THE NATION THURSDAY, JUNE 9, 2011
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INDUSTRY
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HE Director of Trade, Federal Ministry of Commerce and Industry, David Adejuwon, has urged American investors to target the agriculture and agro-allied sector of the economy. He made the call during a meeting between the Department of Trade and officials of the US Embassy, led by the Regional Agricultural Counsellor, Russ Nicely at the Ministry ‘s Headquarters in Abuja. Adejuwon said Nigeria has comparative advantage in the agricultural sector and reiterated the need for processing of the agric products for value addition before being exported to the international market. He said the ministry has been facilitating trade between the US as well as other countries, adding that the Ministry is addressing the issues that are of interest to Nigerian partners to ensure interna-
Ministry woos US investors on agric Stories by Toba Agboola
tional standards in the trade and commerce sector. He said the US remained a major trading partner of Nigeria and called for continued investment for both countries in cocoa and rubber plantations, as well as improvement on production techniques and value addition in the agricultural sector to meet world standards. Earlier, the Regional Agricultural Counsellor, Russ Nicely, acknowledged the tremendous opportunities in Nigeria’s agricultural sector, especially in the area of processing and urged the government to look into the packaging so as to meet international standards. He identified the challenges in the
agricultural sector and urged the government to promote international standards to qualify the products for export, adding that the US Embassy will continue to promote win-win situations in the investment relationship with Nigeria. In a related event, Mr. Adejuwon has urged key economic Ministries/Departments to be part of the forthcoming Annual Best of Nigeria Expo 2011 to be held in London. He made the call during a meeting between the Ministry and the organisers of the Annual Best of Nigeria Expo, led by Afolabi Andu, the CEO VISAGE PR at the Ministry’s Headquarters in Abuja. Adejuwon pointed said Nigeria
needs to tell her stories to the international communities and expose her investment opportunities to investors in the developed countries. He said: “This is the right time for us to start telling our stories, not doing things the way we were doing before and follow others the way they are doing things. We must not continue to lament the failure of the past.” He added that Nigeria has to establish bench marks to accomplish the vision of being among the 20 top economies of the world. This is the right time for us to be proactive and move the economy of the country to a sustainable level. Adejuwon stressed. He praised the private sector for taking the initiatives to advertise
Nigeria and her potentials to the world to attract investment into the country and assured them of the ministry’s co-operation and support for the Expo. Andu explained that the main objective of the exhibition is to create a platform where Nigerian products and services can be showcased to promote interest among the international community. He added that the missing link in the organisation of the exhibition over the years, was the presence of key government bodies and agencies expected to respond effectively to prospective investor’s quests on the state of the country’s investment climate, stating that effective participation of key government Ministries, Agencies and Departments (MDAs) would bring much impetus and drive to attract prospective investors to the key priority sectors of the economy.
LCCI canvasses cooperation in ECOWAS
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•From right: President, Abuja Chamber of Commerce Mines and Agriculture (ABUCCIMA), Dele Oye, Greece Ambassador to Nigeria, Dionisios Sourvanos and Director-General, ABUCCIMA, Joe Wenegieme, during a courtesy call on the Ambassador in Abuja.
•Sweet Sensation’s Ifako Gbagada, Lagos outlet manager, Benson Afolabi, a Marketing staff of sweet sensation, Alaka Sadiq(left) with children at the outlet’s Children’s Day celebration
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ACN Property Development Company (UPDC) has re warded its shareholders with N756.250 million as dividend for the business year that ended on December 31, 2010. The company’s chairman, Mr Larry Ettah presented the figure to the shareholders during the company’s Annual General Meeting (AGM). Addressing the shareholders, Ettah stated that UACN Property Development Company Plc (UPDC), a leading property developer, is poised to take advantage of
HE President, Lagos Chamber of Commerce and Industry, Chief Femi Duru, has called for stronger trade integration between the private and public sectors of member-countries of the Economic Community of West African States (ECOWAS). Presenting a paper entitled: Breaking trade barriers in the West African Sub-region, delivered at a stakeholders forum in Lagos, Deru for too long, private sector organisations and institutions, have confined themselves to their countries, while their counterparts in other parts of the world were advancing on the frontiers of their economies and markets through integration. “We need to broaden our perspectives and think beyond individual countries and even our subregions.” The LCCI boss said the economy needed to develop not only subregionally, but globally. He said with a robust market of about 300 million people, significant bebefits of economies of scale would be enjoyed by West African firms in the event of full market integration. “This will reduce unit cost and enhance their global competitiveness,” he said. Deru explained that there is a strong relationship between the development of inter-regional trade and the promotion of economic integration in the subregion, adding that the integration was the main vehicle for boosting trade within the subregion. The LCCI boss stressed that with the integration, African economies would be stronger and their capacity to cope with the challenges of globalistion will be enhanced. “Africa will also be better positioned to respond to the challenges of peace and security in the continent,” he said. He said the challenges and constraints in the region were linked to factors such as lack of the desired political will to implement treaties and drive the integration process, colonial allegiance and loyalty, which sometimes took precedence over regional protocols, and reluctance to surrender even partially,
UPDC pays N756 million as dividend By Eshiet Uyoatta
the emerging opportunities in the sector to create sustainable value for the company. In his address at the meeting, which took place at the Golden Tulip, Festac, Lagos, Ettah said: “For the real sector, a cautious optimism exists as major international housing markets continue to show strong signs of rebound.
“Significant gaps exist in housing volume and type in Nigeria and your Management and Board are poised to take advantage of the emerging opportunities to create sustainable value for you, our esteemed shareholders.” Ettah stated that operationally, the company maintained its leadership position in the premium market segment of the Nigerian real estate market.
“We achieved full completion of the prestigious Victoria Mall & Plaza (VMP) Residential apartments at Aboyade Cole street, Victoria Island; the eight-story Aduja Phase 3 office complex and the Pinnock Beach Site & Service Scheme. Work commenced on the 15-story VMP office block and has reached an advantage stage.” The chairman stressed that UPDC’s issue of N15 billion Corpo-
sovereignty and economic nationalism. He argued that the quality of political governance and corruption were some of the compelling factors limiting trade integration in the sub-region. Also, the chamber has asked President Goodluck Jonathan to use his first one year in office to address critical developmental barriers that will ensure growth and create jobs and improve private sector productivity and competitiveness in the economy. It called on Jonathan to initiate programmes that would lead to progressive reduction in fiscal deficit in the next two years through progressive improvement on its record of fiscal discipline to save the economy from collapse. Deru stated that there is the urgent need for the President to address the critical barriers to real development in the economy that would stabilise the standard of living and private sector performance. “We desire a growth that would create jobs and improve private sector productivity and competitiveness in the next four years of our democratic government because the impact of the soaring fiscal deficit of the past two years on macro-economic stability and general economic performance is worrisome,” he said. He noted that this is related to the government’s need to curb the escalating domestic debt profile which is currently estimated at about N4.8 trillion, saying, “we urge for an urgent moderation of the debt in the next four years because the burden of servicing this debt is becoming an increasing concern.” Deru said President Jonathan should populate the cabinet with people with track record of integrity, performance and robust intellectual content, “arguing that the practice of using ministerial appointments as rewards for political loyalty and electoral support should be discontinued so that at the end, the administration would be judged by its impact on the lives of the people.”
rate Bond at 10 per cent per annum issued last year was over subscribed and at a price unprecedented in the history of corporate bond issues in Nigeria. He explained that the proceeds of the bond were utilised to partly refinance the company’s short-term borrowings and also fund new land acquisitions for new projects. Some of the new projects include the on-going Emerald Court, Gudu Abuja, Metro Gardens, Lekki and a host of others in Lagos, Abuja and Port Harcourt.