NEW PERSPECTIVES FOR RUSSIA- NIGERIAN RELATIONS
Nigerian diplomatic representatives, African researchers, non-governmental
organizations, business people from Russia and Nigerian diaspora, local
and foreign media representatives participated a one-day round-table
discussions under the theme “Perspectives of the Russian-Nigerian
relations in the light of the results of the Nigerian presidential
election” that was held at the Institute for African Studies in Moscow.
The event was organized jointly by the Institute for African Studies of
the Russian Academy of Sciences and the Nigerian Diaspora Organization (NIDO
Russia). NIDO-Russia was established as a forum for Nigerian professionals
residing in Russia to participate in the development of Nigeria. It serves
as a platform for Nigerians to network on the diaspora. NIDO-Russia is
committed to tapping into the knowledge and skills of Nigerians and
Russians needed for national development in both countries...
for more details
attracts $59.6bn FDI in 3 years — Aganga
on November 10, 2014 / in Finance 12:27 am / Comments
By Babajide Komolafe, Favour Nnabugu & Franklin Alli
The Federal Government’s Transformation Agenda for the economy
has attracted $59.6 billion foreign direct investments (fdi) into the
country from all over the world since 2011-2014.
The investments cut across cement, sugar, petrochemical,
automotive industry and have created jobs for Nigerians and revenues for the
The Minister of Industry, Trade and Investment, Olusegun Aganga,
disclosed this, weekend in
during the ministry’s 4th media workshop with the theme ‘Building a greater
nation through sustained transformation.’
‘In 2011 FDI was $15 billion, it increased to $30 billion in
2012 and further went up to $46 billion in 2013 and $59.6 billion current
year,” he said.
He attributed the achievement to President Goodluck Jonathan’s
Transformation projects for the economy, saying “”In 2011 when we took over,
there was no comprehensive and coordinated industrial policy for the
country. There was no strategy to diversify our economy and revenue base.
The manufacturing contribution to our GDP was very low, at less than four
per cent. Capacity utilization was very low, while massive jobs los was
prevalent. There was no emphasis on value addition. For decades, our country
had specialized in exporting raw materials. We had weak industrial
structures and were dependent on importation of most of our products. That
was the situation in 2011 before President Jonathan’s administration came on
What we did to change the situation was the introduction of
Nigerian Industrial Revolution Plan, NIRP, roadmap for industrialisation and
linkages to other economic sectors. “In order to reverse the ugly trend by
diversifying our economic and revenue base, President Jonathan in February
2013, launched the Nigeria Industrial Revolution Plan (NIRP) as a major
game-changer. This was based on the principle that no nation has
successfully moved from being a poor to rich nation without a robust
industrial and services sector.”
Where we are now
Cement: “In 2011, the installed capacity in the cement sector was 16.5
million metric tons yearly. Today it is 39.5 million metric tons. When we
came in, there were about $9 billion investment in the
cement sector but today it is more than $15 billion. In 2011, the
direct and indirect jobs from the cement sector was less than 600, today the
sector provides about 2.2 million direct and indirect jobs.
We spent at least $5.2 million in the importation of cement but
since 2013, the administration of President Goodluck Jonathan has not issued
any import license.
“Our main focus for the cement sector, going forward, are to
improve the standard of cement and to bring the price down. Cement
manufacturers must do it because we do not do price regulation. There
was announcement a few days ago that one of the cement
manufacturers is bringing down the price of its 32.5 by 40 per cent from N1,
700 per bag to N1, 000. The 42.5 is coming down from around N1, 800 to
about N1, 150 per bag.
Automotive Industry: “In 2011, we did not have a comprehensive
automotive policy on the ground. Today, in the automotive sector, over 22
companies have signed technical commitments to manufacturing or assembling
By early next year, some of them will be in the country.
