The Nation Newspaper

Category: Business

  • Farmers get inputs in Adamawa

    Agricultural inputs worth more than N7 million were in Yola distributed to 27 farmers’ groups from nine local government areas of Adamawa. The Project Manager of the Agricultural Development Project (ADP) in Adamawa, Mr Chris Maxwell,gave the figure during the distribution of the items.

    Maxwell said the inputs distributed were under the community-based agriculture and rural development project.

    He said: “Last year under the programme, assorted agricultural inputs worth N15 million were distributed, and similarly this year, items worth more than N7 million will be distributed to farmers.

    “These include 10 groundnut oil extractors, 14 sewing machines, 135 cockerels, and 10 pigs among others.”

    He said the objective of the project was to contribute to national food security and increase access to rural infrastructure in the project areas.

    The programme manager appealed to the state government and benefiting local governments to support the project by redeeming their counterpart funds.

    In his keynote address, Permanent Secretary, state Ministry of Agriculture, Malam Jafaru Gabdo, expressed government’s satisfaction for the project manager for services rendered in the state.

    “The state government on its part will give necessary, enabling environment for the partnership and government is aware of the counterpart funds arrears being owed and will liaise with relevant authorities for immediate settlement,” Gabdo said.

    He urged the benefiting groups to utilise the items judiciously to improve agricultural production and income generation for the citizenry.

  • … And DDB Lagos goes to Miami

    As the popular saying goes, the advertising world stage waits for no one, and certainly no agency. It’s constantly evolving with new players, new media and new ideas that turn yesterday’s brilliant campaigns into today’s clichés. Take for example the use of flash mobs in generating attention for a brand. Although original when first introduced, its novelty and intended desire of wowing the general public has worn off considerably. It therefore takes dynamic and perceptive minds, as well as taut leadership to stay ahead in the competitive landscape, be it local or global.

    DDB Lagos, one of Nigeria’s foremost advertising agencies for the last 25 years continues to demonstrate that they are up to this task. With a backdrop of several pitch wins which include GTAssur (now Mansard), UBA, FCMB, Girlhub (The Nike Foundation), Mainstreet Bank as well as launching several milestone campaigns for brands such as MTN Nigeria and Mouka Foam, DDB Lagos is now taking unprecedented steps to benchmark its creative talent with global standards.

    Enter Miami Ad School, one of the world’s best advertising schools. Renowned globally for the quality of its graduates, Miami Ad School continues to break barriers in every advertising field and churn out fresh creative minds. It is noteworthy that Miami Ad School graduates have received more creative awards – the Clios, Andys, One show and many more, than graduates from any of the other top advertising school in the world.

    Over a period of six months, the DDB Lagos creative team received intensive training courses from tutors from Miami Ad School (Germany). According to DDB Lagos management, participants were engaged in three areas, offering six courses in Concepting/Advanced Concepting, Copywriting/Advanced Story Telling and Integrated Concepting. All six courses were handled by the seasoned tutors, many of whom are award winners and graduates of Miami Ad School themselves. Though a rigorous and demanding learning experience, the results proved satisfying as all participants completed the courses successfully.

    Speaking on the impact of the training, participant, Babatunde Sule, Creative Director at DDB Lagos, stated that the training offered a fresh way to look at advertising in terms of best practices and a global approach to conceptualisation.

    He further described the course as a brilliant initiative on the part of the Agency to spur creativity in the staff as it was an eye opening experience, exposing everyone involved to advertising practices outside the country. Sule closed by saying that he looked forward to applying this new knowledge on brands in the Nigerian space and acknowledged DDB Lagos for the opportunity.

    This therefore marks a new era not just for DDB Lagos as an agency but also for the Nigerian advertising industry, as DDB Lagos now boasts a new breed of practitioners who are not only ready to take on the world, but have also been aptly equipped to continue conquering the Advertising world stage.

  • ‘Fisheries in need of funding’

    Fish producers and exporters need soft loans as they lack capital to maintain and expand their businesses, a university teacher, Professor Martins Anetekhai, has said.

    Anetekhai, a professor of fisheries, Lagos State University(LASU), said the industry is facing serious capital shortage which has seen the closure of fishing businesses. He said the operators are facing difficult times following the rapid increase of input material costs, and tightened credit.

    He said productivity of most fishing concerns has fallen as operators could not get access to bank loans to invest in input materials and production.

    He called on banks to work with the fishing industry to help them deal with the problems. On the development of the fishing industry, the don observed that it has stagnated in recent years, with the output of inshore and coastal fishing shrinking.

    The offshore fishing industry, he said, is facing the combined challenge of expanding activities and adjusting to international conservation norms, stating that this has caused several problems, including increases in operating costs and threats to operational safety.

