Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Saturday, August 11, 2018

HOW I MADE #138,000 USING MY FACEBOOK ACCOUNT

Business , MAKE MONEY
HOW I MADE #138,000 USING MY FACEBOOK ACCOUNT
On the 17th of June, a friend of mine introduced me to this online program that pays people for reading and sharing news on my Facebook wall. It sounded too good to be true at first considering the fact that I have participated in so many online business which has failed me in the past.
I jump into Google and was surprised by the reviews I got. I couldn’t believe that none out of 10 different reviews I read had a single bad word to say about this program, and the best part was that I didn’t have to send money to any individual to start this up as I could make all the necessary payment directly online using my Debit card and be set up in less than a minute. I registered and I ran crazy when I received my first pay for June. SEE BELOW...
NNU INCOME JUNE CREDIT ALERT OF #63,000
And then again boom!! July became massive and all this income started with just #1,600. 
NNU INCOME JULY CREDIT ALERT OF #138,000
Well enough of the boring talks and let’s get down to business.
But before you click on Register read carefully and see how you can earn with this program. 

How Can I Earn And How Much Can I Earn On N.I.P?

All you need to do is become a member, registering with a one time payment of #1,600. This fee is paid only once and won't be upgraded for any reason.
As a participant, you have 5 options to earn more money to your bank account every month onNNU Income Program.
1. NAP: As an affiliate, you earn 62.5% per each referral. When you introduce your friends to participate on NIP, you earn N1,000Naira from their entry fee / product purchase and becoming part of NNU Community. In future when we will be having more valuable products, you will be earning more commission per sales.
NARS: As a participant, we share ad revenue with you when you take part of NNU activities monthly.
2. Active daily login: When you login to your account daily on NNU browsing and reading news, you earn N50 or more depending on daily revenue share.
3. Reading post, Commenting and Contributing: When you browse each post, read and contribute your view by comment, you earn from N2 and above on each post you commented depending on daily ad revenue.
3. Posting Forum Topic: You earn N100 for posting relevant, interesting and well structure forum topic that get approved on the website.
4. Sharing sponsored post on Facebook: We assign a sponsored post to members in their dashboard to share on their Facebook timeline, you earn N100 Naira daily on assigned post you share as recommended. As a member, you are not allowed to share any post news to earn except the assigned sponsored post. Unless you wish to share any interesting post with your friends on social media. We assign a particular post to members on daily basis which we only pay for. On pay day, your Facebook timeline will be reviewed to see if NNU assigned sponsored post is present on your timeline, calculate and pay you including other activities and affiliate earning with our monthly revenue share.
Earning activities amount are not limited to the above mentioned, we do overall calculation monthly and share among all top active earners while we disburse payment on 27th of the month.
So once you register and activate your account by purchasing NIP pack, you will need to edit your profile and provide your bank account details while you start taking part in NNU activities.
In conclusion, You could be making more than N10,000 Naira daily when you are serious in taking part in NNU activities. Your referral earning + Daily login earning + Commenting + sharing post on Facebook could earn you at least N50,000 Naira or more every month. So what are you wating for? 
Register Now
METHOD OF PAYMENT
There are different registration processes.
1. Paystack Method. Online Payment) or direct bank transfer. Here u pay wt ur ATM CARD by keying in your ATM DETAILS. Paying by this method gets your account approved within 
1 minute

2. Coupon code application.  Here, you *Don't pay to Nnu account*
You pay to one of any NNU assigned coupon distributor . Fortunate for you, am also an approved distributor. So you can contact me directly for it. If u must use this method, u must pay b4 registering. And this method gets ur account approved within 5minutes.
After Payment drop your full name used in making payment. Mode of payment, If ATM transfer: indicate location, proof of payment or debit alert then I'll confirm and send your pin to you

How Genuine And Who Is Behind N.I.P?

