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Manufacturing

Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN 

The CBN disclosed in its September PMI report that the manufacturing sector contracted.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion

The Manufacturing Purchasing Managers’ Index (PMI), in September 2020, has witnessed a contraction for the fifth consecutive month, as it stood at 46.9 index points. 

This was disclosed by the Central Bank of Nigeria (CBN), in its September PMI report released on Wednesday. 

READ: Nigeria’s inflation rate hits 13.22% in August 2020, highest in 29 months

The report stated that, out of the 14 subsectors surveyed, 4 subsectors reported expansion (above 50% threshold) in the review month in the following order: 

  • Electrical equipment 
  • Transportation equipment  
  • Cement, and 
  • Nonmetallic mineral products 

The paper product subsector was stable. 

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READ: Emirates Airlines banned from operating in Nigeria

 

READ: U.S dollar drops, low U.S interest rates expected to persist for long

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While the remaining 9 subsectors reported contraction (below 50% threshold) in the review month in the following order: 

  • Petroleum & coal products 
  • Primary metal 
  • Furniture & related products 
  • Printing & related support activities 
  • Food, beverage & tobacco products 
  • Textile, apparel, leather & footwear 
  • Chemical & pharmaceutical products; 
  • Fabricated metal products and  
  • Plastics & rubber products 

The Non-manufacturing sector PMI stood at 41.9 points in September 2020, indicating contraction in nonmanufacturing PMI, for the sixth consecutive month.  

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Manufacturing

FG approves the establishment of Shoe, Garment, and Leather processing factories worth N5.08 billion

The Federal Government has approved the establishment of Shoe, Garment, and Leather factories in Kano and Abia.

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FG approves the establishment of Shoe, Garment, and Leather factories worth N5.08 billion

The Federal Government has approved the establishment of Shoe, Garment, and Leather processing factories in Kano and Abia state, through a PPP worth N5.08 billion, in a bid to revive its production.

This disclosure was made by the Federal Minister of Interior, Mr. Rauf Aregbesola, in a tweet via his official Twitter account.

The decision to establish the processing factories was borne from the Memo which Mr. Rauf Aregbesola, presented during the Federal Executive Council meeting yesterday.

The memo gave a detailed analysis of how the potentials in the shoe, garment and leather processing industry could be harnessed and used to the country’s advantage to create value, foster social development and remedy the country’s unemployment issues.

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The Minister while presenting the memo, explained that the establishment of Shoe, Garment and Leather processing factories in Janguza, Kano State and Aba in Abia State under a PPP arrangement worth N5.08 billion, will create 1,290 direct employment and 3,000 indirect employment when the factories become operational.

(READ MORE: FG to revitalize rice farms in rice producing regions)

Providing more details on the arrangement of the project, Mr Aregbesola reiterated that the establishment of the factories will be under a Public-Private Partnership (PPP) with Erojim Investment Limited and its technical partners, Poly Technologies of China.

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It is important to note that the PPP arrangement is aimed at establishing a world-class factory using the most modern technology and quality inputs to produce high-quality shoes, garments, and leather products to meet the demand of NCS and other Ministries, Departments and Agencies (MDAs), whose personnel wear uniforms and make use of other accessories.

READ: Questioning Nigeria’s fiscal federalism and resource sharing models

In case you missed it: The FG in May had disclosed through the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr. Chidi Izuwah, that it would be targeting N5.08 billion from the partnership with the private sector to revive the garment and leather industries.

At the time of the publication in May, Mr. Chid Izuwah explained that the N5.089 billion would be made up of 80 per cent debt and 20 per cent equity with zero financial contribution by the federal government.

READ: Nigeria @ 60: The Aviation sector and its travails

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However, the approval of the establishment of the factories by the Federal Government is an avid step towards reviving Nigeria’s Manufacturing sector, as well as the activities of the garment and leather industries.

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Appointments

Berger Paints Plc appoints Pheobe Onyinye Obi as Chief Financial Officer 

Mrs Pheobe Onyinye Obi has been appointed as Chief Financial Officer of Berger Paints Plc.

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The Board of Directors of Berger Paints Plc, has announced the appointment of Mrs. Pheobe Onyinye Obi, as the new Chief Financial Officer (CFO).

This disclosure is contained in a press release dated October 5, 2020, signed by the Company’s Secretary and Legal Adviser, Ayokunle Ayoko.

READ: Dangote subsea pipeline to curb gas flaring, links Niger Delta to Lekki

The Management emphasized that the decision of the Board which led to the appointment of Mrs. Phoebe Onyinye Obi as the CFO, is in line with the Berger Paints plan to strategically position its operations for increased efficiency and enhanced value creation.

Mrs. Obi comes with almost fifteen years of extensive local and international experience in leading Strategic Planning, Budgeting, and Corporate Finance for high-growth organizations, as she has worked at Management level in organizations like KPMG, Lion Seal Industries Limited, and Nomiworld/Sochitel Telecommunications Limited based in the UK.

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READ: Joy Ogbebor: Foreshore Waters appoints new Sales Business Director

Prior to her appointment with BPN, she worked with Messrs. KPMG Professional Services (KPMG), from 2009 to 2018, where she rose from Senior Associate to Management Level. At KPMG, she spearheaded projects in Consumer Markets, adding several companies to the existing client base. Additionally, she met and surpassed deadlines and requirements of multinational group reporting both under IFRS and local statutory reporting requirements.

However, after she left KPMG in 2018, she was engaged as Senior Accountant at Lion Seal Industries Limited, from January 2019 till March 2020, before joining the United Kingdom (U.K) based firm of Nomiworld/Sochitel Telecommunications Limited as Head – Compliance and Financial Controls in April 2020.

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READ: HealthPlus appoints Chidi Okoro as Chief Transformation Officer 

She holds a Bachelor’s degree in Accounting from the Babcock University Remo, Ogun State and a Master’s Degree in Finance from the University of Lagos. She is a Member of the Association of Certified Chartered Accountants (ACCA) of the UK, and the Institute of Chartered Accountants of Nigeria (ICAN).

She has several certifications including Professional Training and Certificates in Supervisory skills, Intermediate/Advanced Microsoft Excel and Financial Modelling, KPMG Global Risk Management Training, United Nations E-Course on Climate Change, amongst others.

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Manufacturing

FG to revitalize rice farms in rice producing regions

The Minister stated that rice production is expected to increase as the government continues to revitalize rice farmers.

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The Federal Government has stated that Rice Farms in Anambra State and other regions will be revitalized to boost rice production, create jobs and also improve the living standard of the people in the State and the region.

This was disclosed by the Minister of State, Agriculture and Rural Development, Hon. Mustapha Baba Shehuri, during the assessment of Federal Government Rice Farms/Mills in Omor and Umerum in Anambra State.

Given the importance of rice as a staple in Nigeria, the Minister stated that the Federal Government is taking steps to achieve self-sufficiency in rice production, and this is evident in the policies of the government in achieving food and nutrition security, import substitution and promotion of inclusive economic growth across all sectors of the economy.

READ: CBN says 22 banks to restructure over 35,000 loans due to COVID-19

Government Policy Interventions in Agriculture and Rural Development has helped to develop the rice sector, and these interventions include the provision of farm inputs such as agrochemicals, organic fertilizers, knapsack sprayers, planting & harvesting equipment such as reapers, mini combine harvesters, threshers at a subsidized rate in order to increase productivity.

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The Minister added that these policies have not only increased the quantity of rice produced annually but interventions through the provision of modern rice milling machines to small/medium scale processors, has also helped to improve the quality of Nigeria milled rice to international standard.

READ: New PIB amends royalties by oil firms as Sylva clarifies position on scrapping of NNPC

However, Nigeria’s rice consumption still holds higher than production, but government interventions through myriads of policies have increased rice production from 4.8 million metric tons of milled rice in 2015 to over 6 million metric tons by 2019 with a huge reduction in the nation’s deficit.  Hon. Mustapha Baba Shehuri explained that production is expected to increase as the government continues to revitalize rice farmers.

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Shehuri said that ”the Ministry has established 23 Paddy Aggregation Centers nationwide to aggregate and store paddy. The centres were given to members of the Paddy Dealers Association of Nigeria (PRIDAN) under the public-private partnership arrangement”.

READ: How to register for FG’s N75 billion MSME survival funds

In like manners, there will be the dissemination of modern rice production and processing technologies, through capacity building of farmers and processors directly and also in conjunction with the international donor agencies such as Japan International Cooperation Agency (JICA), Food and Agriculture Organization (FAO), German International Cooperation (GIZ), International Fund for Agricultural Development (IFAD), Competitive Africa Rice Initiative (CARI), AfricaRice.

He reiterated that the Ministry is currently responding to the challenges of food availability posed by the COVID-19 pandemic by supporting smallholder farmers nationwide with various inputs including certified seeds of improved varieties of food crops such as rice, maize, sorghum, wheat, orange-flesh sweet potato, groundnut cowpea, soybean, yam, as well as cash crops like cashew, cocoa, sesame, oil palm, gum Arabic. Others include herbicides, pesticides and agricultural machinery such as rice reapers, transplanters, power tillers motorized sprayers and processing equipment.

These interventions are expected to alleviate the effect of the pandemic on farmers and ensure that they keep producing food for the country.

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