Nigerian Investors Look at Gambia Business Potentials

Gambia Investment and Export Promotion Agency has made bare investment potentials in the country to Nigerian investors who are currently in The Gambia to explore investment opportunities which exist in the country, particularly in the area of light manufacturing. A delegation from the Manufacturers Association of Nigeria (MAN) are on a four day investment mission in The Gambia which is geared towards providing opportunity for Nigerian private sector operators to network with The Gambian business community and build sustainable  business relationships. Pic: Naffie Barry, P.S. Min. of Trade and Fatou Jallow, CEO of GIEPA Ben Roberts, director of business and export development department of GIEPA told the Nigerian investors that The Gambia has many unexploited investment opportunities especially in the area of agriculture, fisheries, energy, manufacturing, mining and exploration, transportation, and warehousing. Mr Roberts was speaking at a day-long forum organized by GIEPA in collaboration with Gambia Chambers of Commerce and Industry under the theme “harnessing business opportunities in The Gambia”. He said the investors should invest in The Gambia because the country is a liberal economy, it is closed to many major international markets, and the government offers attractive investment incentives. Investment incentives offer by the government includes waiver on corporate tax for 5 to 10 years, depending on area of investment, and waiver on import tax for inputs and capital equipments. Ambrose Orunche, leader of the Nigerian delegation, said the mere fact that they came to the Gambia to explore potential areas to invest in means they is ready to do business in the country The chief executive officer of GIEPA, Fatou Jallow, explained that the Nigerian delegation are in The Gambia is as a result of an initiative of their predecessor, Gambia Investment promotion and Free Zone Agency (GIPFZA), which phased out in 2010.  She said GIPFZA targets Nigeria as a source of Foreign Direct Investment for The Gambia. “We believe that it is still important to pursue the initiative not only to attract investments but also to promote trade as a tool towards regional integration and as a means to enhance business links between our two countries,” she said. Trade between Gambia and Nigeria has been decreasing since 2007. The Gambia and Nigeria has always enjoyed excellent bilateral relationships particularly at the political, social and economic levels and significant growth has been registered in terms of business and investment particularly in financial sector.  The country in recent years has witnessed an influx of banks from Nigeria. Bai Matarr Drammeh, the president of Gambia Chambers of Commerce and Industry noted that the government of The Gambia has achieved significant milestones in creating an enabling environment for the private sector through the creation of sound policies.. He said the Chambers will also continue to plays its role of encouraging investment growth, and promoting trade and partnership between the Gambia business community and members of the private sector around the world, particularly within the sub-region. Sarata Conateh, officer-in-charge of the Chambers, said the interaction between Nigerian private sector operators and their counterparts in The Gambia has provided a unique opportunity at the doorsteps of members of both private sectors to interact and draw concrete plans for partnerships and business ventures. Naffie Barry, permanent secretary ministry trade, industry and regional integration, said the mission comes to reinforce the commitment of the two governments to encourage the private sector as the engine of growth and to concretize the policy of the African Union and ECOWAS to promote South-South integration through trade. He assured the Nigerian investors of Gambia government’s support.

ITAG brings Google services to the doorsteps of institutions and firms

Information Technology Association of The Gambia (ITAG), in collaboration with Google, on Wednesday started a two-day first technology and business forum to expose institutions in the country to Google products and services. Held at the Paradise Suites Hotel in Kololi, the forum targeted public and private institutions and looked at how institutions could use Google products and services to further grow and expand their businesses. Speaking on the occasion, the permanent secretary, Ministry of Information, Nancy Jange, said the ministry is delighted to be associated with ITAG because the initiative the association has taken “is in line” with her ministry’s policy. “The ministry is proud that ITAG has been able to organise its first technology and business forum with Google, focusing on developing the skills of developers and opening them to new and emerging technologies,” she said. ITAG’s line of operation is also in line with Google’s expansion and development in Africa, hence a forum to dilate on such venture is timely and germane. “In addition the business forum will provide businesses with the possibility to benefit from the various range of services and applications Google has to offer to support the growth of ICT industry across Africa,” she said. As the Information ministry puts all necessary ICT infrastructures in place, especially the ACE Africa and Europe submarine cable, it is glad to see ITAG taking steps with Google towards developing capacities and creating awareness within and outside the ICT community, Mrs Jange says. Speakers at the forum came from different parts of Africa and Europe to present various topics on IT.

