Dike Onwuamaeze

The President of Nigerian-British Chamber of Commerce (NBCC) Mr. Abimbola Olashore, has declared that the trade corridors between Nigeria and The United Kingdom (UK) are the lifelines of shared prosperity, innovation, and economic resilience.

Olashore declared this recently at NBCC April Breakfast Meeting with the theme: “UK-Nigeria Trade Corridors: Enhancing Bilateral Trade Flow, Connectivity and Investment Mobility.”

He said: “This theme sits at the very heart of our mission.

“In an increasingly interconnected global economy, the corridors between our two nations represent more than just routes of commerce; they are the lifelines of shared prosperity, innovation, and economic resilience.

“Our objective today is to explore how we can further streamline these pathways; improving the ease of moving goods, services, and capital.

“As a chamber, we recognise that to truly ‘enhance’ these corridors, we must address the infrastructure of connectivity and the fluidity of investment mobility.

“We are here to move beyond dialogue and toward actionable frameworks that strengthen the bridge between Nigerian enterprise and British markets.”

Speaking in the same vein, the Chairman of the Export Committee of the NBCC, Fortune Odu, said that the strength of Nigeria and The UK trade corridors would define their resilience in an era that is marked by global economic realignment.

“We are here to discuss more than just the exchange of goods; we are here to address the infrastructure of our partnership, improving connectivity, removing barriers to investment mobility, and ensuring that the corridor between our two great nations remains a catalyst for sustainable growth,” Odu said.

We are privileged to have with us a formidable

In his keynote address, the Managing Director and CEO of the Federal Airports Authority of Nigeria (FAAN), Olubunmi Kuku, who was represented by Director of Cargo Development and Services, Mr. Olalekan Thomas, said that Nigeria “lacks a system that moves Nigerian exports from farm to foreign markets with the speed, quality, scale, and reliability that international buyers demand.”

Thomas said that “every night, cargo aircraft departs from London Heathrow, Amsterdam Schiphol, and Dubai International, full.

“They arrive in Lagos, Abuja, and Port Harcourt. They offload machinery parts, pharmaceuticals, and consumer goods worth billions.

“And then, too often, they depart back to Europe, half empty.

“This is not just an airline problem. It is a Nigerian paradox. We have the demand, the products, and the trade agreements.

“What we lack is a system that moves Nigerian exports from farm to foreign market with the speed, quality, scale, and reliability that international buyers demand.”

He also gave an honest assessment of “where we stand, what FAAN is doing, and how the Nigeria-UK corridor can become the most efficient trade artery between Africa and Europe.”
Speaking on “Improving Export Facilitation Through the Aviation Corridors – A Focus on Nigeria-UK Trade,” Thomas said that in July 2025, the UK announced that over 3,000 Nigerian products-cocoa, cashew, textiles, and more could enter the UK duty-free or at reduced tariffs under the Developing Countries Trading Scheme (DCTS).

With this, “The UK has opened its market. The question is whether Nigeria is ready to sell, consistently, competitively, and at scale.

Dike Onwuamaeze

The Nigerian-British Chamber of Commerce (NBCC) has declared that the utilisation of Artificial Intelligence (AI) is now an imperative for business competitiveness.

This declaration was made on Tuesday by the Vice President of NBCC, Mr. Akin Osuntoki, in his opening address at the “2026 NBCC Professional Services Group Networking Event” with the theme “Leveraging Artificial Intelligence for ������Ƶ Success.”

Osuntoki said: “Harnessing its power is not just an advantage. It is fast becoming a necessity for businesses seeking to remain competitive in an increasingly dynamic global economy,” adding that businesses should “remember that AI is a tool for growth and not a trend.

“With the right approach, combining human intelligence with artificial intelligence, we will improve efficiency, productivity, and competitiveness, leading to long-term business success.”

He likened the apprehension people have about AI to concerns shown at the turn of the millennium and what will happen as we go into a new era.

He said: “Such is the appreciation that we have today about AI. For most, the general perception is that AI is going to take away jobs from people.

“But the truth of the matter is that all we need to do is to dialogue and dialogue, and that perhaps we will see that there are so much benefits of embracing artificial intelligence.

“As we bring together industry leaders, AI experts, entrepreneurs, and decision makers to explore how AI can transform business operations, enhance efficiencies, and create new opportunities, artificial intelligence is no longer a distant concept.

” It is here, reshaping industries, disrupting traditional business models, and unlocking unprecedented potentials across sectors such as finance, healthcare, education and transportation.”

In his keynote presentation, the Chief Data Officer, First Bank Nigeria Limited, Mr. Steve Asemota, said that adopting AI could improve an organisation’s productivity by 40 per cent and save up to 50 per cent on administrative tasks, improve throughput, curtail errors that occur in manual activities.

Asemota also said that retailers using predictive analytics for customers’ needs could achieve up to 20 per cent reduction in churn as AI models could anticipate needs from purchase and behavioural signals to enable proactive engagements and up sell activities.

He warned that “ethical stewardship in AI is not just a technical challenge but a business imperative that safeguards trusts, reputation and fairness.”

In her welcoming remarks, the Vice Chairperson, Professional Services Group, NBCC, Mrs. Tewogboye Jegede, said that businesses are operating in an era that is “defined by rapid technological advancement, digital disruption, and transformative business models across sectors from finance and health care to education and transportation.
“So, AI is not just a tool, it is a game changer as it has the power to transform business efficiency, inspire innovation, and unlock once unimaginable opportunities.”

Jegede, who represented the chairman, Professional Services Group, said that unleashing AI’s potential required vision, adaptability, and a forward thinking mindset.

Dike Onwuamaeze

The President of Nigerian-British Chamber of Commerce (NBCC), Mr. Abimbola Olashore, has stated that the evolving fiscal and regulatory reforms would shape how operators in the construction and real estate would finance, build, insure, and invest in the future.

Olashore stated this last week in his welcome remarks at the “NBCC Construction and Real Estate Outlook 2026” with the theme “Navigating Reforms, Driving Resilience: Tax, Insurance & the Future of Nigeria’s Construction & Real Estate Sector in 2026.”

He said: “Our theme captures the reality before us. Nigeria is undergoing significant fiscal and regulatory reforms. Tax structures are evolving, insurance frameworks are strengthening, and these changes will shape how we finance, build, insure, and invest in the future.”

He said that these reforms present both challenges and opportunities for the construction and real estate sector, which is a critical driver of infrastructure, housing, and employment.

Speaking during the event, the Chief Consultatnt of B. Adedipe Associates Limited, Dr. Biodun Adedipe, advised operators in the construction and real estate sectors to embrace digital transformation, cyber resilience and regulatory compliance.

Adedipe said: “Your organisation needs to relentlessly transform digitally and build cyber resilience.
“Secondly, this is the season and period of Artificial Intelligence (AI) that will take the jobs of those who do not learn how to use its tools.

“Organisation that will be competing effectively will be those who adopt, embed and sustain AI tools.”

Adedipe urged them to track regulations and comply relentlessly, adding that “your organisation must have an agile footprint on the digital space because when the name of your company is mentioned the first place people go to is the internet.”

Speaking in the same vein, the Lagos State Commissioner for Housing, Hon. Moruf Akinderu, said that the construction and real estate sector is at its defining inflection point following the takeoff of the new tax regime on January 1, 2026.

Akinderu said that navigating the tax reform landscape would require a deliberate shift in approach.

He said: “The era of passive compliance is over.
“Developers, investors, and operators must adopt proactive adaptation strategies.

“This includes strengthening internal tax planning capacity, engaging early with regulators, and relying on professional advisory services to structure projects efficiently within the law.

“It also requires viewing insurance not merely as a statutory obligation, but as a strategic risk management tool that enhances resilience, protects capital, and supports financing.”

He added that technology would play a decisive role in this transition.

“Digital project monitoring, transparent cost management systems, modern construction planning tools, and data-driven decision-making enable firms to respond more effectively to regulatory change while maintaining efficiency and quality.

“These tools are no longer optional enhancements; they are fast becoming baseline expectations in competitive real estate markets.”

He pointed out that resilience in financing, institutions and design standards are currently the defining currency of the construction and real estate sector.

The Chairman of the Construction & Real Estate Committee of the NBCC, Mr. Odunayo Ojo, said that Nigeria is undergoing significant fiscal, regulatory, and institutional reforms.

Ojo pointed out that the tax framework is evolving, insurance recapitalisation and compliance standards are being strengthened and public finance pressures are redefining revenue strategies.

He said that these are taking place at a time the construction and real estate sector is carrying enormous responsibility for infrastructure expansion, housing delivery, urban renewal, and economic stimulation.

Dike Onwuamaeze

BAT Nigeria has reaffirmed its commitment to advancing Nigeria’s sustainability agenda as it emphasised the critical role of the private sector in driving climate action and economic resilience across the continent.

The Managing Director of BAT West & Central Africa, Mr. Yarub Al-Bahrani, reaffirmed this commitment in his keynote address at the 2025 edition of the Private Sector ESG Forum, themed “Energy Security and Decarbonisation: Bridging the Gap for a Sustainable Future in Africa,” where he highlighted the urgent need for businesses to environmental stewardship alongside environmental stewardship

Al-Bahrani noted that while Africa has continued to face significant energy access challenges, the private sector must play a leading role in decarbonisation and building sustainable energy systems for future generations.

He outlined BAT Nigeria’s progress in reducing its environmental footprint through measurable actions, which included transitioning 100 percent of its operations from diesel to compressed natural gas (CNG), installation of a 1.4 MW solar system at its Ibadan factory, and maintaining a zero-waste-to-landfill record since 2021.

These initiatives, he said, are central to the Company’s target to achieve a 50 percent reduction in Scope 1 and 2 greenhouse gas emissions by 2030.

Reinforcing the importance of collaboration, Al-Bahrani called for stronger partnerships between government, private sector, and civil society to unlock investments in clean energy and accelerate Africa’s energy transition.

He said: “Sustainability is not a corporate slogan; it is a collective responsibility. If we are to bridge the gap between energy security and decarbonisation, we must build together, through enabling policy, innovation, and shared commitment.”

This year’s forum, held in partnership with TGI Group, BAT Nigeria, Stanbic IBTC and NESGAS Producing, featured two thought-provoking plenary sessions themed “From Production to Consumption: Building Resilient and Sustainable Energy Value Chains,” and “Financing Africa’s Energy Transition – Unlocking Capital for Gas and Renewables in a Balanced Energy Future; deepening conversations on Africa’s energy future.

Participants at the forum shared a unified perspective that Africa’s energy transition must be both inclusive and innovative. Leaders from government, industry, and finance agreed that expanding access to clean energy, strengthening policy coherence, and promoting sustainable financing are key to bridging the continent’s energy gap.

Dike Onwuamaeze

The Lagos State Government has recognised the BATN Foundation for its two decades of sustained investment in Nigeria’s agricultural transformation and food security.

The recognition came last week during the grand finale of the 2025 Eko World Food Day, held in alignment with the United Nations’ World Food Day (WFD).
The WFD has been celebrated annually since 1979 to promote worldwide awareness and collective action on hunger and nutrition challenges.

It is coordinated by the UN Food and Agriculture Organization (FAO), and serves as a unifying platform for governments, development agencies, and the private sector to promote sustainable food systems and agricultural innovation.
This year’s global theme, “Hand in Hand, For Better Food and Better Future,” emphasised collaboration across sectors to build resilience, ensure equitable access to nutritious food, and support farmers confronting climate and market pressures.