Now you may ask, is this not a scam site? NO. Not at all.
NNU Income Program (NIP) is a financial solution not a quick rich scheme and it’s a Double Your Hustle (DYH) idea created July, 2017 by a young Nigerian netpreneur Paul Samson under the auspices of G-Cyber Technologies. A professional web and ICT business registered under Corporate Affairs Commission (2453653).
Paul Samson is an internet marketer, affiliate marketer, freelancer and a Blogger who has achieved a lot and already made a good living using internet daily by God’s Grace. We have done it before and we are still doing it up till date. We started from Coolnaira.com a referral network with over 70,000 active members and has paid out over 15 million Naira within 1 year+ and still running smoothly. You may check the site for statistic.
We are the same guys on Eboss.ng an empowerment network with over 5,000 members and has paid out over 60 million naira within 6 months.
If you have read and wants to earn money like i am, then Click Here To Register
Continue Reading »
By at No comments:
Labels: , ,

Tuesday, July 31, 2018

Maize Production in Nigeria: How to Start

Business , MAKE MONEY
Maize Production in Nigeria: How to Start
Maize is one of the most commonly eaten crops in Nigeria and other parts of Africa. Maize production in Nigeria is by far one of the most interesting, easy-to-start and most lucrative type of agribusiness you can ever lay your hands on. 
Maize production would simply see you investing money, time, and energy into the business (of course, easier said than done.) but when the harvest period comes, it also the type of business that would make you ask yourself how much you invested to make such huge sum as income.
Maize production in Nigeria doesn’t take any special or intensive training, since you just have to follow basic rules and instruction to make it work. Also, one of the upsides of Maize production is that it’s one agribusiness that requires one of the lowest capitals. Maize, also known as Corn, is one of the most utilized and multifunctional crops in Africa. Maize and its numerous by-products are rich source of vitamin B, carbohydrate, iron and minerals, and as food, it also digests very quickly. If you’re contemplating starting a Maize production business in Nigeria, this ‘How to Start’ guide/post is for you to acquaint yourself with the basics of successfully running your Maize production in Nigeria.
Maize production in Nigeria

Maize Production in Nigeria: Overview

The importance of Maize production in Nigeria cannot be over emphasized. Like said earlier, a lot of by-products are gotten from Maize. Maize production gives birth to a lot of other consumables and some of them are:
  • Pap.
  • Custard.
  • Corn Oil.
  • Alcohol.
  • Cornflakes.
  • Animal/Livestock Feeds.
  • Corn Flour.
  • Corn Starch.
  • Corn Powder.
Maize can be used as raw materials for the manufacture of fuel, essential chemicals and alcohol and as straight food (boiled corn, roasted corn, etc.). It is grown by planting seeds in a cluster of 4 to 5 seeds directly in the soil during the start of the rainy season. They are planted in ridges, rows or furrows but for optimum growth, it is recommended that ridge spacing must be 2 to 4 inches apart to avoid choking up the germinating seeds. It is also recommended to plant maize seeds twice or thrice in one season to ensure continued harvest.

Maize production in Nigeria: Required Facilities

Suitable Land: Maize is a very rugged crop and can grow in the least expected of soil types but the ideal soil for it is loamy soil. Preferably, forest loamy soil with a lot of decomposed leaves, wood chips, micro-organisms and so on.
Irrigation Channel: Watering and Maize production go hand-in-hand and the easiest method is through irrigation channels; especially if your farm is a wide piece of land. Corn needs enough water and you can’t afford it running on low soil moisture, especially during pollination time. One has to be careful though, so water doesn’t flow in the tassels as this could wash down pollen needed for fertilization.
Maize Seeds: One of the tricky parts of starting a Maize production business is the selection of Maize seeds. Maize seeds are in varieties and they are stronger, disease and infection resistant than one other. This would inadvertently affect maize yield/production at harvest.
Storage Barn: You could either construct a well-fortified storage barn right on your Maize farm, or if your capital doesn’t give room, you could have a place even in your compound, well set-up for Maize storage.
Fertilizer: Application of fertilization is sure to improve soil nutrients and ultimately crop yield. You can use 4 bags (200kg) of NPK – 25 – 10 – 10 for one hectare as band or broadcast application during planting period.
Knowledge: You can either decide to start you maize production business after reading this post, in which way you’re not on the same level with someone who has no idea of what Maize production is all about, and you can work at a maize farm for a few months, if you intend gaining practical knowledge.