    Anetekhai maintained that the industry is in danger and its development needs to be redefined and its structure adjusted to respond to changes.

    Calling for government’s attention, he said the development of the industry is essential to ensuring food security, spurring social and economic development in fishing areas and improving fishermen’s income.

  • Firm unveils marketing analytics product

    Cogniko, a New York-based marketing analytics and dig-ital intelligence firm, has announced the introduction of its groundbreaking analytics solutions to meet the increasing demands of Nigerian marketers seeking to understand and maximise the return on their marketing investments. Cogniko is a market leader in the delivery of marketing analytics, research, and strategic advisory to leading institutions in developed markets and in Africa. Global leaders including Chase, Pfizer, Diageo, Verizon, AT&T, Dell and General Mills have used Cogniko services.

    Cogniko’s core offerings span across three specialty areas: Marketing Analytics Services, Research and Digital Intelligence, and Consulting and Advisory Services in specialised areas such as digital, mobile, social media, and relationship marketing.

    According to the Country Director, Mr. Yemi Ibironke (animn, arpa), Cogniko Marketing Analytics Services helps marketers establish accurate performance targets based on their investment outlay, define performance indicators aligned to objectives – measure what matters, understand drivers of in-market campaign performance, and how to best align these drivers for optimal marketing effectiveness.

    “These are exciting times for Nigerian marketers. They now have the same tools at their fingertips that their counterparts in leading global organisations in developed markets leverage to drive continued marketing excellence, accountability and profitability. By combining proven evaluation methods with our expertise and integrated view of consumer intentions, attitudes and behaviour, we can now deliver objective measurement and analysis to drive meaningful improvement in campaign strategy and return on investment.” he said.

    Ibironke further explained that Cogniko Research, Data and Digital Intelligence Services is key for marketers seeking better and more accurate insights into consumer trends, attitudes and behaviors to drive profitable growth. Cogniko offers a wealth of specialised digital intelligence solutions with best-in-breed methodologies and technology to ensure marketers have access to REAL, ACTIONABLE and TIMELY customer insights. Besides the ability to conduct custom research using our proprietary online panel of consumers who have opted into Cogniko’s research community, which includes a large and representative sample of 18 to 24 years old, marketers can subscribe and get direct access to specialty research data whenever they want.

    Also speaking on the company’s unique service offerings, Managing Partner and Principal, Barbara Olona said Cogniko Consulting and advisory services provide marketers with practical consultation and education in the areas of digital (including social), multi-channel marketing relationship marketing.

    She stressed that Cogniko’s differentiation lies in dogged reliance on data, analytics, and research to drive formulations of marketing strategy, digital strategy, communications planning and go-to-market plans.

  • Firm re-launches drink

    LEADING indigenous spirits and wines marketing company, Grand Oak Limited (GOL) has re-launched its Dark Sailor Rum.

    Its Marketing Director, Aare Fatai Odesile, said the event was in fulfilment of the firm’s mission, which is “to make people happy by providing brands that enhance prestige and lifestyle of the consumers.”

    Odesile said his firm has perfected a win-win situation through its corporate social responsibility (CSR) initiatives. However, observers of the wines and spirits market are of the opinion that the re-launch is aimed at discouraging counterfeiters and other product fakers.

    He revealed that his company had pioneered the introduction of the modern unifil packaging presentation with the intention of redefining the single serve segment “and giving our esteemed consumers what is obtainable in developed economies of the world, the 12 cl unifil package the first of its kind in Nigeria.”

    Grand Oak’s Category Manager, Abiodun Ayodeji, added that the re-launch initiative “is aimed at changing the brand’s outlook so as to set it apart from the pack as well as facilitate easy identification from pass-offs. Unlike in the past when it shared similar outlook with other regional brands, we have gone ahead to recreate a new look for your cherished brand by pioneering the application of self-adhesive label film on the pack as a way of distinguishing it from other rum brands in the market place.”

  • Experts caution exporters on preservatives

    To prevent their products from being rejected abroad over the use of tainted ingredients, food expert have been advised to seek enlightenment on proper use of preservatives.

    President, Federation of African Nutrition Societies (FANUS), Prof. Tola Atinmo urged them to use only quality raw materials.

    Atinmo,a professor in the Department of Human Nutrition, University of Ibadan, said more enlightenment was needed on management of compounds causing taints and off-flavours in food.

    Many food products have failed to make foreign markets for not complying with higher standards of food safety.

    President of the Mycotoxicology Society of Nigeria, Dr. Olusegun Atanda said ensuring food safety is crucial, if the agriculture sector wished to expand export trade.

    A lecturer in the Department of Bio-Sciences and Bio-Technology, Babcock University, Prof Dele Fapohunda, said since the major difficulties facing food export businesses relate to the quality of products, adding that the government should ensure businesses strictly implement international standards, to avoid having their products seized.

