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Expert Outlines Viable Business Opportunities

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Business and Feasibility Study Consultant, Mr Kola Owolabi, has outlined some business opportunities that can capitalise on the current economic policies of the country and be successful.
Owolabi, also the Chief Executive Officer (CEO) of David Richard Associates, made this known in the company’s August 2023 report last Friday in Lagos.
He noted that to some, the recently unfolded economic policies of the current dispensation in Nigeria might be considered harsh and unfriendly, particularly to the Nigerian masses.
He, however, stated that the ball of opportunity was passed to some people, saying, “this is their time to make good money if they can quickly capitalise on these opportunities”.
Owolabi said the business opportunities to succeed include manufacturing that use local content, exports and skills with international demands.
“We are not talking of opportunities for those who are close to the people in power, these opportunities are for you and I who are in businesses that can be started and grown to become a force to reckon with in the future.
“Manufacturing of goods and products with the use of local raw materials is a business opportunity that will thrive under the current dispensation and the reason is obvious.
“The merging of the two windows of the exchange rate has seen the naira crashing by nearly a hundred per cent.
“It means that manufacturers who were getting foreign exchange under the old dispensation at official rate have to pay double to access it to use for importation of critical raw materials for manufacturing.
“This will lead to steep increase in the market price of their end products, meaning those who rely on local raw materials will not have to worry so much.
“Even if prices of local raw materials will go up, it would not be as much as what we have seen happen to foreign sourced raw materials”, he said.
Owolabi listed examples of manufacturing that involved mainly locally sourced raw materials to include shoes, bags and other fashion industry products that relied on locally raw materials such as leather, cotton, fabrics and others.
Others, he said, are production of food products and beverages using local inputs like cocoa, coffee, corn, amongst others.
“There is also agric processing using our various agric produce and finally so many other light manufacturing activities using locally sourced raw materials.
“The huge devaluation of the naira has given Nigeria a big advantage in the area of export of goods from Nigeria.
“It means that goods going out of Nigeria are extremely cheap to people abroad; from raw materials, to intermediate products and processed goods, the export market is now a gold mine.
“People with skills that have international demand is the icing on the cake of business opportunities that will thrive under the current dispensation.
“For people who have skills in the digital platform space, those who have coding skills and ability to use AI (Artificial Intelligence) in a wide range of applications you have good opportunity to make good money.
“This is due to the high demand for these skills and the fact that they will be paying you in foreign exchange”, he said.

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BPP Saves  Nigeria N1.9trillion from Contracts  Fraud  – DG

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The Bureau of Public Procurement ,( BPP,)  Thursday said  it’s activities  on  Contract monitoring has
 saved Nigeria  over N1.9trillion from contracts fraud  over the years.
The Director – General , of the agency ;  Dr Adebowale Adedokun stated this  during  a budget defence session the  BPP had with the Senate Committee   on Public Procurement in the National Assemby .
According to he BPP Boss  the agency set up 17 years ago , precisely on the 14th of June 2007 , has been on the fore front  of  the war against corruption in the country, particularly those that have to do , with contracts awards , inflation and diversion.
His words ” BPP has within the last seventeen years been changing the landscape of public procurement in Nigeria by ensuring transparency , fairness and efficiency on contracts awards and execution .
” BPP has been saving the country from loss of at least  N40billion annually to contracts inflation , diversion of public fund and poor service delivery.
“Records from our price intelligence unit indicate that total money prevented so far  from being diverted to personal pockets from contracts award  is N1.9trillion .
” BPP has over the years been significantly contributing to increase revenue generation by the relevant agencies like  the Federal Inland Revenue Service ( FIRS ), Nigeria Pension Commission ( PENCOM) etc .
 Dr Adedokun however lamented that the budget envelope  of N1.57 billion for the agency for the year 2025 is far below it’s  proposed N,63.5bn for Capital Expenditures.and may likely affect  the agency’s  proposed  projects .
The said   sum according to him , will not help in any way , help  to solve the accommodation problem being faced by Staff of the Bureau , replacing moribund project monitoring vehicles bought since 2008   and  executing the E – procurement programme that is in the pipeline .
However in their comments , members of the committee chaired by Senator Olajide Ipinsagba (  Ondo North) ,  wondered how BPP with just 158 workers, would effectively and efficiently monitor contract awards and execution of over 800 government agencies under its purview .
The Committee through the Chairman therefore , directed the DG of BPP to increase the staff strength  of the agency and add the overhead for new employees in their  2025 budget
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Osun Park Management Chairman Shot By Police, Union Alleges

