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Business & Economic News Thread by blackspade(m): 1:04am On May 29, 2009
This thread is for Business & Economic news concerning Nigeria.
Re: Business & Economic News Thread by blackspade(m): 1:08am On May 29, 2009
Sokoto Invests N1.9 Billion in Rice Mills

27 May 2009

Sokoto — Determined to improve agriculture in the state, Sokoto State Government has procured 20 units of small scale rice milling machines and 146 tractors at the cost of N1.9 billion.

Speaking at the launching of the materials, Wamakko said the gesture was aimed at improving food production in the state.

Restating his administration's commitment towards providing more agricultural facilities in the state, Wamakko said the tractors would be sold to group of farmers, individuals as well as civil servants who were also engaged in farming.

According to him, the rice milling machines, which were supplied along with polishers and generators, have the capacity of producing 200 bags per day.

Wamakko maintained that as one of the major rice farming states in the country, the state government is determined to enhance rice production by way of relying on its own rice; with a view to reducing import.

"This is in line with government's efforts to boost economic activities in the state and we are bent on going back to full-scale agricultural production in order to bring back the lost glory of agricultural potentials".

"We have already invited foreign investors who also had submitted their investment proposals for the establishment of tomato factory, sweet sorghum, leather and other products processing companies for export and local consumption", he said.

The governor said since the inception of his administration, deliberate effort has been made to boost commerce and industry in the state, adding "our vision is to empower our business community and dialogue with genuine foreign investors willing to come to Sokoto to partner with us".

Wamakko added that the government has identified numerous agricultural and mineral resources that could be utilised to establish small and medium scale businesses and explore the areas of funding ventures that will facilitate the growth of the economy and generate employment to the teeming youths.

He announced that the state Ministry of Commerce, Industry and state Chamber of Commerce will soon embark on sensitisation workshops to acquaint businessmen with techniques of modern business relationship and investment opportunities in agriculture and solid minerals.

He called on beneficiaries of the tractors and rice milling machines to make good use of them in order to achieve the state's desire of becoming the most agriculturally-oriented state in the country.

Source: http://allafrica.com/stories/200905280101.html
Re: Business & Economic News Thread by blackspade(m): 1:13am On May 29, 2009
Roads as Abia's Recipe For Industrial, Agricultural Development

27 May 2009

Lagos — Realising the importance of roads in socio-economic development, the Abia State Government is embarking on a state-wide construction and rehabilitation of roads on an unprecedented scale. ,Kunle Akogun who recently toured the road projects, reports that apart from opening up the vast rural areas, the move will also serve as an impetus for industrialisation and agricultural development of the state

Project of Focus

With perhaps the exception of Lagos, no other state in the country is embarking on rural transformation on the scale being witnessed in Abia State. Such is the seriousness of the silent roads revolution in the state that a member of the team of journalists that recently undertook a two-day exploratory tour of the project sites ruminated aloud and declared, "this state is simply a giant construction site".

He was right. For, in every part of the three senatorial zones of the state there is one form of road construction or the other going on.

In all, there are more than 50 of such roads in both rural and urban centres undergoing either fresh construction or comprehensive repairs. And significantly, it does not matter whether these roads are federal roads or state roads, every dilapidated road in the state now has the stamp of the Theodore Orji administration's presence.

Construction List

Among these roads are: the Aba - Owerri road, Port Harcourt road, Ossah - Umuahia road and the Ozuabam - Ndiokereke - Arochukwu road that have been abandoned in an appalling state of disrepair for several years by the Federal Government.

Others are the Uratta road, Faulks - Brass road, Okwu Avenue, Ikonne Street, Nwala street, Mount Zion road, Ezeogu street, Unity Garden - Osisioma ring road, Umugo-Ugwunabo council headquarters road, Mporobe - Ohauku road, all in Abia South Senatorial district.

In Abia Central, there are the Bank Housing Estate and Aba road, Umuahia, Ahi - Isiama Afara road, Cyril Ibeto street, Nkata Alike - Umukabia road, Amaogwugwu - Umuekwule road, Umueze - Agbo - Ubani Ibeku Market road, Abam road extension, Obowo street, Udi street, Ozuitem street.

There are also Nkata - Amaeke road, Udenkwu/Achara street, Isieke - Okwuta - Ahiaeke road, Ibeku street extension, Okigwe Park Ubakala street, Uwalaka - Orie Ugba Market road, House of Assembly - Nkata road, as well as Umuovon - Nkata road, among others.

