Business Briefs
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| By Vincent Nzemeke |
IN a bid to revive the leather and allied products industry in Nigeria, the Leather and Allied Products Manufacturers Association of Nigeria, LAPAN, has concluded plans to hold the inaugural edition of the Leather Industry Revival Summit, LIRIS. The theme of the summit is ‘Supporting the Transformation of the Nigeria Leather Industry.’ It is scheduled to take place at the Transcorp Hilton Hotel in Abuja, from September 16 to 17.
The two-day programme will highlight the industry’s challenges within the context of the Leather Transformation Plan which was developed by the federal ministry of agriculture and signed by President Goodluck Jonathan. Guests expected at the event include Sanusi Lamido Sanusi, governor, Central Bank of Nigeria, CBN, who is expected to deliver the keynote address. Also expected as special guests of honour are: Olusegun Aganga, minister for trade and investment, Emmanuel Bwacha, chairman, Senate Committee on Agriculture, Tahir Monguno, Chairman, House Committee on Agriculture and Akinwumi Adesina, minister of agriculture and rural development who will formally declare the summit open.
Issues to be deliberated at the summit include the evolution of the Nigerian leather industry, the regulatory environment, laws and policies, human resources capacity in the leather industry, market for leather, the leather transformation plan among others.
Expected discussants on the various topics include Mustafa Bello, Patrick Kormawa, Paul Lubeck, from John Hopkins University, Washington, United States, Peter Onwuola, Ousmane Dore, Resident Representative of African Development Bank, AfDB and Robert Orya, managing director, Nigerian Export-import bank.
This summit is supported by the Enhancing Nigerian Advocacy for a Better Business Environment, ENABLE.
Boost for African Businesses
THE board of directors of the African Development Bank AfDB, has approved a financing package consisting of $120 million multi-sector line of credit, LOC, and $30 million subordinated debt to the Mauritius Commercial Bank, MCB. This is part of the bank’s efforts to boost small and medium scale businesses in Africa.
The approval which was signed on Wednesday September 11, provides an opportunity for MCB to increase its foreign currency lending to medium-and large-scale businesses operating in Mauritius and other African countries, thereby enhancing sustainable and inclusive growth through private sector development in the region.
Over the years, MCB has maintained its reputation as the largest financial institution in Mauritius with more than $7 billion in total assets and around $940 million in shareholders’ funds. The 175-year-old bank is also a respected regional financial institution, with subsidiaries in Madagascar, Mozambique, Seychelles and Maldives as well as having representative offices in Paris and Johannesburg.
The proposed financial package will help MCB to meet its foreign currency funding requirements and strengthen MCB’s capital base as it implements its plan for continued continental business growth. It will also enable MCB to channel long-term project finance to AfDB regional member countries where it is involved or through participation in syndicated deals with a focus on projects that meet green growth and inclusive growth criteria in key sectors.
The proposed facility is aligned with Mauritius’ 2012-2015 government strategy which aims to increase and diversify private sector and financial sector development. Ultimately, this package is expected to have positive impact on private sector development and job creation alongside increasing taxes and government revenues across the continent, particularly in Eastern and Southern Africa. Additionally, proceeds of the financial package will benefit projects that have high development outcomes and promote regional integration.
— Sep. 23, 2013 @ 01:00 GMT
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