BUSINESS \15
Bl1siness MoneyWatch P23
Compulife P25
The place of customer in Nigeria's retail h<l.,Ir,nld
Wiring the economy through broadband Lagos boosts rice prodUction, commissions
processing lactory
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By F.tiIn om.. ... Gbqa '1'1iEt...agosSGIte~nt
.l yHterda~~lssioned . FactOJ}t
lmota Rke
[n tkoroduaru oftht: statr, as
pan of its commIonent to the
Wi~t of food St:O.Uity ~tofthe~(admlnh-
1Ta1l0n.
It also commissioned ,1 Poultry Esule in Erikorodo .and 4.65 ki~ ~ access road ,1t Ikocodu Flsh Fam Estat~
'Nigerian power finns to receive $25bn lifeline from U.S. bank ..
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Nigeria is truly hungry for elecmc power.• .!n tenns
"11iE United SLlt~ of .lAmtric;a's Export-Import Bank will soon IrlCJUSe 1[5 rnWl support If .... the Nlgerim ftnns oprraon!, In the counny's ~ S«":OI" to bi1lion (~bout NO bUllon), up from StS billion (Um billion). earlier pmmlri me Feder.I.I ~mmtn t gJd,)'Hterday: TIlt crrdit fa cUitvfrotn the bank is comll1g oulhc httls of
of per capita power capacity measured in watts per person, Nigeria's record is anything but inspiring.!t is 29 waHs per person.
n.s
JlOW'!r $KlOl'"WilS about to wit· nes a ~ dawn, going by the quality of ongoing proj«a and ~nts In the sector. He said It was quite Inl1!resting that the Emrn Bank was ~ to ~ the O1!dlt line a MtmOr;1ndum or to idd the prlvilte lmtitmenl Undc~ndln! lilt bank needed In the nalion's ~r sI£Oed with Ni!.e-~'s Mlnlsuy orPowtt, ra::mtly. According to him, The The Mlnist~ lor Power. &n Extm bank fudlity to the Nnaji. Silid yestm.by ill iI pub- whole of Sub Silh;uO'l AfrIGJ In lic lecture In ..bula. that mil' 1010 waJ I1A biIllion, out of
u.s
"""'.
us.
which only $200 mUlioo arne to Nigeria. He announced tNt the bank Is naw~adytO rnaJozilVoilllabie betweftI S'L5 billion ,100 5.l.S
billion (0 Nlgedol 's ~r 5«. lOr this time. "Nigma Is ~ hungry for elKtlic po~r, he said.. ilddlngma[ the nation's maxi· mum ou~t of 4,400 Me1.a Watts (MW) was grossly lnadtq~
...
"Ourl Is a nation of 167 mil·
lion people. 50mh Africa, a. nation of 47 million people, which mterestingly h.1d siner 2008 p~ InsuffidtnL As you kn~ South Afria Is the worId'slargm 20th KOIVJ(Il)t Br.illzl~ .anothtr emerging «DOOmy with a population of 194 milHon. generatll!!'l about ~enentes 047,OOOMW,
I3S,OOOMW.
'n tenn! of per capita power meilSuRd In WOIW per penon, Nlgtri<1's m:otd Is anything but lnspidng.lt Is 29 Wiltu per pe.rson. Compa:~ th15 figure with Brnll's 0490WUU pecr pecoon or Glpacl~
Amma'sl,9OOwatts per per.
500 M India's UOWiltts pet" per.
son.
