Tag: global

  • ‘How Nigeria can become top global brand’

    Zinox Group Chairman and Global Partner Adviser, Microsoft Inc., Mr. Leo Stan Ekeh has said for Nigeria to become a top global brand in the information communication technology (ICT) space, the country needed to have at least one innovative mind such as Bill Gates.

    Ekeh, who spoke while engaging Nigerian technology entrepreneurs in London, added that there is need for innovation for the present crop of Nigerian genuine billionaires to become a successful and sustainable global brand.

    He said: “I believe that God’s purpose for this technology-driven century is to reduce the inequalities among peoples but only serious nations with highly resourceful citizens and leaders would take advantage of this knowledge century to emerge on the global stage. How on earth would an Asian or African nation think of competing with any of the developed economies of the world without the power of the brain?”

    Ekeh told his audience who were between the ages of 25 and 30, that a lot of them started hearing about Mr. Bill Gates from infancy till date, adding that their sustained wealth from the platform launched by Gates and his friends few years ago could challenge the wealth of Nigeria with a population of 173million.

    “Think about the multiplier effect and then you will appreciate why you should dig deeper into different areas of technology to at least brand yourself and your families,” he said.

    On infrastructure blamed for the high mortality rate of small and medium scale enterprises (SMEs), he said Rome was not built in a day, stressing that countries such as the United Kingdom achieved their current level of technological development over time. He said until they come back with world class exposures to make their contribution in different sectors, the nation might continue to struggle. He reassured them that the country is moving in the right direction and that their parents sent them abroad to study so that when they return, they will better the lots of their families and by extension the whole country.

    He told the youth that he restricted himself to technology business, adding that it was the duty of every Nigerian to defend the country, urging them to show patriotism by not praying for the fall in the value of the naira so that they could make more money back home.

     

     

    He said lower oil price would stimulate quality life, reduce cost of doing business and engender the creation of more successful SMEs. This in turn, he said, would reduce the challenges of unemployment which has remained a major headache to the country.

    He said, “I am sure you are feeling the global panic over falling oil price in some nations while some structured knowledge-driven nations are celebrating. How can you depend on what you don’t have control over when you can use a free gift from God – that is your brain power and create unimaginable wealth?

    He said:  “You have to be very positive about yourself, your business and the nation before you can achieve anything. My team and I have struggled against all odds to remain relevant in a nation that sees oil as almost everything. I must also inform you that there have been positive signals from government in the last ten years to support technology entrepreneurs. At Zinox Group, we talk about technology evolution and not revolution and are confident that as one of the main pioneers of the ICT sector in West Africa we shall benefit from our sweat.”

     

     

  • Global hotel brands eye Nigeria

    The President of the White House Hotel, Ikeja, Mr. Austin Eruotor, has said many global brands are eyeing the country, despite the challenges facing it.

    He said the country has witnessed lots of negative perceptions, but they have not prevented foreign hotel brands from coming into the country.

    “It is a big market and so many brands, mainly international ones, are coming to the country. These brands have realised that they make a lot of money in Nigeria because of our population, our oil industry, and we have a lot of other mineral resources, which encourage investment. Many investors in the world are realising that Nigeria is a place to be, despite our security challenges,” he said.

    He said despite the influx of global hotel brands, the locally owned ones are not affected by the competition. While celebrating the 10th anniversary of White House, Eruotor said the growing fame of the Nigerian entertainment industry has provided the need for local hotels to rebrand and create unique offerings in other to remain in business.

    “And when you look at the American economy, they are not doing well, and the European economy is at a standstill. Nigeria has become a beautiful bride of the world economy. There are lots of opportunities, which do not exist in America and Europe. Nigeria is now the place to be. Everybody is coming to Nigeria in spite of all the negative publicity we get. Our entertainment industry is really helping our local hotels to reposition and rebrand,” he noted.

    Citing the experience of White House, he said in the past 10 years, the hotel has been able to stay afloat despite competition from global brands and it has ridden on the entertainment industry to remain a sustainable brand.

