The Nation Newspaper

Tag: Commerce

  • LCCI urges CBN to review discriminatory loan policy

    LCCI urges CBN to review discriminatory loan policy

    The Lagos Chamber of Commerce and Industry (LCCI), has urged the Central Bank of Nigeria (CBN) to rethink its policy that barred certain businesses and their promoters from obtaining fresh loans from the banks.

    Its President, Alhaji  Remi  Bello, who spoke when he led executives of LCCI on a visit to Origin Group Limited in Lagos over the weekend, said it was inappropriate for the banking sector regulator to criminalise those who approached banks for loans, or credit simply because their businesses had challenges and could not pay on the agreed terms.

    He said: “ There’s need to revisit some of the policies of the Federal Government, especially the CBN’s regarding outright ban of people who were given loans and could not meet up with the repayment, not because of failure on their part, but because of the challenges the nation is facing, inclusive of the  insurgency in the  north, and very recently, the Ebola issue. There is need for a review of some of these policies by the CBN Governor.

    “Some of these policies especially with the CBN with regard to some bad loans  and facilities which were as a result of the challenges the nation is facing, most especially the insurgency in the north,  the new CBN Governor will need to go back and look at some of these policies  as they affect businesses that are under one intervention fund or the other, that are not able to operate now, they should be given some special consideration.”

    He argued that an outright ban on people because they were involved in running  business and could not meet up with their facilities, which was not because of failure on their part, but because of the failure in the environment, needs to be addressed seriously.

    “Don’t criminalise people that are taking loans. It you are not taking loans and  you are not taking facility, you are not in business,” he said.

    The LCCI team, including its Director-General, Muda Yusuf, Otunba Dele Ajayi-Smith,  was received by the Group Managing Director of Origin Group, Prince S. J. Samuel, who said his vision for the Group is to transform it into an entity that would ensure food security for the country.

    He said the tractor hiring arm of the conglomerate is in the process of partnering with state governments to avail farmers the opportunities in the unit and help expand their yield per hectre, adding that some of their products, including  vegefresh, have already made appreciable inroad  into local and international markets.

    Alhaji Bello expressed satisfaction at what he saw during the visit.  “We have seen that this business is creating about 500 jobs as of now with the  potential  to grow job creation  to about 3,000 in the future. We believe that with the necessary  support and the right policies in place, it would be a lot better.”

    He said LCCI would invite the Origin Group to join chamber as a member.

    Also speaking,  its Director General, Muda Yusuf, while acknowledging the vibrancy of the West African sub-regional market, regretted that the outbreak of  the Ebola virus is a disincentive.

    He said: “With the Ebola issue now, you know it’s a sub-regional problem, so when you talk of sub-regional trade at the moment, especially going as far as Liberia, Guinnea and Sierra Leone, it’s not an area you want to encourage any trade for now,  But when you talk of normal circumstances, the prospects are good, there’re some progress with regards to the protocols on economic integration.

    “But the key issues to be addressed are actually  not tariff barrier, but the multiple check points that people face, infrastructure which has to do with transportation and the difficulty of moving goods around.”

    Yusuf said if one looks at the trade volume and the trade statistics and the number of imports that are being recorded against Benin Republic, it will be clear that those imports are far beyond the capacity of that country. “Those things are meat for Nigeria. This is one of the things  creating problems for this country and that is why businesses are closing down,” he said.

  • OGUNCCIMA partners New York Chamber of Commerce

    OGUNCCIMA partners New York Chamber of Commerce

    TO boost entrepreneurship, the New York Chamber of Commerce has agreed to hold an exchange programme for entrepreneurs under the auspices of Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA).

    The initiative draws from the  wave of industrialisation blowing across Ogun State.

    A chieftain of OGUNCCIMA, Mrs. Cynthnia Saka, explained that the state government’s support for the growth of small and medium enterprises was a major factor in the deal, as the world is  becoming more conversant with the business opportunities in the

    “Gateway” state, which has attracted over 45 industries, with a minimum investment of $100 million each in the last two years. This development, it is believed, would boost income revenue for the state and investors, thereby making the state become a nest for investment.

    Saka told The Nation that the   Governor Ibikunle Amosun administration has launched the state on the path of industrial base, adding that the state is rich in natural resources to make her competitive nationally, but needed the government’s  efforts to develop into an industrial giant.

    She said to achieve the developmental strides, the government was providing incentives, building up business skills and encouraging firms to look beyond the borders. In addition, she said the government is boosting its services to meet the needs of small and medium-sized export firms.