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The Chairman of the Osun State Park Management System (OSTMS), Comrade Nurudeen Iyanda Alowonle, was reportedly shot by officers of the state police command in the late hours of Monday.
The union, in a statement issued by its Secretary, Mikaela Popoola, in Osogbo, confirmed that its chairman was arrested over domestic issues and taken into police custody.
According to him, the shooting of the chairman occurred while in police custody, and the circumstances surrounding the shooting call for a thorough investigation.
The union scribe, who reiterated that the chairman was arrested over domestic issues and taken into police custody, called on members of OSTMS not to take the law into their own hands.
He stressed, “We must maintain peace across the parks while we take the matter up with the appropriate authorities.”
While confirming the shooting, a top Police officer, who preferred to remain anonymous, said, “Alowonle was arrested in connection with the alleged killing of one Oyewale in 2022 and the assault of some residents on Monday night.
“He was shot while attempting to escape and has been taken to a hospital for treatment.”
According to him, Alowonle was maimed by the police gunshot, and a Hummer bus with registration number AWK 480YD, an unregistered Nissan Almera, and a Toyota Sienna with registration number GNN 595 XD were also recovered from him.
“During the arrest, a Barrett pistol, six rounds of 9mm live ammunition, and one expended empty shell were recovered from Alowonle’s private unregistered Toyota Highlander jeep,” the officer said.
“Alowonle and his boys conveyed themselves in a Previn bus with registration number RBC 275XK, but a distress call to the police led to his arrest. He was rearrested at Susi area of Oke-Baale, Osogbo, alongside eight others before being taken to the state police command.”
Meanwhile, all possible efforts made to reach the spokesperson for the state Police Command, Mrs Yemisi Opalola, for comment on the incident proved abortive as calls put to her mobile phone were not answered.

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Police Kill Notorious Cultist In Rivers, Recover Gun, Ammunition

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The Rivers State Police Command has announced that its operatives neutralised a suspected kidnapper and cultist, identified as Gbarani Bume, in the Luawii Community of Khana Local Government Area (LGA).
Bume, also known as Pelele, was a member of the infamous Iceland cult group, which has been terrorising the Beree/Tabaa axis of Khana LGA along with his gang.
Spokesperson for the State Police Command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt on Sunday.
Iringe-Koko said that Pelele and his gang attempted to kidnap a site engineer working in Luawii when the police, acting on a tip-off, swooped in. Upon sighting the police, the suspects opened fire, but Pelele was fatally wounded after a fierce exchange of gunfire and later died.
The statement reads: “The Rivers State Police Command has made a significant breakthrough in its efforts to combat crime, neutralising a notorious cultist and kidnapper, Gbarani Bume, a.k.a. Pelele, a native of Bere Community in Khana LGA.
“He was a member of the Iceland Cult Group, which has been terrorising the Beree/Tabaa axis of Khana LGA.
“On the 15th of November 2024, operatives from the Bori Division, acting on a tip-off, were mobilised to Luawii Community where Pelele and his gang were attempting to kidnap a site engineer.
“Upon sighting the operatives, the hoodlums opened fire, resulting in a fierce crossfire, during which Pelele was fatally wounded. His accomplices escaped with various degrees of bullet wounds.
“Items recovered from the suspect include one AK-47 rifle, two magazines, and 10 rounds of live ammunition.”
She added, “An investigation is ongoing, and efforts are being intensified to apprehend the other fleeing gang members and bring them to justice.”
The state police spokesperson stated that this operation underscores the Command’s commitment to tackling crime and ensuring public safety in the state.

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