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Improved Infrastructure Panacea for Development – Boedinger
Thomas Boedinger , managing director of Unilever Plc has harped on the need for improved infrastructure in the country to foster an environment healthy for industrial growth and global competitiveness.
Boedinger said recently in Lagos that Nigeria’s growth prospect will be greatly enhanced if basic infrastructure is improved to position the nation better to effectively compete among the most industrialized nations of the world.
“I am very much encouraged by what the Lagos State government has been doing despite its limited resources. I am also pleased by some of the steps taken by government to develop infrastructure like the concession of the Lagos-Ibadan Expressway to a private company to manage. I’m very confident that policies such as these will greatly strengthen the Nigerian economy,” Boedinger said.
Boedinger, who has remarkably improved the fortunes of Unilever Nigeria after two-and-half years of being in charge, said that in a bid to keep the business running, manufacturers have invested huge funds into the provision of basic infrastructure and that this is often passed down to the consumers who have to pay more for commodities than the usual prices.
He also maintained that while big multinationals like Unilever can afford to secure some of these costly infrastructural facilities, smaller companies in Nigeria cannot. “Most of us up there are actually running our factories on generators. We are in a good position to get gas pipeline which will reduce our energy cost already. For us, this was feasible because we have a big size of business. Many small manufacturers, like our suppliers, don’t have this luxury. They have to run their operations on diesel, which of course is reflected on the cost of goods supplied to us, and which ultimately reflects in the price that the Nigerian consumer has to pay,” he said.
Boedinger added that while government strives to provide infrastructure on one hand, it should ensure there is a level playing field by taking another look at its liberalisation policies. He warned that though it is a good idea to try to protect the local industry, using the liberalization plan, there is a need to apply some caution so that the local industry don’t become complacent and lose its sense of competition.
“We look at the import tariffs, which I fully understand is to protect the local industry. But they all will have to be competitive. As a manufacturer of leading brands in the market place, we would like to drive down the cost to make our products more accessible to the Nigerian consumer,” he said.
Boedinger, who disclosed that Nigeria is Africa’s second biggest Unilever market after South Africa, also denied insinuations that the company was planning to move its operations to Ghana, adding that 86 years ago, when it commenced operation in Nigeria Unilever made a deliberate decision to manufacture its products locally. This is in line with its belief that companies should operate in the market where they will like to be found, and where they do business.
Highlighting some of the drawbacks of poor infrastructure, Boedinger said that Nigeria has huge unemployment problem because the manufacturing sector, which is one of the biggest employers, currently operates below capacity. He maintained that with good infrastructure, foreign investors would show more interest in Nigeria, and this will provide avenue for job creation.
“Unfortunately at the moment, only 46 per cent of GDP is coming from the manufacturing sector. This is the opportunity we all have, as a society, to address and create jobs for Nigerians,” he said.
While commending the Lagos State Governor, Raji Fashola on his palpable achievement in the area of infrastructure, he charged the Federal Government to be more consistent in the application of policies. “I think the regulatory framework is fine, but it is more of a problem of application and implementation of these policies,” he said.
He applauded government’s decision to concession the Lagos-Ibadan Expressway to a private company to manage, adding that the way to achieve sustainable development in the provision of infrastructure is to hold people accountable, provide good governance and let people believe in the government and its workings.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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