News
Insecurity Threatening Productive Sector, Manufacturers Alert
Nigerian manufacturers have lamented the state of insecurity in the country, warning it was raising their operating costs and lowering production output in several industrial zones.
According to them, the continuous increase in general prices of goods in Nigeria and its multiplier effects on the standard of living of the citizens is threatening national growth and recovery post COVID-19.
Industry players, who spoke to newsmen, argued that the current double-digit inflation rate will frustrate efforts at economic recovery, erode purchasing power and increase poverty rate.
Apart from insecurity and conflicts in food producing areas that led to reduction in the production and supply of food, the disruption of supply chain activities due to the pandemic, Ukraine-Russia war, instability in the exchange rate and management, among others, have also compounded the inflationary pressure.
Therefore, even if domestic food production increases and supply and distribution constraints are eased, a combination of exchange-rate management problems, shortage of hard currency, expansionary monetary policy and funding of fiscal deficit will continue to generate inflationary pressures.
They also argued that the slow recovery rate coupled with high unemployment rate would continue to erode the investor confidence in the capacity of the authorities to sustain adequate macroeconomic activity that will support post-pandemic recovery.
For their part, some economists have warned that the state of insecurity has reached a frightening crescendo, as the trajectory portends adverse implications for economic growth prospects and investment outcomes.
Industry operators believe that Nigeria’s worsening security situation, the escalating energy cost, exchange rate depreciation, liquidity crisis in the foreign exchange market and the spike in inflationary pressures form major headwinds undermining economic growth.
The Chief Executive Officers of Manufacturers Association of Nigeria (MAN) member-companies in Nigeria in the first quarter of 2022 (Q1’22) reported declined confidence in the economy as revealed in the latest Manufacturers CEO’s Confidence Index (MCCI) survey report, some of the pessimism stem from the rising level of insecurity in the country.
The MCCI analysis based on industrial zones showed that out of the 13 industrial zones in Nigeria, five struggled in the first quarter of 2022.
The performance of the afore-mentioned zones was clearly depicted by the index scores of 48.3, 44.8 and 46.0 points, respectively, in the period under review which fell below the 50 neutral points threshold Index score.
MAN stated that the low performance recorded in some zones is attributable to the disruption of manufacturing activities by high-level insecurity, rising operating costs and harsh manufacturing environment.
“In specific terms, peculiar contributory factors for Rivers State include the prevailing low interest in the productive sector evidenced by the shrinking industrial landscape, low support for the manufacturing sector and the excessive concentration on trade and services,” the producers added.
“The general decline in the index point and the dimmed outlook for the second quarter evidenced by expectations of lower production, employment and unfriendly business conditions, is a cause for concern. This obviously calls for the crafting of a National Response and Sustainability Strategic Plan to avert the looming economic crisis and shortages that would arise from the impact of the Russia invasion of Ukraine,” MAN stated in the report.
Chairman, National Association of Small Scale Industrialists (NASSI), Lagos, Gertrude Akhimien, decried Nigeria’s security situation, saying it has forced many SMEs out of business.
“Insecurity is a major reason for the shutdown of many SMEs. Many SMEs that are in production need raw materials, which they have not been able to access due to the security situation, especially in the Northern part of the country.
“Small business owners are afraid to risk their lives due to the senseless killings and kidnappings. So, the little raw materials that come in are expensive and at the end of the day there is no profit. As I talk to you now, five bakeries just shut down.
“The bakery section just raised alarm of the continuous rise in price of raw materials as such many have closed shop waiting till price stabilises. If price keeps increasing consumers cannot buy they rather make alternatives”.
News
PDP Opobo/Nkoro Hails Fubara On Peace, Projects
Stakeholders of Peoples Democratic Party (PDP) in Opobo/ Nkoro Local Government Area of Rivers State have commended the state Governor, Sir Siminalayi Fubara for his disposition that has fostered peace in the State.
Rising from an expanded stakeholders meeting last Saturday in Opobo Town, the body in an eight-point communique signed by its Chairman, Hon. Benneth Daminabo, Chairman of Council, Rt. Hon. Enyiada Cookey-Gam and LG party Chairman, Warisenibo Godwin Pepple commended the governor for linking Opobo/Nkoro LGA to the national grid.
