No matter the size of the company, managing well means managing the processes, the employees and the time of the execution of the activities in the best possible way. Here are some tips on how to better manage the various aspects of a business to make your business more productive. Zoetalentsolutions.com will provide you all management courses.
1. The first thing is to be aware that being an expert in a business is not necessarily going to make you ready to run a business. You will need help to get customers to come to you and your sales flow. You will need good communication and administration, at a minimum.
2. One tip for setting up your team is, for example, to fill in the gaps in fields where you have less knowledge, surrounding experts in each area.
3. Here is another tip. Not always the most appropriate people for the team will be your friends or relatives. Most of the time, in fact, this is not at all suitable for the smooth running of the business.
4. Be prepared to take risks in managing the company. Do not be afraid to get out of your comfort zone, especially if you are facing fierce competition, which is very common these days.
5. For more security in decisions, always take into account the practical effects of what your company does. If you are able to anticipate the consequences of action then you will be better equipped to deal with them when an eventuality happens.
6. Do not make decisions right now. Having a planning strategy is key. Put your ideas on paper and always have your real business indicators as a basis.
7. Monitor and measure your progress. In large companies, the results, sales, technology, human capital, etc., are constantly monitored. Thus, managers can be aware of what is wrong and make corrections. The same should be applied in SMEs.
8. It is essential that the manager closely monitors the company's cash flow and financial processes. If you do not already have a business management system (ERP), maybe it's time to get one. With an ERP system, the entrepreneur can optimize the work of analyzing spreadsheets and reports, also facilitating the collection and recording of information that will provide more agile decision making.
9. Stimulate the loyalty of your team. Employees are more committed to the company when they have a sense of loyalty.
10. Remember: As in personal life, problems will arise at every stage of the company's development. The manager's mission is to think of solutions. To do this, you need to stay focused and work together to solve the most pressing problems of the moment. To do so, it is necessary to set goals and stipulate processes and deadlines for results to be achieved.
Shortly after receiving his certificate of return, Dr Abdullahi Umar Ganduje announced that a key focus of the government in the coming administration would be to make sure that Kano State becomes an attractive destination for investment which will improve human capacity.
The governor-elect admitted that since Agriculture is already the mainstay of the people of the state, it becomes pertinent to encourage investments which will increase outputs and unlock pervasive economic growth.
“Our government cannot do this alone. We will also unveil extensive plans and incentives for partners and private investors to come build the businesses in Kano. If you want to setup innovative businesses or educational institutions, Kano is waiting to welcome you.”
Ganduje’s speech was heavily inclined towards education, inclusiveness and a sustainable future for the state and promises that the confidence vested in him by virtue of his re-election would not be let down.
In just a few months of operations in the southeast, Graylincs Security Services (GSS security) has been rated Southeast Outstanding Security Company.
GSS Security is a private security firm and a subsidiary under the GSS Group Chairman Arc Chukwudi Ezenwa with operations in Port-Harcourt, Abuja, and Anambra has proven to be Professionals in event security and security consultancy that offers a range of security services and consulting to Multinational and Nigerian companies, government agencies and individuals.
GSS security has been listed as the fastest growing private Security company in Nigeria with a majority number of bits in 2months of commencing operations in Anambra State.
With an operational strategy which is based on international standards and best practices, GSS security provides relevant and pragmatic security and business solutions after a thorough assessment of the business and/or operational risks as well as vulnerabilities inherent in the client’s operations.
Also, they have proven over time to provide the best services in CCTV installations and Supply which is second to none.
The GSS office in Anambra is located at;
Plot 77, Eagles Hill estate, Off George-Lyn Road Enugu-Onitsha Expressway Awka, Anambra state
For enquires call
09060007350
08026811112
Chatbots are now widely used because getting quick feedback is essential to today's customers. Many businesses have recognized this fact and are deploying chatbots to assist the customer service team to drive customer engagement and interaction.
This, in turn, will impact the Net Promoter Score (NPS), thus making customers more loyal. This said, here are 5 ways chatbots add value to the buying experience of customers.
