The Nation Newspaper

Tag: growth

  • Generation next and Africa’s growth

    Generation next and Africa’s growth

    The IMANI Centre for Policy and Education, in collaboration with Atlas Network, has organised a four-day Students and Young Professional African Liberty Academy (SYPALA) conference in Accra, the capital of Ghana. Participants at the event discussed how youths can champion Africa’s growth. JENNIFER UMEH was there.

    What are the dividends of democracy and good governance for Africa in the last 50 years? This was the topic for discussion at a four-day Students and Young Professionals (SYPALA) conference held in Accra, the capital of Ghana, last week.

    Over 100 students from West Africa gathered at Mensvic Hotels in Accra for the event, organised by the IMANI Centre for Policy and Education, a thinktank, and ATLAS Network. The event was aimed at training a new generation of young African leaders to solve the continent’s problems.

    IMANI’s Chief Executive Officer (CEO), Franklin Cudjoe, said conference was a drive to awaken youths to take the advantage of innovation and entrepreneurship to unlock the continent’s economic potential.  Cudjoe urged African leaders to promote the contienent’s growth through economic freedom and sound policies.

    Executive Director, African Liberty Organisation for Development (ALOD) Adedayo Thomas, who spoke on Achieving market economy, said youths would support the government that is  willing to implement free market policies. He said there would be no growth if the government controls the economy, noting that Africa is poor because the government suppressed free market economy.

    He called for limited government and liberalisation of public institution, saying: “Africa can no longer tolerate plundering of wealth by a few in the name equality. For Africa to rise, government must withdraw from economy and allow free market economy to bring growth.”

    Ghana Chamber of Bulk Oil Distributors’ CEO Senyo Hosi, said countries that achieved a sustained economic growth promoted the ideas of liberty, individual autonomy and property rights.

    He said there would not be meaningful progress if individuals did not have liberty to innovate and protect intellectual property. He said the conference was to open the eyes of the participants to importance of freedom and capitalism.

    A leader blogger and entrepreneur, Japheth Omojuwa, said libertarianism brought more opportunities for African youths, pointing out that more innovative young people have achieved prosperity in the last 10 years in countries, such as Nigeria, Tanzania, Kenya, South Africa and Uganda.

    He said the government must give people a right to have choices and protect the rights of minorities. The development of Africa, he said, rests on the energies of its youths to bring out good innovations that will change the story of the continent.

    Founder EDEL Technology Consulting, a digital product firm, Ms Ethel Cofie, identified lack of courage as a challenge preventing women to innovate. Beyond raising children and family, Ms Cofie said women dream big and compete with men in entrepreneurship.

    “We need to dispel a notion that women in leadership positions are authoritative. We need to encourage and support ourselves and pursue open opportunities to achieve our latent potentials,” she said.

    Director, Economic Growth Office of the United States Agency for International Development (USAID), Brain Conklin, explained how economic freedom could be used for determining human development.

    According to him, regional economic communities are meant to be building blocks for continental integration, adding that the government’s restrictions were threatening meaningful development.

    The conference also featured panel of discussion on participatory democracy and term limit for African leaders.

    A participant from Nigeria, Amaka Udeh, said many African countries have the potential to be the next economic destination, adding that the struggle for power among leaders was part of the reasons people remained poor.

    A participant from Ghana, Richard Abeiku, described the conference as educative and thought-provoking, saying it challenged him to take up responsibility to educate people on entrepreneurship and innovation.

    Another participant, Henry Eshun, said: “I have been enlightened on the causes of African challenges and the way forward. I will go back to my community to see how I can change the story of my people.”

  • Flexible forex: marketers strategise for growth

    Fuel marketers are leveraging on their relationship with refineries abroad to make the best of the flexible foreign exchange (forex) regime, which implementation began last Monday.

    It was gathered that the marketers have been discussing with refineries’ owners overseas to ensure efficient fuel supply, with a gurantee for payment.

