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Local Producers Task Government on Improving Quality of Infrastructure

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  • 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.

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.

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TAJBank Joins e-Commerce Giants- Launches Nigeria’s 1st Ethical Online Mall

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TaJBank E-commerce

TaJBank Launches Ethical Online Mall

Abuja Nigeria July 8th, 2020  Nigeria’s most innovative Non-Interest Bank, TAJBank, has announced the highly anticipated launch of TAJMall, the nation’s first ethical online shopping mall.

The highly anticipated launch of the e-commerce site, which held recently, is coming closely on the heels of the commencement of its Agency Banking Network which began in June across thirteen (13) states in the country.

To celebrate this milestone, the brand will be holding a week long TAJMall campaign from 6th – 11th July 2020 to sensitize and also reward its new customers to its platform.

“This is a great milestone as we present a fully customer focused e- commerce platform offering 100 percent authentic brands from highly vetted vendors. Our mission is to rebuild trust in the online shopping niche, hence the emphasis on our platform being an ethical shopping mall. We want to deliver on our promise and make this an enjoyable and safe experience not just for our customers, but also for our numerous trusted vendors as well,” said Founder/COO TAJBank, Hamid Joda.

“Our customers place absolute trust that goods will be delivered exactly as requested, and we do not take that trust lightly, he added.

The brand expressed commitment to continuously deploy technological tools on it’s new e- platform to maintain optimal customer service delivery and ensure shopping on TAJMall remains a productive and hassle free experience.

Customers who log onto the tajmall.ng platform (or download the app), will have the opportunity to enjoy massive price slashes, shopping coupons, free shipping and other incredible offers. The Bank also intends to offer financing to its customers who shop on the mall.

“Well beyond our exciting line up of activities, they are assured the highest level of value each time they make a purchase on TAJMall. Our marketing insights have shown that there is an increasing need to match the kind of variety in product offerings that customers yearn for with the exceptional shopping experience that may at times be lacking. We aim to make that an unmatched experience right from the moment our customers visit our mall to the receipt of their items,” affirmed Co-Founder/CMO, Mr Sherif Idi.

Customers shopping on TAJ Mall are guaranteed 100% authenticity, official warranties from the brands, and a 5 day return policy at no extra cost to the customer.

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Warren Buffet to Give Out Another $2.9bn, Total Donations Now $37bn

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Warren Buffett's Donations

Warren Buffet Gives Away $2.9bn, Total Donations Now $37bn

Oracle of Omaha, Warren Buffet, has announced his yearly charitable donations to the five philanthropies he picked to donate most of his fortune to.

The billionaire plans to give out 15.9 million class B shares of Berkshire Hathaway worth $2.9 billion to the five philanthropies. This will bring his total philanthropic donations to $37 billion since 2006.

Warren Buffett

Buffet, who has promised to give away about 99 percent of his fortune, still hold 248,734 Class A shares of Berkshire valued at around $67.5 billion.

However, before he began given out his shares, Oracle of Omaha held 474,998 Class A shares of Berkshire, which would have worth about $129 billion as of today.

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UBA Appoints Ayoku Liadi, Oliver Alawuba as Deputy Managing Directors

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UBA Appoints New Deputy Managing Directors for its Growing Business

United Bank for Africa Plc (UBA) announced the appointments of Ayoku Liadi and Oliver Alawuba as the Deputy Managing Directors in charge of UBA’s Nigeria and Africa businesses, respectively.

In a statement issued by the bank and released on the Exchange’s website, the bank said the creation of the new positions represents further strategic recognition of the bank’s pan-African business growth.

The lender explained that its pan-African business now accounts for over 40 percent of its Group revenue, while Nigeria remains the bank’s largest market.

According to the bank, the new Deputy Managing Directors will report directly to the Group Chief Executive Officer (CEO), Kennedy Uzoka.

Speaking on the new appointments, Tony O. Elumelu, Group Chairman, said “In 2005, we set out our pan-African vision. Fifteen years later, we are present in 20 African countries, serving over 20 million clients, leveraging our service culture and technology platform, to provide an integrated and seamless customer offering across the continent.

“In Africa, we lead in innovation and service, whilst our International Business, operating from New York, Paris and London, provides global and African clients access to treasury, trade finance and corporate banking products, uniquely tailored to the African opportunity. These senior appointments represent our commitment to optimise our management structure to best serve our clients and drive our business success.”

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