1. 24-hour customer service
Your customer service representative can sometimes be overwhelmed and cannot respond to all requests. This is where chatbot comes in. Because they use artificial intelligence to process information, they can respond and reply accurately to inquiries and queries at any time of the day.
2. Seamless live chat
The clarity of the response of a chatbot has made so many people think that they are actually chatting with a customer rep. Unknown to them, they are talking to a chatbot. For example, you can use Jumia Bot from the stables of Jumia, Nigeria's no 1 shopping destination to make inquiries about your shopping preference and resolve complaints.
3. Allows you to personify your brand
With chatbot, you can easily personify your brand depending on your brand vision. Chatbot can feature with various conversational styles that range from being friendly to helpful and playful. These different personalities will ensure that customers keep coming back.
4. Can handle endless queries
Chatbots have been set up to use human intelligence to sort out customer queries. As a result, chatbots can handle endless queries with little or no mistake. Despite the fact that chatbots can do the job, it doesn't mean you should remove the human touch.
5. Smoother purchase journey
Chatbot can do so many things that will ensure that the consumer's purchase journey is smooth. The bot can offer relevant information, video content and even voucher code. In addition, chatbots can also assist customers with aggregating information like the item they desire to purchase, the method they want to pay for the order, and how they want the order shipped.
As with most businesses, one of the biggest problems facing a laundry business is getting (more) customers, either from other existing businesses or from customers who prefer to do their laundry the old-fashioned way, or even from those with a washing machine at home and don’t see the need for a laundry service.
Outlined here are a few ways a laundry business can attract more customers to patronize their services.
1. A memorable Introduction
“First impressions last longest” so the saying goes. Clichéd, but with some truth in it, a memorable opening that grabs the attention of prospective customers can bring your company to mind when they have any laundry needs.
2. Increase Your Social Media Presence
We live in a world where the quickest way to get information out to a large number of people in a very short time period is the internet, specifically social media. The advent of social media networks such as Facebook, Twitter, Instagram, LinkedIn etc. has made getting and sharing information very easy indeed that the hardest part in getting customers off social media is to establish a vibrant social media presence and avoid getting your brand associated in any way with controversy.
3. Discounts and Loyalty Rewards
With the cutthroat nature of business, a way to convince customers they’re making the right choice in patronizing your services is to put in place loyalty rewards and discounts for the most active customers. Also, discounts like one item to be washed for free for every ten clothing items paid for goes a long way towards encouraging customer to try, and stick with your business.
4. Quality of Service and Customer satisfaction
One of the most underrated parts of business nowadays is word of mouth referrals. If the customer is getting quality service, on being asked where they get their nice looking clothing items laundered, they’ll be sure to refer you. Also, with so many laundromats around, people would rather go to where employees treat them well, and with respect as well as having a high quality of service.
5. Extra Hours
Opening at times when competitors usually don’t, such as late at night and Sundays usually means a lot to customers who’ll know that your laundry services are there at any time they need to use them.
6. Delivery Services
Optional, but very important. While some people are ready to make use of laundry services, the added benefit of a delivery service makes it even more attractive, especially for people who are either too busy to pick up their items themselves, or those who choose not to.
7. Entertainment
It is very important to have something to entertain customers who come into the shop to do their laundry themselves or to pick up their laundry with. Subscribing to a mixture of sports, news, fashion and lifestyle channels as well as some kids channels for those with children ensures that everyone who comes into your place of business is sufficiently entertained.
8. Be a part of the Community
A great way for a laundry to get more customers is to attract customers by holding events like a fundraiser or a charity event for a good cause. Apart from it actually being a good cause, it encourages members of the community to come out and support your business.
9. Get registered in a Physical and Virtual Directory
When customers want a good laundry service, ensuring that your company is among the listings for reputable laundry services also goes a long way to making sure that more customers are directed your way. Registering your laundry business on VConnect will help you get more customers looking for the service you offer online.
10. Location
Opening your store in an area where there are few (or even none) laundry services ensures that with good service, you have a near monopoly on the laundry needs of the area, ergo, more customers for you.
