Economy

The Birth of African Manufacturing Group (AMG)

Published

4 years ago

August 14, 2020

Eric

By Aminu Owonikoko

African Manufacturing Group (AMG) has just been formed with a consortium of experts in various fields such as additive manufacturing (commonly called 3D Printing), engineering, renewable energy, social value policy formation and technology management to address the lack of skilled personnel in the manufacturing sector, particularly in Africa. Despite the high growth of manufacturing globally (e.g. Industry 4.0), there has been a substantial lack of progress in the manufacturing sector in Africa, which is compounded by several factors such as the lack of adequate infrastructure, lack of skilled workers, education and technology adoption. Therefore, AMG’s mission is to reduce these challenges through the provision of adequate Manufacturing Knowledge and Skills Acquisition to individuals and businesses across Africa. Effective and sustainable Manufacturing will lead to positive social and economic benefits across the continent.

AMG’s vision is to be a relevant, reliable and reputable manufacturing group in Africa whereby poverty in African Nations will be reduced through state-of-the-art Manufacturing Research and Innovation. AMG’s collective skills and knowledge will provide solutions to the current challenges in Africa. Also, this will contribute towards the development of profitable novel products, materials and services to the continent.

AMG is modelled after Warwick Manufacturing Group (popularly known as WMG) in the UK, National Centre of Excellence for Food Engineering (NCEFE) in the UK, Institute for Manufacturing (IfM) in the UK and Newcastle Institute for Energy and Resources (popularly known as NIER) in Australia.

AMG aims to find innovative solutions to Africa’s most challenging problems (such as product rework/re-manufacturing, preserving agricultural produce, generating renewable energy from agricultural residues such as corn stover (i.e. corn leaves and stalks), wheat and rice straw, food safety and control), provide reliable suppliers and service providers across Africa and meet the need of individuals in Africa through the provision of relevant training and workshops.

Furthermore, one of the top AMG’s synergies would be to have concerted efforts with reliable and competent academics and non-academics around the world which will improve the manufacturing sector in Africa.

At the moment, we are at the research, design and development (RDD) stage to develop small or large scale refrigerator using 3D printing technology for farmers in Africa to preserve their produce/harvest pending the time that the produce will reach potential customers in the market due to bad road networks that characterise the supply link between the farm and the market in Africa. We believe our concerted efforts will open a new market with novel technological products for African countries and solve post-harvest losses in African Farms, thus, alleviate poverty in Africa through job creations.

Currently, AMG’s team are Mr. Arnab Dutt OBE, Dr. Adedeji Aremu (PhD), Dr. Adeayo Sotayo (PhD) and Mr. Aminu Owonikoko. Brief profiles of the team are given below:

• Mr. Arnab Dutt, OBE, MSc (UK), BA Hons (UK). Currently a UK SME Panel Member, Founder and CEO of Dexo Technologies, Chair of the Social Value Policy Unit for UK Federation of Small Businesses. Further information can be found on: https://www.linkedin.com/in/arnabdutt1/

• Dr. Adedeji Aremu, PhD (UK), MSc (UK), BSc Hons (Nigeria). Currently a Lecturer in Advanced Manufacturing and Associate at Institute of Future Transport and Cities at Coventry University in the UK, Former Research Fellow at University of Birmingham and Additive Manufacturing Research Fellow at University of Nottingham, UK. Further information can be found on: https://www.linkedin.com/in/adedejiaremu/

• Dr. Adeayo Sotayo, PhD (UK) BEng Hons with First Class (UK). Currently work as a Research Fellow/Lecturer in Additive Manufacturing at Brunel University London and previously worked as a Researcher/Lecturer at the University of Liverpool in the UK. Further information can be found on: https://www.linkedin.com/in/adeayosotayo/

• Mr. Aminu Owonikoko, MPhil (UK), MSc (UK), B.Tech Hons (Nigeria). Currently a PhD Scholar in Mechanical Engineering with research concentration on renewable energy generation from agricultural residues such as wheat and rice straw, corn stover, woodchips and saw dust at The University of Newcastle in Australia. Also a Reverse Innovation, Business Process and Manufacturing Excellence Consultant at Muniowo Agro Nigeria Limited and Former Research Assistant at United States Department of Agriculture – Agricultural Research Services (USDA-ARS) in Manhattan Kansas, USA. Further information can be found on: https://www.linkedin.com/in/aminu-owonikoko-49241026/

Economy

Naira Makes More Recovery, Sells at N1,453/$1

Published

1 month ago

March 22, 2024

Eric

The Naira continued its appreciation at the official market on Thursday, March 21, 2024 to close at N1,453.28/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

This represents an appreciation of N39.33 when compared to the N1,492.61/$1 it closed on Wednesday, March 20, 2024.

The intraday high was N1,598/$1, while the intraday low was N1,300/$1, representing a wide spread of N298/$1.

Similarly, the Naira appreciated against the dollar at the parallel window to trade at N1,500/$1, this represents an appreciation of N20.00 as against the N1,520 /$1 it traded the previous day.

The Naira also appreciated slightly against the British Pound to trade at N2,000/£1 as against the previous trading day’s price of N2,020/£1 representing a gain of N20 for the local currency.

The Canadian dollar, however, closed flat against the naira to trade at N1,270/CA$1 same as the N1,270/CA$1 it traded the previous day representing a decline of N20 in the local currency.

The Naira gained N30 against the Euro to trade at N1,670/€1 as against the previous closing price of N1,700/€1.

Economy

Naira Gains Against Dollar, Trades at N1,603/$1

Published

1 month ago

March 13, 2024

Eric

The Naira, Tuesday continued its recovery against the American dollar as it traded at N1,603.38/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

This represents a gain of N15.48 when compared to the N1,617.96/$1 it closed on, on Monday, March 11, 2024.

The intraday high was N1,637/$1, while the intraday low was N1,425.35/$1, representing a lean spread of N211.65/$1.

Meanwhile, the Naira gained N12 against the dollar at the parallel market as the local currency appreciated to N1,603/$1 as against the N1,615 /$1 it traded the previous day. As it stands, the naira is trading at the same rate at both official and parallel windows.

The Naira, however, slumped against the British Pound to trade at N2,050/£1 as against the previous trading day’s price of N2,030/£1 representing a loss of N20 for the local currency.

After about two weeks of closing flat against the Canadian dollar, the naira slumped massively to trade at N1,300/CA$1 on Tuesday, representing a decline of N150 when compared to the N1,150/CA$1 it traded the previous day.

The Naira lost N35 against the Euro to trade at N1,740/€1 as against the previous closing price of N1,705/€1 representing a loss of N35 for the local currency.

Economy

Binance to Close Shop in Nigeria, Stops Transaction, Trading in Naira

Published

2 months ago

March 5, 2024

Eric

By Reuters – Binance will stop all transactions and trading in Nigeria’s local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by authorities for feeding a black market for foreign exchange.

It will stop supporting withdrawals after Friday and any remaining balances in Nigerian Naira will be automatically converted into Tether – a stablecoin whose value is pegged to the U.S. dollar.

Last week, Nigerian authorities detained two Binance senior executives on undisclosed charges as part of the crackdown.

They were still in custody, their local lawyer said before a parliamentary committee on Monday.

Source: Reuters