EVl'n
neighbouring
Ghana has a superior rrcon:I beaUS(' It has 1,800MW fM Its llmlllon people, which amounts to 85Wims per pet". son. 1b statr the obvIoU"i, per capit.t ~ capadty is an Indicator of a country's f'COnomic perl"omu.ncr.• he said. He' ~ saki Nigma's powfisituation was not~ 1es5, as a num~r of ~r p lana. transmission substaUons. tnnsml"islon lints ;iIIld dlstrlbution fucllitles ur bdng buIIt.across \he countr)l. Also, he said the Frder.ti GoYemmwt alone wa5 buildIng 10 ~plants.lncludlng tr.msmlssIon'lines and sulJ:m:-
The ulm-modt:m rice pit> cesslng faaory. which Wil"i commissioned by the state G<M:mor, &bnunde R.ljl Fashola, In compa.ny of t:ht: Minister of St;lte for ~rlcultlJre, A1haji Bub TIl.lni, WilS also gJOIad by the St:nator ~t:SVltJng lagos East St:natori.al District., Gbenga Asluf;a, member. House of R.t:presItnt.ttiYts rq> resenting tkorodu, Abike Dablrl ~ ;rnd the Ob;a of lmota., Ajl~ Bakarr-Agoro, ,1mong other dignitaries. Fashola Slid lagos was rudy to sa the pKe In the counny In wulth CR',1don tim:rugh ~culture, adding Wt If Nl~ I'oIIow$ the pa.th CDfl. SCIentJously. the count1)"s tcOIlOmJc problem would in no timr be addrased. He said 51no: hunger ,1nd poverty do not know ,1ny poIil;lc;tl pa.rt)I the step takm by the "iUte govemmt:nt to bOost food prOduction. WilS 01 puspo.sc;fuI coI~tion for natIOnal tkYdoomt:nt. Fashola. described the commisslonlngas thelcingoo the cakt, beQu$t: the project stant:d four yean: ago whel1 ht:d~1oped thedrM forritt produaJon capacity In \he state, addIrur: the state has wrinrn OIn 0Ilida1 kttt:r-to the Minister of Agriculture, Akinwuml Adesilloil to 8M: them morr bnd under the Ogun OSUn River Basin AUlhOfity. "For the youlhs, the time for I1liscreancy ls over, tiOlt: without v.ork is 0Ytt This is OM of the placa" to amte wmith. if we go badt to tinning. OUr youths "ihoukl roll up thdr slt:t:YeS and f.ann. We Me rudy
we
CONTINUED ON PAGE 16
CONTINUED ON PAGE 16
FGto ban public sector purchase of foreign computers
... an. ..A 5 p01no( dram togiYr loa! By . . . . . ......,IU~
Ilcol1rrnt drI.'eiopment In Nigeria ,1 boose. the Ftderal Government may soon I~ ban on the purchase of fomgn computm and ,""""""" producu by oW> lie institUiions ilnd schOols In
".""un"" The N,1l;1olloill
~tor-Gt:nt:nl,
Information
Tt:ehnol~
~lo'pment
. . ."'" (Nnn,o.~ _
a.op..
""",,..--""""" aaron lnlt:rlded was to gM: Indigenow Original Equrpment Manuf,1cturers (oEMli) the challCf: to devdop the local lllilrkd. ;md guam .against [nousing caplcli flights, due to productS' ImporutkJn. Anga)'t, who ded.uN opm a two-day mreat on draft guide-
An",,., who _ Ihrougjo mndilltls to nWcr: thml com"""""'" d"-",don by prtitM.and ~ with- the director. Scmw,rds md "" the~tofostt:r~ m .and outsIdt: the couull'} ReguLuion, NITDA InY" of loG! ICr products and sa¥"'" of ......,..,.".....,••_ Hestld It Wi!.S In the Inte~ of Kt:tn<1bon~ saki the rr ~ Meanwhlle.lndlgenous OEMs and fost:eT growth1n tht: kx:.al the country [0 d~1op MW tory ~ will In the next Infonnation CommunlCiu:lor1$ mndatds and JtUiddtnes lOr IOrtnight laUnch ~ monitoring at the retrut opressrd mnllmmputt:r I11iIllU'bcturing. denc~ In govemmwt's scht:nw: to t:nSurr complWKr Tt:danoklgy( tCT) Ind~ The' mnlslt:r said It would by ,111 public InstituLions rt~ dTorts to d~1op the: Accordlng to hbn, .llI gDYmlIT Indus~ m,ne empl!,>Y' mmt's .accndftildon for com- ~mount to sabotage If n,"'oowlde. putu assmlbly pL1nts had Ministries, ~ts i!.nd He Si!.Id under the existing mrnt throUgh loa( as:smtbIy e:xpInd.. He .wid Nigntiln rr Age:nclts continued thrlr bws of NITtlI.. It will bt: m of ~tm; .and build thf.o: oUma punishable by ~ prisOn caj»dty for Mgman IT enDl'prixtuas would now 6t: bt:nch....... of """'" IT prod- tmn, fblt: or both If Rolitt:d In urn. inarlcrd ,1g;Un5( intrrn;ltiolloill "'
lines for home grown rr hard-
~ productS, gJd the Mtion WiI.S nt:assaJ}' to mcourage
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1HEGl.WU)WI,~MayI6,2012
Foreign lxxiypredicts increased investment in Nigeria's construction industry 1belnt.mlaUonaJ~p~
Bv ADllatlDIIM .
