Business and Economy
There is need to promote local manufacturing – NAFDAC
The National Agency for Food and Drug Administration and Control (NAFDAC) has restated the need for Nigeria to promote local manufacturing sector.
In a statement by the Director General of the NAFDAC, Prof.
Mojisola Adeyeye, made this assertion at a news conference to commemorate the launch of palliatives for Micro, Small and Medium Enterprises (MSME) on Friday in Abuja.Adeyeye said that the launch of the palliatives for MSMEs is as a result of the agency’s drive to promote the country’s economy and to cushion the effect of the present hard times on the sector.
She said, “We did this because times are hard and people are faced with many challenges, this is an opportunity for us to look inward and support the country through MSMEs
“This is one of the reasons we are focusing on MSMEs. adsbygoogle || []).push({});
“Micro small businesses are significant in terms of driving the country’s economy, without them, our economy may suffer, without them recession might come in.
“Today mark what we are going to do for the next 90 days, the first 200 micro small businesses will get the opportunity to register free,” she said.
Adeyeye said that the agency had also reduced the fees for registration by 80 per cent for companies that had already established but are yet to renew their licenses.
She said that the fines on those companies that had already registered but yet to renew their licences would also be waived to encourage growth.
Expressing concerns that Nigeria depends so much on foreign goods, the NAFDAC boss, however, said that importation of so many products, particularly drugs have negative impact on the nation’s economy.
She said that the dependency on foreign goods would not grow our economy but, rather retard its development.
The DG noted that the country had over neglected local industries and local production, adding that COVID-19 pandemic has caused increase in prices of imported goods.
She said Nigeria should look inward and improve on its local production of the citizens essential needs instead of relying on foreign goods.
“We need to wake up and do what we are supposed to do, that means, less dependence on other countries, if we can learn this lesson, COVID-19 will be a blessing
Adeyeye commended the Federal Government through the Central Bank of Nigeria and Ministry of Finance for seeing the need to pay more attention to local industries.
She also said that there has not been any vaccine yet both home and abroad to cure the virus, adding that effort is ongoing in the United States, United Kingdom and Germany to secure vaccines for it.
The DG, however, welcome any herbal practitioners, who is ready to show his or her experience with scientific prove to treat the COVID-19.
Credit: NAN
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- Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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The Benue State Chamber of Commerce, Industry, Mines and Agriculture (BECCIMA) has lauded the Federal Government for establishing cottage industries across all the Local Governments Areas (LGAs) in Nigeria
President of BECCIMA, Dr Paul Ubwa, made the commendation at a news conference on Friday in Makurdi.
“It is a well thought out initiative by the Federal Government to set aside the sum of one trillion naira to establish cottage industries in each of the 774 LGAs in the country.
“This all important news was disclosed by the Hon. Minister for Special Duties and Inter-Governmental Affairs, George Akume.
“We the organised private sector in Benue express our sincere appreciation to the government of President Muhammadu Buhari for coming up with this unique initiative. adsbygoogle || []).push({});
“The initiative is aimed at creating wealth for the common man,’’ he said.
According to him, the initiative when implemented will go a long way in eradicating poverty in Benue State and indeed Nigeria and the president’s name will be written in gold for posterity.
“In Benue state, we are hoping that in order to ensure stability, sustainability and longevity of the proposed cottage industries, each should be incorporated as a company with a Board of Directors.
“This should be made up of indigenes of the catchment area or host community.
“The plan will involve the local government council itself, traditional institutions, cooperative societies and associations, youth/women groups, existing entrepreneurs, traditional land owners and other interest groups.
“We are assured of and envisage the support of the Benue State government’’
Ubwa also appealed to the Federal Government and most especially, the Minister of Special Duties and Inter-Governmental Affairs to make Benue one of the pilot states for the take-off of the programme.
“On our part, we stand ready to co-operate with the ministry and other support agencies to ensure success and sustainability of the initiative,’’ he said.
Author Profile
- Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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The Federal government on Tuesday carried out the groundbreaking ceremony of the Gold Processing Cluster, located in Mopa, Mopamuro council area of Kogi State.
The Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr.
Oluwatoyin Akinlade who led the Federal government team for the event said the projects is part of the FG efforts to refocus the economy from oil depended.Dr. Akinlade said the Gold Processing Cluster will also cater for other Gems stones and solid mineral mining activities in the North Central of the country.
“The Ministry of Mines and Steel Development has commenced the implementation of programmes aimed at establishing and accelerating mineral value chain activities through the development of a Mineral Mining cluster in each of the six geopolitical zone. adsbygoogle || []).push({});
“The objective of the project is to Assembly and coordinate the activities of the artisanal and small scale miners in the identified areas based on the identified mineral type for each geopolitical zone.
“The mining cluster is to provide common facilities and coordinated activities to enable easy formalization of the artisanal miners in the identified zones and avail them an opportunity for mineral value addition, as well as creation of market access.
“Furthermore, the cluster shall be adequately equipped with state of the art equipment for the purpose of imparting modern morning expertise and knowledge into the teeming youths across north Central zone. Provision shall also be made for heavy equipment such as excavators leasing by the artisan miners.”
The Kogi State Governor, Yahaya Bello said the state government will consolidate on the idea of the Gold Processing Cluster in diversifying the economy of the state.
Bello who was represented at the event by the state Commissioner for Information and Communication, Mr. Kingsley Fanwo said, “We thank Mr. President for this project. This will spur the economy of the state. It will create jobs and make Kogi the economic hubs of the country.
“It will increase the trading of the state. This underscore the economic blueprint of the state government in making the state a giant amongst other states in term of industrialization.”
Fanwo who promised that the state will ensure proper security of the projects, urged stakeholders to take advantage of the opportunities.
The Permanent secretary said the project is expected to be commissioned by ending of June, and become operational immediately.
Author Profile
- Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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The Monetary Policy Committee (MPC), of the Central Bank of Nigeria (CBN), has voted unanimously to retain the Monetary Policy Rate (MPR) at 11.5%.
The Governor, of CBN, Godwin Emefiele who disclosed this while reading the communique in press briefing in Abuja, at the end of the MPC meeting said that the committee decision are: MPR retained at 11.50%, asymmetric corridor of +100/-700 basis points around the MPR, CRR was retained at 27.5%, While Liquid Ratio was also kept at 30%.
Author Profile
- Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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