Business
FG Wants 60% of Manufacturing Companies Back to National Grid – Adelabu
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.

The federal government is making frantic efforts to ensure the return of over 60 percent of manufacturing firms, which had exited the national grid.
The Minister of Power, Chief Adebayo Adelabu, disclosed yesterday, during the release of a National Integrated Electricity Policy (NIEP) to drive the transformation of Nigeria’s power industry.
At the event, Adelabu estimated that an investment of $32.8 billion is needed in the power sector between now and 2030 to enable the country to achieve universal electricity access.
Adelabu anticipated that of the $32.8 billion funding, $17 billion is expected from the public sector, while about $15.8 billion will be contributed by the private sector.
Adelabu emphasized that bringing back the exited manufacturing companies on the national grid is the only way the government can drive the kind of economic growth and national development that we had in mind at the beginning of this process.
“Today, more than 60 percent of our manufacturing industry is completely off-grid.
“They engage in self-generation, not because they are in rural areas or they are in semi-urban areas, they are in locations where there is access to electricity. But how reliable is this access? We all know that there are a lot of sensitive manufacturing processes that cannot tolerate a one-minute dip in the electricity supply.
“Instead of taking such a risk by connecting to a grid that is not reliable, these industries would rather go for self-generation. I will note the impact of this. It is not cheap.
It is very expensive.“Therefore, our products or commodities being turned out from these factories can never be competitive.
The only way we can allow this to contribute to economic growth, industrialization, and national development is to ensure that there is reliability in grid supply, so that all these companies that are currently off-grid can go back to the grid, and this will reduce their cost of production, it will reduce inflation, and our locally manufactured goods can now compete with imported goods.”
Describing power supply as a strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognized that energy was not merely a commodity but the backbone of economic growth, job creation, industrialization, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
Describing power supply as strategic driver sector for other critical sectors in the economy, the minister stated that President Bola Tinubu recognised that energy was not merely a commodity, but the backbone of economic growth, job creation, industrialisation, and national development.
He stressed that the new policy document had been submitted for the approval of the Federal Executive Council (FEC), explaining that by Monday next week, the document will be approved.
Business
Lagos Airport Perimeter Fencing Materials Shouldn’t Be Purchase from Outside Nigeria – MAN
The Director- General maintained that the appeal became necessary as Nigerian manufacturers, regrettably, lost out in similar situations in the past.

The Manufacturers Association of Nigeria (MAN) says the Federal Government should ensure that the fencing materials for the Lagos Airport should not be procure from outside Nigeria.
The association made the appeal to the government on Monday, through its Director-General, Segun Ajayi-Kadir.Ajayi-Kadir noted that the Lagos Airport fencing project presents a clear chance for the government to demonstrate that the Nigeria First Policy is not just an aspiration, but an intentional policy of government that will be matched with unfettered implementation.
MAN, he said , therefore calls on the Federal Government to urgently intervene by ensuring that the fencing materials for the Lagos Airport are sourced from competent Nigerian manufacturers.
“This is not a call to influence the award of the contract, but a patriotic appeal to align procurement decisions with national interest for the collective benefit of our economy and the well-being of the people,” he said.
The manufacturers emphasized that it has become a matter of national interest for the project’s contractor to ensure strict adherence to the Executive Orders 003, 005 and the imperatives of the President Bola Ahmed Tinubu’s Nigeria First Policy.
” In particular, we strongly maintain that, in considering the procurement of Clear Vu fencing, indigenous manufacturers should be given priority consideration and it should NOT be purchased from outside Nigeria.
“While we acknowledge the competence of the foreign manufacturer, MAN emphasizes that Nigerian companies have the proven capacity and technical expertise to produce fencing materials of equal — if not superior — quality that meet international standards.
“The Director- General maintained that the appeal became necessary as Nigerian manufacturers, regrettably, lost out in similar situations in the past.
In this particular instance, despite MAN’s advocacy, fencing materials for an airport project were imported from South Africa.
That decision discouraged local industries and contradicted the government’s stated local content policies.
We strongly believe that this administration has the opportunity to correct past errors. “
Business
MTN Group says it’s under US investigation

South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.
Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.
In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.
MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.
“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.
Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.
The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.
“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .
Business
UBA Secures N5bn BoI MSME fund for disbursement to key sectors
The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

•GMD/CEO UBA), Oliver Alawuba.
United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.
The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.
He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.
It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”
Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.
”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.
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