TN\IEStMENl Innow Into lNlgrru.'s
construction lndusuy Is ~ to rNCh
$9.4 btDJon (1l1.5 trillion) by 2011. Business Monitor lntmwtiorW, has saki in its fimquatttrrtponoflOll. In a f!:pon rrleased recently by the UK two.! company Indicated th.n tnvCSUflent continued to Iklw Into the Ni~ consOlJClion S«tOr as low ln1Llidon encouraged growth b-t:1s. AccordJng to the report, rCY1sed fI,guRs Indif!1ttd that year-on -yur g:row)11 will be 9.5 per ernt roc JOu. addJng that the growth mnd win contJnlH! fI.D the end of the fOlb2Sl period in lq2L
dieted that N~ria'5 construeliOn lndumy Will wilJless an ~ent Val~ of N 13 blJ. 600 In 2012, U'ebling ro S9.4 billkmby2021 Tht: ~n SGIM: "NJgman lnfrastructuC!: d~opmenl company BI-Q)unn~ Highway Services (BOIS) has MtIlOUIlO!d that It Is to beRln tu rt!dcw:lopment of the Lagos-lbadan Expressway at the IbiK1.ut end. 1bc ru9 lJill. lion project Involves the reconstruction of both exIstIng carrlagtw.JyS. as well as the addltlon of two more car-
riagcways In each dlrcction
contract to nwna~ the apnossway. which links Lagos with Nigeria's weswn States.
"The govcnunent of the
N~ sta~ of Akwa 1born
ilnO Messrs ALCON Nigeria Umited haw: m~ into ill Nl8.0S billion (Su4mllllon) construction contrilG In Nigeria, which Includes the development of an interm. tional terminal al lbom internatiOnal AIrpon. The ~rport mrted Its commcrcW operations on Stpmnber 29 1009 and hassof.irhandJcd a total of 40),66) passengers.
TheprofcctisscheduJedlobr:
compldrd In 1:4 months.
·lntdsNI~ wasa'oQJtied ill
will unden:.tkr: the work to orderroaIJow the pon tDhandie ;!In IncJNSII! In gas and oil
ambltJow
business
KOnomlc
and
environment
n!{orms and develop. plan lD
(OOtr.Kl bY the Nigman 8m>shlpmmD. add~ the root auses ofvioemmmi for ~ 4 of the -NlgrriahasbecnrocRdbya lence In the NIJtn DelQ and On.ne Pon Complex at Pon sharp Incnne In violence theMiddleBdt":" Harcourt In R.ivns Stiltl!'."The perpeo.ued by miUtant lht: I't:SCall:h body stilted thou IJSSJ70Smn project indodes Islamlsts oOInd retilll.ltory it expect Nigeria to rondout Idnd rrcla.matlon. the widtn- forc~. which threatens to to cxpcrknce strongcconomIng of the chan~1 enUJ the escalare If not contained. Ic growth, bolstered Incrca,s.. construction of three new Meanwhile. the rt!mO"lal of Ingly by IrM:sunmt and the ~ al the Fcdu.U Ocran fucl subsidies has spurnd consumeneaoc Whllc ~ Tcnnlna.I, and the eohanc~ naUon~rotcsts. Indud- bnt hurdles will need to be ment of eQstlng fadlities at Ing a strike, putting sWllloumed, WI! expect that, the port. Intels, which has Immemc pr6Sure on the overall, 2011 wiU be an alJNdy completrd the govenunenLThecounttywill Improvement over the three phases of the Protect, n~ to press ahead with gniwth$ttllln 20U. "",.--_. r------------~,
nrst
between the Lagos-Sagamu Inten:han~ 8CHS has been awardrd a :zs.yur concession
Power !inns get lifeline CONTINUED FROM PAGE 15 lions under th-e , Nallonal In~f'ldent PO'm-
ProJ«t
(N~ '" "'" h",......
