The Nation Newspaper

Category: Business

  • CBN agric loan to boost food production

    CBN agric loan to boost food production

    If poperly applied and disbursed, the N200 billion commercial agriculture credit scheme set up by the Central Bank of Nigeria (CBN) to promote commercial farming can boost food production, ,the National President, Nigerian Association of Small Scale Industrialists (NASSI)), Mr Chuku Wachuku, has said.

    Wachukwu, an economist and former Director-General of the National Directorate of Employment (NDE) said in Lagos that the major constraints of farmers are access to credit to obtain inputs and processing equipment.

    With the guarantee of state governments, he said farmers can access the fund to finance the purchase of inputs and improve seeds, adding that this has a great potential of changing the lives of rural people.

    A laed consultatnt at International Centre for Entrepreneurship Development(ICED), consultant to Abia State Ochendo Agric Empowerment Scheme, Nwachukwu ,disclosed that farmers in the state have benefitted from the fund .

    According to him, loans ranging from N200,000 to N1.5 million have been allocated to farmers from the N1 billion allocated to Abia State from the CBN.

    He said N679 million has been disbursed to 741 people, describing the number as one of the highest in the country.

    The loan, he explained, were disbursed directly to the bank account of beneficiaries, after meeting stringent criteria set for them, adding that it will help farmers and boost the nation’s economy.

    Since the farmers got the loans at low interest rates, it is expected that repayment terms will be easy while huge employment and creation of agro- infrastructure are expected.

    He said one of the areas the Abia State government is supporting farmers is the dried cassava chips value-chain, which has a national potential demand of 900,000 tonnes per annum. Out of this, he said 520,000 tonnes is destined for the China export market.

    He said the government has provided loan to a processor in the state to acquire equipment ,adding it will help to increase productivity of farm families who will sell directly to the processor. In addition, Wachuku said the government is developing agro-dealers and other service providers and linking them with participating farmers.

    What makes the Abia State formula different, he explained was a Memorandum of Understanding (MoU) signed between the state government and ICED to provide entrepreneurial training for the farmers.

    The whole idea of training farmers as entrepreneurs, he said is to help them surmount the challenges that would confront them during the course of their businesses.

    He expressed belief that the fund made available would go a long way in enhancing the development of small and medium enterprises in the sector as well as helping the impoverished people in the state.

    Wachukwu said the system of using cooperatives and groups to secure loans for farmers was too expensive and ridden with fraud, adding that farmers need to be provided with easy and affordable credit.

    With the expected high repayment rate expected from the success of the strategy employed in Abia State , Wachukwu, said he will encourage other state governments to give farmers loans without going through cooperatives and groups.

    He said the approach has proven pragmatic and there are incentives to boost immediate repayment by farmers.

    The CACS which was set up in 2009 by the CBN to finance large ticket projects along the agricultural value chain was to be administered at a single digit interest rate of nine per cent over a seven year period, with state governments and the Federal Capital Territory administration expected to access a minimum of N1 billion for on-lending to farmers cooperatives or other areas of agricultural intervention that suits them.

  • Enterprise: Airtel challenges youths on collaboration

    Enterprise: Airtel challenges youths on collaboration

    Nigerian youths have been urged to collaborate to beat economic challenges frustrating their efforts at realising their entrepreneurship potential.

    Chief Marketing Officer, Airtel Nigeria, Olu Akanmu, made the call in Ikeja, Lagos, at the unveiling of Airtel Nigeria’s new thematic campaign tagged Padi Na Good Thing O. The campaign seeks to enthrone Airtel Nigeria in the minds of Nigerians as the network for friendship.

    He reminded Nigerian youths that times have changed and those who desire success must change with the times, maintaining that young people who wish to transform their talents to success must embrace collaboration.

    “In my generation,” Akanmu said, “it was common to see someone beat his/her chest and say ‘I made myself.’ But this is no longer so. Young people today flock together, thereby drawing synergy from one another on the journey to success.”

