Connect with us

Business

FG – To Empower SMEs for Production of non-oil commodities

Published

on

On Monday, the Federal Government of Nigeria has assured investors that the government will patronize their businesses, to ensure the growth of their various investments.

Adeniyi Adebayo, Minister of Industry, Trade, and Investment, gave the assurance while addressing a delegation from Daniel Franco Institute that visited his office to seek support for the setting up of the Rabelat Entrepreneurship Centre for Animal Husbandry in Nigeria.

FG – To Empower SMEs for Production of non-oil commodities – Adeniyi Adebayo, Minister of Adeniyi Adebayo, Minister of Industry, Trade, and Investment

Adeniyi told his guests that the Federal Government will continue to do its best to ensure that the country remains safe, both for local and international investors.

Read More: Peter Obi warns FG against selling Assets

The ministry in a statement issued in Abuja said his ministry has the edict of facilitating the development of viable non-oil commodities

This he said, was in line with quality management systems, geared towards empowering local content, indigenous food, animal production, consumption/sustainability, as well as acceptability at targeted international markets for foreign exchange earnings.

“It is imperative for the ministry to engage the institute to deliberate on the nature of strategic partnership and level of collaboration,” Adebayo stated.

Read Also:Buhari’s Administration not to blame, Blames Nigerians on TI Reports – Garba Shehu

The Managing Director, Rabelat Nigeria Ltd., Ahmed Raji, said RECAH is designed to run pieces of training for both private and commercial outfits for the animal husbandry sub-sector.

Raji said the training unit would focus on the basic studies in animal husbandry and entrepreneurship, as well as provide the platform for trainees to raise and market livestock and small animals.

Raji put the cost of the project at two billion Naira, (N2,000,000,000)

Read More: IGP, Mohammed Adamu to appear in court over contempt, risk Imprisonment

He also added that the fund will be spent on the construction of the administrative block, lecture halls, hostel, purchase of teaching aids cum other infrastructural facilities.

Considering the benefits of RECHA to the nation, he said it would help and speed up the development of agricultural business in Nigeria.

He also added that this would create over 50,000 jobs and go along way to solve the problem of herders/farmers’ clashes

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Buhari sends delegation to Ghana over Nigerian traders’ plight

Published

on

The President, Major General Muhammadu Buhari (retd.), has directed that a ministerial delegation be sent to Ghana to resolve the prolonged conflict between Nigerian traders and Ghanaian authorities.

The Minister of Industry, Trade and Investment, Niyi Adebayo, disclosed this on Monday.

According to a statement by his Special Adviser on Media, Ifedayo Sayo, the minister spoke at a meeting.

The statement was titled, ‘FG delegation to visit Ghana over Nigerian traders’ conflict with Ghanaian counterparts.’

“President Muhammadu Buhari has directed that a ministerial delegation be sent to Ghana to resolve the lingering conflict between Nigerian traders and Ghanaian authorities,” the minister was quoted as saying.

Read Also: Flick agrees German national team deal

Adebayo, who said he would be leading the delegation, added that members of the delegation “will also engage in further dialogue with Ghanaian authorities with a view to finding a lasting solution to the problem.”

He disclosed that the delegation is expected to embark on the visit between May 31 and June 1, 2021.

Other member of the delegation include the Minister of State, Foreign Affairs, Ambassador Zubairu Dada; the Permanent Secretary, Ministry of Industry, Trade and Investment, Dr Nasir Sani-Gwarzo; the Executive Secretary, Nigerian Investment Promotion Commission, Yewande Sadiku; Chief Executive Officer, Nigerian Diaspora Commission, Abike Dabiri-Erewa; and the President of National Association of Nigerian Traders, Dr Ken Ukaoha.

There has been lingering controversy over $1 million levy imposed on Nigerian traders and foreign investors by the Ghana Investment Promotion Centre.

Continue Reading

Business

Board Dissolution: FBN Shares Drop By 6.75%

Published

on

Board Dissolution: FBN Shares Drop By 6.75%

The share price of FBN Holdings (FBNH) Plc on the Nigerian Exchange Limited (NGX) in two days dropped by 6.75 per cent following the Central Bank of Nigeria’s (CBN) dissolution company’s board.

The share price of the holding company depreciated on Wednesday closed at N7.4 but dropped to N6.90 on Friday, according to the daily market report by NGX.

The share price drop of fall 6.76 per cent on Thursday is the highest drop since December 10, as the bank faced a stringent regulatory action by the apex bank.

Meanwhile, the domestic equities market closed transactions for the week on a positive note to extend the previous day’s positive sentiment, as NGX-All- Share Index (ASI) grew by 0.95 per cent and investors’ wealth rose by N195 billion.

