Aliko Dangote, the President, Dangote Industries Ltd has identified solutions to sustaining existing local and foreign investments as well as attracting new investors into the country.

Dangote gave the solutions in a keynote speech delivered at the opening of a three-Day Nigeria Manufacturers Summit with the theme,” Rethinking Manufacturing in Nigeria”.

The summit, held at the Banquet Hall, State House, Abuja, was declared opened by Vice President Kashim Shettima.

The Africa richest man said, to arrest investors from leaving the country in droves and attract new ones, the Federal Government must initiate deliberate industrial policies that assure investors of support and protection.

According to him, such policies are the greatest incentives for all existing investors, manufacturers, both local and foreign.

The industrialist also noted that foreign investors, manufacturers would be attracted only when they see that local investors are also doing well.

According to him, what attracts foreign investment is not when the President or any other government agencies go outside the country to seek for foreign investment.

“I am recommending that government policies should support, protect existing industries so that others will know that their investments will also be protected.

” Is there any better incentives than that ? I don’t think so.

“So, I humbly summit that an industrial policy that assures investors of support and protection is the greatest incentives for all investors both local and foreign,” he said.

Dangote also underscored the importance of stable and affordable power, as well accessible financing to sustaining and attracting investors and manufacturers.

He said stable, affordable power and access to finance by manufacturers and investors would guarantee growth, industrialisation and prosperity.

According to him, import dependent economy is equivalent to importing poverty and exporting jobs.

He further said that when government policies become more supportive and protective, investors would be more willing to collaborate and partner with government.

” This will help in resolving others challenges such as infrastructure deficit, market instability and market economic issues such as inflation and foreign exchange volatility.

“However, ignoring all these facts is what give rise to insecurity, banditry, kidnappings and abject poverty in the land,” he said

On Bank loans to investors, Dangote said that the current 30 per cent interest rates is stifling growth and there is no way anybody can create jobs.

The business magnate, however, expressed the optimism that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.

“To do so, we must rethink our industrialisation policy. We must look to leading countries in the West and the East who are actually protecting their domestic industries.

“We must similarly, introduce policies to protect our domestic industries and nurture them into home champions that will create the jobs and prosperity we desperately need.

” The time to rethink our industrial policy is now,” Dangote said.

He reiterated that manufacturing remains the key driver in the nation’s quest to economic development and self sufficiency.

Dangote added that the strengths of a country’s manufacturing sector determines its capacity to compete in global trade.

Also speaking at the event, a former Minister of Industry, Trade and Investment, Olusegun Aganga, appealed to President Bola Tinubu to declare manufacturing, a national priority sector.

The Senior Staff Association of Nigerian Universities, SSANU, has condemned the slow pace by government in concluding negotiation process on new national minimum wage for workers in the country.

Mohammed Ibrahim, National President of SSANU said this in a communique issued on Tuesday in Abuja at the 48th Regular National Executive Council, NEC, meeting held in University of Benin, Edo State.

In a copy of the communiqué was made available to newsmen on Tuesday in Abuja, Ibrahim said the “NEC is seriously peeved and irritated by the dodgy and slow pace of government” in concluding the negotiation process.

“The cost of living has skyrocketed due to hyper-inflation making it near impossible for workers to cope with the current economic situation.

“NEC, therefore, requests government to comply with the demands of labour and hasten the process of negotiation.

“They should also approve and implement a New National Minimum wage that will be domesticated by both states, local governments and the organised private sector.

“If this is not urgently done, SSANU will join forces with other labour unions to shut down the system, ”he said.

He said NEC also deliberated on the irregular payment of N35,000 wage award to federal civil servants primarily meant to cushion the agonising effects of fuel subsidy removal pending the approval and implementation of a new National minimum wage.

He, therefore, called on the federal government to immediately resume the payment of the wage award alongside the accrued three months arrears without further delay.

The national president also called on the federal government to pay the association members’ withheld four months salary arrears.

“NEC in session deliberated on the matter and unanimously approved a long drawn comprehensive industrial action after concurrence with the Joint Action Committee meeting of SSANU and NASU.

“The meeting is scheduled for Thursday 4th July, 2024, if Government fails to pay the four months salary arrears,”he said.

Ibrahim also said NEC called on government to, as a matter of urgency, reconstitute a new Committee for the renegotiation of the SSANU/FGN 2009 Agreement as the issue was long overdue.

He frowned at the non-appointment of educationist and experienced technocrats who could have contributed better to the development of the citadels of learning.

Ibrahim also called for the funding of the university system in the country.

“Many of these universities, especially at the state level, face challenges of course accreditation, while in some cases, staffers languish in abject poverty due to non-payment of salaries for several months.

“Abia State University workers are been owed 13 months salary arrears while those in Ambrose Ali University, Ekpoma are being selectively paid,” he said.

He urged government to immediately commence aggressive rehabilitation of roads nationwide.

Ibrahim also said NEC condemned recently the plan by government to borrow from the contributory Pension Funds to fund national infrastructure.

The Minister of Power, Adebayo Adelabu, has said that Nigerians spends N16.5 trillion annually on fuel and the servicing of generators.

Adelabu made this known on Tuesday at the ongoing NOG Energy Week in Abuja.

The minister attributed his assertion to research in 2023. However, he did not give the exact details but rather compared the figure to the 225 per cent electricity tariff hike of April 3, 2024.

“What Nigerians spend on self-generation of power—on fueling and servicing their generators—is N16.5 trillion, according to research that was carried out in 2023. Looking at this, you will see that what Band A customers pay is still cheaper compared to this, despite having 24-hour uninterrupted supply,” he said.

He further declared that “over $1 billion in investments have been placed into renewable energy sources by foreign lenders and institutions,” adding that his ministry, under the guide and support of President Tinubu, is making giant strides in energy and gas developments.

Vice-President Kashim Shettima on Tuesday called for the prioritisation of local content and promotion of Made-in-Nigeria products.

Mr Shettima made the call while declaring open a three-day National Manufacturing Policy Summit at the Banquet Hall of the Presidential Villa, Abuja.

He said that Executive Order 003 which makes the patronage of locally manufactured products mandatory was still in effect.

“Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods.

“We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.

“I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect.

“The relevant government Ministries, Departments, and Agencies (MDAs) are mandated to fully comply with the order,”’ Mr Shettima said.

The vice-president emphasised that Nigeria has no better option than to support its indigenous firms to produce locally and increase their capabilities.

He said the summit offered the opportunity to re-evaluate the challenges confronting the sector and proffer solutions that would resolve them.

The vice-president said that a competitive manufacturing sector would reduce the inequities in the nation’s economy as well as over-dependence on imports.

Mr Shettima added, “Our proposal to minimize the economic imbalances in the nation is based on strengthening the production base of our economy, particularly in manufacturing.

“Most of our setbacks as a nation, as each of you knows, are due to over-dependence on imports for even our basic necessities.

“That is why we need you to address the various challenges facing the sector and ensure we have a competitive manufacturing sector.”

Mr Shettima, who expressed satisfaction with what he saw during a tour of the exhibition, said he was convinced more than ever of Nigeria’s industrial capabilities, creativity, and innovation.

He stressed the role of manufacturing in driving the nation’s wealth, job creation, living standards, and revenue generation.

Mr Shettima said, “This explains why President Bola Tinubu is focused on accelerating infrastructure projects, including roads, ports and energy supply.

“It is essential to expedite the delivery of infrastructure projects that will enable the sector to leap forward and thrive.”

He identified five pillars of the summit, which he said are a clear road-map for stimulating the manufacturing sector.

The vice-president pointed out that it was imperative to enact meaningful change and develop industries by addressing critical issues under each of these pillars.

He said, ” These include up-scaling productivity and competitiveness, energy security and infrastructure development, improving the macroeconomic environment and ease of doing business, and promoting Made-in-Nigeria products.

“And local content development, and leveraging regional and continental trade for export development.”

Mr Shettima assured that the Federal government would join forces with the Manufacturers Association of Nigeria to come up with an actionable road-map and policy framework that would refurbish the nation’s manufacturing sector.

According to him, the road-map and policy framework would be speedily implemented to effect the needed changes that will revamp the sector.

He regretted that the sector, which has a crucial role to play in building a nation driven by production and abundance, had endured a series of setbacks over the past decades.

Mr Shettima said, ” I implore us all to leverage this summit to develop an actionable roadmap and policy framework, ready for immediate implementation, to create the changes we want in the manufacturing sector.

” I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations.”

Earlier, the President of MAN, Otunba Meshioye, expressed gratitude to Tinubu, for the unique opportunity and his magnanimity to host the summit in the State House.

He said since the association opened communication with the office of the vice-president, they have been receiving tremendous support and collaboration from the Presidency.

Mr Meshioye said the summit was organised to interrogate the evidence behind the constraints demeaning the performances of the industrial sector and to think and agree with the government on what to do to address them.

He said, “The ultimate goal of the meeting is to reposition the sector on the path of accelerated growth, enhance its competitiveness and reap its multiplier effect on the economy and the wellbeing of the citizenry.