    The National President, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Okoronkwo, said marketers will leverage on their contacts,  relationships with owners of refineries abroad, among  other factors, to buy fuel since the government has simplified the process of accessing forex.

    He said some marketers have collaborations with foreign refineries, adding that such marketers would rely on the partnership to import fuel into the country. He said marketers that have their own jetties would have unimpeded access to fuel, while those that do not have jetties would have the opportunity.

    Okoronkwo said that indices such as good assets, relationship and confidence, are what marketers need to make the best of opportunities provided by the new forex policy. He said marketers will access forex at relatively cheaper rates, import fuel, sell it, make gains and fresh purchases, and instill confidence in the minds of firms that sell fuel abroad.

    “Marketers will benefit greatly from the forex policy. The reason is because the flexible forex policy would provide them with the opportunity to play better in the industry. The policy would enable marketers to access forex at relatively cheaper rates, import and sell fuel, make gains and fresh purchase, and instill confidence in the minds of firms that are selling fuel abroad. Business thrives on confidence between two parties or more. Through the policy, marketers are sure of getting opportunities to buy forex. As a result of this, marketers would be bringing fuel into the country. Once marketers are getting returns on investment (RoI), they would not hesitate to buy more fuel,  a development, which would go a long way in building confidence in the owners of refineries abroad.’’

    He said marketers would not run out of fuel during the new regime, assuring that there would not be fuel scarcity again. Marketers, Okoronkwo said, would be able to project how, when and where to buy dollars whenever they discover that the currency is scarce in the market, stressing that the issue would enable them to do a comparative analysis of happenings in the oil industry for growth.

     

  • Group records 27.39 growth in learning

    The Equipment Leasing Association of Nigeria (ELAN), yesterday, released a review of the Nigerian leasing industry for 2015.

    According to the association’s Executive Secretary, Andrew Efurhievwe, who briefed journalists in Lagos, a review of the past five years, shows a steady growth of the industry even in the face of the economic meltdown.

    According to him, available statistics show an impressive 27.39% growth in leasing activities. The volume of outstanding leases grew from N869 billion in 2014 to N1.1 trillion in 2015, and this could be explained based on the developmental attributes of leasing which makes it attractive whether the economy is witnessing a boom or recession, as is currently the case.

    Efurhievwe stated that many industries are relying on leasing as a creative financing alternative for capital assets and this has created increased investments from existing lessors and attracted new entrants into the leasing industry to tap into the opportunities in the market.”

    He  explained that analysis by sector of the leased volume records in 2015, show that even with the global fall in the price of crude oil, the oil and gas sector still has the highest volume of leased assets. He said the volume of leased assets in the sector rose from N284 billion in 2014 to N361 billion in 2015 representing 27% growth and 33% of total portfolio. Next to the oil and gas sector is the transport sector, recording 21% growth rate from N228 billion in leased asset in 2014 to N290 billion in 2015. Other sectors like telecoms, agriculture and manufacturing as well, also had considerable growths.

    “Categorising the lease transactions according to types, finance leases retained the dominant position accounting for 75% of all lease transactions while operating lease accounted for 25%. It is however expected that operating lease will continue to increase its market share as more demands are being made from large corporate due to its service oriented nature.

  • Mobilising capital market for Nigeria’s economic growth

    The capital markets could provide an alternative source of funding for Nigerian corporate enterprises and also for Nigeria’s infrastructure development. We see around us examples of countries that have made a decision to develop their capital markets and transformed their economies as a result. After the 1997-1998 Asian crises, many Asian governments took action to reform their economic policies and deepen their capital markets. The resulting development in their economies has been astronomical.

    We have made remarkable progress in recent years to build the capital markets in Nigeria. However, we still have a lot of catching up to do. The market capitalisation  as a share of the Gross Domestic Product (GDP) in 2013 was about 27% of GDP compared to 247% for Malaysia, 207% for South Africa and 112% for Brazil. Imagine where Nigeria will be if billions of US dollars were to be invested in building our power companies, a rail network connecting all regions of Nigeria, telecommunications, hospitals, schools and more. Nigeria would be a great place to live and do business.

