Manufacturing’s robust performance in 2014 justifies call for industry-specific incentives

A leap in manufacturing’s contribution to Nigeria’s Gross Domestic Product (GDP), huge investments in cement, sugar and automotive industries, as well as a surge in capacity utilisation within the year are indications that the sector can perform better in 2015 if the Federal Government pays more attention to broad-based, industry- specific incentives, rather than the individual-type motivations, stakeholders say.

“Majority of the members interviewed are of the opinion that once the government continues with broad-based incentives, the possibility of capacity utilisation improving further is high,” says the Manufacturers Association of Nigeria (MAN), in its most recent economic review.

“What this translates to in the economic-wide aggregate, is

Nigeria Concludes Two-year Strategy to Raise Trade with Asia to $80bn

The federal government yesterday concluded an elaborate plan targeted at boosting trade between Nigeria and countries in Asia by 100 per cent in the next 24 months.

The fresh Nigeria-Asia trade strategy was fine tuned last weekend by the officials of the Federal Ministry of Industry Trade and Investment and its parastatals, along with Nigeria’s ambassadors across the Asian countries, in a two-day meeting in New Delhi, India.

The strategic meeting was the first of its kind in over 50 years aimed at brainstorming on a synergy targeted at further improving the trade and investment ties with the 15 Asian countries.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, told journalists at the end of the two-day meeting that the ministry and the ambassadors resolved to work on

New trade policy for inclusive economic growth underway – Aganga

The Federal Executive Council will soon approval a new national trade policy designed to fast track inclusive economic growth through industrialisation, trade and investment.

Aganga...our laws are friendly, just that investors are not even aware

Aganga…our laws are friendly, just that investors are not even aware

Also the Governor of Benue State, Dr. Gabriel Suswan has called on the Federal Government to establish Warehouse Receipt System in all the six geo-political zones across the country in order to reduce the country’s dependence on importation of raw materials.

These were the highlight of the just ended 7th National Council on Industry, Trade and Investment held in Markurdi.

Speaking during the event,

Nigeria records over $3billion worth of investments in sugar subsection – Aganga

The Minister of Industry, Trade and Investment, Dr. Olusegun Aganga, yesterday, disclosed that Nigeria had recorded over $3billion worth of investments in the sugar subsection since the implementation of the Nigeria Industrial Revolution Plan, NIRP.

He said more than 15 projects had already been situated in seven states of the federation in furtherance of the Sugar Master Plan of the federal government.

The Minister made this known, yesterday in a keynote address he delivered at the opening ceremony of the 7th. National Council on Industry, Trade and Investment (NCITI) in Makurdi.

Represented by the Minister of State in the Ministry, Dr. Samuel Ortom, he said,

FG targets N116.5bn non oil export to ECOWAS countries

Nigeria is targeting a quantum increase of its non oil exports to the Economic Community of West African States (ECOWAS) to N116.5 billion by 2015 in addition to a structured trade policy that would support the nation’s industrial trade, Olusegun Aganga, the minister of industry, trade and investment, has said.

Aganga spoke during the 7th National Council on Industry, Trade and Investment in Markurdi, Benue State on Thursday.

The event brought together all the commissioners of industry, trade and investment across the country to deliberate on strategies to fast track inclusive economic growth through industrialisation, trade and investment.

As part of efforts towards increasing the country’s non oil export sector, the minister said

New auto policy: FG plans financing scheme to help Nigerians buy cars

A combination of palliative measures, including  the launch of a vehicle finacing sacheme is being planned by the federal government, to make funds available to Nigerians, for the purchase of vehicles under the new automotive policy, according to Olusegun Aganga, minister of trade and investment.

The scaheme which will be launched in the next four months, involves collaboration of both local and foreign banks to make money available to prospective car owners at a concessionary rate of 10 percent.

Aganga was optimistic that

CAC’s 24hrs business registration collapses

Barely two years after it was commissioned by the Minister of Trade and Investment, Mr. Olusegun Aganga, the 24 hours registration of businesses by the Corporate Affairs Commission, CAC, has collapsed due to technical hitches occasioned by server failure.

As a result, business registration now takes between one to three months, while business name availability search takes more than one week.

During the course of the investigation, this reporter applied for business name availability search at the CAC office at Alausa, Ikeja. He was asked to check back in nine days. When he sought to know why, the attendant at the availability section responded

FDI: Despite challenges, Nigeria still among top three in Africa

Nigeria remains one of the top three destinations for foreign direct investments (FDI) in Africa, despite current challenges, the United Nations Conference on Trade and Development (UNCTAD) has said.

UNCTAD said this just as the United Nations Industrial Development Organisation (UNIDO) gave its nod, in Vienna, on Wednesday, for the establishment of an Investment and Technology Promotion Office (ITPO) in Nigeria.

According to the UNCTAD report released on Wednesday,