Business
A Summit To Celebrate
The curtain was drawn last Friday on the 1st Andoni-Opobo-Nkoro
Economic Zone Development Summit, 2012 which took place at the Hotel
Presidential, Port Harcourt.
Initiated and sponsored by the member representing Andoni,
Opobo/Nkoro Federal Constituency in the House of Representatives, Hon Dakuku
Peterside, the initiative represented an
attempt by a people to take their fate in their own hands.
The Andoni, Opobo/Nkoro geographical area today, is a major
oil and gas producing zone whose natural endowments contribute to the nation’s financial mainstay.
Prior to the discovery of the liquid gold as the crude oil is often referred to,
the people of Andoni, Opobo/Nkoro had thrived on their natural endowments in
the era of the palm produce trade.
They were a people bound together by common geographic, economic and
developmental challenges until divisive politics both at the national level and
in the geographical area weakened the bonds that bound them together, virtually
destroying their individual and collective potentials for growth and
development.
For many an Andoni,
Opobo or Nkoro indigene, especially the merchants of politics of division and
doomsday prophets, a rapprochement, the magnitude of which
was achieved by the summit under review was impossible
and unthinkable.
The remarkable success of the 1st Andoni Opobo-Nkoro
Economic Zone Development
Summit, 2012 in aggregating the challenges, and aspirations of the zone
through their peoples –youths, intellectuals and community leaders is therefore
worth celebrating.
The quality of speakers, discussants and presentations at
the two-day summit is enough to transform the zone into an economic giant in
Nigeria, if only, ideas without works avails anything.
If however, the people of the zone indeed adopt and
implement the recommendations of the summit
in a phased, consistent and pragmatic manner, then the theme of the summit-Shared responsibility, shared
prosperity would have been realised.
Participants were
agreed on the need for the summit to be an annual event that would continue to
bring people of the zone together to assess achievements on set targets.
They also whole-heartedly accepted the proposal by the
Deputy Speaker, House of Representatives
of the Federal Republic of Nigeria, Rt Hon. Emeka Ihedioha that the summit be subsequently hosted in either Andoni, Opobo or Nkoro on a rotational basis
instead of Port Harcourt, to enable
participants appreciate the challenges of the zone.
Amaopusenibo Bobo Brown may have set the tone for the
summit, when at the first plenary session, he noted that politics of divide and
rule had torn the people of the zone apart.
Brown, former National President of the Nigerian Institute
of Public Relations who spoke as a discussant on “Local Economy For
Andoni-Opobo –Nkoro”, stated that it was
foolhardy for the people of the zone to think that they have a population that could sustain any
massive production.
Reason? They have over 300,000 impoverished people who have become economic refugees, he said.
He however anchored the benefit of the summit on its timeliness
in putting people of the area in position to become relevant and competitive in
state and national economy, especially in this era of global economic recession.
According to him, such foresight as displayed by the
convener of the summit was what the local economy needed and not going back to
the old economic activities of the area.
Both Engr Ernest Nwapa, Executive Secretary, Nigeria Content Development and
Monitoring Board and Prof Michael Onyekonwu, Director, Institute of Petroleum
Studies, University of Port Harcourt stressed the need for people of the zone to equip their youths with the
relevant training and skills to be active participants in the competitive
oil/gas sector business.
Nwapa noted that 98 per cent of the nation’s oil blocs are in the hands of the oil majors-Shell, Agip, Mobil, Chevron etc
and that the Nigerian Content Act was designed to make Nigeria a great oil
producing nation through the development of her refining capacity and a skilled workforce.
He said that the Nigerian Content Fund which
will be launched on October 24, was dedicated to human capital
development in the oil/gass sector pointing out that when Nigeria is able to
develop her refining capacity and robust
supply chain then youths that
possess relevant skills will benefit.
In his contribution, Prof Onyekonwu stressed the need for
community involvement in the oil industry business through the empowerment of youths with relevant education and skills.
The oil industry is driven by money, technology and people,
he noted, and charged people of the zone to develop their youths so that they
could actively participate.
While expressing disappointment that people of the zone have not had one
person trained at the Institute of Petroleum Studies, University of Port
Harcourt in which he is director, Onyekonwu canvassed the award of scholarships
to youths of the zone who secure
admission in the world’s best10 universities, as a way of developing skilled
manpower relavant for their participation in the oil industry business.
Engineer Sampson Ngerebara, a former Commissioner for Works
in Rivers State in his presentation
xrayed the role of infrastructure in driving sustainable economic development
in the zone and strategies to achieve them.