These, combined with a good work ethic will make your business a successful one.
All the best with your business endeavors!
Funding is arguably one of the biggest challenges small businesses in Nigeria face, the problem is, however, not unique to Nigeria alone. The World Bank estimates that “50% of SMEs lack access to finance, which hinders their growth”.
This does not mean there are no places and organizations small businesses in Nigeria can raise capital, here are 9 of such organizations.
1. Bank of Industry
Bank of Industry Limited (BOI) is arguably Nigeria’s largest successful development financing institution. Providing financial assistance for the establishment of large, medium and small projects.
Its programmes include matching funds and managed funds, many of which target small and medium scale enterprises. An example is the Federal Department of Agriculture (FDA) Cottage Fund.
2. Tony Elumelu Entrepreneurship Programme
The Tony Elumelu Entrepreneurship Programme is a 12-month programme that will occur every year for the next 10 years.
Each programme cycle begins with applications from January 1st until March 1st. The application portal opens and ushers in a new year for the programme and for prospective start-ups.
Applications are from various sectors including but not limited to;
Agriculture, ICT, Housing, Media, Education, Transportation, Textiles, Manufacturing.
Find out more about the programme at http://tonyelumelufoundation.org/teep/
3. Dangote Foundation
Dangote Foundation in conjunction with the Bank of Industry (BOI) provides a 5 billion Naira matching fund, which could be accessed by Enterprises and Limited Liability Companies engaged in the Manufacturing, Agro-Processing and Merchandising sectors for made in Nigeria goods.
Click Here for more information on getting funding from the Dangote Foundation.
4. EchoVC
EchoVC partners provide a capital fund to leading technologies, teams and businesses in sub-Saharan Africa, North America and south-east Asia.
Average investment size ranges from $25,000 to several million dollars depending on the stage of opportunity and capital needs of the business.
Go to http://www.echovc.com/ for more information
5. CCHub
Besides providing a co-working space, CCHub also has in partnership with the Tony Elemelu Foundation, a program since 2012 to award pre-seed grants of $5,000 to 20 technology ideas/ventures targeted at typical social challenges in Nigeria.
Furthermore, it provides in partnership with Omidyar Network, Bank of Industry and Venture Garden Group a 1 billion naira social innovation fund.
Find out more at http://cchubnigeria.com/
6. Central Bank Textile Intervention Fund
The Central bank of Nigeria in conjunction with the Bank of Industry earmarked 235 billion naira intervention fund particularly for refinancing and restructuring of
banks’ loans to the manufacturing sector.
The funds meant for the development of the manufacturing sector of the Nigerian economy by improving access to credit to manufacturers,.
More information HERE.
7. Seedstars Africa
The Switzerland company invests up to 1 Million dollars in emerging market startups through its exclusive startup competition in over 65 countries. The last competition held in Nigeria was for young Startups (less than two years old) with a working product, and have raised less than $500,000.
More here: http://www.seedstarsworld.com/
8. Small and Medium Enterprises Development Agency of Nigeria (SMEDAN)
SMEDAN is charged with stimulating, monitoring and coordinating the development of the MSMEs sub-sector.
It also helps facilitate access to loans from her partnering financial institutions and from other specialized microfinance schemes.
Check http://www.smedan.gov.ng for more information.
9. African Women’s Development Fund
The African Women’s development fund AWDF supports local, national and regional women’s organizations.
The organization provides funds for work related to any of it’s six thematic areas; women’s human rights’, HIV & AIDS, Health & reproductive rights, governance peace & security, arts, culture & sports and economic empowerment & livelihoods.
It also has a Small Grants Programme operating in Ghana, Uganda, Sierra Leone, Liberia and Nigeria that supports small, grassroots African women’s groups.
Proposals are made online HERE
Ask anyone running a small business in Nigeria and they will let you know it is only ‘small’ in name, the challenges are enormous.
The hoops business owners in Nigeria have to jump through seemingly endless, it takes grit and determination to build a successful business in these conditions.