dons art! to be I built at Zunge.ru, Man1b lJa and Gurara. whlit stolte governmcnlS, which M'~ now bcaJ pennlned 10 geTl~rat~ <1nd dfstribute ~ M!~ also buildingSOIIlt facilities. ~1ger1an and ftJrelgn busInesse: an nc4! left au!. Not to be forgonen i:I th.I [th~ art! a numtJer abmdonrd dams in the counay; \>'e hope to
or
g(!n~rale
~Iectrldty
from
some. of them, ~ from
tMW to 10M\¥, whiCh Will ~ domidIed In their ~ loca1itles, Instud of bdng on the nadonal grid. -we are gotng beyond the tr.K1Itlonal .soun:e:s of gener-
<1dngpowc-ln~Whkh
ana
art! hydro sources. The
the.rmal Federal
~mment Is
leading the effort to buDd thltt coar.flrcd SQuons to be Ioc.atrd In Enugu. Gombe and Kog.i States. with 9ch pnx:ludng 1,0OOMW;he~
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Lagos Opens rice processing factory CONTINUED FADM PAGE 15 10 ltad the WiY. L ....'C follow this path corud~ntlously, 0lIJ"K000I1lic prolAcm wouJd be $wmowuz(l soon,' he sa1d.. E<1r1ler, In hll goodwill addms, the Mmbcer of Sate. for Nukultu~, Ahi.1I TIjanl, state.({ that the Fashot.i.ltd
key to the Traruformallon ~ndaorPmJdentGoodlock jonathan's .ldministr.tlion. According to the minister, Fashola lW put Lagos In the map of rn pnx:luc:ing states in Nlgcrla, with the commb-sionlng. adding that history ha5 been lJ\iKIe In NIgcrla, In
~~~~~InI~",~_~~...,.~~;"",,,~~""'~~ln lmoo..
Mana&fnI OIrllClOf end ChIef Exaculiw OffH*', 5.. . . Bank Pk, YInII Meola (lth): a.inftan, Alhafl Su'-an Adqunwa; Ind c-pu.., Seenllary, Justina ...... I' the 5Oth,..1y pnenI-m, of 1M bank. kll.q!:!$. ,..•....,.
Ogun generates N18bn internal revenue monthly Ff1IIII DwIII CoI'IIOWImlAt.olw!l t"'\GUN State's Intemall,y \.....Jr.mef4llted Rn'enue (IGR) has hit NL8 billion month~ the stilU"S Commlssioncr Financr, Mrs. KemJ Adeosun. "" ..Id. Th~ commisslone.r, who spoke at one of the scrie:5 of ministerial press briding
ror
YOUR DESTINY, NOW BOARDING. DisCO'ler the weer "I'poItUrtities • UK
education canoII.r you
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Vosit www.art<rlluocherJJio tofnJrut ""'" n! -..-ilrlhe .......
.......
.....
DmI6dlllhhttt Tme: IO.IXI-IUI
l.oaIi:nVn:ria Crq.m film Hoal lYlIIAjooo_~VI,l.... Dill:: 1.. ...,Twne:tQ.IXI-lllO
""""'-...-.... Dlll!::ll.,.., Tme:' OJD-11JII
I"""up
by""""""""" '0
IlighlIghtlts <1Chlcw:ments In the last OM year, CXDLUnrd thai on assumptjon 07 office,
the momhly IGR was N742 million, adding that the ~ IGR 6gurt' nprescnted a -0 pc:r cent Inc:rease. ~ sales In the State surpasse:t N2 blllk>n fOf" the fim time In the history of thl'. Statl'~,shcsakl..
