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President’s Broadcast: Manufacturers laud credit facility to re-energise MSME, real sector

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The Manufacturers Association of Nigeria (MAN) has commended President Bola Tinubu for the proposed credit interventions to revitalise the manufacturing sector and Micro, Small and Medium Enterprises (MSME), to mitigate the impact of fuel subsidy removal.

Director-General, MAN, Mr Segun Ajayi-Kadir, said this disclosed this to the News Agency of Nigeria (NAN) on Monday night in Lagos in reaction to the President’s broadcast.

NAN reports that President Tinubu unveiled plans to provide a N75 billion credit facility between July and March 2024 to 75 enterprises to strengthen the manufacturing sector.

He added that his administration would energise MSMEs and the informal sector with N125 billion among other schemes, to engender sustainable economic growth.

Ajayi-Kadir noted that the assurances in the president’s broadcast represented part of the follow-up measures manufacturers had appealed for and was more beneficial than palliatives that would only give nominal relief.

He lauded the Federal Government’s move to work in a coordinated manner with local and state governments to deliver interventions that would cushion the effect of the hardship across the socio-economic brackets.

The MAN DG said the recently signed four executive orders had set the stage for the much sought-after relief for the manufacturing sector.

According to him, it had become possible to return to their business projections and to look towards a possible profitable production in the affected sectors.

Ajayi-Kadir said the promise that 75 manufacturing enterprises would access N1billion credit at 9 per cent interest rate per annum and working capital was commendable.

He noted that the allocation of N125 billion to energise the MSME segment would give fillip to their businesses and help overcome the paucity of funds occasioned by low capacity utilisation and unprecedented low sales in recent times.

“It is a good start to begin to address the dearth of loanable funds in the face of rising lending rate occasioned by the continued increase in the MPR by the Central Bank of Nigeria (CBN).

“It is, however, very important and critical that the vehicles for the delivery of these loans should be carefully selected and the implementation diligently monitored.

“The Bank of Industry (BOI) has shown excellent performance as an appropriate transaction structure for such facilities.

“It is equally important to ensure that the promised 3000 units of 20-seater buses be procured from indigenous automobile industries.

“This is a golden opportunity for the Federal Government to demonstrate unfailing commitment to the implementation of the subsisting Executive Order 003, which prioritises the patronage of made in Nigeria products,” he said.

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LUTH denies late doctor worked 72-hour call duty

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2 hours ago

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September 21, 2023

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The management of the Lagos University Teaching Hospital, Idi-Araba, has denied allegations that one of its house officers, Dr Michael Umoh, died after a 72-hour call.

This is contained in a statement issued by LUTH management team in Lagos on Thursday.

“LUTH management understands the fact that the family of Dr Umoh is presently mourning the death of their beloved son and requested the foreclosure of any media engagement regarding the death of their son. It is important for us as a management to make clarifications regarding the circumstances surrounding his death.

“Dr Umoh died on Sept 17 while in church with his parents. The management was informed, and the death was later confirmed by one of the Consultants in his unit (Neurosurgery).

“The death of Dr Umoh is unfortunate but the narrative of a 72 hours non-stop shift is false.

“The record from Neurosurgery unit shows that the last time he was on call was 13th and 14th September, 2023.

“He was not on call on the 15th, 16th and 17th (the day he died), contrary to the insinuations on social media. He was at home with his parents on Sept. 16 and Sept. 17,” the management said.

Prior to this time, the management said, he was on call on the Sept. 7 and Sept. 8.

”This shows that Dr Umoh was on call for a total number of four days in September, 2023.

“A delegation from LUTH visited the family on Wednesday to commiserate with the family and to get more details of the circumstances surrounding his death.

“The parents gave the details of what they thought must have contributed to his death but pleaded that the wish of the family be respected and that the narrative is not for public consumption,” it said.

The management described Dr Umoh as a hardworking and diligent house-officer, and a very promising young man.

It said he will be sorely missed by his friends and colleagues.

“May his soul rest in peace, and may the Almighty give the family the fortitude to bear the irreparable loss” LUTH said.

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Gov Sule charges real sector conference to proffer practical solutions to economy

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September 21, 2023

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Abdullahi Sule

Gov. Abdullahi Sule of Nasarawa State has charged participants at the Nasarawa State University Keffi (NSUK) 1st International Real Sector Conference to proffer practical solutions to rejuvenate the economy.

He gave the charge on the first day of the two days conference on real sector productivity held at the University in Keffi Local Government Area of the state.

The theme of the conference is “Rejuvenating the sector productivity in Nigeria”.

Sule challenged participants to get real and proffer workable and practical solutions that would rejuvenate the real sector in Nigeria for optimal productivity which in turn would impact on the economy of the country positively.

“The question we should be asking ourselves here is that why are we not getting it right in the real sector in Nigeria?

“So let us proffer practical solutions so that we don’t just end up having an event and having all the communique and all that and then they end up in our offices. Let us ask ourselves what is that is possible and how do we contribute,” he said.

He said their recommendations should also be useful in shaping a better future for the real sector in Nigeria so that future Nigerians could build on that.

“So we must sit down and deliberate on what exactly is our problems in this sector. Are we ready to make sacrifices? And we must make sacrifices because that is the only way we can move forward.

“I want to assure you that in Nigeria we can change the narratives but it will take all of you here to convince the rest,” he said.

Prof. Suleiman Bala-Mohammed, Vice Chancellor, NSUK, commended the university’s Department of Business Administration for organizing the conference and urged the department to sustain it as it would be a platform for cross fertilisation of ideas and wider conversations on local and international issues.

He also urged participants to brainstorm and come up with policy recommendations on how to rejuvenate the real sector in Nigeria.

Mr John Mamman, Nasarawa State Commissioner for Education, however, told NAN that he expected the outcome of the conference would change the narratives because the real sector, according to him, is the driver of the economy.

“The manufacturing, construction, engineering and others are the real movers of the economy. Once we get it right from the drivers of the economy, other sectors will also be impacted positively,” he said.

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