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South African Govt. Committed to Supporting More Black Industrialists.
THE Minister of Trade and Industry, Dr Rob Davies has reiterated government’s commitment to supporting more black industrialists in order to achieve deeper levels of industrialisation and economic transformation.
Minister Davies was speaking during the opening ceremony of the state-of-the-art R100 million manufacturing facility belonging to the United Industrial Cables (UIC) in Alberton.
The 90% black-owned company, which manufactures specialised cables for clients in the energy, transport, communication and mining sectors has been supported to the tune of R46 million by the Department of Trade and Industry (the dti) through its Black Industrialists Incentive Scheme.
“The space and opportunities for black companies in the manufacturing sector have been limited. Therefore it is imperative for government to support more real, genuine and serious black industrialists to enable them to operate in the mainstream of our economy. This will not only achieve higher and deeper levels of industrialisation, but it will also go a long way in radically transforming the ownership of the country’s economy, and increasing inclusive growth. It was against this background that we started the Black Industrialists Programme,” said Davies.
“The Black Industrialists Programme aims to accelerate the participation of black industrialists in the country’s economy”
He added that UIC was one of the 46 companies that the department has supported under the programme, and emphasised that a hundred black industrialists will have been supported by the end of this financial year.
Minister Davies said industrialisation was critical in bringing about fundamental change in the structure of the economy which is still depended on the production of exported primary commodities. The Industrial Policy Action Plan, he said, has been initiated by government to promote industrialisation in the country.
“The Black Industrialists Programme aims to accelerate the participation of black industrialists in the country’s economy, selected industrial sectors and value-chains, as reflected by their contribution to growth, investment, exports and employment, amongst others. As we roll out the industrialisation, infrastructure and localisation programmes, we need to support more black industrialists. In this way, we can create new industries, build on new expertise of people, and achieve more industrial development for the benefit of the country’s economy,” said Davies.
The Managing Director, Mr Andy Matakanye of UIC said the dti funding, together with the support provided by the Industrial Development Corporation, has enabled the company to establish a world-class facility that will enable it to produce a range of copper cables including Optical Ground Wires, a product that was previously only available as an import. This will make UIC the only manufacturer of this particular cable in Africa. More than 200 jobs will be created by the company as a result of the support it received.
The United Industrial Cables is established by a group of young black professionals with extensive experience in cable manufacturing, finance and project management, with the aim of transforming the South African cable manufacturing industry.
Engr Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has disclosed that the nation’s oil and gas reserves have risen to 37.50 billion barrels as of January 1, 2024.
This marks an increase from the 37.046 billion barrels recorded in May 2022.
Komolafe emphasised the implementation of robust policies aimed at enhancing and optimising oil and gas operations across the country.
Notably, gas reserves stand at 102.59 trillion cubic feet (TCF), with non-associated gas reserves reaching 106.67 TCF, culminating in a total of 209.26 TCF of gas reserves.
Addressing concerns during a press conference held in Abuja on Monday regarding crude supply regulation and enforcement, Komolafe underscored the importance of prioritising feedstock supply to local refineries while addressing grievances from oil producers and the Dangote Refinery within specified timelines.
This announcement follows recent reports of a decline in Nigeria’s crude oil production during February and March 2024.
According to data from the April 2024 Monthly Oil Market Report of the Organization of Petroleum Exporting Countries (OPEC), Nigeria’s crude oil production (excluding condensates) experienced its second consecutive monthly decrease, dropping to 1.231 million barrels per day in March from 1.322 million barrels per day in February.
OPEC attributed this decline, amounting to a reduction of 91,000 barrels per day, to factors communicated directly from Nigeria.
The Chairman, House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has commiserated with the senator representing Oyo North Senatorial District, Senator Abdulfatai Buhari over the loss of his mother, Alhaja Buhari.
The matriarch, who passed away on Monday, April 8, has left a void in the family that Oseni described as irreparable.
In a condolence message released on Wednesday by his media aide, Idowu Ayodele, in Ibadan, and made available to newsmen, the lawmaker expressed his deep sympathy, praying for Alhaja Buhari to find eternal rest in the arms of God.
Oseni, who also represents Ibarapa East/Ido Federal Constituency, urged Senator Buhari and his family to find solace in the legacy of achievements left behind by their late matriarch.
He emphasised the importance of cherishing the memories of her life and the successes attained by her children.
The statement read, “Distinguished Senator Buhari, I was deeply saddened to hear about the passing of Mama, Alhaja Buhari. Please accept my heartfelt condolences and deepest sympathy during this difficult time.
“Alhaja was a pillar of strength and a source of love and guidance for your family and community. Her legacy of kindness, wisdom, and resilience will continue to live on in the hearts of all who knew her.
“May you and your family find comfort and solace in the cherished memories you shared with her, and may the love and support of friends and well-wishers provide you with strength and courage in the days ahead.
“Please know that my thoughts and prayers are with you and your family as you navigate through this time of grief”, Oseni continued.
As Muslims globally observe Eid-el-Fitr, signifying the conclusion of the Ramadan fast, the lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo State and Chairman of the House of Representatives Committee on Federal Road Maintenance Agency (FERMA), Engr. Aderemi Oseni has called upon Nigerians to prioritise nation-building efforts during this festive period.
Oseni, in a statement on Tuesday by his media aide, Idowu Ayodele, emphasised the importance of collective action and unity in advancing the nation’s development agenda.
He highlighted the significance of Eid-el-Fitr as a time for reflection, gratitude, and community solidarity.
“As we celebrate Eid-el-Fitr, let us not forget the critical task of nation-building that lies before us. Nigeria’s progress depends on our ability to work together, transcend divisions, and build a cohesive society,” the lawmaker stated.
The APC chieftain urged Nigerians to set aside differences and focus on common goals that promote peace, unity, and socio-economic prosperity.
Emphasising the need for inclusivity, Oseni encouraged citizens to actively participate in initiatives aimed at fostering national cohesion and development.
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