However, some of these challenges are not insurmountable, Colossus Gists shares about 5 of some basic challenges many Nigerian businesses face, and how they can be defeated:
1. Insufficient funds
There’s no way around it; small businesses need funds to grow from a small business to big business and to even multinational funding.
Unfortunately, most small business owners in Nigeria have no idea where to get the funds they so badly need. So what can Nigerian small business owners do? You can explore various ways of funding your business yourself or check these different organizations that offer funding to small businesses and see if they are eligible to receive any of these funds.
2. Poor web presence
Online presence isn’t just for big businesses, doing business online is for just about everyone.
However, small businesses in Nigeria are not taking advantage of this, probably because they believe the endeavor to be a complicated and costly endeavor.
There are cheap and easily accessible ways for small businesses in Nigeria to get an excellent online presence.
3. Poor Marketing Skills
Most small business owners in Nigeria do not have the time to study the ins and outs of marketing. What with the many things they have to juggle, there is little time for them to learn these skills. Nevertheless, getting the word out about what you do is essential for every business.
What you can do is to subscribe to Nigerian entrepreneurial blogs to stay up-to-date with the latest industry news and trends. We compiled a list of excellent business blogs in Nigeria, check them out.
Also use business engagement tools, to help you target specific target markets.
4. Getting new Customers
Every business needs new customers, but the customers that count are the repeat customers. Why they are so important? a repeat customer is likely to spend 67% more than a first-time buyer.
What to do? Price your products and services competitively. Do your market research to get an idea of what you should be charging. Follow up with your customers and encourage them to come back with incentives like special discounts and even memberships.
5. Seeking Rapid Growth
It is important to put parameters in place that will help you scale to meet demand while maintaining a high level of quality.
You need to develop a company culture that values quality just as much as you do. Prioritizing this value in your training and team building will allow your company to grow as a unified brand that you can be proud of.
Do your best not to micromanage. If you have competent and trustworthy staff, you should be able to delegate tasks and projects to them while keeping a watchful eye. This will allow you to focus on important tasks of your own, like growing your product line or expanding into a new market.
The first ever Spice Lifestyle Honors which took place on Wednesday, 5th December 2018 had fashion and lifestyle icons converge at the Eko Convention Centre for a night of great entertainment, fashion and awards.
ASA, Adekunle Gold, Bez, Falana, Teni The Entertainer, Vector and Ladipoe were seen to deliver stellar performances at the event.
The organizers and Africa’s number one lifestyle channel, Spice TV also honored and recognized individuals who have made a significant impact in the industry through various award categories.
See full list of the categories and winners below:
International Airline Brand of the Year
Emirates
Domestic Airline Brand of the Year
Fly Mango
Holiday Destination of the Year
Dubai
Best Hotel of the Year
One & Only
Luxury Wedding Event Company of the Year
Zapphaire Events
Female Lead in a Movie
Zynnell Zuh
Male Lead in A Movie
OC Ukeje
Most Stylish Individual in Entertainment
D'BANJ
Music brand of the Year
Universal Music
Beauty Business Brand of the Year
Malée
Fashion Business of the Year
Vlisco
Design Company of the Year
Saota
Financial Service Brand of the Year
GTBank
Lifestyle Brand of The Year
ALÁRA
Telecom Company of the Year
Safaricom
Social and Digital Media Person of the Year
Uche Pedro
CSR Brand of the Year
Dangote Foundation
Fashion Brand Stylist of the Year
Dimeji Alara
Innovator of the Year
ART X Lagos
Lifestyle Product of the Year
Mastercard
Outstanding Achiever of the Year Award
David Adjaye
The BAFI awards recognize top players in Nigeria's banking and financial sector for their outstanding performance and Renmoney’s award was in recognition of their efforts in driving the fintech lending value chain in the financial sector.
The Chief Executive Officer, Tobi Boshoro, represented by Head of Commercial, Yetunde Faulkner, described the award as an indication that the initiatives being implemented by Renmoney, particularly regarding improved convenience and service delivery, were adding value to customers.