” The prevailing microeconomic environment places severe strains on the manufacturing sector,” adding, “this is adversely affecting jobs and people’s livelihoods of the citizens.”

The Federal Government on Tuesday said it is ready to join forces with the Manufacturers Association of Nigeria (MAN) to come up with an actionable roadmap and policy framework that would revamp the nation’s manufacturing sector.

The Vice President, Kashim Shettima, gave the assurance, saying if presented, the roadmap and policy framework would be speedily implemented to effect the needed changes that will revamp the sector.

The VP, who disclosed this while declaring open a three-day National Manufacturing Policy Summit at the Banquet Hall of the Presidential Villa, Abuja, regretted that the sector, which has a crucial role to play in building a nation driven by production and abundance, had endured a series of setbacks over the past decades.

“I implore us all to leverage this summit to develop an actionable roadmap and policy framework, ready for immediate implementation, to create the changes we want in the manufacturing sector.

“I assure you that we shall always maintain an open-door policy to accommodate your needs and expectations,” Shettima stated.

The Vice President also called for the prioritisation of local content and promotion of made-in-Nigeria products, noting that Executive Order 003 which makes the patronage of locally manufactured products mandatory is still in effect.

“Let us be reminded that we cannot achieve significant progress in our drive for industrialisation unless we deliberately promote the production of capital goods. We must be focused on expanding our production base, prioritizing local content, and promoting made-in-Nigeria products.

“I want to assure you that Executive Order No 003 – Support for Local Content in Public Procurement by the Federal Government, which mandates the patronage of locally manufactured products is still in effect. The relevant government Ministries, Departments, and Agencies (MDAs) are mandated to fully comply with the order,” he declared.

Shettima observed that as a country in Africa, “a continent that has languished at the bottom of the global value chain, with its share of global manufacturing at less than two percent,” Nigeria has no better option than to support its indigenous firms to produce locally and increase their capabilities.

The summit, according to him, offers the opportunity to re-evaluate the challenges confronting the sector and proffer solutions that would resolve them, even as he noted that a competitive manufacturing sector would reduce the inequities in the nation’s economy as well as over-dependence on imports.

The Chairman of the Dangote Group, Aliko Dangote, has expressed concern over the decision of the Central Bank of Nigeria, CBN, to raise the interest rate to nearly 30 per cent.

The business mogul made his opinion known at a summit hosted by the Manufacturers Association of Nigeria, MAN, on Tuesday at the State House in Abuja.

Dangote said that with the new interest rate, there will be no growth, adding that it may even pose challenges in creation of jobs.

“Nobody can create jobs with an interest rate of 30%. No growth will happen,” he said.

“We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity.

“There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty.”

President Bola Tinubu has approved the appointment of Salamatu Ahmed as the new Executive Secretary of the Federal Government Staff Housing Loans Board, FGSHLB.

Dr Folasade Yemi-Esan, Head of the Civil Service of the Federation, HOCSF, disclosed this in a statement on Monday in Abuja.

In the statement made available to newsmen by Muhammed Ahmed, Director, Communications, HOCSF office, Mrs Yemi-Esan also handed over appointment letter to the new Executive Secretary.

She said Ahmed’s appointment was sequel to terminal leave embarked upon by the former Executive Secretary, Ibrahim Mairiga, ahead of the expiration of his four-year tenure in September.

While congratulating the new appointee, the HOCSF charged her to leverage on the wealth of experience garnered over the years, towards ensuring the full realisation of the Board’s core mandate.

Before her new appointment, Mrs Ahmed was the Board’s Director of Operations of the FGSHLB.

Davido gathers positive reactions as one of his aides and personal stylist, Deekay DMW, celebrates him for buying him a brand new car.

The aide took to Instagram to express his immense gratitude for the kindness of his boss.

He revealed that Davido had bought him a brand new car despite recently spending a lot on his wedding ceremony.

Davido had responded to his post, imploring him to enjoy.

See the post below

How netizens reacted to the post

jaylodolls noted: “See person wey just spend billions on wedding. He still buy person car? Omoh Davido money long sha”

nancyfabuyi claimed: “When they run yahoo among each other they will all come out saying Davido bought this he bought that and the mumu ppl go blv”

promzycollection1 reacted: “And Ulcer won finish Terri for Wizkid house 😂😂 #TeamOBO 💃 “

ms_leemart added: “Davido is a cheerful giver and may he never lack”

jaybanty_kwc commented: “@deekay_dmw u deserve it my bro, ur loyalty to David is”