    He urged the government to strengthen the agric commodities and food exports inspection system to ensure that what is taken out meets international standards. He said consistent rules for the industry will make food export safe.

  • Nigerians optimistic about economy, says survey

    Nigerians are confident that the economy is doing well, according to a survey by the MasterCard Worldwide Index of Consumer Confidence.

    The Index recorded a marginal 2.4 point decline from a score of 93.8 a year ago and a five point decline compared to six months ago. This year’s result of 91.4 out of a possible 100 showed that Nigerians are happy with the economy generally.

    Now in its fourth year in Nigeria, the MasterCard Worldwide Index of Consumer Confidence is one of Africa’s most comprehensive consumer confidence surveys, and is conducted twice yearly. Interestingly, the latest finding of 91.4 points reflects the precise average of the survey results since it begun in 2009.

    The Index is based on a survey which measures consumer confidence on prevailing expectations in the market for the next six months based on five economic indicators: Economy, Employment, Stock Market, Regular Income and Quality of Life. The Index score is calculated with zero as the most pessimistic, 100 as most optimistic and 50 as neutral.

    The most recent survey was conducted between April 24, 2012 and June 10, 2012, and involved 11,376 respondents aged 18 to 64 across 25 markets spanning the Asia Pacific, Middle East and Africa regions. On the African continent, the survey was conducted in Egypt, Kenya,Morocco, Nigeria and South Africa.

    “MasterCard Worldwide carries out this Index in order to provide informed understanding in the shifts of Nigerian consumer sentiment, as well as to assist in the identification of market trends over time,” says Omokehinde Ojomuyide, Country Manager, West Africa, MasterCard Worldwide.

    “Nigerians remain one of the most optimistic groups of consumers among those surveyed by MasterCard on the continent, with an Index score of 91.4 points in this latest set of results – over 12 points higher than the average of the five African countries surveyed,” saysOjomuyide.

    “The high level of confidence in Nigeria’s economy held by its citizens is alsosupported by the International Monetary Fund (IMF) that believes booming oil prices and an ambitious reform agenda have helped Nigeria ride the worst of the global economic downturn. The IMFhas forecasted Nigeria’s Gross Domestic Product (GDP) to grow by 6.9 per cent during 2012,” she continued.

    Compared to Nigeria’s Index results six months ago, four of the five indicators– Employment, Economy, Regular Income, and Quality of Life – showed very minor declines of between 0.5 per cent to 3.5 per cent.

    However, all four of these indicators remained remarkably positive with each scoring over the 90 point mark. Regular Income, at 97.9 points, was the most optimistic of the five indicators for Nigerians, followed by Quality of Life with a score of 94.9.

    When asked whether they were expecting their regular income to either increase, remain the same or decrease over the next six months, nearly 92 per cent of Nigerian respondents said that they were expecting it to increase; six per cent said they were expecting it to remain the same and only two per cent said that they were expecting it to decrease.

    The Stock Market indicator however showed a significant decline in confidence of nearly 17 points and was the indicator with the lowest score of 78.6.

    Commenting on the Stock Market indicator Ojomuyide said, “Even though the Stock Market indicator shows a noticeable decline and should not be dismissed, the current score is still very optimistic, with nearly seven out of ten respondents expecting the Stock Market to improve in the coming months, and a further 13% expecting it to remain consistent.”

    Ojomuyide added, “The highest level which the Nigerian consumer confidence reached was in the second half of 2011 at 96.4 points –which was one of the highest recorded levels of consumer confidencein the 25 markets surveyedat the time. Even though the most recent results are lower than this, they remain significantly higher than their lowest level of 83.2 points in the first half of 2010.”

    The only African country revealed to be more optimistic than Nigeria in the Index is Morocco, which yielded a score of 94.1. Egypt, Kenya and South Africa all yielded less optimistic results in the survey.

    “It is very encouraging to see that the Nigerian consumer confidence levels remain strongand higher than the average results of the other African countries surveyed,” concluded Ojomuyide.

  • NSE moves N32.5bn worth of shares

    NSE moves N32.5bn worth of shares

    A total of 3.64 billion shares worth N32.48 billion were traded in 4,733 deals on the Nigerian Stock Exchange on Thursday.

    This was in contrast to the 326.07 million shares valued at N2.4 billion traded in 5,302 deals on Wednesday.

    The News Agency of Nigeria (NAN) reports that the All-Share Index closed higher by 261 points or 0.99 per cent to close at 26,448.61 from 26,187.61 recorded on Wednesday.

    Similarly, the market capitalisation, which opened at N8.338 trillion, grew by N83 billion or 0.99 per cent to close at N8.421 trillion.

