Business
Co-Ordinator Charges Investors On Non-Oil Sector
The Raw Materials Research and Development Council,
(RMRDC), has challenged indeginous investors in the South-South geo-political
zone of the country to take advantage of
the abundant raw materials outside the
oil sector in their future investments.
Rivers
State Co-ordinator of the council, Mrs Felicia
Chilaka gave the advice on Monday
in Port Harcourt at a sensitisation programme organised by the Association of
Non-Bank Micro Finance Institutions of Nigeria (ANMFIN) for stakeholders in the
South-South.
Chilaka
regretted that the oil sector had blindfolded investors from other potentials
around us which if tapped could turn to goldmine.
“We
in South-South should look around us and
see other things apart from oil to invest”, she remarked.
She
said inspite of the fact that fine sand
was abundant in all parts of the zone,
we do not have any sand paper producing company in Nigeria such that all sand
papers used by huge wood industry in the country were being imported.
“Let
us think of those small things around us, nothing stops us from packaging
ordinary periwinkle and exporting them
to countries where they are needed”, she maintained.
National
President of ANMFIN, Hon Hamid Giwa Afolabi said the institution was set up to
promote the growth of microfinance institutions and to create an all-inclusive
and influential national network of financial institutions that provide quality and affordable microfinance services
to rural areas and low income people.
He
commended the Rivers State chapter of the body for its leading role
amongst other chapters in
the country, and urged the state government to assist the body in its plan to
develop a befitting secretariat and to
direct the 23 local government councils to stand for the
small farmers and traders seeking for loans from banks but have no collateral.
Afolabi
explained that microfinance if properly handled, could be a veritable
vehicle for poverty reduction in the
country.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.