    The question is whether we can create an environment that attracts that kind of money. My instinct as a Nigerian is to say – if others can do it, surely so can we! How do we make Nigeria attractive to private investors? To determine how to proceed we must first ascertain who we are competing against.

    A quick look at what other countries are doing reveals that we are not alone in wishing to attract international institutional investors.

    All over the world – countries are clamouring for the same investors and building their capital markets to create an environment that will be attractive to such investors. Kenya, Saudi Arabia and Rwanda. Even the countries in Europe that are way beyond our dreams in terms of economic development are planning to expand their capital markets by the establishment of a Capital Union that consolidates their respective attributes.

    To compete effectively against such strong competition we need a strategy that leverages the attraction of Nigeria as an investment destination and addresses the concerns investors may have about Nigeria.

    Attractiveness of Nigeria to investors.- The headline reason that investors find Nigeria attractive is our population dynamics. It is projected that Nigeria’s population will reach 413 million by 2050, overtaking America as the world’s third most-populous country. This creates an awesome picture of Nigeria of the future. Two remarkable issues stand out in this picture:

    • the first is that Nigeria is growing and will become a colossal market – a giant of a market where businesses will find a ready outlet for their goods and services and, as a result, the potential to flourish; a market that creates jobs for Nigerians and a market where wealth is generated for investors and Nigerians alike;
    • the second is the realisation that as our population grows so will our workforce; if we have workers contributing to pensions, – our pension funds could become titans among pension funds and be sought after worldwide.

    This picture is a glimpse of the Nigeria we could have in the future. But before we get lost in the dream let’s have a reality check and consider what will keep investors away.

    Concerns of investors – The three headline concerns are:

    • first, the perception, justified or not, that Nigeria is corrupt and has poor corporate governance, transparency and accountability standards. Investors losing their capital. As a result they either stay away or charge us a premium for investing here. The perception of corruption is hurting Nigeria financially;
    • second, investors are concerned about the lack of respect for the rule of law. It is important to them that they invest in an environment where there is trust and confidence that their business agreements will be honoured; and,
    • thirdly, there is concern is about security. Stories about kidnapping, blowing up oil pipelines, armed robbery and terrorism give investors reason to fear for their personal safety.

    What if we get our strategy right and attract the capital that will develop our economy? We will get a country that is prosperous, with a young and dynamic workforce that is engaged in building the economy and nationals that are respected and dignified.When I think of the type of life my fellow Nigerians could live could live – my heart beats faster with excitement.

    But what if we do not get it right and the investors stay away from Nigeria? The picture I see is scary. Over 400 million people living in chaos, everyday life a struggle, hundreds of millions of young people – ill-educated and unemployed, the few that are well to do living in fear of angry and volatile youths and poverty is the reality for a vast section of the population. This will be nightmare scenario.

    The second option must be avoided at all costs. It is critical that we do what is necessary to address the concerns of investors and encourage them to invest in Nigeria. If others can fix their societies surely, we can as well.

    How do we proceed?To compete effectively we must adopt a two-pronged strategy – (i) we must address the fundamental issues that are keeping our target investors away and will keep them away however great Nigeria’s potential as an investment prospect may be. The key issue here being integrity, and (ii) in anticipation that we succeed in fixing the fundamental issues, we must as well build a framework of incentives and processes that will incentivise and support the execution of capital markets transactions. Tax and regulatory incentives are typical.

    Progress made so far – A lot has been done towards creating a better environment for capital markets transactions. Various industry bodies such as SEC and NSE have adopted robust corporate governance codes that ought to become more widespread. The implementation of the 10 year Capital Markets Master Plan must be prioritised.

    Further step to take. As we make progress, it is important that we go on a public relations offensive and announce to the international community that a new Nigeria is evolving.