The Lagos State, in partnership with the BATN Foundation, Stanbic IBTC Bank and other stakeholders, used the 2025 commemoration to drive home the message of collective responsibility in achieving food security.

The State Government and its partners showcased how effective public-private collaboration can unlock value for farmers, strengthen local production, and ensure food affordability across the state’s growing population.

During the event, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, who was represented by the Secretary to the State Government, ‘Bimbola Salu-Hundeyin, commended the BATN Foundation for its “unwavering commitment to empowering farmers, advancing innovation, and deepening resilience in Nigeria’s agricultural value chain.”

A major highlight of the event was the official commissioning and distribution of 60 modern smoking kilns and 40 foldable fish ponds under the Fingerlings to Fork project, a joint initiative of the BATN Foundation and the Lagos State Agricultural Development Authority.

These facilities were distributed to pre-vetted smallholder farmers who have undergone technical and agribusiness training supported by the foundation.

Speaking at the ceremony, Board Director, BATN Foundation, Mr. Yarub Al-Bahrani, noted that the foundation’s work has reached far beyond Lagos.

He said: “Over the past two decades, we have directly impacted more than 300,000 farmers andb reached over 1.7 million beneficiaries, including women and youth, across all 36 states and the FCT.
“Food security is not something any one sector can deliver alone; it requires all of us: government, private sector, civil society, and individuals, working hand in hand for a better future.”

Sanwo-Olu reaffirmed the state’s dedication to food sustainability, highlighting Lagos’s strategic roadmap to enhance agricultural productivity despite its limited landmass.

“Feeding a megacity of over 20 million people requires bold thinking, innovation, and strong partnerships,” he said.

He added: “Lagos remains deeply committed to ensuring food sufficiency and will continue to build partnerships that support farmers and enhance local production.
“Agriculture is not just the bedrock of our economic resilience; it is central to our collective prosperity.”

A Board Director of BATN Foundation, Mrs. Odiri Erewa-Meggison, emphasised that the Foundation’s work embodies this year’s theme.
“The message of ‘Hand in Hand, For Better Food and Better Future’ perfectly captures the spirit of what we do. It’s about equipping farmers with the tools, knowledge, and networks to build climate-resilient and commercially viable agricultural enterprises,” she noted.

The Eko World Food Day celebration also provided a vibrant marketplace where smallholder farmers, supported by the Lagos State Government and the BATN Foundation, sold freshly harvested produce directly to consumers at fair prices, bridging farm-to-market gaps and stimulating rural economies.

Also, stakeholders from Stanbic IBTC Bank, including Mrs. Opeyemi Atunwa, Client Coordinator, Adetoro Adebanjo, Head, Consumer Sector, Nengi Okain, Client Analyst, Consumer Sector, Corporate and Investment Banking. Government officials, smal holder farmers, and representatives from civil society, academia, and the private sector were also in attendance.

Since its establishment in 2002, the BATN Foundation has executed more than 350 community development projects, championing sustainable agriculture, rural enterprise, and youth inclusion as pillars of Nigeria’s food ecosystem.
Its partnerships with state governments, farmer cooperatives, and development agencies continued to demonstrate how private-sector innovation can support national and global goals for sustainable food systems.

As the world marks UN World Food Day 2025, Lagos’s collaboration with partners such as the BATN Foundation underscores the power of working hand in hand, transforming advocacy into action, and ensuring that every investment in agriculture translates into a stronger, more food-secure future for Nigeria.

Dike Onwuamaeze

Coca-Cola Nigeria is relaunching its “Share a Coke” campaign on an unprecedented scale of shareability and personalisation for a new generation, which is pushing the boundaries of innovative brand experiences.

Initially launched in 2011, this campaign in which you could find your name in place of the logo was an industry-first in personalisation.

Now the brand wants you to share a Coke with your friends to celebrate your friendship and create memories that will last a lifetime.

The campaign will run from October to December 2025.

Commenting on the “Share A Coke” campaign, the Senior Director and Head of Marketing, Coca-Cola Nigeria, Mr. Yusuf Murtala, said: “In Nigeria, we thrive on moments of togetherness and community where greatness happens. “Share A Coke” celebrates the everyday connections that turn into memories we hold on to. It is a reminder that even the smallest gesture, like seeing your name on a Coke bottle, can spark joy, and bring people closer.”

Murtala added that meaningful connections thrive both online and offline.

He said: “While digital spaces keep us close, it’s those shared moments in real life that make for long lasting memories, yet the physical ‘third spaces’ that nourish these meaningful connections are in decline.

“Therefore, ‘Share a Coke’ is celebrating the connections and experiences that define this generation in spaces that allow moments of togetherness to thrive.”

Also, the Director, Marketing, Coca-Cola Nigeria, Valerie Odubogun, said that “in today’s digital world, it is important to celebrate the unique bonds of friendships and celebrate this important human connection.

“’Share a Coke’ reminds us that memories happen when we come together and experience the real magic of human connection; those spontaneous moments of laughter, stories, and genuine connection, shared over a Coca-Cola can, make life so special.”

According to Odubogun, interested participants could join the fun looking “for Coca-Cola cans or bottles in-store and get ready to share the moment with your crew.

“Consumers can experience the campaign in real time through exciting consumer promotions, and of course, the shared connection of Nigerian names on Coca-Cola’s cans and bottles.

“This year, Nigerians stand a chance to win their share of millions in cash and prizes every week from October 1 to December 31, 2025, exclusively through personalized 50cl Coca-Cola bottles available at any major retailer nationwide.

Coca-Cola said that 72 per cent of Gen Z crave authenticity and want to connect with real people in everything they do.

It said: “In a world where interactions online can feel momentary, sharing a Coke offers a tangible way to show you care.

“The brand’s unique customization platform offers even more names to choose from and the ability to add your own personal touch, you can create a truly unique Coca-Cola can or bottle to express your appreciation for friends, family, and loved ones. It’s a simple gesture that can strengthen and deepen connections.”

Through each personalized beverage, Coca-Cola will be refreshing Nigerians as they make long-lasting memories.

“On October 23, Nigerians can take part in a host of the memorable Coke experiences at the Share A Coke launch in Lagos, Nigeria,” it said.

Dike Onwuamaeze

The Director General of Raw Materials Research and Development Council (RMRDC), Professor Nnanyelugo M. Ike-Muonso, has stated that Nigeria must reduce the importation of industrial raw material by 60 per cent in order to become an industrial powerhouse.

Ike-Muonso stated this in Lagos during the opening ceremony of  “Nigeria Manufacturing and Equipment/Nigerian Raw Materials (NME/NIRAM) Expo 2025” with the theme, “Accelerating Sustainable Manufacturing Through Cutting-Edge Equipment and Technology Solutions.”

He said: “It is clear that to reposition Nigeria as an industrial powerhouse, we must reduce foreign raw material imports by at least 60 per cent in the next five years and significantly increase local resource utilization, incentivise value addition through technology adoption and tax support; support the emergence of industrial hubs and clusters around strategic raw material zones; deepen research–industry collaboration for tailored innovation; facilitate technology transfer, infrastructure finance, and SME integration across the manufacturing spectrum.”

Ike-Muonso also said that the expo is one of such important moments where our collective vision for an industrialised Nigeria takes shape.

He said: “The NIRAM-NME Expo is not a typical bi-annual event. It is a strategic platform where Nigeria’s industrial future is debated, designed, and driven. It brings together policymakers, researchers, manufacturers, technology providers, financiers, innovators, and investors under one roof to showcase advances in local sourcing, beneficiation, and industrial utilisation of Nigerian raw materials; foster partnerships to reduce import dependence, boost domestic production, and stimulate indigenous industrialization.”

Speaking in the same vein, the Minister of Innovation, Science and Technology, Chief Uche Geoffrey Nnaji,  reiterated the federal government’s disposition to ban importation of any product that could be produced at commercial quantity in Nigeria.

Nnaji said: “President Bola Ahmed Tinubu is very clear that importation of any product that is produced in this country at commercial rate would be banned automatically. Because of that we have in our ministry an agency called Presidential Executive Order Number 5, which ensures that as soon as there is production of any material that is being imported, we will ban its importation. “

The President of Manufacturers Association of Nigeria (MAN), Mr. Francis Meshioye, said that by embracing cutting-edge technology solutions, “we are accelerating innovation, resilience, and long-term value for our stakeholders.”

Dike Onwuamaeze

In a bid to expand access to premium fitness service, the i-Fitness has opened its largest branch yet
in Ago Palace, Lagos.

The branch is the latest addition to the company’s growing network of
bespoke fitness facilities and underscores its commitment to making fitness available to all.
The Ago Palace branch sets a new benchmark for fitness infrastructure in Lagos, offering a premium
workout experience for fitness enthusiasts in the area.

The Ago Palace branch is the biggest i-Fitness location
in Nigeria sitting on 3,600sqm and with parking space for 100 cars. All i-Fitness facilities have
world-class equipment, and members have access to internationally certified personal trainers and
over 40 fitness classes weekly.

i-Fitness also offers its members multi-location access that enables
them to visit any branch in the country.
Speaking at the Ago Palace Branch opening event, the Founder and CEO of i-Fitness, Mr Foluso Ogunwale, reiterated the company’s commitment to encouraging a healthier lifestyle for Nigerians
through fitness.

“We are excited to open our biggest branch in Ago Palace and reinforce our mission to make fitness more accessible for Nigerians.
“This facility represents our vision of bringing the
fitness experience closer to the community,” he said.

Hon. George Adegeye, representing Amuwo Odofin Federal Constituency, expressed his satisfaction with the company’s efforts in making fitness more accessible in Lagos
State.

“This is good. We commend i-Fitness for promoting the well-being of our community and all
Nigerians through fitness,” he said.
Also, Hon Seyi Sowunmi representing Ojo Federal Constituency was also at the event.

i-Fitness recently opened three new branches between October and December 2024 — at Iponri,
Purple Mall and Ogudu in Lagos, whilst relocating the Gbagada Branch to a bigger space and
renovating its branches in Badore and Surulere.

With 25 branches nationwide and more branches planned during the year.
i-Fitness remains at the
vanguard of the fitness industry in Nigeria.
As the company continues to shape a fitter Lagos, its
branches are designed to foster an inclusive environment where everyone, regardless of fitness level, can feel comfortable and motivated to live healthier and happier lives through a fitness lifestyle.

Dike Onwuamaeze

In a landmark initiative aimed at significantly boosting Nigeria’s non-oil export sector, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and NexHub have successfully dispatched11containers of processed agricultural foods to China.

This was announced by the National President of NACCIMA, Hon. Dele Kelvin Oye, during the recent 2024 Lagos NACCIMA Nex Hub Conference that was held in Lagos.

The shipment was witnessed by the governor of Lagos State, Mr. Babajide Sanwo-Olu, who was represented by Mrs. Titilayo Helen Adesina, who formally handed over the containers to the Comptroller, Federal Operation Unit, Nigerian Customs Service, Mr. Kola Oladeji.

Other dignitaries that witnessed the shipment included the Special Assistant to the President of Nigeria on Digital & Creative Economy, Mr. Fegho John Umunubo and the Commissioner of for Commerce, Osun State, Rev. Bunmi Jenyo.

Oye said that the conference was a significant platform to promote non-oil exports from Nigeria because the importance of optimising Nigeria’s non-oil exports cannot be overstated.

He said: “As we strive to diversify our economy and reduce our over reliance on oil, it is imperative that we continue to nurture the growth of the non-oil export sector.”