She said:
“We are pleased to be recognized for our efforts in leveraging technology to make credit more accessible to our customers. This award will encourage us to continue to build more convenient solutions for Nigerians.”
Earlier in November, it was double honors for Renmoney at the Nigeria Finance Innovation Awards. While the company received the Consumer Finance Company of the Year award, the CEO, Tobi, was recognized as the ‘Woman of the Year: Fintech’.
The company also received the award for Excellence in Lending and Financing at the Africa Fintech Summit, also held in November.
About Renmoney:
Renmoney is a fintech lending company operating under a microfinance banking license in Lagos, Nigeria. The company provides loans to individuals and small businesses via its website (www.renmoneyng.com), contact centre, agent network and branches. Renmoney also offers market leading rates on Fixed Deposits and Savings accounts and is regulated by the CBN and insured by the NDIC.
The Nigerian Navy on Monday said it had 52 vessels and no fewer than 40 persons currently in its custody, for variously alleged piracy-related offences.
The Flag Officer Commanding (FOC), Western Naval Command, Habila Ngalabak, a rear admiral, disclosed this while speaking with journalists during a one-day seminar for its officers at the Nigeria Navy Ship (NNS) Quorra, in Apapa, Lagos.
Reports came in that the theme of the seminar is “Maritime Offences and Procedures for Arrest and Detention of Ships in the Nigerian Maritime Environment.”
According to the FOC, the seminar is to educate the officers to have a better understanding of procedures of arresting, detaining and prosecution of vessels.
“The seminar is to refresh our minds on the issues of arrest, detention and prosecution of vessels at sea.
“The seminar could not have come at a better time than this because we are approaching December, so we have to get ourselves alert on our duties.
“We have 52 vessels of different classes and types presently in our custody for different offences and quite a lot of them are under litigation and investigation.
“Some are being investigated for us to know the type of offences and also the agency that they would be sent to for prosecution,’’ he said.
On the exact time of the arrest of the suspects, the FOC said he could not categorically give specifics because over the years, “the number of arrests keep rising.
“It’s a situation that keeps changing. There are some that have been arrested and their cases have been disposed of from the list and others are still joining.
“It takes time for the prosecution to be concluded so some of them have been there for three to four years.
“In the last two to three months, we have really had a major arrest of maritime offenders which are piracy-related offences and within this period, we have arrested no fewer than 40 persons for one offence or the other,’’ he said.
Present at the seminar was the Commander, NNS BEECROFT, Okon Eyo, a Commodore, and other commanding officers of various naval ships.
The Nigerian Navy is in charge of policing the nation’s territorial waters.
NAN
The Chief Executive Officer of Jumia Nigeria, Mrs Juliet Anammah has described the recent tripartite motion by the Consumer Protection Council (CPC), the Standard Organisation of Nigeria (SON), and the Nigeria Custom Service (NCS) on the urgent need for government to develop a framework to regulate the activities of eCommerce platforms in Nigeria, as a round peg in a round hole.
She assured the government that Jumia will continue to offer necessary supports to ensure such framework is developed with the purpose of protecting unsuspecting shoppers online.
Anammah who made the disclosure in an interview with the Lagos studio of the China Global Television Network (CGTN), said:
“we’re committed to helping government agencies understand how ecommerce operates. Even though it’s a section of retail, it is still a sub-sector of the total retail market. Because it is digital, there are some differentiations; we’re committed to helping government understand how that operates, how it has advanced in other countries, and what is coming ahead, because regulation isn’t just about constricting, it’s about supporting.”
“So the government wants to support it so it can grow in a way that is positive for the economy and the consumers. We share a lot of information, we’ve had sessions with CPC, we have an ongoing collaboration with SON, and many other agencies just to make sure we are constantly giving as much information as possible to assist them in shaping the right policies for the industry.
In some respects also, we have participated where there are some legal frameworks to give our opinion on what we think based on what we see happen in other global environments relevant to e-commerce and Nigeria. We give recommendations and engage one-to-one with relevant agencies,” she added.