    The capital market investments we seek is within our reach. Integrity transparency and accountability is the key that opens the door. There are investors and experts willing to join us in the building process as part of a strategic alliance and we should use their support as a business arrangement.

    We all have been responsible for the current state of Nigeria – either as a result of our action or inaction. We must now take responsibility for creating the new Nigeria.

     

    • Uwaifo, a solicitor, presented the above at a recent two-day stakeholders forum, with the theme, “Realizing the Full Potentials of the Nigerian Economy through Proactive Capital Market Legislation”, organised by the National Assembly Joint Committee on Capital Market, in Abuja.
  • Heineken, UNIDO push for inclusive growth in Nigeria, others

    Heineken, UNIDO push for inclusive growth in Nigeria, others

    Nigeria and other developing countries are to benefit from a partnership between the United Nations Industrial Development Organisation (UNIDO) and brewing giant, Heineken, on addressing some sustainability-related challenges.

    The partnership, which covers three areas: water, renewable energy/efficiency and local sourcing of inputs, is aimed at promoting inclusive growth and enhancing the environmental impact of Heineken’s operations in developing countries.

    According to experts, the world is expected to require 40 per cent more water and 50 per cent more energy by 2030. Population growth, changing lifestyles and climate change will place increasing pressure on the environment, particularly on water, energy and food nexus. And one sector that touches all three areas is the brewing industry.

    A statement on UNIDO’s website, accessed by The Nation, noted that under the water component, the partnership focuses on developing initiatives for catchment areas classified as ‘water-scarce’. The initiatives complement Heineken’s commitment to reducing water consumption in its breweries in these regions. Currently, joint activities are concentrating on breweries in Egypt, Ethiopia, Indonesia, Mexico and Nigeria.

    The programme started in 2015 with UNIDO and Heineken organising two-community engagement workshops on the future of local watersheds: one in Ethiopia for the Dabena river catchment area; and the other in Nigeria for the Ibadan region in the Ogun-Oshun catchment area.

    Measures identified by stakeholders to reduce water stress in the Dabena catchment area include the reforestation of degraded upstream catchment areas, the promotion of sustainable land use and agro-forestry practices, and the establishment of community-based water retention facilities.

    This initiative also draws on support from Israel, which is well-known for its extensive experience in water conservation, technology and innovative practices. More workshops are planned for 2016 and 2017.

    Under the second pillar of the partnership, UNIDO and Heineken are jointly examining the potential of renewable energy sources to enable Heineken’s developing country brewing plants to reduce fossil-fuel dependency as well as to supply excess clean energy back to local communities, through either power purchase  agreements or the construction of local mini-grids.

    This work is being piloted at Heineken’s brewery located in Freetown, Sierra Leone.

    In addition, the parties will look at ways to improve the industrial energy performance of Heineken’s Sedibeng Brewery, located near Johannesburg, South Africa. This will contribute to reducing power demand on the national grid, which is a high priority area for the South African government.

    At the same time, this work will reduce the carbon footprint of Heineken’s production operations in line with the company’s Corporate Social Responsibility (CSR) strategy.

    Finally, under the local sourcing component, the partnership is exploring opportunities to expand Heineken’s Supplier Development Programme as part of the company’s commitment to source 60 per cent of its raw materials in Africa locally.

    Heineken sources locally in 11 operating companies across Africa, through 24 various sourcing initiatives, involving over 120,000 farmers and reaching approximately 840,000 family members.

    The UNIDO-Heinekenpartnership is an exciting new area of work for UNIDO and in the words of the UNIDO’s Director -General, LI Yong, “Ultimately, we want to improve the lives of people in developing countries and make a meaningful contribution to inclusive and sustainable development while, at the same time, create flourishing markets that foster business opportunities.”

    The Chief Corporate Relations Officer of Heineken, Blanca Juti, said: “Partnering UNIDO helps us deliver on our commitment to Brew a Better World, which is at the core of our mission as a company.”

