Tag: consumers

  • 6,000mw coming, says osinbajo

    6,000mw coming, says osinbajo

    Vice President Yemi Osinbajo, has said the Federal Government had plans to distribute 6,000 megawatts of electricity in the country by the first quarter of next year.

    According to a statement by Mr Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President yesterday, Osinbajo spoke at Kaleta, Guinea, on Monday at the inauguration of a 240 MW Hydro-power plant.

    The event, where Osinbajo represented President Muhammadu Buhari, was part of the activities marking Guinea’s 57th Independence anniversary taking place on October 2.

    The Vice President praised the vision of the Guinean President, Prof. Alpha Conde, noting that the inauguration of the power plant was a “monumental accomplishment” in a short time.

    “It shows what can be done with commitment and vision,” he added.

    The 240 MW Hydro-power plant in Kaleta was built to serve mainly the people of Conakry, the nation’s capital city.

    The release noted that the event was witnessed by the Presidents of Congo and Niger, Denis Sassou Nguesso, and Mohamadou Issoufou, respectively.

    It added that there were also representatives from the governments of China, France and the United Arab Emirates, among others.

    The Vice President returned to Abuja after the ceremony.

     

  • Winning consumers via EPL

    Winning consumers via EPL

    PZ is to take consumers to watch live matches in England, in partnership with Manchester City through a new promo, writes ADEDEJI ADEMIGBUJI.

    As Nigerian football followers continue to show growing emotion for English Premiership League (EPL), more brands have continued to sort for partnership with EPL clubs to engage Nigerian consumers.
    Brands such as Heineken, Guinness, Chivita, among others have launched various promos and partnership with English premiership clubs with promises to take winners to England to watch lives matches.

    While growing fan base of EPL clubs in Nigeria has become a point of engagement with consumers, more brands now design various promos to tap into sales enhancing bond to grow market share and increase share of voice.
    Clubs such as Manchester United, Arsenal, Chelsea, and Barcelona have found one brand or the other in Nigeria signing a partnership deal with them to kick-start consumer promo. On the other hand, many consumers, who have won promo from such deals, have been given all expense paid trips to watch some of the live matches in Europe.
    In a latest effort, PZ Cussons has sealed a three-year partnership deal with Manchester City Football Club to kickstart a promo and as a result four journalists have won free ticket to watch live matches in London at the unveiling of the promo in Lagos last weekend.

    While the deal is beneficial to the club, the brand and consumers, PZ will drive the partnership deal through three of its leading brands – Premier, Olympic and Robb.
    As a result, PZ Cussons’ customers will by this partnership be given the opportunity to win a number of the exclusive VIP match day experiences at the Etihad Stadium and opportunities to meet the players and watch private training sessions.

    The Group Category & Brand Director, PZ Cussons Plc, Mr. Tim Perman noted that the company’s commitment to Africa goes beyond the provision of quality products, but also has a focus at bringing real consumer value through relevant content and services by igniting exceptional experiences to consumers.

    He noted: “As a critical part of this strategy, we are pleased to be working closely with Manchester City Football Club in Nigeria to deliver on our consumer promise. There is a great fit between our brands in terms of heritage, values and a desire to win. We look forward to delighting our consumers with unique experiences from brands that they trust and a sport that they love,”

    Perman also hinted that: “The region’s growing Manchester City football club’s fan base will be propositioned with a number of experiences and prizes to get them closer to the club. VIP tickets and meet-and-greets will be made available to competition entrants in the coming months.”

    The Commercial Director of Manchester City Football Marketing, Omar Berrada, who brokered Manchester City’s commercial partnerships, said Nigeria, and Africa more broadly, are extremely important markets where its fan base is continuing to grow. “We will continue to build a strong relationship with PZ Cussons and are looking forward to providing fantastic experiences for their customers and our fans.”

  • Community Supported Agriculture: Connecting consumers, farms

    Community Supported Agriculture: Connecting consumers, farms

    With rural farmers facing the challenge of accessing profitable markets, experts say Community Supported Agriculture (CSA), an arrangement in which members pay for produce upfront at the beginning of the farming season, should be adopted. CSA provides needed fund for farmers and ensures affordable fresh food for consumers, DANIEL ESSIET reports.

