Why we’re sponsoring 16th Niger Trade Fair – Dangote

The Manufacturers Association of Nigeria (MAN), has insisted that lending to the real sector would still be difficult except the Central Bank of Nigeria (CBN) reduces its Monetary Policy Rate (MPR).
The Monetary Policy Committee (MPC) meeting of the CBN, retained the MPR at 14 per cent while also retaining the Cash Reserve Ratio at 22.5 per cent, Liquidity Ratio at 30 per cent, and the Asymmetric corridor at +200 and -500 basis points around.
According to Apex Bank governor, Godwin Emefiele, the move is meant to combat inflation due to foreseen increase in government spending ahead of the 2019 elections.
Reacting to the development, MAN President, Dr Frank Jacobs, who made the call in an interview with the News Agency of Nigeria (NAN) yesterday in Lagos, the reduction would show CBN’s sincerity and seriousness in boosting lending.
Briefing journalists after the MPC meeting, CBN governor, said that the MPC was concerned with the decrease in the number of loans given out by Deposit Money Banks (DMBs) to the real sectors of the economy.
To this end, he said the bank would continue to churn out policies aimed at encouraging banks to increase the flow of credit to the real sector to consolidate economic recovery.
Africa’s industrial giant-Dangote Groupsaid its sponsorship of the ongoing Niger State Trade Fair was part of its commitment to support states toward the industrialization of Nigeria.
In partnership with states’ Chambers of Commerce, the Group has, over the years, sponsored most of the Trade Fairs across the country, a statement from the Group’s Corporate Communications Department said.
It said Niger state has vast arable land, mineral resources and great potentials for industrialization, adding that Governor Abubakar Sani Bello has taken the path to industrialization and job creation through his government’s partnership with the private sector.
Dangote Group had last year signed a landmark Memorandum of Understanding (MoU) with the Niger State Government for the establishment of a state-of–art and fully integrated sugar complex that will generate over 15,000 jobs.
The Trade Fair which opened on Saturday July 29, is expected to close on Thursday July 9, 2018.
The theme for the 16th Niger’s National Trade Fair which is holding in the state’s capital, Minna is: ‘Exploring Agriculture and Solid Minerals as Panacea for Nigeria’s Economic Growth and Development.’ Director General of Niger Chamber of Commerce Industry, Mines and Agriculture(NCCIMA), Adamu Salihu, said the partnership between the Dangote Group and his Chamber is robust as the conglomerate is the biggest promoter of agriculture and solid minerals in Nigeria.
He said about 10 states, 12 Federal agencies and not fewer than a thousand traders were participating in this years’ fair.
Our reporter said the Dangote pavilion at the Trade Fair is a Mecca of a sort as participants thronged the pavilion to have a glimpse of its innovative products, while others want to be distributors for the company.
Some of the products with pocket friendly prices on display include the recently improved pasta (Slim spaghetti and macroni), cement, Dan-Q Seasoning, sachet sugar, salt among others.
It said the participation of the Group was part of the strategic move to grow market share and expand customer reach.
Dangote Group’s Special Day is slated for Thursday August 9, 2018, the statement added.

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