FG to Assist SMEs in Metals Sector

Image

By Dipo Olowookere

Small and Medium Enterprises (SMEs) in the metals sector in Nigeria have been assured of the federal government’s assistance.

The Permanent Secretary in the Ministry of Mines and Steel Development, Mr Edet Sunday Akpan, said the government recognises the importance of SMEs as the engine for growth and development of the nation hence, the resolve of the ministry to engage them on the opportunities in the industry.

Speaking at the opening ceremony of a sensitisation workshop organised by the ministry for operators in the sector, Mr Akpan said the government was looking at small business owners in the metals space as part of efforts to diversify the economy from dependence on oil and gas sector.

The Permanent Secretary, represented by Director, Special Duties, in the Ministry, Mr Olayinwole Adebayo, noted that the major challenges of SMEs in the industry have been identified.

He said these include lack of modern machinery and funding, adding that the workshop was aimed at enlightening the participants on ways of addressing the challenges as well as improve their skills and capacities to enhance their productivity.

“The resource persons will share with you better approaches to doing things right at the first time, especially on the strategies you can adopt to expand and modernize your enterprises for increased productivity,” he said.

In his welcome address, Director, Steel & NFM, MMSD, Engr. Kolawole Olasupo, said the workshop (stimulation & promotion of activities of SMEs in the Metals Sector), was initiated in 2012 with the aim of creating awareness amongst the operators of SMEs in the metals sector, comprising foundries, fabricators, welders, manufacturers of spare parts, aluminium extrusion and allied products.

“It is the vision of the Ministry to see these classes of operators in the Metals Sector fully integrated with other stakeholders in the industry,” he said.

Participants of the workshop were drawn from members of the National Association of Small Scale Industrialists (NASI), members of Welders and Filters Union and Metals Operators and Stakeholders from Bauchi, Gombe, and Taraba States.

The participants were taken through presentations on critical subject areas to improve their performance – operating small and medium enterprises of metals sector in Nigeria: The way to go; opportunities and funding options for SMEs in the Metals Industry; and productivity, safety and industrial shop-floor practice, taken by representatives from SMEDAN, BOI and Ajaokuta Steel Company Limited, respectively

Business Post gathered that the event, which took place in Gombe State on Monday, August 10, 2020, had most of the participants drawn from selected states in the North-East.

Share
Related Stories
Image
18-March-2024

Tinubu Raises NNPC Contract Approval Threshold to $10m

By Adedapo Adesanya President Bola Tinubu has raised the contract approval threshold for the Nigerian National Petroleum Company (NNPC) Limited to a minimum of $10 million or its equivalent in Naira. In an executive order issued in Abuja, the President also directed that the approval period for every of the contract stages should not exceed 15 days. The order also directed that the duration for third-party contracts awarded under the production sharing contract (PSC) or Joint Operating Agreement (JOA) be increased to five years from three years, with the option of an additional two years renewal, thereafter. President Tinubu lamented

Image
15-March-2024

CITN Vows to Sanction Erring Licensed Tax Practitioners

By Aduragbemi Omiyale The Council of the Chartered Institute of Taxation of Nigeria (CITN) has said it would not hesitate to sanction any erring licensed tax practitioner in its bid to sanitise the profession. The president and chairman of the organisation, Mr Samuel Agbeluyi, said this at the presentation of practising licence certificates to new members. He tasked the newly licensed tax practitioners to uphold ethical standards while discharging their duties, reminding them they are ambassadors of the institute. “I urge all of you to consistently demonstrate the highest levels of ethical standards and professionalism expected of licensed tax practitioners.

Image
18-March-2024

Experts to Discuss Financial Stability in Economic Distress at DLM Webinar

By Modupe Gbadeyanka Industry experts have been pencilled down to educate members of the public and others on ways to achieve financial stability during economic distress at a webinar organised by DLM Asset Management Limited. This event is slated for Thursday, March 28, 2024, at 11 am, a statement from the subsidiary of DLM Capital Group stated. The theme of the virtual seminar is Maintaining Financial Stability in Times of Economic Distress and the resource persons will cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future. The programme is designed for investment-savvy individuals, income earners,

More Stories
Image
13-February-2019

9mobile Shines with ‘Telecom Company of the Year 2018’ Award

Nigeria’s innovative telecommunication company, 9mobile, has again added to its long list of honours and recognitions with the latest being ‘Telecom Company of the Year 2018’ Award. The newest honour conferred by Leadership Group Limited, publishers of Leadership newspaper, is in recognition of the telco’s resilience and stability in the face of challenges which the company pulled through over the past two years. While presenting the award to 9mobile during an awards ceremony which took place on Thursday, February 7, 2019 at the International Conference Centre, Abuja, Group Managing Director of Leadership Group Limited, Abdul Gombe, said the decision to