    He said: “In the past 10 years, the facility has hosted programmes that featured celebrities such as P Square, Tuface, Dbanj, DZ Jeez, Tunde & Wunmi Obe and Timaya. White House Hotel turned 10 on October 1. You would agree with me that 10 years is not a joke in the life of any brand. We started as an entertainment/event centre, which was mainly a hall. Today, we are a full hospitality brand.”

  • Nigeria drops to 127th position in global competitiveness

    Nigeria drops to 127th position in global competitiveness

    Despite being Africa’s largest economy, Nigeria’s global competitiveness has dropped seven places to 127th position.

    According to the Global Competitiveness Report 2014-2015, Infrastructure (human and physical) continue to be Nigeria’s toughest challenges.

    The report attributed the decline in global competitiveness “to weakness in public finances (as a result of lower oil exports), continuing institutional frailty and deterioration in national security.”

    The results the report said “are similarly mixed for other middle-income countries in the region. Lesotho (107th) and Cape Verde (114th) register the largest improvements, while Botswana (74th), Namibia (88th), Zambia (96th), Ghana (111th), Senegal (112th) and Swaziland (123rd) remain relatively stable.”

    Among the oil-exporting economies, Gabon remains the highest-ranked economy (106th) followed by Cameroon (116th), with Nigeria, Angola (140th) and Chad (143rd).

    Among Africa’s low-income economies, the report noted that Ethiopia made the biggest leap, rising nine places to 118th.

    According to  Global Competitiveness Index, only three sub-Saharan countries (Mauritius, 39th; South Africa, 56th; and Rwanda, 62nd) scored in the top half of the world’s most competitive economies.

    Of these, “Mauritius continues its strong upward trajectory of recent years, climbing six places. South Africa declined three places; it is now the third most competitive BRICS economy after China (28th) and the Russian Federation (53rd). Rwanda climbs four places.”

    The report finds that “despite years of bold monetary policy, global economic growth remains at risk, as several countries struggle to implement growth-boosting structural reforms.”

    In its annual assessment of the factors driving countries’ productivity and prosperity, the report stated that “the biggest obstacle to sustainable global growth is uneven implementation of structural reforms across different regions and levels of development.”

    It also highlighted talent and innovation as two areas  which leaders of both public and private sectors needed to collaborate more effectively in order to achieve sustainable and inclusive economic development.

    According to the report,  the United States improved its competitiveness position for the second consecutive year, climbing two places to third, on the back of gains to its institutional framework and innovation scores. Elsewhere in the top five, Switzerland led the ranking for the sixth consecutive year, Singapore remained second and Finland (4th) and Germany (5th) both drop one place.

    They are followed by Japan (6th), which climbs three places, and Hong Kong SAR (7th), which remains stable. Europe’s open, service-based economies follow, with the Netherlands (8th) also stable and the United Kingdom (9th) going up one place. Sweden (10th) rounds up the top 10 of the most competitive economies in the world.

    The report said: “Leading economies in the index all possess track records in developing, accessing and utilising available talent, as well as in making investments that boost innovation. “These smart and targeted investments have been possible thanks to a coordinated approach based on strong collaboration between the public and private sectors.”

  • Global stocks ease over rate scare

    Global equity markets eased on Wednesday on a few poor corporate results and the release of Bank of England minutes that hinted at an early interest rate hike, but minutes from the Federal Reserve showed no desire to bring forward plans to raise rates.

    The Fed said it has been surprised by how quickly the United States (US) labour market is healing yet the recovery has to be more convincing to change its view on when to increase rates.

    Stocks on Wall Street rebounded after the release of the Fed minutes, suggesting investors believe there will be no change in monetary policy, while US Treasuries prices fell.

    “The Fed remains dovish. However, one eye is looking towards improvements in labor markets. Potentially a rate increase might come slightly sooner or the increases might come faster than expected,” said Putri Pascualy, credit strategist For Pacific Alternative Asset Management Company, In Irving, California.