    Some farmers have started  tapping into the growing demand for fresh produce to make money.

    In Lagos and other cities, the increasing demand for fresh produce, such as vegetables, mushrooms, tomatoes, water melon and others, by supermarket chains has increased. For example, farmers in Lagos have been making steady income by supplying outlets such as Shoprite and  Eko  Farmers  Mart.

    Spotting a lucrative opportunity, many farmers have agreed to sell their produce using the thriving market platforms. For instance, it is a daily ritual for workers at the Lagos State Secretariat, Alausa, to stroll into Eko  Farmers Marts to buy fresh fruits, eggs and vegetables. Such markets are celebrated for providing fresh produce, such as eggs and fruits.

    The Eko Farmers Mart has, undoubtedly, increased farmers  income. Under the arrangement, the  Lagos  Agric  Youth Empowerment Scheme  works with young  farmers to  produce  crops and  poultry  products, which  are  distributed through  the marts.

    At a forum, the  Permanent Secretary, Lagos State Ministry of Agriculture, Dr Olajide Basorun, said the markets offer quality, freshness, hygiene and reasonable prices.

    He said the government would play a pivotal role in supporting the local industry by assisting farmers to sell their ever-increasing volumes of fresh farm produce.

    Across Lagos, Eko  Farmers Marts and supermarket chains  have revolutionised food distribution in the short span. The megastores are popular with customers for their lower prices, choice and convenience.

    The marts, according to Basorun, provide added value with healthier food in an environment that fosters social interactions. Producers or farmers keying into the system sell a wide variety of fruits, vegetables and poultry products. The benefits are manyas they provide jobs, generate less waste, bring fresh wholesome food, and connect one to their source.

    Through Eko Farmers Marts Basorun said local  producers are  being  integrated  into a food distribution system recognised for its  potential to boost  economic  development  through  agriculture. The  system, he  noted,  has  created  a market channel  for people to  bring fresh  produce  into the city and  new opportunities for families, who live in rural Lagos.

    He said the marts, located  in  various  parts of the  state, offer cheap fresh foods to members of their host communities and encourage farmers to increase output.

    While these types of markets are on the rise in the cities, the same is not obtained in rural areas. Consequently, many small farmers in rural areas do not have access to such markets unlike their  medium and large growers, with more money and marketing savvy

    For example, farmers outside Lagos struggle to take their produce to the  market. They have to transport the produce to far  places by trucks.  As such, the  produce do not arrive their destinations fresh. They are also of limited variety and are expensive with costs rising between 50 to 100 per cent  in centrally located urban areas.

    Its feeble attempts to sell to major supermarkets in the town illustrate how the odds are stacked against small farmers. Those  produce may be sold in small shops and open-air markets, but the value of supermarket purchases  in places  such  as Eko  farmers marts and Shoprite have soared.

    Stiff competition from big urban and industrial growers is also real. To supply the supermarkets is a big challenge in terms of requirements.  Even though sales are there in the rural areas, the local markets accounts for less than 10 percent of sales.

    For   watchers, local food systems are pillars of rural economic development together with agriculture. The  expansion of cities and their increasing demands should be  paired with the challenges of improving rural livelihoods.

    Consequently, there   is a clear need for small scale farmers to find an alternative to formal market that is mainly dominated by big -businesses. One possible solution is the Community Supported Agriculture ( CSA) model.

    In CSA, members buy a share at the beginning of the growing season. That provides farmers with up-front capital to grow and manage the farm. In exchange, consumers receive a weekly delivery of fresh, seasonal produce. They also take on the risk of a poor harvest. Ideally, the model builds community and personal connections around food.

    Speaking  with  The Nation, The Project Director, Cassava Adding to Africa (CAVA), Prof Kola Adebayo said  CSA refers to an arrangement where consumers purchase a share of a local farm’s harvest prior to the growing season. Sometimes known as subscription farming, CSA is based on an annual market agreement between a farm and local individuals or households. In return for the up-front cash and commitment to the whole growing season, consumers get a weekly variety of farm-fresh produce.

