The Nation Newspaper

Category: Business

  • How to buy a good rug

    The most important step in buying a good rug is to find a rug dealer you can trust. The best rug dealers are those who love to share their knowledge with you to enable you make the right choice.

    Some of the finest, ones can be found at Nobel Carpets and rugs located at 44, Eric Moore Road, Surulere, Lagos, Btr Commercial Enterprises, 7/9 Itire Road, Surulere, Lagos, Duluxe Carpet located at 67 Awolowo Road, Ikeja, Lagos.

    At the Ojuwoye market, Mushin, Lagos, a fairly used plain rug which has no design is sold for N30,000 depending on the size. A yard is N4,000. The price of fairly Persian rugs range, from N60,000 to N120,000 depending on the quality. It costs N8,000 per yard and has hard textual quality.

    Before you head to the rug store, measure the area the rug will cover. Remember, you should probably have a border of flooring all the way around the rug. Allow for a range of sizes; the greater the range the more choices you will have. Consider if you will prefer traditional rug or those with contemporary designs. To guide your decision, you may consider getting an interior designer to help you find a suitable one. But remember, the rug dealer’s focus will be on quality. Yours will be on what you like. Listen to all, but mostly to yourself. Ensure that the pattern of rug does not clash with the curtains.

  • Local designs affordable, resourceful

    Local designs affordable, resourceful

    Local designs have gained prominence and dot various social and corporate events in and outside the country.

    The Nigerian native attire remains the toast of many gatherings but with a difference. Its increased popularity has spurred many designers to create contemporary outfits that could be worn for all occasions. From the boutique in your neighbourhood, the market closest to you, to the high brow stores and major markets across the country, it is interesting to see an array of local fabrics sewn stylishly that make the wearer stand out at any gathering.

    They are richly designed and very affordable. Almost every market has a section for local fabrics as well as tailored ones but they are cheaper at specialised markets, such as Balogun and Gotta in Lagos Island, Itokun in Abeokuta and Gbagi in Ibadan. Many notable fashion designers get their materials and accessories from these markets for their trendy designs attires which they display in malls and boutiques. Some export them abroad and make huge profit from their sales because of its high demand in various parts of the world.

    In the past, people wore native attires mostly for cultural and traditional events, such as weddings, festivals, christening and burial. Even at that, it was optional – only the core traditionalists imbibed it. But today, the case is different. Local designs dot every social gathering you can think of. Many wear them at corporate events. It is also trendy in offices; many people use them to make beautiful styles with a mix of corporate flavour.

    In the past, many red carpet events flaunted clothes, shoes and accessories by western designers. But these days, many are proud to say their outfits have been made from local fabrics. This was also a major observation last Saturday, during the 2013 Hip hop World award ceremony otherwise called ‘The Headies’. Unlike previous editions of the show where people made a show of wearing outfits from foreign designers, most of those interviewed by Hip TV on the Yellow carpet said their clothes were sourced locally.

    The Managing Director, Faculus Fashion, a high brow fashion outfit on Adenekan Salako Close, Ogba, Lagos, Mr Dele Faculude Olowe highlighted the uniqueness of local designs and gave tips on how to shop for them.

    He said: “Great respect is now accorded native fabrics and that is what it should be. This time things have changed. People wearing native to the office helps us to have customers. There are certain things to consider while buying native fabrics. If it is lace fabric for instance, look at the quality of the material. Look at the fabric and not just the embroidery. You have to be sure that it is 100 per cent cotton. The best lace is Swiss. It is our job, so we know the fabrics very well. It is also advisable to buy from different stores, except you discover a seller who is honest. You can also know the quality through the price. As far as I am concerned, I will tell you; this must be more expensive than this.”

    On shopping for Guinea brocade, he said: “If you do not know it, you may buy the fake as original. Look at the label. The best among them is Jetsner. It depends on the shop and the price. The same applies to Ankara, wooden and other local fabrics. You have to know them very well, to be able to identify the fake from the original. Many of my customers rely on me to help them spot the original when they are shopping. But it is something you can also do for yourself, if you are very observant”.

    His outfit, Faculus Fashion, sited between two banks is a port of call for managing directors of several companies, local government chairmen, retired generals, government functionaries, prominent men in the society and the middle class.

    Having been in the trade for over 40 years, he seems to have established himself with a particular set of customers. “We sew for selected people. It is classy and not expensive. At the same time, we do not want every Tom Dick and Harry. My clients are mainly in their 40s and 50s. You know, the set of people who are highly responsible and value our native attires”, he said.

    “We only sew for men. I create my designs. I give each design a number, so when you are coming again, we make sure we do not repeat it. When I do a particular design, I put it under your name. I thank God for one thing. About 80 per cent of customers for the past 20 years are still with me.”

    Some of the designs are: long caftan, agbada, danshiki, buba and sokoto. Embroidery and stitches are skillfully incorporated to form unique styles.

    “We receive fabrics and sew. We buy for the customer on request. The fabrics we work on are Guinea brocade, wooden, linen, lace, adire and other local fabrics.

    With about N25,000 one can get a trendy Guinea brocade. You can buy five yards of the fabric for N18,000. Italian linen costs less than N20,000 while Bankok linen costs N12,000.

    The company name Faculus, was coined from his name, Faculude.

    Despite the progress of local designs, he noted that the erratic power supply is a major challenge in the trade.

    “Power supply is a major impediment. We spend so much on alternative power. It is not helping us. If the government can do something about electricity, Nigeria will grow. If they can just take care of that area, other things will follow.”

    Speaking of his sustainability in the business, he said: “I give thanks to God and my clients. They love me and assist me.”

    He expressed disappointment at financial institutions saying: “Banks are not helping issues. They do not give loans. The interest rate is too high.”

    He gave a piece of advice to shoppers: “Some people do not have taste. The best thing is to look out for a good designer who would clothe you properly.”

  • Mimicking kalo-kalo with coin dispensing ATMs

    Gone are the days when slot machines popularly known as kalo-kalo was democratised in Lagos. Then, you do not have to visit a hotel casino to play the money game. Almost all the major streets in Lagos had jackpot shops. The game was as popular as Premier Lotto was (Baba Ijebu) is in Lagos today. How time flies.

    To play jackpot in Lagos today, you must be ready to visit a highbrow hotel. Jackpot has become exclusive game for the higher class. I hope lotto will not suffer similar fate in the future. I pray not. My prayer is not because of my love for the game. Rather the number of people lotto businesses have gainfully employed in the state. If you doubt my enthusiasm, take a census of the red-coloured PoS terminals at bus stops, market places, and open areas in Lagos.

    I remember my first and last slot machine game at a corner shop in Mushin, Lagos. It was a wet evening in November 1986. I had always been tempted to enter the jackpot shop whenever, a passed through this particular street. This day I decided to look at what was going on in the shop. Alas, I met three drunk elderly men in the shop playing the monies game.

    The first thing that attracted me was the flashing lights. The light was on each of the machines. The machine were carefully designed and installed to attract the players. After watching these elderly playing and packing many coins dispensed by the slot machines, my appetite grew the more. After a brief hesitation, I approached one of the slot machines; I put One Kobo coin into the coin slot and draw the handle. The machine did not dispense anything at the first two attempts.

    However, on my third attempt, the machine dispensed 20 coins in One Kobo denominations. At that point, I became very greedy and wanted to win more. I slotted my entire jackpot and remaining 70k on me but the machine refused to dispense again. I became very sad with myself.

    As I was stepping out of the shop, my big cousin sighted me and he shook his head. Two days, later he asked me of my experience at the casino. He asked me if I want to be like the men, I met at the shop playing the game, of which my answer was negative. That was how my cousin talked me out of going to casino.

    However, 26 years after, the Central Bank of Nigeria (CBN) is making me to recollect my street education at the street corner casino. When I read it in the newspapers sometimes ago that the apex bank will facilitate the introduction of ATM that can dispense coins to encourage the citizens imbibe the culture of spending them, I immediately pictures myself drawing the slot machine handle.

    The Head of Shared Services, CBN, Mr. Chidi Umeano had told the News Agency of Nigeria in Lagos that the plan was in tune with the currency restructuring exercise. He said the coins dispensing ATMs would hasten the acceptance of coins by Nigerians and change the misconception about their use.

    Umeano said, “To achieve this plan, what is needed is to facilitate the inclusion of a process called ‘add-on’ to the ATMs. “Good enough, the existing ATMs have the add-on feature that will easily make them adapt to coins dispensing.”

    He said that the apex bank would ensure that newly deployed ATMs had the add-on‘ feature among others. Umeano said, “It is very possible to achieve Automated Teller Machines that will dispense coins. This add-on feature can be activated on the ATMs at any time by the CBN and this is not new because it is being practiced in advanced countries. “This proposal is in consonance with our cash-less policy and also in line with the CBN’s effort to encourage Nigerians to appreciate coins.”

    To the best of my understanding, I do not see how cash machine whether note or coin dispensing complement cashless initiative. The cash-dispensing feature of an ATM has never been cashless friendly because it only stimulates the desire of consumers to use cash.

    What cashless scheme entails are the end-to-end cashless transactions that cut off the usage of cash in consumer purchases. This is the reason that Point of Sale (PoS) terminals and web are the preferred platforms for cashless initiatives. I think issue of coins dispensing ATMs is unnecessary distraction to the cashless initiative drive.

    SOLA FANAWOPO, specialist communication analyst contributed this piece from Lagos

  • Shoppers love fun, too

    Yes, shoppers may be looking for bargains, but they also value a fun and entertaining shopping experience. If you provide that, the customers will keep coming.

    Since it costs five times as much to acquire a new customer than to retain an existing one; and dissatisfied customers vote with their feet, smart retailers pay very close attention to customer relations.

    This means that every employee needs to treat every customer like the precious resource they are, since they are the future of your store. Be proactive about making changes to merchandise, prices and customer service programmes. Staying in-tune with your customer is the key to staying on top.

    Once you have set up your store based on the above, it’s time to get the customers in. The Los Angeles Times recently had an article listing some examples of in-store promotions being used by retailers. These will give you some ideas on how to create your own in-store promotions. These include holding parties, offering loyalty discounts, providing classes and career counseling to get catch the interest of customers.

    Some stores team up with local medical practitioners to offer free blood pressure and breast cancer screenings and conduct free nutrition workshops.

    Some even host a cocktail party and initiate a reward programme that gives customers a certain discount every time they spend up to a particular amount. This is the kind of thing MTN is doing with its five* bonus. It gives its customers a target of spending N200 air time and winning N1,000 airtime, which expires 12 midnight same day. Other networks have also taken to similar promos.

    Some give free gifts at the purchase of a particular item. For instance, Samsung is currently running a promo whereby if you buy its new refrigerator, you get a smart camera or galaxy pocket for free.

    Some shops offer sewing and craft workshops. This is common among sugar craft artists. While holding exhibitions, they also engage in workshops and training for interested shoppers.

    They enlist a career coach who offers guidance to customers on home making and do-it-yourself activities.

    Many shopping malls offer leisure and entertainment options. Many provide children’s court where the kids could catch fun while their parents shop. Even smaller stores which do not have so much space to spare also make provision of sort to enable shoppers catch fun. It could be in the provision of cable TV for shoppers who walk in to watch the Premiership and great movies.

    Keep in mind that once the customer is in the store, your focus should be on merchandising. Avoid filling racks with discounted products and minimal staff. Merchandisers should move appealing products to the front and promote by using eye-catching displays.

    Maintain the value of your retail brand with a clean and well-presented store front. Regardless of the economy, consumers want to enjoy their shopping experience. Make sure your store front is warm and inviting get-away from the daily economic downturn.

    Perhaps this was what inspired the revamp of Popular retail brand, Marks & Spencer. It is wheeling out an array of props including mopeds and pasta machines as part of a £600million revamp of its shop floors, which will see stores within stores created for its clothing ranges and the return of delicatessen counters. Its chief executive, Marc Bolland, ordered the believing that, despite £2bn spent by his predecessor Sir Stuart Rose on modernising the estate, the shops remain stubbornly difficult to navigate and less than inspiring. The new design is already being tried in 16 stores around the United Kingdom, including the new outlet at Westfield Stratford City in east London. Bolland chose to show off the new concept not in Stratford, but with a tour of the M&S branch in High Street Kensington. He believes that the revamp revamp will boost sales by £1billion to £1.5billion over three years. The same has also been done for the grocery section. Taking inspiration from organic farmers’ markets, the food hall shelves have been clad in wood and galvanised steel, and the bakery produces sourdough bread as well as the usual croissants. The flowers are in zinc rather than plastic buckets, mounted on wooden crates.

    This is what distinguishes famous brands all over the world. They have maintained their reputation over the years by bringing creativity and innovation into their acts and making changes where necessary.

    Keep in touch with your retail results. Use your store technology to know what promotions are effective and where consumer experiences are lacking.

    Use your POS system to assess customer purchase and return history that verifies customer satisfaction, allowing you to offer new items at preferential pricing that a valued customer might want.

    Using information on your customers, their demand and some market intelligence, leverage that knowledge to build a strategic, targeted approach to pricing, promotion, assortment and other crucial merchandising functions.

    Take a look at whether the category roles and image items you identify are really perceived that way by your customers. For example, do your traffic drivers actually yield profitable traffic or do they encourage cherry-pickers? The technology you have in your store can help you determine the answer.

  • World Bank forecasts $20b agric earnings for Africa

    World Bank forecasts $20b agric earnings for Africa

    THE African continent would generate an extra $20 billion in yearly earnings if African leaders can agree to dismantle trade barriers that blunt more regional dynamism, the World Bank has said. It disclosed this in a report released on the eve of an African Union (AU) ministerial summit in Addis Ababa on agriculture and trade.

    In a statement, the bank said that Africa’s farmers can potentially grow enough food to feed the continent and avert future food crises if countries remove cross-border restrictions on the food trade within the region.

    The report urged African leaders to improve trade so that food can move more freely between countries and from fertile areas to those where communities are suffering food shortages. “The World Bank expects demand for food in Africa to double by the year 2020 as people increasingly leave the countryside and move to the continent’s cities,” it said.

    According to the new report, Africa Can Help Feed Africa: Removing barriers to regional trade in food staples ¯ rapid urbanisation will challenge the ability of farmers to ship their cereals and other foods to consumers when the nearest trade market is just across a national border.

    It said that countries south of the Sahara, could significantly boost their food trade over the next several years to manage the deadly impact of worsening drought, rising food prices, rapid population growth, and volatile weather patterns.

    With many African farmers effectively cut off from the high-yield seeds, and the affordable fertilizers and pesticides needed to expand their crop production, the continent has turned to foreign imports to meet its growing needs in staple foods.

    “Africa has the ability to grow and deliver good quality food to put on the dinner tables of the continent’s families. “However, this potential is not being realised because farmers face more trade barriers in getting their food to market than anywhere else in the world. Too often borders get in the way of getting food to homes and communities, which are struggling with too little to eat,” Makhtar Diop, World Bank Vice President for Africa said.

    The new report suggests that if the continent’s leaders can embrace more dynamic inter-regional trade, Africa’s farmers, the majority of whom are women, could potentially meet the continent’s rising demand and benefit from a major growth opportunity. It would also create more jobs in services such as distribution, while reducing poverty and cutting back on expensive food imports. Africa’s production of staple foods is worth at least $50 billion a year.

  • Odu’a Farmers Academy admits 500 OYES cadets

    Over 500 members of the Osun State Youths Empowerment Scheme (‘O’ Yes) have been admitted into Odu’a Farmers’ Academy for a six-month practical training in modern farming.

    The cadets, who are mainly young men released from the scheme by the Osun State Governor, Ogbeni Rauf Aregbesola, for the training, will be exposed to modern techniques in the management of food crops, horticulture and rearing of commercial livestock.

    The courses include commercial crop production (maize, water melon, vegetable, pepper, tomatoes) livestock production and short courses on project management and aquaculture.

    The move by the state government to engage the youth in mechanised farming is aimed at helping to plug the shortage of food production in the state.

    Aregbesola said with the training, the agricultural potential of the state would be developed, adding that food would be made available and at low price to the people.

    The governor had disclosed that the focus of his administration would be on industrialising the state through farming and provision of essential facilities to better the living standard of the people of the state.

    The Group Managing Director (GMD) of Odu’a Investment Company Limited, Mr Adebayo Jimoh, while receiving the students, said the academy was established to provide the highest level of qualitative and modern training for new and emerging commercial farmers in viable food commodities to sustain food security in Nigeria.

    He said the cadets would be exposed to theory and practice of farming and this would bring about an alternative to the old traditional way of farming.

    The Odu’a boss noted that the trainees would enjoy an after-training follow-up and support by the government through their local governments in making available lands and soft loans for their take-off at the end of the programme.

    The academy situated at the old farm centre, (AISU) Ede, near Abere in Osun State provides training for commercial farmers in food commodities.

    It will assist trainees in planning and laying out farms and farm estates, processing, farm business management and executing trainer’s feasibility and writing bankable proposal.

  • FIIRO, firms to boost tomato production

    The Federal Institute of Industrial Research, Oshodi (FIIRO) and two companies are set to boost tomato production and processing.

    The two firms are Talon Group Nigeria and Alvan Blanch of the United Kingdom.

    Speaking with The Nation, after her meeting with representatives of the company, last week, the Director General of FIIRO, Dr Gloria Elemo, said more than 50 per cent of harvested tomatoes spoil due to inadequate processing and packaging facilities.

    According to her, the nutritional value of tomato makes it one of the most popular items. There are many reasons for processing tomatoes. The major one, she noted, is ensuring the product is available all-year round with preservation.

    As its commercial value increases, Dr Elemo said efficient processing was important to facilitate healthy movement of the produce to the market.

    She said the produce would be processed into various products, such as sauce, paste, ketchup, chutney, puree, jam, juice or squash, and base of other sauces.

    In the tomato value chain, she noted that farmers and other actors have been applying inferior production approach in harvesting and post-harvesting technologies, leading to a high level of tomato loss and price fluctuations.

    Dr Elemo said FIIRO would like to make technology for processing tomatoes affordable at middle and large-scale levels.

    She said the institute wanted to improve processing throughout the main production areas and to support farmers within geographic clusters in the production and marketing of tomatoes.

    According to her, development of the processing sector may stimulate quality production practices among suppliers.

    She expressed the hope that the collaboration will strengthen small enterprises, enhance productivity/ profitability and off-farm incomes through increased access to markets and services.

    The Managing Director, Alvan Blanch, Mr Andew Blanch, said his company has helped farmers access hi-tech engineering equipment that enabled them to expand product range, improve product quality and meet the needs of more discerning customers while increasing their earnings.

  • Excess Crude Account: Fed Govt raises peace team

    Excess Crude Account: Fed Govt raises peace team

    Ahead of the November 22 date for the submission of the report of settlement of the Excess Crude Account (ECA) or the taking of motions, the Federal Government has raised a team to study terms for out of court settlement on the dispute between it and the states.

    The Nation learnt that the Federal Government might not be able to refund the deducted cash being demanded by the states, rather it wants to rely on judicial pronouncement to resolve the matter following what it considers as ‘huge’claims from the states.

    The states are insisting on the refund of the money illegally deducted from the Federation Account to fund the Excess Crude Account, having submitted their demands, upon which they can settle out of court.

    “We have forwarded the terms we thought could serve as the roadmaps for the resolution of the dispute on the illegality of the ECA.

    “First of all, the Federal Government should own up to the fact that the Account is illegal. The Federal Government cannot deduct any money from the Federation Account. The establishment and operation of and its unilateral deductions from the Excess Crude Account during the period between 2004 -2007 were inconsistent with the provisions of Section 162 of the 1999 Constitution.

    “The states are also asking for full refund of the funds illegally deducted or diverted to fund the illegal Excess Crude Account. No state has less than N30 billion to collect if the out of court settlement sails through.

    “We have facts, based on oil price and budget benchmark, to prove beyond reasonable doubt that the Federal Government can effect refund of the outstanding sum.

    “We also have issues concerning signature bonuses and JV.”

    They are asking the Federal Government to bear the legal costs and the professional fees of the lawyers for a the parties. The amount is to be paid within seven days of the execution of the Terms of Settlement, directly to the Plaintiff’s lead counsel.

    “The states are demanding equitable shares corresponding to each state and local government council monetary values in the National Integrated Power Project (NIPP), Railway Modernisation Deductions and Ibom Power Plant Project Deductions.

    “To start with, they want a the assets, including contracts of the NIPP, which was paid for using about $8.425 billion from the Federation Account to be clearly identified, inventoried and valued by a competent and reputable Nigerian accounting firm.”

    A source in the government said: “We have got a copy of the terms of settlement and a team headed by the Permanent Secretary of the Federal Ministry of Justice is looking into these conditions.

    “But some of the conditions are spurious and untenable. For instance, why will they ask the Federal Government to bear the legal costs and the professional fees of the lawyers for all the parties?”

  • Ministry to import 173,000 tonnes of fertiliser

    The Federal Government will import 173,000 tonnes of fertiliser to boost agricultural production next year.

    According to a statement by Dr Olukayode Oyeleye, the Special Assistant to the Minister of Agriculture and Rural Development Dr Akinwumi Adesina, the importation would add up to the 260,000 tonnes to be produced locally by December.

    “For fertiliser, although 610,000 tonnes are expected by December, records from the ministry show that 167,540 tonnes are available, going by feelers from those that have responded to our inquiries on availability.

    “We wrote to about 12 fertiliser companies and six of those that performed well have sent their stock position to us, on what they can produce between now and December.

    “Efforts are already being made to import 173,000 tonnes and produce 260,000 tonnes locally by December,” the minister said.

    Adesina also said the ministry had started ‘fast-track measures’ to increase food production through dry season planting before the end of year.

    “This is to forestall food shortage following the flood disaster in many states of the country,” Adesina said.

    To forestall the crisis, he said that the ministry had begun a ‘double-up farming’ to ensure rapid response and enhanced productivity.

    He directed the directors to register farmers and assist those already registered on the platform of the Growth Enhancement Scheme (GES) for more food production.

    Adesina spoke at a meeting with directors and heads of departments nof the ministry.

  • MTN woos customers

    MTN woos customers

    New and existing customers, on the MTN network, are getting more value for their money as MTN has rolled out another mouth-watering package, the MTN Wow Weekend, which offers subscribers double the amount of recharge made on weekends.

    The MTN Wow Weekend, just like the other exciting and engaging packages being offered on the MTN network, will enable subscribers talk more, laugh more and love more.

    Speaking on the Wow Weekend Package, Larry Annetts, the Chief Marketing Officer, MTN Nigeria, affirmed that MTN is committed to initiating innovative and exciting packages that will not just excite its consumers but offer them the opportunity to do more of what they love.

    “MTN Wow weekend allows you to get instant 100 per cent bonus airtime on every recharge you make, which is double the amount. If ,for instance, you recharge your phone with N200 worth of credit, you get an additional N200 for MTN- to- MTN calls. It’s another way of helping our customers bond more and connect better with family and friends, especially at weekends when everyone should be taking time out to relax,” he stated.

    To enjoy this exciting offering, subscribers are encouraged to load airtime from 6pm on Fridays using the code *888* the 12- digit PIN # and send. You, instantly, get 100% bonus to make calls to MTN lines.