    Wall Street pushed higher, but MSCI’s all-country equity index was 0.04 percent lower. The Dow Jones industrial average rose 68.78 points, or 0.41 percent, to 16,988.37. The S&P 500 gained 5.71 points, or 0.29 percent, to 1,987.31 and the Nasdaq Composite added 3.167 points, or 0.07 percent, to 4,530.681.

    Earlier in Europe, the FTSEurofirst 300 index of leading European shares closed down 0.07 percent at 1,346.02.

    A warning from brewer Carlsberg that profits would fall this year due to deteriorating conditions in Russia rattled European investors.

    A cut in its full-year sales forecast by Lowe’s Companies also unnerved investors, though the world’s No. 2 home improvement products retailer also posted better-than-expected second-quarter results.

    Reuters reported that Sterling and UK bond yields rose after the surprise tilt toward higher British rates, while the U.S. dollar advanced to its highest against the euro since last September.

    The Fed minutes come ahead of Fed Chair Janet Yellen’s widely anticipated address to the annual gathering of central bankers in Jackson Hole, Wyoming, on Friday.

    With US and global stock indexes trading close to all-time highs, investors await a reaffirmation of the accommodative monetary policies that have helped spur a global rally.

    “The next leg up is going to come from what we hear on Friday from Yellen,” said Phil Orlando, chief equity market strategist at Federated Investors in New York. “The market has been a little bit on tenterhooks,” he said.

    The dollar broke through resistance at $1.3300 and last November’s high of $1.3295 per euro to trade as high as $1.3275. It also climbed to a 4-1/2-month high against the yen. It was last up 0.4 percent versus the euro at $1.3266.

  • Nigeria, Angola fuelling global growth, says DHL boss

    Nigeria, Angola fuelling global growth, says DHL boss

    While Oil and Gas activity in West Africa is nothing new, it is the activity in East Africa which is creating a stir amongst exploration companies and of course, their suppliers.

    This is according to Steve Harley, President, DHL Energy Sector, who says that while Angola and Nigeria have always been the most notable producers within the Sub-Saharan region, more recently, significant gas discoveries in Tanzania and Mozambique, has led to East Africa now receiving its share of attention from global oil companies and potential investors.

    “Oil discoveries in Uganda and Kenya have also added to the excitement in the sector as new players look to enter these markets, including some of the largest independent and international oil companies, otherwise known as the super majors, who are now also witnessing the potential in this region.”

    He says that in addition to the developments in East Africa, both Namibia and South Africa are also on the radar of investors within the sector. “South Africa in particular is receiving much attention, mostly because of the potential of shale gas in the Karoo, but also because it has a long and largely unexplored coastline, off which many believe large hydrocarbon fields may exist. As a result of the region’s potential, there are several offshore drilling exploration expeditions currently being planned in South Africa by the major oil companies.”

  • Firm targets global market

    Venus Processing and Packaging Limited (VPPL), a member of Primlaks Group, has unveiled its Sympli brand of Individually Quick Frozen (IQF) fruits and vegetables at the ANUGA food expo in Cologne, Germany.

    The company, in a statement made available to The Nation, said IQF technology involves quick freezing of freshly harvested fruits and vegetables to lock in all their vitamins, nutrients and natural goodness.

    VPPL, the only company from Nigeria to exhibit at the fair, showcased various Sympli products that included Nigerian chillies such as ‘Atarodo’, ‘Sombo’ and ‘Tatase’; local delicacies like ‘Yam Fries’, ‘Yam Chunks’ and ‘Dodo’, as well as fruits like pineapple, papaya and mango, which were packaged in consumer-friendly standard pack sizes and were delivered in ready-to-use state for frying, steaming, microwaving or any other method preferred by customers.

    Group Chief Executive of Primlaks Group, Mr Ravi Hemnani, explained that the company chose to unveil its various products at the fair because of the desire to showcase Nigerian products in the international market.