While asserting that
the challenges were intimidating, Ngerebara recommended among other measures,
the Eastern Obolo model in which a
synergy between the people and operators/project promoters culminated in the
establishment of a refinery in the area with
spill-over socio-economic
benefits and development.
Ngerebara believed
that when people of the Andoni-Opobo-Nkoro economic zone become united, focused
and determined in their quest to use their endowments to develop their
territory, multinational companies and others interested in their resources
will partner with them to bring investment and development to the zone.
Many seasoned and celebrated intellectuals and professionals
enriched the summit with their cerebral presentations.
They included the Head and Resident Representative, United
Nations Institute for Training and Research, Nigeria, Dr Larry Boms; Professor
of Development Sociology and Director Centre for Ethnic and Conflict Studies,
University of Port Harcourt, Prof Mark Anikpo and the Executive Director, Rivers State
Sustainable Development Agency, Mr. Noble Egbert Pepple.
Others included the President, Uptonville Oil and Gas
Institute, Prof Winston Bellgam, a seasoned petroleum engineering professional,
Engr Don Boham, Director-General, Greater Port
Harcourt City Development Authoritiy, Dame Aleruchi Cookey-Gam and a
Consultant Pediatrician at the
University of Port Harcourt, Prof
Alice Nte among others.
The success of the summit is a testimonial to the vision of
the convener, Hon Dakuku Peterside to reposition the zone to be relevant in
contemporary national economic order.
It represents the
will of a newbreed politician and patriot to dismantle and replace the
discredited and archaic politics of divide and rule with politics of
inclusiveness, shared responsibility, and shared prosperity.
The youthful politician who the Deputy Speaker, House of
Representatives described as one of the thinkers and eggheads in the House,
received lavish encomiums and blessings
from participants, elders and leaders of thought from the zone for blazing a trail in the
socio-economic affairs of the impoverished but richly endowed zone.
Accolades were also poured on the chairman,
Andoni-Opobo-Nkoro Economic Zone Development
Foundation Board of Trustees, Sir Emiyarei Ikuru and his members for the
planning and execution of the summit.
What is left to be seen is how, over the coming years, the product of the summit will
lead to the realization of an integrated economic zone, providing attractive
investment opportunities and nourishing
the people and their landscape with the good life and infrastructural
development as envisioned by the
convener and stakeholders.
Business
Eazipay Offers Zero-Interest Loans To 150,000 SMEs, Employees
With a mission to ignite growth, encourage business continuity and help businesses and employees thrive, Eazipay is gearing up to propel the dreams of 150,000 SMEs and employees to new heights through her relief fund.
Gone are the days of financial constraints and stifled dreams. With Eazipay’s support, SMEs and employees alike can bid farewell to limitations and embrace a world of endless possibilities.
Whether it’s start up, business expansion or personal development, Eazipay is here to make dreams come true.
The mind-blowing initiative, which kicked off this month, would end in December, and will also offer a range of perks and benefits designed to put a smile on the faces of SMEs and employees alike.
From exclusive discounts to various advisory services and beyond, Eazipay is committed to spreading happiness and creating lasting impact in people’s lives and to the growth of businesses.
The technology company which offers products and services that range from payroll management to IT/Device management and assessments, “Eazipay isn’t just providing financial support but also unleashing a wave of growth and prosperity for SMEs and employees across the nation.
“Interested businesses and individuals can take part in this initiative directly from the Eazipay website: www.myeazipay.com”.
Business
SMEs Critical For Sustainable Dev – Commissioner
The Commissioner of Finance, Lagos State, Abayomi Oluyomi, has described Small and medium Enterprises (SMEs) as a critical engine for sustainable development in any economy.
He said this recently at the 10th anniversary of the Alert Group Microfinance Bank and the opening of their new head office in Lagos.
According to the National Bureau of Statistics, SMEs accounted for about 50 per cent of Nigeria’s gross.
He commended the positive impact of the Alert MFB as it empowers SMEs in the State.
“Alert MFB in the past 10 years has been at the forefront of empowering SMEs in Lagos State, disbursing over N30bn in loans to over 30,000 individuals having small to medium businesses over that period, which is quite remarkable”, he said.
Speaking, the Group Managing Director of Alert Group, Dr Kazeem Olanrewaju, revealed that the financial institution commenced business in 2013 as a microfinance bank.
“We started this journey in 2013 and it has been expanding. Today, they have about 10 branches across Lagos. They have supported well over 30,000 clients and have disbursed over N30bn.
