Economy
Abiodun Inaugurates Sub-Saharan Africa’s First Fibre Optic Factory in Ogun
Gov. Dapo Abiodun of Ogun on Thursday inaugurated the first fibre optic cable manufacturing factory in West Africa and the fifth in Africa.
Abiodun, who spoke at the inauguration of the Coleman Wire and Cable Fibre Optic Company, said that the factory would further boost his administration’s innovation and development of its digital economy infrastructure.
The factory is located at Arepo in Ogun.
The governor expressed delight that the pioneer factory would equally boost advancement in teaching and learning processes in academic institutions across the state.
“The manufacture of fibre optic cables locally will aid the deployment of Information Communication Technology (ICT) in different sectors of the economy.
“It will boost tech innovation, advancement in teaching and learning processes in our academic institutions, improve medical care, improve ease and access to data information and enhance internet connection.
“This will no doubt be a boost to our administration’s innovation of digital economy infrastructure,” the governor said.
Abiodun said that his administration’s commitment toward building a technologically advanced state had won it awards in the area of ICT and digital economy by the Federal Ministry of Communication, Business Day Newspaper in 2019, Daily Independent Newspaper and Daily Times in 2021.
He said that the awards were in recognition of efforts of his administration to maximise the advantages of ICT and digital economy.
The governor further said that launching of its digital economy project which aimed to lay 5,000 kilometers of fibre optic cables across the state would receive the needed boost with the inauguration of the first fibre optic cable factory in West Africa.
The governor noted that the commissioning of the factory would go a long way in conserving the already scarce foreign exchange, promoting tech transfer, generating employment and alleviating poverty.
He called on other well-meaning individuals and organisations to benefit from the immense opportunity the state had.
Abiodun, urged private industries in the state to be mindful of their responsibility to corporate social values, charging the host communities to display a high level of cooperation and responsibility.
“In this regard, industries are expected to complement the existing infrastructure facilities that have been provided by the state government through prompt payment of their taxes,” he said.
The Minister of Industry, Trade and Investment, Mr Niyi Adebayo, commended the company for its achievement, saying that the factory was positioned to actively participate in the African Continental Free Trade Area (AfCFTA).
Adebayo who was represented by the Director, Industrial Development FMITI, Mr Adewale Bakare, said that the expansion of the company to the production of fibre optic cables was a confirmation of confidence in the Federal Government’s industrialisation drive.
He said that the Nigeria’s journey to industrialisation was on course as evidenced by the company’s drive to increase local production capacity, which he noted, was also in line with the ministry’s Backward Integration Programme.
“It is a comprehensive and strategic approach toward industrialisation with a view to promoting value-addition across the chain of the manufacturing process in line with the Nigerian Industrial Revolution Plan,’’ the minister said.
In her remarks, the United States of America Ambassador to Nigeria, Mary Beth Leonard, represented by the Commercial Attache, David Russell, noted that the impact of the factory would be seen everywhere, just as more jobs would be created for people of the state.
Earlier in his remark, the Managing Director and Chief Executive Officer of Coleman Technical Industries Ltd,, Mr George Onafowokan, said that the company, since its inception had a firm belief in local content.
He said that the vision of the company was based on the premise of believing in Nigeria and growing local capacity.
Onafowokan said that the company would build capacity for the country, West Africa, Central Africa and about 50 percent of the continent,.
He said that the plan was to make the company the biggest fibre optic cable factory in the continent by September 2023.
Pitan who was represented by the Executive Director, Large Enterprises, BOI, Mr Simon Aranonu, said that the investment in the local manufacturing of fibre optic cables would provide over 2,800 direct and indirect jobs
“Before BOI’s intervention, the company’s installed capacity was about 12,000 metric tonnes per annum which provided about 500 jobs.
“With this expansion, the production capacity will increase to about 162,000 metric tonnes per annum capable of providing 2,800 direct and indirect jobs.
“This project is also in line with the import substitution and economic diversification drive of the Federal Government resulting in foreign exchange savings,” he said.
