Business
MAN Is Wooing Tinubu On Anti- Manufacturing Policies
The Manufacturers Association of Nigeria has requested President Bola Ahmed Tinubu, to look into the fiscal and monetary policies of the government that are hindering industrial growth.
The Association also applauded President Tinubu for the swift stoppage of the fuel subsidy, and said ,” It is an unmistakable indication of a far-sighted strategic choice.”
MAN, in its reaction to PresidentTinubu’s inauguration speech, said, ” Change in administration is usually greeted with expectations and as an advocacy group, we surely look forward to a number of policy changes and decisions.”
Segun Ajayi- Kadir, the Director- General of the Association, noted that the manufacturers are eager to see President Tinubu matches his words with actions regarding.
Tinubu had in his inuauguration speech promises ” industrial policies that will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.”
Segun Ajayi- Kadir, listed some of the policies of the previous goverments needing overhauls, to include the followings :
* A marching order, so to say, is needed to move the Central Bank towards a unified exchange rate.
* A reversal of the unwarranted violation of the government’s three-year excise escalation roadmap on alcoholic beverages and tobacco.
- Direct the NERC to admit all qualified applicant companies into the Eligible Customer Scheme in order to allow them access to power as stipulated in the Electric Power Sector Reform Act 2005.
- Direct all relevant agencies of government to ensure that the electronic call-up system at ports aimed at redressing the congestion works without fail.
- Revisit the Finance Bill 2022 to ensure it includes the critical inputs of the organized private sector. In particular, the jettisoning of the highly objectionable removal of the 10% investment allowance on the acquisition of plants & machinery (in the Company Income Tax Act, section 32). Additionally, to ensure that the imposition of the 0.5% levy on eligible imports from third countries is limited to goods that we have the capacity to produce locally and quite importantly, exclude raw materials that are not locally available.
- The input of the Organised Private Sector on the CEMA bill should also be taken on board before the amendment bill is signed into law.
*Announce a special policy initiative to address the revival of closed and distressed industries, particularly in the northeast where 60% of our member companies have closed.
*Craft and announce a special policy initiative to leverage diaspora expertise and investment to address evident gaps and help to boost the performance of the economy.
- Direct all ministries, departments, and agencies of government to unfailingly comply with Executive Order 003 on the patronage of made-in-Nigeria products.
In this regard, there should be strict application of the margin of preference, effective monitoring and periodic evaluation of compliance, and appropriate sanctions meted out to MDAs acting in breach of the executive order. - Announce a special policy initiative to derisk manufacturing and release adequate funding for the sector through effective funding of special lending windows.
Business
John Ternus is Apple’s incoming CEO
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
• John Ternus / CNBC / Getty Images
Tim Cook’s 15-year tenure as Apple CEO comes to an end on Sept. 1, the company announced on Monday.
John Ternus, Apple’s longtime hardware boss, is taking over as CEO, becoming just the second leader since Steve Jobs departed in 2011, less than two months before he died from cancer.
CNBC reports that as Cook exits, Apple faces numerous challenges, including an intricate supply chain that’s complicated by geopolitical tensions and soaring prices for memory due to unprecedented demand from the AI buildout.
But for Ternus, perhaps the most critical aspect of his new job will be pushing the company deeper into AI, where it’s lagged many of its megacap peers.
It said that so far, Apple’s AI strategy has involved avoiding hefty capital expenditures while Microsoft, Google, Amazon and Metacommit to hundreds of billions of dollars a year in combined capex to fund new data centers and fill them with pricey AI chips.
Business
NCC, CBN launch telecom industry portal to track fraudulent phone lines
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber.”
The Nigerian Communications Commission (NCC), and the Central Bank of Nigeria ( CBN), have launched a portal that enables financial institutions to track fraudulent and suspicious phone lines across the country.
It is called the Telecoms Identity Risk Management System (TIRMS) portal , aimed at providing financial institutions with real-time visibility into the status of phone numbers used for transactions.
“The portal aggregates data on churned or recycled lines and numbers flagged for suspicious activities.
“This means banks and other financial institutions can determine whether a line is active, swapped, disconnected, or reassigned to another subscriber,” said the Executive Vice Chairman of NCC, Dr. Aminu Maida.
Speaking during the MoU signing event, Maida said that the agreement provides a structured framework for cooperation in critical areas, including payment system integrity, fraud mitigation, digital inclusion, and consumer protection.
On his part, Governor of CBN, Mr. Olayemi Cardoso, said the MoU would strengthen coordination on regulatory approvals, technical standards, and innovation initiatives, including sandbox testing.
He noted that the partnership aligns with the apex bank’s commitment to promoting a secure, resilient, and inclusive financial system.
Business
FG allocates Flour Mills’ Golden Sugar 300,000MT annual production target
Golden Sugar Company, a subsidiary of Flour Mills of Nigeria PLC, currently cultivates about 6,600 hectares, producing about 20,000 metric tonnes of sugar yearly, according to the Group Chief Executive Officer of GSC, Boye Olusanya.
Photo: Director of Strategy and Stakeholder Relations at Flour Mills of Nigeria Plc, Sadiq Usman (left); Head, Strategy and Performance Management at the National Sugar Development Council (NSDC), Ms. Edirin Akemu; Group Chief Executive Officer of Golden Sugar Company (GSC), Boye Olusanya; Minister of State for Industry, Senator John Owan Enoh; Executive Secretary/Chief Executive Officer, NSDC, Kamar Bakrin and GSC General Manager, Anlo Du Pisani; during the Minister’s visit to the GSC Complex in Sunti, Niger state.
The Minister of State for Industry, John Owan Enoh, has urged the Golden Sugar Company (GSC) to expand its yearly production capacity to 300,000 metric tonnes by 2030.
Golden Sugar Company, a subsidiary of Flour Mills of Nigeria PLC, currently cultivates about 6,600 hectares, producing about 20,000 metric tonnes of sugar yearly, according to the Group Chief Executive Officer of GSC, Boye Olusanya.
The Ninister, accompanied by the Executive Secretary of the National Sugar Development Council (NSDC), Kamar Bakrin, gave the charge when he visited the GSC Complex in Sunti, Niger state.
The Minister noted that the current local sugar production in the country is a long distance away from the 1.8 million metric tonnes that the country consumes yearly, adding that, the GSC must contribute 300,000 metric tonnes in the year 2030.
He commended the management of the company for the employment of about 4,500 workers, emphasising that the government’s requirement for gainful employment is itself achieved here.
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