As part of government
strategy to diversify the economy by maximising available resources to increase revenue base, the Rivers State Sustainable Development Agency (RSSDA) and the Rivers State Newspaper Corporation (RSNC) have begun exploring viable partnerships to boost business opportunities and accelerate profit inflows.
To this end, the Business Development Units of both Rivers State Government-owned organisations are to initiate engagement sessions to enable experts fine-tune mutually beneficial business collaborations to open windows for enhanced revenue into their financial dragnets.
Executive Director, RSSDA, Larry Pepple, said during a working visit to the RSNC, publishers of The Tide Group of Newspapers, Wednesday that a range of opportunities existed for viable partnerships that could turn around the fortunes of both government business outfits.
The chief executive officer said that at a time when government revenue allocation was grossly dwindling and chronically inadequate to meet ever-increasing needs, departments and agencies of government needed to think out-of-the-box with creative and innovative new ideas to broaden and enliven operational environment in order to open fresh sources to boost internally generated revenue.
Pepple said that in line with the vision of the founding fathers, the commercial printing arm of the corporation should have amassed a large chunk of the bustling business environment, but lamented the dearth of modern equipment to drive profit in a highly competitive climate.
He promised that professionals from RSSDA would work with RSNC staff to ensure that manageable facilities are overhauled and revived while efforts would be made to see how those that require complete replacement may be retooled, particularly the Exercise Book Printing Machine, and the Oldenburg commercial printing machines.
On the near-dormant Goss Rotary Machine, the RSSDA boss said that the agency’s experts would work with The Tide to procure and install the CTTP component of the hi-tech printing machine, so as to set the stage for a whole new era in state-of-the-art printing in Port Harcourt, and directed the Communications Unit of RSSDA to explore strategies to ensure that new printing requirements of the agency are domiciled with the corporation.
In his remarks, General Manager, RSNC, Celestine Ogolo, expressed gratitude to the executive director for the visit and the pledge to partner the corporation with a view to increasing its revenue profile, and assured that his management would synergise with any inward-looking government agency to explore alternative means of boosting revenue sources.
Ogolo pointed out that the corporation could not put the new Rotary Machine to effective use because the CTTP, a critical component of the facility, which enhances speedy return on investment, was not available, adding that if the CTTP is procured and installed, the corporation would be hub of commercial printing business East of the Niger.
The general manager further said that if the Exercise Book Printing Machine is overhauled and made to respond to the needs of modern environment, the corporation would reposition itself as the epicentre of commercial exercise books printing business and major supplier of the essential need for educational institutions, among others, in Rivers State and beyond.
He also regretted that the corporation could not compete favourably in the competitive commercial printing environment because all printing machines procured by the Alfred Diette-Spiff administration at the inception of the newspaper outfit in 1971, were now obsolete, easily breaking down, and expensive to maintain, adding that with new or rejigged printing machines, business would boom again, and revenue inflow would rebound.
Crude Hits Seven-Year High On Recovery Hope … Equity Rally Runs Out
Crude oil hit a more than seven-year high yesterday on optimism that the global recovery will ramp up demand.
However, concerns about the end of long-running central bank support and rising Treasury yields saw most equity markets reverse early gains.
After an almost uninterrupted rally from the early days of the COVID-19 pandemic, world markets are showing signs of levelling out as global finance chiefs shift from economy-boosting largesse to measures aimed at reining in inflation.
Still, there is an expectation that equities will enjoy further gains this year as countries reopen and people grow more confident about travel, especially as studies suggest the more prevalent Omicron coronavirus variant appears to be milder and as vaccines are rolled out.
Analysts are also watching the corporate earnings season that is underway, with hopes that firms can match their stellar performances last year.
But while Asian markets started the day brightly after Monday’s travails, traders returned to selling, with US Treasury yields surging on expectations the Federal Reserve will have to unveil several interest rate hikes to tackle a worrying spike in inflation. Wall Street was closed Monday.
Tokyo, Hong Kong, Sydney, Seoul, Singapore, Taipei, Mumbai, Bangkok and Jakarta all fell.
There were gains in Shanghai in hopes of fresh economy-boosting measures, while Wellington and Manila also edged up.
London, Paris and Frankfurt all fell at the open.
But oil built on its early promise, with Brent climbing to $88.13 a barrel and WTI hitting $85.74, both levels not seen since October 2014.
The gains came thanks to demand optimism as the world reopens and concerns about Omicron ease. The loosening of travel restrictions in several countries has seen jet fuel costs soar.
Hopes for more monetary easing by major consumer, China, to reinforce its stuttering economy were also seen as key support for the oil market.