    He  said  farmers  in the  rural  areas  will benefit if  they  adopt   CSA  arrangement  with  consumers  within local and  urban  communities. Apart from  having  access  to  markets, they  will  be  able  to  grow the local economies, expand their businesses and get more income for their produce.

    Interestingly,  CSA  is a membership farming scheme. Members of the farm communities commit themselves to buying a share of the farm’s harvest for 12-months at a time. This approach allows the farm to invest in the year ahead knowing that it has the support to continue and that the produce will be eaten as they can grow to meet the demand. This system is very beneficial for the farm because it allows the growers to concentrate on what they love, growing food, rather than worry about marketing, processing, branding among others.

    As community supported market farms, members, both farmers and consumers feel connected to where their food is coming from and how it is produced.

    According to Adebayo, CSA is a relatively new way of farming involving a partnership between food producers and the local community.

    CSA, according to him, brings farmers and their customers together to  share responsibility for the land where their food is grown and how their food is produced.  The farmers and consumers participate in marketing system where seasonal produce are sold weekly. The aim is to provide sustainable and growing market for farmers and give customers access to fresh produce with less food miles and at competitive prices.

    The system ensures that fresh produce is available year round for producers, their families, and local communities.

    Unlike conventional agriculture, where farmers bear the risks of weather, pests, and the marketplace alone, in community supported agriculture the entire community shares the bounty and scarcity.

    He said CSA would work  when  farmers  are committed to buying from a producer, or group of producers. A key point is that the consumers are committed to buying on a regular basis and at least, for a whole growing season.

    Community supported agriculture is, in fact, a big name for a simple idea. Communities of any size make a financial pledge to support a local farm. This helps them to connect directly with their local farmers and provides benefits for both parties.

    The farmer benefits financially from having a secure market of committed customers and the ‘members’ of the CSA often contribute additional labour and a range of skills.

    President, Federated FADAMA Community Association, Lagos State, Alhaji Abiodun Oyenekan said strong links to markets for poor rural producers are essential for increasing agricultural production, generating economic growth in rural areas and reducing hunger and poverty.

    Oyenekan said better access by small producers to domestic and international markets means that they can reliably sell more produce at higher prices. This, in turn, encourages farmers to invest in their businesses and increase the quantity, quality and diversity of the goods they produce.

    To him, belonging to an organised group,  allows small farmers to bulk produce, reduce costs through economies of scale and, perhaps most importantly, to strengthen their bargaining power with powerful private-sector actors.

    With increasing challenges of accessing markets,  Oyenekan said  it becomes necessary to support farmers to organise themselves into groups such as cooperatives that give them needed capacity to negotiate for better prices.

    He said such cooperatives   improve farmers’ access to markets, increase their earnings, and improve the livelihood and well-being of their families. Apart from addressing the real need in the agriculture value chain of ensuring that farmers have access to necessary inputs to raise their productivity,  they are facilitated to increase their overall earnings from agriculture.

    He said cooperatives    enable farmers to work together, reducing competition and making it easier to take care of tasks such as marketing. By combining forces, they can also supply larger users such as restaurants and other businesses, and may be able to hire people to work out the distribution while they focus on farming.

     

  • Over-billing: NERC orders DISCOS to refund N50m to Abuja consumers

    Over-billing: NERC orders DISCOS to refund N50m to Abuja consumers

    The Nigeria Electricity Regulatory Commission (NERC) has ordered the Abuja Electricity Distribution Company to refund the sum of N50m to its consumers in the Federal Capital Territory for over-billing them despite erratic power supply to homes and business premises.

    Chairman/Chief Executive Officer of NERC, Dr. Sam Amadi, stated this in his response to a query issued to his commission by the Senate on fixed charge, estimated billing and sundry issues.

    Amadi, had on Friday explained that his agency monitored all complaints reported to Discos on a monthly basis and had carried out analysis on them.

