Daily Times Nigeria Friday, November 18, 2016
Manufacturers lost N500b to forex differentials – MAN CONTINUED FROM PAGE B1
$320 per Dollar. He noted; “Manufacturers currently face up to N500 billion in exchange difference between the approved Form M/LC established rates and the flexible market rates of $320/$1. This is a huge lost that manufacturers are to bear whereas the related goods have been sold before the commencement of the new exchange rate discovery system.” He said that the huge lost which occurred through the introduction of the new rates has resulted in many of its members closing shops, loss of investment and loss of employment in the sector, adding that the exchange losses would result in requiring additional working capital to shore up cash difference between N320 and N197 in order to be able to buy the required forex volume at the flexible exchange rate market. In his speech, Dr Jacobs
Frank Jacobs, MAN President
Udemba, President, MAN, who was represented by the National Vice President of MAN, Rev. Isaac Ade Agoye urged the Federal Government to harmonise the role of various government regulatory agencies in order to eliminate conflict of roles amongst them, and multiple charges to manufacturers.
B7 Business News
NASSI urges FG to create environment conducive for industrialisation Nigerian Association of Small Scale Industrialists (NASSI), has urged the Federal Government to deepen efforts in creating more enabling environment to grow Small and Mediumsized Enterprises (SMEs) in the country. NASSI National President, Mr Ezekiel Essien who gave the advice on Thursday in Abuja during an interview with newsmen said an enabling environment will encourage more stakeholders to industrialise Nigeria. “The SMEs are an important engine for growth, employment generation and social cohesion in Nigeria. “It is worrisome that despite the incentives, favourable policies and regulations and preferential support by government, SMEs have
performed below expectation in Nigeria. “I think the major challenges facing SMEs include but not limited to enabling environment, government policies and access to finance. “Enabling environment comprises qualities of infrastructure, access to market, water supply, access to modern technology and low investment in research and development.’’ Essien said that the vision of NASSI was to act as a veritable umbrella body and development support platform for small scale industrialists in Nigeria. He promised that the association would work toward actualisation of its mandate and vision by activating the sector and empowering its members to work toward
a sustainable small scale industrial development. The national president said that the core values of NASSI were integrity, transparency, accountability and productivity drive toward industrial development and selfreliance. Essien said that NASSI had so far created 500,000 jobs and related opportunities through its members in the informal sector. According to him, the organisation is working assiduously to integrate the informal sector into the mainstream economy through capacity building and training. “The body has acted as the bridge between the SMEs, the marketers and the investors to ensure enhanced development for its members to create the much desired jobs.
DPR pushes for refineries privatization
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following the privatisation of the Nigerian Electricity Supply Industry, NESI, would recognise that the sector has been bedeviled by a number of challenges that would make the most hardened risk - seeking investor to run in the opposite direction,” he said. “The absence of a cost covers regime, regulatory uncertainty,
customer non-payment of their bills, limited to no access to financing, gas supply limitation, neglected and aging power turbines, among others,” he listed as part of the challenges of the power sector. He said ANEDC does not believe that reversal of the privatisation is solution to the challenges of the sector.
L-R: Chairman, House of Representatives Committee on Privatization, Hon. Ahmed Yerima, Managing Director/ CEO, Abuja Electricity Distribution Company (AEDC), Engr. Ernest Mupwaya and Chief Finance Officer of AEDC, Mr. Andrew Atterbury, during the House of Representatives Committee on Privatization oversight visit to AEDC head Office in Abuja, yesterday...Temitope Balogun.
Total makes $10bn investments in Nigeria in 5 years The Managing Director, Total Exploration and Production, Nigeria Limited, Mr Nicolas Terraz on Thursday said the company has made over $10 billion investments in the country in the last five years. Terraz said this at the 34th Nigerian Association of Petroleum Explorationists Annual Conference Management Session -1, in Lagos. The conference has as its theme “Upstream Business Environment in a Recession Economy – Nigerian Example”. The CEO said that the company had added over 2.3 billion barrels of crude to Nigeria’s production
from 1966 to 2015. “In the last five years alone, we have made approximately 10 billion dollars of investments in Nigeria. “Through decades of executing development projects, Total’s activities have contributed to creating jobs and developing human capacity in Nigeria. “ Despite the challenging operating environment, Total remains strongly committed to the developments of its activities in the country, while working relentlessly to adapt to the current environment. “In September 2015, we achieved first oil from the Ofon Phase 2 De-
velopment Project, which will increase production capacity from the Ofon field by 60,000 barrels of oil equivalent per day. “Development drilling is currently on-going to reach the production plateau. Beyond the incremental production, this project also eliminated routine flaring in Ofon field and allowed monetization of the gas from Ofon. “This was recognised by the World Bank – sponsored Global Gas Flaring Reduction Partnership, which gave an Excellence Award to our Ofon-2 Project on 9th September 2015, for this achievement,” he said.
NNPC moves to improve diesel quality Opeoluwani Akintayo The Nigerian National Petroleum Corporation (NNPC) has commenced work on a scheme to improve the quality of diesel in the Nigerian market for efficient and optimal performance of diesel-powered engines. This was disclosed by the Manager, Collaborative Research of the Research & Development Division, Engr. David Akpan, in a presentation made to the Group Managing Director of NNPC, Dr. Maikanti Baru on Thursday. Giving details of the research, Engr. Akpan said the R&D Division was working in collaboration with Petronas, Petrobras, Statoil and Saudi Aramco to achieve sig-
nificant reduction in sulphur and carbon content as well as other impurities in diesel. He stated that the project also involves non-conventional upgrading of other refined products including crude oil. Speaking, Dr. Baru described research and development as a vital tool for advancement in any organization desirous of re-inventing itself in the ever competitive market place. The GMD called on the Management and Staff of the Division to support him in the renewed vision to transform R&D. “Organisations that grow commit a significant part of their budget to research and development and we are going to do that.