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On Non-Oil Sector to Boost Economy – Malami

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Abubakar Malami - Attorney General of the Federation and Minister of Justice
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By Ossom Raphael

Abuja – Abubakar Malami, Attorney General of the Federation and Minister of Justice says there is need to focus on the non-oil sector to boost export and drive economic growth.

The minister made the call at the just concluded National Conference on creating Legal and Institutional Frameworks for Geographical Indications in Nigeria.

The AGF who was represented by Barr Ifunanya Nwajagu, Director, Legal Drafting at the Federal Ministry of Justice said that focusing on Geographic Indications will serve as a further panacea for poverty reduction, community development and social inclusiveness.

Malami said: “The time has come to move away from oil economy. Surely, the time has come to embrace green economy through economic drive powered by geographical indications for which Nigeria is richly endowed in quality assets and products.

“Needless to state clearly that Geographical Indications represent economic opportunities in rural areas, leading to more rural jobs and stronger rural communities.

“The right to use a geographical name belongs to the community of producers in a given area and empowers those who are involved in the origin of so many wonderful products thereby making Geographic Indications the perfect tool for local development”.

On the relevance of Legal framework to back GIs, Mr. Malami said: “It is worthy of mention that we currently have varieties of unique agricultural and natural products that qualify as geographical indications such as “sokoto goats’ skin”, “Ijebu garri”, “skin hide of Kano”, “Kilishi”, “Yaji” (dry pepper), “Ose Nsukka” (Yellow pepper), “Aso Oke, “Adire”, “Ofada Rice”, “fura” and many more. Yet, none of these have benefitted from any comprehensive registration, international recognition and commercialization.

“Therefore, for Nigeria to avail itself of the opportunities in and benefits of its Geographic Indications, our efforts must begin at home, with the establishment of an appropriate legal framework, supported by robust efforts to promote the Geographic Indications in formalizing the traditional knowledge and techniques employed by originating geographic regions, standardizing methods of production, and actively driving recognition for Geographic Indications in international trade.

“To be or not to be, depends on a carefully grafted legal and institutional frameworks that meets the needs of today while guaranteeing the future and bearing in mind, global and continental trends in the fields of geographical indications.

“The legal framework will set out the roles and procedures for the actualization of the benefits of geographical indications so that they shall be recognized and protected locally in order to be recognized internationally too. The establishment of a legal framework for the Gls in Nigeria is very imperative, likewise the ratification and domestication of the relevant international treaties/ conventions and protocols,”

The Justice minister further said that the ministry is poised to lend its support and collaboration with the stakeholders towards the birthing of a reliable legal instrument.

“The Federal Ministry of Justice is aware of treaties and conventions to which Nigeria is a party including the recent African Continental Free Trade Agreement and the need to provide legislation that promotes trade and investment while meeting the needs of the people.

“The Federal Ministry of Justice awaits the drafting instructions from the organizers of this conference, as a team of drafters are available to review the Bill in line with our current precedent for Executive Bill for onward transmission to the Federal Executive Council,” he further stated.

Speaking as a panelist, Mr. Aminu Waklek, Senior Assistant Registrar, Trade Marks Registry, Ministry of Industry, Trade and Investment says consensus is key to arrive at quality of products as well as determining who is qualified to be a member of the Patent rights Association.

He said there must be cohesion among the different patent right groups in order to promote export of their products.

In her submissions, Prof. Adejoke Oyewunmi, a Professor of intellectual property at the University of Lagos said the functions of the GIs must be clearly stated on the Draft law for GIs even as she called for collaborations between Nigeria and other countries especially with the coming of the African Continental Free Trade Area Agreement to promote Geographical Indications in Nigeria.

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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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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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