The Central Bank of Nigeria Limited (CBN) reconstituted the Board of Directors of First Bank of Nigeria Limited.

READ MORE:

On April 29, 2021, the Boards of FBN Holdings Plc and First Bank of Nigeria Limited were dissolved and reconstituted, pursuant to its power under Banks and Other Financial Institutions Act (BOFIA) 2020.

The Board of Directors of First Bank of Nigeria Limited is now comprised as follows: Mr. Tunde Hassan-Odukale as Chairman; Tokunbo Martins; Uche Nwokedi; Adekunle Sonola; Ms. Isioma Ogodazi; Mr. Ebenezer Olufowose; Mr. Ishaya Elijah B. Dodo; Dr. Adesola Adeduntan as the managing director/ chief executive officer; Mr. Gbenga Shobo, deputy managing director; Dr. Remi Oni, executive director and Mr. Abdullahi Ibrahim, Executive Director.

The Bank said that Adeduntan has since resumed work as CEO in line with the directives of the CBN, saying “We can confirm that the Bank is co-operating with the Central Bank of Nigeria and other regulators while the operations of the Bank are not hampered or hindered in any way and are in fact running smoothly.

“We further wish to reassure the public, customers and stakeholders in the words of the Governor of the Central Bank in concluding his press conference, of its commitment to ensuring the stability of the financial system.

“There is therefore no cause for panic amongst the banking public, given that the actions being taken are meant to strengthen the Bank and position it as a banking industry giant.”

READ MORE:

Speaking on the issue, CEO of Greenville Capital Limited, Azeez Bello said that the timely intervention of the Central Bank of Nigeria in the corporate governance issues within FBNH is quite commendable apparently because it is a systemically important bank.

According to Bello, investors appear to be satisfied with the apex banking regulators swift resolution hence the share price of FBNH was flat at N6.90 at the end of the today’s trading session, April 30, 2021.

“However , it is highly expedient that the CBN work closely with the Financial Reporting Council in the institutionalisation of sound corporate governance practices in our banking institutions.”

Also, the managing director, Highcap Securities Limited, Mr. David Adnori stated that the decline in share price of the Holdco is directly linked to the CBN action.

According to him, what happened with the FBN Holdco shares has to do with price sensitive development and it has taken a toll on devaluation of price because investor’s confidence has really shaken with the CBN revelation.

“In addition to what CBN has done with the removal of Mr. Oba Otudeko, the bank will then need to implement series of decision to restore investors and customers deposits confidence going forward.”

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading financial inclusion services provider in Nigeria for over 125 years.

Continue Reading

Business

COVID-19 resurgence, threat to oil demand recovery – OPEC

Published

on

The resurgence of the COVID-19 pandemic in many countries is posing a threat to economic and oil demand recovery, the Organisation of Petroleum Exporting Countries has said.

It disclosed this at the 16th OPEC and non-OPEC ministerial meeting of the Declaration of Cooperation, which took place via teleconference on Tuesday.

In a document on some of the deliberations at the meeting, the organisation stated that participants highlighted the continuing recovery in the global economy, supported by unprecedented levels of monetary and fiscal support.

They noted that the recovery was expected to pick up in the second half of the year, but observed that the resurgence of COVID-19 across the globe could hamper economic and oil demand recovery.

OPEC said, “The ministerial meeting emphasised, however, that COVID-19 cases are rising in a number of countries, despite the ongoing vaccination campaigns, and that the resurgence could hamper the economic and oil demand recovery.”

The meeting also emphasised the ongoing positive contributions of the Declaration of Cooperation in supporting a rebalancing of the global oil market.

Also Read: Nigeria, now our biggest market –Crypto trading platform

This, according to the organisation, was in line with the historic decisions taken at the 10th (Extraordinary) OPEC and non-OPEC Ministerial Meeting on April 12, 2020 to adjust downwards overall crude oil production, and subsequent decisions.

The meeting further reviewed the monthly report prepared by the Joint Ministerial Monitoring Committee, including the crude oil production data for March 2021.

Participants welcomed the positive performance of the participating countries, as they noted that overall conformity to the production adjustments was 115 per cent in March 2021, reinforcing the trend of high conformity by the nations.

OPEC said the meeting expressed its appreciation to the participating countries that performed beyond expectation in March 2021, with total over-conformed volumes of 1.23 million barrels per day.

It, however, noted that some participating countries had yet to achieve the minimum expectation of 100 per cent conformity and to compensate for overproduced volumes.

Continue Reading

Facebook

Advertisement

Trending