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Creating Jobs Via Resuscitation Of Moribund Industries

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The production tank belonging to Nigeria Agip Oil Company (NAOC) in Ebocha Community, Ogba/Egbema/Ndoni Local Government Area of Rivers State.

The production tank belonging to Nigeria Agip Oil Company (NAOC) in Ebocha Community, Ogba/Egbema/Ndoni Local Government Area of Rivers State.

Unarguably, unemploy
ment has reached alarming proportions in the country, especially among graduates of tertiary institutions.
This is partly because the Nigerian economy cannot absorb the growing number of graduates produced annually by the nation’s tertiary institutions.
Compounding the problem, tertiary institutions produce more graduates in the humanities and social sciences as a result their failure to adhere to the national admission policy, which prescribes 60:40 ratio in favour of the sciences.
The areas of specialisation of the graduates notwithstanding, experts insist that sustainable employment can be created via the manufacturing sector.
They are of the view that if state governments can revitalise the moribund industries in their states, this will reduce the unemployment rate, while boosting their internally generated revenue as well.
Several moribund industries, which were unfortunately blue-chip industries of yesteryears, now dot many parts of the country.
Concerned stakeholders, therefore, acclaim the recent pronouncement of Gov. Okezie Ikpeazu of Abia to resuscitate the Golden Guinea Breweries in Umuahia.
Mr Bonnie Iwuoha, the Commissioner for Information and Strategy, broke the cheery news about the state government’s plans to reopen the brewery when he addressed journalists recently in Umuahia.
In addition to Golden Guinea, the commissioner said that the International Glass Industry in Aba would also bounce back to life.
Golden Guinea was established in 1960 by the administration of Dr Michael Okpara, the then Premier of the defunct Eastern Region, and incorporated two years later.
It became an economic epicentre and financial livewire, not only for the people of the then Eastern Region, but also for natives of Umuahia who enjoyed the socio-economic benevolence it offered through its social responsibility programmes.
In fact, the products of Golden Guinea Breweries like Golden Guinea lager, Eagle Stout and Bergdorf lager received appreciable patronage from 1960 to 2005 when it was eventually shut.
Concerned stakeholders, nonetheless, urge Ikpeazu to refrain from making empty promises like his predecessor, Chief T.A. Orji, who promised to revive the company.
Indeed, Orji in 2012 inaugurated a committee to look into ways of reviving the 54-year-old company.
He vowed to revive the brewery before leaving office, a pledge he failed to fulfil.
On the other hand, the International Glass Industry (IGI), Aba, also owned by the Abia Government, was leased to the Churchgate Group and it is showing signs of improvement.
IGI’s General Manager, Mr Kelechi Onuiri, said recently in Aba that the company had resumed the production of glass products.
He said that the factory, which started production late in March, produced and supplied more than 740,278 pharmaceutical bottles within two weeks of its resumption.
He said that the factory was currently servicing the needs of pharmaceutical industries outside the state.
Onuiri said that the company had employed more than 500 workers since its resumption to ensure full circle production.
“Right now, we have many people working here; we have employed more than 500 workers. Of course, we will take more people if need be,” he said.
However, the story is somewhat different with regard to the Modern Ceramic Industries in Umuahia.
After years of inactivity, the company was handed over to UCL Consortium, promoted by the Catholic Diocese of Umuahia.
Regrettably, the company’s handover could not bring it back to life.
Mr Uwakwe Nwachukwu, an economist, recalled that the Golden Guinness Breweries was one of the most successful breweries in Nigeria until it became moribund, adding: “Its collapse was mainly due to bad or inefficient management.’’
He said that board and management appointments were not based on knowledge and expertise, but purely on political considerations.
“More often than not, round pegs were put in square holes. Consequently, the brewery, which hitherto employed many hands and created considerable wealth, died,’’ he said.
Nwachukwu, who once worked in Golden Guinea as a casual employee for a fleeting period, said that the idea of revitalising or re-building the factory was, indeed, a welcome development.
According to him, a lot of benefits will accrue to the state and the people if the factory is revived.
“Other ancillary jobs or businesses will spring up within the factory environment and this will also reduce the number of unemployed persons in our society.
“In a time like this when unemployment in Nigeria has become a key challenge, the factory will add a lot value to the economy of Abia and the Nigerian economy as a whole.
“Furthermore, it will be quite plausible if the government could give consideration to the revitalisation of the Modern Ceramics Company, Umuahia.
“The ceramics company has good prospects for jobs as well as wealth creation for the government and the people,’’ he added.
Nwachukwu urged Ikpeazu not to relent in his efforts to bring back the “dead factories’’ back to life.
He urged him to borrow a leaf from the Rivers Government which successfully resuscitated Pabod Breweries.
“Rivers is one example; the once moribund Pabod Breweries was rebuilt by the last administration in the state.
“Today, Pabod Breweries engages many hands and it is the proud producer of Grand Beer and the now fancied or popular malt drink, Grand Malt.
“This can be replicated by the Abia Government, using the Golden Guinea Breweries and the Modern Ceramics Company in Umuahia as the platform,’’ he said.
In the same vein, Prof Aloysius Okolie of the Department of Political Science, University of Nigeria, Nsukka, urged state governors in the South East geopolitical zone to revive the collapsed industries in their states in order to create more jobs.
He said that the revival of the industries would create more employment opportunities for millions of jobless youths, while generating additional revenue for the states.
“Revitalising of these industries will be a means of diversifying the economy of the states, especially now when the country is experiencing economic melt-down,’’ he added.
There has been a drastic decline in allocations from the Federation Account to states and local governments as result of a sharp decline in crude oil prices in the international market.
“Some states and local governments in the country now find it difficult to pay their workers’ monthly salaries because of this drop in federal allocations,’’ Okolie said.
He, therefore, commended Gov. Ikpeazu’s move to revive Golden Guinea Breweries in Umuahia, describing it as a welcome development.
He, however, suggested that the state government should not own 100 per cent equity shares in the brewery.
“Government should have at most 30 per cent equity shares so as to allow the management of the brewery to be in the hands of private people who are expert in managing such companies.
“Government should also carry along the host community in order to protect equipment and facilities in that brewery,’’ he added.
Okolie said that pragmatic efforts should be made to revive industries like the cashew industry in Enugu, the ceramics industry in Umuahia, among others, which had become moribund.
“The industrial sector is a critical sector of any economy; it helps a country not to depend completely on foreign products.
“Nigeria is a dumping ground for foreign goods today because of the years of neglect which led to the collapse of many industries.
“Other governors in South East should emulate the Abia governor’s good example of reviving the popular Golden Guinea Brewery Umuahia, in efforts to improve the economy of their states and reducing unemployment,’’ he said.
Analysts underscore the need  for the federal, state and local governments to resuscitate all the moribund industries in their domains.
“This because industries provide employment opportunities for the youth, particularly graduates of engineering and physical sciences,’’ some of the analysts say.
Obike Ukoh is of the  News Agency of Nigeria (NAN)

 

Obike Ukoh

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Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

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Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

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Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

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The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.
The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.
Ogan stated  that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.
He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.
According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.
Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.
He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.
 NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.
He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.
Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.
He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.
Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.
He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.
According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.
To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.
King Onunwor
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Business

NPA Targets N1.489tn Revenue In 2026

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The Management  of Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
NPA says the figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
 The Managing Director NPA, Dr Abubakar Dantsoho, stated this  during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said  the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
The MD explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
Dantsoho said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho said all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
Earlier in his remarks,Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said.
Chinedu Wosu
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