    He said, “The Commission has recently penalised Abuja Electricity Distribution Company for overbilling its customers and ordered it to refund the overbilled amount and also to apologise to the customers for wrongful estimation.

    “Abuja Electricity Distribution Company has refunded about 32,000 customers so affected. The refund ranged between N5,000 and N15,000 per customer, adding up to over N50m.”

    The NERC boss explained that the commission established the forum office made up of representatives of key stakeholders like the Manufacturers Association of Nigeria, the Consumer Protection Council, the Nigerian Society of Engineers and representatives of local Civil Society Organisations.

    He said the members elected their own chairman and address complaints from consumers, adding that their decisions, if not appealed against, are enforced by the commission.

    He said Disco had been mandated to establish functional Customer Complaints Units to receive and resolve all complaints from customers on electricity supply within its area of operation.

    According to the NERC chief, a timeline of 15 days had been specified in the regulation for the resolution of complaints by electricity customers, after which an appeal could be lodged at the Forum Office, established for that purpose.

    Amadi said, “The Forum Office represents the next level where electricity customers can seek redress from the non-performance of Discos in resolving their complaints.

    “Presently, NERC has established at least one Forum office in all the Discos to act as an appellate body in resolving complaints from electricity customers not satisfactorily resolved by the Customer Complaints of Discos.”

    He added that the commission agreed with the Senate’s position on the need to eliminate the practice of bulk billing of residential customers and to replace the practice with individual metering and billing.

    Amadi continued, “It is important to state that the commission had previously abolished bulk billing in its ruling on the VGC CASE NO:NERC/H/03/07. This case was brought by a customer against the VGC Estate Management and the Eko Electricity Distribution Company in 2008.

    “The commission ruled in favour of the customer. The decision of the commission stipulated that every customer is expected to be metered individually, irrespective of the status of supply coming into the area and the class of billing should be on R2 or as appropriately determined by  Disco.

    “The commission has, however, provided a leeway for estimation in situations where residential meters are not provided to customers. This is provided in the Estimated Billing Methodology Regulation of the Commission.

    “In this instance, statistical meters installed at transformer sub stations are used to calculate the energy to be used as a basis for estimating customers on the feeders.

    “Communities who are placed on bulk billing should reject it and insist on individual metering. The Commission is in the process of completing public consultation on a proposal to cap the amount an unmetered customer can pay until he or she is metered.

    “The proposal will also commit distribution  companies to strict deadline for metering of all its customers. In the interim,the Commission has abolished connection of new customers without meters.”

    The NERC boss further stated that the fixed charge that consumers pay in the Nigerian electricity market was not illegal or necessarily fraudulent.

    Rather, the fixed charges, he said, were part of the electricity markets across the world, but noted that the difference in Nigeria was that there was no good supply of electricity owing to lack of generation capacity.

    He said despite the poor power supply, consumers across the nation were paying fixed charges for epileptic or no power supply, just for Discos to recover the capital and fixed cost of the various operators in the industry.

    Said he, “Section 32 of the EPSR Act 2005 mandates the commission to approve tariff that allows investors recover their prudent cost with reasonable return on the assets invested in the business.

    “The operators invest in assets on a regular basis and recover their investment through fixed charge paid by the consumers.

    “In addition to this, it should be noted that once an asset is bought and a consumer is connected to the network, the utilities by law are expected to recover the cost of that investment whether energy is supplied or not.

    “Secondly, fixed charge is not tied to consumption as stated above and it is not peculiar to Nigeria alone. Many utilities all across the world charge fixed charges.

    “In essence, it is a universal practice, as obtained in many countries all over the world. Fixed charge is separately identified on bills in most countries, and is often called the ‘daily supply charge’ or ‘service to property’ charge.

    “It can be displayed as a daily rate on customer’s bills in some countries, but may appear as a single figure for a billing period.The generators are paid both capacity and energy charge.”

  • Consumers laud Senate’s directive on fixed charges

    Consumers laud Senate’s directive on fixed charges

    Some electricity consumers on Tuesday lauded the Senate directive to Nigerian Electricity Regulatory Commission (NERC) to halt community metering and the monthly fixed charges on electricity bills to consumers.

