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Glo sets transform subscribers’ fortune in new promo

SAMSON AYODEJI
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Glo sets transform subscribers’ fortune in new promo

Hundreds of Nigerians will have their fortunes turned around for good, courtesy of a new promotion about to be unveiled by digital transformation leader, Globacom.

The promotion is in line with the company’s commitment to empowering subscribers through unique life-changing packages.

According to a statement released by the company in Lagos on Wednesday, the promo will turn thousands of Nigerians into entrepreneurs by giving them trade-establishment tools that will enable them to set up their own businesses.

“The promo is designed to empower Nigerians to create wealth and even become employers of labour rather than dishing out money to them. The trade-establishment tools to be won are such that will have a direct bearing on the people. It promises to be the most exciting people-focused empowerment promo we have activated. Nigerians should not miss the promo for anything,” Globacom said in a statement.

Already, leading entertainment stars such as actor Odunlade Adekola, Victor Osuagwu, Funky Mallam and comedian Samuel Perry Animashaun, alias “Broda Shaggi”, are featuring in the teaser media campaigns for the promo.

Globacom urged subscribers and non-subscribers to the network not to miss out on the promo due to be launched soon, adding that it would positively transform the lives of winners.

NCC inaugurates implementation committee on blueprint for ICT research

SAMSON AYODEJI
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NCC inaugurates implementation committee on blueprint for ICT research

The Nigerian Communications Commission has set up a committee for the implementation of the report of the panel of experts on the design of appropriate curriculum/blueprint for Information and Communications Technology research programmes in Nigeria.

The nine-member committee, which was inaugurated by the Executive Vice Chairman, NCC, Prof Umar Danbatta, on Tuesday, September 3, 2019, draws membership from the NCC and Digital Bridge Institute.

The Director, New Media and Information Security, NCC, Haru Alhassan, chairs the committee.

According to the EVC, the inauguration of the committee was sequel to resolutions by the Board of the Commission at its meeting on Thursday, June 13, 2019, directing the NCC management to constitute the committee.

The EVC read out 10-point terms of reference to serve as a compass for the committee, which includes: reviewing the report of the expert groups on the development of appropriate blueprint/curriculum for the ICT innovations research programme in Nigeria; developing guidelines for the establishment of a sustainable funding mechanism for ICT hubs and ICT innovation centres; and creating guidelines for the development of standard competency-based curriculum and practical laboratory that will facilitate hands-on learning.

Others include proposing modalities for leveraging the DBI and universities as innovation hubs and centres; developing Key Performance Indicators that can be leveraged for results management; developing criteria for selection of universities as ICT hubs/innovation centres, among others.
Danbatta urged the committee “to ensure a good spread across the six geo-political zones of the country and comply with federal character principle in the implementation of the project.”

He also charged the committee to ensure equity and equality in the utilisation of the resources earmarked by the Board of NCC to implement “this project targeted at the Nigerian youths with a view to producing our own ‘Zuckerbergs’ in Nigeria.”

Competition heightens as MTN enters Nigeria’s Fintech market

John Chukwu
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Competition heightens as MTN enters Nigeria’s Fintech market

Competition in Nigeria’s financial technology market has been heightened by the entry of telecoms giant, MTN.

MTN launched its Y’ello Digital Financial Services, unveiling its super-agent network service named ‘MoMo Agent’ at an event held recently in Abuja, with experts saying that the telecoms giant had got into a tough market in its bid to bring banking to 36 million Nigerians who are said to be outside the banking circle.

Experts say MTN’s biggest markets in the Fintech sector lie in the rural areas of Nigeria, as the cities have been taken up by core financial services providers, which are already rooted in the industry.
“I see a very tough competition for MTN here. This is not like when the company brought GSM, with no immediate competitor. In the Fintech industry, there are already big players, which are traditional with financial services for that matter,” said Nkiru Amah, an accountant.

I think MTN should focus on the villages where there are no banks. The telecoms company is wide in coverage and I suppose that it should be able to provide the service in all areas where its network is present.

This is where I think it has its strength,” she added.

Similarly, Steven Olisah, a financial analyst, said “the competition is real,” but noted that since there are regulators, competition would bring out the best in the fintech players.

“This is very good for Nigeria and Nigerians. It is shameful that in the ranking, you find countries like Ghana and Kenya far ahead of Nigeria in Fintech, in a continent where we are called a giant. With MTN coming in, I see the sector changing very fast. MTN should know it’s through the riddle,” he said.