Oye traced the establishment of the NexHub to the commissioning of the Nigerian Export Trade House in China, which is a Federal Government of Nigeria’s initiative through the Nigerian Export Promotion Council in April 2023.

He, therefore, appealed “to all exporters in Nigeria to take advantage of the immense benefits on the NexHub platform and export their goods and services through the export trade house.

He said: “Some of these advantages include training on how to export, what goods and services to export, where to export, and connecting you with potential buyers.

“Some of the partners the hub is currently working with are Nexim Bank and NACCIMA.”

He also commented on the importance of the single window and commended President Bola Tinubu’s administration for setting up the National Single Window project and the National Steering Committee on April 16, 2024.

According to him, this marked “a significant milestone in Nigeria’s efforts to streamline trade processes and boost economic integration.

“President Tinubu highlighted that paperless trade alone is estimated to bring an annual economic benefit of around $2.7 billion.

“The National Single Window project holds immense potential to transform Nigeria’s trade landscape.”

He added that the “National Single Window project, with its strong foundation and the right re-composition of the steering committee, can be a game changer in our quest for economic diversification and growth.”

He said that NACCIMA’s collaboration with NexHub has yielded tangible results as “we now have the NACCIMA Nigeria Office in Hunan, China, which will continue to serve as a vital link between Nigerian exporters and the Chinese/Asian market.

“Furthermore, we are very excited about the impending launch of the NACCIMA Nigeria House in Detroit, Michigan, to cater to the American and Canadian markets.

“These achievements are a testament to the power of private partnerships and the commitment of organizations like NACCIMA and Nexhub to drive non-oil export growth.”

Dike Onwuamaeze 

The African Development Bank (AfDB) recently noted that Africa needs to spend $250 yearly to meet its climate finance needs not only to comply with a greener world nicety but as a strategy for to grow its economy.

Climate spending and economic growth, according to reports, have converged in recent years, with the World Bank arguing that every dollar spent on climate adaptation has a multiplier effect of $4 in economic benefits. 

Sadly, Africa only receives 12 per cent of the $250 billion yearly funding needed even as a paltry two per cent of the amount is available for spending.

To address the huge funding gap, developed countries committed to a collective goal of mobilising $100 billion per year by 2020 for climate action in developing countries, including Africa, at the 15th Conference of Parties (COP15) in Copenhagen in 2009.

 The goal was formalised at COP16 in Cancun and COP21 in Paris, it was reiterated and extended to 2025. Total funding mobilised by developed countries almost doubled in the past decade, hitting $89.6 billion in 2021. Yet, different clusters of advocacy groups are seeking a common voice ahead of COP 28, to be held in the United Arab Emirates (UAE) from November 30, to raise the bar.

 But African and Asian development financial institutions (DFIs) are more inward-looking in their approach to the debate on mobilising funding for climate actions in developing countries. Through their associations – the Association of African Development Financing Institutions in Africa (AADFI) and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) – the institutions are exploring how the developing countries could smartly create home-grown financing options to tackle the challenges. 

  About 300 delegates and about 30 speakers from across Africa and the Asia Pacific participated in the three-day AADFI-ADFIAP Joint International CEO Forum held in Abuja to discuss ‘DFIs’ Strategic Role Towards a Climate-smart Future’. It was hosted by the Bank of Industry (BoI) with support from AfDB, the African Financial Alliance on Climate Change (AFAC) and the Nigerian government.

Beyond how African institutions could seize the moment in climate funding, the summit dwelled extensively on innovative financing mechanisms and different options for mobilising resources towards financing climatic-friendly projects, practices in climate funding as well as sustainable development, how technical and capacity-building support by DFIs could help businesses to transition to a climate-smart future, constraints facing financing institutions in funding climate-friendly projects (including low capitalisation, poor credit delivery, weak risk management framework, weak governance structure and poor internal processes) and relevant lessons learnt from climate project funding.

Focusing on developing economies, participants also presented how DFIs could offer climate finance solutions, including climate insurance and risk-sharing mechanisms to encourage private sector investments in climate-resilient and low-carbon projects. They also reviewed challenges posed by skill gaps in DFIs and examined how a pool of development financial experts could be created to meet emerging climate funding challenges.

The conference also launched the AADFI Working Group on Climate Change, which will focus on creating a roadmap for climate change in Africa as well as supporting climate change solutions. Whereas the terms of reference of the group are still scanty, the action would ensure there is a dedicated team to tackle research issues and address associated issues from time to time. The group will also identify funding opportunities for green projects and collaborate with the African Financial Alliance on Climate Change (AFAC) to support member institutions in addressing climate change challenges.

The Minister of Trade and Investment, Dr. Doris Uzoka-Anite, advocated for global actions to promote a climate-smart future, emphasising the role of DFIs in mobilising private investment to tackle climate challenges.

 Uzoka-Anite, who was represented by the Director of Human Resources, Dr. Mimi Abu, charged participants that if DFIs failed to create solutions for climate change mitigation and adaptation where agriculture and inadequate infrastructure prevail, it would further worsen the challenge of climate change. 

 She said through innovation, DFIs can boost agriculture productivity and reduce hunger, while she advocated the expansion of actionable plans to incorporate climate-resilient products and measurable targets into African business models as part of solutions to address climate finance needs and derisk sustainable investments in the region.

  The minister said the decision made by DFIs at the conference will change the economy, lead to prosperity and improve the livelihoods of the people. 

  Indeed, at the meeting, the Bank of Industry announced that it secured a credit line of €100 million from the French Development Agency (AFD)] for the expansion of green finance in Nigeria.

 The bank has also worked with its partners to raise over $5 billion from several International Financial Institutions in the last five years for building a climate –smart Nigeria in line with President Bola Ahmed Tinubu’s vision.

 The Managing Director and Chief Executive of the Bank of Industry (BOI), Dr. Olasupo Olusi, dropped the hint while addressing the Joint International Chief Executive Officers (CEO) forum of the Association of African Development Finance Institutions (AADF) and the Association of Development Financing Institutions in Asia and the Pacific (ADFAP) held in Abuja.

 He said: “As Nigeria’s leading Development Finance Institution (DFI), one of the primary drivers of BOI’s developmental strategy is to accelerate the country’s development through supporting environmental-friendly and sustainable projects across the key sectors of the economy, we at BOI is committed to promoting this strategy to deliver on our mandate.”

 Also, the ADFIAP Chairman, Mominul Islam, who was represented by the Senior Vice President, the Development Bank of the Philippines, Roland Tepora, highlighted the significance of knowledge sharing and collective wisdom in addressing climate challenges.

 The Vice President for Power, Energy, Climate and Green Growth, AfDB, Dr Kevin Kariuki, who was represented by Anthony Nyong, stressed the urgent need for DFIs to address post-COVID-19 challenges, energy crises, inflation, climate change and the importance of mobilising finance for climate solutions.

 There was a panel session on ‘Conversation on Strategic repositioning of DFIs for relevance’, which explored critical factors that determine the relevance of DFIs in achieving the Sustainable Development Goals (SDGs) and addressing the Climate Change Agenda. 

 The session, which was moderated by Jide Akintunde of Financial Nigeria International

Limited, focused on the vital role of governance, internal processes, risk management, credit delivery, capitalisation and access to resources in shaping the effectiveness of DFIs.

 The session emphasised the role of DFIs in fostering development impacts. It examined the debate on whether DFIs are adequately resourced to function effectively, underlining the significance of their contributions to societal development. 

  The panelists noted the importance of using the right regulatory framework and an accurate rating model to assess and strengthen DFIs. They also argued that DFIs could not be regulated using the same metrics as commercial banks. While comparing the rating model used by traditional rating agencies.

 A senior banker at VEB. RF of Russia, Sergey Storchak, highlighted the profound impact of the COVID-19 pandemic on economic development, especially in the Asia-Pacific region. He noted that there were proposals to change DFIs’ missions, financial models, and resource mobilisation, including the wider use of capital and guarantees. 

Using Tanzania as a case study, the Managing Director, Tanzania Agriculture Development Bank (TADB), Frank Nyabundege, shed light on corporate governance in DFIs and whether political influence affects the performance of boards and executive management. He discussed the role of central banks in regulating DFIs and the importance of limiting political interference. According to him, DFIs in Tanzania are strictly regulated by the central banks with board members appointed by the government thoroughly vetted, thus limiting political interference.

Also, Economist and Development Management Expert/AADFI PSGRS Consultant, Dr Michael Ma’hmoud, who spoke on the importance of sustainable capital, noted that historically, DFIs were supervised and regulated the same way as commercial banks, leading to the failure of several DFIs in francophone countries. 

  He also emphasised that sustainability is a critical factor in strengthening DFIs and mobilising resources to address developmental challenges.

   Chief Economist, Development Bank of Southern Africa (DBSA), Zeph Nhleko, said DFIs play a crucial role in climate financing, but there is a need to adopt innovative models to attract more capital. 

 Nhleko emphasised the life and livelihood impact of climatic crises, such as COVID, war and natural disasters and the devastating consequences of not addressing climate change.

  He noted that DFIs are uniquely positioned to mobilise finance through project finance. 

 The Group Executive, Corporate Affairs & Investor Relations, Trade and Development Bank (TDB), Mary Kamari, who spoke on Green Bonds and innovative Climate Instruments, stressed the use of equity and debt instruments to support climate financing. 

  She noted the challenge of using the proceeds from green bonds while advocating for hybrid instruments like green shares issued in partnership with like-minded investors, while also emphasising the importance of building capacity, knowledge, and systems for creating climate-friendly projects.

 Technical Lead, Support to Development Finance Institutions, Investment Climate Reform (ICR) Facility, Yasmine Galloul, emphasised that achieving results doesn’t always require enormous funding.

 She stressed the need for technical solutions tailored to the specific needs of each bank and dedicated time and effort to provide technical assistance.

 She added that the challenge of balancing local and international expertise can be mitigated through sharing experiences across regions and fostering partnerships and collaboration.

   Deputy Managing Director, Financial and International Affairs, Bank and Industry and Mine of Iran, Dr Seyed Ali Heidari, emphasised the importance of paying attention to environmentally friendly projects and conducting feasibility reports before embarking on them. 

  He encouraged a comprehensive approach involving all stakeholders and highlighted the need for DFIs to take risks and innovate in their products. 

  Heidari emphasised staying updated with modern knowledge and global regulations and instruments, while identifying sustainability as a foundational principle for DFIs, promoting continuous dialogue, engagement, and the review and monitoring of capacity-building projects.

   AADFI Chairman, Thabo Thamane, while delivering his address, highlighted the severe consequences of climate change on least developed countries, particularly those in Africa, Asia-Pacific, and Latin America, could face.

   Painting a gloomy picture of the issue at hand, the AADFI Chairman noted that the adverse effects of climate change threaten human health and safety, food and water security, and sustainable socio-economic development globally and ideas.

  “It is no longer news that the world is facing the negative impact of climate change. Human health and safety, food and water security as well as sustainable socio-economic development are threatened globally,” he said.

Dike Onwuamaeze

Stakeholders in the poultry industry have pledged to collaborate and support farmers in the South-west with modern equipment to maximise farmers’ income.

The stakeholders, who attended a three-day Nigeria Poultry Show in Abeokuta, Ogun State, noted that poultry farmers needed the support of government and private sector to succeed.

The Executive Director of Tech and Sales, FACCO West Africa Limited (Poultry Equipment), Mr. Femi Adelayo, said that the use of well-built poultry equipment would save farmers some cost that would arise from incessant repair of equipment.