The number of investments that went into the automotive industry
in 10 years was $62 million but in less than one year, we have attracted
about $150 million, and there are over $300 million coming up 2015. The
numbers of automotive test laboratories were nil in 2011, but today we have
three. The numbers of universities offering automotive engineering were nil
but today we have about four of them. The manufacturing capacity utilization
for the automotive sector has also gone up by 40 per cent. In the sugar
industry, the number of jobs in 2011 before President Goodluck Jonathan’s
administration was 3,860 but today, it is about 180,000. Investment in
sugar cane was $100 million but today it is
Sugar: “The four major players currently in the industry are: Dangote
Sugar Refinery (DSR), (which acquired 95 percent of Savannah Sugar) BUA
Sugar Refinery, Josepdam Sugar Company, and new entrant Flour Mills of
Nigeria. Available records on installed refinery capacity show Dangote Sugar
has 1.44 million metric tons, BUA 720,000 metric tons, and Flour Mills of
Nigeria (Golden Sugar Company) commenced operations of a 750,000 metric tons
plant in June 2013. Some new investors are entering the market place with
the aim of expanding
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provides N670bn loans for agro-processing, others
NOVEMBER 10, 2014 BY
IFEANYI ONUBA 0
The Bank of
Industry says that it has so far disbursed a total loan of N670bn for the
financing of key sectors of the economy.
The sectors are agro-processing; solid
minerals and metals; gas, energy and petrochemicals; and creative
The Managing Director, BoI, Mr. Rasheed
Olaoluwa, gave the figure during a presentation made at the fourth annual
under the theme, ‘Building a greater nation through sustained
He said the funds were approved for sectors
which the bank considered important in terms of creating wealth, reducing
unemployment and stimulating the economy.
He said through the funds, the bank had been
able to create a total of 1.91 million jobs, adding that more jobs would be
created hin the short to medium term.
Giving a breakdown of the disbursed loans, he
said the sum of N471bn was disbursed to 628 enterprises under the special
intervention fund of the Central Bank of
He said through the N471bn, the enterprises
were able to create a total of 1,01 million jobs.
He said the amount was used for the
refinancing of commercial banks’ exposure to Small and Medium-scale
Enterprises in the manufacturing sector as well as refinancing of commercial
banks’ exposure to companies in the power and aviation sectors.
For the agro-processing sector, the BoI boss
said that a total sum of N125bn was disbursed to 1, 949 enterprises.
This, he added, had enabled the firms to
create 557,096 jobs through the production of derivative products from
cassava, oil palm, rice, groundnut, yam, maize and livestock, among others.
In the solid mineral sector, Olaoluwa said
that the bank had so far disbursed the sum of N27bn to 426 enterprises.
NIDOE – Russia!
Nigerians In Diaspora Organization Europe – Russian Chapter took-off.
was business-like and fun atmosphere on Sunday, 27 May 2007 at the premises
of the Embassy of Nigeria in Moscow, where a meeting of Nigerian
Professionals and entrepreneurs in Russia was held to give a new impulse to
the establishment of a Chapter of Nigerians In Diaspora Organization in
The occasion that started and ended with refreshments and
various Nigerian music, was considerably well attended by invited Nigerian
professionals residing in Moscow and other towns of Russia.
The meeting also saw in attendance the out-going Minister
(Education & Consular) at the Embassy of Nigeria in Moscow, Mr. Abdulahi
After a long analysis of the past attempt at establishing
a Chapter of the NIDOE in Russia and open discussions and exchange of ideas
on the best way forward, the meeting finally resolved to take the bull by
the horns. It was unanimously agreed that we in Russia need NIDO and
therefore determined to partake, just like our other compatriots in other
parts of the world, in the process of finding viable solutions to the
socio-economic development of our home-country – Nigeria.
The meeting also resolved to participate in the
forthcoming 2nd Diaspora Day/3rd Science & Technology Conference scheduled
for 23-26 July, 2007 at Abuja. Nigerians in Diaspora in Russia are therefore
implored to indicate their interest to participate in these events by
submitting their names and possible areas of professional and business
A new Interim administrative committee to steer the
affairs of the re-established NIDOE – Russia was constituted. The members of
the Committee are:
Dr. Ayo Ojajune
Dr. Bashir Obasekola
Mr. Rex Essenowo
Arch. Olayinka Olatoye
Engr. Frank Ibeme
The Interim Administrative Committee is tasked with the
responsibility of: 1) liaison with other NIDO Chapters; 2) raising
awareness of Nigerians residing in Russia about aims and objectives of NIDO;
3) carrying out intensive membership drive; 4) organizing a formal launching
of the organization, and 5) compiling & coordinating a befitting
participation of Nigerian professionals in Russia in the forthcoming
Diaspora Day in Abuja.
We wish the new interim officers of the Nigerians In
Diaspora Europe – Russian Chapter (NIDOE – Russian Chapter) success in their