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161 BUSINESS

1HE GUARDIAN. lbUJSday; AUgust 30, 2012

u.s. invests $2 billion to boost agric, SMEs in Nigeria "I"if National Prtsldtnt, I N Igtrlan -t\lfltrlca n Chambtr of ConlnJtrct, Sam Ohuabunwa, has disclosed that tht Unlttd StUts of Amtrlca had In\t!5ted $2 billion in Nigerian agriculrural SKtor. Ohuabunwa dlSdosed this

lCTventure capital undeIWay CONTlNUED fROM PAGE 15

scrtbus. bu[ wh,:n you look at tht mobU t ptnetratlon In Nigtrla we an: jbout 60 prr ctnt, which is a~lJy one of tht lowestlnAfric.LSo thtre Is a lot of work to do. Whtn you talk about quall~1 of service, what is the rfa.!on for tht poor quallt'l of service? It Is tht first part that I mentioned, poorlnlranructure. "Wedon'll\;}~ enough Infra.. structure In m is countf}t Lrt megM~ancx.lmpleofthe

UK ~rsus ' ~lig('rLL Tht UK In

ttrms of geogr.nhical landrTWS Is one thrl d )fthe size of Nigeria and th(· population Is abOut67-1~ mIllion, which is about on~ thlrll IIf tht size of NIgeria. l oda} UK has over lhret mUllon sql1art kilometer offibre ilcroSS the country. Lhtyg~l!pu , SO to60 thousand boise ~atk 'n.serviCing 67 million pt,'Ople.5.lwhen upgo to the UK),uid you don't expt": rltnct dlOp cilll ~ and all of that and mac their broad band Is liS! jwt think back to Nigeria, we h IV! ilbout 100 thousand squaft' kilometer of fibre cowrlng llT'lllion square kilometer of the :ountty. "We h;m~ 20 thouSiind base stations aying D serw: all of us. 50 It is iI C:lS! of demand and suppl~ Ih! Indwuy has grown ~ry qulckly and we are not bulldlrg up thilt Infrastructure as quickly .u .....e need to ilnd SfI \ Ihat we need to do is to ilcru.il1y build that InCnsttuCt ureiIJ ld thilt is why we are " urking with tht network ope~tors to build the InfnsttuctUl't ·We naorl to 'lcW' mo~ bast: stations, we n~:d to roll out more fib~ optit s and government RIle ~ 10 milke tht p~ as ea5f.lS possible ror

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1ft saJd that th tU.s.govemmenr was also Interuted In dtvtloping Small and Medium Ente.rprises (st.U.s) in Nigeria. The Chamber President explained that the u.s. was i ntt~sted In thl! devl!lopment of the iI~rultur.lI SKtor and SMu because of their Importance to economIc r«overy and manufactur-

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-the 100'fitments are made availa ble to suppon these two areas bK.ause .111 over the world small and medium enttrprises hold tht KO nOIny, -A$riculture and agr&pn>cessmg, power, sKuriry IssutS. as well as other human development areas. such as health ilnd edUCii' tion are focus policy artnas of me American government for Nigeria," he said.

According to Ohuabunwa, the Sl billIon grant Is also being provided to promott wider use of solilr and gretn energy by SMEs. "Dearlclty is a major Issut In Nlgtrla Milny businesses havt folded up owing to Inadequate electricity s uppi, -rile u.s. wants to encourage the de\"e.lopmtnt of powtr generatln~ capacities In rur.1I areas. he said Ohuilbunwa pointed Out

that the U.s. Export and Import Bank was also makIng funds aViliiable to prospective Nlgtrian agroailltd entrepreneurs who might want to make use of u.s. technolog}t He said that the U.s.govem ment was working wfth dvil society groups and some Nigerian commerdill banks to tnsurt that the grants were prop'!!rlydlsbursid. "We will collaborate with non-gow:mmental organlsa-

SouthAfrtca eyes Nigeria's petroleum infrastructure projects By Su1aimon SaJau

C'OUTlI African Investors .,)ha~'e shown keen tnterot to Invest In Nigtrla's perroleurn sector through the ~M­ billtatlon of some of the nillion's pipelines. 111e South AfrIcan delegation unveiled their strate~tS (0 the Nigerian National l>etroltu m Corporation (NNPC). during iI worldng visit to the corporation_ The team led by Stephan Mcburgtr, Silid the visit was to txplore the abundant potentials In th t Nigerian petroleum sector by die varlow business Investors from South Alnea_ "We ilft here to Introduce cutting edge technology that will help In rehabilltiJtIng t he NNI'C oil and gill pipelines that cut across the country and this will also create lob opportun ities ror tht ann"v 0 youths in the country, ht Silld MCburgtr said the various business Investors from South Africa would also help In training Nigerians on the ob that Will htlp In sustllinng their numerous Investmtnts In Nigeria. The Group Milnaging Director of the corporation. Andmv Yilkubu stattd thilt [he NNPC would coUaborate wi t h Investors willing to develop the oil and gas SKto r of tht Konomy. stressIng that the draft Petroleum Industry Bill (PIB) forwilfded to the NatloJlclI Assembly by the Federal Government for conSideration and passage into law would ~ate the enabling environment for

Investors and bolSter Investmt nr In the 011 and gas Industry In Nigerlil_ Rrpresented by the Group Executivt Dlr«[or Corporate 5e .....lcl!S. Pe ter Nmadu. the GMO avtrrtd that the PIB, when passed Into law. would proVide a

for ve ri table platform Invtstors from dlfrtrent pans of the globe to Invest In the upstream. midstream and downstrtam sectors or the petroleum Industry In !hecounny. -Cenalnly at iI time like this. when cridcs are

e;cpressing uncert.. lndes ilbout the Petroleum Industry Bill, what we are witnessing today Is a hUJ;t tndorsement of the Nlgenil o il industry. We have a fluge dtlegatlon of In~tors from South Africa to discuss with NNPC on potentials of

Sjleclal Adviser 10 UgOI Siall Governor on Til Il1d Revenue. Armoll Shodlpo Oe"): Mana&inl Dlractor and Chle' Execurm Officlr. Nn lil Hlleria Pic. Mutin WoolnovCh: and eale,ory Busineu Mana«<. Dairy. Menl. Arikawe. ar the official presenlation 01 enridled Golden Morn. In Lagos. on Tuesday. PHOTO; FEMI AD£B[SIH-KUTl

Oil prices fall as us. supplies rise

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in~tment In tht oil and gas sector_ "I think thls Is a positive develo pmtnt because It Is a c1eilf testimony to the Cact chat the PIB Is not an Imprdi. menr to Invrstors as Is bl!lng touted but a real catalyst for Investors," he said.

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tlons, govemmtnt agencies, some commercial banks and with our Bank of Industry to illlce.. te the grants to Itgitlmatt SMEs," he added.. The chambl!r president however, Silld thilt tht SMEs must be regiStered In .. ceordance with Nigerian laws to qualify for ilny gr.mt. He Slid that it would bt an advantiJge If tht SMEs ~re membl! rs of the chambtrs so that they could be recommended to gtt any grant.

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I""'RUOE oil prices fell after \.....u.s. crude stockplles unexpectedly gained and Hunicane Isaac made landfall, reducing the threat to offshore platforms and rigs In the Gulr of MeJdco. Crude oil for October delivery declined S1.40. or L5 pe:r cent, to S94 .9] a barrel at 1059 a.m. on tht New York Mtrcanlilt Exchangt. Oil uilded at S9S.45 a barrel btfore release of the inventory repl)rta( 1030,1.0\. Futures have filllen 3.9 per cent this year_ Brtnt 011 for October settlement fell 28 cents to 5112.)0 a baml on the London-based ICE Futures Europe uchange Fururu dropped as much as l6 per cent aher the Energy Oep.lnment said Slockpifes Increased ].78 mJlilon barrels to 364.5 million. Supplies were foreast to dec~ 1.75 million bilrrtls.. Gasolint Invenlorles declined to iI threHnonth low. Isaac struck the coast of southeastt:m louiSiana. shun1!\8 refinerlt!5 ilnd production facilities. '''/e moved lowu on the lnvtntory g .. ln: .. said Marshall BeroL .


THE GUARDIAN, 30 AUGUST, 2012