    One strategy which she maintained would help the government achieve its goal is the partnership with the chamber of commerce as evidenced in the results are being seen in terms of increased business activities.

    According to her, investors believe in state, and that is why the state has the largest concentration of industries.

    Besides, Mrs Saka said the state’s investment not only in infrastructure, but also designing and implementing projects, would secure lives and properties and protect future legacies.

    Mrs Saka, the Chief Executive Officer, T. Cynthia Nigeria Limited, a Lagos-based company that deals on plastic waste, said she has a vision to transform “waste into wealth,” adding that plastic waste has a huge market as it is may be used for packaging materials for beverages, food products, pharmaceuticals, and other industrial products.

  • Konga.com redefining commerce in Africa

    Konga.com, Nigeria’s Largest Online Mall which only last year announced the launch of Konga Mall, a revolutionary offering which gave select Nigerian businesses the opportunity to make their products and businesses available online to millions of Nigerian shoppers, is happy to announce the evolution of its trading platform.

    Konga has already changed the rules of participating in e-commerce in Nigeria through several novel offerings to customers, major investments in infrastructure and widespread education on the merits and convenience of online retail.   Now Konga is building a marketplace that will exponentially drive the adoption of e-commerce in the country through unrestricted yet structured participation, as well as novel platform security measures and guarantees that ensure buyer and seller are protected and rewarded for participating.

    This new offering which will be launched in the coming weeks will cater to the needs of not only big wholesalers/ retailers, but even the road side/ market traders in Surulere, Alaba, Aba, Onitsha, Kaduna, as well as enterprising individuals across the country with amazing products but no hope of expansion or scaling.

    This platform will revolutionise the way buyers and sellers interact, with a model that is more convenient for the seller and more attractive to the buyer. It will create unlimited opportunity for the Nigerian entrepreneur, small business owner or even large business owner; it will serve as the great equalizer/nation builder, boosting employment, trade and powering economic growth and development in Nigeria.

    Maxitech, a computer and electronics dealer based in Lagos who has benefited from the earlier launched Konga Mall had this to say; “I have been selling computers for a number of years now in Lagos and to customers in neighboring cities, but I must admit that what Konga.com has been able to do for my business is increase my sales portfolio not only locally but nationwide.

    E-commerce in Nigeria is definitely the future and I am happy that Konga is not only growing at a tremendous pace but is also helping Nigerian Businesses grow as well”

    In his view about the new platform, the Chief Executive Officer of Konga.com Sim Shagaya said: “About a year ago, we realized that for our services to be really valuable to society, we had to build a platform for anyone, not just Konga, to sell and prosper. We launched this platform to a limited number of sellers and in that time, we have learned how to build a truly revolutionary Nigerian online marketplace.”

    He added, “Today we are pleased to invite all Nigerian businesses – great or small, designer or farmer, producer or trader, sole proprietorship or limited liability, to sign up to this new platform – Konga Marketplace. We will be opening up in the next few weeks and we think you will be pleasantly surprised by what we have built”

    The internet is changing retail around the world, and the winners will be those that embrace the internet revolution.  Konga.com will provide the tools, awareness and security for entrepreneurs and businesses across Nigeria who wants to benefit from the immense benefits of expanding their businesses online.

    To be a part of this revolution and receive valuable information, everyone can simply visit http://konga.com/sell to pre-register. Regular information on how to maximize the opportunity, processing and validation will be done on the Konga marketplace in the weeks leading up to the big launch.

  • Commerce, wealth and global  power

    Commerce, wealth and global  power

    At  the just  concluded  G8  summit  of the world’s  wealthiest  nations,  in Lough Erne N Ireland,  talks are  to begin on   a deal   said   to be worth 100  bn pounds  which is expected   to be the biggest trade deal the world has seen so far.  The deal  which is expected to take  off in two years time is expected to create 2m  jobs.  This  again   has  buttressed   the well known fact  of  history,  economic growth and development,  that  trade and commerce    are   the engine   of wealth  and prosperity   amongst  both individuals and nations. Adam Smith’s seminal book Wealth  of Nations come to mind in this regard  although in a different perspective. Today  I  look at wealth creation amongst individuals  and nations and its relationship with the acquisition of power and influence, as well as  the use of such wealth for the development  of society  and the world at large.