Maize Production in Nigeria: Feasibility Study

The feasibility study included in this guide is for a Maize production farm, measuring one hectare, after one farming year and two times of harvest.
Cost of the plot of land, cost of irrigation, cost of planting seed purchase, cost of fertilizer, cost of transportation the harvest from the farm to the market, workmanship (for planters, weeders, etc.), post-harvest cost (peeling the maize and storage), additional costs and expenses, all approximated to N4,000,000.
You can harvest as much as 150,000 cubs from one hectare but if 10,000 were lost due to pest infection or any other reasons, and one maize cub is sold for just N50.

Then calculation is as follows:
140,000 cubs X N50 = N7,000,000
At the end of the year, N7,000,000 – N4,000,000 = N3,000,000
That amount isn’t bad to show at the end of the year as the first year’s ROI. Bear in mind that the ROI increases yearly, if planting and nurturing instructions are carefully followed.
That is not in any way to say that Maize production doesn’t come with its own risks and challenges though.

Maize Production in Nigeria: Risks Involved

  • Birds, locusts, termites, rodents, and so on are some of the biggest threats to a Maize production business. Periodic and adequate pest control is very necessary.
  • Weeding must be as soon as 15 days after planting and not later than 25 days after planting. Weed does not only choke the crops, it also zaps off soil nutrient that is meant for the crops.
  • You must select the variety of maize seeds that has high yield and are disease resistant. It would surely determine your yield at harvest.

Maize Production in Nigeria: Advantages

  • The market demand for Maize is readily available. With proper marketing and awareness, you could be selling off your harvest within a month or less.
  • The many products that can come out of corn makes it move very fast and less tedious to market. Most times, you’ll be selling to a wholesaler, who would in turn be selling straight to companies needing it in large quantity, or to consumers.
  • Another merit of Maize production is that it requires just basic instructional knowledge and you don’t necessarily have to go for any seminar or workshop.
  • The short yield time of the Maize crop also means quick returns, for borrowed capitals.
  • There is also governmental support and financial backing for farmers that wants to try their hands on Maize production.
  • After market selloff, Maize production is one branch of agribusiness that is definitely worth the time, effort and money invested into it. you’ll realize this when you see your ROI.
Continue Reading »
By at No comments:
Labels: , ,

How to Raise Money for Business in Nigeria

Business , MAKE MONEY
How to Raise Money for Business in Nigeria
If the truth must be told, it is challenging to establish business in Nigeria. One of the major factors making business establishment rather difficult is the issue of finance. Many Nigerians do not know how to Raise Money for Business in Nigeria and this tends to hamper business progress.
How to Raise Money for Business in Nigeria
Those among them already operating one business or the other are forced to remain perpetually on small scale level due to lack of funds to expand such businesses. In this write-up anyway, you will get to learn one or two things you can do to raise funds for your business right here in Nigeria.

Personal saving

You can save up some money to run your business instead of relying on anyone for help. You do not need to save much each time. Just saving a little at a time can amount to much at the end of the day. The best way to get fund via this way is to start saving early.
Start saving from the very first day you conceive the idea and it would have amounted to so much after some times. Some are of the opinion that starting with your own savings will prompt you to manage the money very carefully and this can help build up your business within a very short period of time.

Partnership

This is yet another way to raise funds for your business in Nigeria. All you have to do is to go into partnership with someone ready to foot the bills to establish the business, while you bring the business idea to the table. The two of your will work based on agreed business formula.
This method had been known to work quite fine over the years. You do not need to depend on the partner alone for the fund. The two of you can team together to raise the funds based on percentage sharing.

