The Nation Newspaper

Category: Business

  • 2013 budget: Reps insist on $80 oil benchmark

    2013 budget: Reps insist on $80 oil benchmark

    The House of Representatives has accused the Presidency of playing politics with the benchmark for the 2013 budget, saying its decision on the $80 oil benchmark is final.

    It said the Executive was against the position of the House over the increase on the benchmark from $75 to $80, stating that some people benefit directly from the sharp practices inherent in sourcing internal loans for the Federal Government from banks and financial institutions in the country.

    At a briefing with reporters, the Chairman of the House Committee on Media and Public Affairs, Zakari Mohammed, said the Presidency had been crying wolf over the increase without advancing any superior argument, insisting that the position of the House on the $80 per barrel benchmark was closed.

    The benchmark for the 2013 budget has been generating controversy between the Executive and the Legislature. While the Presidency proposed $75 per barrel of crude oil for the 2013 budget, the House insisted on $80 as a means of reducing internal borrowing.

    While domestic debt of the country stands at N6.3 trillion, the Federal Government has proposed domestic borrowing of N727 billion in the 2013 budget proposal.

    But the House is saying the $5 increase if used to service the debt will bring the domestic debt down to N230 billion, freeing funds for the private sector to access.

    The Reps spokesman said if the nation has a thriving private sector, the economy will be vibrant and many people in the various constituencies will have jobs and live better lives.

    His words: “We are the representatives of the people; we are with them the whole time. We know how they feel and nobody can bully us into what we know is not right. It’s a matter of semantics.

    “It is the politics of the belly. Nigerians must be given value for their money and that, we insist, must happen.

    In apparent response to the position of the Minister of Finance, Dr. Ngozi Okonjo-Iweala who, while appearing before the House Committee on Aids, Loans and Debts advised the National Assembly not to politicise the benchmark issue, Mohammed said the Minister’s position does not hold water, as the House did not pluck the $80 benchmark out of the air.

    Okonjo-iweala had said: “I do not want to enter into discussion on the benchmark, but I do want to urge the honorable members to please bear with us because benchmark price is really something that is based on professional and technical work.

    “It is not really a political matter. It is a technical issue and it is underpinned by a module like in many other countries. And I would really want to say that in Nigeria, we should not politicize the issue of benchmark.

    “We should be professional and technical about it. In countries like Chile, for instance, they even have a committee of experts that determine their benchmark.”

    In his response, Mohammed said: “With due respect, we have professionals in this House, we didn’t just come up with a figure for the benchmark, We have Chartered Accountants and Economists, of even better standing than some of those who believe they have the monopoly of knowledge to run this government.

    “We have said, give us superior argument on technical grounds. Rather than say ‘don’t politicise it’. The economy is the life-wire of any nation and as legislators, if we refuse to correct what we perceive as being wrong, posterity will never forgive us.”

    The lawmaker debunked the insinuation that the House was being vindictive because of welfare issues relating to paucity of funds from the Presidency to members as incentives to give the 2013 budget a speedy passage.

    He said: “At no time did the House demand for money from anybody, and I say whoever has proof should come and tell us the people that asked for money for certain things to be done, and that’s why we’re taking this stance.It is not everybody that money can buy.

  • Flood: Rice processors urge restraint on importation

    The Rice Processors Association of Nigeria (RIPAN) has called on the Federal Government to resist the call for massive importation of rice to mitigate the impact of the recent flood disaster in the country.

    Chairman of the association, Mohammed Abubakar, who made the call in Abuja at a news briefing, said there was no need to entertain any fear as “there are adequate stocks of rice in the country to meet immediate demands.

    “It is our view that there exists 600,000 tonnes in the country and with rice harvest starting in November, additional stock of up to half a million tonnes will be added to the national food stock.’’

    While urging the government to avoid orchestrated panic and doomsday projection, he said government should carefully consider appropriate measures and response that would not “damage our national interest,’’ adding that from preliminary investigations in the flood affected areas, it is estimated that about 40 per cent of the rice crop may have been lost, particularly in the lowlands and swampy areas near the major rivers.

    “This may create a supply shortage of about 1.5 million tonness in the local availability of paddy, translating to milled rice shortfall of about one million tonnes.

    “This should not create a major food crisis or food shortage to the level being touted by rice merchants and speculators, who are advocating massive rice importation.’’

    Applauding the government’s policy on rice production, the association said investment in rice processing had exceeded N200 billion in the past four years.

    Noting that the Federal Government was working on the establishment of 40 new rice mills in 2013 in addition to the existing 15, the association expressed belief that the country would in the next two years stop importation of rice.

    It, therefore, called on the government not to allow the efforts put in place to be jeopardised by saboteurs of the economy.

    It also called for the establishment of a minimum producer price for paddy harvested to enable farmers to survive and rise from the adversity.

    “If it becomes inevitable to meet the shortfall from local capacity, then it can be done through importation, and the import permits should be issued to bona fide local investors in the relevant sub-sector.’

  • ‘Check destructive impact of invasive insects’

    To guarantee food security, crop protection expert, Dr Daniel Gwary has called on the government to check the destructive impact of invasive insects on crops.

    Gwary, who is of the Department of Crop Protection, University of Maiduguri, Borno State, made the call in the light of the changes caused by climate change, adding that the effects of these insects on crops and food stuffs are now more acute.

    Speaking with The Nation, Gwary cited the devasting floods that ravaged some geopolitical regions of the country as an example, saying that faming communities have been affected.

    He said the floods have in its wake acted as a transportation agent for some of these insects

    He said there is need for more surveillance to stop such invasive species from entering the country as they could cause massive crop damage.

    According to him, many species are carried into the country by people who are either unaware of the laws or are trying to beat them.

    He said fruits, vegetables and spices tainted with insects or infections, could destroy crops.

    According to him, the insects target farms and agricultural regions, and that the climate change make it easy for foreign species to survive and reproduce in their new homes.

    He said the government needs to put plant and insect scientists along customs officers at the borders to stop the country’s exposure to destructive insects and infections.

    He said plant-protection professionals have to be sent to identified pest-stricken areas.

    According to him, farmers are likely to confront more aggressive and invasive insects with increased use of herbicides, insecticides, and fungicides. Where increases in water and chemical inputs become necessary, he said this will increase costs for the farmer.

    The Northern region suffers from food insecurity issues, including locusts which invade the area threatening local agriculture and intensifying food shortage crisis.

    According to him, locusts also pose a threat to crops as they can migrate over huge distances.

    He said there is a high risk when the number of locust increases. ‘’If they aren’t controlled, the locusts could move across the region. If nothing is done,’’ he said, ‘’there is the potential for another plague.’’

    He said the governments in the North mobilised teams into the remote locust areas to control the spread, adding that campaigns are carried out to help the affected areas.

  • Monarch seeks support for small farmers

    The Emir of Bauchi, Malam Rilwanu Suleiman, has called on agricultural engineers to give priority to the needs of small scale farmers.

    He made the call when he received members of the Nigerian Institution of Agriculture Engineers in his palace.

    He said such attention would boost the transformation agenda in the sector.

    The Emir, who was represented by the Galadiman Bauchi, Alhaji Saidu Ibrahim, said the small scale farmers need agric engineering infrastructure.

    “As a farmer, I sometimes find it difficult to find capable hands to take care of the machinery in my farm. I have to leave the farm which is far from the town to come and look for mechanics when there is a breakdown.

    “’I think these are areas which agriculture engineers should look at, address them and ease the challenges faced by small farmers in their quest to go universal,’’ he said.

    He added that the level of food availability and value additions would be improved if necessary measures are taken by the government and other stakeholders in the sector.

    In his remark, the Minister of State for Agriculture, Alhaji Bukar Tijjani, said the Goodluck Jonathan administration was committed to uplifting the standard of living of Nigerians through agriculture.

    The minister, who was represented by Alhaji Mohammad Yusuf, a Director in the Agriculture Ministry, said the members of the institution would dwell on ways of implementing the government’s agenda.

    He said it was the desire of members to see that the agricultural value chain was maximised to the benefit of farmers.

  • FCTA launches 20 vans for meat haulage

    he Federal Capital Territory Administration (FCTA) has launched 20 vans for meat haulage. Speaking on the occasion in Karu, the Minister of State for FCT, Ms Olajumoke Akinjide, said the project represents the first phase of the FCT meat haulage programme aimed at ensuring hygienic meat consumption.

    Ms. Akinjide, who was represented by the Secretary, Agriculture and Rural Development Secretariat, Mrs Olvadi Madayi, said: “The importance of consuming hygienic food in improving the quality of life of the populace cannot be over emphasised; meat being a perishable product, must be handled right or it may endanger public health.

    “This administration views the existing way of transporting meat in rickety vehicles, motorcycles among others with disdain hence the launching of this pilot scheme with 20 vehicles.”

    Ms Akinjide said because of the number of animal slaughter centres in the territory, there was a need to expand the pilot scheme to cover the entire slaughtering points.

    She said the programme was being operated under Public Private Partnership (PPP) arrangement and called on interested individuals and organisations to participate in the venture.

    The minister said the specified vehicles for transporting meat are dedicated meat vans and tricycles with a meat haulage compartment.

    She said the internal coverings of the meat compartment of the vehicles must be made of stainless steel sheets to ensure non-metal contamination of meat in line with NAFDAC standards.

    Ms Akinjide said the administration had concluded arrangements with a private investor to build and operate an ultra-modern abattoir in TunganMaje.

    “This abattoir when operational will serve the Federal capital city and introduce meat processing and packaging in the territory,’’ she said.

    The Minister called on stakeholders, such as NAFDAC, Abuja Environmental Protection Board (AEPB), Nigeria Police Force, and Federal Road Safety Commission, among others, to assist in the enforcement of the meat haulage policy.

    Earlier in her speech, Mrs Madayi, who was represented by the Director of Administration and Finance, Mr John Obiahu, said the programme was being operated by her office and Lead Automobile Company.

    “Lead Automobile Company Ltd has been an important key player in the meat Haulage policy actualisation and the company made substantial input to the formulation of the policy,’’ she said.

    Dr Joseph Nyager, the Director, Federal Livestock Department, said the transformation in the livestock sub-sector was aimed at developing the value chains in key livestock commodities of beef, dairy, poultry, leather, small ruminants and pigs.

    He said the launching of the FCT meat haulage programme was in line with the beef value chain initiative of the livestock transformation agenda.

    According to him, the socio-economic importance of abattoir development, hygienic meat processing and distribution cannot be over emphasised.

    “Hygienic meat processing and distribution will go a long way in improving the supply of safe and wholesome meat and meat products.

    “It will also facilitate local, inter-state and foreign trade in meat and meat products,’’ Nyager said.

    He said the initiative would also strengthen disease surveillance, improve data collection on prevailing animal diseases, generate employment and create wealth for the teeming youths in the FCT.

  • Trade Fair: Dangote offers consumers ‘pocket-friendly prices’

    To reach more customers, the Dangote Group has promised them pocket friendly prices for its products holding at the Lagos International Trade Fair at the Tafawa Balewa  Square (TBS) Onikan.

    Companies in the group exhibiting at the fair include Dangote Sugar Refinery, Dangote Flour Mill, Dangote Agrosacks, National Salt Company of Nigeria (NASCON), Dangote Pasta, Dangote Cement, Dangote Noodles and Dansa Foods Limited.

    Some of the products to be displayed include Danvita, Alkama (wheat meal), confectionary flour, noodles, sugar, salt, tomato paste, various ranges of fruit juice products and bottled water from Dansa Foods. Dangote Sugar will be offering customers its 500 gram granulated sugar at the fair.

     According to Head, Corporate Communications of Dangote Group, Mr Anthony Chiejina, visitors to the group’s pavilion at both fairs will have the opportunity of buying products of these companies at reduced prices.

     A unique offering from the Group is  the Dangote Combo pack. The pack contains products from the stable of  different companies within the Group and is offered to participants at  the fair at a much reduced price.

     The statement indicated that, the economy pack which will contain  household products, such as Dangote Noodles, spaghetti, macaroni, sugar  packets, and Dansa Fruit juice products range would be combined in a  pack at a giveaway price.

     The combo pack, it stated further will offer participants at the fair  an opportunity to purchase all consumable product range in Dangote  Group   in a single buy.

     There will also be free samples of the products for the visitors.  Dangote Noodles will be offering free samples of several varieties of  its noodles to visitors to the kitchen/restaurant which will be  attached to the Dangote stand to wet their appetite.

     Dangote Flour is also holding a free sampling of its popular Alkama  wheat meal and other wheat based meals while Dangote Pasta is ready to  thrill participants at the fair to pasta meals prepared in several  ways.

     Dangote Group is of the view that the trade fair is coming at an  appropriate time which affords dealers the opportunity to stock their  shops for the fast approaching Christmas season while end consumers  can also buy and stock for the season.

     Subsidiaries, such as Dansa and Dangote Noodles will be hosting students  on specific days. The student-visitors to the stand will get special  gifts, such as pens, pencils, erasers and notebooks.

      The Management of the Dangote Noodles said the company would be  giving its customers a good treat at the fair saying it has added to  the richness of the product and embarked on an expansion of its  distribution network to make the product more readily accessible to  consumers.

  • Advertising: Insight tops LAIF awards

    Insight Communications has clinched 25 awards at the Lagos Advertising Ideas Festival (LAIF) 2012.

    Organised by Advertising Agencies Association of Nigeria (AAAN), LAIF is Nigeria’s most prestigious awards for creativity by marketing, advertising and brands communications agencies in Nigeria.

    A breakdown of the award shows Insight won four gold, 10 silver, 11 bronze followed by Rosabel Advertising with three gold, one bronze. Centrespread Advertising won two gold, one silver and one bronze to clinch the third spot on the creative table for 2012.

    The Ikeja GRA, Lagos based creative agency came top at this year’s LAIF by creating the most innovative advertising for its clients which include Nigerian Breweries Plc (Heineken, Gulder, Legend), PepsiCo/Seven-Up Bottling Company (Pepsi), Cardbury (Bournvita) MTN (Youth segment) and Flour Mills (Golden Penny Noodles).

    Only two weeks ago, Insight clinched the ‘Creative Agency of the Year’ award at the MarketingWorld Magazine 2012 Awards; and in August, the agency won the ‘Telecom Marketing Company of the Year’ on the strength of its work on the MTN Youth Segment business at the eight edition of the Nigerian telecom awards held in Lagos.

    Commenting on the awards, Managing Director of Insight, Mr Jimi Awosika said: “From day one, Insight has been a company that frees the mind and frees creativity. This has always been a part of us; that is, the concept of fame and fortune is extricable liked to all that we do. The most successful brands attract talkability, facilitated by distinctive product performance and communications that is grounded in unique consumer insights.”

    An elated Gbenga Boglo, Senior Creative Group, Head at Insight, shares his perspective on Insight’s history of being the most awarded agency in sub-Saharan Africa: “We have a philosophy that drives through our internal systems and processes – top quality creative solutions.

  • Keke ADs: Transit media leverages new tech

    KekeADS, the transit media system patented by Smate and Smate International Limited, is introducing the Plalight Reflective to its media offering in order to extend the exposure of clients’ campaign messages. The transit media operator has entered into a strategic partnership with Advertange, the media agency behind the reflective printing technology that allows advertising campaigns placed on the Keke Display panels to continue to be visible to commuters at night time.

    Most out-of-home advertising is invisible and lost at night due to poor lighting and a lack of electric power. Advertange’s reflective material illuminates advertisements when the reflective micro prismatic cells used in its production gives the display maximum visibility at night.

    The displays printed on the reflective material are visible at distances up to 200 meters and do not require an energy source. When panels placed at the back of Kekes come into contact with vehicle headlights, the graphics are even more magnified and magical. “We believe this will be captivating for the target audience – the commuters who find themselves frequently behind the Kekes in traffic while on the move and will usher a new revolution to outdoor advertising in Nigeria.” says KekeAds operations manager, Jessica Nwosu.

    Brand advertising can be enhanced with 3D effects, bright colours and high resolution and they come alive while the Kekes carrying the panels take campaign messages to all the nooks and crannies of the cities in the country where the fast growing motor tricycles popularly known as Kekes are found.

    Several brands such as Etisalat, Unilever, Top Tea and Tom Tom have benefited from the reflective display materials used on many of their outdoor advertising campaigns. The use of the reflective material effectively increases consumer recall rates and brand recognition for the campaigns. Other notable brands spotted at night using the technology include Omo, Guinness and Glo.

    Amina, a manager at Advertange said: “We hope to encourage brands to enjoy extra exposure during the dark hours with the printing technology. When used on the KekeAds innovative display system, the panels printed using Advatange’s reflective material stands out and are very easily spotted on the roads.”

    The KekeAds team has announced its plans to challenge big brands and their advertising agencies to become more creative and pioneering by adding the Keke transit media system to their media plans. Smate and Smate International Ltd, the company behind the KekeAds system have developed a creative competition aimed at encouraging creative graphic designers to design exciting campaigns for their clients’ brands using the Keke transit media.

    Esona Onuoha, the Managing director of Smate & Smate says: “We want to make the case for advertising agencies to positively contribute to business and society by getting the industry to think about itself, adapt, restructure and apply its considerable skills to the issues we face as a country, as professionals and as citizens promoting learning, exposing issues and embracing the changes we currently face, and those that we will face in the years to come.”

    The organisation expects the agencies to come out with answers to pertinent national questions and believes that some may even come out with more questions but claims that after the Creative Challenge, none will come out the same. The agencies need to come out and embrace change and participate in the Keke Transit Media 2012 Challenge.

    The Challenge is to design and write up Keke Display posters, using the inside and back panels, that would entertain, inform and inspire Nigerians as they commute daily, inside or behind the Kekes motor tricycles. There will be two categories; the first is for Public Enlightenment entries whereby creatives will demonstrate that the inside panels of the Kekes remain an effective tool that can hold passenger attention using the panel to address social issues that affect Nigerians.

    Entries are expected to tackle issues such as Safety & Security (e.g Anti-terrorism, Road safety), Health (e.g. HIV), Entertainment (e.g. Festivals/Carnivals) or any other social causes desirous of the exposure the panels will give such a campaign.

    The second category will provide an opportunity for brands to be showcased on the back panels highlighting with confidence that the panels posses the power to persuade consumers as a key communications channel as well as its ability to reach some of the most valuable and attractive advertising audiences.

    The average Nigerian leads a tough life. Long hours in heavy traffic, packed commutes and the hustle and bustle of urban living can make it hard to keep things in balance. Kekes play a vital role in restoring the equilibrium, providing affordable transportation to the millions of people who live and work in Nigerian cities.

    An advertising executive added that, “As creative advertising practitioners, we want to reach commuters at what is probably the pinnacle of their stressful lives. The goal is to remind them of the brands that enrich their lives and to enlighten them on the issues at their doorstep, encouraging them to relate with the brands and finally to gently remind them of the role they can play in making the country better.”

    Smate & Smate has put up a cash prize of N250,000 for the winners and is expecting to receive over 200 entries from across the country and in doing so highlight the passion that remains in the industry for creative advertising.

    The challenge will be the required catalyst to encourage a legion of creative people in the industry to showcase their skills and their belief in the power of the synergy the Keke motor tricycles have with commuters who are also consumers.

    Deemed by many advertising practitioners as an appealing effective way to target a wide segment of consumers such as pedestrians, road users and Keke passengers, it is clear that the Keke Advertising display system will dominate the streets in many cities where it is operational.

  • Panasonic unveils products

    Panaserv Nigeria Limited, authorised service agents for Panasonic consumer electronics products, in conjunction with Panasonic Corporation, Japan has unveiled the latest product lines for 2012. The unveiling took place during the 2012  annual Panasonic dealer’s convention held in Lagos.

    Some of the products introduced include air conditioners, flat screen televisions, home theatres and music systems, digital still cameras, camcorders, home and kitchen appliances.

    Over the years, Panasonic Corporation has maintained a firm grip on air conditioning technology, leading the way with landmark product innovations that impact living. The 2012 model Econavi dual sensor and Super Alleru Buster Filter with Econavi mono sensor air conditioners are completely inspired by nature, with great emphasis on energy conservation and optimal performance. Econavi dual and mono sensor air conditioner utilises human sensor and control programme technologies to detect where energy is normally wasted and self-adjusts cooling power to reduce energy waste. Panasonic air conditioners now guarantee a consistent supply of comfortable, clean and healthy air with minimal use of energy and inbuilt air purifying.

    According to the Promoter, Panasonic in Nigeria, Bhujraj Rupani, “Panasonic air conditioners now come with a new air purifying system called nanoe-G which utilises nano technology fine particles consisting of ions and radicals to purify the air in the room. It works effectively on airborne and adhesive micro-organisms such as bacteria, viruses and mold thus ensuring a cleaner living environment. Panasonic air conditioners remain the most reliable in temperate regions like Nigeria with its highly durable super tropical compressors which have been tested and proven in severe temperature conditions in desert regions of the Middle-East and Africa.

    The exhibition at Panasonic Dealer’s Convention also unveils Smart viera infotainment televisions with Swipe and Share. The new Smart viera infotainment television series encompasses Progressive 3D full HD, LED/LCD and plasma televisions.

  • Maltina Dance Gig berths in Benin, Warri

    Consumers, especially youth in Benin and Warri had an exciting time during the second phase of the Maltina dance gig activation for the Southsouth zone.

    At the grand finale of the Benin activation, Nelson Abraga won in the male competition. He got a 2.5 KVA generator, Tana Steveson came second, winning a 21-inch plasma TV; Maxwell Aigbekan won a home theatre system as the third prize.

    In the female contest, Stella Ebioge came first while George Titilayo and Isoso Ekhoguagbon came second and third respectively winning the same prizes as their male category.

    In Warri, after the different stages of the competition, Desmond Afure of 5, Odigbo Street, emerged victorious in the male category winning the 2.5 KVA generator prize. Osibere Roland came second winning a 21-inch plasma TV, while Leo Eromosele, an admission seeker, won the third prize of a home theatre system in the male category.

    Emilia Johnson of 22, Ekpan Street, Udu Road came first while Sajere Somia and Eva Turner came second and third respectively winning the same prizes as their male category.

    The fourth placed male and female contestants were also given a consolatory prize of sling bags each while the audience had the opportunity to relish their favourite premium malt drink-Maltina and also got branded gift items.

    Speaking during at the event, the Account Manager, Bates Cosse Limited, the agency handling the activation, Mr Olatunji Aikomo, described the turn out and the performance of the participants as very impressive. He announced that the ‘Ginger Your Swag’ train will be moving to Anambra State next week for the continuation of the activation.