    Let  me first of all assert that I see the  mega  US – EU  deal  famously   called – 100bn  economic bonanza   as   a game of economic survival  in which   the western world  is trying its best not to play second fiddle globally   in commerce  to  the  robust  Chinese economy.  This  is a global   trade dragon  which is striking deals  all over the world looking for oil, minerals and products   and building airports, highways and   seaports it needs to  access and  open up the world economy  and get the resources  to  satisfy  the mammoth   consumption demands of   its  over  one billion people,   making  China,  the world’s largest economy   in terms  of population. In   addition   the South East Asian nations especially the Asian tigers   namely  S Korea, Japan, Taiwan, Malaysia,  Hong Kong, Singapore, Thailand –  seem  to have evolved an economic strategy  that made them immune to the ravages of the  2008 global melt  down – a situation   western nations have found embarrassing and unacceptable as they felt that they  taught   SE  Asians the market economics that Asian global companies have mastered so well and have used   so  profitably. Similarly,  the Latin American nations of S America   seem  to have  weathered  the global  melt down of 2008  admirably  to the chagrin of the west.  Brazil  bagged the hosting of two lucrative sporting events  based on its performing economy and national wealth  in a world  filled  with struggling economies which dared not bid for such hosting. But now that seem to have attracted the ire of its people who were demonstrating  this week  at the   FIFA Confederation Cup soccer venues in Brazil  and protesting that the wealth of Brazil has not trickled down to the masses  and is located amongst the rich or the soccer barons in Brazil . Which really is tragic,  given Brazillians well known love for soccer and the trouble former President  Lula Da Silva   went through  in getting both the 2014  World Cup  and 2016  Summer Olympics  Hosting Rights  for Brazil.

    Compare  this with  the news from neighboring Cameroon where the Chairman of the national football  association got  elected in an election he was not present at because he was in police custody on corruption  charges  based on his actions as the boss of the football  body. It was alleged that FIFA  told the Cameroon government that he must be allowed to contest and the government played ball because soccer is popular in Cameroon and of course Issa Hayatou, the long serving FIFA Vice Chairman is in support  and is calling the shots in muzzling his own government in  the fight against corruption in Cameroon. Which really shows the other side of the coin in the misuse of power  by the powerful and wealthy   against  the larger public good of society  and in the  pursuit of selfish  interests.

    Let  me also state here that wealthy individuals have a head start  in getting power and influence in any society  that is highly materialistic. Nigeria is of course   is such a society   in which successful business men in politics have superior advantage   over less endowed  political competitors  in getting elective offices through the use of their wealth.  In  the past this was not so as most Nigerians refused to take money to vote for the highest bidder. But that has since changed as politicians have asked their supporters to take money if  offered by their opponents  since it is stolen money but to still vote for the man of their choice. Which really is a sort of moral quandary.

    Wealthy  individuals  can also be target of  some governments in distress or dire economic straits. A  good example is that of the tax  fraud case involving Lionel  Messi in Spain. The  Argentine soccer star and his  dad have been arraigned this week for tax evasion  to the tune of  4m euros . This comes at a time when Spain is in financial crisis  and the rate of unemployment amongst youths is at its highest. It also comes at a time when  the Argentine government has nationalized Spain’s interest in the largest  oil company  in Argentina. Argentina also  has struck oil  and  is facing a better future  now than   Spain which during Argentina’s debt default crisis of   2001   bought  Argentine prized assets  for pittance. Spain  of course  was  the colonial  master  of Argentina and indeed  the whole of Latin America except Brazil. During  the  colonial era Spain used  the plantation system and pigmentisation to exploit and repress the local communities  which have now become wealthy nations unwilling to help Spain out of its present economic distress  after wasting  over  the years,  the huge wealth it acquired under colonialism. Today Spain  is one of the debtor nations of the EU called PIGS namely Portugal, Ireland. Greece  and Spain

    Similarly  in the comity of nations the vocal nations are the commercially successful ones. Never mind that when the tall leaders of the G8 stepped out for a walk this week  on CNN they easily outpaced German Chancellor Angela Merkel,  the only woman in their   midst  as she disappeared into the background. Germany   indeed is a  ringing voice of wealth and commerce  in the global  comity of trade and commerce, very well respected for its export of quality engines  and the tested skills of its companies  and their personnel. Also  aside from David Cameron, the   President  of Russia  Vladmir   Putin  glowed  with pride  at  the  G8  talks  for obvious reasons . Russia is awash with oil money as the largest producer  of oil in the  world   and together with China,  the largest  consumer,  it is building the longest pipeline in the world between their two nations. Similarly China’s new leader and his beautiful wife were given the red carpet treatment in the White House and the Kremlin recently  because China has become the sweet  bride of global business, commerce and politics. Undoubtedly Russia’s new found wealth has been translated into diplomatic mettle  and is being used to counter US policy in Syria successfully to keep Syria’s President Bashar Assad  in power against all  odds.