Crowd funding

Many people are now into crowd funding as a means to raise funds for business.  Truth is crowd funding is not so popular yet in Nigeria as there is yet to be a website set up for that purpose. Be that as it may, it is already being used by many offline. There is however possibility that it will grow more popular online as the years go by.
Crowd funding can come in form of cooperative societies. Another form of crowd funding is via family members and friends.  You can equally raise funds through religious groups. . All you have to do is exploit your membership of such a religious group and you will be able to raise funds for the business before long.

Entrepreneurship programme

You can equally enroll in many of the entrepreneurship programs in Nigeria to raise funds for your business.  There are many of them there in Nigeria and you can easily join any.  What these people do is to listen to your business idea and find out how feasible it is. Then they will consider sponsoring the business based on agreed terms.
They assess your business proposal and those of other members in the program. You are sure of getting the desired fund to finance your business if your business proposal is acceptable. Interestingly, these organizations may not even ask you to pay back what you are being given as business fund.

Sales of assets

There is no point in keeping items you do not need urgently. Why not just sell them off to raise funds for the business? When the business begins to prosper and make good profit, you can always buy those items back.  If you have landed properties, you can sell them to raise funds.
Also, there are some items, like cars, electronics and other stuffs you can sell off to raise funds. Raising funds this way will give you peace of mind and you will never have to worry about paying back along with interest. You will be able to do your business with peace of mind and grow at your own pace.

Online business

If the truth must be told, online business costs far less than many of the brick and mortal businesses people do.  For one, you will never have to spend so much money to rent shops. You only need to put together a wonderful website and this puts you in good position to get the desired loan. Here is a free phone number budgeting loan, so you can find the best loan for your situation.

A functional business website will only cost just a fraction of the amount you would spend on resting and fitting a brick and mortal shop. Additionally, a website will help take your businesses beyond the limited scope of your environment to far beyond.
You can also raise funds for your brick and mortal business via the internet. There are so many things you can do online to raise funds.

Get an employment

You can also get job to raise funds for your business instead of borrowing or waiting for someone to help you. All you have to do is to do is to simply mange your finances and keep aside particular percentage every month.
You will also have to give yourself a target of how long you want to take to raise the fund needed for the business.  You can give yourself a target for 2 years to raise the required fund for the said business.

Visit development bank

Development banks do not charge as much interest rate as other banks. In actual fact, you can also get fund for your business. Many of these development banks have programs in place that can help fund small and medium scale businesses.  Examples of such banks are Agricultural Bank and Bank of Industry.
One other thing that makes them helpful is that they do not ask you for collateral in order to give you the required loan for your business.  Microfinance banks too are helpful too. Some of them give loans to small scale business and they allow you to make repayment over a given period of time.
Most of the time, they too do not ask for collateral to give you the loan required to establish this business.  Bank loan too is yet another means of raising funds for your business. The only problem is that banks always ask for collateral. You can approach these banks if you have collateral you can present for the loan.
Continue Reading »
By at No comments:
Labels: ,