Adelayo said: “We want to ensure that Nigerian farmers have the best quality available in the market in the best affordable price; all this ultimately is for Nigeria to be able to feed itself and to grow in food production.

“FACCO is over 40 years in Nigeria; it is one of the leading brands for poultry equipment in Nigeria. Primarily what we do is that we add value to the farmers by providing quality equipment that last many years.

“We constantly continue to work on improving the quality of our product and find solution for farmers to be able to afford quality poultry equipment.”

He added that the organisation was also into training and education of farmers on modern farming technologies. “We collaborate with the other players in the industry, we ensure that we improve the quality of services and find solutions that are best for the farmers

 “If you have a well-built farm even if things are not going well for sometimes but the equipment will still stand the test of time, unlike low quality equipment which would get spoilt because it’s not been used for a while,” he said.

The chairman of the Poultry Show, Dr. Olalekan Odunsi, disclosed that 113 exhibitors from various poultry value chain industry were present, which increased from the 80 participating exhibitors that participated last year.

Odunsi said: “This year event has shown that our expectations will be met, looking at the participation of different agricultural stakeholder from different countries and Nigeria.

“Also the presence of government officials from all the six states in the South-west geo political zone is a good sign that the poultry industry in no time, all our demands will be met.”  

•Advocates leasing as financing alternative for acquisition of capital assets

Dike Onwuamaeze

The Equipment Leasing Association of Nigeria (ELAN) has stated that leasing has contributed more than N16 trillion to the Nigerian economy in the past 10 years.

 The association also advocated for the utilisation of leasing as a creative financing alternative that would enhance capital formation in the Nigerian economy.

These were stated by the Chairman to ELAN, Ms. Elizabeth Ngozi Ehigiamusoe, in a statement titled, “ELAN Advocates Leasing for Propelling Economic Recovery and Growth,” that declared that “the contribution of leasing in the past 10 years is in excess of N16.3trillion and is becoming more relevant in our prevailing economic situation, especially to Small and Medium Scale Enterprises (SMEs), with increasing cost of productive assets.”

Ehigiamusoe added that, “leasing has over the years, gained significant global recognition as a creative financing alternative for the acquisition of capital assets.”

She explained that the whole essence of leasing was to enhance the planning, improvement and development of any economy by building and supporting productive ventures.

 According to her, leasing had been supporting economic development since its inception in the country.

“Today, the impact of leasing is pronounced in all sectors of the economy, enhancing capital formation, generating employment and creating wealth.

“Leasing can play a major role in the actualisation of the economic agenda of the present administration, to stimulate growth, and with the current economic realities, leasing can do much more for every stakeholder.

“The fact that leasing facilitates long and convenient access to capital equipment goes to show the unique role of leasing in building and supporting productive ventures,” she said.

 The chairman of ELAN added that the unique attributes of leasing would be the main focus of conversations that would be held at the 21st National Lease Conference of the association. 

She described the conference, billed to hold in November, as the biggest gathering of stakeholders in the leasing industry and a platform for brainstorming on issues pertinent to the development of leasing in Nigeria and the economy at large.

She said: “The theme for this year’s conference is ‘Propelling Economic Recovery and Growth: The Leasing Initiative.’

“The conference is packaged to analyse the imperative of equipment leasing to the attainment of the economic agenda of government. Essentially, it is expected to further entrench the ideals of leasing to developmental initiatives, explore the emerging opportunities for the industry, and facilitate business networking and investment.”

The event, according to her, was expected to assemble stakeholders from within and outside the leasing industry including leasing professionals, organised private sector, financial institutions, investors (both local and foreign), equipment vendors, service providers, professional firms, government’s MDAs etc, with renowned experts discussing “relevant topics that would further engender the contributions of leasing to the development of the Nigerian economy.

She, therefore, called on all relevant stakeholders to be “part of this great event to leverage business networking opportunities, leasing value propositions and market dynamics, reiterating that the conference offers a veritable platform to further enhance corporate visibility and get partners more connected to their target markets.”

Beyond the claims of manufacturers that a 50kg bag of cement would not sell below N5,000 for now and the allegation of monopolistic manipulation of price of cement, Dike Onwuamaeze writes that a fierce price war is brewing in the cement industry  

The price of cement has been a matter of concern to the federal government, cement manufacturers and consumers. This concern stemmed from the perception that Nigeria has enough domestic resources and manufacturing capacity to produce and deliver cement at much lower prices to its citizens than it is presently doing. The concern is also fostered by the notion that Nigerian cement market is susceptible to price fixing because of its oligopolistic nature with three major actors: the Dangote Cement Plc, the BUA Group and the Lafarge Africa Plc. 

This concern became a matter of debate in 2021 in the Senate of the Federal Republic of Nigeria. The debate followed a motion that was moved by Senator Ashiru Oyelola Yisa and others on the, “Need for Liberalisation of Cement Policy in Nigeria.” The crux of Yisa’s argument was that as at 2018, the installed capacity of cement producers was about 47.8 million metric tonnes annually (mmta), which according to him, is far above the estimated (2018) domestic consumption of about 20.7 mmta.

“Yet, the price of cement in Nigeria is about 240 per cent higher than the global average,” he observed, being cognisant that cement takes a large share of domestic expenditure and the price of each commodity significantly impacts the government’s ability to provide much-needed infrastructural works required for the growth of our economy.

He, therefore, said: “Mindful that the Nigerian cement market is oligopolistic in nature with three players (Dangote Cement (60.6 per cent); Lafarge Africa Plc (21.8 per cent) and BUA Group (17.6 per cent), largely dominating the scene therefore making it susceptible to price fixing practices. I am convinced that if the status quo persists, the negative consequences of high prices on the economy will outweigh the benefits of producing cement locally.

“It’s strongly believed that there is an urgent need to encourage more local production of cement to satisfy the demands of Nigeria with a steady growth rate of approximately three per cent per annum; a housing deficit of 30 million units and less engagement of over 10.5 million workforce of the building and construction industry.”

As recently as August 27, an allegation went viral in the social media that the Dangote Cement is selling cement at a much lower price in Cotonou, Republic of Benin, than it does in Nigeria.

The citymirrornews.com published an online story on August 27, 2023, with the headline:  “Netizens Call Out Dangote for Selling Cement N5,200 in Nigeria, N1,500 in Benin Republic. The publication stated that “a Twitter user identified as @drpenking called out Dangote for selling his bag of cement for N5,200 in Nigeria despite the fact that the raw material is sourced locally in Nigeria.

“He (@drpenking) tweeted: ‘Dangote cement is produced in Nigeria. The raw material is sourced locally in Nigeria at almost zero cost. Nothing is imported. Almost zero taxes yet the price of cement is N5,200  in Nigeria and same is sold in Seme, Benin Republic at N1,500 . Sit & Explain to me (sic).’”

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However, this allegation was not true. ������Ƶ’s investigation showed that Dangote’s cement is not on sale throughout the length and breadth of the Republic of Benin. The investigation also revealed that the quality of cement Dangote put on sale in Nigeria is of higher grade (42.5N) than the grade of cement on sale in Cotonou, which is 32.5R. Furthermore, the average price of 50kg (32.5r) bag cement in Republic of Benin is N6,216, which is about 4,200 Cefa). The parallel market’s foreign exchange rate in Cotonou was N1.48 to 1.00 Cefa.

According to ������Ƶ’s investigation in Akpakpa, Ghandi and Etoile Rouse (Red Star) sections in Cotonou, the price of 50kg bag of cement goes for 4,000 Cefa, 4,100 Cefa and 4,200 Cefa at different cement depots. ������Ƶ was also told that the same quantity of cement goes for 4,500 Cefa (about N6,660) in Parakou, the largest city in northern part of the Republic of Benin because of transport and logistics costs.

This implied that the average prices of 50kg bag of cement in Cotonuo and Parakou were N6,068, and N6,660 respectively, at the parallel market exchange rate of 1.00 Cefa to N1.48. Currently, the retail price of cement in Nigeria as slightly above N5,000.

However, those lamenting that the price of cement is very high in Nigeria have not considered the impact of the current steep depreciation in the value of Naira in the foreign exchange market and the difference the cost of logistics make on the retail prices of the product in Nigeria. Pronouncements from both Dangote Cement and BUA Group showed that their factory prices are much lower than N5,000 per 50 kg bag of cement.

Moreover, some of the cement manufacturers are bracing up for a fierce price war that would lead to a crash in the price of cement in Nigeria According to the management of Dangote Cement Plc, the price of a bag of cement from its factories across Nigeria as at August 28, 2023, was N4,010 (about 2,730 Cefa) in Okpella and N4,640 (about 3,135 Cefa) in Ibese, Objana, and Gboko.

It added that transportation costs and the location of delivery, might cause the prices to hover between N5,000 and N5,300 per bag 50kg.  

The Group Managing Director of Dangote Cement Plc, Mr. Arvind Pathak, advised that it is important to distinguish Dangote Cement’s ex-factory prices from prices at which retailers sell cement in the market.

Pathak said that Dangote Cement is focused on delivering quality cement at the best price possible, despite the current inflationary environment. “We continue to innovate new ways to deliver quality products to millions of our customers across Africa, while providing top-notch customer services. At Dangote Cement, we are committed to building an inclusive and sustainable business for all stakeholders across the value chain.”

Commenting recently on the controversy trailing the alleged high prices of cement in Nigeria, the Chairman of the BUA Group, Mr. Abdul Samad Rabi, said that it is not possible for cement to sell below N5,000 per 50kg for the time being even if the government would resort to importing the commodity. Rabi, however, hinted that Nigeria might experience a significant drop in the price of cement in the short term.   

Rabi said: “I appreciate where the government coming from that the price of cement in Nigeria is high at almost N5,000 per bag. Again, the price of cement at N5,000 per bag in Nigeria is not really very high if you look at the rate of the dollar today. To import cement into Nigeria today will be almost N5,000 per bag at $100 per tonne. So at $100 per tonne, if you take N800 per dollar it will be N4,000 per bag. Then of course you have the port charges and transportation cost from the port to wherever you are taking the cement to.

“What do I intended to do? What I told my shareholders is that we will engage with the government because we know that the price of cement cannot be cheaper if we are to import cement today. We have two lines that are coming on stream by the end of the year: The Line 3 and Sokoto Line 5, which will give us the combined capacity of 6 million metric tonnes (mmts). And by the time we have those two lines, we will be having about 17 million metric tonnes per year.”

He said: “So, what we want to do is to support the government by sitting down with the minister to see how we can bring down the price of cement once we have these two lines up and running by the end of the year.

“I am happy to support the government and we are going to reduce the cost of cement once these two lines are up and running. It is true that the price of cement is high now but that may simply be because of the devaluation and all the issues that we having now in the country.”

He added, “We are going to bring down the price of cement. This is a promise. Our ex-factory price of cement currently is about N4,000 or N4,300 per bag. The target is to reduce that substantially. We will do that.  And we are not doing this because we are worried or concerned that government will allow importation of cement because we know that import is not going to be any cheaper.  

“The reason we have to wait until the two lines come on stream by the end of the year is simply to have additional volumes so that we can reduce the price, and even if others have not agreed to reduce the price, the market will compel them to come down because if you do not have enough volumes and you reduce the price the market may not take it.”

“But if you have the volume and you reduce your price with the huge volume that you have price must come down. Even if others are not ready to support the government they will be compelled because if they do not reduce they won’t be able to sell. That is why we want to wait till the end of the year when these two new lines are on stream. I will discuss with the minister and see how we can do this, ”he stated.   