The motion to develop a framework for regulating eCommerce in Nigeria was moved at a stakeholders’ forum in Lagos, with the theme: “The Role of Standards and Quality Regulation in Electronic Commerce,” organized by the Standard Organisation of Nigeria (SON).
“The need for a regulatory framework was borne from the need to improve the level of customers’ trust, and ensure quality for the money spent in the sub-sector,” said, the Director-General of SON, Chief Osita Aboloma.
It is worthy of note to mention that Nigeria is not the only country contemplating putting in place a framework for regulating the over US$13 billion worth industry. The government of India, for instance, is planning to bring in an e-commerce law and a sector regulator to effectively deal with all aspects of online retail. Some of the key provisions of the draft policy include: large eCommerce firms should phase out discounts within two years; eCommerce companies have to store consumer data within India; independent eCommerce regulator will deal with consumer complaints, compliance with FDI caps; and tax incentives for data localization and infrastructure status for data centres.
Although some of the salient features of the India e-commerce regulatory framework might not be directly applicable to Nigeria, it is expected that the government agencies vested with the responsibility of developing this framework should review countries with existing regulatory framework and rely on the recommendations of local eCommerce operators, such as Jumia.
Director-general, National Identity Management Commission (NIMC), Engr. Aliyu Aziz, has identified seven key conditions necessary to unlock opportunities and potentials in Nigeria’s digital market.
In a paper he presented at the just concluded eNigeria conference, Engr. Aziz stated that Nigeria must establish “the right regulatory and industry policies to encourage infrastructure investment in digital infrastructure” such as “communications networks (broadband, mobile telecoms, Internet, online e-government and services) and smart cities.”
According to him, the government must “create a stable, predictable and sustainable policy/commercial environment that allows businesses to flourish” a step that will help in unlocking the country’s digital market thereby allowing the economy to grow.
Although Nigeria’s population currently at almost 200 million, presents a huge potential, Engr. Aziz argues that government needs to put in place focused programmes to “stimulate demand for digital solutions through the promotion of digital skills, digital local content and support for local digital applications” for the opportunities to be fully harnessed.
Speaking further, he said the government needs to “encourage and implement digital services across all sectors of the economy,” and “establish economy platforms such as e-commerce, online markets, and entrepreneurship ecosystem” thereby encourage “tech-enabled businesses to turn creativity into value-creating online businesses.
“We must introduce digital literacy in our school curriculum (primary, secondary, etc.) as this will bring about digital skill critical for digital interaction,” he said. Overall, Aziz said the provision of “digital identity to everyone in the country – thereby proving ‘who is who’ is “critical to accessing services physically or electronically.”
Stressing on identification, which is the main responsibility and mandate of NIMC, Aziz reminded the audience that one of the 17 Sustainable Development Goals (SDGs) the United Nations set out as blueprint to achieve a better and more sustainable future for all, demands that nations provide legal identity for all including birth registration by the year 2030.
“From the above, it is very clear that identification plays an important role in enabling the achievement of other SDG targets, such as social protection, rights to economic resources, land and property as well as universal health coverage,” he stated.
As a strategy to fast-track the enrolment of citizens and provide them legal identification, NIMC has stepped up its operations, which has seen the enrolment figure with the unique National Identification Number (NIN) now at over 33 million, astronomically up from just seven million three years ago.
On September 12, 2018, the Federal Executive Council (FEC) approved the immediate commencement of the implementation of a strategic roadmap for Digital Identity Ecosystem in Nigeria, a step that will further boost enrolment across the country, more so as government has set the enforcement of the mandatory use of the NIN for January 1, 2019.
The Digital Identity Ecosystem is a framework that leverages on the existing capabilities and infrastructure of distinct government agencies and private sector organisations to carry out enrolment of Nigerians and Legal residents into the National Identity Database (NIDB) as well as issuance of the Digital identity, known as the NIN to give Nigeria a credible and robust identity management system.
The Minister of Power, Works and Housing, Babatunde Fashola, disclosed this while briefing journalists on the progress made in the power, works and housing sectors in the three years stewardship of the Buhari administration.