    “ANUGA, being the world’s largest food and beverage fair with nearly 7,000 exhibitors from 100 countries and about 155,000 visitors from 185 countries, gave us the ideal platform to fulfill our export objectives. We are particularly focused on reaching the large population of Africans in the Diaspora, especially in Europe, America and the Middle East who present huge potential for foreign exchange earnings.

    “IQF offers a lot of benefits, particularly because they give high levels of vitamins and anti-oxidants. Prior to participating at ANUGA, VPPL had made heavy investment in research and packaging and secured local and international certications to achieve the delivery of products that meet world-class standards.

    “We pioneered fruit and vegetable IQF production in Nigeria because we observed that Nigeria suffers from an estimated 40 per cent post-harvest loss that should not be allowed to continue and we know that IQF has the potential to stop this unacceptable waste,”he added.

    Hemnani said: “We believe that our efforts will help in achieving the objectives of the Federal Government’s agricultural transformation agenda and offer Nigeria a huge revenue earning opportunity.”

    Hemnani also said he was excited at the turn out of visitors and potential business partners to VPPL’s stand at ANUGA.He said: “The cooking station that we set up at the venue encouraged them to try yam fries, plantain chips and ‘dodo’ with Nigerian chilli sauce that we proudly displayed as ‘Product of Nigeria’.”

    He further said that enquiries have been pouring in from leading local supermarkets and department stores and that the company has plans to also meet the needs of the local market in Nigeria.

  • Global Economy: Seeking European signs of sturdier global rebound

    Atentative view that the global economy is emerging from its lull could harden into conventional wisdom by the end of this week if, as expected, data show the euro zone’s lengthy recession has ended.

    While Europe is still the world’s biggest trading region, some of its recent major exports – financial market panic, banking scares and political uncertainty – have dragged on the world economy over the last three years.

    There are now signs of a nascent recovery, led by Germany and perhaps Britain.

    Wednesday’s data are expected to show the euro zone economy grew 0.2 percent in the second quarter, according to a Reuters poll. That would mark an end to the recession that took hold in late 2011.

    That won’t change the U.S. position as the main engine of economic growth in the world, at least until next year, with Chinese growth still slowing and India wracked by a currency in free-fall.

    But even the smallest sign of a recovery in Europe augurs well for the rest of the year.

    “Add it all up, and it’s a more positive picture for the global economy late this year and next,” Mark Zandi, chief economist at Moody’s Analytics, said.

    “It feels like the global economy is stabilizing, and by year’s end, certainly as we move into next year, growth will be accelerating, led by the U.S.”

    “But I also anticipate some growth out of Europe and stable growth out of the emerging world.”

    Business surveys last week supported that view as companies in the United States and Britain prospered, while there were signs Chinese firms might have passed the worst of their mid-year lull.

    In the past, however, similar indications of global recovery have emerged, only for that recovery to be trampled.

    Europe’s major economies showed signs of improvement in early 2011, even while the sovereign debt crisis in the euro zone was worsening.

    Two interest rate hikes from the European Central Bank midway through the year led to a chokehold on credit, especially in southern Europe, and turned the risk of another euro zone recession into an inevitability.

    Guide to the furture

    Central bank policymakers are determined not to repeat that mistake, as evidenced by the adoption of forward guidance at the Bank of England and European Central Bank.

    Minutes from the BoE’s August meeting on Wednesday will shed more light on Governor Mark Carney’s plan to link its policymaking to an unemployment rate threshold of 7 percent, subject to caveats on inflation and financial stability.

     

     

    “Much like the ECB, the BoE is worried about the effect of tighter global financial conditions on the fragile recovery taking root in its jurisdiction,” said Gustavo Reis, global economist with Bank of America-Merrill Lynch.

    “With the Federal Reserve likely to start reducing the pace of asset purchases this year, European forward guidance aims to anchor market expectations and mitigate the impact of negative policy spillovers.”