MTN in Nigeria has had a tumultuous history of billion-dollar fines and lawsuits, with the company most recently faced with allegations of illegally repatriating $8.1bn in profits and owing $2bn in taxes. In 2016, it reached a $1.7bn settlement with Nigeria’s government after a protracted SIM card dispute and an initial $5.2bn fine.

“The company (MTN) must have learnt to stay off trouble, especially as we are having issues with South Africa due to incessant xenophobic attacks on Nigerians by South Africans, the home country of MTN. But the telecoms giant is very business-like and has shown that it’s been all about business,” Olisah noted

According to a World Bank report, Nigeria is characterised by a low banking penetration, around 40 per cent in 2017 and a nascent mobile money market, where 90 per cent of rural dwellers are not banked. In the cities, however, existing bank customers can already use their bank accounts to carry out transactions through apps or by typing shortcodes into a phone. MTN believes that its network of MoMo agents can penetrate the market in no distant time.

“The extensive network of MoMo Agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria. With this, the company joins ongoing efforts to accelerate the Central Bank of Nigeria’s drive for financial inclusion,” MTN said in a statement after the official launch of the product.

Speaking at the launch, Ernest Ndukwe, chairman, MTN Nigeria board, said, “Here and now, with the launch of this Momo Agent network, both worlds come even closer together in a hybrid model designed to expand access to financial services nationwide.

“Empowered by the Central Bank of Nigeria and the Nigerian Communications Commission, and facilitated by partners in the banking sector, this extensive network of agents will immediately begin providing safe and accessible money transfer services to underbanked and unbanked people across Nigeria. This is of particular importance in places where dedicated physical facilities were not viable or available.”

He said, “The state of play has changed. This is the future. Momo Agents will be employing the power of technology and digital disruption to add value and cater to the present and future needs of the populace.

“Experts state that a country’s sustainable development is inextricably linked with its ability to empower people at the bottom of the pyramid. One central way to do this is by ensuring that they are financially included and can participate fully in the economy as contributors and beneficiaries.

“As it currently stands, 36 million adults, who make up 36.8 per cent of the Nigerian adult population, are financially excluded, and therefore lack access to value-added services such as savings, insurance, pensions and access to government transfers. Our country is at a critical point in its development trajectory and we need everyone on board.”

AThe Chief Executive Officer, MTN Nigeria, Ferdi Moolman, said, “I am excited by the possibilities. We are fortunate to be part of the telecoms industry, which underpins the digital economy and is critical to inclusive development and the future economic growth of this great nation. The launch of the YDFS MoMo Agent is especially significant to us. It further demonstrates our commitment to remain focused on enhancing Nigerian’s access to financial services, and in so doing, connect them to what is most important to them.”

 

 

Fear grips stakeholders as security, others withdraw from Osubi airstrip

Olamiposi Oluwaseyi
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Fear grips stakeholders as security, others withdraw from Osubi airstrip

There is anxiety in the aviation sector following the withdrawal of the Federal Airports Authority of Nigeria fire and security personnel from the Osubi airstrip in Warri, Delta state.

Findings from investigations revealed that fire cover and security services hitherto provided by the FAAN were withdrawn and now managed the new management of the airstrip, Shoreline Oil Services, by providing its own security and fire cover for the airstrip.

Aviation stakeholders expressed fears that the action negated the aviation rules and regulations, which gave power to FAAN to provide both security and fire cover for airports in the country.

Checks by financialstreet.ng has shown that the management of Shoreline who took over the airstrip from Shell has now provided fire and security personnel, an action described by some concerned stakeholders as not in the interest of the country and a disturbing signal.

An industry source, who spoke on the condition of anonymity, said that they ought to have sent the Nigerian Airspace Management Agency out of the airstrip to stop providing aeronautical services on their own.

But while reacting to the development, the Secretary-General of ANAP, Abdulrasaq Saidu, said that withdrawing fire and security services was an easy way for external forces to attack the country, as the people providing security and fire were inexperienced.
When warning of the dangers ahead as a result of the development, Saidu queried the reasons behind the withdraw of FAAN services against the Act setting up the agency that gave them the power to provide fire cover and security to all the airports across the country.

He said the action was tantamount to corruption and called on the government to order FAAN back to the Osubi airstrip, adding that the country was not ripe to engage private security and fire services at airports and airstrips in the country.