“The company has been profitable since the second year. Looking at the market and the available opportunity, the Alert MFB board decided to come together to establish a Microfinance Institute (MFI), which is the Auto Bucks Lenders”, Dr. Olanrewaju said.
The GMD further stated that the company was focused more on supporting businesses and small and medium enterprises.
“The loan to support business represents over 98 per cent. The consumer loans you will see are the ones given to entrepreneurs. So, the area of focus of Alert MFB and Auto Bucks Lenders is to support businesses across the country.
“With the establishment of Auto Bucks Lenders, we have the opportunity to also do business outside Lagos. So, presently, we have offices in Ogun State and Oyo State. We intend to go to every part of Nigeria to support what we are doing”, he declared.
Business
Retailers Explain Price Drop In Cement Cost
The cement market, in the last couple of weeks, has seen a significant turnaround with prices tumbling from between N10,000 and N15,000 per 50kg bag to between N7,000 and N8,000.
The sudden rise in the prices of cement and other major building materials in February this year upsets the construction industry, especially in real estate, where many developers were forced to abandon building sites.
A recent market survey conducted by The Tide’s source in different locations across the country confirmed a price drop, ranging between N7,000 and N7,500 per bag, though BUA cement is selling for N7,500 to N7,800 per 50kg bag, depending on location.
Both entrepreneurs and major distributors who were interviewed, explained that the price drop is due to low demand and government’s intervention.
At the peak of the price hike, the Federal Government called a meeting with major producers where it was agreed that a bag of cement should be between for N7,000 to N8,000, depending on location.
But the producers did not comply with this agreement immediately, followin which “Nigerians stopped demanding for cement; many project sites were abandoned as developers sat back and waited for the prices to come down.
“So, what has happened is an inter-play of demand and supply with price responding, which is Economics at work”, Collins Okpala, a cement dealer, told the source in Abuja.
In the Nyanya area of the Federal Capital Territory, a 50-kg bag of Dangote cement now sells for between N7,000 and N7,500, while BUA cement sells for between N8,500 and N9,500, down from between N11,000 and N12,000 respectively.
In Lagos, the product has seen significant price drop too. In Ojo area of the state, Sebastin Ovie, a dealer, told our reporter that what has happened is a crash from the January price, attributing the crash to low demand and stronger naira.
“The current price of the product is between N7,000 and N7,500 per 50kg bag, depending on the brand. This is a significant drop from the average of N12,000 which most dealers were selling in February and March”, he said.
A dealer in Agege area of the state who identified himself as Taofik Olateju, told the source that sales are picking up due to the drop in price.
He recalled that Nigerians at a point stopped buying due to the high price of the product at N15,000 per bag.
“I am sure most dealers ran at a loss then because we had mainly old stocks which we wanted to offload quickly”, he said, confirming that the product sells for between N7,500 and N8,000, depending on the brand and the demand for the brand.
Continuing, Olateju noted that “because the naira is now doing well against the dollar, it will be unreasonable for manufacturers to continue to sell the product at the old prices. I also believe that the federal government’s intervention and the threat to license more importers may have worked, leading to the reduction in price”.
In Enugu, the source reports that the product sells for between N7,200 and N7,500 depending on the brand and location.
“This is a city where the price of a 50kg bag went for as high as N12,000 and N13,000 in some cases in February and March”, Samuel Chikwendu said.
He added that the prices of other building materials, especially iron rods, have also dropped considerably which is why, he said, activities are picking up again at construction sites.
The story is slightly different in Owerri, the capital of Imo State, where Innocent Okonkwo told the source that low demand was also driving the price drop, adding that a 50kg bag was selling for N9,000 on the average in the state.
Sundry market observers are optimistic of further price reductions, but they remain cautious as manufacturers, wholesalers, and retailers continue to play critical roles in setting prices for end-users.
They lamented, however, that despite Nigeria’s status as one of the largest producers of cement in Africa, the price of the product continues to rise, particularly in the face of high inflation impacting the building materials market generally.
Okpala in Abuja highlighted the variations arising from direct sourcing from manufacturers versus procurement through dealers, with traders holding old stocks selling products at prices ranging from N8,500, N8,300 to N8,000 per bag.
Lucy Nwachukwu, another dealer in Abuja, said the significance of procurement volume in determining cement costs, noting that stability in prices has been observed over the past month, with the product retailing for between N7,000 and N7,800 depending on the brand.
In Port Harcourt also, a customer, Daniel Etteobong Effiong, said the price goes between N7500 to N8500, depending on the brand and the location one is buying from.
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