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LCCI Decries Overregulation, High Production Costs as Killing Manufacturing Firms
The Lagos Chamber of Commerce and Industry has said demands by multiple regulatory agencies and high production costs are kicking manufacturers out of business.
In a statement signed by its Dr Chinyere Almona, Director-General, the chamber noted that over the last few decades, the challenges of production in the economy had grown progressively, largely because of the quality of infrastructure, which is why the risk of industrial investment is high and continues to increase.
The statement said poor power supply remained a major burden on businesses and had been one area in which the trend since independence had suffered decline.
It added that the security situation in the country deteriorated in 2021, reaching very worrisome and frightening dimensions.
The statement said, “Over the last few decades, the challenges of production in the economy have grown progressively, largely because of the quality of infrastructure, which is why the risk of industrial investment is high and continues to increase.
“The various policy interventions have not had the desired impact on the sector. Unless there is effective and sustained protection and support for the sector, and a dramatic improvement in infrastructure, the outlook for the sector will remain gloomy, particularly for the small-scale industries. Most SMEs are constrained due to the rising cost of production.”
According to the statement, the Federal Government needs to sustain its targeted interventions in selected critical sectors like agriculture, manufacturing, export infrastructure, tackling insecurity, and free up more money from subsidy payments.
The LCCI also urged the Federal Government to tackle oil theft to earn more foreign exchange, borrow from cheaper sources to reduce the burden of debt servicing, and take a decisive step towards removing fuel subsidies.
It said unless there is effective and sustained protection and support for the sector, and a dramatic improvement in infrastructure, the outlook for the sector will remain gloomy, particularly for the small-scale industries.
The statement said, “It is impossible to have a vibrant manufacturing sector in the face of cheap imports into the country and high production and operating cost in the domestic economy. Some of these imports are landing at 50 per cent of the cost of products produced locally.
“Besides, manufacturers have to worry about high energy costs; they have to worry about high-interest rates – 25 per cent and above; they have to worry about a multitude of regulatory agencies making different demands on them; they have to worry about massive smuggling and under-invoicing of imports, they worry about trade facilitation issues at the seaports and many more. For most manufacturing SMEs, it is a nightmare. Yet production is critical to enduring economic and social stability.”
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iPower Revolutionizes Home Power Solutions with All-In-One Inverter
iPower, a leader in alternative energy innovation, has unveiled its latest product—the iPower All-In-One (AIO) Inverter.
This cutting-edge inverter is set to transform energy management and accessibility with a complete, easy-to-install solution designed to meet modern power needs.
Now available on Konga at an unbeatable price, the iPower All-In-One Inverter combines convenience, efficiency, and flexibility, making it the ideal choice for homes, offices, and small businesses across Nigeria.
The iPower AIO inverter is designed as a plug-and-play energy solution, removing the need for complex wiring. Simply plug in your devices, and it’s ready for immediate use.
Its key feature—a robust, built-in lithium-ion battery—ensures reliable, long-lasting power storage. With its dual charging capability, the inverter supports both solar and electricity inputs, giving users the flexibility to stay powered in all conditions.
The product uses a powerful 2.5KW off-grid inverter paired with a 1.536KWh lithium-ion battery module. This plug-and-play design not only simplifies installation but also allows users to increase energy storage capacity as needed.
The compact design of the iPower All-In-One Inverter maximizes space savings, while its Smart Battery Management System (BMS) ensures safe and efficient battery performance.
Additionally, a built-in Wi-Fi module allows users to monitor system performance remotely, providing real-time updates on energy usage and battery status.
iPower AIO is built for optimal performance, featuring a Pure Sine Wave Output that provides smooth, reliable power, ideal for sensitive electronics. This design ensures stable electricity flow, protecting devices from sudden power fluctuations.
Additionally, the inverter includes a USB On-the-Go Function that enables direct device connectivity, adding convenience for users needing quick and reliable power access.
Offering flexibility in charging options, the inverter is compatible with both utility mains and generator inputs. It is also equipped with an anti-dust kit that shields internal components, enhancing durability and reliability over time. With advanced configuration settings, users can prioritize power sources and set AC/PV output usage timers.
The iPower All-In-One Inverter stands out with its user-centric design, built for durability, flexibility, and convenience. With safety and reliability at its core, the inverter ensures a continuous energy supply for diverse applications.
As with all iPower products, the All-In-One Inverter is designed to deliver maximally. For instance, the iPower Power 5kVA Inverter is a trusted choice for larger power needs, delivering consistent energy for high-consumption applications.
Additionally, the iPower 200Ah Inverter Battery provides extended backup power that complements iPower’s inverters, ensuring long-lasting performance during prolonged outages.
The iPower All-In-One Inverter is now available on Konga at the best price, offering exceptional value for a complete, ready-to-use energy storage solution. Embrace the future of energy with iPower and enjoy seamless power at your fingertips.
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FG Offers Nine-month Amnesty for Illegal Dollar Holdings
Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.
Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.
“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.
Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.
Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.
He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.
“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.
“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.
Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.
According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.
“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.
Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
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Wema Bank Launches Export Trade Academy to Empower Nigerian SMEs
Wema Bank has announced the launch of the Wema Export Trade Academy, a comprehensive training programme designed to equip Nigerian Small and Medium Enterprises (SMEs) with the essential skills and tools needed to succeed in the competitive landscape of global trade.
Moruf Oseni, the Managing Director and Chief Executive Officer of the bank, this initiative represents Wema Bank’s commitment to enhancing the capacity of Nigerian businesses, supporting their ambitions to thrive on an international scale.
Oseni said the Wema Export Trade Academy is designed as a solution to these challenges faced by Nigerian SMEs when entering international markets.
The Academy is specifically structured to address each critical aspect of global trade, providing SMEs with targeted guidance on compliance, documentation, financial planning, and risk management.
Through the Wema Export Trade Academy, SMEs will benefit from expert-led sessions, mentorship from industry professionals, and practical insights into international business practices, positioning them to make significant contributions within global markets.
The programme also places emphasis on building a network of Nigerian exporters, encouraging peer support and collaboration, while fostering connections between businesses and international trade facilitators.
Oseni said: “This holistic approach to export training will enhance efficiency and productivity, empowering Nigerian businesses to become competitive players in the global economy.
“The Wema Export Trade Academy reinforces Wema Bank’s dedication to building the capacity of Nigerian businesses and supporting their evolution into formidable global competitors.
“By addressing the barriers in export trade, we are enabling Nigerian SMEs to seize new opportunities in international markets, which aligns with our vision to empower lives and support sustainable business growth.
“The Wema Export Trade Academy embodies Wema Bank’s pioneering spirit and commitment to providing SMEs with practical, impactful solutions.
“With comprehensive training on export processes and access to strategic financial products, the program stands as a testament to Wema Bank’s role as an enabler of growth for Nigerian enterprises.
“Wema Bank continues to set the standard for innovation within Nigeria’s financial services industry, supporting individuals and businesses across various sectors to achieve sustainable growth.
“The Wema Export Trade Academy represents the latest stride in Wema Bank’s mission to empower Nigerian SMEs, further strengthening its reputation.”
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