War as Industry: Check out Top 5 Arms Producing Companies in America.

Click banner for more info

By Sean Nevins WASHINGTON - The United States aerospace and defense industry is by far the most powerful in the world employing hundreds of thousands of people and raking in billions in profit every year. American companies make up seven of the top ten arms-producing and military services companies in the world (excluding China). To illustrate this,America’s Sean Nevins created the infograph below. 

Continue after the break.

FG begins implementation of Backward Integration Policy in sugar industry

Click banner for more info

Federal Government has commenced the implementation of the Backward Integration Policy (BIP) in the sugar industry with the approval of the plans and projects by three sugar refineries in Nigeria.

The Minister of Industry, Trade and Investment, Mr Olusegun Aganga, performed the signing-off ceremony in Abuja on Tuesday with the representatives of Dangote Sugar Refinery, BUA Group and Golden Sugar Refinery.  

The Federal Executive Council had on Oct. 19, 2012, approved the Nigerian National Sugar Master Plan (NSMP). The NSMP is expected to generate about 170,000 new jobs across the country, ensure self sufficiency in sugar production, and conserve about $350 million annually in foreign exchange.

According to the plan, the sugar industry is also expected to produce about 1,797,000 tonnes of the commodity annually.

Continue After The Break.

AGN President, Ibinabo Calls For Special Prayers Over Incessant Deaths In Entertainment Industry

Click banner for more info

The president of the Actors Guild of Nigeria (AGN) Ibinabo Fiberesima, has called on her colleagues in the entertainment industry to come together and put an end to the incessant death being experienced in the industry lately.

Ibinabo sent out a Blackberry broadcast message this morning just when the industry was yet hit with another death; Justus Esiri.   Her unedited message reads,  "With the incessant death occurring in the entertainment industry this year, it's high time we put a stop 2 it. We must surrender our lives to Almighty God irrespective of our religious believes. 

Reviving Nigeria’s Ailing Textile Industry

Click banner for more info

Culled From Leadership

Nigeria’s cotton, textile and garment (CTG) industry has been experiencing a downward trend over the last three decades. CHIKA IZUORA, traces the causes of ths development and the efforts by the present government to revive the industry as well as the opportunities one derives from investing in the sector.

Nigeria’s cotton and textile industry was in the 80’s a key player in the national economy particularly in the provision of livelihood for about 20 percent of the population with 600,000 work force operating close to 170 textile mills across the country.

The industry then generated an annual turnover of $8.95 billion; an average of 25% of the sector’s gross domestic product (GDP) which accounted for not less than 10% of corporate income taxes.

Heat on Nigeria's Petroleum Industry As Oil Execs gather

Click banner for more info

Major oil industry executives gather in Nigeria's capital for an annual conference this week with Africa's largest crude producer under pressure over reports alleging large-scale corruption and mismanagement.

The conference kicking off Monday evening in Abuja is expected to see appearances by government ministers and top officials from oil majors Shell, Exxon, Total and Chevron, as well as Nigeria's state petroleum firm NNPC.

It comes on the heels of a report from a government-appointed panel alleging Nigeria has lost out on tens of billions of dollars in recent years through questionable practices in the industry.

Nigeria’s debt profile unsustainable – LCCI

Click banner for more info

The Lagos Chamber of Commerce and Industry has described Nigeria’s debt profile of $44 billion as a cog in the wheel of  economic growth.
The President of LCCI, Mr. Goodie Ibru, made the observation during an interview with the News Agency of Nigeria on the sideline of the chamber’s third quarter press briefing in Lagos.
Ibru said the high debt profile was unsustainable, taking into account the current debt service ratio of 20 per cent of the national budget.
“The current debt service provision in the 2013 budget is N592 billion and the domestic debts stand at $38 billion (N5700 trillion).
“This is not good for the economy,’’ he said.