• About
  • Advertise
  • Contact
Sunday, August 24, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Business

Abiodun Assures Of Stable Power Supply To Boost Manufacturing

Vital News by Vital News
September 28, 2023
in Business, Power
0
As Ogun Moves To Preserve Abeokuta-Sagamu Road  by Funmi Branco
Share on FacebookShare on Twitter

Better days are ahead for Small and Medium Scale Enterprises ( MSMEs) and other manufacturing companies as Ogun State government said it is committed to building power infrastructure that will guarantee stable electricity supply across the State.

Governor Dapo Abiodun stated this while speaking as the special guest of honour at the 38th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), Ogun State chapter held at the Conference Hotel, Abeokuta.

Abiodun, represented by the Secretary to Ogun State Government, Mr Tokunbo Talabi, said the government is taking full advantage of its opportunity as the state with the widest gas reticulation in Nigeria to address the menace of irregular power supply.

He further said that when the issues of high cost of petroleum and irregular power supply is adequately tackled, it will forestall the high rate of unemployment and insecurity.

The governor said : “We cannot pretend not to be aware that many manufacturing firms hitherto operating in Nigeria have folded up due to irregular power supply and the high cost of petroleum products, a situation that has resulted in high unemployment and insecurity.

RelatedStories

Abia Secures $750mln World Bank Support For Renewable Energy

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

Nigeria Records $3.23 billion From Non-Oil Exports

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

“It was with that determination to change the narrative and redirect the economy for greater performance in the real sector that the President Bola Ahmed Tinubu-led Federal Government summoned the courage to address the age-long conundrum in the upstream sector of our oil industry through the deregulation policy that led to the removal of subsidies.”

Abiodun enjoined MAN not to hesitate to interface with the federal government on initiatives they know will impact the sector positively while appealing to members of the association all over the country to support the present administration at the federal level.

Speaking as the guest lecturer at the event, a foremost Economist and Managing Director/CEO, Financial Derivatives Co. Ltd, Mr. Bismarck Jemide Rewane said the manufacturing sector has mostly underperformed in the last five years, highlighting some of the reasons to include the Covid-19 pandemic, Russia-Ukraine war as well as forex scarcity.

Rewane said the nation is at a cross-road as the naira is undervalued at 32 per cent but acknowledged that the new administration at the federal level has taken a bold step in implementing some key market reforms, reducing the level of market distortion in the economy among others.

The renowned economist advised the federal government to continue on reforms, including rescheduling its debts, institutional reforms, increase private investment in power sector, enumerating the catalyst for growth, road concessioning, implementing the 2023 Electricity Act, digital innovation, boost investment flows, pay at least N75,000 as minimum wage and block revenue leakages among others.

The Chairman, MAN, Ogun State chapter, Mr George Onafowokan in his address, noted that the immediate implementation of the dual policies of Naira devaluation and subsidy removal without putting in place appropriate buffers for all sectors of the economy has caused inflation levels to sky rocket and has put immense strain on the manufacturing sector.

Onafowokan further commented on the high power costs, high interest on loans, post and custom related issues as well as multiple taxes as banes to necessary growth in the sector.

Thr Chairman urged government at all levels to be committed to engendering policies that promote local survival of companies and facilitate export, simplify the prices for qualifying for loans from government financial institutions coupled with other real sector friendly fiscal and monetary policies to revive and strengthen the manufacturing sector.
(vitalnewsngr.com)

Tags: industriesmediumPowersmall
Previous Post

Alia : Laying Foundation For Bountiful Harvest In Benue by Bridget Ikyado

Next Post

FG, States, LGs Share N1.1trillion August Revenue

Vital News

Vital News

RelatedStories

Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN
Power

Abia Secures $750mln World Bank Support For Renewable Energy

August 21, 2025
146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant
Business

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

August 15, 2025
Nigeria Records $3.23 billion From Non-Oil Exports
Business

Nigeria Records $3.23 billion From Non-Oil Exports

August 11, 2025
Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits
Business

Kogi Govt Moves To Attract Investors To Exploit Oil, Gas Deposits

August 8, 2025
Work Ongoing To Re-Erect Three Towers Along Kainji-Birnin Kebbi Transmission Line – TCN
Power

FG Awards Contracts Worth N68.7bln For Power Projects In Universities, Teaching Hospitals

July 31, 2025
Next Post
FG, States, LGs Share N1.1trillion August Revenue

FG, States, LGs Share N1.1trillion August Revenue

Building Materials Exhibition : WACL Leads In Tiles Production, Highest Employer Of Kogi Indigenes

Building Materials Exhibition : WACL Leads In Tiles Production, Highest Employer Of Kogi Indigenes

As Ogun Moves To Preserve Abeokuta-Sagamu Road  by Funmi Branco

Gov Abiodun Committed To Rule Of Law, Democracy - Media Aide

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Gynecologist attributes early menopause to health issues, genetic reasons

3 years ago
Lokoja -Abuja Highway Totally Blocked As Accident Involving Fuel Tanker, Buses Leaves Many Dead

Lokoja -Abuja Highway Totally Blocked As Accident Involving Fuel Tanker, Buses Leaves Many Dead

2 years ago
Saudi Arabia Slashes 2024 Hajj Fare, Other Charges For Nigerian Pilgrims

2024 Pilgrimage : Kano Sells 2,600 Out Of 5,934 Hajj Slots

2 years ago

Adepoju, deposed Deji of Akure is dead

4 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Edo Governor, Monday Okpebholo Wins Best Governor On Infrastructure Development Award

Climate Change : Group Trains Community Leaders On flood Impact, Mitigation In Taraba

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency

Japan Designates Kisarazu City As Hometown For Nigerians

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

Trending

Nigeria’s Army Generals : Battle -Tested Leaders In An Age Of Complex Warfare By Williams Charles Oluwatoyin PhD
News

Fulani Community Condemns Killing Of Two Soldiers In Taraba

by Vital News
August 23, 2025
0

By Saidu Adamu Jalingo The Fulani community in Karim Lamido local government area of Taraba State has...

Your Exit Will Not In Anyway Affects Fortune Of PDP – Makinde To Atiku

Oyo Disburses ₦600mln Compensation To Owners Of Properties Affected By Ibadan Circular Road Project

August 23, 2025
Train Services On Warri–Itakpe Rail Corridor To Resume Soon – Railway Corporation

Train Services On Warri–Itakpe Rail Corridor To Resume Soon – Railway Corporation

August 23, 2025
Edo Governor, Monday Okpebholo Wins Best Governor On Infrastructure Development Award

Edo Governor, Monday Okpebholo Wins Best Governor On Infrastructure Development Award

August 23, 2025
Midterm Performance : Taraba State Rated Least In IGR, Good Governance

Climate Change : Group Trains Community Leaders On flood Impact, Mitigation In Taraba

August 23, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Fulani Community Condemns Killing Of Two Soldiers In Taraba August 23, 2025
  • Oyo Disburses ₦600mln Compensation To Owners Of Properties Affected By Ibadan Circular Road Project August 23, 2025
  • Train Services On Warri–Itakpe Rail Corridor To Resume Soon – Railway Corporation August 23, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In