  • World Bank cuts Nigeria’s growth forecast

    World Bank cuts Nigeria’s growth forecast

    The World Bank cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices.

    The lender, in its semi-annual Global Economic Prospects report, said Africa’s biggest economy is expected to grow 0.8 percent, down from an estimate of 4.6 per cent in January. Growth is projected to pick up to 3.5 percent in 2017, it said.

    Foreign-exchange restrictions, fuel shortages and a plunge in oil production and prices have hit the economy, the bank said in the report. Nigeria’s economy contracted for the first time since 2004 in the first quarter and central bank Governor Godwin Emefiele warned in May that a recession was imminent after a four-month delay in the nation’s budget stalled economic stimulus programs.

    Faced with the price-slump for oil, the key source of government revenue, the central bank has restricted access to foreign exchange. Nigeria has held its currency, the naira, at 197-199 per dollar since March 2015, unlike some other oil producers that have let their currencies weaken

  • UACN drives growth with internal funding

    UACN drives growth with internal funding

    After many failed attempts to raise new equity funds from existing and new investors, the board of UAC of Nigeria (UACN) Plc has suspended new equity issues and opted to finance ongoing restructuring and investments within the group with internally generated funds.

    At the annual general meeting of the company yesterday at Golden Tulip Festac, Lagos, chairman, UAC of Nigeria (UACN) Plc, Mr. Dan Agbor, said the group decided on internal funding after attempts to raise new equity funds from strategic investors and existing shareholders were frustrated by the slowdown at the Nigerian capital market.

    He said the group had sequel to approval by the shareholders at the annual general meeting in September 2015 made efforts to raise new equity funds, especially with a view to attracting a strategic investor or investors and obtain equity control that would be used to drive growth in certain subsidiaries.

    “Following your approval of a one for 12 rights issue of 160.07 million ordinary shares, your board and management made all necessary arrangements to launch the issue. Unfortunately, the weak performance of the Nigerian capital market has made it impossible to raise the requested capital on optimal terms and at the end of March 2016, a decision was taken by the board to discontinue the rights issue. Your board and management will now undertake the needed investment and financial restructuring of those subsidiaries using internally generated funds,” Agbor said.

    He added that the group decided to retain the larger part of its net earnings in 2015 to ensure that it remains in a position to participate in new equity issues that might be launched by its subsidiaries.

    According to him, the board had recommended total dividend of N1.92 billion for the 2015 business year while being mindful of the need to conserve funds so that the group can participate in the rights issues to be undertaken by three of its subsidiaries, including UACN Property Development Company Plc, Livestock Feeds Plc and Portland Paints & Products Nigeria Plc.

    Key extracts of the audited report and accounts of UACN for the year ended December 31, 2015 showed that group turnover dropped by 14.6 per cent from N85.6 billion in 2014 to N73.1 billion in 2015. Group profit after tax dropped by 52.6 per cent from N10.9 billion in 2014 to N5.2 billion in 2015.

  • ‘New investors’ll drive insurance growth’

    prospective operators are optimistic that opening the insurance industry to new investors will spur huge growth for the insurance market.

    To this end, they are calling on the Federal Government through the National Insurance Commission (NAICOM), to open the insurance industry for more innovative and competitive market.

    The Commission had before now, said it would not issue fresh operating licences to new investors but would rather support acquisition of existing insurance companies.

    Despite this pronouncement, the Commission issued licences to investors which it deemed would add value to the industry.

    Presently, there are 19 brokerage and underwriting firms seeking to commence operation in the sector.

    Some of the concerned underwriting and brokerage investors have, however, expressed anxiety on the need to get response from the regulator on the state of their applications almost a year after applications were submitted.

    Section three of the Insurance Act 2003 states that no person shall commence or carry on any class of insurance business in Nigeria unless the insurer is registered by the commission.

    The section of the act further explains that the commission would only give approval when it was certain that it would not be against public interest or the interest of the policyholders.