•Predicts CBN may hike MPR to 17% this month

Dike Onwuamaeze

The Lagos Chamber of Commerce and Industry (LCCI) has tipped sectors like manufacturing, agriculture, transport, telecommunications and trade as major drivers of economic growth, anticipating that they would deliver a Gross Domestic Product (GDP) growth rate above three per cent in 2023, higher than the less than average two per cent recorded in 2022.

The LCCI also projected that the Central Bank of Nigeria (CBN) may hike the Monetary Policy Rate (MPR) from 16.5 per cent to 17 per cent when its Monetary Policy Committee (MPC) meets this month, as part of efforts to curb inflationary pressure and prevent capital flight.

The chamber made these projections in a statement titled: “The LCCI New Year Statement on the Economy 2023,” signed by its Director General, Dr. Chinyere Almona; in which it urged the federal government to sustain its targeted interventions in selected critical sectors like agriculture, manufacturing, export infrastructure, tackling insecurity, and freeing more money from subsidy payments.

The LCCI stated: “In 2023, we expect to see growth in sectors like manufacturing, agriculture, transport, telecommunications, and trade. With Nigeria having the third largest subscriber base in Africa (after South Africa and Egypt), the telecoms sub-sector is expected to record growth above the 10.1 per cent achieved in Q3 2022 driven by the growing deployment of Payment Service Banks (PSB) by the telcos, increase in subscribers using more telcos’ services, and the expected innovation coming with the launch of the 5G technology.

“The government needs to be more sensitive to the regulation of the ICT sector to promote growth and support private sector operations.

“In 2023, government’s intervention through targeted financing support to the agro sector can boost agricultural production, create jobs, and lower the spiking food inflation that has been responsible mainly for the rising headline inflation all through 2022.”

The LCCI also projected that the manufacturing sector, which suffered headwinds such as scarcity of forex for import of inputs, weakened consumer demand due to weak purchasing power, high energy cost, logistical challenges, policy uncertainties, and harsh regulatory environment in 2022, “may likely record a growth in the sector away from the negative growth of -1.9 per cent it recorded as at Q3 of 2022.”

It added: “With lowering imports due to forex scarcity, local manufacturing could rev up in growth to meet the growing unmet local demand for hitherto imported finished products.”

It, however, stated that this could only happen if the government would address issues like rising inflation, scarcity of FOREX, high energy cost, high interest rates, and logistics challenge due to insecurity in most parts of the country.

The chamber also projected that in the case of subsidy removal by the new administration, “we should expect some shocks to the economy in the short term with possibility of adjusted pricing and demand in response to market forces in the long run.”

It added that: “the Dangote Refinery coming into operations by mid-year will boost production levels and support growth in the manufacturing sector. However, the contribution of manufacturing to GDP may fall from the 8.2 per cent recorded during the third quarter of 2022 except the government takes urgent and targeted financing support to critical productive infrastructure in the country.”

The LCCI observed that in 2022, the CBN in response to the spiraling inflation rate, deployed a tightening monetary policy to stabilise prices.

“The rates rose from 11.5 per cent in January and peaked at 16.5 per cent as at November 2022. This is expected to rise further during the MPC meeting in January to 17 per cent to curb the persistent inflation and prevent capital flight.

“The Chamber had earlier recommended that rate hikes alone would not curb inflation except the real factors like food supply disruptions, high energy cost, scarcity of forex and the security challenges around agricultural production locations that have fueled low production and high logistics cost.

“In 2023, we need fiscal interventions to support strategic sectors like manufacturing, agriculture, transport logistics, and more allocation of forex to productive sectors.”

The chamber also urged the government to tackle oil theft in order to earn more foreign exchange, and to, “borrow from cheaper sources to reduce the burden of debt servicing, and pave way for the removal of the fuel subsidy by the incoming government.

“With increased spending by the government for census and general elections, the government must block revenue leakages, reduce costs, and empower the private sector to create jobs and generate more revenue to the government.”

•Wants Nigeria to target 20% manufacturing contribution to GDP in 10yrs 

•Utomi: Textile industry victim of poor trade policy

Dike Onwuamaeze

The President of Dangote Group, Alhaji Aliko Dangote has thrown his weight behind the clamour for the revival of Nigeria’s ailing textile and manufacturing sectors by urging the National Assembly to pass a law that would penalise sale of banned textiles materials by imprisoning culprits without any option of fine.

Dangote made call yesterday, in Lagos, while presenting the Second Adeola Odutola Lecture titled, “Agenda Setting for Industrialising Nigeria in the Next Decade,” in commemoration of the 50th Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN).

He said: “For the textile industry, I think the government needs to formulate a law by the National Assembly that will say that anybody selling banned foreign textile must go to prison without an option of fine. So, it will be just going to jail even if it is just for two years. 

“The real problem in the textile industry is not basically lack of cheaper power. If you give them cheaper power but allowed the smuggling to continue the textile will not last.

“What is happening is that foreign companies are using us (Nigeria) as a dumping ground. That is why I do not like to import. Anytime you import you will be importing poverty and exporting prosperity and job opportunities outside.”

He said government should apply the same force it mustered to enforce the ban on rice importation in the bid to end smuggling of textiles into Nigeria, adding that, “few decades ago textiles used to be the largest employer of labour after the federal government of Nigeria.”

Dangote, who is Africa’s richest man, also tasked the federal government on the implementation of its policies meant to protect the country’s industrial sector, especially textile manufacturing, without caring who would be offended.

He said as at today people would be sent to jail in India for selling foreign textiles anywhere.

“Also, if something is banned in the United States of America for example, there is no way it could be displayed for sale in a shop.

“But what is stopping the implementation of Nigeria’s government policies is the absence of the political will to make sure that we implement those policies no matter who is going to be upset by us,” Dangote said, adding that manufacturers should “meet with the government to find a lasting solution, especially now that government is desperate about job creation, to stamp out smuggling for our industries to stand. If we have a prosperous environment the insecurity will drop.”

He also said Nigeria should focus on enabling its manufacturing sector to achieve the following targets within the next 10 years.

“Nigeria needs to henceforth intensify efforts at promoting industrialisation with specific focus on the attainment of the following targets in the next 10 years: 15 per cent manufacturing growth; 20 per cent manufacturing contribution to the GDP; 15 per cent growth in export of manufactured products; 10 per cent increase in the share of manufacturing to total export machandise, stronger inter-industry linkage between SMEs and large corporations, improved manufacturing contribution to government tax revenue and 20 per cent increase in manufacturing employment,” he said.

Commenting on the comatose state of the country’s textile industry, the Founder of the Centre for Values in Leadership, Prof. Pat Utomi, ascribed the decline in textile manufacturing to bad trade policies. 

Utomi said: “But to get straight to the point, the textile industry failed because of Nigeria’s trade policy. The lesson we shall take from this is that we should have a standing working group consisting of some real experts and manufacturers to put the government under pressure about its trade policies. 

“I wonder if we still remembered that Nigeria Textile Limited (NTL) break even within one month of its operation in 1960. And in its first six months of production was exporting to Manchester, United Kingdom.

“So, why did the textile industry die? Because wrong trade policies where being made and there was not enough pressure to get the government to do the right thing.

“And the government people were not doing it out of wickedness but ignorance. So, we have to remember that Nigeria is our country and collectively we can get the experts, manufacturers and the government to sit together and plot our way.

“The global textile industry today is dominated by five firms. How can Nigeria align with them and provide incentives to them to make Nigeria their base? So that today we cannot be talking about jobs because the textile industry will be providing millions of jobs.”

The President of MAN, Mr. Mansur Ahmed, said in his welcome address that the choice of Dangote as the guest speaker for the lecture was, “clearly predicated upon our belief that only experienced industrialists are well equipped to do justice to the theme, visibly highlight essential advocacy issues, suggest workable solutions and point the sector to key industrial development agenda for the next ten year.” 

Dike Onwuamaeze

The Manufacturers Association of Nigeria (MAN) has urged the federal government to make real its professed commitment to promote the consumption of Made-in- Nigeria goods and services.

The call was made yesterday by the President of MAN, Mr. Mansur Ahmed, at the opening ceremony of three-day Made-in-Nigeria Exhibition to mark the 50th Annual General Meeting of the association, held in Lagos. 

Mansur said: “The Executive Orders 003 and 005 exemplified the commitment of the federal government of Nigeria to grow domestic production through the patronage of locally produced goods.

“It is in this regard, that the Presidential Committee on the monitoring of the implementation order 005 should be called to action.

“The committee which is chaired by the President and anchored by the Federal Ministry of Science and Technology should be mandated to ensure strict compliance with the order. Ministry, Department and Agencies of Government that fail to comply with the Executive Order should be sanctioned accordingly.”

He recalled that MAN had in the past four years organised the exhibition in furtherance of its campaign for patronage of Made-in-Nigeria goods. 

He also noted that President Muhamadu Buhari has consistently maintained that Nigerians should consumed what they produce and produce what they consume, saying therefore that, “this three-day exhibition therefore is a demonstration of the capacity of the Nigerian manufacturing sector to produce what they consumed. What is left is for Government and Nigerians to consume what we produce.”

Mansur stated that in order to grow the economy, create jobs and increase contribution to government revenue, the manufacturing sector must be supported to scale production through increase capacity utilisation and adequate patronage.

“On our part, I want to assure you that the MAN and the sector as a whole will rise to the occasion and ensure that it builds on the existing capacities and continue to improve on the quality and competitiveness of its product.

“Let me therefore, welcome you and urge you to move around the exhibition ground and see the existence to which the manufacturing sector can meet the desire of Nigerians for a self-reliant economy.

“Indeed, given the size of the Nigerian market, achieving self-reliance will not only strengthen and deepen our economy. It will position us to play a dominant role in continental market.

“I must also urge our members to take advantage of the opportunities created by the policies of this administration and the emerging continental market to expand their investment, improve their manufacturing operations and the standard of their products.

“This will guarantee our competitiveness and market penetration in Africa and beyond,” he said.

The exhibition was declared open by a former President of MAN, Amb. Hassan Adamu, the Wakili Adamawa.

Dike Onwuamaeze

The Nigeria British Chamber of Commerce (NBCC) would use its annual Golf Cup Tournament that holds on October 21 at the Golf Course of Ikoyi Club, Lagos, to connect and deepen trade and business relations.

The Chairman of Nigeria-British Golf Committee, Mr. Uwamai Igein, said that the tournament is in furtherance of the NBCC’s commitment to building and expanding business opportunities for the chamber’s existing and prospective members.

Igein, who is also the Managing Director of Dormai, said: “This annual event of the chamber is aimed at bringing together business leaders, investors, policymakers and other key stakeholders in trade and investment to strengthen relationships among member and non-member Nigerian and British organisations.

“The Nigerian British Gulf Cup will also serve as a social and networking platform, therefore, building business interaction among participants.”

He added that participation at this event would help to consolidate corporate organisations’ “brand loyalty among a captive audience of distinguished and accomplished professionals and will present the opportunity to entertain your key customers and staff golfers.”

He also said that the tournament has been holding for the past five years on a yearly basis to reach out to the golfing community, adding that this year’s edition would hold between 7.00 a.m. and 12.00 .

Igein noted that the tournament would further the ideals of the NBCC, which is all about creating business opportunities and connecting businesses.