    There are risks to forward guidance, too.

    In June, U.S. Fed Chairman Ben Bernanke signaled the Fed was thinking about easing off the pace of its monetary stimulus later in the year.

    That talk prompted a reaction in financial markets that really amounted to an unexpected de facto monetary tightening, with government bond yields rising and the dollar rising sharply in the second half of June.

    Fed officials have been more careful in their language since then.

    That won’t be lost on ECB President Mario Draghi, who has refused to elaborate on his guidance that the bank intends to keep interest rates low “for an extended period of time”.

    Zandi from Moody’s Analytics said that forward guidance will prove critical in allowing the European recovery to take hold.

    “I think the BoE did the right thing in adopting unemployment thresholds similar to the Fed’s thresholds, and I think the ECB eventually will get there,” he said.

    “I think it’s difficult for Draghi to go down the path Carney has, but he’ll go down the path – it’ll just take him longer to get there.”

  • African Global DJ Awards set for debut

    TALENTS in the entertainment industry have been appreciated overtime by the emergence of award ceremonies to cater for the different facets of the industry with no credit to the Disc Jockeys (DJs). Organizers of the African Global DJ Awards (AGDA), describe themselves as individuals poised with the believe in what DJs do for the entertainment industry, therefore partnering to create a forum through which they would be honoured and appreciated by setting up a non-governmental organization aimed at giving due credit to DJs worldwide. The debut edition of the awards is billed for 13 July, at the Oriental Hotel, Lagos.

    “We want to recognize and celebrate the talent of the greatest DJ’s, the individuals that play at various gatherings, allowing the music to be heard in Africa and Diaspora. The fundamental philosophy of the DJ awards is not that of a competition, as we are dealing with an art form whose merits are purely subjective and therefore, there is no best, rather, referencing the creative elements, focusing on the celebration of all genre of African music, seeking to let the world know that the art of DJ’ing is a respected craft with world-wide impact.” Mr. Mohammed stated.

    Talking about the idea behind the whole event and what they hope to achieve, Tope Esan, an executive member of the AGDA team commented; “Coming from the entertainment end, awards precisely, and one of the things that we had been hearing from most people was to create a DJ Awards Ceremony because of the impact they have in entertainment. So we came together after crafting the idea for two years and finally activated it January 2013. It’s a combination of us having experience in award production and listening to what the fans will like to see as a new concept and project. As time goes on we hope to rotate it around different countries, we kick off in Nigeria 13 July and then it will be in other continents for future editions. Sponsors almost always determine where you have an event. It’s the first edition and we hope that people buy into the idea.”

    African Global DJ Awards is a maiden African concept, born in Nigeria to make certain that the good works of Nigerian, African and DJs worldwide are duly appreciated and celebrated. Amongst the DJs nominated are Nigerian DJ Xclusive, DJ Caise, DJ Kaywise and a few others.

  • Global village cannot benefit Africa, says don

    Former Vice-Chancellor, University of Ibadan, Prof Ayo Banjo, has said the much-talked about global village by the Western world was not designed to benefit Africa but to enrich the economy of the developed countries.

    He said the idea of a global village was developed in America and Europe, while Africa played no part in their design.

    Prof Banjo made the submission at an international conference organised by Babcock University School of Education and Humanities. It had as its theme: The Africa human condition in the contemporary world: An analysis of the state of the African in the period 1960-2010. Theories and analysis from interdisciplinary perspectives (Religious, historical philosophical and socio-political).

    Said Prof Banjo: “It has been argued that the global village idea has been promoted to aid the economic designs of the developed countries, while trying to co-opt Africa economics into those privileged economies.”

    Speaking on the topic: “European Models and Africa Reality”, Prof Banjo, who was one of the keynote speakers, said African countries have uncritically embraced the idea, without a second thought that it may bode ill for the development that they desperately seek.

