Sarsoli set to boost investment in rubber industry

Sarsoli Industries, Nigeria’s representative at the world plastic fair in Germany, has reiterated its commitment towards boosting investment in the industry.

The company, which just returned from the biggest plastic and rubber industry trade fair in Dusseldorf, Germany, said its participation had positioned the country for bigger economic benefits from prospective investors.

A statement by the plastic manufacturing company on Friday, noted that the firm was the first exhibitor to display Nigerian manufactured products at the global fair.

The Managing Director, Sarsoli,  Jai Changrani, was quoted as saying that the company’s stand at the fair was a beehive of activities as many investors came to ask questions on how they could start businesses in Nigeria.

He called on the government to support the Nigerian plastic industry by discouraging imports on plastic master batches and fillers with high import duty, adding, “We also expect the government to support exports by fast tracking the incentives and grants.”

The statement added that the company’s future plan was to serve the West African market and Latin America

Nigeria, China trade volume hits $6.2bn in six months

OLUSEGUN AGANGA

Project Manager, Brightway International Exhibition Ltd, David Zhao, has said that the trade volume between Nigeria and China has increased by 18.6 percent with a total of 6.2 billion dollars in the first half of 2013 as against the 4.5 billion dollars in the corresponding period of 2012.

Zhao, who is coordinating companies for the Chinese exhibitors at the ongoing Lagos International Trade Fair, disclosed this to newsmen in Lagos.

He said that Nigeria is China’s second largest export market, in the world.

According to him, the complementary relationship between the economies of both countries had created cooperation that facilitated the boost in the trade volume.

Zhao said that Nigeria’s rapid economic growth has engendered considerable influence in Africa, adding that the bilateral agreements signed by Nigeria and China have led to a smooth and steady development in trade, agriculture, infrastructure construction and telecommunication in Nigeria.

He also noted that about 200 exhibitors were at the China Pavilion at the trade fair arena to showcase their products to prospective customers.

The China pavilion, according to him, had won several awards from the Lagos Chamber of Commerce and Industry (LCCI) and the organisers of the Trade Fair, since 2008.

Zhao further assured participants of cost-effective products ranging from machinery and vehicles, building materials, hard wares to household commodities.

FG promises to revive Ajaokuta Steel Company

AJAOKUTA STEEL COMPANY

Minister of Information, Labaran Maku, says, Federal government of nigeria, has promised to revive the Ajaokuta Steel Company in Kogi State.

Maku made the promise when the National Good Governance Tour team visited the complex in Ajaokuta.

Maku, also the Supervising Minister of Defence, commended the workers for their faith in the plant and urged them to remain steadfast and continue to keep activities at the factory alive.

Earlier, the Sole Administrator of the company, Joseph Isah, told the tour team that the company was a huge investment opportunity for interested private sector players.

He said the federal government’s agenda for economic transformation could not be realised if the steel company was not revived.

According to Isah, the steel plant had tremendous linkage and multiplier effect on the various sectors of the national economy that needs to be harnessed.

He said that contrary to speculations, most of the machines in some sections of the factory were in workable condition.

NNPC rejects allegations of sharp practices in crude oil sales

NNPC LOGO

Nigerian National Petroleum Corporation (NNPC), has denied a report by a Swiss-based agency which accused the corporation of colluding with some local and international oil traders to execute unfair industry practices.

Acting Group General Manager (Public Affairs) of NNPC, Tumini Green, made this known to newsmen in Abuja.

According to him the publication contained inaccurate and poorly researched data, “which defied common sense and verifiable evidence on the ground in Nigeria?

Ms Green said that in practice, the NNPC sold the federal government’s equity crude oil to lifters/traders engaged on Annual Term Contract basis; adding that at present, there were about 50 such term contracts.

On the allegation that Nigeria’s crude was sold to some companies at special discounted rate, she stressed that Nigerian crude was sold at the published Official Selling Price (OSP).

Ms Green thanked the Nigerian media for their sustained support for the growth of the oil and gas industry. She, nonetheless, appealed to them to always resist the temptation of endorsing foreign media reports about the industry as the truth.

PFAs target 15 million artisans by mobile phones

PENCOM

Pension operators under the Contributory Pension Scheme are developing framework to allow about 15 million artisans have Retirement Savings Accounts using the mobile money platform.

Although, the Pension Reform Act 2004 does not allow the informal sector to have accounts with the Pension Funds Administrators, individuals and groups, under this arrangement will soon be allowed to join the scheme, when the National Pension Commission releases the guideline on this.

The Managing Director, ARM Pension Managers (PFA) Limited, Sadiq Mohammed confirmed this to our correspondent in an interview.

Although, the mobile money platform in the country is not fully developed, Mohammed said operators were working on how to build it into the framework for the informal market.

The ARM PFA boss noted that the guideline for the informal sector was still under review, adding that there was a draft issued by PenCom.

He said there was a need to review it further because the informal market was not as organised as the formal market.