Business
SON Lauds Firm For Promoting Local Content, Employment
The Standards Organisation of Nigeria (SON) has lauded Life Mate Group for producing products with locally sourced materials that drive the local economy, create more employment opportunities, and improve the living conditions of Nigerians.
Director-General of SON, Farouk Salim stated this at a press conference to launch the Lifemate 2022 Hot sales and pre-sales mode at the weekend in Lagos.
Salim, who was represented by the State Coordinator of SON, Moshood Shittu said the company, with its various range of products manufactured locally, has also contributed to the state and federal government through its personal and company income tax.
“This company has been in existence for about 20 years and it used to be that furniture was imported into Nigeria and because of the shipping cost that ultimately leads to the increase in the cost of the product, the company decided to go into local production to eliminate these barriers.
“We are glad that the company is making use of local raw materials in its production. This is creating jobs for our teeming population.
“Lifemate has contributed to the reduction of unemployment by recruiting staff locally and thereby contributing to the socioeconomic development of Nigeria,” he said.
Salim noted that the company has been subjected to the Mandatory Conformity Assessment Programme (MANCAP) certification scheme, as their products have been certified.
Regional Manager, Life mate group, Lekki, Jessica Xiong, while giving the business model, said the company is one of the foreign investors that source raw materials locally as well as produce the product locally to provide employment for the people in the country.
She said this has also helped in eliminating the high cost of shipping raw materials and the furniture into the country, which is why the products are affordable.
Xiong listed the company’s multiple categories of furniture ranging from office, home, kitchen and sanitary wares, indoor and outdoor to suit the demands of the Nigerian populace.
She said the company’s hot sale model is to ensure the products are affordable, while considering the economic situation of the country as well as ensuring people live in comfort in their homes.
The Showroom Manager, Amaka Chiemena, said the model of the furniture is to improve customers’ loyalty as well as the furniture industry in the country.
She said the company produces furniture to suit the taste and needs of the Nigerian populace at an affordable cost for the customers to appreciate.
Business
Bayelsa Begins EIA On 60MW Power Plant
The Bayelsa Electricity Company Ltd, in collaboration with the Federal Ministry of Environment, on Friday, commenced the Environmental Impact Assessment (EIA) for the proposed 60-megawatt (MW) power plant.
The Tide’s source reports that the power plant project, led by the Bayelsa State Government, is in Elebele, on the outskirts of Yenagoa, the state capital.
The source also reports that the State Governor, Douye Diri, had announced plans to establish an independent power project to end the state’s reliance on the national grid and provide an uninterrupted power supply across Bayelsa.
The Director of Operations at the Bayelsa Electricity Company Ltd., Steve Bubagha Jnr., conducted the Minister of Environment, Balarabe Lawal, and his team around the project site.
Mr. Bubagha explained that the company planned to install a 60MW “plug and play” gas-fired turbine that would receive gas feed from the Oando gas manifold in Elebele.
He said the land area for the project is approximately 5.8 hectares, with 2.1 hectares currently being used.
“The Independent Power Plant is officially known as the ‘Yenagoa Power Project. This is a ‘Plug and Play’ Gas Turbine.
“What we mean by ‘plug and play’ is that the turbine is already set to be installed upon arrival from the manufacturers.
“We are only working on other components, so the turbine should be running in less than two years, or at most, in two years”, Bubagha explained.
Following the site visit, the environment minister, represented by Adimchinobi Okereke, emphasised that the purpose of the visit was to ensure the EIA process adhered to standard guidelines before granting final approval to the project.
He lauded the state government for initiating the project, noting that once completed, it would benefit Bayelsa and contribute to solving Nigeria’s power supply challenges.
Azibola Inegite, a professor and Dean of the Faculty of Science at Niger Delta University, and the EIA consultant for the project, assured that international best practices would be followed in conducting the EIA.
He emphasised that the EIA was essential for the successful execution of impactful land and environment-related projects.
On his part, the technical adviser on Print Media/Public Affairs to Governor Diri, Wisdom Ikuli, commended the Governor for his vision in executing the project.
He stated that the 60MW power plant would help reduce the state’s frequent power outages and boost business growth, thereby accelerating industrialisation.
A key part of the minister’s visit was the “Stakeholders Engagement Scoping Workshop for Environmental Impact Assessment of Proposed Gas Powered Plant and Gas Delivery Pipeline in Bayelsa State”.
The workshop brought together stakeholders from Elebele, whoch include the host community, and Kpansia, an impacted community in Yenagoa Local Government Area.
Business
Firm Unveils Solutions To Oil Logistics Challenges
A firm, Fortune Global Shipping and Logistics Limited, said it has concluded plans to unveil an excellent and cost-effective logistics solution for oil and gas logistics, project cargo, customs clearance, consolidation, and construction, among others, in Lagos State.
Announcing this in a statement on Friday, the company said the initiative would be unveiled during the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference.
It stated that the event is billed to take place in Lagos this week.
SAIPEC is an annual global event which focuses on harnessing a sustainable African energy industry through partnerships.
Fortune Global explained that the exhibition promises to engage with other key industry stakeholders, decision-makers, and experts across Sub-Saharan Africa’s energy supply and value chain.
“We invite you to experience more and find out about Fortune Global’s latest innovations in oil and gas logistics. Connect with Fortune Global Shipping and Logistics Limited at the Exhibition Booth N21, Eko Convention Centre, in Lagos”, the statement stated.
Business
Nigeria, Still Africa’s Largest Economy – World Bank
Nigeria remains the largest economy in Africa going by Gross Domestic Product (GDP), in spite of the challenges faced by yhe country’s private sector.
World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, who confirmed this at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja, Friday, said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants, especially in comparison to countries like Indonesia and South Africa, it continues to hold its position as Africa’s biggest economy.
He said the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.
Diop noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.
He explained that the current macroeconomic reforms have created a favourable environment for such changes.
He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.
The Country Director outlined four key sectors where strategic reforms could unlock massive investment and job creation.
He stayed that in the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.
In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges, comprising 30 to 70 per cent of broadband rollout costs, as a major barrier.
According to him, addressing these regulatory inconsistencies would be a game-changer for broadband expansion.
He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.
He also noted challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber.
Dr. Diop further noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.
On solar power, Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot.
He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs.
However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.
He noted the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest.
While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
On her part, the Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees.
She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.
-
Nation5 days ago
Party Chieftain Hails LG Boss’ Dev Strides
-
Oil & Energy2 days ago
OPEC+Commits To Monitoring Oil Production Adjustment
-
Business2 days ago
Nigeria, Still Africa’s Largest Economy – World Bank
-
News1 day ago
Soludo Rebagged FG Rice Shared To APGA Members-APC
-
Rivers5 days ago
Ohaneze Ndigbo-Group Hails Eze Umuokobo as Asst Treasurer
-
Sports2 days ago
Tennis: Alcaraz Celebrates First Indoor Title
-
News2 days ago
N’Central APC Threatens To Sanction Members Attacking Tinubu
-
online games10 hours ago
AI-Powered Advanced Leak Detection In Water Risk Management