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Oyo Shops For Partners To Revamp Paper Mill, Cashew Processing Company, Others

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Oyo State government has started looking for corporate bodies and private investors capable of partnering with the State to revamp some of the moribund investment companies so as to boost economy and provide employment opportunities for its youths.

 

This disclosure was made on Thursday by the Executive assistant to governor Seyi Makinde on Investment Promotion and Public-Private Partnership, Hon. Segun Ogunwuyi when he embarked upon an ‘on the spot assessment’ of most of the abandoned locations of the companies around the State.

 

Among the locations visited by Ogunwuyi and his team from the State’s Bureau of Investment Promotion and Public-Private Partnership ( BIPP/PPP) were the Pacesetter Asphalt and Quarry Plant, Ijaye, Ibadan, Agbowo Shopping Complex, opposite the University of Ibadan, Nigeria Marble Mining Company, Igbeti.

 

Also visited were Eruwa Cashew Farm Plantation, Eruwa, Cashew Nuts Processing Company, Eleyele, Ibadan, Oyo State Paper Mill Warehouse, Oluyole, Ibadan, Conpole Nigeria Ltd, Ibadan, Trans Motel, Jericho, Trans Wonderland (formerly Trans Amusement Park), Ibadan and some Manor Houses in notable areas in the State.

 

Hon. Ogunwuyi hinted that the State governor had directed that the bureau should embark on the assessment exercise as the State was in a hurry to bring in investors to partner government towards bringing back the companies to what they used to be in the era of the old military administration and the late Chief Bola Ige.

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“This assessment exercise is as a result of a directive from the governor that we have to know their conditions so as to know how to shop for capable and efficient investors that can make a turn-around of these companies to yield profit for business, government revenue as well as provide multiple job opportunities.

 

“Most of these companies were created in the late 70s and early 80s by military administrations and the Bola Ige regime, but were later abandoned by successive governments till date. We cannot be paying lip service to the problem of low IGR and high unemployment when we have these assets wasting away. That is why the governor would rather partner with local and foreign investors to bring them back and have a new economic dawn in Oyo State.”

 

Governor seyi Makinde, while addressing audience at his inauguration on the 29th May at Liberty Stadium, assured the people of Oyo State of his administration’s readiness to make a turn-around of the State’s commercial status by partnering with strong business interests within and outside the country to grow the State’s economy and boost its internally-generated revenue as well as provide jobs for its teeming youths.

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Business

Naira strengthens against dollar

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Barely 24 hours, the Naira was forced to a downward trajectory by dollar scarcity, it bounced back, closing at N477 to a dollar at the parallel market in Lagos.

The News Agency of Nigeria (NAN) reports that the Pound Sterling and the Euro traded at N608 and N550, respectively.

The Naira, however, weakened marginally at the investor’s window, losing one point to close at N386 to a dollar.

The volume of trade at the window shrunk by 1.83 million dollars when compared to Tuesday, to close at 18.44 million dollars

The Nigerian currency exchanged at N381 to a dollar at the official CBN window.

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Oyo govt. will continue to support SMEs, Olaniyan assures

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The Deputy Governor of Oyo state,  Engr. Raufu Olaniyan has reassured the state’s government commitment to supporting Small and Medium Scale Enterprises in the state,

The deputy governor gave the assurance at the Commissioning of a new shopping mall ATM located in the Oke Ado area of Ibadan.

Olaniyan noted that small scale businesses with adequate support have the potential to be a major employer of labour.

He reiterated the state’s government desire to support entrepreneurs who chose to do business in the state, stressing that the present administration has put necessary machinery in place to make doing business in Oyo state stress free.

Alhaja Adeogun Tunrayo Muslimat,  owner of ATM mall had earlier informed that her desire to set up business in the state aside profit was also borne out of her avidity to support the government in the area of job creation, and also boost the economy of her home state.

 

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AfDB urges central banks to cut interest rates

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The African Development Bank (AfDB) has urged central banks on the continent to act quickly by cutting interest rates to inject liquidity in view of impact of COVID-19 pandemic.

The AfDB , in its African Economic Outlook 2020 supplement amid coronavirus pandemic released on Tuesday gave the advice.

According to the bank, the targeted interventions should be implemented for affected firms and sectors and use macroprudential and unconventional monetary policy to support the economy.

It added that central banks could resort to their own forms of quantitative easing, targeted at funding the most affected sectors such as firms in the hospitality and entertainment industry.

The bank noted that other sectors to be assisted are airlines, hotel chains, logistics and sports by temporarily reprofiling or restructuring their debts.

AfDB emphasised that the apex banks could also support vulnerable groups by designing programmes targeted at micro enterprises and the unbanked in the informal sector, financed by government and potentially run by other agencies closer to the ground.

“The impact of COVID–19 on Africa’s labour markets will have disproportionate impacts on vulnerable groups, notably youth and women, who are engaged in the informal sector, or with only casual job opportunities in the formal sector.

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“Assist vulnerable groups, especially youth and women. The COVID–19 pandemic can have differentiated socioeconomic impacts,” the AfDB said.

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