    He said the new thematic campaign was part of Airtel’s strategy to encourage the youth to cooperate, hence, the company chose Half Dollar, an upcoming musician who his friends helped to attain success to champion the campaign.

    According to the CMO, “interpretation of success has changed. Today, youths succeed with friends. When you see a Nigerian superstar from Europe in a club, he flocks with friends. That’s the story that we seek to tell with this new campaign.”

    Nigerian youths who have succeeded seem to share a common storyline, coming from humble backgrounds and succeeding with the aid of friends, associates or family. Their unique tales, according to Akanmu, can be summed up with these words: “I am going on a journey to success. I go with my friends and when I succeed, I will celebrate with my friends.”

    This is a bold endorsement that friends succeed together, hence, Airtel’s the new campaign Padi na good thing O.

    This growing trend has been identified by Airtel as a virtue and the company through its campaign has strategised to encourage youths to cash in on quality friendship to turn talents and passion into success. Fast rising music act Half Dollar, an undergraduate, has seen his music career on the path of success because his friends noticed his talent and supported him by contributing money for him to buy music equipment; helped him register in an Airtel Nigeria-sponsored talent hunt where he shone like a million stars. So, the young man is now on his way to success, which would not have been possible without his friends!

    “Half Dollar’s story typifies that of many Nigerian youths and Airtel would want to see such replicated so that many more youths can achieve their dreams,” he said.

    On his part, an elated Half Dollar, who was on hand to lend credence to the campaign, said: “My friends are my blood and Airtel is the vein. You know that without blood, you won’t be alive. But without the veins the blood cannot flow. I am very excited to be where I am today; all thanks to my friends and Airtel. Padi na good thing O!

     

  • Calypso now in 50ml unifill pack

    Calypso Coconut Liqueur, from the stable of Grand Oak Ltd., has unveiled a new 50ml pack in Lagos. The new packaging is designed to provide a platform for consumers to enjoy the product on the go.

    Speaking at the media briefing, the Category Manager, Mr Charles Nnochiri, said the 50ml pack is for the youth who are the key audience to have more fun and adventure on the go.

    “Calypso is a household brand. I am sure all of you here must have heard of Calypso at one time or the other. Calypso is an adventure brand. It is a brand that comes with a lot of fun and excitement. In fact it is the spirit of fun. We appreciate the fact that our targeted audience, mostly youths between the ages of 18 and 30 years and are a very active group and they love to have their refreshment on the go, so we decided to get a very handy, pocket friendly pack for them to continue to have fun and excitement on the fly,” he said.

    Speaking further, he noted that the company is using the brand to pioneer the unifill initiative. “The pack which can be recycled is environmentally friendly because it can easily be disposed without constituting waste to the environment,” he said.

    He encourage the youth to join the brand’s fan page at (www.facebook.com/calypsococonutliqueur) which has reached over one million fans, an indication that the brand is gaining more acceptance.

    Encouraging more people to join the fan page, he said it was an opportunity for them to win prizes and tickets to cinemas at the weekends.

    He said Calypso had, in the past, held Campus Blast on various campuses in Nigeria and that the brand was engaging the NYSC since the focus is on the youth.

     

    “We are involved in a lot of campus activities such as Campus Blast and also associating with the NYSC by having a lot of Camp Blast. The youth are very upward and forward looking people and we are proud to be associated with them,” he said.

    Calypso Coconut Liqueur is a special tropical coconut flavoured liqueur that is carefully blended for lovers of fun and excitement.

    This unique blend evokes the feeling of adventure, fun, independence, breeze, sunshine, and excitement associated with the tropics. It is an age old secret shared by generations of people of taste and class, and can be enjoyed in many different ways-straight or on the rocks, or along with cola, tonic or even milk.

     

     

     

  • New advert campaign for President Brut

    TO reposition President Brut, a premium Italian sparkling white wine from the stable of Brian Munro in the Nigerian market, a new advertising campaign dubbed ‘Only One President” has been unveiled to admiration of consumers and non-consumers.