Teachers resort to loan acquisition for housing construction

Many teachers are now going in for loans to acquire housing, as their salaries can hardly sustain them and with their families in the face of rapid rise in prices of basic human needs. The latest report of the Gambia Teachers Cooperative Credit Union (GTUCCU) states that out of a total of 3942 teachers who applied for loan at the credit union, more than 1200, representing 39%, do so for building purpose. This indicates that many teachers cannot afford the cost of building from their own savings or from their meagre salaries. A qualified HTC teacher, after spending three years at the college, earns not more than D3,500 a month when a mere Grade 12 graduate, employed as a cashier at a bank, could be earning  an initial salary of up to D4,500 or D5,000 with some fringe benefits. The GTUCCU has disbursed almost D25 million as loan, in two years, to almost two thousand five hundred teachers for building purpose. The Loans Review Committee of the union urges all the teachers to “honourably” repay loans and interests attached to them for subsequent disbursement to other applicants due for loans. However, the committee is worried at the rate of teachers failing to repay their loans.  It says:  “The rate at which bad loans or unpaid debts are showing their ugly faces is rather appalling.  We must repay all loans and interest accordingly.  That way, we shall maintain our GTUCCU flag flying above expectation.” Baboucarr O. Joof, general manager of GTUCCU, said the union would take “genuine and practical” steps to recover bad debts “at all cost in the foot of pro-action” in loan recovery. The management of the union has set itself realistic targets in these areas and in pursuing them, he said. However, to find out whether loan could be the only option through which teachers can afford housing, this reporter caught up with some teachers to gauge their opinions on the issue. Ebrima Bah, a qualified HTC teacher, said taking loans “is the only way now” most teachers can afford to build houses, because they cannot depend on their salaries for anything else save for feeding their families. If it were not for loans, 90 per cent of teachers in this country would not be able to build and own houses out of their salaries, he said, adding that before the advent of the GTUCCU, many teachers had spent all their productive lives in teaching and weren’t able to build a house for themselves. “They are still renting, even after retirement they are in their family compounds; this condition discourages many young people from the teaching profession,” he said. “This is why in The Gambia, teaching is associated with poverty.” Mr Bah said that in the past many teachers taught for years without being able to open a bank account for themselves. Isatou Sowe, daughter to a retired headmaster, said her father had been teaching even before she was born “but up to now we are still living in a teachers’ quarter as my father does not have a compound of his own”. Isatou’s father, who started teaching in 1973, retired in 2010 and is in his retirement, is still living in teachers’ quarter.  She said her father had pleaded with the education authorities to allow him to stay in the quarters till his elder sons find another residence for the family. “I don’t want anybody in my family to be a teacher again.  Enough of it,” she remarked.

GAWFA CEO counsels Africa microfinance technocrats

The Chief Executive Officer of Gambia Women’s Finance Association (GAWFA) has told managers of microfinance institutions, from all over Africa, that they should be “go getters” and always lead by example. Pics: GAWFA CEO and Participants Mrs Oley Njie Mbye advised microfinance institutions managers that where necessary, they should allow their subordinates to take the lead at times to motivate and provide them with the opportunity to be on the drivers seats in huddles and meetings “that way they can experience what it is like to a leader so that they can see your world though their own lens”. The GAWFA CEO was speaking on Monday at the beginning of a six-day management development course and training of trainers, for mid-level managers of microfinance institutions in Africa, organized by Africa Microfinance Network (AFMIN) in collaboration with the Centre for Microfinance Leadership at the Women’s World Banking and hosted by GAWFA, the largest microfinance institution in The Gambia. The programme, financed by Spanish Agency for International Development Cooperation, was aimed at addressing the key concepts of managing for results and also to develop transformational skills for microfinance institutions managers. GAWFA CEO said managers of microfinance institutions “must” be flexible and adapt well to changes and the many paradigm shifts that often face microfinance institutions. “You should therefore be able to wear different hats everyday and embrace both leadership and management skills with trust, integrity, diversity, and respect for all,” she remarked. She continued:  “Please do not assume that you can only develop your leadership skills from your immediate bosses but be diverse in your search and seek knowledge, wisdom and leadership from all sorts of life and all sorts of fields; be it from your family, community, government, and different fields, blue or while collar roles; and different industries from janitorial, engineering, medicine, banking, to microfinance and the list goes on and on.” For his part, Mr Davy Serge Azakpame, CEO of Africa Microfinance Network (AFMIN), said good leadership and governance are important in the management of microfinance institutions.  He said good leadership is one of key success factors in management. Ebrima Jawara, project coordinator of the rural finance project, said to date, the project has spent millions of dollars supporting microfinance institutions in The Gambia and “we will continue to strengthen them in a holistic manner”. The training course was designed to help managers in microfinance institutions to clarify their roles and responsibilities and to improve their strategic thinking through practical exercises base on technical knowledge in microfinance.

Gambian blogger attends Reuters’ training in Nigeria

Mr Jahateh at the Banjul International Airport

 The proprietor and publisher of Gambia News Online blog (www.gambianewsonline.blogspot.com), Lamin Jahateh, on Sunday morning left to Lagos, Nigeria, to attend an intensive weeklong training on Financial and Economic Reporting from 9-13 May 2011.

Mr Jahateh will join fourteen (14) other journalists from English speaking West African countries to undergo the training that is organized by Thomson Reuters Foundation in partnership with the Norwegian Agency for Development Cooperation (NORAD).

The course is designed to help business journalists in West Africa to strengthen their reporting on financial and economic topics by developing their understanding and skills.  ‘Learning by doing’ is a core part of the programme, which includes practical exercises and live reporting.

The course also focuses on improving coverage of national and international financial issues through detailed briefings, presentations by guest speakers and, where appropriate, a reporting visit to a financial institution. In-depth discussions will explore ways of tackling subjects such as resource exploitation, economic governance and capital flight from developing countries.

“The course will further enhance my knowledge in reporting financial and business issues and be of greater credit to the Magazine and the nation a whole,” said Mr Jahateh, who is also the deputy news editor of The Marketplace Magazine and also the correspondent of The Gambia Banker (www.thegambianbanker.com).

He added: “Coming together with media practitioners from different countries with different life and cultural backgrounds is something I always cherish because I feel it can help me increase my knowledge of how things are being done in other countries.”

Thomson Reuters Foundation provides Reuters Training Programmes for journalists around the globe, sharing the skills and values that have made Reuters (www.reuters.com) world-renowned as a highly reliable and trusted source of news and information.  The foundation also offers customised training programmes for media organisations and courses for NGOs and others needing insights into improving their media relations. 

Health Journalists Association now turns to GTRS ‘bantaba’

 The Association of Health Journalists (AHoJ), of The Gambia, has now turned to be GRTS staff bantaba as six of the nine executive members, elected at a clandestine congress, are all from the state broadcaster.

The congress, held on Saturday at The Daily News office in Churchills Town, witnessed stepping down of Pa Modou Faal as the president of the association. 

Fatou Touray of Gambia Info newspaper is now the president while Dodou Bojang of GTRS and Annia Gaye of Foroyaa newspaper are the 1^st and the 2^nd vice president respectively.

Other members of the executive are Francis Mendy of GRTS as the Secretary General, Foroyaa’s Amie Sanneh who is the wife of Dodou Bojang, the 1^st vice president, was elected as the assistant secretary general. Ida Jobe of GRTS as the treasurer, Ebner Musu Jassey as the public relations officer.   Mama Jaye and Sally Jarjue, both of GRTS are elected as co-opted members of the executive.

However, though this is the second or the third time some of these people are elected in the executive of the association, it’s obvious that most of them as not seen to be good followers of the ex-president and were not making any meaningful contribution as executive member, even most of those ordinary members were not good followers.  Research has proven that only good followers can be good leaders, if you are not a good follower it is obvious that you will not be a good leader as well.

‘They came to Libya to steal our resources’

Mr Zayed Muhammed

A senior official at the Embassy of Libyan Arab Jamahiriya, in Banjul, has noted that the West and its allies, particularly France, came to Libya to steal the resources of the Libyan people. 

Libya is said to be Africa's third largest oil producer, and the country had been exporting 1.6m barrels a day.

Zeyad Abulgasim Muhamed, Director of the Ambassador's Office at the Libyan Embassy, said the West came to Libya to destabilize the country with the intention of stealing the resources of the Libyan people while they are claiming to be protecting civilians.  “They are supporting the rebels, the terrorists,” he said. 

He further said:  “Libya is a sovereign country, before the West intrudes the country claiming to be protecting the people, the people should have requested for their support first.  But Libyans never called them to come and protect them.  Their agenda is to steal the resources of Libya and Africa at large.”

The Libyan rebels are now exporting oil from rebel-held areas of eastern Libya and European Union officials said the rebels are allow to export oil as long as revenues from the oil did not find their way to the Gaddafi government or state oil company.

“We are able to protect ourselves.  The West has their agenda for intruding in an independent Libya.  These are the facts on the ground and they are trying to conceal it. They just want to convince the world that Libyan people are terrorists and that Libya is a country where there is no harmony among the people,” the Libyan official said   

Brief economic impact of the uprising

Libya is on a strategic location in the international trade, it’s the gateway of Africa due its proximity to Europe.  It is a close route either by sea or air to Europe.  It is a close link between Africa and its international trading partners so there is no doubt that any conflict in Libya will have a negative impact on Africa’s international trade. 

The collapse of exports from Libya has helped drive up oil prices, which recently hit a two-and-a-half year high.

Already some countries, both within and outside Africa, are already paying of the crisis.  Countries like the Gambia is already feeling the pinch of the crisis as the prices of petroleum products continue to skyrocket and authorities continue to blame it on the international market which is also due to the short supply from Africa’s third largest oil producer.  The increment of the prices of petroleum has caused NAWEC to increase its price of electricity and Gambia National Transport Association has also increased the fares of transportation nationwide.  Prices of some basic food commodities also continue to increase.

International conspiracy against Libya

Mr Abulgasim Muhamed has noted that there is an international conspiracy against his country and that the intervention of the West is ‘illegal’.  “What is happening in Libya is purely an internal matter.  It doesn’t constitute any threat to international peace and security,” he explained.

He added that intervention of the UN Security Council and the NATO forces is illegitimate.  “The UN Charter had specified, categorically, the jurisdiction of the Security Council relating to issues that are threat to international peace and security. 

The situation in Libya does not pose any threat to international security and peace as the conflict is within the borders of the country, “how can that be a threat to international peace and security”, Mr Abulgasim Muhamed asked rhetorically. 

The Libyan official observed that the speed it has taken to mobilize the UN Security Council and the eventual release of a resolution demonstrates that there is an international conspiracy against his country. 

He explained that the uprising, in Libya, started with rebels taking up arms against the central authority.  He said this demonstrate that they are not peaceful demonstrators but they are armed people who are up to something different from what people externally seems to think. 

He said: “The Libyan government was compelled to undertake certain measures dictated by circumstances to protect civilians, especially those terrorists, like the Al-Qaida who are involved in the uprising, killing civilians and taking some as hostages.  So the security forces responsible for combating terrorism were compelled to result to arms to bring down such elements in society.” 

The Libyan official condemned the western media for not giving true information about the situation in Libya, saying they (western media) are not giving the true picture of the situation.  

In conclusion, Mr Abulgasim Muhamed, thank President Yahya Jammeh and the government and the people of The Gambia.