But responding to the development, the Director, Aerodrome and Airspace, Nigerian Civil Aviation Authority, Mohammed Odunowo, said it was not true that NCAA gave the FAAN the directive to withdraw its services from the Osubi airstrip.

Odunowo said that NCAA was aware of some open items at the airstrip, of which they have written to the management to address and which they were working on to close them.

He said regular audit of all the airports across the country was ongoing. “As the regulator we are in contact with all of them,” he added.

Why declining economic growth poses danger to Nigerians-Investigation

Olamiposi Oluwaseyi
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Why declining economic growth poses danger to Nigerians-Investigation

Following the announcement by the National Bureau of Statistics that the nation’s Gross Domestic Product only grew by 1.94 per cent, year-on-year in real terms in the second quarter of 2019, compared to 2.10 per cent growth recorded in the first quarter, findings by financialstreet.ng have revealed why the declining economic growth poses danger to Nigeria and her citizens.

Analysing the latest NBS figure, the drop in the GDP can be attributable to weaker growth in the oil and non-oil sector during the period under review, due to the 2019 general elections, among other factors.

However, when compared to 2.10 per cent revised from 2.01 per cent due to oil output revisions recorded in the first quarter of 2019, the Q2 2019 real growth rate indicates a decline of – 0.16 per cent points.

The report stated that during the quarter, aggregate GDP stood at N34.9tn in nominal terms, an increase of 13.83 per cent over the performance in the second quarter of 2018 and 9.8 per cent over the preceding quarter.

Commenting on this development, a financial and data analyst, Chris John Mamuda, expressed grief over Nigeria’s slowing GDP growth, saying that it pretense real danger considering the country’s population explosion.

According to him, the reduction of real GDP growth by 0.16 per cent is worrisome as Nigeria now has a population of more than 200 million people.

“Annual GDP target of three per cent of Nigeria’s economic growth is not keeping up with population growth of over 200 million. According to the country’s population commission, population growth is almost at 3.2 per cent.

“For instance in the 2019 budget, GDP growth was projected at 3.10 per cent and it’s almost obvious that cannot be achieved. By implication, when GDP cannot match population growth, then there is a huge cause for concern,” he said.

On what needs to be done, the financial expert believed it is high time the exchange rate be made more flexible by the Central Bank of Nigeria.

This, according to him, will attract foreign direct investment.

Similarly, the Chief Executive Officer of Innovation Business Hub, Benedict Ogbu, said that the non-oil sector must be focused so as to get the country on the path to significant economic growth.

He said, “Looking at the non-oil sector, which reduced to 1.64 per cent in Q2 from 2.47per cent in the first quarter of 2019, shows the diversification policies of the federal government is not working.

“Agriculture, manufacturing and transport sectors, the chief contributors to the slowing of the GDP, must be critically looked into, both in terms of infrastructural development and funding. This will further improve our revenue base because it is high time we shifted from oil.”

Meanwhile, the GDP performance observed in Q2 2019 follows an equally strong first-quarter performance and was likely aided by stability in oil output as well as the successful political transition.

“Overall, a total of 15 activities grew faster in Q2 2019, relative to last year, while 13 activities had higher growth rates relative to the preceding quarter.

“On a half-year basis, real growth in the first half of 2019 stood at 2.02 per cent, higher than in 2018 which was 1.69 per cent. Quarter on quarter, real GDP increased by 2.85 per cent compared to a decline of –13.69 per cent in the preceding period.

“For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors,” the report by NBS explained.

According to NBS, in Q2 2019, Nigeria recorded average daily oil production of 1.98 million barrels per day (mbpd), or 7.6 per cent higher than the daily average production of 1.84mbpd recorded in the same quarter of 2018, but slightly less than the output recorded in Q1 2019 (1.99mbpd-revised from 1.96 mbpd).

It said, “The oil sector posted a real growth rate of 5.15 per cent (year-on-year) in Q2 2019, representing a 9.10 per cent points increase, relative to the rate recorded in the corresponding quarter of 2018. It also indicates an increase of 6.61 per cent points when compared to Q1 2019(revised). Quarter-on-Quarter, the oil sector recorded a growth rate of –1.55 per cent in Q2 2019.

The sector contributed 8.82 per cent to total real GDP in Q2 2019, up from levels recorded in the corresponding period of 2018 but down compared to the preceding quarter”

On the non-oil sector, NBS said, “The non-oil sector grew by 1.64 per cent in real terms during the reference quarter. This was – 0.40per cent points lower than recorded in the same quarter of 2018, and -0.83 per cent point lower than the first quarter of 2019.