Image
22-February-2021

Nigerian Stock Exchange Experiences Low Weekly Turnover

By Dipo Olowookere A low turnover was recorded on the floor of the Nigerian Stock Exchange (NSE) last week and this may be attributed to the declining confidence investors have in equities at the moment. Lately, the fixed income market has been witnessing rising yields and this has diverted interests to the space to the detriment of shares. In the week, a total of 1.5 billion shares worth N18.2 billion exchanged hands in 22,752 deals in contrast to the 2.7 billion shares valued at N23.7 billion transacted a week earlier in 27,844 deals. FBN Holdings, GTBank and Zenith Bank were

Image
09-September-2022

Naira Edges USD at P2P, I&E FX Market Segments

By Adedapo Adesanya A bit of pressure was off the Naira on Thursday as it appreciated against the United States Dollar at the Peer-to-Peer (P2P) and the Investors and Exporters (I&E) segments of the foreign exchange (FX) market. In the P2P forex window, the value of the Nigerian currency appreciated against the greenback by N4 to sell at N725/$1 compared with the N721/$1 it was quoted on Wednesday at the same market segment. Also, in the official market window, the Naira gained 18 Kobo or 0.04 per cent against the American Dollar yesterday to close at N436.32/$1 in contrast to

Image
10-January-2024

SEC Authorises NASD to List Crypto, Other Digital Assets

By Adedapo Adesanya The Securities and Exchange Commission (SEC) has authorised NASD Plc, which operates the Over-the-Counter (OTC) Securities Exchange, to launch its Digital Securities Platform (N-DSP). The platform has been touted to transform the way digital securities are issued, traded, and settled, democratizing access to capital markets and leveraging blockchain technology to enhance accessibility while minimizing costs. NASD, in collaboration with Blockstation Incorporated under the Regulatory Incubation (RI) Programme, engaged with the SEC to shape a regulatory framework for crypto/digital assets. Blockstation, as a technology partner, will provide a robust enterprise blockchain-driven platform, originating and popularizing the importance of

Image
04-November-2019

Fidelity Bank Marks 2019 Compliance & Ethics Week

As part of sustained efforts to promote ethical values and professionalism within the bank, Fidelity Bank Plc, weekend disclosed plans to participate in this year edition of the Corporate Compliance and Ethics Week. Commencing on November 3 and running up until Friday, November 08, the bank has organised series engagement initiatives that are part of the annual activities around the celebration. Corporate Compliance and Ethics Week, organised annually by the Society of Corporate Compliance and Ethics (SCCE), provides organisations with the ideal occasion to demonstrate their extensive and comprehensive compliance and ethics programmes in a manner that strengthens its ideals

Image
16-April-2021

Cassava Processing Factory in Rivers Begins Operations Next Month

By Adedapo Adesanya The Rivers State Government, in partnership with the Shell Petroleum Development Company of Nigeria Limited (SPDC), will officially inaugurate a cassava processing factory in Afam, Oyigbo Local Government Area of the state next month. The multi-million dollars factory has SPDC as one of its major shareholders, as the oil firm said it has invested the sum of $3.6 million already in the project. The factory, according to the Rivers State Governor, Mr Nyesom Wike, will regularly buy off cassava tubers from at least 3,000 farmers for processing, thereby enhancing food security. Governor Wike disclosed that in 2015,

Image
22-September-2022

The Prospects for Tech Career in the Future

By Otori Emmanuel Technology’s capacity to foster growth and development is more apparent than ever. In that, the influence of technology cannot be overstated, from streamlining routine tasks to creating ground-breaking solutions. Technology has been extensively adopted throughout generations, and there is still an expectancy for it to meet future needs. A growing demand for qualified technologists exists due to how prevalent technology has become. According to a report from the Bureau of Labor Statistics, from 2021 to 2031, it is anticipated that overall employment in computer and information technology occupations would increase by 15%, substantially faster than the average

Image
06-June-2018

Single Forex Market Rate Will Boost Investors’ Confidence—ABCON

By Dipo Olowookere The Central Bank of Nigeria (CBN) has been advised to do everything possible within its power to converge the different foreign exchange market rates in the country into one. President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Mr Aminu Gwadabe, gave this advice on Tuesday in a chat in Lagos. According to him, operating a single forex market rate in Nigeria would boost investors’ confidence in the market. He argued that this was needed to further strengthen the Naira against currencies trading at the forex market. The ABCON President said the association was

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry