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165
Nigeria, Finland
To Boost
Trade Ties From Mathias Okwe, Abu)'a
on, especially in the ECOWAS (Economic Community of INlAND has identified key West African States) and sectors in the Nigerian relating it more broadly to what is going on in Africa as economy it considers viable for future investments to help a whole," she noted. boost the trade figures Though she noted various agreements on investment between both countries. The volume of trade between promotion and protection Nigeria and Finland in 2010, entered with Nigeria since 2007 as well as other agreewhich was as low as . Euros47.7million,.favoured ments that are either under Finland and was driven main- negotiation or review to proIy by expon of machineries, vide the incentive for vehicles, telecommunications improved trade relations, equipment, paper and cardMrs. Vuorinen said two boards. trade delegations from Finnish Ambassador to Nigeria are scheduled to Nigeria, Anneli Vuorinen, who visit Finland before the end was speaking at the Nigerian- of the year. Finland Business Forum in The delegations, comprisAbuja, during the week, said ing top Commerce and several of his country' trade Industry Ministry officials delegation had identified criti· and other businessmen, are cal sectors that would funher expected to hold discussions boost its trade relations with with their Finnish counterpans to explore areas of colNigeria. laboration in the developTlie sectors, according to him, include power, clean m ent of the energy, environenvironmental technologies, mental technology, mining waste-to-energy technologies, and construction sectors, as mining, geological surveys well as study the Finnish and geochemical mapping, government strategy on climeteorological equipments mate change and technologies in renewable energy for airpons, health services systems, hospital and medical and clean power productechnology and equipment, as tion, sustainable products, well as consultancy services in process and services. education, rons management Acknowledging the role of and genera logistics. government in providing "The imponance of Nigeria, the conditions necessary for as a superpower in Africa, has fruitful business deals and always been one of the reainvestments, the envoy sons for our (Finnish) presemphasized the imponance ence in this country We have of a positive investment c1ifelt that regardless of the mate, functional infrastructure, transparency and reliafocus on our priorities, Nigeria offers the best outpost bility in transactions and for surveying what is going removal of corruption.
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Ihdorama Fertilizer Plant To Boost Food Production From Kelvin Ebiri, Port .Harcourt which is gas. We have trained manpower to manage prolNOORAMACorporatjon says duction. We have identified .l,its $1 billion (One Hundred the market locally and inter· aJ1d Fifty-five Billion Naira) fer- nationally. So we are optimistic of success." tilizer plant at Eleme, Rivers State, is aimed at boo~g food Due to the via!>i1ityof the s~curity and generating foreign proj'ect, the Finance Direqor reserve for Nigeria exp ained that international 'fhe company. whid! is a core and domestic lenders are disll)vestor in Eleme . posed to providing funds to Petrochemicals Company facilitate it because . Limited (EPCL), also revealed lndorama has shown the tJ;!at since it acquired 75 per capacity to manage resource. Construction work on the cent stake in EPCL in 2006, it h'as paid over N23 billion, in fenilizer plant is expected to .t1iviaends, to its shareholders. commence within the next fudorama's Director of six months: Jindal said the company is Finance, Mr. Munish Jindal, while briefing ." to bUild a $703 billion ' journalists in Eleme, explained methanol plant at tl)e that the fertiliser plant . EPCL site. Methanol, which is' expected to be fully opera tiona) used fo)" industrial prod- . within the next three years uers; would expon ",hen the would help Nigerian fanners plant is completed _ produce more agricultural Indorama has already ipenticrops and grains, which would lied two important demand guarantee .t he coubtry's f"od . factors.wiiliin the cQun!Jy. security. · . . He explained that mlxi!lg . He explained that the compa· Met!1ano! up to'10 percent in ny was poised to'surinount any Prirner. Moto~ Spirit and ' . t1ies~l"cpilld improve the ch;illenges whatsoever in coOrse of the supPly SUPP9It oJ these '" ·project.Accort!ingto him, "We important petioleuqiProo-. already have the feedstock. uers. ._ :. " .
Director, and Marketing, Mr. Benson Erbuomwan(leh); Production Director, Dr Nino Ozara and Director logistics, Honeywell flour Mills Pic; Mr. Rotimi Fadipe(right). al the
company's Banking School Award ceremony in lagos ... a11he weekend.
Govt Should Focus On MDGs, Says Ajayi t::ORNigeria to be reckoned with in Cthe comity of nations, the administration of President Goodluck Jonathan must focus on fast-tracking the accomplishment of the Millennium Development Goals (MDGs), memberelect of the House of Representatives, Adeyinka Ajayi, has said. He canvassed this position in Abuja while fielding questions from journalists, just as some members-elect of the seventh National Assembly resolved to give prominence to matters relating to the MDGs. Ajayi represents the OdoOtin/lfelodun/Boripe Constituency in Osun State, under the platform of the Action Congress Of Nigeria (ACN), said the present administration would have failed on its promises of achieving international development targets and
enhancement of the standard of living of the citizens, if eradication of extreme poverty, reduction of mother and child mortality rates, fighting disease epi· demics such as malaria, cholera and AIDS, as well as developing a global pannership for development, as listed in the MDG document, is not fully accomplished by 2015. His comments precede the swearing in and proclamation of the seventh National Assembly slated for tomorrow. According to the lawmaker-elect, the new National Assembly will do well to insist on accomplishment of the MDGs by the government, in funherance of which Ajayi sa id he would champion the course for strengthening the overSight functions. Ajayi lamented the condition of basic infrastructure and other essential social
amenities, including energy, health facilities, roads and pipe-borne water, especially in the hinterlands. He urged government officials ta look beyond their immediate environment in Abuja and initiate policies that will impact lives of the ordinary people who populate the rural areas. Tliese will also help check rural-ta-urban migratio n that constitute a major strain on mea· gre infrastructure available in urban areas. Urging the executive and legislature in the new dispensation to do physical/strategic evaluation and assessment of government spending on rural infrastructure, the lawmaker-elect decried what he referred to as window dressing, lip service and mediocrity that characterise government projects sited in rural communities.
'Manpower Development Crucial To IFRS' Success' By Geoff iyatse IFRS expens to plug the hole. decisions. International Financial Reponing "The vision of the IFRS Academy is to NASB Chairman, Mr. Michael Adebisi 1. Standards (IFRS) might not be success- produce first-class IFRS profeSSIOnals at Popoola, said the Academy would fully implemented in the country unless all levels across the mdustnes and equip trainees with mentoring opporthere is a reliable reservoir of manpower multHllsCiplinary lines as well as make tunities and practical experience need· groomed in the rudiments of the prac- NIg;en~ an IFRS reference pomt 10 ed to be proactive in IFRS usage. He tice of the global acco unting stanaards. Africa, he saId. . sought the assistance of other regulaThis was the conclusion of panicipants . In hIS own address, Governor of the tory agencies in repealing existing laws at a two-billon-Naira fund raising dinner Central Bank of Nlgena (CBN), Mallam that are inconsistent with the IFRS and conference for the proposed IFRS Sanusi Lamid? Sanusi, said the recent practice. global finanCIal cnsls necesSItated the Academy held in Lagos last week. About six months to the adoption of need for a global set of accounting stanthe Standards by a segment of the busi- dards. . . . He added: ''The proc.ess of mlgratm$ ness community in line with the NASH's Roadmap on Adoption oj/FRS, Executive to the IFRS, no doubt; mvolves expertIse Secretary of the Nigerian Accounting that should be developed and nunured Standards Board (NASB), Mr Jim Obazee, on a contmuous and sus tamable baSIS said there is currently deanh of experts for effewve results. Hence, the current in the application of the IFRS in the move ta establish the IFRS Academy IS a country. welcome development, which should be Deanh of profeSSionals, Obazee said, is supported." . the rationale for the .proposal by the He also observed that the use of ~ .SIONASB to establish the IFRS Academy, gle setof IFRS mcreases comparabIlity of which wiH be located in the Federal linanclal mformanon among compaCapital Territory. nles and e~hance more effiCIent allocaHe also declared the detennination of tlon of capItal on a global baSIS. the NASB, as the body responsible for set- Enhanced comparability of financial ting and enforCing compliance with ;mformanon globally, he noted, mcreasaccounting standards in the country, to es t~e usefulness C?f the lr:tfo~atlon ensure the country produces top quality avaIlable to users 10 making mvestment Sanusi, eBN boss ~E