Monday, August 10, 2015

Capital market suffers N1.07trn loss

Business ,
Capital market suffers N1.07trn loss

The Nigerian Capital Market has continued to witness consistent and prolonged downturn for the past three months, leading to the two major indicators, market capitalisation of listed equities and All-Share Index, plunging significantly.
For instance, investors lost a whopping sum of N1.07 trillion in July as a result of massive sell-offs that forced the market capitalisation which represents the value of investors’ investment dropped significantly from N11.421 trillion in June to N10.344 trillion in July.
Correspondingly, the Nigerian Stock Exchange (NSE) All-Share Index, which is an average of share prices of all companies listed on the Exchange, plummeted 3,276.56 points to 30,180.27 points from 33,456.83 basis points it recorded in June.
According to some market analysts who spoke on separate interviews with the Nigerian Tribune, lack of investor confidence, risk aversion approach taken by foreign investors coupled with the uncertainties surrounding the policy direction of the new administration impacted the massive sell-offs and decline in the month under review.
Further analysis of market activities in the last three months, that is, since the takeover of President Muhammadu Buhari, showed that the stock market has been very volatile as it has recorded about N895 billion.
Consequently, capital market stakeholders called on the Federal Government to roll out appropriate economic plan or policies that will drive the capital market. They opined that the status of a country’s capital market reflects the economy.
A deep look into the sectoral performance of the stocks in the month under review showed that all the sectoral indices dropped within the period as the NSE 30 index dropped by 165.19 points from 1,526.04 in June points to 1,360.85 points in July.
In the same vein, the NSE Banking Index declined by 52.58 points to close at 315.71 points in July compared with 368.29 points.
The NSE Insurance declined by 9.14 points to 134.55 points from 143.69 points, NSE Consumer Goods Index plummeted by 108.53 points from 842.70 points to 734.17 points, NSE Oil/Gas Index dropped 29.24 points to 339.30 from 368.54 points.
The NSE Lotus Islamic Index, Industrial Index and Asem Index all recorded a drop of 118.02, 42.23 and 3.39 points from 2,229.11, 2271.73 and 1,213.52 points to close at 2,111.09, 2,223.50 and 1,210.13 respectively.
Also at the end of trading in July, investors staked a total sum N85.412 billion on 6.192 million shares in 73,942 deals contrary to N101.717 billion on 6.113 million shares in 83,675 deals recorded in June.
Reacting to the factors that contributed to the huge plunge in the month under review, the Managing Director, High Cap Securities Limited, Mr David Adonri, attributed the drop to the uncertainties relating to the economy in general amidst the declining price of crude oil.
According to him, “After President Buhari took office, the high expectation of people was that, he will immediately constitute the government and start rolling out new economic policies to meet current challenges but failures on the part of the new administration to roll out appropriate economy plan gave the impression that, a firm direction was being set and so, that impacted negatively on financial economy.”
He, however, called on the government to constitute the cabinet and roll out appropriate fiscal policies to support the tight monetary policies of the Central Bank of Nigeria (CBN) so that, both domestic and foreign investors’ confidence will start growing again.
“The kind of fiscal policies I expect are those that will reduce pressure on the naira, reduce interest rate in the economy, maintain inflation at single digit and then, grow the domestic economy to be internally self-regenerating”, Adonri stated.
In their recent report, analysts at Ecobank Capital also noted that the uncertainty over policy direction from the new administration has continued to drag down the performance of the nation’s capital market.
The analysts, in their report on the Nigerian equities market, said the market performance recovered some of the losses posted during the first quarter of the year in the second quarter.
They said the NSE All-Share Index advanced by 6.20 per cent during the second quarter to peg the year-to-date return at 2.70 per cent.
The analysts, however, said that as the euphoria surrounding the peaceful conduct of the 2015 general elections began to be replaced by the reality of over 40 per cent drop in government revenue and unclear policy direction, the NSE ASI shed 1.72 per cent in June.
Continue Reading »
By at No comments:
Labels:

Can Buhari, Emefiele provide catalyst for textile, garment industry?

Business ,
Can Buhari, Emefiele provide catalyst for textile, garment industry?

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele is about taking the bull by the horn in the resolve to revive the textile industry. Already, skeptics are saying it is impossible. But Emefiele has disclosed that the president is involved.
He said: “Mr. President is committed to the rejuvenation and revival of this sector and he is desirous of bringing this industry back to life.”
The question is, why is there so much doubt about reviving the sector? What brought an industry with  well over 159 vibrant textile mills operating at close to full production capacities to its knees within a couple of years? Why hasn’t earlier efforts returned the industry to its glory days? What went wrong and when?
It was in search of answers to these germane questions that the CBN governor flew down to Lagos last week. Lagos was the centre where he transversed many years ago as a credit manager appraising loan requests for textile companies. “As a credit manager, it was a race against time, as if you didn’t have a textile company in your loan portfolio you were deemed to have underperformed,” he recalled with nostalgia.
These days, Emefiele said: “As I drive past these factory locations, I shudder with sadness at the abandoned and dilapidated structures. Indeed many of the premises have been leased or sold to other companies, who are involved in importation of various commodities like rice, tomatoes, textile, diary products and even automobiles.”
With this kind of disappointing situation in mind and finding himself in a position to effect a change, most analysts are hopeful that Emefiele, as CBN’s helmsman, will make good his promise to run a CBN that will support the revitalisation of critical sectors in the economy as well as to promote locally made goods. Thus the Central Bank of Nigeria on Friday initiated a meeting that is hoped would lead to the revival of the country’s ailing textile industry.

