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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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NEM Insurance celebrates IWD 2026 with pledge to sustain support for women endeavour

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NEM Insurance Plc – the number one motor insurance provider in Nigeria, in a vibrant commemoration of the 2026 International Women’s Day (IWD), has reaffirmed its dedication to fostering an inclusive environment that empowers women to excel in their endeavours.
Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.
Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.
“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”
The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.
Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.
Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.
“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”
To mark the occasion, the leadership outlined several key pillars of support:
Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.
Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.
Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.
The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.
Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.
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Nigeria: Profit-Taking Persists as NGX Dips Marginally by 0.2%

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Trading on the Nigerian Exchange (NGX) closed slightly lower on Wednesday as profit-taking in selected equities continued to weigh on the market, dragging key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index (ASI) declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large and mid-cap stocks.
Consequently, market capitalisation shed N107.57 billion, settling at N125.75 trillion. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent, alongside Dangote Cement Plc, which slipped by 0.6 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with 10 per cent losses each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc and SCOA Nigeria Plc.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Activity level on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13 billion in 58,792 deals.
This represents a decline of 8.61 per cent in volume, 5.18 per cent in value and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by volume and value, accounting for 106.36 million shares worth N2.75 billion.
Analysts said the cautious mood in the market reflects continued portfolio rebalancing by investors following the strong rally recorded earlier in the year.
They noted that trading may remain mixed in the near term as investors react to corporate earnings releases and macroeconomic development.
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Wema Bank Admits 10 Startups into Hackaholics 2026

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Wema Bank has admitted 10 Nigerian startups into the 2026 edition of its Hackaholics Accelerator Programme as part of efforts to strengthen innovation, entrepreneurship, and sustainable business growth in the country.
The 10 cohort selected startups for the 2026 edition such as; Farmslate, Ploy, Stocmed, Feest , Varsityscape, MamaAlert, Sane, Cyclex, Kieva and Loocomo were drawn from the top performing finalists of Hackaholics 6.0.
The Hackaholics Accelerator, a selective growth programme under the bank’s Hackaholics platform, is designed to help promising startups reinforce their business foundations while preparing them for scalable growth and investment readiness.
Wema Bank said the programme represents a strategic expansion of its support for innovators, moving beyond ideation and competition to hands-on startup development after six years of driving innovation through the Hackaholics initiative.
According to Wema bank, the accelerator provides founders with structured mentorship, industry guidance and access to networks required to transform innovative ideas into viable and scalable businesses.
Speaking at the programme, Managing Director and Chief Executive Officer of Wema Bank, Mr. Moruf Oseni, said the accelerator demonstrates the bank’s commitment to supporting founders beyond the early stages of innovation.
He noted that Hackaholics has evolved from a competition into a platform that showcases Nigeria’s entrepreneurial potential and technological creativity. Where he explain that the second edition of the accelerator focuses on helping founders transition from ideation to building sustainable business capable of long trem projects .
“Over the past six years, Hackaholics has grown into more than a competition; it has become a platform that reveals the depth of innovation and entrepreneurial potential that exists across Nigeria,”Oseni said.
Oseni stressed that the startups selected are representing some of the most promising solutions emerging from the Hackaholics ecosystem, and the back remain committed to helping them refine their business models, strengthen their operational foundations, and scale their impact.
Also speaking at the program , Wema Bank’s Chief Transformation Officer,Mr. Babatunde Mumuni, said the accelerator would guide founders through a structured process aimed at strengthening their operations and positioning them for sustainable growth.
As part of the programme, startups founders will participate in intensive training sessions facilitated by industry experts across key areas of business growth. Facilitators include Wema Bank executives such as Chief Transformation Officer, Babatunde Mumuni; Head of Strategy and Investor Relations, Femi Akinfolarin; Head of Data Transformation, Olamide Jolaoso; and Team Lead, Corporate Social Investment, Oluwatoyin Adetunji. While External facilitators include Managing Director of Impact Hub Lagos, Idowu Akinde; Managing Director of B4B Partners, Napa Onwusa; startup advisor and scout, Onaopemipo Dara; Google for Startups mentor, Rosemond Phil-Othihiwa; Head of Growth at Africhange, Tega Ogigirigi; and startup advisor and mentor, Ademola Adewuyi.
The Hackaholics Accelerator is also supported by Wema Bank’s broader innovation ecosystem, including IDEAx Labs, the bank’s innovation and venture platform, and its corporate venture programme focused on enabling startup growth through partnerships, infrastructure and access to capital.
Since its launch in 2019, Hackaholics has grown into one of Nigeria’s leading youth innovation platforms, attracting more than 15,000 applicants and supporting hundreds of digital solutions across multiple sectors.
Through the initiative, Wema Bank said it has disbursed more than $400,000 in funding to young innovators and startup founders nationwide.
Previous participants such as Feegor, Myitura and Bunce have emerged from earlier editions of the programme, highlighting the accelerator’s focus on nurturing growth-ready companies. Meanwhile the 2026 edition builds on this progress by supporting startups as they transition from innovation to sustainable business growth.
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