“During the quarter, the sector was driven mainly by Information and Communication, Mining and Quarrying, Agriculture, Transportation and Storage as well as other services.

“In real terms, the non-oil sector contributed 91.18 per cent to the nation’s GDP, lower than the share recorded in the second quarter of 2018 (91.45per cent) but higher than the first quarter of 2019 (90.78per cent).”

Business Journal Lecture to highlight digital disruption in banks, others

Olamiposi Oluwaseyi
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Business Journal Lecture to highlight digital disruption in banks, others

The second edition of Business Journal Annual Lecture/Awards 2019 is set to highlight the impact of digital disruption in the banking industry and other sectors of the Nigerian economy.

The event, which is scheduled for September 20, 2019, with the theme ‘Digital Nigeria: The Path to Sustainable Economic Growth’, will focus on opportunities and challenges of digital disruption.

The Executive Vice Chairman, Nigerian Communications Commission, Prof Umar Danbatta, will present the keynote address at the event, which is expected to be chaired by Mr the Chairman, Nigerian Insurers Association and Group Managing Director, NEM Insurance Plc., Mr Tope Smart.

Speaking on the forthcoming annual lecture, the Publisher of Business Journal, Prince Cookey, said, “The Business Journal 2nd Annual Lecture 2019 is indeed a rare opportunity for stakeholders and professionals to critically evaluate the opportunities and challenges of digital disruption on the various segments of the Nigerian economy ranging from banking, aviation, insurance and on such professions as marketing, Public Relations and media. It would also offer a roadmap on how Nigeria could reap bountifully from the digital transformation era to achieve sustainable economic growth.”

He added, “The Business Journal Annual Lecture Series is a platform to examine and discuss emerging issues in the Nigerian economy and generate workable solutions going forward. It brings stakeholders across sectors together to review the state-of-affairs in the economy through robust conversation.

“This year, the focus is on digital disruption in terms of opportunities and challenges it presents to various sectors and professional groups. This is the second in the lecture series and we hope to continue to provide such a platform for annual conversation on factors changing the business dynamics in our country.”

NIMASA’s $195m security contract: Two years after, Israeli firm fails to begin operations -Amaechi

John Chukwu
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NIMASA’s $195m security contract: Two years after, Israeli firm fails to begin operations -Amaechi

About two years after the Federal Government had approved the award of a security contract valued at $195m (about N60bn) to an Israeli firm, Messrs HLSI Security Systems and Technologies, to procure security equipment and train Nigerian security personnel to tackle crimes on the nation’s waterways, has yet to begin operation in Nigerian waters, minister of Transportation, Romiti Amaechi revealed.
The $195m maritime security contract was signed off by the Federal Executive Council in December 2017 and was for the provision of three helicopters, three airplanes, three big battle-ready ships, 12 vessels and 20 amphibious cars, to aid security of Nigeria’s waterways.

In January 2018, the House of Representatives criticised the management of NIMASA for awarding the contract to HLSI, saying it was a breach of Nigeria’s internal security and defiance of the local content law.

President Muhammadu Buhari had in May 2018, cancelled the contract via a memo directing the Attorney General of the Federation, Abubakar Malami, to terminate the contract and for the National Security Adviser and the Nigerian Intelligence Agency to investigate how the contractor obtained security clearance without an end-user certificate.

Buhari also ordered HLSI to supply equipment to the tune of the $50m upfront payment it received from Nigeria. The Federal Government, however, reinstated the contract in August last year.

However, Amaechi told our correspondent in Abuja, during a shipping industry forum in Abuja, that platforms and equipment meant for use under the contract were still being manufactured, adding that it would take some time to have the platforms delivered.

He hinted that the Nigeria Navy, Air Force and other agents who would man the platforms under the contract are currently being trained.

“The infrastructure that the security firm is purchasing are not things you buy off the shelf. They have to be fabricated. They are buying two or three helicopters. You don’t just go there and say, give me this helicopter, they have to manufacture it. They are buying 20-speed boats; they can’t be got off the shelf. There is also one or two big boats that will carry the helicopters. Now, the Naval, Air Force officers and other agents that will man that equipment are in training. All those things will take time, but we have told them that they should be in the waters before December. Everybody is tired. Nigeria is becoming very notorious,” Amaechi said.

