, and the governments’ efforts at resuscitating the textile industry will not be actualised if they are not supported through local patronage, among other incentives.”

The CBN governor said that the event with the uniform men symbolised the country’s commitment to attain self-sufficiency in cotton production, with a view to serve the textile and garment segments of the value chain with quality inputs, as it targeted zero importation by the year 2020.

“I am pleased to inform you that I have been holding meetings with the Cotton, Textile and Garment sector stakeholders toward reviving Nigeria’s textile sector. We analysed the huge potential that exist in the sector, identified the challenges militating against the sector’s contribution to Nigeria’s growth and development, and presented quick wins for reviving the sector.”

He mentioned that the CTG sector was faced with some systemic challenges, which had hampered and diminished its role as the leading employer of labour, thereby preventing its contribution to Nigeria’s Gross Domestic Product.

In the 1970’s and early 1980’s, he said, Nigeria was home to Africa’s largest textile industry, with over 180 textile mills in operations, which employed close to over 450,000 people and contributed over 25 per cent of the workforce in the manufacturing sector.

He added that presently, most of the factories had all stopped operations, as only 25 textile factories were operating below 20 per cent of their production capacities, and the workforce in Nigeria’s textile industry stood at less than 20,000 people.

Emefiele said the chief executives of uniformed services, had what was necessary to change the narrative and rewrite the history of Nigeria’s struggling CTG Sector.

“Crucial to this resolve is the call for patriotism and the need to support local manufacturers of textiles, through patronage by MDAs as entrenched in Executive Order 003,” he said.

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 long experience in the global financial market.

Continue Reading
Comments

Economy

Fuel Scarcity: NUPENG to Commence Strike on Monday

Published

on

Petrol Importation

Lagosians Should Brace for Fuel Scarcity as NUPENG Embarks on Strike

Nigerians should brace for fuel scarcity as the national leadership of the Nigeria Union of Petroleum and Natural Gas (NUPENG) directed all petroleum tanker drivers to withdraw their services from Lagos State starting from Monday, 10 August 2020.

In a statement released by NUPENG on Friday, the union said the directive followed the failure of various authorities in Lagos State to address three major issues that had impacted the operations of petroleum tanker drivers in the state for several months.

The statement signed by the National President, Williams Akporeha and the General Secretary, Olawale Afolabi, NUPENG and titled title ‘NUPENG leadership directs withdrawal of services by petroleum tanker drivers in Lagos State with effect from Monday, August 10, 2020,’ noted that members of the union are frustrated and pained by the barrage of challenges faced while carrying out their activities in Lagos State.

NUPENG said, “The entire rank and file members of the union are deeply pained, frustrated and agonised by the barrage of these challenges being consistently faced by petroleum tanker drivers in Lagos State and are left with no other option but to direct the withdrawal of their services in Lagos State until the Lagos State Government and other relevant stakeholders address these critical challenges.

“It is sad and disheartening to note here that we had made several appeals and reports to the Lagos State Government and the Presidential Task Force for the decongestion of Apapa on these challenges but all to no avail.

NUPENG listed the major challenges faced by petroleum tanker drivers in Lagos State as extortion and harassment by various security agents and, area boys’ (miscreants).

This menace must stop and the leadership of these security operatives in Lagos State must go all out to call their men to order with immediate effect.

The Union added that it is sad that the security agents who were expected to ensure the free flow of traffic and protection of road users were the same people using their uniforms and arms to intimidate, harass and extort money from petroleum drivers in Lagos State.

Therefore, it said it had embarked on an indefinite strike to force the Lagos State Government to address the situation.

Continue Reading

Economy

NLC Gives Airlines Two Weeks to Reverse Mass Lay-offs

Published

on

Nigeria Labour Congress

NLC Goes After Bristow, Air Peace, Demands Reversal of Mass Lay-offs

The Nigeria Labour Congress on Friday rejected the recent sack of 100 Pilots by Air Peace, 70 Pilots by Bristow Helicopters and staff of the National Union of Air Transport union working with Turkish Air.

In a statement released by the Union, Mr. Ayuba Wabba, the President, NLC, described the action of the companies as “insensitive, callous and unjust”.

Earlier in the week, Air Peace, Nigeria’s largest carrier announced it would be letting go of 70 pilots as it struggles to curb the impact of COVID-19 on its finances.

This was followed by Bristow Helicopters’ announcement that it would be letting go of 100 Pilots and Engineers as it can no longer support them due to its decline in its financial position.

While the companies have blamed COVID-19 and lack of government support for their decision to cut costs to remain afloat, experts believed the decision was as a result of recent union activities of the affected staff.

Bristow staff had embarked on strike on Monday after talks between the Nigerian Association of Air Pilots and Engineers (NAAPE) and the management of the company broke down despite giving them three days strike warning.

Wabba said no worker should be sacked or penalised for participating in union activities.

He said, “The unilateral sack of executive members of the National Union of Air Transport Employees working with Turkish Airline is particularly distressing.

“These workers were sacked for fighting for the rights of Nigerian workers in Turkish Air.

“This is very reprehensible. We wish to remind Turkish Air that unionised workers cannot be punished or sacked for participating in trade union activities.

“This action is aimed at frustrating unionisation in Turkish Air and to enslave Nigerians working with Turkish Air.”

Wabba emphasised that the Union would not stop advocating for the dismissed workers. The President of NLC, therefore, called on the management of Turkish Air, Air Peace and Bristow Helicopters to reinstate all workers within two weeks.

He warned that failure to comply with the Union demand would be met with mas action across Nigeria’s workforce.

He said, “We call on the management of Turkish Air, Air Peace and Bristow Helicopters to reinstate all the sacked workers within two weeks.

Continue Reading

Economy

Brent Crude Oil Pulls Back to $44 Per Barrel

Published

on

Brent crude

Brent Drops from $46 Per Barrel to $44 on Friday

Brent crude oil, against which Nigerian oil is measured, pulled back on Friday morning during the New York trading session to $44 per barrel.

The commodity rose on Tuesday on hopes that the United States is working on a new economic stimulus package and signs that the world’s largest economy is making progress with COVID-19.

“Crude prices turned positive on stimulus hopes and after another positive round of economic data showed manufacturing recovery continued in June,” said Edward Moya, senior market analyst at OANDA.

Brent crude oil rose as high as $46.21 per barrel on Wednesday before pulling back to $44.47 per barrel on Friday amid concerns that the second wave of COVID-19 would eventually weigh on the demand for the commodity and disrupt whatever plans OPEC and allies have to curtail further decline in oil prices.

UKOilDailyUS Oil, West Texas Intermediate (WTI) crude oil declined from $43.49 per barrel it was sold on Wednesday to $41.35 per barrel on Friday.

However, experts think the new US stimulus would bolster market outlook and increase global oil demand with demand in consumer goods.

“Hopes are still running high for another round of fiscal stimulus,” said Stephen Brennock of oil broker PVM. “Failure to extend aid would deal a massive blow to the recovering U.S. economy and the fragile oil demand outlook.”

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending