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Lack of infrastructure hampers industrialisation in Africa – AfDB

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AfDB
AfDB
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Mr Emmanuel Akinwunmi, the Principal Private Sector Specialist, African Development Bank (AfDB) says industrialisation process in Africa is hampered by lack of infrastructure and competitiveness.

Akinwunmi made this observation at inauguration of the Local <span;>Organising Committee (LOC) on the Nigeria Industrialisation Summit, on Friday, in Abuja.

The summit is being organised by Madewell Garment Ltd., in collaboration with Ministry of Finance, Budget and National Planning and the African Development Bank.

He pledged the bank’s commitment to continue to support initiatives on industrialisation through strategy, which involved agribusiness, special agricultural processing zone among others.

Akinwunmi decried the high importation of textiles and garments in the country, adding that local production and patronage of the industry to revert the over dependency on foreign garments needed to be addressed.

“The AfDB is advocating that whatever you produce, you process and sell locally,’’ he said.

Chief David Iweta, the Chairman, Madewell Garment Ltd., said the Nigeria Industrialisation Summit would unlock potential embedded in agro-agric.

He said the summit, scheduled to hold in Abuja, from Nov. 23 to Nov. 30, had as its objective to move 100 million Nigerians out of poverty by 2030.

Iweta said it would attract investors globally and position Nigeria for international capital flows toward the development of the Special Agro Processing Zones initiative of the AfDB.

He explained that the summit being based on Nigeria’s Economic Growth and Sustainability Plan would dwell on “how to feed, cloth and house Nigeria’’, designed as a solution to unemployment, poverty and insecurity.

According to him, the project which will have its pilot scheme in Delta state at Jesse Export Processing Zone and Anchor (JEPZA) is projected to engage 300, 000 workers in the development of garment and textiles projects.

“It will also look into massive housing development, transportation and logistics, development of livestock, goat diary, fishery, cow meat and hides processing, oil palm and banana plantation and 25,000 pig value chain project, among others,” he said.

He said that the project would equally train 20, 000 Information Communication and Technology (ICT) talents to drive the economy and industrialisation, while contract had been signed by two universities to actualise this.

The chairman said market such as the African Continental Free Trade Area (AfCFTA) and African Growth and Opportunity Act (AGOA) were being targeted for export.

The News Agency of Nigeria (NAN) reports that the committee was inaugurated by Prince Clement Agba, the Minister of State, Finance, Budget and National Planning, represented by Mr Aso Vakporaye, the Director, Economic Growth Department of the ministry.

The inaugurated committee comprises representatives from the Ministry of Finance, Budget and National Planning, Ministry of Industry, Trade and Investment, AfDB, Madewell Group, Nigeria Export Promotion Council, Nigeria Export Processing Zones Authority, among others.

The minister, while inaugurating the committee, said the representatives of the Ministries, Departments and Agencies (MDAs) were chosen in consideration of the roles which they played in the past in line with development.

He advised that being very relevant to the proposed summit; they were expected to bring their expertise to bear to actualise its aim on national economic development.

Responding, Amb. Joe Keshi, Summit Advisor said the members of the committee would work diligently to meet expectations and equally implement ideas of past achievers for national development. (NAN)

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Business & Economy

Mangal Cement Reiterates Commitment to Consistence Quality, Tightens Relationship with Stakeholders

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The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa Monday, July 14th, 2025 addresses Annual Stakeholders Forum, Abuja
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By AbdulRahman Obaje

Mangal Cement has reiterate its commitment to consistence quality while reinforcing its relationship with it stakeholders.

The General Manager, Sales and Marketing, Omowunmi Goriola Oduguwa made this known Monday, July 14th, 2025 during this year Annual Stakeholders Forum, Abuja.

Omowunmi said, “We are here today basically because of this title: ‘building stronger partnership, quality trading solution and value for money’. We are here; number one, to tighten the collaboration that we’ve been having with our stakeholders. We know that we’ve been having relationship with you by virtue of the fact that you are partner to our business, you are using our brand; that automatically has clarify the fact that we are in partnership”

”We don’t just want it to be like that, we want it to be tighter, so we want to strengthen that collaboration, we want it to be tighter. That is why we are here and that is why we have invited you to be part of this event.”

“And secondly. We are also here to reaffirm the consistency in quality and innovation. We want to assure you that our quality remain the way it has ever been since inception; since we started production. My colleague said this is first of its kind; I mean the stakeholder forum we are having. But obviously this is first of its kind in Abuja environment. And I want to also appreciate us for being part of this very first one.”, she continued.

Participants also expressed satisfaction with Mangal product. Obastar Block Industry Said the cement is very good. He said, “People should join in using it, we have been using it. The cement is good. We have been using other cements but since we have tried Mangal cement, we have not been disappointed.”

“The only place they need improvement is setting, outside that, the cement is very good.” he concluded.

Olayinka AbdulWahid, IBZA Blocks said, “Mangal cement is very good in terms of quality and durability.

The blocks that we produced with Mangal cement, the customer actually vouch for. I have some few friends that whenever they want to cast, they always request that make Mangal cement available.

So, in terms of quality, it is a very good quality/ the only challenge we have is the availability and most of the time the delivery is very very poor in which sometimes, some of us we are unable to wait. we have to look for alternative product.

But with this seminar we attend today, if we can have access to more of the vendor or more of the distributor, we can have alternative demand.

So, that is the only challenge, the availability.”

However, Omowunmi further revealed that Mangal Industries is not slowing down on innovation and quality assurance, asserting that this is the reason for the forum, so as “to reaffirm our commitment to quality and innovation as an organisation.”, she continued.

The forum saw notable personalities such as Engr. Yusuf Ibrahim, Industrial Training Fund, Silifa Shagaya, SON and others in attendance

High point of the event was the distribution of wheelbarrows and protective gears to all the participants of the stakeholder forum.

 

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Business & Economy

Nigerian Economy Stabilising — CBN Governor, Cardoso

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CBN Governor Yemi Cardoso
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The governor of the Central Bank of Nigeria, Olayemi Cardoso, has said the Nigerian economy has stability.
He disclosed this at the press briefing at the end of its 300th Monetary Policy Committee meeting on Tuesday.

According to him, investors’ confidence in the Nigerian economy has improved over the past eighteen months.

Responding to questions on how improved macroeconomic fundamentals of the Nigerian economy are impacting the lives of Nigerians, he said, “Investors do not go to where there is economic instability. They don’t go out to lose money but to make a profit. With that stability comes confidence and then investment and growth.

“What is now being recognised is that the Nigerian economy is not stable. The inflation numbers speak for themselves.”

Recall that the World Bank, in its latest Nigerian Development Update report, said the country is in good shape as it grew by 3.4 percent in 2024.

 

 

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 CBN Retains Nigeria’s Interest At 27.50%

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Yemi Cardoso,CBN Governor
Yemi Cardoso, CBN Governor
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The Central Bank of Nigeria Monetary Policy Committee has retained the country’s interest rate at 27.50 percent.

The governor of CBN, Olayemi Cardoso, disclosed this in a press briefing on Tuesday after the 300th MPC meeting in Abuja.

“The committee unanimously agreed to retain MPR at 27.50 percent,” he stated.

Cardoso also announced that the MPC member decided to retain the Cash Reserve Ratio (CRR) at 50 basis points for commercial bank and 16 percent for mortgage bank, the liquidity ratio (LR) at 30 percent, and the asymmetric corridor at +500/-100 basis points around the MPR; other monetary policy decisions were retained.

He justified MPC’s decision to pause the rate hike on the easing of Nigeria’s inflation rate to 23.7 percent in April.

it would be recalled that last week the National Bureau of Statistics consumer price index showed that country’s inflation dropped by 23.7 percent.

In February, the MPC retained the country’s interest rate at 27.50 percent as inflation cooled off.

 

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