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A Summit To Celebrate

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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.

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Nigeria’s ETF correction deepens as STANBICETF30, VETGRIF30 see 50% decline in a week

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Nigeria directs all oil, gas revenues to federation account in sweeping reform
Nigerian President Bola Tinubu has signed an order directing that all oil and gas revenues owed to the government be paid directly into the federation account, in sweeping reforms aimed at boosting public finances, the presidency said on Wednesday.
Under the law, the Nigerian National Petroleum Corporation keeps 30% of oil and gas profits for frontier exploration in inland basins. The presidency said those funds will now be paid into the federation account and appropriated by the government.
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NNPC also retains 30% of oil and gas sales as operational costs and receives 30% of proceeds from Production Sharing Contracts. Under the new directive, all revenues under these arrangements will flow directly to the federation account, while the company will instead receive appropriated management fees.
Royalty payments, petroleum profit taxes and other statutory revenues previously collected and retained by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) will also be paid directly into the Federation Account. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) will likewise remit its revenues in full, with its cost of collection to be funded through appropriation.
Tinubu’s office said deductions enabled by the law had sharply reduced net oil inflows and contributed to fiscal strain across federal, state and local governments. The president also ordered a review of the law and established an implementation committee to enforce the changes.
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BOI Introduces Business Clinic 

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The Bank of Industry (BoI) has introduced a business clinic model designed to diagnose, treat and rehabilitate the Micro, Small and Medium Enterprises (MSMEs) to ensure long-term growth and sustainability.
The Divisional Head, Business Development, BoI, Dr Obaro Osah, made this known at the bank’s Thrive Summit with the theme: “Driving Growth through Innovation and Financial Empowerment” on Tuesday in Lagos.
Osah noted that traditional banking often treated businesses as mere account opening and management relationships.
He said the BoI business clinic model was created to reimagine the essence of a bank as a specialised teaching hospital.
According to him, just as a hospital requires a thorough diagnosis before service treatment/surgery, the bank must analyse the structural health of a small business before injecting capital.
“Financial distress is often just a symptom, the disease lies in operations and adopted philosophy, strategy, or governance,” he said.
Osah noted the many MSMEs, in spite of their potential, suffer from recurring ailments: restricted cash flow, poor operational structure, lack of proper packaging and market access, poor management among others.
He said the bank’s triage and vital signs included screening SMEs by maturity stage, pulse check to assess cash flow and liquidity and market temperature to evaluate competitive landscape.
Osah said after these evaluation, advanced diagnostics, prescriptions, surgical interventions and recovery and rehabilitation would be carried out where necessary.
“Prescription without diagnosis is malpractice and the Thrive Summit ensures we treat the root cause, not just the symptoms,” he said.
The Chief Strategy and Development Officer, BoI, Dr Isa Omagu, noted that MSMEs needed more than finance to succeed.
Omagu said they needed structure, advisory, capacity building, governance, digital readiness, access to market information and the right business infrastructure to operate and scale effectively.
He said as part of the bank’s 2025-2027 Corporate Strategy, the business clinic would expand BoI’s value proposition to broaden its products and services to better reach target segments.
Omagu said by offering structured business advisory and project development support, the clinic would enable the bank deliver deeper, more holistic value to MSMEs beyond financing.
“This vision of a structured, holistic business clinic; one that strengthens MSMEs across all core business functions and makes them more bankable, competitive, digitally enabled, and sustainable, is fully aligned with our strategic initiative to develop and roll out non-financial product offerings.
“Through this initiative, BoI commits to providing business advisory for MSMEs and project lifecycle support for enterprises, and the business clinic serves as the practical platform through which this commitment comes to life,” he said.
Omagu urged MSMEs to apply the guidance received to strengthen structure, governance, and financial management.
He added that they must adopt digital tools and improve internal processes to boost competitiveness while engaging BoI as a long-term partner in building a resilient, scalable business.
Mrs Eniola Akinsete, Divisional Head, Sustainability, BoI, said adopting Environmental, Social and Governance (ESG), principles often led to business prosperity.
Akinsete, however, noted that in spite of the benefits, adoption challenges persisted.
She affirmed BoI’s support on the adoption of ESG Practices by the MSMEs.
Earlier, the Executive Director, Corporate Finance, Sustainability and Investments, BoI, Mr Rotimi Akinde, said the summit represented a shared commitment to building a stronger, more resilient business ecosystem in Nigeria.
Akinde stated that the business clinic created a platform for practical knowledge sharing where entrepreneurs and small business owners could gain actionable insights to overcome challenges and seize opportunities.
He said discussions would focus on critical areas that drive sustainable growth, including branding and marketing, financials and activities, human rights, human resources, raising capital for equity and technology.
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Dangote signs $400 mln equipment deal with China’s XCMG to speed up refinery expansion

