Wood Now ‘Costly Like Steel’ Due To Lack Of ‘Private Forests Investment’

While wondering around online, we saw something of possible value to share with investors. The statement below by a Nairalander called waldigit suggests that wood is now ‘as expensive as steel in Nigeria’ due to ‘a lack of private investment in forestry’. We decided to share: as you might want to investigate for possible investment.

Note: We found it in a topic where someone was advocating for greater use of wood in building houses, while another pointed out that wood has the disadvantage of easily catching fire…

So, here goes:

Where are the woods? They have gone into almost extinction. Timber felling in remnant forest reserve now being rationed, wood is getting closer to steel now in terms of cost weight for weight. I just completed High pitch roofing of a modern designed roof for 3 bedroom in Lagos now with close to 400k only on woods alone. We don’t have private investment in forestry. The existing stock majorly owned by government is being depleted.


KAM Steel And Innoson Should Partner ASAP

An indigenous steel manufacturing company, KAM Steel, has just acquired a steel plant at Igbafa Village in Shagamu, Ogun State.

That is a plus for Nigeria. Having a fully functional steel plamt cam increase local content while reducing the need for car manufacturing companies to spend scarce foreign exchange.

So, we call on KAM Steel and Innoson Vehicle Manufacturing company to look at ways to have a mutually beneficial business relationship.

We think this would do both companies good while promoting Nigeria’s industrialization and reducing its reliance on crude oil.

Innoson To Set Up Car Manufacturing Company In Imo State

Innoson Vehicle Manufacturing is to set up a car-making factory in Imo State. In a chat with Vanguard, Innoson CEO, Chief Innocent Chukwuma said;

Have you considered partnering or merging with known foreign vehicle manufacturers? Well, most of them want me to partner or merge with them. Yes, we are looking into it.

I’m going to open a new factory in Imo in partnership with foreign companies. I believe the partnership will help us to develop motor manufacturing on a bigger scale in Nigeria.


Preventing Recurrence Of Fire Incidents At Ariaria, Ochanja Markets

The other day it was a section of Ochanja Market Onitsha that was gutted by fire. Then days ago, Ariaria Market, Aba also had a major fire incident.

Clothing materials and equipment of hardworking traders and artisans were destroyed. Many hardworking businesspeople have thus landed from economic frying pan to economic fire.

Fire fighting trucks should henceforth be stationed near every major market in Igboland, and other parts of the country to arrest recurrence of fire incidents in markets.

The market associations should also make sure best practices for fighting fires are made known to the traders. We can arrange for such seminars if contacted.

See photo of the Ariaria fire here.

Steps To Save Nigeria’s Economy From The Coronavirus Effect

business in Nigeria

Currently, Coronavirus has locked down much of Nigeria’s economy. This has sent many into the harshest economic crises they have ever seen.

Many businesses have been closed down for months. As a result, both employers and employees have been thrown into hardship. Private school owners and teachers for instance, have never had it so rough.

The news is filled with stories of workers being sacked from big companies. Of course, countless small companies have also closed down indefinitely for months-workers and owners are now without income.

The Federal Government needs to deep its hands into its coffers and pay business owners and workers. N-Power beneficiaries must not be left out, contract or no contract.

This is what governments around the world have done. And it has reduced the hardship citizens of such countries have faced in this period.

The Federal Government claims to have given palliatives to a number of Nigerians. But given the hardship in the land, such payments are clearly not enough. More money needs to be given to businesses and workers.

Many businesses would be in better economic shape if they had been given stimulus packages in the last few months. The truth is that the private sector currently needs government support.

Many businesses that closed down at the height of the lockdown would have reopened. But they lack money to fund daily activities until the economy picks up fully on its own.

The more some of such businesses stay closed, the higher the likelihood that they may never reopen. The multiplier effect of such negative possibility is scary.

Truthfully, many businesses are to blame for not having capital to restart. Many businesses spent money recklessly during the fat years. Many didn’t understand the concept of savings. But Government should not throw the baby away with the bathwater.

Hopefully, many businesses have learnt the importance of savings and would do much never to be in the kind of cashless situation ever again.

Government shouldn’t continue ignoring the need to send adequate stimulus and bailout money to companies-and palliatives to citizens. Where there is no BVN available, thumb printing before handover of relief materials could suffice.

As soon as the Nigerian economy stabilises Government should fund public advocacy programs urging Nigerian businesses to establish rainy-day funds.