Senator Iblkunle Amorun-Ied admlnlstr.uJon In the mte would be OM year In office: on Thcsday; May 29. The commissioner said the
feat
was
mad~
po:ssibl~
beCiluse of th~ musura the gOVf!rnment pul In pt.icr to Close all kJopIloles for rC'\'CfIUf! l~alcagl;s. beside the engagement of proIrssiona.l tax coUec-
,""-To ensure
p~nt us.!'
and
managemcnt of State funds, Adeosun revuJed that the goy-
OIanlyonu, said tJlC aftfIbillty
of the government In the banking Industry wn
=-
by U'allSf»i'f:IlC)' "" """""""" -enhanad and, «rOUIIGlbillty" Hl£hlIghdng some of her minIStry's achlcw:me.nts, Adeosun said r:xpendltures M!1'f: stnJngly illigried to cap~ Gil expenditure lOdudlng. the investmc:nt of Nl.5 billiOO roc the purchase of tutbooks, N4S billion forvarioussecurityequlpment locJudlngworid class Armourrd Personnel C.trri~rs (APe) as wdl as the ow:rha.uJ of the malnU'nanc:I' ofthf!Statl"s INd network". She saki: -n.c ~[of debt and n~otiatlon with cm:I.ltors has multed In significant savings lOr the state govmlmtn!. From an InILia1lv published f1~ of N49 bil-
f'mmf!nt had S(!t up " Deb! ManagmJml CommilUt:, "to ensul'f: that the Sate continues [0 subscribe to the principles of prudent and sustainable debt management. At the time we assumed office, the mil". had an w1J'emndlled debt fI.I~ In excess of N49 bUliorL According to the commissionf'f; at ~pdon In office. w state. had 300 a«ounl$ in dlJ. ferent banks, some of tht:m being dormant for 12 yean. Adeosun, who spoke in the pmencrofMrcounterpan In lion, "" """'" onx= the Information and StratEgy 6ed toQ) liabffides of about Mlnls~ Alhajl Yusuph N87 biliiofLW
em-
_II-
Oil prices fall as Greek talks fail CRUDE 011 pricesdecllned as <1 second Greek ~lectlon WilS called for, after aut'fIIpU to form a govemmf!nt failed, sen<llQ2 the eum to a lOur· monthlow Crude oil for June dcllvery d~ 68 cents, or 0.7 per cent, 10 S94JO a harm at 1:19 p.rn on the New York Mcrcantile uchange.. PrIces dropped L4 pc:rant toS94.78 on Monday; the lowest senJ~ mentsioce December19. Brcnl all for June scnll'.IDe:lll gained 2SCC'n15toSUL8la bar-
m on the I.Ondon-bascd ICE
Furun:s Europe cxchangt"~
Futures dropped as much as
0.9 per «'nt as Pasek pany leader Evang~los ~nlu:los silJd Greeks are h~adrd back to
the polls.. The cum fell against thl'. (loDar aIkr the ~ men!.A W9ker European cur· rmcycurbstheappealofmmmodltics as an IJl\tiIrnCIl!. A gmoemment report tocl.Jy wiD pmbablyshowth.1fUSCrude supplies climbed to thl'. highest rcveJ slncl'.1990. "C.orlmns <1bout Greece, and Europe: as a INhok. ha~ kd to risk awnloo,- said Mike Wittner, had of 011 market researmalSodete.Ge:nera\eSA In New 'J\:lrk. -Pr1ces all! also lowerbeCilU5l!M!'ll!cxpectlng another crude stocli
today.-
G~
bulla
has been without a gOVl'.l1UTle.llt sinc~ an eIcaion on May 6, Increasing concern the country will renqe on
plrdges to cut spending as required by the lenns of two biillouts Ilf!KOdated sillD! May 2OIO. Thatliasspurredspeculation It may u1timatdy kave the f'lIm CWT'eIK}' union. The eurodmpprdas much as 0.5 per ant to Sl.2754 against the dollar, the lowest I~l sloce Jan. 18. ~ Gredt deaions S(!nt the cum ~ and Cilusro on to lose its gain: said St~hl'.n Schork. prcsldl'.nI of the. Schork Group In Villanova, Pennsylvania. "'T1~'s a dim:!: c:DI'niation.An Energy DepartrTICnl report roday will probably show that U.s. crude stock· plies advanced L5 million bat· i'd5 to 181 mmk)n last v.ftk.