What went wrong in textile industry
First to identify what happened to the textile industry was  the president  of Textile, Garment Manufacturers Association, Mrs Grace Adereti.
In her words: “The problem started with with counterfeiting  of our products. We complained to relevant authorities like the Standards Organization of Nigeria (SON), but nothing serious was done. The government does not patronize us.”
As such, the  industry which created over 18 million direct or indirect employment opportunities with over 150 vibrant mills in the past, could only boost of less than 20 textile companies, still managing to stay afloat.
She said that the industry was in coma  because 95 per cent of textile products were imported, adding that 150 containers of textile materials are smuggled into the country in one night on daily basis, even when the country has the capacity of producing 1.5 billion metre of cotton.
Adereti did not mince words that CTG companies began to feel the pinch of the rather unstable political environment, policy somersaults, massive and unfettered smuggling of substandard Asian products into the country, high production costs due to obsolete machineries, low level technologies and poor state of the country’s infrastructure, especially power.
Others who spoke at the stakeholders’ meeting also agreed with her, but added  that without ban on importation and smuggling, no remedy will save the textile industry.
This conformed with the position of most analysts who  believed that the sector became “a mere shadow of themselves” due to the influx of cheap textile materials into Nigeria and because of inconsistent government policies. In particular, textile companies had been caught in the grips of policy somersault, unstable political situation, high taxes and levies, manufacturing sector’s near-collapse generally with poor infrastructure leading to high production costs, rising taste for foreign products, smuggling and more.
The issue of counterfeiting has earlier been identified by Managing Director, Grand Oak Limited, Mr Akshay Kumar, at a separate interview. Impact of adulterated products, according to him, is negative because faking is a very serious problem in this country.
“It is evident in the concern being expressed by the government. The regulatory agencies like the Standards Organisation of Nigeria (SON) and NAFDAC are concerned about the fact that so much faking happens in this country. It happens in the pharmaceutical business, it happens in mattresses, which is why there is a mattress company, which tells you before you buy their mattress, you should send a text to find out if it is genuine or not. So the issue of faking is a very serious issue,” he said.
President of the National Union of Textile, Garment and Tailoring Workers of Nigeria (NUTGTWN), Mr. Oladele Hunsu, in a separate interview regretted that before  now, there were some degrees of smuggling activities, there were all manner of clothings coming into the country through smuggling, unchecked.   “When last did you hear of men of the Customs Service seizing clothes in Nigeria? Go to Oshodi Market, Balogun Market and others; most of the materials you see there are coming from Asian countries such as China, Malaysia and others and these have further made the industry to be worse despite the intervention of the Federal Government.
“You are all aware that they promised to bring in money to bail out the industry. As I speak to you now, I can say that the fund has not helped matters because there are other factors of production that have not been taken care of. For instance, you talk of electricity, what is the electricity level now in Nigeria? It is abysmally low and no country can run under this kind of electricity. There are some employers that are crying because of the cost of buying diesel to power their generating set to operate their equipment and it is uneconomical. You see a factory spending about N60 million to power their machines and this money could have gone into other factors of production. So, the textile industry is not there yet. I can say we are stagnated. We have not recorded any significant improvement in the industry. We just hope that the new administration would bring in fresh air into the industry,” he lamented.
Mr Emefiele, who interjected at intervals during the meeting with cotton, textile and garment industry stakeholders in Lagos, agreed that indeed, these problems that   had stunted the contribution of the textile industry to Nigeria’s growth were far beyond funding. He also disclosed that he recently met with the Comptroller-General of the Nigeria Customs, as part of a collaboration to tackle smuggling of textile goods.
According to Emefiele, it was disheartening that an industry that literally touched the fabric of the entire country now pales in the shadow of its past success. But be that as it may, he said the central bank would provide single-digit interest rate and long-tenored loans to operators in the industry.
Next to speak was the General Secretary, National Union of Textile Garment and Tailoring Workers of Nigeria (NUTGTW) Comrade Issa Aremu,. He believes that what should  be done is to ask what “we were doing in the glory days, and what we are doing now.” He told Emefiele that he has listened to president Buhari speak of textile industry revival and sees a synergy of ideas between the governor and the president. He reminded stakeholders that “ if we revive these industries, we will be surprised the kind of jobs we will create.” It is estimated that  the revival of textile industries  will lead to the employment of over 400,000 workers.
Stating that industrialization is strategic to reducing the high unemployment rate in the country, he praised branded Emefiele a comrade governor for commencing plans to revive the textile and garment industry.
Aremu said it was commendable that Buhari had directed the inauguration of a special committee to look into the revival of the cotton and textile industry.
He said: “Labour demands that the revival committee be inclusive of all the stakeholders, including the sector’s labour unions and employers’ associations.