While Nigerian importers are paying billions of naira for war risk surcharges, the minister confirmed that multinational shipping lines coming into the country are paying heavily to secure their vessels while at berth.

“If there is no insecurity in the water the multinational shipping lines won’t charge you war risk surcharge. So, we have to improve on the security of the maritime domain. I don’t think the charges are deliberate. It is a risk they are bearing, with fear that something may happen, but most of the time nothing happens and they still go away with the money,” the minister noted.

Amaechi at a send forth the party that marked the end of his first tenure as minister of transport, held in his honour by maritime industry stakeholders disclosed that global shipping giant, Maersk Line, spent a humongous $18m to provide a private security onboard its ship when they approached Nigerian waters.

The minister under whose supervision the contract was awarded to Messrs HLSI Security Systems and Technologies narrated how a leading shipping line coming to Nigerian ports, Maersk Line had reported to him about the huge amount it paid to some individuals to provide private security for their vessels.

Trying to justify the $195m maritime security contract signed between the Federal Government and an Israeli firm, HSLi Global, Amaechi said that the Nigerian importers were paying war risk surcharges for vessels to berth at Port Harcourt, Calabar and Warri Ports as a result of piracy and activity of militants.

“Maersk Line told me that they were spending $18m as security on their vessels on Nigerian waters, I asked them, can I quote you on this, and they said yes.

“This is ‘free money’ going into the pockets of some powerful Nigerians at the expense of the country,” he said.

Recall that the International Maritime Bureau (IMB) Piracy Reporting Centre rated the seas around Nigeria as the world’s most dangerous for piracy.

Of the 75 seafarers taken hostage onboard or kidnapped for ransom worldwide so far this year, 62 were captured in the Gulf of Guinea, specifically off the coasts of Nigeria, Guinea, Togo, Benin and Cameroon.

According to IMB, of the nine ships fired upon worldwide this year, eight were off the coast of Nigeria.

Amaechi has said that the illegal economy on Nigerian waters has hit a $25bn yearly, adding that illegal bunkers in Nigeria are the seventh largest producers of oil in Africa.

He, however, warned that whether the Israelis deliver on the contract or not, they would get their money and Nigeria would still be on the losing end.

Equities market indices shed N130bn in one day

Olamiposi Oluwaseyi
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Equities market indices shed N130bn in one day

The equities segment of the Nigerian Stock Exchange on Wednesday shed N130bn at the close of trading activities, as the market capitalisation, which opened at N13.420tn, declined by 0.97 per cent to close at N13.290tn.

Also, the All-Share Index (ASI) dipped 267.15 points, or 0.97 per cent, to 27,319.64, compared with 27,586.79 achieved on Tuesday.

The downturn was impacted by losses recorded in medium and large capitalised stocks, among which were Nestle Nigeria, Guinness Nigeria, Dangote Cement, Forte Oil and MTN Nigeria.

Analysts at Afrinvest Limited said, “Given the weak state of the economy, our bearish outlook on the equities market remain unchanged.”

Market breadth closed negative, with 10 gainers against 18 losers.

Guinness dominated the losers’ chart with a loss of 9.90 per cent to close at N37.30 per share.

Ikeja Hotel followed with a decline of 9.79 per cent to close at N1.29, while Forte Oil declined by 9.73 to close at N14.85 per share.

UPDC Real Estate Investment Trust lost 9.26 per cent to close at N4.90, while Eterna shed 5.36 per cent to close at N2.65per share.

Conversely, UACN recorded the highest price gain of 9.89 per cent, to close at N5 per share.

UACN Property Development Company followed with a gain 9.76 per cent to close at 90k, while Africa Prudential appreciated by 8.82 per cent to close at N3.95 per share.

Linkage Assurance went up by 8.33 per cent to close at 52k, while International Breweries appreciated by 8.18 per cent to close at N11.90 per share.

The total volume traded fell by 14.93 per cent as investors bought and sold 250.45 million shares valued at N3.19bn in 3,219 deals.

This was in contrast with a turnover of 294.41 million shares worth N3.49bn traded in 3,337 deals, on Tuesday.

Transactions in the shares of Access Bank topped the activity chart with 81.85 million shares valued at N542.31m.

Lafarge Africa followed with a total of 40.65 million shares worth N587.39m, while Zenith Bank sold 27.50 million shares valued at N481.48m.

FBN Holdings accounted for 19.28 million shares worth N89.54m, while Transcorp transacted 13.71 million shares valued at N14.07m.

