84% manufacturing firms now ICT compliant –Report

With the device manufacturing industry embracing software over hardware as its primary business model, a new report has revealed that 84 per cent of organisations globally have already put software at its core in delivering services and generating revenue. According to a report by global IT security firm, Gemalto, nearly all (94 per cent) device makers have invested in software development in the past five years and 88 per cent of the enterprises believe the Internet of Things (IoT) is driving growth within the manufacturing industry. “Companies who adopt software-based…

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Nigeria’s unending quest for sugar self-sufficiency

The National Sugar Development Council (NSDC) has announced that the country’s quest to attain sugar self-sufficiency of 1.6m metric tons by 2018 have been dashed. TAIWO HASSAN reports Potential As Nigeria faces rising unemployment rate, it has been said that the country’s sugar industry presents a golden opportunity to create over 114,000 jobs. The Federal Government has prioritised the country’s sugar sector as one of the key areas in its bid to achieve backward integration programme in the sugar industry. Indeed, this can be seen from the recent call by…

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Forex restrictions: The pains, the gains

Last week’s pronouncement by the Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele that the implementation of the policy to restrict importers of certain items access to foreign exchange has boosted domestic production and reduced import bill was cheering news for the manufacturing industry. TAIWO HASSAN reports. In 2015, when the Central Bank of Nigeria (CBN) announced that it would ban 41 goods from accessing foreign exchiange, almost all the manufacturing industries were severely affected. As expected, the directive was followed with huge criticism by the Organised Private Sector…

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Youth entrepreneurs: Expert decries lack of business plan

Chief Executive Officer, Vantage Global Consult, Mrs. Olanrewaju Oluyide, has decried the lack of ideal business plan among aspiring youths targeting start up business in the country. She made this remark while speaking at a 3-day SMEs business clinic in Lagos. He stated that there was need to empower and equip young Nigerians with basic entrepreneurial skills, legal requirements and financial support before going into start up business in order to avoid failure.   Mrs Oluyide said that the programme was organised to teach young Nigerians who are interested in…

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Ease of Doing Business: Sustaining the momentum

Last week, Nigeria moved up 24 places in World Bank’s ‘Doing Business’ report, which named the country as one of the top 10 most improved economies in the world. TAIWO HASSAN reports that this feat must be sustained. internationNo doubt, in the past, it had been very challenging for manufacturing firms, including the small and medium scale enterprises (SMEs) to operate smoothly in the country amid a tough operating environment characterised by failed infrastructure and regulatory frameworks. Indeed, the lacuna in the country’s operating environment have had adverse effects on…

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DBN advocates sustained support to MSMEs

The Development Bank of Nigeria (DBN) has called for a sustained support and improved access to finance for Micro, Small and Medium Enterprises as a means of managing the growing employment need in the country and to address the global domestic population explosion. Chairman of DBN, Dr ShehuYahaya made this call when Queen Maxima of Netherlands and the United Nations Secretary-General’s Special Advocate for inclusive finance for Development visited the bank in Abuja. Yahaya implored the Queen to use her office to push urgently for increased access to finance for…

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OPS: Battling multiple levies

Several surveys on entrepreneurial activities in Nigeria indicate that most micro, small and medium enterprises struggle to survive and compete with their counterparts in other countries due to high cost of doing business. TAIWO HASSAN reports. Still basking in the euphoria of slightly exiting recession, the Nigerian manufacturing index of the National Bureau of Statistics (NBS) shows that the industry is yet to overcome its numerous challenges, especially as regards the operating environment. No doubt, it has been disclosed in many fora that one of the biggest problems facing the…

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