Role of funding
Emefiele admitted that challenges facing the industry is beyond just funding. This position is correct because at interest rate of six per cent and a repayment period of five years, operators in the textile industry ought to be falling over themselves to access the earlier provision of N100 billion Cotton, Textile, and Garment (CTG) Revival Fund. But this has not been the case.
The CBN boss explained that the relationship between banks and the textile companies was thorny because the former were suddenly left with huge non-performing loans after the bubble burst.
The Bank of Industry said about 60 billion of the CTG fund has been disbursed to various beneficiaries under the scheme but it is evident that results are not there.
The banks available records show that over 60 per cent has been committed to 52 companies in the Cotton, Textile and Garment Industry as at March, 2013. The re-opening of United Nigeria Textiles Limited in Kaduna is one of the numerous positive impacts of this scheme, it said.
A mid-term evaluation of the CTG industry commissioned by BoI/UNIDO to evaluate the impact of the scheme reveals that: “Over 8,070 jobs had been saved through the intervention, adding that capacity utilization for most beneficiaries has increased from below 40 per cent to about 61 per cent at the time over 50 per cent of those making losses has started reporting profits.
Despite these impressive statistics, most operators told Nigerian Tribune that
those who took the loan got their fingers burnt when they discovered, shortly after accessing the loan, that over 80 per cent of the market has been taken over by cheap imports from Asian countries. According to them, the influx of foreign textiles into the country made locally produced textiles less competitive, as they are often costlier than imported or smuggled ones.
“The central bank under my leadership is prescribing to work with the industry to come up with holistic solutions for the long-term sustainable development of the sector. I can assure you that the Bank is ready to provide funding under our Real Sector Support Facility for the industry.
“This in my humble opinion is the crux of this meeting, which I will like us to keenly deliberate upon. How for instance, can we get cotton farmers to increase their output, reducing dependency on imports? Or how can all stakeholders form a strong advocacy to create a more enabling environment for the sector to thrive once again? I am confident that with our collective efforts, we can finally change the sad narrative about this industry,” he added.

