The Central Bank of Nigeria set-up the Textile Revival and Implementation Committee

 

The Central Bank of Nigeria (CBN) has set up the Textile Revival and Implementation Committee (TRIC) to revive at least 50 textile companies across the country by 2023, the committee would have the responsibility of resuscitating the country’s cotton belt, identify textile clusters, improve cotton production nationwide and boost power supply to textile firms across the clusters as Nigeria loses over $2bn annually to textile smuggling.

The CBN would partner with the Nigerian Customs Service to curb smuggling of textile goods; ensure general reduction of cost of doing business by eliminating multiple taxation; as well as ensure zero per cent duty for machineries needed by the textile industry and CBN has engaged 100,000 cotton farmers to cultivate 100,000 hectares of cotton for the 2019 season.

To revive the country’s cotton, textile and garment industry that would boost the local economy and create millions of jobs. Nigeria remains a big market for the textile industry but currently, the Nigeria cotton/textile industry is the third largest in Africa, next only to Egypt and South Africa, to reclaim this industry from smugglers the government should be ready to fight economic saboteurs because the Nigerian market has been flooded with imported textiles for many years.

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Nigeria installed 10 Megawatts (MW) Independent Power Plant for the Nnamdi Azikiwe International Airport, Abuja

 

The federal government has installed a 10 Megawatts (MW) Independent Power Plant for the Nnamdi Azikiwe International Airport, Abuja to complement the power needs of the airport, the power plant was a response to the deficiency identified with the new international terminal of the airport, in which the government engaged the independent power provider to address the challenge.

The plant consisted of eight generators, generating one megawatt of electricity each and the plant is powered by MTM Engine which is one of the most efficient engines in the world and will ensure 100% power supply to the airport, the plant would meet the power need of the new terminal to make it run efficiently and independent of Abuja Electricity Distribution Company (AEDC).

As the government is upgrading the airports across the country, then we should look forward to having a national carrier, I totally disagree with those who argued that Nigeria doesn’t need a national carrier or until Nigeria have facilities before thinking of a national carrier. The newly built terminal 3 at the Kotoka International Airport in Ghana was flooded with rainwater on Monday, despite that Ghana wants to acquire aircraft from either Airbus Company or Boeing and then followed by the registration processes.

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Emirates plans to grow operations in Africa as growth outperform other markets

Emirates Airline has said it sees potential for growth in Africa, with plans to increase its frequencies to some destinations including Morocco, Ghana, Senegal, Egypt, and South Africa.

Orhan Abbas, senior vice-president of commercial operations in Africa for Emirates, said Africa has been one of the strong performing markets for the carrier over the past two years, even amid challenges.

In the year ending March 31, 2019, Emirates saw a 9 per cent rise year-on-year in revenues from its operations to and from Africa, with the region registering the strongest growth compared to other markets.

The second largest growing markets in terms of revenues were the Americas, at 8 per cent, followed by Europe at 6 per cent.

Abbas said the growth in travel into and out of Africa stems from various sectors including leisure, business travel, trade, and religious travel especially for Hajj and Umrah from West Africa.

Read more …https://lnkd.in/dbZfHUa

Mark-Anthony Johnson, CEO at JIC Holdings.

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Nigerian government generated N1.5 trillion revenue in Q1 of 2019

There is no doubt that the FIRS boss, Babatunde Fowler and the minister of finance, Zainab Ahmed are striving hard to make sure that VAT benefits both the federal and subnational budgets, though they have not reached that level, but with the Strategic Revenue Growth Plan that was launched in January and other initiatives introduced by  FIRS and other revenue generating agencies would take Nigeria to the promised land soon, if all hands were on deck to actualise those plans.

According to the chairman of the Federal Inland Revenue Service, FIRS, Babatunde Fowler, FIRS generated N1.5 trillion revenue in the first quarter (Q1) of 2019, the amount included revenue from non-oil taxes that were 11% higher than what the agency realised from that sector in Q1 of 2018.

The Q1 figure represents 18.7% of the agency’s total revenue target of N8 trillion for 2019 and the agency has already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns., also, the agency is getting more people into the tax net and deploy more technology by using what its call “Auto VAT Collect”, which basically assists taxpayers at the point of transaction, and the VAT portion is sent straight into the federation account. Buhari should not allow anyone to sabotage his efforts.

 

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Nigeria is lagging behind in the agricultural sector

I do agree with Senator Shehu Sani, that the Governor of Ondo, Rotimi Akeredolu, should shift attention to partnering with other states in the production of ginger, beans, yam and other agricultural products rather than asking the federal government to encourage the cultivation of medicinal cannabis.

Last year, Omoyele Sowore also advocates for the production of marijuana, he even said Nigeria will export marijuana if he gets elected as president of Nigeria. Governor Rotimi Akeredolu and Omoyele Sowore believed that some countries are generating billions from the plant while Nigeria is lagging behind, but they failed to realize that Nigeria is lagging behind generally in the agriculture industry, not just on cannabis.

In the 1950s and 1960s and in 1970 Ondo was among the major states that produce cocoa and then cocoa production was a major foreign exchange earner for Nigeria but not anymore. Côte D’Ivoire supplies 30% of the world’s total cocoa. Nestle and Cadbury receive much of their cocoa from the Ivory Coast while Nigeria is lagging behind.

Indonesia and Malaysia are making billions from Palm Oil while Nigeria is lagging behind even the CBN Governor asking the Federal Government to attach premiums to palm oil production because its price is higher than crude oil’s. Ondo State government can invest massively in palm oil production, being that Oil Palm is one of the state’s agro raw materials rather than the production of marijuana.