NPA, MWUN, Others Synergise On Labour
President General of Maritime Workers Union of Nigeria (MWUN), Comrade Adewale Adeyanju, has reaffirmed commitment to ensuring smooth working relationship with management, Tin Can Island Port Complex (TCIPC) of the Nigerian Ports Authority (NPA) on labour related issues.
Adeyanju, who made the commitment during a working visit to the Port Manager, TCIPC, Mr. Buba Jubril, in Lagos, noted that the union will continue to promote industrial peace and harmony in the operational activities at seaports.
Noting that synergy among all the maritime stakeholders was key for port efficiency, he hinted that the union has changed the narrative from being tagged as hooligans to a more responsible and civil Institution in the maritime industry.
Earlier, the Port Manager, TCIPC, Buba Jubril, thanked the PG of MWUN for the systematic approach on labour related issues at the port level
Disclosing that the PG has been instrumental to the existing peace in port operations, Jubril assured on the existing synergy the port authority and all the unions.
Jubril further said that “ Myself and the President General MWUN has come a long in the industry.
“I have known him (PG) for over 33years and that will tell you that he is my friend and friend to management of the Nigeria port authority”, he said.
Osinbajo Wants More Stakeholders’ Involvement In Blue Economy … Inaugurates Committee
Vice President Yemi Osinbajo has sought for wider participation of relevant stakeholders in the blue economy project to deepen participation and benefits of Nigerians from the country’s marine resources.
Making the call at the inaugural meeting of an Expanded Committee on Sustainable Blue Economy in Nigeria at the Presidential Villa yesterday, the Vice President said “a viable blue economy project will offer vista of opportunities not only for littoral states where there are bodies of waters, but for the entire country”.
He identified areas to be exploited to include ports, terminals, fishing, training, environment, tourism, power,oil and gas.
While identifying possible challenges of sustainability, the VP urged all the ministries, departments and agencies to strengthen their collaborations in an atmosphere of inter ministerial working groups and advised all members to attend the meetings faithfully for maximum results.
Osinbajo , who formally inaugurated the expanded committee, identified the need for a legal framework that will be more robust than other international maritime conventions on blue economy, which Nigeria has been signatory to.
He said the scope and participation of the committee will be further improved upon to accommodate more members from government agencies and relevant private sector stakeholders
“There is no doubt that the blue economy is a new frontier for economic development and a means of diversifying the economy through the use of resources from oceans, seas, rivers and lakes for the well being of the people.
“It also provides positive contribution to the achievement of the Sustainable Development Goals(SDGs) 2052 Africa Integrated Maritime Strategy (2052AIM) and the UN 2030 agenda
“This concept for economic diversification is promoted by the international community and provides friendly means of livelihood in line with this administration’s agenda on job creation’, he said.
He continued that “the ocean economy as an emerging economic frontier applies to ocean-based industry activities and the assets, goods and services of marine ecosystems.
“Countries have to define the scope of their blue economy based on their priorities. For example, in Bangladesh, the ocean economy consists of the following broad and growing economic sectors; living resources, minerals, energy, transport, trade, tourism and recreation, carbon sequestration and coastal protection.
“These industries and ecosystem services do not develop in isolation, but rather interact as an economic ecosystem”, the VP said.
Earlier in his remark,Transportation Minister, Rotimi Amaechi said the blue economy is capable of improving government revenue, create employments and grow the gross domestic product of Nigeria.
Amaechi, who was represented by the Permanent Secretary of the ministry, Dr Magdalene Ajani, also expressed optimism in the benefits derivable from a well exploited marine environment
Speaking at the event, Dr. Paul Adalikwu, Secretary General of Maritime Organisation of West and Central Africa (MOWCA) lauded the initiative of the expansion while recommending inclusion of financial institutions such as the Central Bank of Nigeria (CBN) and African Development Bank (AfDB), as well as key financial institutions that will contribute meaningfully to realizing Nigeria’s Blue Economy objective.
In addition to maritime agencies such as the Nigeria Ports Authority, Nigerian Maritime Administration and Safety Agency, and Maritime Academy of Nigeria, the expanded committee also include ten state governors.
They the Governors of Rivers, Lagos, Delta, Akwa Ibom, Borno, Ogun, Ondo, Cross River, Bayelsa and Edo States.
Other members are Ministers of Foreign Affairs, Power, Finance, Environment, Trade and Investment, Agriculture and Water Resources , Chief of Naval Staff, Comptroller General of Customs, Lake Chad Basin Commission, Nigeria Economic Summit Group, etc.
By: Nkpemenyie Mcdominic, Lagos
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