    They told the News Agency of Nigeria (NAN) in Lagos in separate interviews that the directive was long overdue because it was exploitation for services not rendered.

    Mr Ganiu Makanjuola, National President, National Association of Electricity Consumers of Nigeria (NAECN), said it was out of place for consumers to pay the charges after paying their monthly bills.

    “Why the N750 fixed charge when consumers will have to pay their monthly bills.

    “ Senate should be lauded for the demand for a halt to the payment of fixed charges on electricity,’’ he said.

    According to him, consumers should not be the ones to take the operational cost of electricity distribution companies.

    “Paying a fixed charge on electricity is like ripping one off. It is like stealing from you. We know we are yet to fully enjoy stable power supply in Nigeria,” Majuola added.

    Mr Gracious Omatseye, the Chairman of Nigerian Institution of Electrical and Electronics Engineers (NIEEE), said the halt would enable the DISCOs concentrate on their work.

    “The charges are a fraud and the Senate directive is in good order,” Omatseye said.

    Mr Owas Owabumuwa, the President, Amuwo Odofin New Town Residents Association, said that consumers had kicked against the charges.

    He said, “Fixed charges are part of extortion, we have been clamouring against it.

    “The move by the Senate is a good one and they should continue with the good work,” Owabumuwa said.

    Mr Sunday Idowu, a power expert, said that the fixed charge should be stopped because electricity consumers were not enjoying stable electricity supply.

    According to him, the policy that a consumer is exempted from paying the charges if he experienced a blackout for 15 days is populist in nature and only meant to assuage consumers.

    Idowu noted that the 15 days should be reduced to protect consumers’ interest.

    A civil servant, Mrs Maria Adelabu, said she had not benefitted from the 15 days blackout directive because it had continued to reflect on her bills.

    She noted that the only solution to the problem was to scrap the fixed charge.

    Mr Dennis Francis, Managing Director, Dulip Engineering Ltd., also condemned the N750 monthly fixed charge, and described estimated billings as crude in nature.

    “ We appreciate the Senate for this.

    “They cannot be silent to exploitation. Scrapping the fixed charge is the best thing that has ever happened in this country,’’ he said.

    NAN reports that the Senate on Aug. 11, ordered the Nigerian Electricity Regulatory Commission (NERC) to abolish fixed charges on electricity consumption.

    It also ordered the commission to stop the bulk metering of communities with immediate effect.

     

  • ‘Local poultry farmers can meet consumers’ demand’

    ‘Local poultry farmers can meet consumers’ demand’

    The importation of frozen poultry was banned by the Federal Government but despite this ban since 2003, the smuggling has remained unabated. Recently however, considering the health issues arising from the consumption of the smuggled meat and the loss of revenue to the Government, Government through the National Agency for Food, Drug, Administration and Control [NAFDAC] and the Nigerian Customs launched Operation Hawk Descend to combat the activities of these nefarious smugglers.

    However, with the Operation Hawk Descend, the price of both the smuggled and indigenously produced poultry has gone almost beyond the reach of the average Nigerians. Many people are asking questions; With the large population of Nigeria, which is still increasing, Can the poultry farmers in Nigeria produce enough poultry to meet demand of consumers?, As the Government is enforcing this ban, what policies has it put in place to grow the Nigerian poultry?.

    In this interview with Dr. Ayoola Oduntan,  National President, Poultry Association  Farmers of  Nigeria, he tried to address these issues including the current price of poultry meat, the many challenges facing the poultry industry, how Government can grow the Agricultural sector through poultry and what is expected from consumers at this transitional period among many things.

    There are so many speculations, we will like to know the exact annual demand of poultry meat in this country.

    Local demand of poultry is about 1.5million metric tonnes, while Nigerian farmers can produce about 700-1million metric tonnes but right now we are only producing about 300,000 metric tonnes.

    So, do the poultry farmers in Nigeria have the capacity to feed the Nation.

    Our capacity as it is, is between 700- 1 milliontonnes and we can grow that capacity quickly as the Government  is willing to support, and determined to grow the poultry industry. Our capacity utilization is about 46% but all that can increase within 2years.