Of the N206 billion cost of 2nd Niger Bridge, the minister said about N31billion has been given to Julius Berger as advance, resulting in the significant record of erecting pillars on site, even as he assured that the project is expected to be completed in 36 months.
Fashola also gave statistics of road projects in the last three years, saying in 2016, 277 kilometres of road was constructed, 345km was rehabilitated and 17,749 people were employed in the process.
He said in 2017, the federal government constructed 488 roads, rehabilitated 256 others and engaged 31,227 persons.
For 2018, Fashola said 497km of the road had been constructed, 284 rehabilitated and 30,402 persons employed, adding that the figure could rise during December due to more rehabilitation projects nationwide.
Expatiating on this, the Permanent Secretary (Works and Housing), Mr Mohammed Bukar said there has been award of 365 roads for construction since 2001.
He said the Buhari government awarded 121 of these in three years, while the previous government awarded 144 others in 17 years.
“You will see that out of the 365 roads, 144 were awarded in the period of 17 years while in just three years, we awarded 121 roads and we are still counting because the 2018 procurement is on-going,” Bukar noted.
While briefing newsmen, Fashola stated that his ministry is poised to execute the second phase of the projects promised Nigerians at the inception of the present administration three years ago through the implementation of the 2018 budget.
He said,
“Our progress report on public works relating to roads and bridges also confirms that we have fulfilled our promise. We have recovered the thousands of jobs that were lost to public works.
“Difficult or abandoned projects like the 2nd Niger Bridge, Lagos-Ibadan Expressway and the Bodo-Bonny Bridge have been brought back to life, while sections of Ilorin-Jebba, Sokoto to Jega, Sokoto-Ilela have been completed, even as works continue on others nationwide”.
According to him, the aforementioned interventions on roads which have been expanded beyond interstate highways to include abandoned internal roads of federal universities, presently 14, constitute the first phase under the 2017 budget.
Arrangements were at an advanced stage to secure the funds from the Chinese government in the form of loans.
The minister of Power, Works and Housing, Babatunde Fashola, disclosed this while briefing journalists on the progress made by his ministry to mark his three years in office.
The minister stated that work on the Mambilla Power Plant, which had suffered several setbacks for over 40 years, is set to commence from early 2019.
According to Fashola, while the Federal Executive Council (FEC) has approved the project, President Muhammadu Buhari is committed to ensuring the urgent commencement of the project, which is expected to be completed within 60 months.
On the level of development of the project, Fashola said,
“the progress is that for the first time in over 40 years the federal government has now signed an engineering and procurement contract. President Buhari has made that possible.
“All the companies that were fighting themselves and going to court when we came are out of court. We have a contract, a joint venture; we created that joint venture; we have a contract with them we have signed. FEC has approved the project; it is going to cost $5.72 billion,” he said.
On the choice of the Chinese company, CGCC, to handle the construction of the project, Fashola stated that apart from getting funding from the Chinese, the company in question built China’s Gorges Dam which, he said, is similar to the Mambilla power plant.
“They have the technology; they have done it before; no need to reinvent the wheel. We will take a loan; we are now trying to negotiate the final tranche of the loan,” he said.
On how the government is pursuing the project execution, the minister said, “The Nigerian government is supposed to provide 15 percent of the total cost of the project as its counterpart funding.
On the economic benefits the project will bring to the country while it is under construction, Fashola said the ministry has received over 116 expressions of interest from indigenous companies that are ready to provide various services.
He said,
“They are not involved in construction; they are just trying to position themselves to provide logistics for the construction.
“They will provide financial services such as banking services – because the money has to move through banks, insurance for goods, freight for goods, transport logistics and security.
“We are drawing up guidelines for the procurement, especially to optimize the president’s directive on Executive Order 5 for the local content and Nigerians are going to benefit from this investment. Anything Nigeria can do in this project, no foreigner will be allowed to take it.”
Earlier, the minister, in his address, listed the achievements of the power sector to include increase of power generation from 4,000 megawatts (MW) in 2015 to 7,000mw, transmission from 5,000MW to 7000MW and distribution from 2690MW to 5,222MW.
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