“It is about connecting trade and investments. That is what we do and stand for. And we use different programmes to get this done. One of those programmes is the NBCC Golf Cup Tournament. It is about creating business opportunities and networking opportunities for both members and non-members of the NBCC. It is introducing the members of the chamber to the golfing community.

“There is a lot to be gained especially when you play golf together because you have undiluted restriction with each other. You can imagine a group of four playing together for four hours and can talk and discuss together.

“There is a lot we have been able to achieve as a result of introducing golf into one of our programmes in this community,” he said, adding that “there is also going to be awards for winners and closing ceremony. It would be an evening of entertainment and presentation of trophies to winners.”

Speaking during the press briefing, the Chairman of MSME Committee of the NBCC, Dr. Joe Dada, said that just as soft issues are used to drive serious issues, so is the chamber using the promotion of sporting events to drive serious business and investment relations.

Dada disclosed that the NBCC has about 400 members with an estimated net worth of over N200 trillion from all sectors of the Nigerian economy such as real estate, energy, learning and education, professional services, technology group and creative sectors.

Dike Onwuamaeze

A 25-year old Nigerian Poet, Ms. Karimot Odebode, with five other Africans, were among the latest group of 17 Young Leaders for the Sustainable Development Goals (SDGs) that were announced yesterday by The United Nations (UN) during the start of the 77th session of the UN General Assembly.

The 17 young leaders were picked from 5,400 applications from over 190 countries in an initiative that was launched in 2016, that has collectively reached millions of young people around the world.

A press release issued yesterday by the UN stated that every two years, the Office of the Secretary-General’s Envoy on Youth recognises 17 young change-makers who are leading efforts to combat the world’s most pressing issues and whose leadership is catalysing the achievement of the SDGs.

It explained: “Following an open call for applications earlier this year, which resulted in more than 5,400 applications from over 190 countries, this next cohort of Young Leaders for the SDGs hail from all corners of the world and work across all pillars of the UN, including sustainable development, human rights, and peace and security.

“The group, who are all between the ages of 17 and 29 years old, were made up of an aspiring astronaut, medical doctor and fashion designer, paralympic medalist, poet, artists, climate entrepreneurs, peace builders, gender justice advocates and education innovators, among others.”

According to the UN Secretary-General’s Envoy on Youth, Ms. Jayathma Wickramanayake, “the 2022 class of young leaders for the SDGs represents an incredibly diverse, intersectional and inspirational group of young people who reflect the very best of global youth activism and advocacy when it comes to challenging the status quo and creating a better world for all.

 “Even amidst the ongoing pandemic, climate crisis and global instability, these young people demonstrate immense resilience, resourcefulness and leadership in finding innovative solutions to the world’s biggest challenges.”

Odebode, who is the only Nigerian on the list, is an award-winning poet and the founder of Black Girl’s Dream Initiative, which is a youth-led organisation that aimed at closing the gender gap in education inclusiveness through the arts, advocacy, research, technology and sports.

The UN said that she is also “the author of the poetry collection ‘A Woman Has Many Names’ and she uses her poetry to foster sustainable development and create a safe world for girls and women.

“She created the Transform Education anthem for the United Nations Girls Education Initiative and has been featured by the Global Education Summit, Plan International, and BBC Media Action.

“In 2018 and 2019, Odebode was appointed as a Youth Champion for ONE Campaign in Nigeria where she helped spearhead the fight against extreme poverty, and campaign for quality education for girls. In 2022, Karimot was recognised by the Ministry of Youth and Sports, Oyo State Government as one of the 100 influential young people for her advocacy work,” the UN said.

The other Africans that made the list were a 29-year France Based Sudanese Refuge, Ms. Mayada Adil, who is also fashion designer, medical doctor and Co-Founder of La Loupe Creative; a 24-year Beninese Civic and Digital Rights Campaigner and President of Tonafa Institute, Mr. Emmanuel Ganse, and a 27-year Tanzanian Climate Entrepreneur & Founder of WAGA, Mr. Gibson Kawago. 

Also, other Africans on the list were two Zimbabweans that comprised of a 24-year Education Activist, YouTuber and Founder of Empowered by Vee, Ms.  Varaidzo Kativhu, and a 23-year HIV/AIDS Advocate and Radio Champion at Zvandiri, Mr. Paul Ndhlovu.

The 2022 class of young leaders for the SDGs also included an Aspiring Astronaut and Girls in STEM Advocate, Ms. Alyssa Carson (21) of the United States of America; an Education and Social Entrepreneur & Co-Founder of Twin Science & Robotics Mr. Okan Dursun (26) of Turkey; Education Innovator, Social Entrepreneur & Co-Founder of Labhya Foundation Ms. Richa Gupta (26) of India; a Paralympic Medalist, Disability Rights Advocate and Founder of Swim Up Hill Foundation, Mr. Jamal Hill (27) of USA; Gender Justice Activist and Founder of Life in Leggings, Ms. Ronelle King (29) of Barbados and Digital Rights and Data Justice Activist, Ms. Luísa Franco Machado (23) of Brazil. 

Others were Peace Advocate, Artist and Founder of Fundación BogotArt, Mr. Leonardo Párraga (29) of Colombia; Inclusion and Disability Rights Activist & Founder of Encuentra tu Lugar, Ms. Isidora Guzmán Silva (17) of Chile; Climate Activist an Founder of Jeventud Sostenible, Mr. Eddy Frank Vasquez (26) of Dominican Republic; Climate Tech Entrepreneur, Researcher & Founding Member of Carbonbase Ms. Hanyuan (Karen) Wang (26) of China; and an Afghan Refugee who is also a Peace Advocate and Founder of Afghan Youth Ambassadors for Peace, Ms. Heela Yoon (24). 

They were chosen by a high-level selection committee that were composed of a group of influential leaders that represented national governments, civil society, the entertainment industry, private sector, and beyond, which provided invaluable inputs and feedback as part of the selection process. 

Dike Onwuamaeze

The Crown Flour Mill (CFM) Limited announced that its N300 million wheat value chain development project, “Seed for the Future” has achieved its target of producing 10 kilogram of pre-multiplication early maturing wheat seed varieties that are suitable for Nigeria’s unique local topography and climate.

The CFM, which is the wheat milling subsidiary of Olam Agri, would accelerate Nigeria’s quest to attain food security by addressing some of the major challenges in attaining self-sufficiency in wheat production.

It said that the 10 kilogram pre-multiplication wheat seed varieties would be planted next season in a 1,000 million squared plots at the Azumbu Farm Research Station in Jigawa State to reproduce larger quantities of the seed varieties as backup and for planting during the rainy season in August 2023.

This was announced on Friday during the third edition of the Olam Agri Greenland Webinar to unveil the impressive first-year report of its “Seeds for the Future” programme that was launched in 2021.

Speaking during the virtual event, the Country Head for Olam Agri Nigeria, Mr. Ashish Pande, said: “We have made quite an impressive stride on the “Seeds for the Future” programme going by the first-year report. It is a journey and we will continue to inject human, financial, and technical resources into the programme to ensure we meet our targets and derive the best results in the years ahead.

“There are challenges currently in the global food value chain. What this means is that we must look inward to ensure a consistent supply of food to feed our population by channeling investment into agriculture. At CFM and Olam Agri, we are committed to investing at the production level of the wheat value chain, in line with the federal government’s food security and agriculture development agenda.”

Also speaking during the unveiling of the report, the Project Scientist and Senior Scientist at the International Center for Agricultural Research in the Dry Areas (ICARDA) Dr. Filippo Bassi, revealed that “the 10 kilogram pre-multiplication wheat seed varieties produced so far will be planted next season in 1,000m2 plots at the Azumbu farm research station in Jigawa.

“However, to ensure larger quantities of seeds as backup, a subset will be planted also during the rainy season in August.”

Another participant at the virtual event, the Principal Research Officer at the Lake Chad Research Institute (LCRI), Dr. Kachalla Kyari Mala, said that his team conducted a detailed survey into the agronomic practices of local smallholder farmers at the commencement of the project to understand the realities in the Nigerian wheat value chain.

The Director of Agricultural Research at LCRI, Dr. Zakari Turaki, stated that strong partnerships and collaborative efforts between public institutions and private firms are essential to raise the current level of the local wheat harvest in Nigeria.

Turaki added that the current partnership framework adopted for the execution of the “Seeds for the Future” programme is the best he has seen so far in the industry.

However, the Chairman of the Agricultural Colleges and Institutions Committee of the Federal House of Representatives, Hon. Munir Babba Dan Agundi, called for policy consistency in the industry as well as synergy among critical stakeholders.  

•Commits to 40% youth, women inclusion in government positions if elected

Chuks Okocha in Abuja and Dike Onwuamaeze in Lagos
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In campaign prep, the presidential candidate of Peoples Democratic Party (PDP) and former Vice President, Alhaji Atiku Abubakar, “welcomed all Nigerians onboard Flight 2-0-2-3 Atiku/Okowa 2023,” stating that it would deliver a united, prosperous and secure Nigeria upon safe arrival in 2023.

Atiku assures in a video he posted on his Twitter handle yesterday that sound education and effective healthcare delivery would be accessible within Nigeria for every citizen.

Waxing lyrical, the PDP presidential candidate declares in the video, “Hello ladies and gentlemen, this is your captain speaking. Welcome on board Flight 2-0-2-3 Atiku/Okowa 2023. My co-pilot here with me is Dr. Ifeanyi Okowa keeping track on all navigation systems.

“Our destination is a united Nigeria. Right now, we are cruising at 2022 feet above sea level. Before we arrive at our destination, let me give you a brief update on what we expect at our destination.

“Number one, the temperature is going to be hard on security issues. Two, the people are going to be better educated and the educational system and healthcare will be accessible to every citizen. Three, the economy is going to be strengthened and booming. And, of course, there will be true federalism.

“This and many more to be expected from a united and prosperous Nigeria. So, sit down and relax. And before you know it, if we join hands together, we shall arrive at the new united Nigeria we all dream of soon enough. My name is Atiku Abubakar. As one we can get it done.”

Atiku had previously stated that his presidential aspiration rested on uniting Nigerians with the support of the youth and women to win next year’s presidential election and usher in a united and prosperous country.

Meanwhile, Atiku assured Nigerian youths of his commitment to enthroning an enduring legacy for them, if elected president next year. He said this yesterday, when he received a delegation of the executive members   of   the   PDP   New   Generation, led   by   its Director-General, Audu   Mahmud, at   his residence in Abuja.

The PDP presidential candidate reaffirmed his commitment to 40 per cent inclusion of women and youths in government positions, as contained in his policy document. He said with the 35 per cent affirmative action on women agreed in the Beijing Conference document, he would make the needed adjustment to accommodate the youth and the women segments of our population.

The Wazirin Adamawa also said it was only in the PDP era that the 35 per cent affirmative action plan on women was implemented in the country, saying the APC administration never honoured the policy.

He decried the vulnerable situation of the youth today, promising to remedy it. To this end, he said education would be an integral pillar of his policy agenda, to empower the youth and advance democracy in the country.

Atiku regretted that the APC federal government had mismanaged the institutions and policy frameworks the PDP government had put in place.

While recognising the place of youths in nation building, the PDP presidential candidate stressed that he would in tandem with the needs of the times, run an inclusive government sensitive to the country’s diversities in all ramifications.

In his response, Mahmud described Atiku as a veritable source of inspiration to the youth of the country and expressed confidence in his ability to fix the broken socio-economic and political fabric of Nigeria.