    According to the brand promoters, the campaign theme, which is “Only One President” expresses the brand’s top ‘Presidential’ positioning in the sparkling wine category.

    Speaking on the new advertising campaign, Managing Director of Brian Munro Limited Mr Paul Wilson, said this campaign is set to promote President Brut as a premium Italian sparkling wine of distinction, which pops and is good for every occasion.

    President Brut is made from a selection of the finest grapes and has a rich and well-balanced taste being a less expensive alternative to champagne.

    He said the campaign was based on the excellent taste and its value for money.

    President Brut comes in a 75cl bottle, each boxed in an elegant individual gift pack, with six in a carton. The brand has a strong heritage and it is in the top category of sparkling wines, which explains its great popularity with wine lovers in Nigeria and across the world.

    The new ad campaign according to Wilson will take a 360 degree format of electronics, outdoor, print and activation.

     

     

  • Nigeria issues N75b in bonds

    Nigeria issues N75b in bonds

    Nigeria sold N75 billion ($476.10 million) worth of five, seven and 10-year sovereign bonds maturing in 2017, 2019 and 2022 at an auction on Wednesday, with yields inching up by just more than 70 basis points.

    Nigeria, sub-Saharan Africa’s second biggest bond market was included in the JP Morgan’s Government Bond Index for emerging markets (GBI-EM) on Oct.ober 1, spurring an initial rapid fall in yields in local bond as investors took positions.

    The inclusion in the JP Morgan index is expected to attract about $1.5 billion in offshore investment in the local bond market, the bank says.

    Nigeria sold N15 billion in the five-year bond at 13.68 per cent, compared with 12.93 per cent last month, and N30 billion apiece in the 7-year and 10-year bond at 13.74 per cent and 13.50 percent.

    The seven-year bond was issued at 12.90 per cent previously, while the debt office issued the 10-year note at 15.90 per cent at the August auction, the last time it was issued.

    Traders said a more than 300 basis point fall in yields last month provided an opportunity for many investors to sell, pushing yields back up.

    Total subscription for the notes stood at N144.32 billion compared with N82.94 billion last month.

    Africa’s second-biggest economy issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

  • Sweat shirts for the season

    Sweat shirts for the season

    This cold weather, one needs a sweat shirt. It helps to keep the body warm and protect it from illnesses. 

    The demand for sweat shirts has increased, during this rainy season. Wearing one over your cloth will protect it from getting dirty during your journey to the office, especially on a rainy day. It covers the pores of the skin and provides warmth.

    The sweat shirts are sold in boutiques and markets around you. There are various colours and sizes depending on your preference. If you have a good maintenance culture, you can go for the bright ones, but if it is the other way round, it is advisable to go for the dark ones – brown or black.

    Just like shopping for normal outfits, there are various ranges: the new and the fairly used ones. Even though the new ones are most advisable, no one will tell you to spend outside your budget, since the fairly used ones are cheaper. Pick your choice.

    The interesting thing about shopping is having a commodity, which will serve you better when compared to the money you have actually paid to have it. It is quite cheap, depending on where you are purchasing it.

    But when purchasing the fairly used ones, you should first give it a good look before paying for it, to avoid problems associated with fairly used clothes. You should ensure you reach a good bargain also.

    The price is not certain. But the area you are purchasing it is a determinant. In areas on the Island, their prices are known to be expensive than other places. But ensure you purchase the best of its kind.

    It may surprise you to know the sweat shirt produces heat on its own to keep the body warm.

    Even after getting it off, the body still feels warm for a short period before adjusting to the normal weather of the environment. Therefore, one can say that the sweat shirt has an after effect.

  • IITA chief canvasses redoubled efforts to save Africa

    The Director-General of the International Institute of Tropical Agriculture (IITA), Dr Nteranya Sanginga, has called on world leaders and other stakeholders to redouble efforts to save Africa from the pangs of hunger and poverty.

    Sanginga spoke at the 21st Annual Congress of the Nigerian Rural Sociological Association (NRSA) held at the University of Ibadan

    “Challenges to food security in Africa are huge, and the barriers to wealth creation, food security, improved nutrition, and sustainable management of natural resources in sub-Saharan Africa are on several fronts,”he said.

    For instance, Africa’s population growth remains high compared to other regions (2.4per cent in sub-Saharan Africa) against 1.3 per cent in non-African countries.

    In addition, the urban population is rapidly growing, putting pressure on the rural areas to produce more food at affordable prices. There is also the problem of depletion of soil nutrients, which if left unchecked, could have catastrophic effects. Furthermore, destructive agricultural practices along forest margins in Africa aggravate deforestation.

    “While the attainment of food security is a huge and increasing challenge, production per unit area has not increased as elsewhere in the world, and increments in total production have come at the expense of the natural resource base,” he said.

    “Clearly there is much work to be done in sub-Saharan Africa,” he emphasised.

    To save the situation, Sanginga, who was represented by the Deputy Director General, Partnerships and Capacity Development, Dr Kenton Dashiell, said :“There is a need for the adoption of sustainable intensification of agricultural production practices to conserve and recycle soil nutrients and reduce the need for clearing new lands for agricultural production.”

    This approach, he said, would increase agricultural productivity. Besides agricultural productivity, food availability, and food safety; adding that the agric sector’s overall performance must all be increased against the backdrop of a growing and larger, more urban population, uncertain effects of climate, increased demand for energy, disease pandemics, rural-to-urban migration, and, in some cases, civil strife.

  • Reps to restructure 2013 budget

    Reps to restructure 2013 budget

    The House of Representatives said yesterday it would restructure the 2013 budget proposal in favour of capital projects.

    During the conclusion of a debate on the N4.9trillion budget, members of the House also insisted on going by its $80 oil price benchmark, against the President’s $75 contained in the appropriation.

    The lawmakers expressed disappointment at the marginal improvement of five per cent in capital expenditure from the 2012 budget.

    This prompted the Speaker, Aminu Tambuwal, to convey the decision of the House to Committees on Appropriation, Finance and relevant standing Committees to divert funds that are not essential to some Ministries, Departments and Agencies (MDA) to Capital expenditure.

    The bill scaled second reading.

    He said: “The said Committees should painstakingly go through the proposal and ensure that only those things that are essential and necessary for the development of those MDAs are allowed to pass.

    “The savings should be committed to areas of necessary capital side of the budget and more importantly to areas where we can make the best of provisions of the budget to our teeming youths”.

    At the commencement of the debate in which about 50 lawmakers contributed, Chairman, House Committee on Finance, Abdulmumin Jubrin, who defended the $80 oil price benchmark, said the budget proposal already has credibility challenge as most MDAs have no knowledge of the document.

    He said while interacting with some critical MDAs during the consideration of the 2013-2915 Mid Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), the Joint Committee had to avail the MDAs the document.

    Jubrin, who called for the investigation of the Bureau of Public Procurement (BPP) and the Ministry of Finance, said, the inability of most MDAs to fully utilise their funds might be as a result of connivance, that makes accessibility of the allocation almost impossible.

    Also, the Minority Leader, Femi Gbajabiamila questioned the rationale behind the deliberate reduction of revenue accruing to a government that was bent on borrowing hugely to service it’s budget.

    He said there was no logic to some waivers granted through Presidential fiat, and called for tighter control of waivers through constitutional provisions.

    Pally Iriase (ACN, Edo) said the budget proposal was fraught with ambiguities as actual allocation for capital expenditure was grossly inadequate.

    He urged his colleagues not to play politics with the budget, saying several items captured under Capital Supplementation were not clear.

    Victor Ogene (APGA, Anambra) urged the House not to back down on the $80 benchmark, stressing that it was the tradition of the Executive to raise dust whenever the National Assembly wants to scrutinise the budget.