In the North senatorial district, the Ozuabam - Ndiokereke - Arochukwu road, Eunice Kalu road, Igbere, Amankalu Alayi - Akoli Imenyi road, Amaekpu - Ohafia road and Amangwu - Achara - Ihechiowa road are undergoing massive construction and rehabilitation.

Official Explanation

Explaining the philosophical underpinning of his massive road construction efforts, most of which are targeted at opening up the rural areas, Governor Orji said he is building roads because they are very essential and fundamental to rapid industrialisation, tourism and agricultural development.

"It is through roads that everything will come in: equipment, investors, everything. They have to come in through the roads and the farmers will also evacuate their farm produce through the roads to the markets", he said, adding "all the rural roads we are constructing are in food producing areas".

The governor pointed said, "if you don't have roads nothing would come in, the people won't be seen, investors won't come, equipment won't be brought in. But when you have a wonderful network of roads, then all these things will flow into the state. I have seen that good road is very basic to development and that is why I'm tackling road construction with all vigour".

The rest can be read here: http://allafrica.com/stories/200905280096.html
Re: Business & Economic News Thread by blackspade(m): 3:08am On Jun 09, 2009
C'River To Cultivate 250,000 Tonnes Of Rice Yearly

By Bassey Inyang , Correspondent, Calabar

Cross River State government has adopted some economic measures that would boost production and milling of 250,000 tonnes of rice in the state yearly.

To achieve this, the state government has signed a Memorandum of Understanding (MoU) with an indigenous company, Notore Chemicals Industries Limited, on the cultivation and milling of rice of the expected quantity in the state.

Imoke, who spoke after signing of the agreement, explained that the project falls within the State's Economic Blue Print and the Seven-point Agenda of his administration.

Imoke said implementation of the project would also result in massive job creation through agriculture.

According to him, local rice farmers would benefit further from the project, as they would be exposed to new farming technology and methods.

Commissioner for Agriculture, Mr. Sam Oju, said the project would involve 20,000 hectares of mechanised rice farming and milling.

Oju described the MoU as symbolic in the state's desire at positioning itself as a food basket of the nation and indeed West Africa.

He explained that the first phase of the programme would cover the rice belts in Yala, Ogoja and Bekwara local government areas of the state.

Managing Director/Chief Executive Officer, Notore Chemical Industries Limited, Mr. Onajite Paul Okoloko, said the project is viable, as Nigerians currently import N2 billion rice annually and consume five million tonnes yearly at a period the country produces two million tonnes locally per annum.

Okoloko said the proposed rice project would at inception create 15,000 jobs, while describing the initiative as a great partnership in line with the Seven-point Agenda of President Umaru Yar'Adua's programme on food security, creation of wealth and jobs.

According to him, the proposed project is designed to meet globally approved standards.

Okoloko commended Cross River State government's effort to achieve sustainability in food production especially in the area of rice cultivation and milling, which he said, was a good beginning of things to happen.

Oju and the state's Attorney General and Commissioner for Justice, Mr. Edward Ogon, signed on behalf of the state, while Okoloko signed on behalf of Notore Chemical Industries Limited.

Source: http://www.independentngonline.com/news/nide/article01
Re: Business & Economic News Thread by blackspade(m): 11:34pm On Jun 09, 2009
UBA, Lagos Partner on Infrastructure Development

9 June 2009

Lagos -- The United Bank for Africa Plc (UBA) has said it would partner with Lagos State government in its quest to upgrade and build modern infrastructure befitting the status of Lagos as a mega city.

Deputy managing director of UBA, South, Phillips Odooza, who stated the bank's readiness to partner Lagos during a courtesy visit to Fashola, said the management was most encouraged by the determination of the state government to turn the entire landscape of Lagos around and would be pleased to join hands with the state. Odooza who was accompanied on the visit by executives of the bank, noted that most significant of the recent development in Lagos is enhanced security and safety of persons and businesses who hitherto faced constant threat and attacks by criminals.

The deputy managing director also cited the on-going transformation of the Lekki-Epe expressway via public private partnership initiative as another testimony of the Fashola's administration, stressing that the bank would be exploring ways of partnering with the state to ensure more is achieved in area of infrastructural development and security.

The State Governor, Mr. Babatunde Fashola, however tasked banks in the country to exploit various investment opportunities in the state. The governor who listed ferry services, sports, tourism, mortgage financing among others as areas where banks can reap handsome reward from their investment, wondered why the financial institutions appear to be running away from putting their money in these areas.

Source: http://www.news.dailytrust.com/index.php?option=com_content&view=article&id=798:uba-lagos-partner-on-infrastructure-devt&catid=34:environment&Itemid=30
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