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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... Click here for more details

 

 

Nigeria attracts $59.6bn FDI in 3 years Aganga

 

http://www.vanguardngr.com/2014/11/nigeria-attracts-59-6bn-fdi-3-years-aganga/

on November 10, 2014   /   in Finance 12:27 am   /   Comments

By Babajide Komolafe, Favour Nnabugu & Franklin Alli

The Federal Governments 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 government.

The Minister of Industry, Trade and Investment, Olusegun Aganga, disclosed this, weekend in Abuja during the ministrys 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 Jonathans 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 Jonathans administration came on board.

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 cars in Nigeria. 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 Jonathans administration  was 3,860 but today, it is about 180,000. Investment in sugar cane was $100 million but today it is

N3.2billion.

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

- See more at: http://www.vanguardngr.com/2014/11/nigeria-attracts-59-6bn-fdi-3-years-aganga/#sthash.wql48iKG.dpuf

 


BoI provides N670bn loans for agro-processing, others

NOVEMBER 10, 2014 BY IFEANYI ONUBA 0 COMMENTS

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 industry/gender.

The Managing Director, BoI, Mr. Rasheed Olaoluwa, gave the figure during a presentation made at the fourth annual workshop in Abuja under the theme, Building a greater nation through sustained transformation.

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 Nigeria.

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.

 


Finally, NIDOE Russia!

The Nigerians In Diaspora Organization Europe Russian Chapter took-off.

  It 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 Russia.

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 Zango.

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 interests.

A new Interim administrative committee to steer the affairs of the re-established NIDOE Russia was constituted. The members of the Committee are:

1.      Dr. Ayo Ojajune

2.      Dr. Bashir Obasekola

3.      Mr. Rex Essenowo

4.      Arch. Olayinka Olatoye

5.      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 challenging tasks.

 

News Highlights

 

 

 


 

*

* Nido worldwide leadership visits Inec on diaspora voting rights


* Diaspora day 2017 at the national assembly


* chairman rex essenowo Advises On foreign policy & Diaspora commission


* Acting Prsident, Prof. Osinbajo signs law on establishment of Diaspora commission 


* Foreign Minister Goefrey Onyema visits Russia, Mets Sergey lavrov


* NASS PasSES Diaspora Commission bill


*   End of Year Goodwill message by chairman


*   Russia-Nigeria Joint Commission met in Abuja


*  NICP Partners WITH NIDO To boost investment


*  nido russia chairman seeks closer Russia-Nigeria bilateral ties


*  NEW PERSPECTIVES FOR RUSSIA- NIGERIAN RELATIONS


*  Buziness Africa interviews Arch. Eric Eyutchae on Booming Urban Construction


*  Nigeria attracts $59.6bn FDI in 3 years Aganga


President Medvedev  decorated Isa Bakori with national Pushkin Medal  


*  Nigerians observe Diaspora Day in Russian capital


 *  Russian President Medvedev Visits Nigeria


 *  Nigerian Foreign Affairs Minister's Visit To    Russia


 Russia's Ojajune Becomes European BOT  Member


 Russia's Gazprom in Nigeria


 *  RussAl takes Over Alscon in Nigeria


 

 

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On 1st of July 2007, NIDO Russia met to confirm the program for the Abuja conference, Ambassador Z. O. Ojo, Deputy Head of Mission addresses Nigerian professionals in Moscow.

Dr. B. Obasekola (left), Mr. Frank Ibeme(center), Mr. Mike Akaya (right)