28
DAILY TRUST
Friday, April 15, 2011
Business
Senator-elect promises 1,000 new jobs
Pan African University,to train Nigerians on entrepreneuiship By Idris .Ahmed
THE Federal Government yesterday signed an agreeBy Sunday Williams The senator who thanked ment with the Lagos Busithose who voted for him, ness School for the training ADAMAWA State would of Nigerians in the field of promised to influence infrasoon get 1,000 new jobs, structural development in entrepreneurship. Mubi North, Mubi South, The programme titled chairman of the Bindo Group of Companies Alhaji . Michika and Madagali. Grooming Enterprise LeadHe said liaison offices ership will be financed by Bindo Umar /ibrilla has said. The , industrialist who would be established in stra- . the World Bank. is the senator-elect for The Minister of Finance, tegic locations in each of the Adamawa North Senatorial five local governments. Olusegun Aganga. Signed zone said he wants to creHe said the essence of' on behalf of Nigeria . ate job opportunities for the .Ieadership is to grow the The agreement comyouth in five local governeconOlnic base ofthe people., mits the Entrepreneurship ments. Development Centre of A statement signed by his ~he .;' -I the Pan African University, Lagos, to train Nigerians media aide Bala Ibn Gambo IIsenator-elect said Bindo has already crewho want to go into busirepresehttng 1 ness, on the basics of entreated 500 jobs through his , AdamawiJ Northl preneurship. agro-allied industries in the state. The essence is to help Senatoriiil路zo'ne路 The statement said that them transform their ~.a' i d h~ w~nts tol business ideas into bankBindo promised to address create Job, .. I able projects that could be the problems of Adamawa opport~!iiti~s J' fmanced from the formal North which had, "suffered . for the youth in sectar. age-long neglect since the five local e , 1961 plebecite, when the This strategic intervenwhole area voted to be part tion shali build the capacity governmel\ts of Nigeria:' of at least 1,000 businesses
,. '
i
!
Professional bodies urge specialised banks for infrastructure, housing
Ima refinery By Hamisu Muhammad THE proposed Imo State refinery will produce at least 100,000 bpd when completed. The $2.5 billion refinery project which is in partnership with some foreign investors aimed at utilising the abundant oil and gas reso urces in the state to meet the energy requirements of the South East Zone. The Chairman of the Imo Refinery and Petrochemical Projecl':~ Dr.
said when refmery apart from providing link to infrastructural and industrial development create over 5,000 direct and indirect employment opportunities. Current oil and gas reserves estimates in the state stand at 21 million barrels proven oil reserves and 12 tcf proven gas reserves with ultimate potential of some ten times more. "The cost of imple-
in the micro, small and medium enterprise sector across the nation's six geopolitical zones by December, 20ll. The EDC shall work with 23 business incubation centers acrbss the nation to train the budding entrepreneurs. Besides training. it shall work on the creation of clusters for these enterprises which will provide shared services and reduce their individual running costs. On completion of their training which is expected to take about five months, these entrepreneurs shall be eligible to apply for the SME intervention fund with the Bank of Industry. The minister of finance had last year announced the establishment of a $500 million intervention fund, by the Federal Government for SMEs. The fund domiciled with the Bank of Industry, goes to SMEs at Single digit interes t rate.
menting the Imo Refining and Petrochemical Project together with the development of the associated upstream assets is presently estimated at US$2.5 billion. The project is expected to be fully funded by the private inyestors who are also the developers of the project:' Key upstream investors and proven refiners have already been identified and are ready to commence the project as soon as final approvals are received, said Chulcwueke.
ments;' he said. From Chris Agabi, lagos He explained that mortgage banks for instance would be the funnel to channel the . THE Association of Professional Bodies in funds to appropriate use. Nigeria (APBN) President, Mr. Segun Ajanlekoko has advocated for the establishment of . Speaking on the theme "Managing value re-orientation in a depraved society: The case Infrastructure Development Bank to finance of Nigeria;' Mr. Ajanlekoko said, "the theme the huge infrastructure and hOUSing deficit centres on the virtues and ethos of societal in Nigeria. growth. Do we really love our country? Are The APBN president who spoke at the we patriotic enough to admit that when we 20 II 'Management Day' of the Nigerian do dishonouring things, we are injuring the Institute of Management NJM) in Lagos said this is critical because infrastructure and nation? Are we doing the right thing? Are the workers being catered for? Are Nigerian prohousing fmancing require long term fundS which the present banks cannot handle due fessionals being given opportunity to contribute to the nation? It is only when we resolve to their short term funding nature. these that, we can develop" he submitted. A specialised bank for infrastructure and He also noted that Nigerians need to reohousing "requires long tern funds and long rient themselves and the leadership attitude term repayment period. You can't do housing development with short term funds curshould also change. "If the leadership is right, the youth would rently available. But we are still working on the bank;' he said. copy. we can't blame the youth for not wanting to work when the leadership isn't providFor instance, "we should be building one the ministry Mr. Emmanuel million houses every year for the next 20 ingjobs. SOciety starts from leadership. and leadership must infuse a sense of dedication. Izuegbu admonished the years to close the housing gap. But we can't We need to start a holistic approach" he noted. participants to be concerned do this using the existing financial instruwith policy formulation and effective implementation to better the lives of Nigerians. He said SDN will provide details oftransactions including the verified sums due to From Mohammed Shosanya, and Group Chief Executhe market with its quality marketers by the Petroleum lagos products. tiveOfficerofNotoreGroup, "The Technical ServProducts Pricing Regulatory said the Technical Services Agency (PPPRA). NOTORE Chemical Indusice Agreement will ensure Agreement with Tata ChemAccording to him, "for tries Limited (Notore) has that we have constant feed icals will assist his company the workshop to be consid- Signed a Technical Services in further optimizing and of quality products into the Nigerian fertiliser market. ered relevant and pertinent, Agreement (TSA) with Tata achieving breakthrough members of staff in the Chemicals I::imited, India performance in the operaNow that we are out of petroleum ministry should' aimed at improving fertions of its fertiliser plant in the project flnance stage Onne, Rivers State. of our plans, and we have strive to comprehend and tilizer production in the adhere to the SON and its country. a major strategic partner in He expressed delight that post period encapslliated in Tata Chemicals, we will now the Notore brand is making Speaking at the signing concentrate our activities of the economic implications ceremony in Lagos yessteady progress in the marof the alternative import terday, Onajite Okoloko. ket place, differentiating expanding our market and volumes. financing scheme. Group Managing Director itself from other brands in
PPPRA: Refineries should be run under PPP By Hamisu Muhammad PART of the ways to remove Nigeria from the bedeviling fuel supply crises is to revamp the nation's refineries and their operations under a public -private arrangement. Other ways forward towards ensuring' hitch-free downstream industry is to also revamp the existing pipelines and rail networks for the transportation of products to facilitate their supply into the inner parts of the country. These are among the recommendations made by the Manager, Gas, Petroleum Product Pricing Regulatory Agency (PPPRA) Mr Agbaje
Supo yesterday at the workshop organised for staff of the Ministry of Petroleum on the utilisation of Sovereign Debt Instrument in Abuja. Nigeria's greatest problem in the downstream petroleum sector is lack of refining capacity. The nation now relies 90 percent on imported fuels. Other suggestions the PPPRA manager he said, are to develop import reception facilities, provide adequate strategic reserve and proper product scheduling at the inlpOrt reception facilities to minimize demurrage. Speaking at the workshop, Director Planning, Research and Statistics 路of
Notore signs fertiliser pact with Tata of India