 

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50% discount window for MSMEs name registration still open in Nigeria

 

In October 2018, the Federal Government through the Corporate Affairs Commission opens a 50% discount window for Micro, Small and Medium Enterprises to register their company names, which involved reducing the fee for the registration of a business name from N10,000 to N5,000 to help MSMEs formalise their operations.

The 50% discount window is still open, the Federal Government has extended the programme by three months and this would be the second time the government extended the programme by three months. If you operate a small-scale business and you haven’t registered a business name, you have the opportunity to do that with N5,000 in the next three months.

Micro, small and medium-sized enterprises (MSMEs) play a central role in any economy. They are a major source of entrepreneurial skills, innovation and employment. In Indonesia, the informal sector remained an important part of the workforce, accounting for 57.27%, 74.08 million people, of nationwide employment, though the informal sector has declined by 0.95%.

However, the CBN in collaboration with the Bankers’ Committee has developed a Creative Industry Financing Initiative (CIFI) to boost job creation for Nigerian youths, particularly in Fashion, Information Technology, Movie and Music.

Please visit: www.cbn.gov.ng.

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Grab’s electric scooter is now available in Indonesia

 

 

On Thursday, a two-wheel vehicle service, in the modern residential areas of BSD City in South Tangerang, Banten, Indonesia. App users can rent the electric scooters by scanning the barcode on the vehicles’ parking spots with their smartphones and currently, there are five GrabWheels parking spots in the office park compound in the BSD City.

Even though GrabTaxi Holdings Pte. Ltd. is a Singapore-based technology company, Indonesia is Grab’s largest market and its target to double the number of micro-entrepreneurs in its system this year in Indonesia, in which Grab has secured US$1.46 billion from Japanese venture capital firm SoftBank in March even Anthony Tan (CEO Grab) has recently been spending more than 70% of his time in Indonesia. Indonesia accounts for 40% of Southeast Asia’s GDP; it’s a marketplace for investors, not for expats.

Grab aims to expand its Indonesian network of merchants, agents and drivers of at least 4.5 million individuals to 9 million by the end of the year and its contributed US$3.3 billion to Indonesia’s informal economy last year in the form of additional income for drivers and food merchants. The contribution comes from the company’s three business units: GrabBike, GrabCar, and GrabFood.

 

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The Direct Sale of Crude Oil and Direct Purchase of Petroleum product (DSDP) in Nigeria

 

 

In 2016, the Nigerian National Petroleum Corporation (NNPC) eliminated the Offshore Processing Agreement (OPA) through the introduction of the Direct Sales and Direct Purchase (DSDP) scheme and the DSDP scheme was to enable sustained petroleum products supply in the country, in which petroleum products to be delivered shall be equivalent in value to the Crude Oil received from NNPC subject to the general terms and conditions.

According to the NNPC, since the inception of the DSDP scheme in 2016 until March 2019, about 29.5 million metric tons (39.6 billion litres) of petroleum products have been supplied under the scheme representing over 90 per cent of the national requirement, that through a transparent competitive bidding and evaluation process, the scheme has enlisted a robust supplier mix comprising of the big international players and strong Nigerian downstream companies for supply flexibility and local capacity development, likewise, the scheme has over the years ensured a significant reduction in product demurrage cost in the range of 84% and cost savings of about 2.2 billion dollars. As for the 2019 – 2020, Direct Sale of Crude Oil and Direct Purchase of Petroleum product (DSDP) 132 companies have indicated interest to bid for about 14 billion litres of products under the scheme.

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Massive discounts offer for Indonesians during Ramadan season

In Nigeria Ramadan season often spiked the price of products, especially, the prices of fruit and vegetables and other perishable food items, according to the News Agency of Nigeria (NAN), prices of tomato and pepper have soared by 60% in some markets in Lagos as the fasting of Ramadan by Muslims commenced while the reverse is the case in predominantly Muslim countries, like, Malaysia, Indonesia, Brunei etc.

 

During Ramadan in Indonesia, regardless of online or offline shopping preference, the majority of Indonesians will buy and Indonesians are price conscious, during this period, retailers, brands, companies, social merchants are all vying for the same consumers making competition fierce, even banks can offer a 50% discount for the owners of its credit and debit card during Ramadan, likewise, hotels and restaurants will offer extra discounts.

 

The more income made by Indonesians, the more they will spend during Ramadan and the more companies offer discounts and promotions on products and services during Ramadan, the more they will make sales. The middle-class household in Indonesia is expected to rise to 23.9m in the next 12 years from 19.6m in 2016, this is why companies are spending to build credibility as reliable brands and influence the behaviour of future generations.

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Artificial Intelligence for Business

 

There are tremendous applications of AI for business growth, ranging from chatbots for customer services to data analytics for making a predictive recommendation such as Amazon recommendation systems on amazon e-commerce, google email auto-completion, facebook user suggestions etc.

Many businesses are having a hard time to Integrate Recommendation systems and it’s associate into their existing services as a result of low or no data.

Leveraging on Transfer-Learning, many businesses can have a good model  Integrated into their services with a little amount of data, high model accuracy, reduce cost, and less model training time.

Internet of things devices has enormous potential for generating real-time data, clean and accurate data for model training which will in effect increase model score or accuracy, despite these advantages data generated by IoT devices are usually small as a result of latency and other factors. Leveraging on Transfer Learning business make effective use of data generated by IoT devices for Business Intelligence.

 

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