Law enforcement
Some law enforcement agencies that were once directed to leave the ports have gradually returned, yet smuggling remains a problem. Though the CBN governor may have discussed with the Controller-General of Customs, there are other agencies that should complement the Customs. Prior to the time the order came to vacate the ports, agencies at the seaports were; the State Security Service, SON, National Agency for Food and Drug Administration and Control, Directorate of Naval Intelligence, National Drug Law Enforcement Agency, Federal Environmental Protection Agency, the Port Police alongside its Bomb Disposal Unit; Plant Quarantine with Veterinary Quarantine; Nigerian Immigration Service, Port Health; Nigeria Customs Service, Nigerian Ports Authority and the Nigerian Maritime Administration and Safety Agency.
Beyond laminating that  a sub-sector that once employed over one million hardworking Nigerians is now almost completely dominated by imports from Asia, is the truth that there must be a way of fighting the monster called importation.
India alone estimated to export textile products worth over $140 million into Nigeria, while imports from China, Indonesia and Taiwan are more likely to be even much higher. The challenge for us as stakeholders according to Emefiele is how to prevent further dumping of the product into the country with the implementation of the Common External Tariff.
“We are all aware of the challenges that have beset and continue to plague the industry and I am under no illusion that this meeting will immediately resolve these issues.
Possible solution
Before the industry stakeholders went into a technical session of the meeting, Emefiele said the Central Bank was working out modalities  with the Kaduna State government on providing off-grid power solutions for more efficient energy supply. However, despite he believes that the success of this project will resuscitate the mills in the ‘Textile City of Kaduna,’ industry stakeholders want other structural challenges to be put into consideration in order to serve as a catalyst to the revival of textile industry. They are logistics, road network, security, tax incentives, low interest long tenored loans, among others.
Continue Reading »
By at No comments:
Labels:

Thursday, August 6, 2015

Just In: President Buhari Sacks All Group Executive Directors Of The NNPC

Business , News
Just In: President Buhari Sacks All Group Executive Directors Of The NNPC
Barely 24 hours after the appoint of Dr Emmanuel Ibe Kachikwu as the Group Managing Director of the NNPC, all Group Executive Directors (GEDs) of the corporation have been sacked with immediate effect.

The GEDs fired were appointed by former President Goodluck Jonathan in March 2014. They are: Mr. Ian Udoh leading Refining and Petrochemicals, Mr. Adebayo Ibirogba leading the Engineering and Technical team, Dr. David Ige leading Gas and Power, Dr. Attahir Yusuf leading Business Development; Dr. Dan Efebo leading Corporate Services, Mr. Bernard Otti in charge of Finance and Accounts, Ms. Aisha Abdurrahman leading Commerce and Investments, and Mr. Joseph Dawha leading Exploration and Production.

Word out also is that the new  GMD Kachikwu intends to reduce the number of GEDs from nine to four.
Continue Reading »
By at No comments:
Labels: , ,

Friday, May 15, 2015

How I was set up in Brazil-Lagos trader who injested 70 wraps of Cocaine

Business ,
How I was set up in Brazil-Lagos trader who injested 70 wraps of Cocaine
A 39-year-old suspected drug trafficker, Celestine Ikechukwu Okonkwo has excreted 70 wraps of cocaine weighing 1.326kg shortly on arrival from Brazil.He was arrested at the international wing of the Nnamdi Azikiwe Airport (NAA),Abuja.

Narrating his ordeal in the hands of drug barons, who sponsored his trip to Brazil under the guise of white collar job, the suspect who sells used clothes at Idumota market, said that he was promised mouth-watering job opportunities here in Nigeria.

According to him,
“I was in my shop at Idumota market where I sell used clothes. I will never forget the day a young man came to my shop to buy shirt. He told me he is from Anambra and that he lives in Brazil. He also promised to help me with a good job opportunity over there. Honestly, I was excited and felt it was answer to my age long prayer. He collected my phone number and left. This was how it all started.”

He prepared my international passport and also secured a visa for me. Then he told me to get set to travel anytime. Few weeks later, he brought my ticket and I travelled to Brazil in January 2015. He gave me the name of the hotel where I will stay pending when he will get me a job. I was eventually abandoned to suffer. When I exhausted my money, I began to sleep in a church. I also began to work for a Nigerian woman who owns a restaurant in order not to starve to death”.
Nobody discussed drug trafficking with me while in Nigeria. It was after I had lived in the church for some months that my sponsor located me in Sau Paulo. I was told that there is no free lunch in Brazil and that I have suffered and experienced difficult life in Brazil. This was the point they introduced drug trafficking as the only way out. They said that was what people do to make money. It took me about seven hours to swallow 70 wraps of cocaine. I was inexperienced because it was my first time. They promised to pay me N400,000 when I get to Nigeria.”
Continue Reading »
By at No comments:
Labels: