Business
Continous Border Closure Not Sustainable – MAN

The Manufacturers Association of Nigeria (MAN) has said that the continued closure of the country’s land borders is unsustainable as many genuine businesses are suffering, and some are at the verge of shutting down.
The Director- General, MAN, Segun Ajayi-Kadir said this on Tuesday at a ‘Stakeholders forum on impact of border closure on Nigeria’s economy’ organised by the Lagos Chamber of Commerce and Industry in partnership with the Centre for International Private Enterprise.
Ajayi-Kadir, who was represented by MAN’s Director of Corporate Affairs, Mr Ambrose Obruche said some members of the association complained that their businesses were suffering.
He said such businesses especially in food and tobacco industry spent more money to import their raw materials and export their finished goods within the West African sub region.
While the MAN’s DG noted that it acknowledged that the closure on August 20, 2019 had started having positive impacts, it warned that there were other negative effects on the economy.
He said, “While a section like the agriculture (poultry and rice farmers) had benefitted from the border closure, we want to say the border closure is not sustainable on a long term.
“Some of our members in the food, beverage and tobacco industry, and those in paper and roofing sheet production are complaining that their businesses are being affected negatively.”
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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