    Banjo spoke about the concept of an international community, saying the only organisation that readily comes to mind is the United Nations. He said in recent years, actions have been taken in the name of the international community to which the United Nations was either not privy to or which it will oppose outright, resulting in the deaths of thousands of innocent men, women and children.

    Africa, Banjo stressed, appears to be little more than a passive observer, even in the face of talks about a global village or the invocation of an international community.

    He said the usual aids from the west to Africa which mostly comes in form of loans seems like a big financial break on the surface; but are all smokescreens apparently to keep the black continent in perpetual enslavement.

    “African countries are given access to loans which they are told will make them look more like the powerful nations so that the disparities become less obvious. But it is worth examining how efficacious the antidote has been,” Banjo said.

    Banjo insisted that the global village will simply an remain illusion until those inhibiting the grossly disadvantaged villages try to bring them up first, to the level of more privileged village, and thereafter can negotiate the terms of an emerging global village.

    Others, who spoke at the event, were Prof Bola Akinterinwa, Director-General, Nigeria Institute of International Affairs (NIIA), who delivered on the topic: International people and the situation of African people: The challenges of globalisation.

    The Dean, School of Education and Humanities Babacock University Prof Frederick Akporobaro spoke on: Wole Soyinka and the African human condition: A study of Savagery and warfare in the season.

    Others include Prof Isaac Albert, Director, Institute of African Studies, University of Ibadan, and Prof Oyetunde Awoyele, President, Nigeria Association of Educationists.

     

  • Govt adopts global accounting model

    Govt adopts global accounting model

    The Federal Government is planning to adopt the International Public Sector Accounting Standard (ISPAS) accrual basis in 2015. The measure is aimed at protecting its fixed assets and check corruption, it has been learnt.

    This varies from the ISPAS cash basis adopted on January 1, to enable the government track-down all cash-based transactions among its Ministries Departments and Agencies (MDAs).

    An Accountant and Consultant to Financial Reporting Council (FRC) on International Reporting Financial Standards (IFRS), Mr Uwadiae Oduware, said 2015 is the target year for the adoption of ISPAS accrual basis to ensure accountability in the public service.

    He told The Nation that the Accountant-General of the Federation, Jonas Otunla, and the Financial Reporting Council (FRC), in May, last year, agreed to promote the use of accounting standards in the public sector, leading to the adoption of ISPAS cash basis and accrual basis in 2013 and 2015.

    Both bodies, he said, have been working together on the issue since last year to encourage transparency in government.

    He said: “ISPAS accrual basis is expected to be implemented in federal-owned ministries in 2015. ISPAS cash and accrual basis are the public version of the International Financial Reporting Standards, and are meant for the public sector only. By ISPAS accrual basis, we are referring to the management of the fixed assets of the government.

    “The assets include lands and buildings. Under accrual basis, it would be easier to know, monitor and check untoward practices relating to the use of the fixed assets of the Federal Government.

    “For instance, if there is a wrong possession, or transfer of government land or building, it would not be long before such activities are discovered when ISPAS accrual basis is adopted in 2015. If a ‘movement’ofgovernment’s building occurs, the financial statement prepared with ISPAS accrual basis format would reveal it,” Oduware explained.

    “Government buys vehicles among other movable assets. A public servant may be in possession of three or four cars, and it would be difficult to track down such assets. The reason is because he might decide to hide some of the vehicles. But that is not possible when its come to fixed assets, because ISPAS accrual basis w ould provide detailed information about the assets,” he added.

    He said users of government’s financial statements would see more transparency, accountability and integrity in the statements, when ISPAS accrual basis is implemented in 2015.

    “I think the major objective of ISPAS accrual basis is to enable government have a true picture of its assets and balance sheets to prevent abuse of office among its officials,” he said.

    According to him, the Office of the Accountant-General of the Federation will at the end of implementation process of ISPAS accrual basis in 2015, be able to deliver a standardised uniform chart of accounts, budget, financial statements that meets international best practices to the nation.