The Managing Director, Bank of Industry (BOI), Mr Olukayode Pitan, said that the project had the potential to contribute not just to the Information and Communication Technology (ICT) sector but to engineering, oil and gas.
Pitan further said that the factory was consistent with Federal Government’s National Broadband Plan 2020-2025 which aimed to achieve 70 per cent broadband penetration and 90 per cent reach by 2025.
“According to the world bank, an increase of 10 per cent in broadband penetration in any country can improve the Gross Domestic Product (GDP) by at least 4.6 per cent.
“For Nigeria this is necessary for improved economic activities as we harness the potential of the growing digital economy for economic diversification.
“We are proud of our involvement in this project and we will continue to support future ventures of the company,” he said.
The Director, Fibre Business, EMEA, Corning Inc., Mr Steve Candler, said that the opening of the factory was timely following the increasing demand for high bandwidth services communication network made available by fibre optic cables.
Candler said that people had become more involved with the internet for several purposes such as entertainment, communication, remote learning, e-commerce and streaming of high quality video content among others.
“In order to manage, process, share and store all these data, users are making increasing use of the cloud to keep pace with the rang of change.
“All these developments are reliant on the presence of a resilient high capacity communications network that requires lots of fibre optic cables.
“So the opening of this factory couldn’t have come at a better time and Corning Inc. is delighted to have been chosen as the supplier of optical fibre,” he said (NAN)
The Securities and Exchange Commission (SEC) says it is organising a compliance summit for Chief Executive Officers (CEOs) and Compliance Officers to address Financial Action Task Force (FATF) and related issues.
The Director-General of SEC, Dr Emomotimi Agama, said this in a statement made available on Saturday in Lagos.
He said that the summit, with the theme, “Navigating regulatory challenges: Aligning with changes in FATF in the era of VASPS,” would be in Lagos on Oct.
21 and Oct. 22.According to him, SEC aims to equip capital market operators with the necessary tools and knowledge to thrive in a complex regulatory environment.
Agama said that the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC, would hold the summit.
He noted that the summit would ultimately foster a culture of compliance and integrity in the operations of the participants.
“The aim is to equip capital market operators with essential insights and strategies to effectively navigate the evolving regulatory landscape.
“Attendees are to gain knowledge of understanding regulatory changes, clarity on the latest updates to FATF standards and how these impact Virtual Asset Service Providers (VASPs).
“They will also learn best practices for aligning their compliance programmes with new regulations, ensuring they meet international standards that enhance compliance frameworks in their organisations,” he said.
According to him, key objectives of the summit are regulatory compliance, understanding and implementing Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations.
Others, he added, would include risk management, which encompasses identify, assess and mitigate risks associated with virtual assets and operational efficiency which would lead to enhanced internal controls, governance and compliance frameworks.
The director-general mentioned that the benefits of the summit include regulatory clarity, risk reduction, enhanced governance, competitive advantage and networking opportunities.
The welcome address at the summit is expected to be presented by Ms Frana Chukwuogor, Executive Commissioner, Legal and Enforcement, SEC Nigeria.
The opening remarks and overview of the summit will be delivered by Dr Agama while Ms Hafsat Bakari, Director, Nigeria Fraud Intelligence Unit(NFIU) will present a goodwill message.
Among the speakers expected at the event are, Mr Obinna Iwuno, Chairman, Stakeholders in BlockChain Association of Nigeria (SiBAN) and Certified Cryptocurrency Compliance Specialist and Investigator, Mr Ade Bajomo.
Also, Mr Zacch Adedeji, Executive Chairman, Federal Inland Revenue Service (FIRS), President, Fintech Association in Nigeria, Mr Peter Shodipo, and the President, Committee of Chief Compliance Officers of Capital Market Operators in Nigeria (CCCOCIN) among others.(NAN)
To end the week, the stock market rebounded from previous losses, gaining N74 billion.
Investor interest in MTN Nigeria, FBN Holdings, Guaranty Trust Holding Company (GTCO) and other equities lifted the market.