    I  look  at the new US –EU   deal  as an  economic innovation in the very best tradition  of Schumpeter’s theory that for  companies to survive they must continually improve and look for new ways of doing things.  The   same   applies  to  nations and this  is what this deal has revealed. The  western world has woken up from its arrogant slumber atop world trade and commerce and the WTO  wrangling and distraction and is now ready to compete   in a global market  whose structure  and substance have rendered its  present  trade and  economic strategies   obsolete  and redundant.  By  opening up borders  and removing trade barriers, the US  and EU  nations are opening up new frontiers just as the US opened up its wild, wild west in days of yore. The arrogance of limiting wealth  and commerce through extravagant control of competition should give way to  vibrant  and support  for innovation and innovative deals that  enrich the quality of life in the environment  and provide jobs and security for all  hard working people in as many companies and institutions as possible. This  is what ECOWAS should emulate in West Africa. Especially now that Ghana  our neighbor has struck oil.

    Politically Ghana seem to be ahead of Nigeria in  terms of respect for democratic values and a ruling party has lost power in an election   there   and there was no post election violence. But Ghana should not copy the way Nigeria has mismanaged its oil wealth whose distribution  of   oil wells have created individuals wealthier than some states. It  should  not allow a situation whereby oil theft  is tackled  by giving security contracts to former oil thieves and justifying that by insisting that oil revenues have increased as a result of such dubious policy. Ghana  must  not use the oil money  to develop non oil producing areas while ignoring the oil producing areas  which really are the goose that lays the golden egg. Also  Ghana  must from the onset use oil revenues to build schools, factories, create jobs and bridge social and economic iniquities  that  have created the likes  of Boko Haram in Nigeria’s north. Lastly  Ghana must police and secure its borders  with the Sahel for religious extremism which grows while those expected to contain it look the other way to justify increased security expenditure. That way Ghana will earn the respect of the international community   from its oil wealth , and not its scorn, as we have done so effortlessly with our oil wealth.

  • Commerce, Entertainment, Tourism meet at Camora

    PLANNED as the biggest networking fair in Africa, a cross cultural initiative for the promotion, marketing and rebranding of entertainment potentials in Africa will make debut in Lagos. Camora, as the project is called, is the brainchild of young entrepreneur, Dom Lawson, that is planned to fly in the month of April.

    Lawson, who is the CEO D58 Productions, promoters and organisers of the event, said at the unveiling of the initiative in Lagos that the main objective of the project is to draw attention to the business side of the entertainment industry, while building it into a continent-wide experience that offers new opportunities for growth and investment.

    A stylish coinage of the Yoruba word for ‘Let’s Meet’, Camora, a commerce-driven entertainment fair, is planned as a platform for networking among Africans on business, tourism, arts and emerging talents platforms.

    The project, according to Lawson, will incorporate trade exhibition, live artiste performances and business seminars.

    He said the initiative will be the largest single assembly of entertainment practitioners, consumers and investors ever in Nigeria, pooling the largest amount of entertainment stakeholders and consumers from every part of Nigeria, Africa and the Diaspora.

    “The event which will attract participation by players from every sector and sub-sector of the Nigerian entertainment scene has been themed: ‘More… giving the entertainment industry and Africans something more to experience at Camora,’” said organisers.

    Lawson, who said that the project is planned as a four-day event, revealed that top comedian, Ali Baba, has been picked as the face of the expo. He noted that the industry was in need of new thinking and ideas that can harness the enormous potentials that it possesses.

    “Unknown to many, the entertainment industry is very huge, with many segments and branches. Only very few of these segments are known and appreciated. The event will expose all sub-sectors of the entertainment industry of which little is known, including service providers, equipment providers, leisure providers, culture and art, games and computers etc. and the potential they hold to become one of Nigeria’s and, indeed, Africa’s top three income earners.”

    A total of 50, 000 participants, 300 exhibitors and over 3, 000 services, Lawson said, are expected to feature at the event. These figures, according to him, will have a ripple economic effect on petty traders, transporters, hotels, eateries, clubs, local joints, artisans and SMEs found within the proximity of the event venue.