In addition, it lauded the effort of the governor in pursuing the 50.15 kilometre Dual Carriage Ring Road, Elelenwo internal road, Aleto-Ebubu-Eteo Road in Eleme and Andoni Road projects.
Despite the distractions, the stakeholders said they were impressed that the governor had equally done projects in health-the unveiling of Prof. Kelsey Harrison Hospital, Agric projects at Tai and Oyigbo and improving welfare of civil servants.
In their words, “members reaffirmed their unalloyed loyalty and implicit confidence in his administration.”
Condemning the unfriendly and discourteous utterances of Senate President, Godswill Akpabio and Tony Okocha in different fora in the State, the forum urged the duo to desist from such action in order not to heat up the polity.
The forum pledged to stand by the governor through, “thick and thin”, the stakeholders acknowledged the contributions of women, who through prayers for the government has impacted positively in the direction and posture of the governor.
Finally, the forum unanimously expressed gratitude to the Simplified Movement and other bodies that have thrown their weight behind the governor to ensure that the administration is stable and successful.
By: Kevin Nengia
News
‘Rivers People Are Now Breathing Fresh Air Under Fubara’
Aformer Caretaker Committee Chairman of Abua/Odual Local Government Council of Rivers State, Hon Elamo Arogu, says under Governor Siminalayi Fubara, the people of the State are now breathing fresh air.
Hon Arogu said Governor Fubara has given Rivers people hope, considering the impactful and people-oriented projects being carried out by his administration.
The former CTC chairman made the assertion during the Simplified Movement’s thanksgiving service and rally held in honour of Rivers State chief executive last Friday in Abua .
Arogu said under Governor Fubara, the Abua/Odual people have the confidence that the dividends of democracy will definitely get to them.
He noted that the Governor has the strong will to change the narrative in Rivers State, being the reason he is receiving massive support across the State.
“The people of Abua/Odual are strongly behind him. Our doors ate open for everyone because there is government in place to attend to the needs of the people. I believe that he will develop Abua/Odual and other Rivers council areas, hence, the massive support. This government is business- oriented and we are ready to encourage him succeed and invest in our land. The issue of a bank; road networks and other necessities of life bordering on development as demanded by the people will be considered by Governor Fubara”, he said.
He called on the opposition to team up with Governor Fubara to build a stronger, united and viable Rivers State.
He maintained that ward nine under his leadership is Simplified.
News
Rivers State University Cooperative Society Elects New Leaders
The United Port Harcourt Peoples Cooperative Investment & Credit Society Limited, Rivers State University, Port Harcourt, has elected new leaders to pilot the affairs of the cooperative for the next two years.
They are Pastor Dr. Barine Aeba (President); Dr. Gift N. Nkweke (Vice-President), Dr. Kenneth Chima Adiele (General Secretary), Victor G. Banigo (Assistant General Secretary),
Rose Yeyeda Nwosu (Treasurer), Adaku Nwogu (Financial Secretary) and Stella Ereba (Public Relations Officer).
Inaugurating the new Management Committee after a keenly contested election held recently at the University Amphitheatre, the Director of Cooperatives in Rivers State, Dr. Elizabeth Chidi-Wike, congratulated the seven-member Executive for emerging winners at the election, charging them to uphold the bye laws of the Cooperative Society and hold regular congress meetings.
Dr. Chidi-Wike used the forum to commend the outgone Management Committee for reviving the Cooperative and placing it on an enviable pedestrial.
In her remarks, the Acting Registrar of the University, Mrs. Ibimonia Sotonye Harry applauded Cooperative members for keeping faith with the Cooperative Society, stressing that the goal of the society in helping members save for retirement cannot be over emphasised.
In his valedictory speech, the outgone President, Dr. Mie-Idala Jones Amachree expressed gratitude to God for the successful completion of his four-year tenure, thanking his fellow Management Committee members who gave him the needed support that transformed the Cooperative Society.
In his acceptance address, the President, Pastor (Dr.) Barine Aeba thanked the university management for providing the enabling environment for the peaceful conduct of the election, pledging that he will fulfill all his campaign promises.
A total of 165 Cooperative members participated in the electoral exercise which was conducted by an Electoral Committee led by Engr. (Dr.) Joseph D. Enoch.
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