    Within that two years, how do you intend to bridge the gap between the demand and supply of poultry. As you said, the local demand is about 1.5million metric tonnes while local farmers are producing 300,000 metric tonnes now, creating a shortfall of 1.2million metric tonnes of supply.

    We shall activate all the abandoned farms, use the existing major players as hubs around which we would develop smaller farming groups. In the area of trainingwe shall mobilize organized knowledge sharing plateforms and Government will of course come in with infrastructural support targeted at farms. A situation where most farmers in this country are borrowing money at 20%-30% is not encouraging. In most places where Government is determined to turn Agriculture around, farmers borrow money at between 3%-6%.More farmers should have access to development finance initiatives.

    How can poultry industry grow other economies in the country?

    Poultry Industry is so unique because it can stimulate other economies down the line. That is why many countries around the world will actively promote their Poultry Industries. In doing that Government will now need to focus on the activation of Maize, Rice, Soya, and Wheat, farms, Quarries, palm kernel and palmoil because all these industries feed the poultry industry thereby creating millions of jobs. So you can imagine how much jobs will be created if Government focuses on growing the industry.

    Since the campaign of Operation Hawk Descendstarted, has the Government come up with new policies to support poultry farming.

    The response from the Customs, NAFDAC and Ministry of Agriculture has been great. NAFDAC has done a great job in identifying the fact that this imported poultry is in direct opposition to their mandate of safe guarding the health of the Nation.

    But what more can Government do to encourage indigenous poultry farming

    Yes, there is so much more that can be done.  Ministry of Information can launch a campaign encouraging the consumption of eggs. The Health Ministry should educate pregnant women on the impact of egg meals as they can get the needed Folic acid for the growth of the baby. Ministries of Internal affairs, Education should insist  that egg be inculcated in Government school meals. An egg a day is recommended in most countries as part of healthy nutritious diet. Government should use it’s propaganda machinery to increase and generate demands for our products. It will cost them nothing but the impact will be huge in the economy.

    When you say an egg a day is recommend as part of a healthy diet, are you referring to children or adults.

    For everybody. We all know that the egg is probably God’s best gift in terms of food for us because of the nutrient contents. We have one of the lowest per capita egg consumption in the world.

    Maybe the cost is what is discouraging the consumption and the believe that it has high cholesterol content. An average sized egg sells between N25 to N30.

    Egg is not expensive compared to other food items especially when you consider the nutritional contents. The wrong information from the Americans in the 70s that egg is high in cholesterol has been demystified by new scientific facts which says that the cholesterol in egg is the good and healthy one and that there is no direct relationship between dietary cholesterol and blood cholesterol.

    Since the recent enforcement of the ban on imported frozen chicken, the prices of both the imported ones and the indigenously produced ones have gone up by about 50%.

    The price of the locally produced chicken has not gone up.

    No, from my research the price has gone up. The local producers are taking advantage of the shortage of the smuggled ones to fleece the public.

    I have spoken to the Chief Executives of most of the farmers and we have agreed not to raise prices for now. It is the traders, the Channels that are raising the prices.

    So how do you intend to monitor and control these traders.

    Now that government policy is being enforced and is here to stay, any increase will just be for a while and supply will soon meet with the demand as much as possible. The increase will only be for a short while as a lot of supply will eventually come into the market.

    When exactly should people expect this more supply.

    Is a process and we need to remain committed. The demand for day old chicks has gone up and people have started talking to their banks about reactivating their abandoned farms again.

    Why do you think that smuggled poultry has persisted despite previous efforts to stop it even with the health challenges

    Most people were ignorant of the health implications but now that they are realizing the negative health issues they will desist from patronizing it.

    What parting words do you want to leave with the consumers .

    Right now we have pride to consume made in Nigerian products that are good for our health and our economy and it should continue. What we are envisaging in the Poultry Industry now is only a transition that will stabilize in due course. People should not panic and take the wrong decision when the solution is just round the corner.

  • Consumers reject price hike by companies

    Consumers reject price hike by companies

    Consumers have rejected companies’ plans to increase prices in a rare show of their economic power.

    According to Standard Chartered Bank (SCB) Chief Economist Razia Khan, firms are finding it difficult to pass price increase to consumers amid increased pressure on their profit margins.

    This is contained in the bank’s Business Sentiment Indicator (BSI) released on Monday.

    Khan said headline inflation for June might increase to 9.1 per cent from nine per cent last May.  If accurate, this will be the seventh consecutive monthly increase in inflation since November last year, and the highest level in two years.

    “We believe the softer BSI for June indicates ongoing economic challenges. Inflation is likely to remain a problem. Despite weak demand, with firms reporting some difficulties in passing price increases on, input prices reached a new series high in June. Rising costs continue to pressure margins. Moreover, businesses still point to weak foreign exchange (forex) availability as a constraint on activity,” Khan said.

    The BMI showed that the prices received indicator fell by 5.2 per cent month-on-month in June to 58.4 from 61.6 in May, indicating a still-weak demand environment. Future expectations also dropped to its lowest level since January 2015, down 2.4 per cent month-on-month to 61 per cent.

    “Price pressures in Nigeria have been increasing in recent months, with forex depreciation adding more pressure. Current conditions reached a new series high for the third consecutive time in June, rising 7.6 per cent month-on-month to 82.1. In contrast, firms appear less concerned about future inflation risks. The future expectations index fell to only 50.4,” she said.

    Khan said with the impact of a weakening naira expected to continue to feed into higher prices, the imposition of new forex controls for imports by the Central Bank of Nigeria (CBN) in June, is likely to drive up the prices of selected imports, and seasonal pressures in the months ahead, with the tendensy for rising inflation.

    For the economist, the BSI indicates that confidence reached its lowest level since February, suggesting that some of Nigeria’s post-election euphoria is starting to fade. “This is a new development. The bigger picture still indicates that elections and a recovery in oil prices will likely play a role in lifting sentiment in the second quarter. The three-month average BSI reading of 61 for the second quarter is consistent with some economic recovery, up from the slightly weaker 59.2 in first quarter. Both prints are lower than the average of 63.3 in 2014, when oil prices were higher,” she said.

    She said recovery in the second half of the year is plausible, adding: “This is consistent with our thinking that 2015 will be a ‘year of two halves’ for the Nigerian economy, with a weak first half giving way to more robust activity in second half.”

    For her, the strength of the future expectations indicators in Nigeria suggest that businesses remain optimistic on the likelihood of an economic turnaround.

    “Most future expectations indicators are holding up well above the 50 break-even level, suggesting businesses continue to anticipate the resumption of stronger growth even now, despite the economy’s many challenges,” she predicted.

    For instance, firms are still optimistic about near-term financial conditions. Also, companies reported slightly more optimistic financial positions in June. The current conditions indicator increased 1.6 per cent to 74.6 in June from 73.4 in May. Future expectations reached a new series high of 97.6.

    However, interest rates paid remained unchanged. The current conditions indicator for interest rates paid fell 1.4 per cent to 57.4, continuing the trend seen in May. This was despite the harmonisation of the public and private cash reserve ratios by the CBN, a move interpreted as a modest tightening of policy. The future expectations indicator rose slightly, up 0.8 per cent to 52.7.

    She predicted that further forex restrictions for 41 different import categories, announced by the CBN in late June will likely lead to further deterioration in this month. “The future expectations indicator remains just above the 50 level, at 51.6, signaling that Nigerian businesses are still optimistic about an eventual re-opening of the interbank forex market,” she said.

     

  • Chivita 100% lists nutritional benefits to consumers

    Chivita 100% lists nutritional benefits to consumers

    Chi Limited, makers of Chivita 100 per cent, has said it has made it easier for everyone to keep fit, by creating beverages that are simply healthy and affordable.

    In spite of stiff competition and uncertainties in the marketplace, it said it has endured to build a brand that is a huge delight to fruit juice consumers.

    Its Managing Director, Deepanjan Roy, said: “For us at Chi Limited, we place premium on our consumers by ensuring that they get optimum nutritional value from Chivita 100 per cent. We employ the most advanced technology in the production of fruit juice and ensure that it is packaged in the most hygienic and convenient form available anywhere.

    “Our technological process ensures that the juice retains its natural fruity composition and is of the highest quality. We are confident that Chivita 100 per cent would continue to delight and nourish our numerous consumers across Nigeria.”

    A nutritionist, Dr Adeleke Adelakun, said nutrition is a key enabler to meet almost every development goal for human beings, and we cannot over-emphasise the role that natural foods without artificial preservatives and refined sugars can play in achieving this.

    He said:“Chivita 100 per cent fruit juices are naturally nutritious and are usually fortified with nutrients like vitamin C, calcium and vitamin D. They are considered a “nutrient dense” beverage because they contain far more nutritional value than other beverage choices per calorie.”

    A health and lifestyle expert Angela Maduka, also said regular consumption of the orange flavour has helps to maintain a healthy mucus membrane, skin and good vision.

    This is because oranges contain very good levels of vitamin A and other flavonoid antioxidants  which are known to have antioxidant properties. It has also been established that oranges are a good source of B-complex vitamins which are essential because the body requires them from external sources to replenish itsel.

  • Local gin dealers, consumers lament police ‘harassment’

    Dealers and consumers of locally brewed gin, popularly known as ‘Ogogoro’ or ‘kai-kai’ have lamented what they described as ‘continued harassment and arrest’ of their members and customers by the police in Aba, Abia State.

    Sources alleged that security agents, after the Rivers State incident, have been going about arresting dealers and consumers.

    They complained that the continued arrest of their customers would affect their business negatively.

    A dealer, Boniface Kalu said that since the Rivers State episode, the police in Aba have been arresting their members and customers alike, only to release them on bail after they pay.

  • Consumers relive experience at Calypso fun fiesta

    For the teeming consumers of Calypso, Dark Sailor Rum, two premium brands on the stable of Grand Oak Ltd, the thrills and frills  they enjoyed courtesy of the product remain evergreen.

    It was indeed an occasion for the consumers and the brands to actively connect through a fun fiesta packaged for their merriments by the leading brands.

    Specifically, Calypso Coconut liqueur and Dark Sailor Rum thrilled consumers and fun-seekers at a well-attended Beach Slam. It was a festival of music, dance and comedy which held at Suntan Beach on the outskirts of Badagry along Lagos-Badagry express road.

    Commenting on the event, Mr. Sola Ajibola, a consumer said it was indeed a great occasion as he along with his family had maximum fun during the fiesta, advising that Dark Sailor Rum and Calypso should make such an event an annual one. He also praised local artistes who provided lively lyrics at the occasion.

    Similarly, Mr. John Nwachukwu, a trader and loyal consumer commended the activation stating that brands that celebrate with consumers on such an important occasion like beach slam will always enjoy consumer loyalty.

    His words: “We commend GOL’s Calypso and Dark Sailor Rum for identifying with through the beach slam. It is a very good one and we will be loyal to the brands,” he said.

    Speaking at the event, Brand Manager, Dark Sailor, Susan Adeniyi said that the company wants its target audience to know the Brands care about them through all seasons.

    She said: “We came here to excite people through the various carefully planned activities. Asides the free cocktail available for everyone, there are games to participate in where winners will be handsomely rewarded.”

    Further speaking on the criteria for selecting those that participated in the game at the event, Adeniyi said the participants have to be physically strong and must be prepared to have fun.

    According to her: “It’s not everybody that is energetic that is daring; some people would rather watch while sipping their drinks. Dark Sailor is a brand that is not afraid of daring. It is a brand associated with games such as sailing, football, rock climbing, dancing competition, and others. It’s so exciting looking at the response we have got; we are glad we are here this year.”

    Some of the winners include Stephen Iyaomolere; who went home with a DSTV walka and Prince Ade samuel who also won a Jersey and a football.

    The duo expressed excitement and promised loyalty. They also thanked the management of Grand Oak for presenting them with such beautiful gifts.