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Nigeria’s Dangote Group has signed a $400 million equipment deal with China’s Xuzhou Construction Machinery Group to speed up the expansion of its oil refinery toward a planned 1.4 million barrels per day, the company said on Tuesday.
The additional equipment is expected to support major projects under construction across refining, petrochemicals, agriculture and infrastructure.
Dangote said the XCMG agreement would allow it to acquire a wide range of new heavy-duty machinery to complement existing assets deployed for the refinery build?out, which the company expects to complete within three years.
As part of the expansion, polypropylene capacity will rise to 2.4 million tons per year from 900,000 tons. Urea production in Nigeria will triple to 9 million tons per year, alongside an existing 3 million-ton plant in Ethiopia, positioning the conglomerate as the world’s largest urea producer, the company said.
The output of linear alkyl benzene – a key raw material for detergents – will increase to 400,000 tons annually, making Dangote the biggest supplier in Africa. Additional base-oil capacity is also planned in the programme.
Dangote Group described the equipment deal as a strategic investment aligned with its ambition to become a $100 billion enterprise by 2030.
“The additional equipment we are acquiring under this partnership will significantly enhance execution across our projects,” it said in a statement.
Owned by Nigerian billionaire Aliko Dangote, the $20 billion refinery began operations in 2024 after years of delays. Once fully operational, it is expected to reduce Nigeria’s heavy dependence on imported refined fuel and reshape fuel supply across West and Central Africa.
Reporting by Isaac Anyaogu; Editing by Anil D’Silva
The Nigeria-Slovenia Chamber of Commerce on Thursday urged the Nigerian business community to explore business opportunities in Slovenia to widen their horizons.
The Tide source reports that the chamber made the call at its 2025 Last Quarter Business Forum held in Lagos State.
The forum is the chamber’s routine session aimed at informing businesses about the latest opportunities of mutual benefit between both countries, encouraging people to explore them to improve their livelihoods.
Speaking at the event, which was attended by businessmen and trade regulatory agencies, the Director-General of the Nigeria-Slovenia Chamber of Commerce, Mr Uche Udungwor, described the relationship between the two countries as a bilateral economy.
Udungwor said the body, established to build, promote and facilitate trade and investment activities between Nigeria and Slovenia, had positively impacted both nations.
He said the mandates of the chamber include: “To provide a forum representative of Nigeria and Slovenia’s interests for the development and improvement of commerce and industry between the two countries.
“Also, to create, promote and sustain broad exchanges and interactions in commercial, industrial and economic fields between the countries.
“To promote cooperation on technical and scientific innovations between institutions of the countries through the exchange of regular information on trade and investment opportunities.
“To advise members on opportunities, challenges, legislation or otherwise arising from the pursuit of trade between Nigeria and Slovenia, and to encourage the exchange of ideas and views on trade matters within the context of trade promotion between both countries.”
According to him, Slovenia’s major imports include organic chemicals, agro products such as cocoa beans, iron and steel/metal scraps, wood, and mineral fuels/petroleum products.
He said the trade balance between Slovenia and Nigeria is “not quite encouraging”, citing United Nations COMTRADE data indicating that Slovenia’s imports from Nigeria in 2022 amounted to $5.7 million.
Udungwor described the Republic of Slovenia, located in Central Europe with about 2.1 million inhabitants, as a promising business frontier for Nigerians.
He noted that the country features Alpine mountains, thick forests and a short Adriatic coastline.
“Slovenia, which borders Italy to the west, Austria to the north, Croatia to the south and southeast, and Hungary to the northeast, has a 2024 GDP of 72.49 billion dollars, a sound economy and a low-risk business environment.
“Slovenia has been a member of the European Union since 2004 and of the Schengen Group since 2007. It is also a member of the Organisation for Economic Co-operation and Development (OECD).
“Slovenia today is a stable, vibrant democracy that offers a stimulating business environment and represents a bridge between the Balkan, Central European and Western European countries.
“The Nigeria-Slovenia Chamber of Commerce is at your service to provide up-to-date information and advice about Slovenia’s economy, business opportunities, companies, products and services for the mutual benefit of all,” he said.
A participant, Mr Muyiwa Ajose, said his partnership with the chamber had bolstered his agro exports to Slovenia.
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