The Nation Newspaper

Category: Industry

  • Our plan to invest $133m additional capital, by firm

    Subscription Video on Demand (SVoD) service provider for emerging markets, iflix, has completed a $133 million additional funding round, bringing the total amount raised this year by the South Africa-based entertainment firm to over $220 million.

    iflix Co-founder/CEO Mark Britt said the proceeds from the funding round would be invested in the company’s local content strategy. He said iflix had unveiled its first exclusive original production, Oi Jaga Mulut, an audacious, uncensored, no-holds-barred stand-up comedy series.

    Noting that the series, which made its debut in Malaysia, last week, hadskyrocketed to the leading show on the service. He added that iflix, in partnership with TVOne, also launched a live premiere football streaming, available for the first time in Indonesia.

    Britt said the programme immediately became one of the highest performing shows there with more than 34,000 unique viewers tuning in in the first week of airing.

    Also, iflix Philippines, he said, has announced its collaboration with the Philippines’ Queen of All Media, Kris Aquino, to commission an original drama series.

    The firm had earlier announced plans to launch services in Nigeria and other African countries this year as part of strategy to increase its global footprint to 23 territories worldwide, with additional regional markets to be added soon.

    With the establishment of iflix Africa, with headquarters in Cape Town, South Africa, and trading commercially as ‘iflix,’ the firm plans to bring its world class service to sub-Saharan Africa.

    The Nation exclusively learnt that the funding round upon which the company plans to invest in its local content strategy attracted significant interest from new and existing investors and shareholders, and was led by Hearst, one of America’s largest diversified media, information and services companies.

    Existing shareholders such as Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. also increased their investments.

    Britt said: “We are thrilled to welcome Hearst to the iflix family. As iflix continues to grow and pioneer new ways for consumers to enjoy entertainment on their terms, we were looking for a partner who could bring additional expertise and knowledge to our business.

    “Hearst is a leading investor and has many of the world’s most innovative and iconic video brands, including ESPN, A+E Networks, Vice, AwesomenessTV, Complex and more. This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix’s continuing growth.”

    The iflix CEO said that from the beginning, the firm’s vision was to build a word-class service for the local customer, transforming the way everyday consumers enjoy entertainment in emerging markets.

    “These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets,” Britt stated.

    For the President of Hearst Entertainment & Syndication, Mr. Neeraj Khemlani, “iflix is riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and Western content.”

    Since going live in May 2015, iflix rapidly established a clear leadership position in emerging markets, setting a new standard for delivering a world-class streaming entertainment service, passionately focused on local customer experiences.

    Over the last 12 months, the service has seen extraordinary growth across all segments of the business, expanding from four markets to 19 across Asia, the Middle East and Africa.

    The company has additionally built deep integrated distribution partnerships with 27 leading telecommunications operators to bundle the iflix service with customers’ mobile and data subscriptions, all sponsored by the telecommunications provider.

  • NB praises interest in Golden Pen Awards

    •Entries hit 250

    Nigerian Breweries (NB) Plc has praised the media for number of entries for the Ninth Golden Pen Awards sponsored by the company.

    Submission of entries, which started on July 3, closed on August 4.

    About 250 works for various categories were received by officials in charge of the award’s entry portal.

    The award was introduced by Nigerian Breweries to promote professionalism in journalism practice in Nigeria.

    Its Corporate Affairs Adviser, Kufre Ekanem, said an independent panel of judges, which comprises distinguished professionals, would analyse the entries for originality, news value, use of resources, credibility and factuality at the end of the collation.

    According to him, other areas of interest are info-graphics, lay out/headline, clarity and social responsibility.

    Ekanem said the awards would hold on Friday, October 6, and winners would be announced.

    Winners will emerge in the three categories of the award: the Nigerian Breweries Golden Pen Reporter of the Year, the Nigerian Breweries Golden Pen Photojournalist of the Year and the Nigerian Breweries Report of the Year.

