Economy
P&G Meets FG, MAN, Top Local Suppliers, Pledges Increased Localization
By Dipo Olowookere
The management of leading manufacturing company and makers of brands like Always and Pampers, Procter and Gamble (P&G) Nigeria, recently engaged select local raw material suppliers in the country to an interactive meeting with the Federal Ministry of Industry, Trade and Investment and representatives from the Manufacturers Association of Nigeria (MAN).
The meeting was convened to assess the capability of local businesses and seek their participation in strengthening our raw material localization objectives in line with the Backward Integration Program (BIP) of the Federal Government.
This is following the recent commissioning of P&G Nigeria’s Always Production Line in June, which was officially done by the Vice President of Nigeria, Professor Yemi Osinbajo.
At this event, the consumer goods company, reiterated its commitment to investing in Nigeria and its support towards the Federal Government’s diversification efforts. The new local production of P&G’s Feminine Care product not only promotes inclusive growth but is also boosting job creation and value adds to the economy.
Speaking at the meeting, Managing Director of Procter and Gamble Nigeria, George Nassar, commended the Ministry’s gesture to engage local businesses saying, “We praise the Federal Ministry of Industry, Trade and Investment on their willingness to engage local suppliers and assess the capability of their businesses. That, on its own, is very encouraging and we believe today’s meeting is pivotal to accelerating our local sourcing projects.”
According to Nassar, “P&G Nigeria currently procures 100 percent of the packaging materials for its products locally and is working towards increasing the local sourcing of the raw materials we use. We will continue to partner with the government in our quest to achieve this.
“P&G is committed to doing business with more locally owned businesses and we appreciate the role the Federal Government is playing towards improving the ease of doing business in Nigeria and as a business will continue to foster a strong partnership with them to boost this effort.”
He also charged the Federal Government to continue its efforts towards enabling local entrepreneurship development and helping them with the capabilities required to produce raw materials locally.
“This will go a long way in actualizing its economic development agenda,” he said.
Speaking on the objectives of the meetings; Temitope Iluyemi, Director of Government Relations and Public Policy for Procter & Gamble Africa Operations said; “Backward integration is essential to the growth of the Nigerian economy and P&G’s aim is to manufacture as close as possible to its consumers, encourage our global partners to do the same and thereby promote technology transfer.
“We will work to pre-qualify local suppliers for materials used in the production of consumer packaged products and by extension, build capability of local manufacturers to compete effectively in regional value chains and further strengthen the diversification efforts of the Nigerian government”
Dr Francis Alaneme, Deputy Director Federal Ministry of Industry, Trade and Investment also commented, saying, “We want to increase the local sourcing of raw materials in the country and it is imperative to create opportunities like this to promote growth and provide a platform for cross-sharing and capability building.
“Partnering with corporate organizations like P&G to engage these businesses will grant us more access to notable suppliers of raw materials in the manufacturing sector and we commend the company’s effort in taking the lead on this.”
P&G has a long-standing record of building capability of local businesses for growth and development and enabling local entrepreneurship development. The company has trained hundreds of SMEs and has been involved in a series of skills building programs.
In 2015, it partnered with National Office for Technology Acquisition and Promotion (NOTAP), to host a symposium, bringing together leading academics, thought leaders, local entrepreneurs and industry members to discuss the critical issues of development in technology to promote growth through research and technology transfer in Africa.
Through the engagement sessions, all parties hope to explore ways of ensuring raw material inputs are effectively sourced locally; carve out strategies to mitigate the challenges that are being faced and ultimately help local suppliers meet the requirements needed to better support the Nigerian manufacturing sector.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has been given the power to arrest and detain six promoters of the troubled investment scheme operator, Crypto Bridge Exchange (CBEX).
The EFCC, through its counsel, Ms Fadila Yusuf, filed an ex-parte motion to keep the suspects in its custody pending the conclusion of investigation of the alleged offences and possible prosecution.
The suit was filed at the Federal High Court in Abuja and on Thursday, Justice Emeka Nwite, allowed the anti-money laundering organisation to further detain the sextet of Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.
The commission asked the court to grant it “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” she added.
In his ruling, Justice Nwite said, “I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.
“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited would soon commence, but did not give a specific timeline.
He made this disclosure while speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World Bank spring meetings in Washington D.C, the US, also attended by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
He explained that the recent rejigging of the management of the NNPC was part of the cleansing the federal government has taken to audit the company
Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence.
Mr Edun told the foreign investors that the government, through its veracious reforms, have laid the foundation that would make the country the desired destination for private investors as he said the country is on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.
The Minister said the administration of President Bola Tinubu has implemented foundational reforms that are now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he stated.
The finance minister further emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington.
“We said we would do it, and now we have done it. This time, we’re staying the course,” Mr Edun added.
He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, adding that the government is now shifting its focus to targeted sectoral growth.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
On infrastructure, the minister revealed the rollout of 90,000km of fiber optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs.
In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.
By Adedapo Adesanya
The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.
The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.
The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.
“The purpose of the visit was to promote regional integration in shipping activities and support exportation.
“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.
“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.
“The NSC is committed to improving ease of doing business,” he said.
On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.
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