Dike Onwuamaeze

The X3M Ideas, a pacesetting Nigerian advertising agency, is targeting to be among the world’s first 10 creative agencies by 2025 as it made a strategic expansion into the East African market through new operations in Kenya.

The X3M Ideas, which recorded an outstanding 217 per cent growth in 2021 and is in pursuit of more growth in the global advertisement agency that is projected to surpass $1 trillion in 2026, said that it is attracted to the East African market by Kenya’s gross domestic growth of 6.8 per in the first quarter of 2022.

The X3M Ideas is tipped to be a dominant player in the Kenyan and other new markets across the globe with its implementation of unique tools and ideas to further provide solutions to the challenges bedeviling the advertising industry while bolstering business growth for organisations within and outside the African continent.

The Founder of X3M Ideas, Mr. Steve Babaeko, said: “It is no longer possible to ignore the growth potential in Africa. With the growing number of African businesses across the continent surging above 10 per cent in recent years, it is important to capitalise on the shift in attention to boost revenues for individual and collective development on the continent.

•Says Bank of Industry tops the list with N46.2bn

•Falana regrets attorney general denied him the fiat to recover billion dollars for FG

Dike Onwuamaeze and Gilbert Ekugbe

The Socio-Economic Rights and Accountability Project (SERAP) has tasked anti-corruption agencies, Public Account Committees (PACs) of the National Assembly (NASS) and other oversight bodies in the country to ensure the recovery N105.7 billon unremitted revenues indicated in the 2018 Audited Report of the Auditor General of the Federation (AuGF).

SERAP also stated that the Bank of Industry (BoI) lead the class of Ministries, Departments and Agencies (MDAs) that were accused of non-remittance of internally generated revenue into the Consolidated Revenue Fund (CRF) in the 2018.

SERAP said: “The report of the AuGF for the Federation of Nigeria for 2018 revealed several weaknesses and lapses in the management of public funds and resources identified across various ministers, departments and agencies during the annual audit.

“In total, the sum of N105,760,058,919.43 worth of infractions were observed along six cross-cutting audit issues.

“Disaggregated outlook of these infractions showed that failure in remittance of revenue was responsible for N54.6 billion; irregularities in payments/expenditures – N18.3 billion; irregularities in contract award, execution and payments – N23.4 billion; store items not taken on store charge – N8.3 billion; unretired advances – N354 million and circumvention of procurement process – N371 million.”

These were disclosed yesterday in Ikeja, Lagos State, during the 2022 SERAP Report Presentation titled “Promoting Transparency and Accountability in Ministries, Departments and Agencies in Nigeria,” where SERAP called on the Fiscal Responsibility Commission (FRC) to ensure that revenue accruing to the federal government is duly remitted by government agencies to appropriate authorities.

The report stated further that “the auditor-general mentioned in his report that there was no improvement in the level of responses to audit observations by accounting officers of the MDAs.

“Although the PACs of the NASS stepped up effort to review audit reports and invite agencies of government to appear before them to defend queries raised by the auditor-general, it is not evident how much of the N105.7 billion not accounted for in 2018 have been recovered from indicted agencies and returned to public treasury.

“It is equally not clear whether what sanctions were placed to deter future abusers of public finance management process.”

The 2022 SERAP’s report observed that non-remittance of percentage of IGR into the CRF was responsible for 88.8 per cent of the N54.6 billion not remitted to government by different MDAs.

“Seventeen MDAs were identified not to have remitted percentage of IGR into the CRF valued at N48.5 billion.

“The Bank of Industry was responsible for 95.3 per cent (N46.2 billion) of the total unremitted funds followed by National Insurance Commission at 2.3 per cent (N1.05 billion),” SERAP said, adding that the “Financial Reporting Council failed to transfer its annual operating balance from commercial banks to the Treasury Single Account (TSA) valued at N750 million.”

The Chairman/Editor-in-Chief of SERAP Law Report, Mr. Femi Falana (SAN), said during the presentation of the report that it is sad that Nigeria has failed to make money from those who were either bribing its officials or banks that have been keeping the country’s looted public funds.

Falana said: “Glencore paid the United States of America $1.8 billion for bribing some officials of the Nigeria National Petroleum Corporation (NNPC). We have not made a dime from that criminality.

“Halliburton paid United States’ government $579 million for bribing Nigerians in respect of LNG. Siemens paid the United States $1.3 billion for bribing Nigerians. I am challenging the National Assembly to get in touch with the Ministry of Justice. How can countries be making money because their officials came to commit a criminal offence in Nigeria and Nigeria is not making anything?

“We once wrote to the Attorney General of the Federation (AGF) to give us the fiat to collect billions of money for our country. How? Former Head of State, Late General Sani Abacha, looted the treasury of the CBN and took dollars, pounds and Euros which he scattered in 140 banks in the world.

“We identified these banks and now pleaded with the government to give us the fiat to help it to ask these countries: ‘you have kept these monies for 20 years what about the interests, what of the damages payable for keeping looted public treasury by a public official whose salaries you ought to have known in your due diligence.’

“We were given the fiat for six months. We spent the six months gathering our evidence and at the time we were to pursue them the attorney general refused to renew the fiat. The NASS your job is cut out for you.”

Falana pointed out that any stolen money from the NNPC that is recovered belongs to the Federation and not the federal government, adding that any looted fund from the CBN recovered must go back into the federation account and not the TSA.

He noted that the sum of N10 trillion the Director General of the Budget Office in the Presidency, Dr. Ben Akabueze, alleged in December 2018 that the MDAs owed the country has remained uncollected since then.

“We will continue to encourage an organisation like SERAP, but let us get the appropriate agencies to do their work. I believe all of us like SERAP must stand up to demand accountability,” he said.

Dike Onwuamaeze

The United Nations Industrial Development Organisation (UNIDO) has declared that it would support 75 industries in Nigeria to improve their abilities on Resource Efficiency and Cleaner Production (RECP) and Industrial Energy Efficiency (IEE).

UNIDO said this would help them to reduce energy consumption, environmental degradation and resource depletion.

This was disclosed by the Country Representative and Regional Director, UNIDO Regional Office Hub, Mr. Jean Bakole, during the, “GEF-UNIDO Industrial Energy Efficiency and Resource Efficiency and Cleaner Production Capacity Building Workshop for Media Stakeholders,” which was held in Lagos State.

Bakole, who was represented by UNIDO’s Environment Expert, Mr. Oluyomi Banjo, said UNIDO was implementing the Nigeria country programme, which he said had gotten approval to be transformed to a Programme for Country Partnership (PCP). He added that the programme, which has environment and energy as its two distinct programmes, would run from 2018 to 2022.  

He said: “We hope to support not less than 75 industries across five sectors of food and beverages, wood and furniture, steel and metals, textile and garment and petrochemicals. We will develop the capacity of the organised private sector and develop not less than 300 Nigerian RECP-IEE experts.

“UNIDO has implemented IEE in over 18 countries around the world and has also implemented RECP in over 60 countries. This programme will create an opportunity to develop the IEE and RECP methodologies, human capacity building which will also see Nigerians being trained to a global standard as energy assessors and RECP experts.

“We are hoping that this will eventually lead to the creation of National Cleaner Production Centres in the country (Nigeria), which will also promote circular economy.”  

According to him, “This project was collectively developed and submitted by UNIDO on behalf of Nigeria in 2017 under the Global Environment Facility (GEF) 6 Programming Circle.

“It was approved for full project development in 2017 and subsequently approved for full project implementation in 2020. It may interest you to know that for the first time at UNIDO, we are having an integrated IEE and RECP in one project.

“In South Africa, UNIDO’s project on IEE was recently accorded the best project of the year by the Southern Africa Energy Efficiency Confederation. We look forward to replication records like this in Nigeria.”

Bakole added that “you may wish to know that the outcome of this project is targeted at industries to develop an expert base for Nigeria, which could be exported to other countries in Africa and beyond.

“This project will address to a good extent the questions on how industries can improve their efficiency, increase profitability, operate at international best standards, comply with regulations and maintain improved relationship with policy makers.”

Furthermore, he said a pilot financing RECP-IEE scheme would be executed through the Bank of Industry (BoI) of Nigeria and issue around ISO 50000 and 14001 would be executed through the Standards Organisation of Nigeria (SON).

The Chief Risk Officer of BoI, Mr. Ezekiel Oseni, noted that availability of energy was one of the major challenges facing manufacturers in Nigeria and hoped that the IEE will help to lower their cost of production, “and have positive multiplier effects across the value chain. It would also help in promoting cleaner environment in line with SDGs.”

The Director General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, in his welcome address during the workshop, specifically appreciated the Global Environment Facility (GEF) and UNIDO for initiating the entire project that would support the solution of energy challenges in the country.  

Ajayi-Kadir, who was represented by Director, Corporate Services Division of MAN, Mr. Ambrose Oruche, said the GEF-UNIDO IEE and RECP project would provide a credible energy platform that Nigerian industries could explore to narrow the energy gap in the country.

He said: “Unfortunately, the Nigerian industrial sector has suffered very limited energy supply at exorbitant cost; notwithstanding the implications on competitiveness.”

The Representative of the IEE Working Group at the Energy Commission of Nigeria, Mr. Oluwayemi Fabiyi, said, during the workshop that it is important to note that Nigeria greatly needs to improve its energy efficiency, especially for the industries.  

Fabiyi said: “Competitive/efficient use of obtainable energy not only makes power more available for consumption it also helps to minimise and avoid environmental pollution mitigate climate change and increase productivity.”

He said the project was slated to commence in 2020 but due to COVID pandemic and restriction it fully commenced in mid-2021.

The Deputy Director and Group Head, Electrical Electronics of SON, Mr. Alewu Cherry Achema, who was represented by Mr. Timi Michael, charged stakeholders “to embrace these concepts so that policies and guidelines that encourage energy efficiency can be developed and implemented,” adding that “incentives are being planned towards encouraging many companies in Nigeria to buy into these initiatives.”  

The World Bank in its latest report on Nigeria Development Update argued that the country’s protectionist trade policy is counterproductive, writes Dike Onwuamaeze

Nigeria’s trade protectionist policy, ostensibly conceived to protect Nigerian local manufacturing industry, is counterproductive. This is the verdict of the World Bank in its latest report titled, “Nigeria Development Update June 2022.” The report said that Nigeria’s trade policy is costing the country more public revenue and pushing its citizens into poverty.   

The World Bank report made some bold and unequivocal assertions. One, the country’s trade policy since the inception of President Muhammadu Buhari’s administration in 2015 has been remarkably moving further in a protectionist direction and yielding several unintended consequences, including high levels of tariff evasion accounting for the loss of $1.8 billion annually in public revenue. This is estimated to be 0.4 percent of GDP.

The report also asserted that the country’s increasing trade protectionist stance is constraining the efficiency and competitiveness of its domestic firms.  

The third assertion made in the report is that import restrictions are pushing millions of Nigerians into poverty as “distortionary trade policies can decrease overall purchasing power and, in turn, increase poverty.”

unpredictable trade policies

The report further asserted that Nigeria’s restrictive and unpredictable trade policies are increasing smuggling, diminish revenues, hurt consumers, and raise production costs.

It added that Nigeria’s weak trade performance in recent years has been exacerbated by its highly restrictive trade regime. Moreover, import restrictions are pushing millions of Nigerians into poverty, encourage smuggling and reduce revenues.

The report said that fully liberalised trade would increase household income; and called for trade policy reforms that could reduce production costs for firms while preserving revenues. It argued that higher production costs in turn make it difficult for Nigerian firms to compete against producers based in countries that levy lower tariffs on inputs.