    According to him, the prizes have also been reviewed upwards. The Nigerian Breweries Golden Pen Reporter of the Year will get N2 million and a gift item.

    The first runner-up will get N1 million while the second runner-up will go home with N750,000.

    Ekanem added that in the photojournalist category, the winner would receive N1 million and a gift item, while the first and second runners-up would get with N750,000 and N500,000.

    The winner of the Nigerian Breweries Golden Pen Reporter of the Year will receive N1million and a gift item.

    In the previous three editions, the focus of the award was on the role of the media in setting agenda for the future of Nigeria with the theme – education, youth empowerment and talent development.

    With the completion of the three-year focus on education, youth empowerment and talent development, Ekanem said the company was directing the attention of the Nigerian media to agriculture, local sourcing and industrial development as the themes for the 9th Nigerian Breweries Golden Pen Award.

  • Fed govt committed to SMEs’ growth, says minister

    • BoI to expand lending windows

    The Minister of State, Industry, Trade and Investment, Mrs. Aisha Abubakar, has restated the Federal Government’s support for Small and Medium Enterprises (SMEs) because of their impact on economic growth.

    Speaking at the African SMEs exhibition in Lagos, Abubakar said the focus of the exhibition, Promoting SMEs for sustainable development and economic growth, tallied with the plan to ensure that skilful entrepreneurs were actively engaged in one economic venture.

    The government, according to her, is harnessing efforts to design and sustain viable initiatives, which can solve the problem of unemployment, while shoring up the Gross Domestic Product (GDP).

    “The future of SMEs in the continent is bright, but we must all do our part to make sure we achieve this. This expo will no doubt, stimulate and attract Foreign Direct Investments (FDIs) into the African business ecosystem, which will in turn promote investment and trade,” Abubarkar said.

    The Bank of Industry (BoI) announced that it would have dedicated N1.2 trillion to SMEs’ development by 2019, noting that the bank would leverage on its partnership with commercial banks to bring its risk assets from the current N600 billion to N1.2 trillion.

    BoI Managing Director Mr. Olukayode Pitan, represented by the Executive Director, SME, Waheed Olagunju, said the bank  budgeted about N310 billion for SMEs’ development with an average of N60 billion yearly.

    He said SMEs’ major challenge  was not finance, but the dearth of feasible business models and bankable proposals. According to him, Nigeria does not lack the funds to support SMEs.

    Pitan listed other challenges holding SMEs down to include lack of skilled manpower, inability to meet the requirements of financial institutions, and SMEs’ vulnerability to shocks, among others.

    He, however, said despite the challenges, there were a number of successful SMEs that prove that it is possible to promote SMEs and run them viably and efficiently.

    “At BOI we lend to SMEs at single digit, because we are able to mobilise resources from national and sub national sources, and the tenures are quite generous. Because of our branch network, we are also able to work closely with the SMEs,” Pitan said.

    The BoI boss, however, explained that the projects the bank supports are those that have considerable developmental impacts by way of job creation; projects supported by women and projects that are environmentally sustainable as well as those that rely on local content by way of their raw materials.

    “We are making a lot of progress in terms of supporting SMEs. We have come up with lots of innovative schemes to reach the entire country,” Pitan said.

    He however, noted that the bank’s Non-Performing Loan (NPL) ratio has consistently been at four per cent, which is below the Central Bank of Nigeria (CBN’s) threshold of five per cent.

     

  • Niger can feed Africa, says Osinbajo

    Niger State has the capacity to produce assorted crops that will feed Africa, Acting President Yemi Osinbajo has said.

    He spoke in Minna, the Niger State capital, where he declared open a two-day Niger State Economic Submit with the theme: Impact investment for advancing agricultural economy and innovation.

    The conference, which attracted economic experts, industrialists and manufacturers and some state governors, was organised to attract investors in various sectors to boost the state’s economy.

    Osinbajo praised Governor Abubakar Bello for organising the conference, noting that it would assist in attracting investors, especially in the agricultural sector.

    He called on state governments to assist farmers with alternative sources of power, to enable them to process and preserve their produce.

    The Acting President said the Federal Government was ready to partner with state governments willing to rehabilitate federal infrastructure in their areas.

    “Niger State government is collaborating with the Federal Government to complete Baro Port,” he said, noting that such projects would create an enabling environment for businesses to thrive.

    Osinbajo said Niger was hosting three major hydro dams, adding that renewable energy was the way forward to increase the capacity of villagers and farmers for agricultural investment.

    He said there was also the need to improve on road infrastructure for enhanced agricultural development in the state.

    Bello said the state had large deposits of natural resources, such as hydro carbon at the Bida Basin, gold, copper, tin, iron ore, tantalite, kaoline and clay.

    He said the potential in the mining sector were untapped and open for investment.

    Similarly, there abound tourism sites, such as the Zuma Rock, Bark Empire Hills, Nagwamatse Well, Mongo Park Cenotaph and Gurara Waterfalls.

    Bello explained that the state government had developed a road map on some cardinal investment potential such as Banana Free Trade Zone, Garam Industrial Park, Baro Port and Suleja New Smart City.

  • Rice millers back war against smuggling

    The Rice Millers Association of Nigeria (RIMAN) has promised to provide information to the Nigeria Customs Service (NCS) to curb the smuggling the product.

    The association will also support the Federal Government’s value chain programme on local rice cultivation, milling, processing, and production.

    Its Chairman, Board of Trustees, Mr. Peter Dharma, made these pledges in Kano, at the association’s inaugural meeting.

    Noting that Nigerians had, over the years, been losing enormous resources to the smuggling of food items into the country, he said “Our association will work closely with the regulatory and policy makers to ensure standards in local rice milling.”

    He also stated that the association would support research into renewable energy source, which, he said, RIMAN will recommend to its members in the near future.

    Speaking on the occasion, NCS Area Commander Mr. Yusuf Abba hailed RIMAN’s plan, noting that it would yield benefits to the country.

    Abba, who was represented by the Deputy Comptroller, Enforcement, Mr. Ago Hyacinth, said smugglers should no longer be allowed to sabotage the economy.

    A director at the Federal Ministry of Agriculture and Rural Development, Mallam Muhammed Munir, said the Federal Government’s injection of money into the sector would facilitate employment for citizens.

    The association at the inaugural meeting discussed the various issues on rice production in the country.

  • $15m lifeline coming for Kaduna Textile

    The New Nigeria Development Company (NNDC) is partnering Sur International Textile (SIT), a Turkish firm, to invest $15 million to reactivate the collapsed Kaduna Textile Company.

    NNDC Group Managing Director Dr Ahmed Musa made this known to reporters, shortly after a meeting with the Turkish business delegation at the NNDC’s head office in Kaduna.

    Musa said the NNDC and SIT would invest the amount to revitalise the textile company. According to the proposal, the Turkish firm will provide 35 per cent of the amount, the Federal Government, 45 per cent, and KTL will give 20 per cent.

    Musa said in the short term, the KTL would produce uniforms for the Nigerian Armed Forces, the Police and other paramilitary agencies in the country, and across West African.

    He said revamping the KTL would boost Kaduna State economy and create employment for the unemployed within and outside the state.

    “We held a private meeting with a team of delegation from Turkey. They want to invest in Kaduna Textile and turn it around. In summary, they want to start producing military and paramilitary uniforms for members of the Nigerian Armed Forces,” Musa said.

    According to him, the project is a laudable one that will boost the state economy and increase its revenue drive while creating massive employment. “We have been able to attract investors into the state,” he added.

    The NNDC’s Executive Director, Investments, Alhaji Abdullahi Ali-Gombe, said the agreement would revamp the textile firm owned by the 19 northern states.

    Besides boosting the economy, when operational, the firm will go into the production of military and paramilitary garments.

    Ali-Gombe, who is also the Chairman, Restructuring Committee of the KTL, said: “We cannot say tentatively when this will take off. We are hoping very soon.”

    The Kaduna Textile Limited, established in 1957, operated a large integrated textile mill, producing various kinds of garments.

    The company started operation in November 1957, spinning the country’s cotton. In 1961, it began the production of finished garments.

    The firm was financed by the Northern Nigeria Regional Marketing Board and the region’s development corporation and was managed by an expatriate firm, David Whitehead & Sons. It was closed down in 2000 following various financial crises and inadequate power supply.

  • MAN hails growth in Food & beverage sector

    • Southeast businesses’production level drops

    The Manufacturer’s Association of Nigeria (MAN) said capacity utilisation in  the Food, Beverage and Tobacco group increased to 60.3 per cent in the second half 2016, from 53.7 per cent recorded in the corresponding half of 2015, indicating a 6.6 percentage points increase in the period.

    It further explained that it increased by 10.5 percentage points when compared with 49.8 per cent recorded in the preceding half.

    MAN president Dr. Frank Udemba Jacobs, in an analysis of the period, said Textile Apparel & Footwear increased to 56.9 per cent in the period under review from 52.7 percent recorded in the corresponding half of 2015, indicating 4.2 percentage points increase over the period.

    On industrial zones, he explained that MAN industrial zones shows that capacity utilisation increased in Rivers, Ikeja, Apapa, Kano Bompai, Ogun and Kaduna states but lamented that it fell in Bauchi,Benue,Plateau, Anambra,Enugu, Kano Sharada,Challawa, Oyo states. Others are Ondo, Osun, Ekiti, Imo, Abia, Edo and Delta zones in the period under review.

    He specifically stated that in Imo and Abia states, capacity utilisation declined by 51.7 per cent in the period under review, indicating 19.2 percentage point decline over the period.

    It was however, a different story in Ogun State where capacity utilisation increased to 68.0 per cent,  from 59.5 per cent recorded in the corresponding half of 2015, indicating 8.5 percentage point increase over the period.

    On manufacturing production value, the MAN boss said it was estimated at N5.02 trillion as against N4.08 trillion of the corresponding half of 2015, indicating N0.94 trillion or 23.0 per cent increase over the period.

    It further increased by N1.66 trillion or 49.4 per cent when compared with N3.36 trillion of the preceding half.

    He noted that the manufacturing sector totaled N8.38 trillion as against N7.71 trillion of 2015, indicating N0.67 trillion or 8.7 per cent increase over the period.

    Udemba revealed that production value in Motor Vehicle & Miscellaneous Assemble group stood at N2.45 trillion in the period, as against N1.79 trillion of the corresponding half of 2015. This indicated N0.66 trillion or 36.9 per cent increase over the period, increasing by N1.31 trillion or 83.4 percent when compared with N1.57 trillion of the preceding half.

    According to him, in the period under review, production in Foods, Beverage and tobacco group increased N1.59 trillion as against N1.41 trillion of the corresponding periods of 2015, indicating N0.18 trillion or 12.8 percent increase over the period.

    Others are Chemical and Pharmaceutical group that grew to N362.6 billion,  Basic Metal, Iron & Steel and  Fabricated Metal N202.97 billion, Domestic and Industrial Plastic, Rubber and Foam stood at N183.73 billion, Non-Metallic Mineral products stood at N82.44 billion while Textile Apparel, Carpet, Leather & Leather Wear was N24.90 billion  in the  period.

    Analysis across industrial zones showed that production value in Ikeja stood at N2.87 trillion in the period under review.

    Jacobs further stated that on annual basis, production value stood at N4.65 trillion in Ikeja in 2016 as against N4.02 trillion of 2015, indicating N0.63 trillion or 15.6 per cent over the period.

    Apapa production totaled N449.0 billion in 2016 as against N273.15 billion recorded in 2015 indicating N175.85 billion.

    Finally, production in Ogun zone increased to N1.79 trillion in the period under review, indicating N0.23 trillion or 14.7 per cent increase over the period.

    The MAN boss, however, asked that government implement robust policies to grow the sector by special intervention programmes in funding and infrastructure provision.

  • Agro-mechanisation: UNN, firm partner on tractor assembling

    The University of Nigeria Nsukka (UNN) and Hightech System Limited are to partner in tractor assembling, manufacturing and other tractor value chain services as part of Higher Institution Tractorisation Initiative (HITI).

    The joint venture Memorandum of Understanding (MoU) was signed on Tuesday in Abuja between UNN and HITI under the Partnership Development Programme on Nigeria Agricultural Mechanisation Local Content Support Initiative.

    Transactional Adviser to HITI, Mr. Ike Willie-Nwobu, said that the project would be domiciled at the Anambra Motor Manufacturing Company (ANAMMCO) plant, Enugu, while an Israeli automotive firm would be providing mentorship and guardian manufacturing support.

    According to him, the technical support is under the auspices of Chinese-Israeli European Technical Partnership Guide with the Digital Bridge Institute, Abuja providing Tractor Information and Communication Management System (TICMS).

    Willie-Nwobu explained that the initiative was necessitated by the need to develop agriculture and agro-business. “This initiative is conceptualised to ensure the following: begin and sustain local manufacturing and maintenance of tractors in addition to value addition for the farmers who are using the tractors,” he said.

    The transactional adviser said that support to agriculture will lead to the diversification of the economy from a mono-product economy to a multi-product economy, adding that it will also boost investment in Medium and Small Scale Enterprises, which will drive the economy.

    He added that the initiative will create jobs by restoring the functionality of ANAMMCO in addition to empowering farmers and others along the value chain. Also, the global linkages and partnerships provided by the MoU, he said, would create global competitiveness.

    On his part, UNN’s Vice-Chancellor, Prof. Benjamin Ozumba, said that the initiative would fast-track sustainable agricultural mechanisation in Nigeria using higher institutions as focal centres.

    Ozumba said that the medium and long term goal of the initiative was to leverage the huge concentration of skilled manpower and human resources in universities to provide solutions to tractor challenges in Nigeria.

    “Students, under close supervision and mentorship would be drafted to assemble tractors, provide service/maintenance back-up and operations so that farming and food security initiative of the Federal Government will be achieved,” he said.

    The Vice Chancellor added that in addition to providing solution to food challenges, students of higher institutions will have the opportunity to serve as extension staff, learn in practical terms and contribute to their communities while earning good money at same time.

    “The proposed HITI will be powered through the four platforms-Tractor Assembly Manufacturing Production (TAMP), Tractor Value Chain Support Services (TVCSS), Tractor Vocational and Entrepreneurship Programme (TCEP) and Tractor Outreach/Extension Workshop Support Centres (TOEWSC).

    “The initiative will also incorporate partnership with optional Asian-Turkey-European and Israel systems and institutions for Integrated Agric/Farm project, Modern Agricultural/Mechanisation Innovation Relay Centres,” Ozumba said.

    He said that the project was geared towards providing alternative tools of thinking for the country using innovation linkages.

  • NITAD to fill skills gap with technical, soft skills

    he Nigerian Institute of Training & Development (NITAD) has trained and inducted over 6,000 members.

    Its President, Mrs. Janet Jolaoso, said the training has taken a lot of youths out of  the unemployment market and also aided graduates of universities and other higher institutions to acquire soft skills to be entrepreneurs and employers of labour.

    She spoke at the Special Induction Ceremony, which is the 22nd edition in the series of the institute’s induction programmes and the second Postgraduate Diploma in Training and Development Graduation Ceremony in Lagos, over the weekend.

    She said the institute, which has not been  chartered awaits approval from the National Assembly and has begun the Mandatory Continuous Professional Education (MCPE) programme for individuals, corporate members.

    Efforts are also on to embark on re-certification exercise of its members including the introduction of professional licences.

    Earlier, Chairman, Annual Conference Trainers Conference, Mr. Oluwaseyi Kuton, said the institute was collaborating with both the Lagos and Ogun states’  Ministry of Education to enroll secondary school students and encourage them to identify their interests and horn their skills through technical education.

    According to him, students are encouraged to identify their passion and pursue it.

    Kuton regretted the identifiable educational and skill gaps in the education system, noting that the economy cannot grow with the teeming number of unemployed graduates that are not equipped for the market place.

    He suggested that since there are limited jobs, school leavers should be trained in soft skills to make them successful entrepreneurs and employers of labour including training in character and attitude to work.

    Kuton encouraged those who already have skills to enroll with NITAD to enhance their skills as the market place is limited and highly competitive.

    For the Acting Registrar, Mr. Victor Kayode, there is a need for school leavers to identify their special skills while acquiring additional ones.

    He reiterated the need for people to have extra skills in order to stand out and be employers of labour.

    Kayode disclosed that NITAD was collaborating with some state governments to train young school leavers in skills that will enable them stand out in the market place.

    A graduand, Ms Regina Orumbie, said the training has given her an edge and made her a better document controller and trainer in the education sector where she works.

    For Adeyemi Joseph, though the training was rigorous, it taught him various learning strategies and development methodologies.

    According to him, the various skills acquired will enable him train others and also improve his profitability.

  • SON chief urges electrical dealers to embrace self-regulation

    SON chief urges electrical dealers to embrace self-regulation

    Newly elected executives of the Electrical Dealers Association of Nigeria (EDAN), Alaba International Market, have been challenged to embrace self regulation as part of the fight against the dangers posed by substandard products to the nation.

    Standards Organisation of Nigeria Directo-General Osita Aboloma, who gave the challenge while receiving the executives in his office in Lagos, stated that over 70 per cent of cables traded in Nigeria pass through the Alaba International Market.

    According to him, if the traders chose to stock and sell only quality cables and other electrical appliances, importers of substandard products would have no market for their nefarious activities.

    The SON DG urged the Alaba electrical dealers to be more patriotic by patronising certified made- in- Nigeria cables that have been attested among the best in the world and shun the stocking of imported substandard and cloned cables.

    He advised the EDAN executives to guide their members on the need to register all products with SON for traceability and confirmation of quality status in the overall interest of the nation and its citizens.

    Aboloma insisted that all electrical cables coming into the country must have the SON certificate of assessment programme known as SONCAP while locally manufactured products must have MANCAP certification, which is Manufacturers Assessment Programme, for standard quality and traceability.

    He pledged to support businesses  in all material ways possible to make them thrive and add their quota in the development of the economy.

    Also speaking at the occasion, SON Director of Compliance, Bede Obayi, an engineer, charged the electrical dealers to consciously work at developing a positive reputation for Alaba

    International Market.

    He warned that Nigerians are becoming better informed by the day as many other outlets are providing healthy competition to the Alaba International Market on cables and other electrical appliances.

    SON Head of Electrical Laboratory, Mr. Richard Adewumi, advised EDAN members to pay greater attention to issues like ratings, labels and product manuals in order to be in a better position to guide their customers rightly.

    Earlier, the President of  EDAN, Chief Fabian Ezeorjika, commended the SON DG for the renewed fight against substandard products in the Nigerian market and pledged the commitment of his executives to SON in that regard.

    He invited the SON DG and his management to bring the message of standardisation and quality assurance to EDAN members at the Alaba International Market in order to broaden their knowledge on electrical cables and appliances.