A famous shoe manufacturer, Bata has staged a comeback in Nigeria as it launched a new factory worth N350 million in the Federal Capital Territory, Abuja, to aid local production of footwear in Nigeria.
The manufacturer has employed artisans that have started manufacturing footwear that would soon hit the market.
What it means: The shoemaker that left Nigeria in the 80’s has returned to the most populous black nation and is expected to generate employment for the teeming youth while the internally generated revenue would also witness a boost.
An executive of the company, Tobe Eze, who disclosed during the official visit of some officials of Standard Organisation of Nigeria to the facility, explained that the brand returned to the country last April when it imported some shoes.
Bata opens its N350m factory for local production, with artisans employed already for the manufacturing. SonNigeria was there to inspect the shoe makers that had left Nigeria decades ago, only to stage a comeback in April through imports. Now they would be making the shoes here. pic.twitter.com/MOTgfnrwrX
— ᴏᴍᴀsᴏʀᴏ ᴀʟɪ ᴏᴠɪᴇ™☤ (@OvieAli) November 1, 2019
He said, “Now, our local shoemakers have started work and we will soon floor the market with our products. We will open another $1million shoe plant at Idu Industrial layout (Abuja) and that will be fully manned by over 128 Nigerians.
“Everybody working here are all Nigerians. We have six people undergoing training as supervisors at the Bata factory. The return of Bata would improve the country’s economy. To have the confidence to partner with us and come back is a good sign also for the country.
“Government is also trying to attract foreign investment; whether direct and indirect. Nigerians can expect what they have always known about Bata. First of all, it is quality and affordability.”
He added that there were plans to expand to other states in the country. “We are also not losing our tradition. We are bringing the old with the new and we are infusing both to satisfy our customers. Measures had been put in place to ensure that the shoe company does not close up shops as it did in the 80s.”
Delay in passing PIB creating uncertainties in Petroleum Industry – WEIN
Ogbue said the bill will ensure a new future of legislation in the sector.
The President of the Women in Energy Network (WEIN), Mrs Funmi Ogbue, announced on Monday that the delaying the passage of the Petroleum Industry Bill (PIB) has led to uncertainties in Nigeria’s Oil and gas industry.
She said that the current sector framework is ineffective, citing regulatory overlaps in responsibilities, according to NAN. She said, “The expedient passage of and purposeful implementation of the PIB is critical to addressing most of the loopholes in the management and governance of the sector.
“The PIB when passed into law will improve governance of the sector by strengthening institutions in the areas of clarity of structures, roles, accountability, transparency, and overall efficiency and effectiveness.”
She added that passing of the bill will ensure a new future of legislation in the sector. She urged the National Assembly to apply regulatory oversight on the necessary agencies and impact policies that affect the deregulation of the downstream sector that support women.
“WIEN will be willing to support the NASS in this review and also in proffering practical strategies and programmes that can improve these programmes and others that can improve the lives and livelihoods of poor women,” she said.
It will be recalled that the Minister of State for Petroleum Resources, Chief Timipre Sylva has said that the PIB currently with the Executive will be sent to the National Assembly in two weeks time.
Mrs Ogbue called for more women to be involved in the sector, especially in board and leadership positions of the MDA’s in the oil and gas sector, and said her organization lobbies for gender equality in the Petroleum Industry.
NNPC spends N535.9 billion on subsidy, FAAC in Q1 2020
Petrol subsidy gulped N101.65bn in the first three months of the year.
The Nigerian National Petroleum Corporation (NNPC) spent over N535.9 billion on subsidy and Federation Account Allocation Committee in the first quarter of 2020.
This was disclosed by the corporation in its Monthly Financial and Operations March 2020 report.
The report revealed that while the petrol subsidy gulped N101.65bn in the first three months of the year, the sum of N434.25 billion was paid to FAAC within the same period.
The national oil firm described the subsidy spending as under-recovery. This means that Nigeria is incurring an additional cost in subsidizing the price of petrol to make sure it falls within the regulated price of N143.80 per litre, even though the real market price is above this regulated rate.
It had consistently argued that only the National Assembly was empowered to approve petrol subsidy, despite the fact that NNPC’s monthly under-recoveries were due to subsidy on petrol.
According to the report, while the corporation spent N43.31bn as subsidy on petrol in January 2020, in February, it incurred N20.68bn as under-recovery, and N37.66 billion in March as subsidy.
However, subsidy was halted in March 2020 by the Petroleum Products Pricing Regulatory Agency after the crash in global crude oil prices.
The development, according to the PPPRA, led to the end of petrol subsidy, as the agency stated that petrol price would be adjusted in accordance to global oil prices.
The PPPRA has adjusted petrol price about three times since after the first adjustment in March this year.
The NNPC report further stated that the corporation paid N434.25bn to the Federation Account Allocation Committee during the quarter under review.
It stated that in January, a total of N138.57bn was remitted to FAAC, while the committee received N148.53bn from the corporation in February 2020.
The NNPC said it paid N147.15bn to FAAC in March this year.
CBN adds Maize importation to “41 banned list”
Dealers are to return their forms on or before Wednesday, July 15, 2020.
The Central Bank of Nigeria (CBN) has directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country. This directive is contained in a notice that was addressed to authorised dealers and signed by Dr O.S Nnaji, CBN’s Director in charge of Trade and Exchange Department.
In the notice which was made available to the public earlier today, the CBN noted four main reasons for the directive to discontinue maize importation, The reasons are:
- To increase local production
- To stimulate a rapid economic recovery
- To safeguard rural livelihoods
- To increase jobs
In line with this development, all the authorised dealers have been told to return all the Forms M they have already registered for the purpose of importing maize. They are to return the forms on or before Wednesday, July 15, 2020. The notice by the CBN said:
“As part of efforts by the Central Bank of Nigeria to increase local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic, Authorised Dealers are hereby directed to discontinue the processing of Forms M for the importation of Maize/Corn with immediate effect.
“Accordingly, all Authorised Dealers are hereby requested to submit the list of Forms M already registered for the importation of Maize/Corn using the attached format on or before the close of business on Wednesday July 15, 2020. Please ensure strict compliance.”
What this means: Recall that in June 2015, the CBN issued a circular containing a list of 41 imported goods and services that were banned from accessing Nigeria’s official Foreign Exchange Market. A Nairametrics report at the time had noted that the ban was another hard-line position taken by the apex bank to keep control of the demand of the dollar to as low as it possibly can.
Over the years, the CBN has been modifying this list by including more items. The addition of maize/corn, which is a widely-consumed staple food in the country, is the latest modification.
It should be noted that cereals (which include maize and other assorted grains) make up Nigeria’s top ten imports. In 2019 alone, the country spent about $1.3 billion on cereals importation, according to World’s Top Export.
You may see a copy of the CBN notice along with ‘the attached format’ by clicking here.