It also pointed out that increasing and diversifying exports and FDI is central to advancing Nigeria’s industrialisation and development objectives.

The World Bank said that Nigeria’s “government could reform its tariffs to reduce production costs, while still preserving fiscal revenue.”

It averred that, “full liberalisation of trade will increase household income on average by 3.8 percent and reduce the share of people living in poverty by 2.3 percentage points.

“This is because liberalising trade will lower prices, and the resulting gains in purchasing power would outweigh any income losses for households producing the goods that end up being cheaper.”

The report also said that trade policy reforms could reduce production costs for firms while preserving revenues.

In addition, Part Three, Spotlight One of the World Bank’s NDU report captioned “The Unintended Consequences of Nigeria’s Trade Policies” affirmed that trade and investment have been key drivers of global growth and poverty reduction over the past 30 years for countries that embraced trade liberalisation.

increased participation

It also added that increased participation of firms from developing countries in regional and global value chains has contributed significantly to job and wealth creation.

However, the World Bank noted that Nigeria is being denied these benefits due to the prevalence of trade restrictive policies and widespread skepticism, which cast doubts about the benefits of export-led growth and increased integration.

The effect of this widespread skepticism, according to the bank, is that the long-standing policy aim of respective Nigeria’s governments to achieve economic diversification have largely remained unsuccessful and foreign direct investment has not reached its potential and has been in fact declining in recent years.

According to the report, “Nigeria’s trade policy has moved in a heavily protectionist direction, with an escalation of import restrictions through higher tariffs and levies, import bans, foreign exchange limitations, and border closures. Although these measures were intended to support the country’s industrialisation and security goals, they have had numerous unintended consequences. For one, import restrictions result in high levels of tariff evasion, and thus a loss in revenue estimated at 0.4 percent of GDP, or $1.8 billion annually.

“Secondly, these policies also adversely affect poverty by raising consumer prices. Finally, they inhibit the efficiency of domestic firms by raising the cost of their production inputs, thereby constraining their competitiveness and limiting their potential to export to regional and global markets.”

The World Bank, therefore, highlighted the urgent need for a change in Nigeria’s trade policy and approach that would focus on reviewing trade policy to safeguard revenues, reduce poverty and support domestic firms; and reducing domestic and international trade and transport costs.

The bank also harped on the need to realign Nigeria’s trade orientation toward the creation of appropriate policy and institutional infrastructure that would support Nigeria’s trade and industrialisation priorities.

export performance

It said: “This spotlight provides an overview of Nigeria’s recent export performance and focuses on some of its key underlying features. It also examines the role of import restrictions that shield some incumbents from competition while hurting consumers and most firms, and constraining government revenues. These policies have been central to the country’s limited success in diversifying the economy and furthering the growth of the manufacturing sector. Nigeria has ample room to harness the development potential of increased trade and investment.

“This is especially apparent when considering five dimensions of Nigeria’s recent trade performance: Nigeria remains one of the world’s least diversified countries. Although experiences differ globally, countries that achieved greater diversification over the past decades grew more quickly and had more consistent growth overall.

“In Nigeria, however, most exports are concentrated in oil, while remaining exports are mostly basic agricultural goods that add little value.  

“Nigeria exports relatively little to the rest of Africa, as oil exports are primarily directed outside the continent. Nigeria’s formal intra-regional exports make up less than 10 percent of its total exports, while almost one quarter of South Africa’s exports go to the African region.

“Nigeria’s share of intraregional trade within ECOWAS has also remained low—approximately two to four per cent of Nigeria’s total recorded exports between 2019 and 2021. However, the ECOWAS region accounts for a far greater share of Nigeria’s non-oil exports—close to 10 percent in recent years. This shows the potential for Nigerian industries from greater continental integration, for example through the African Continental Free Trade Area, if the productivity of exporting firms can be strengthened and trade costs reduced.”

Nigeria’s experience

The report referred to a recent International Monetary Fund (IMF) analysis in 2021 that contrasted Nigeria’s experience with that of three Asian countries, namely Indonesia, India and Malaysia that had a similar focus on import substitution during the second half of the 20th century but were able to diversify.

All these three countries, said the report, trailed Nigeria in GDP per capita in 1980 but now far exceed it. Key drivers of change in these three countries included: economic crises that created a window of opportunity for reform, which entailed a focus on education and knowledge accumulation; and the gradual reduction of trade and investment barriers.

 The World Bank report noted that Nigeria’s share of the FDI, especially in extractives, has been declining both as a share of GDP and relative to comparator countries. FDI, which goes hand-in-hand with trade, is a critical ingredient to economic growth, contributing to increased productivity, innovation, and technology transfer. FDI supports the diversification of the economy and helps domestic firms export more.

“Nigeria’s FDI inflows as a share of GDP have dropped from over 2.0 per cent a decade ago to less than 1.0 per cent in recent years. But some comparator countries, such as Ghana, have consistently seen FDI inflows in excess of 6.0 per cent of GDP.

“The decline in FDI in Nigeria has been driven by the weak performance of the mining and oil and gas sectors. The services sector, on the other hand, has attracted the largest share of Nigeria’s FDI, potentially indicating greater diversification away from extractives. Between 2009 and 2019, FDI in services made up 50.3 per cent of all inflows, followed by manufacturing sector’s 28.4 per cent and extractive ibdustries 21 per cent,” the report said.

Finding the right balance:

The bank emphasised that industrial and trade policy could contribute to Nigeria’s development aims. It said that increased openness to trade could help Nigeria achieve longstanding policy goals of economic diversification and industrial development.    

This is important as Nigeria is embarking on an ambitious course towards greater integration and policy reform. This is most evident through its active participation in African Continental Free Trade Area (AfCFTA) negotiations and its efforts to develop a domestic implementation plan.

But the AfCFTA’s implementation would require substantial preparation and engagement across the federal and state governments, the private sector and other stakeholders, but holds significant potential for the country to use regional integration in support of private sector-led growth.

“Nigeria has also developed a new National Investment Policy and is preparing a new Trade Strategy. Moreover, at the sub-national level, state governments across the country are implementing ambitious business environment reforms.

“Further continental integration can help enhance the competitiveness of Nigeria’s manufacturing sector. By making manufacturing more competitive, Nigeria could leverage regional market integration to achieve economies of scale, lower costs, and increase its broader international competitiveness.

“Regional value chains can, in turn, offer a stepping stone toward global value chains. Increased competitiveness from regional integration can lead to greater diversification of export products and markets and incentivise domestic producers to compete with foreign firms. The vibrant entrepreneurial ecosystem in Nigeria would benefit from being connected to technological and process innovations, know-how, diaspora mentorship, research and development. This could include supporting existing networks of research and development institutions to foster innovation,” the report said.

It added that “trade offers a vital, but often untapped pathway to poverty reduction. Through its effects on investment, technology transfer, and competition, trade can help growth—boosting job creation, increasing domestic value added, and reducing the price of goods that Nigerians buy. All such effects may contribute to reducing poverty.

“Yet, the benefits from trade are not automatic. There is a need for careful sequencing, broad consultation, and finding a way to maximise the gains from trade while taking proactive measures to support the adjustment process.

“This includes understanding how to facilitate labor mobility, as well as the importance of complementary policies such as business environment reforms and supporting skills development. The following policy options provide an overview of the way forward.”

•Hails Dangote, Elumelu

Dike Onwuamaeze

The President of the African Export and Import Bank (Afreximbank), Prof. Okey Oramah has identified African youths as the catalytic force that would propel the realisation of the African Continental Free Trade Area (AfCFTA) initiative.

Oramah said this yesterday in his opening address to the Afreximbank 2022 Annual Meetings in Cairo, Egypt, where he declared that Afreximbank Central Bank Deposit Programme (ACBDP) had mobilised $35 billion and attracted 50 participants since its inception in 2019.

The theme of the annual meetings is “Realising the AfCFTA Potential in the Post COVID-19 Era: Leveraging the Power of the Youths.”

He also used the address to counter the conclusions of The Economist Magazine in an article titled “Africa’s Ambitious Trade Plan: Need to Speed Up,” which stated that continued political wrangling among Africa’s leaders might squander the promise of freer trade.

Oramah said: “A youth powered AfCFTA will trigger a continental economic expansion; and whether the next decade will become lost decade for Africa will depend on how we creatively deploy the energies and tenacity of our youth to implement the AfCFTA agreement.

“We are happy that the protocol on the youth will be negotiated under the AfCFTA. That will provide a great opportunity to formalise the integration of the youth into the continent wide agenda.

“As the youths are technologically savvy, and we believe that it is technology that will bring down the borders, Afreximbank and the AfCFTA secretariat have started to implement a digital AfCFTA called the Africa Trrade Gateway. This will offer the opportunity for the youths to access African market, access payment services and access credit.

“It is our view that the youths will be catalytic force to the realisation of the AfCFTA agenda.”

He singled out the President of the Dangote Group, Mr. Aliko Dangote, and the Founder of Africanpreneur, Mr. Tony Elumelu, among Africans that pioneered businesses of global consequences in their youthful days.

He said: “The African youths are beginning to make significant contributions to economic transformation across the continent. For example, Mr. Aliko Dangote, as a young man in his early twenties began to build what today has become a global multibillion dollar conglomerate that has pivoted him to be the wealthiest person in Africa today.

“It was a young Tony Elumelu who transformed an ailing commercial bank into an African multinational financial institution.

“Many African youths who are talented are making the waves around the world. The African youths are poised to make a giant leap in a single continental market and could seamlessly become the drivers of African integration and intra-African trade.”

Oramah pointed out that, “policies that give them intellectual property protection, ease cost of doing business, as well as improved access to market will unleash the power of the youth on the continent.

“That is why Afreximbank is today intervening with instruments that are geared toward supporting the growth of small businesses and promoting their integration into national, regional and continental value chain.

“Afreximbank has therefore launched the ‘How-to-Export within the AfCFTA.’ Through this initiative, Afreximbank is partnering with the International Trade Centre to train small businesses and young entrepreneurs in Africa to participate in the AfCFTA.

Moreover, the president of Afreximbank added that the bank was also prioritising the continent’s “culture and creative industries as they hold a potent force to accelerate integration under pre dominantly youth based.”

“At Afreximbank, we are promoting industry through dedicated $500 million funding that is currently being implemented.

“As we deliberate on these topical issues during the next three days, we are going to produce policy recommendations that will help us step up the implementation of the trade agreement,” he added.

Commenting on the ACBDP, Oramah said the Central Bank of Egypt and the Central Bank of Nigeria were the, “initial depositors under the scheme with billions of dallar. The effect is that the scheme that started tentatively now has 50 participants and through it we have been able to mobilise $35 billion.”

The Economist of London had in March published an article titled “Africa’s Ambitious Trade Plan: Need to Speed Up,” that stated that, “sadly there has been all too little progress since,”1963, when Africa, politicians called for a common continental market. 

The report had added, “although the AfCFTA has in theory been operational since the beginning of this year, in practice no trade has happened under its terms because of continued political wrangling; Africa’s leaders risk squandering the promise of freer trade.”

But Oramah argued that while the magazine was right in the facts set out in their article, its conclusions were wrong, adding that the facts were symptoms of problems the article did not explore.  

He said: “But while the problems were identified decades ago, it is only now that Africa can boost of possessing a combination of factors that can resolve it. These include a visionary leadership, the youth and digital technology.

“Our leadership has done the courageous work of giving us the AfCFTA. A lot now hinges on our youths.”