    Farouk Lawan (Kano, PDP) regretted that the government has no strategy on how to exit the country’s mounting domestic debts. He questioned the waiver in aviation sector, saying it might be exploited by some people to import private jets.

    Minority Whip (ACN, Edo), Aminu Jonathan (PDP, Plateau), Makinde Rotimi (ACN, Osun) and others that spoke, enjoined their colleagues to be firm with the decision to stand on the full implementation of the budget when it becomes operation.

  • Millionaires emerge in Indomie promo

    Millionaires emerge in Indomie promo

    More millionaires have emerged in the ongoing Indomie Super Millionaire promo during the third draw held in Lagos last Thursday.

    The winners include seven lucky winners of the star prize money of N1 million while several others won lofty prizes such as Ipads, refrigerators, laptops, plasma TVs, washing machines, Blackberry phones, music systems, air conditioners and microwave ovens, while several others won cartons of indomie as consolatory prizes.

    The draw, which took place at the head office of Dufil Prima Foods Plc, was witnessed by the representatives of the National Lottery Regulatory Commission (NLRC), the Advertising Practitioners Council of Nigeria (APCON), the Weekend Editor of Nigerian Compass Newspaper, Mr Chuka Nnabuife and other members of the media to ensure transparency and credibility.

    Speaking at the event, the Public Relations and Event Co-ordinator Manager of Dufil Prima Foods Plc., Mr Tope Ashiwaju expressed his gratitude to the relevant stakeholders involved in the promo who have taken time out of their busy schedule to attend this week’s draw.

    He disclosed that the key reason why the company invited all relevant stakeholders to witness the draw is to ensure transparency and authenticity of the promo and also show to the public that not all promo are scams.

    He further encouraged other consumers that are yet to send in their entries to quickly do so by purchasing a promo carton of their favourite Indomie noodles, check the wrapper for the code and text the code to 20050 and get a confirmation text immediately stating that all entries which are being received stand an equal chance of winning.

    At the end of the third week draw, another seven participants emerged lucky winners of the N1 million star prize each while other prizes are one Apple iPad, two refrigerators, four laptops, four plasma TVs, four washing machines, five Blackberry phones, five cooking range, five music systems, five air-conditioners and five microwaves, ovens while several others won cartons of Indomie as consolatory prizes

    The Head of Regulation and Monitoring, National Lottery Regulatory Commission, Mr Jude Ogaga praised Dufil Prima Foods Plc for the clear and sincere approach in which the promo has been conducted so far.

    “I am deeply impressed and satisfied with the manner in which the draws have been conducted for the first week which it started. It is always a pleasure to witness a draw which is transparent and free of any type of blemish,” he said

    Nnabuife expressed satisfaction with the process of the draw which he described as fair and translucent.

    It would be recalled that Indomie recently introduced the Super Millionaire promo to reward its esteemed customers for their patronage and brand loyalty.

     

  • AAAN to hold LAIF award

    The Association of Advertising Agencies of Nigeria (AAAN) has concluded plans to hold the 2012 LAIF awards. The awards, which has the theme: The best of LAIF, will feature Steve Evans, CEO of Etisalat Nigeria as chairman of the grand finale and award dinner scheduled for November 3 at the Federal Palace Hotel Victoria Island, Lagos.

    The awards, started in 2006 with the aim of recognising, rewarding and fostering creative excellence in all areas of marketing communications, has come to be regarded as the country’s version of Cannes – the global advertising, film and creative festival.

    This year’s edition sees the introduction of new award categories including the Young LAIFERS Award. The Young Laifer category is aimed at promoting excellence in brand strategy development as well as encouraging craftsmanship in young practitioners. This new category is intended for young practitioners less than 30 years of age, working within a recognised advertising organisation.

     

    President of the Association and the outgoing Chairman of LAIF Management Board Bunmi Oke, said the LAIF awards is the most credible creative rating in the Nigerian creative industry and the awards will soon expand beyond Nigeria to West Africa and the African continent.