Business

Ore Industrial Park: Ondo Govt Sets Aside Over 50 Hectares For MSME, SMEs

Published

3 years ago

January 15, 2022

As part of its commitment to ensuring the growth of Micro, Small and Medium Enterprises (MSEME) and Small and Medium Size Enterprises (SMEs), the

Ondo State Government has dedicated over 50 hectares of land for economic growth in the state.

The Managing Director, Ore Industrial Park, Dr. Femi Akinkuebi, made the disclosure while playing host to the state Chairman of Nigeria Association of Small and Medium Enterprises (NASME), Mr. GreatSeyi Akintunde, who visited the industrial site in Ore recently.

While calling on MSEME and Small SMEs in the state to explore the inexhaustible benefits attached to the Ore industrial facility, the MD said this will repress unemployment, restiveness, lure of lucre, among other societal vices.

Describing the park as the largest in the South West, the MD said the derived benefits for artisans would also identify bottlenecks and bring about economic resurgence of the country, adding that Government will give grants to Medium and Small Scale enterprises in the state.

“SMEs are known to have significant relevance to all world’s economies. In most parts of the world they constitute about 90 percent of all business enterprises while in Nigeria, SMEs contribute 48% of national GDP, and it also account for 96% of businesses and 84% of employment,” he said.

He added: “There’s a need for us to collectively change the narrative from a civil servant state to an emerging industrial giant, this we can achieve by using our numerous resources to transform the State to a manufacturing hub”, Akinkuebi said.

He continues: “The opportunity here is massive compared to Akure Mini industrial park or any other industrial park in the South-West, every serious investor should be here”

He also assured them of the State Government readiness in partnership with the Federal Government to providing grants for MSME/SMEs in Ondo State.

The Chairman who was conducted round the Industry, expressed euphoria with the SMEs hub, with over 500,000sqm dedicated to SMEs/MSMEs.

The Ore Industrial Park is a Public-Private Partnership (PPP) between the Ondo State Government and Hessmac Industry Limited, which is established on a massive 1000 hectares of eco-friendly and industrially zoned land. The Park also had its own installed 30MW trio-fuel independent power plant which is dedicated to providing power in the park.

Related Topics:Ondo Govt Ore industrial park

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Business

Naira Appreciates At Official Market

Published

2 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

2 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

3 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.