H1 2019: UBA, GTBank, Zenith generate N77.57bn from ATM, other charges

Olamiposi Oluwaseyi
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H1 2019: UBA, GTBank, Zenith generate N77.57bn from ATM, other charges

United Bank for Africa, Guaranty Trust Bank and Zenith Bank Plc in the half-year of 2019 generated the total sum of N77.57bn via Automated Teller Machines’ N65 charges on remote-on-us transactions, online transfer, Unstructured Supplementary Service Data, and Points of Sales Terminal transactions.

The electronic-banking products charges raked by the three lenders were, however, higher than the N26.49bn realised in the corresponding period of 2018.

The breakdown of the lenders H1 report showed that Zenith bank and its subsidiaries reported N27.08bn E-banking income in H1 2019 as against N10.08bn generated in H1 2018, an increase of 168.69 per cent.

The bank in the period under review recorded a growth in both value and volume of electronic product transactions.

Further breakdown indicated that Zenith Bank recorded N300bn transactions on its USSD transactions in H1 2019 as against N201bn generated in H1 2018. The lender also reported N4.79tn value of transactions on its Internet bank in H1 2019 as against N2.9tn in H1 2018.

In addition, Zenith Bank reported N3.67tn on its “Zenith Mobile” in H1 2019 compared with N2tn in H1 2018.

UBA reported N16.86bn generated on e-banking in H1 2019 from N12 – N15bn reported in H1 2018, an increase of 38.8 per cent, while GTBank reported an increase of 67.1 per cent to N7.13bn generated on its e-banking platform in H1 2019 from N4.27bn reported in H1 2018.

GTBank reported a total value of N1.74tn transactions on its USSD, an increase of 41 per cent from N1.23tn reported in prior H1 2018.

The H1 2019 revealed that a N235.59bn USSD transactions were recorded in January; N245.95 bn in February; N306.83bn in March; N323.95bn in April; N327.09bn in May and N297.95bn in June.

According to the GTBank report, the bank recorded a total volume of 265.1 million USSD transactions in H1 2019, an increase of 35.5 per cent from 195.9 million reported in H1 2018.

The bank in its “digital banking and USSD performance” report stated that the total number of USSD unique users grew by 20 per cent to 5.5 million in June 2019 from 4.6 million in December 2018.

The bank further stated that the total number of active users on the USSD platform also increased by one million users from 3.7 million in December 2018 to 4.7 million in Jun. 2019.

Mobile banking showed N3.95tn total value of transactions in H1, an increase of 55 per cent from N2.57tn in H1 2018, while its volume grew by 62 per cent to 61.7 million in H1 2019 from 38.2 million reported in H1 2018.

Meanwhile, finance experts have said that the increasing number of bank customers and Information Technology innovation in the banking sector played a critical role in e-banking income generated by commercial banks operating in the country.

Manufacturers call for industrial value chain improvement to boost economy

Olamiposi Oluwaseyi
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Manufacturers call for industrial value chain improvement to boost economy

Manufacturers Association of Nigeria has called for improvement in the industry’s value chain for competitiveness and boosting its contribution to the country’s Gross Domestic Product.

The president, Mansur Ahmed, made this call at a press briefing in Lagos for the 47th annual general meeting of the association from September 2 to 4, 2019, in Lagos with the theme ‘Improving Value Chain in the Manufacturing Sector for Competitiveness and Job Creation’.

He said it was borne out of the need to highlight the significance of improved manufacturing value chain linkages in the efforts to make the sector competitive, contribute more to the GDP and create the much-needed jobs in Nigeria.

Ahmed stated that President Muhammadu Buhari, along with the president and chairman, Board of Directors of African Export-Import Bank, Professor Benedict Oramah, would grace the three-day event.

The event would host 100 Made in Nigeria exhibitors who cut across the 10 sectors of MAN, he added.

At the event, Afreximbank president will showcase the demo of the Pan-African Payment System endorsed by the African Union as well as the African Customer Due Diligence Depository Platform (MANSA).

He stated further that there would be an interactive session with the Comptroller- General of Nigeria Customs Service, Col. Hameed Ali, while members would be afforded the opportunity to interface with the service and address the challenges they face in their normal course of doing business.

He commended the media for being supportive and collaborative since he became MAN president last year, calling for continuous commitment to remain unwavering in advocating a friendlier operating environment for the manufacturing sector and the economy in general.

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