    NewGold topped the gainers’ chart with a gain of N5 to close at N2, 729 per unit.

    Julius Berger trailed with a gain of N1.37 to close at N28.87 per share, while Cadbury grew by N1.25 to close at N26.26 per share.

    PZ Cusson appreciated by N1 to close at N25 per share, while Nigerian Breweries rose by 85k to close at N139.05 per share.

    On the other hand, Dangote Cement led the losers’ chart with a loss of 53k to close at N118.50 per share.

    OkomuOil followed with a loss of 51k to close at N36.50 per share, while Arbico shed 46k to close at N8.93 per share.

    Presco lost 29k to close at N15.28 per share, while Custody Insurance dipped by 12k to close at N1.38 per share. (NAN)

     

    IOJ/TA

  • Govt plans industrial policy to boost growth

    Govt plans industrial policy to boost growth

    To boost economic growth, the Federal Government will soon come up with a new industrial policy , the House of Representatives Committee on Commerce and Industry has said.

    The panel said there was need to diversify the economy through a rapid and sustainable growth plan for the industrial sector.

    Speaking during a tour of WEMPCO Group in Ikeja, the panel’s Chairman, Mohammed Onawo said Made-in-Nigeria goods would be promoted through the envisaged policy.

    He said there was hope for the economic transformation of Nigeria from what could be seen at the company.

    Onawo said the bill is expected to drive the nation’s industrial revolution , adding that it would enhance the activities of the local industries.

    The bill, he said , would also address policy issue; ensure transparent business operational procedures; enhance the economy and build investors confidence.

    A committee, Onawo said , was set up early this year by the Federal Government to work on the bill. The Committee comprises Manufacturers Association of Nigeria (MAN) ; Nigeria Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA); industry leaders in various sector of the economy.

    “In the past ,inferior products were said to originate from Taiwan and recently from China, but surprisingly the Chinese are here making quality products which can favourably compete globally.

    “The Federal Government will be prompted to do more, through its industrialisation policy by the achievement of this company. It is a foolish thing to depend on one source of income (crude oil), especially with experts predicting that our oil will dry up in the next 40 years,” he said.

    Onawo said the the committee would help the company over come some of its challenges.

    They called on industrialists and investors to come forward with private bills on industrialisation that would help transform the economy.

    “A private member Bill can be sent to us by any industrialist and investor which will be sponsored by members of this committee in the House. We will continue to promote bills that will give our partners confidence and secure their investments,” he said.

    Onawo said the committee was pleased with the employment and wealth creation capacity of the company, the training of Nigerians to operate industrial machines and the promise that in the next five years, all their raw materials would be sourced locally.

    “This is an individual company generating 54 megawatts of electricity on its own, and being here for the past 40 years, it is obvious that they know more about Nigeria than China, so they can better tell the true story of Nigeria as a country of opportunities for those who are seeking success,” he said.

    In his response, the Chairman of the Group, Alhaji Tokunbo Ali, said the firm started with the manufacturing of enamel-ware, and expanded to steel, plywood, hospitality and roofing sheets, among others.

    He said the company boasts of owning the largest wood plantation in Nigeria and 15 factories across the country with around 15,000 staff in the employ of the group.

    “We are still marching on with our expansion vision because we are not a ‘briefcase Group’ and we assure SON that we will abide by their quality standards,” he said.

  • Fed Govt to triple FDI in free zone

    Fed Govt to triple FDI in free zone

    The Nigeria Export Processing Zones Authority (NEPZA) has said the operation of free trade zones has boosted investment in the country with $9billion (N1.4trn).

    Acting Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), David Nongo, said: “Presently Nigeria has attracted over $9billion Foreign Direct Investment (FDI) through free zones operation across the country and that will triple very soon with aggressive government efforts in developing the sector.”

    The NEPZA boss praised the Ministry of Trade and Investment for organising the Oil and Gas Trade and Investment forum, held in Onne, Port Harcourt, Rivers State. He said the forum has opened up the Onne Oil and Gas Free Zone, which he described as the largest in the world, to both foreign and local investors.

    Nongo said NEPZA had opened up a line of communication with other stakeholders, especially the Ministry of Petroleum Resources to attract more Foreign Direct Investment (FDI) through oil and gas.

    He added that the ministry in conjunction with the stakeholders put up the forum to open up the zone to boost investment in the oil and gas sector. “We are out to promote the free trade zone to enhance inflow of FDI and boost the economy.

    “Government plan was to attract investment to the oil and gas sector generally because trade has to live. We will work in conjunction with the Ministry of Petroleum Resources to promote investment in the oil and gas sector.

    “And this is what the ministry has just done and I can tell you that we are going to triple the investment we have been having in the past few years as a result of this forum,” he said.