Business
Industrialist Tasks FG On Industrial Revival
Inconsistency in government policies and lack of protection for local industries have been identified as major set backs affecting industrial growth in the country.
An industrialist, Chief Romanus Ikenna made the observation in an interview with The Tide in Port Harcourt during the week.
Chief Ikenna who is the Managing Director and Chief Executive Officer of Rona Industries Limited listed other challenges facing the sector to include high interest rates by the banks, power crisis and the high cost of fuel which, he said, have led to sharp rise in the cost of production.
Taking a glimpse at the high rate of job losses in the country particularly the textile industry Chief Ikenna said, such rate of unemployment was due to failure by government to provide enabling environment for business to thrive, noting that in the last 10 years not less than 900 textile firms have closed down and thousands of jobs lost in the process.
He explained that the sector is adversely affected by inconsistency in government policies as well as lack of protection for local industries, saying “we demand the swift intervention of the federal government on the revival fund of textile industry that has thrown thousand of Nigerians into the labout market in the last 10 years. The situation is such that the high cost of production in Nigeria has made Nigerian textile products less competitive and as a result most of the industries have closed down and relocated to neigbouring countries”, he said.
Addressing top government functionaries, policy makers and industrialists from across the country recently in Lagos, it would be recalled that the president of Manufacturers Association of Nigeria (MAN), Alhaji Bashir Borodo, disclosed that between 2000 and 2008 about 820 manufacturing companies had closed down or temporarily suspended production and urged the federal government to take pragmatic steps to save the sector from imminent total collapse.
He attributed this development to tough operating environment which is characterised by unstable power, high interest and exchanging rates, smuggling, multiple taxation and levies.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
Business
NIS Ends Decentralised Passport Production After 62 Years
Business
FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year
-
Sports4 days ago
CAFCL : Rivers United Arrives DR Congo
-
Sports4 days ago
FIFA rankings: S’Eagles drop Position, remain sixth in Africa
-
Sports4 days ago
NPFL club name Iorfa new GM
-
Sports4 days ago
NNL abolishes playoffs for NPFL promotion
-
Sports4 days ago
NSF: Early preparations begin for 2026 National Sports Festival
-
Sports4 days ago
Kwara Hopeful To Host Confed Cup in Ilorin
-
Sports4 days ago
RSG Award Renovation Work At Yakubu Gowon Stadium
-
Politics4 days ago
Rivers Assembly Resumes Sitting After Six-Month Suspension