‘Nigeria Must Stop Importing What it can Produce’

The Emir of Kano, Muhammadu Sanusi II, on Saturday said Nigeria must stop importing what it has in order to boost local industries and create jobs.

The Emir stated this in Kaduna while inaugurating the new Council Secretariat of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA).

Sanusi said the current economic crisis induced by the crash in global oil price, should serve as a wakeup call for the country to utilise its resources judiciously.

BoI Launches ₦10B Youths Entrepreneurial Support Project

The Bank of Industry (BoI) has formally launched a N10 billion Youths Entrepreneurship Support (YES) project to empower youths with loans to start businesses.

Speaking at the launch of the project in Abuja, the Minister for Industry, Trade and Investment, Dr Okechukwu Enelamah, said that his ministry would partner all agencies of government to create new jobs.

He said that more than 40 per cent of Nigerian graduates had no jobs and that an average of eight million Nigerians entered the job market annually.

Bill on School of Mining, Geology Passes Second Reading

The House of Representatives on Tuesday passed for the second reading, a bill to establish a School of Mines and Geological Studies in Edo as part of economy diversification efforts.

Leading debate on the bill, the sponsor, Peter Akpatason (Edo-APC), said that Nigeria was endowed with large deposit of solid minerals, including Lime Stone, Gemstones, Kaolin, Tin and Iron ore.

He said that mining currently accounted for a paltry 0.3 per cent of Nigeria's Gross Domestic Product (GDP).

Retail Council Appeals to CBN to Relax Forex Policy on Imported Goods

The Retail Council of Nigeria (RCN) on Monday appealed to the CBN to relax its foreign exchange policy on imported items to sustain the growth of the retail sector.

The Secretary of the council, Kunle Hamzat, told the News Agency of Nigeria in Lagos that sustainability of the retail sector was being threatened by stringent policies of the apex bank.

"We understand that forex is not available and you cannot give what you do not have but in apportioning what is available, the retail sector is neglected.

Maritime Operators Express Concern Over 60% Decline in Trade Volume

The Chairman, Association of Maritime Truck Owners (AMATO), Remi Ogungbemi, yesterday said trade volume at the nation’s ports had declined by 60 per cent.

Ogungbemi, who made the remark in an interview with the News Agency of Nigeria in Lagos, expressed concern about low business at the ports

He said that the increase in the exchange rate had reduced importation of goods, adding that this had consequently affected the haulage business.

Ogungbemi said that the situation had rendered truck owners redundant.

Minister Makes case for Indigenous Engineers in ADB’s Projects Implementation

James Ocholi, Minister of State for Labour and Employment, has called on the African Development Bank (AfDB) to adopt local content policy in its project implementation activities in Nigeria by engaging indigenous engineers.

This is contained in a statement issued by Mr Samuel Olowookere, the Deputy Director (Press) in the ministry.

According to the statement, the minister made the call when a delegation of the bank led by its Country Director, Pitamber Sunita, visited him in Abuja.

Entrepreneur Predicts Bright Future for e-commerce in Nigeria

An e-commerce operator, Sefik Bagdadioglu, has predicted a bright future for the business model in Nigeria owing to the huge investment being made by various organisations.

Bagdadioglu, who is the Managing Director of Kaymu, an-online marketing platform, told the News Agency of Nigeria recently that the sector recorded a milestone in the outgoing year.

``I think the customers are demanding more and more, which is very important.

Clearing Agents’ Association Seeks Review of Import Policies

The Association of Nigerian Licensed Customs Agents (ANLCA) on Friday called on the Federal Government to review import policies.

According to the president of the association, Olayiwola Shittu, in a chart with the News Agency of Nigeria in Lagos, a major expectation of the association in 2016 is that import policies should be reviewed to facilitate a faster cargo- clearance at the nation’s ports.

He said it was the desire of the association to have a corruption-free port operation.

Expert Urges Mining Firms to Engage Professionals on Mineral Extraction

A Mining Consultant, Mr Oluchi Nwoko, has called on mining companies to engage experts to facilitate the diversification plan of the current administration from oil to solid minerals.

Nwoko, the Managing Director, Seventy One Nigeria Limited, said that the use of experts, consultants, contractors and service providers would aid easy extraction of minerals.

He said that mining companies that used the experts would record huge development, adding that successful mining countries always engaged such experts.