BY SAM OTUONYE
The Manufacturers Association of Nigeria (MAN) has advocated for Nigeria to focus on non-oil exports to drive economic growth, insisting that oil-based economy would not take the country out of the current economic quagmire.
The call was made at the ongoing 36th Annual General Meeting of the MAN Anambra/Ebonyi/Enugu chapter, held in Enugu on Thursday.
The chairman of the association, Ada Chukwudozie, stated that investing in the non-oil sector can significantly improve Nigeria’s foreign exchange earnings and rescue the economy.
Chukwudozie, who stated this in her address, noted that the global landscape is rapidly changing, with factors such as the COVID-19 pandemic, geopolitical tensions, climate change, and technological advancements impacting the economy.
According to her, Nigeria needs to adapt to these changes and prioritise non-oil exports to stimulate economic growth and improve the country’s GDP trend.
By diversifying the economy and reducing dependence on oil, she said Nigeria can achieve increased economic stability and growth.
She said, “The business environment is increasingly volatile, uncertain, complex, and ambiguous (VUCA), driven by geopolitical tensions, technological disruptions, and evolving customer demands.
“Here in Nigeria, our economy has depended heavily on crude oil export for its foreign exchange earnings. With dwindling production of crude oil largely due to insecurity and other factors, the foreign reserve has not been able to sustain the pressure on the dollar due to trade deficits and the minting of more money through ways and means, which has impacted the inflation rate.
“However, the recent deregulation of the energy sector has hit an all-time high, with high interest rates in response to the high MPR rates, as the government keeps trying to adjust the monetary policies to control inflation. This has resulted in the currency being devalued. These challenges fully justify divestments into manufacturing-driven non-oil export initiatives, especially for businesses in the manufacturing sector.”
She called on manufacturers and organisations to be agile, resilient, and forward-thinking, adapt, and innovate to stay ahead, adding that they must be willing to challenge assumptions, experiment with new ideas, and invest in emerging technologies.
The managing director of Keystone Bank, Hassan Imam, in his remarks, called for collaboration between the government, manufacturers, and financial institutions to improve the situation.
“Through initiatives such as targeted government policies, better access to finance, and infrastructure improvements, we can create an environment conducive to growth in manufacturing,” he said.
The chairman on the occasion and Lagos-based businessman, Chief Martin Agbaso, advised manufacturers to add more value by exporting finished products instead of rushing to export only raw materials.
Access Bank completes acquisition of new offshore banks
BY SAM OTUONYE
Access Bank Plc has announced the completion of the acquisition of Standard Chartered Bank Angola S.A. and Standard Chartered Bank (Sierra Leone) Limited.
A statement signed by the Company Secretary, Sunday Ekwochi, said the acquisitions would enable the bank grow it’s corporate and SME share of the market significantly.
The statement read: “Further to our July 14, 2023 announcement regarding the above subject, Access Holdings PLC (‘Access Holdings’ or ‘the Company’) is pleased to announce that its flagship subsidiary, Access Bank PLC (‘Access Bank’ or ‘the Bank’) has completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone] Limited (‘the Acquisitions’).
“Commenting on the completion milestone, Roosevelt Ogbonna, the MD/CEO of Access Bank PLC and CEO of the Banking Group said:
‘We are pleased to have successfully concluded 2 important acquisitions in Angola and Sierra Leone, affording us synergies to strengthen the quality of our earnings from both countries by significantly growing our share of the Corporate and SME banking in the two markets. The combinations represent another significant step towards our broader vision of becoming the Worlds Most Respected African Bank.’
“The parties are working on the completion of transactions that would see Access Bank acquire Standard Chartered Bank’s subsidiaries in Cameroon, the Gambia and its Consumer, Private and Business Banking business in Tanzania.
“Access Holdings shall continue to make disclosures as and when required.”