Notably, the market capitalisation opened at N56.014 trillion, adding N74 billion or 0.
13 per cent to close at N56.088 trillion.The All-Share Index also advanced by 0.
13 per cent, or 129.44 points, closing at 97,606.63, compared to 97,477.19 recorded on Thursday.As a result, the Year-To-Date (YTD) return increased by 30.54 per cent.
The market breadth closed positive, with 31 gainers and 19 losers on the floor of the Exchange.
On the gainers’ chart, Consolidated Hallmark Plc and Sterling Nigeria led by 9.
45 per cent each to close at N1.39 and N4.98 per share respectively.Mecure followed by 9.19 per cent to close at N10.10, Regency Alliance Insurance gained 9.09 per cent to close at 72k, while Fidson Healthcare Plc increased by 8.24 per cent to close at N15.10 per share.
Conversely, Deap Capital Management and Trust led the losers’ chart by 9.93 per cent to close at N1.36, NEM Insurance trailed by 9.71 per cent to close at N7.90 per share.
Daar Communications also lost 9.52 per cent to close at 57k, Tantalizers shed 9.09 per cent to close at 60k, while Dangote Sugar declined by 3.31 per cent to close at N31 per share.
Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 20.33 per cent.
A total of 304.43 million shares valued at N5.60 billion were exchanged in 6,950 deals, compared with 277.75 million shares valued at N4.65 billon in 7,091 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 68.26 million shares valued at N1.34 billon.(NAN)
By David Torough, Abuja
The Nigerian Economic Society (NES) has decried Nigeria’s socioeconomic dilemmas, including; low personal incomes, dysfunctional education, healthcare systems, unemployment, rising inflation, poverty, amidst other critical issues.
This was part of the communique at the end of the association’s 65th annual conference held recently in Abuja with the theme: Socioeconomic Development in Nigeria: Imperatives, Implications, and Impacts.
It emphasised that the factors greatly contribute to insecurity, food scarcity, energy poverty, widening social inequality as macroeconomic instability and called on relevant stakeholders to urgently address the challenges.
President Bola Tinubu who was represented by the Vice President, Kashim Shettima through
Dr. Tope Fasua, underscored the
pivotal role of economists in shaping national development.
Tinubu reiterated the importance of their role to make the citizens feel integral and empowered, knowing that their contributions were crucial to the country’s development.
He urged them to approach the economy optimistically, stressing that their work was crucial, and that improvement was
always possible.
In his remarks, Minister of Budget and National Planning, Atiku Bagudu underscored the importance of socioeconomic resilience amidst global economic challenges.
He acknowledged the relevance of the conference theme, stating its timeliness in addressing Nigeria’s development needs.
On his part, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun who delivered the keynote address on “Leveraging Economic Reforms to Leapfrog Nigeria’s Socioeconomic Development,” underscored the potential benefits of these reforms and stressed the need to better utilise Nigeria’s human and natural resources to spur socio-economic development.
He predicted that while structural reforms might cause short-term economic shocks, they would stabilise the economy in the long run, bringing hope for a brighter future.
In his presentation, the NES President, Professor Adeola Adenikinju who presented “Nigeria’s Socioeconomic Challenges: Lessons from the Structural Adjustment Programmes,” recommended:
Instituting an economic governance structure for the country, designating
some Ministries as economic ministries that qualified economists and allied professionals
must staff, adopting macroeconomic models to analyse the impacts of policies and assess
alternative scenarios.
Adenikinju also recommended; implementing export-led growth strategies by promoting value-
added exports and incentives for export-oriented industries and infrastructure, prioritising agro-allied industries to boost socioeconomic outcomes, implementing targeted subsidies or social safety nets to cushion vulnerable populations against the immediate impacts of reforms, amongst others.
The 65th NES Conference provided significant insights into Nigeria’s socioeconomic
development challenges and proposed actionable recommendations.
Participants emphasised the need for visionary leadership, policy synergy, and a commitment to long-term economic transformation to ensure sustainable development for Nigeria.
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