    At a press briefing in Lagos, the Commissioner for Insurance, Mohammed Kari, confirmed that the commission published the names of some operators who applied for new licences last year.

    He said the idea of publication was to allow the public to make comments on those that applied.

    While the commission had approved new licences for some of them, he said some others were yet to be approved.

    Some industry analysts said that to increase insurance penetration in the country, it is important for NAICOM to intensify efforts on micro-insurance and take full initiatives to make insurance available to more Nigerians and encourage new investors to invest in insurance.

    They said the commission should consider reduction of the capital base for micro-insurance and should grant approval for licence quickly.

    According to them, development of insurance will increase employment in the sector and encourage new investors to make their contribution to insurance growth and development, which is what the sector needs now.

    One of the investors who spoke under the condition of anonymity said there are untapped potentials in the Nigerian insurance market that they can leverage on to turn the industry around. He said the Federal Government should grant keen investors regulatory approvals for take-off.

    He said: “There are opportunities especially in the retail space which holds a lot of potential for growth. The rising middle class, young population and growth of shopping malls across the country are sales spots for insurance. This requires strategic planning and innovation.

    “We are eagerly waiting for licensing from the regulator having applied for more than one year now because we cannot operate without licence.”

    The Director-General, Nigeria Insurers Association (NIA), Sunday Thomas, said the public patronage of the industry is yet to reach the desired level notwithstanding the various legislations enacted to promote patronage. He stressed that the largely untapped market creates opportunities.

    “The insurance industry in Nigeria presents a lot of growth opportunities due to the low insurance penetration.

    “Attention should be given more to the development of the retail market while waiting for corporate accounts rebound. Presently, insurance seems to have become investors delight,” he added.

  • Resort Savings eyes growth with Abuja land deals

    Resort Savings & Loans Plc, a mortgage bank quoted on the Nigerian Stock Exchange (NSE), plans to further leverage its turnover with ongoing sale of properties in the Federal Capital Territory (FCT), Abuja.

    Head, business development, Resort Savings & Loans Plc, Bisi Bello, said the mortgage bank has begun the marketing and sale of undeveloped plots of land at different locations in Abuja. The land  located at Kuje, Kurudu-1 and Kurudu Hilltop belongs to Mahfas Investment Limited.

    She said the mortgage bank will market the land as well as allow instalmental payment upon the down payment of 30 per cent by prospective buyers.

    “All that is required from the prospective buyers is to open account with Resort Savings and make available the 30 per cent down payment while the balance could be spread over a reasonable period,” Bello said.

    She urged all prospective home owners to open account with the mortgage bank as well ensure the deposit of the 30 per cent initial payment to be part of the beneficiaries of the plots.

  • Heineken, UNIDO push for inclusive growth in Nigeria, others

    Heineken, UNIDO push for inclusive growth in Nigeria, others

    Nigeria and other developing countries are to benefit from a partnership between the United Nations Industrial Development Organisation (UNIDO) and brewing giant, Heineken, on addressing some  sustainability-related challenges.

    The partnership, which covers three areas: water, renewable energy/efficiency and local sourcing of inputs, is aimed at promoting inclusive growth and enhancing the environmental impact of Heineken’s operations in developing countries.

    According to experts, the world is expected to require 40 per cent more water and 50 per cent more energy by 2030. Population growth, changing lifestyles and climate change will place increasing pressure on the environment, particularly on water, energy and food nexus. And one sector that touches all three areas is the brewing industry.

    A statement on UNIDO’s website, accessed by The Nation, noted that under the water component, the partnership focuses on developing initiatives for catchment areas classified as ‘water-scarce’. The initiatives complement Heineken’s commitment to reducing water consumption in its breweries in these regions. Currently, joint activities are concentrating on breweries in Egypt, Ethiopia, Indonesia, Mexico and Nigeria.

    The programme started in 2015 with UNIDO and Heineken organising two-community engagement workshops on the future of local watersheds: one in Ethiopia for the Dabena river catchment area; and the other in Nigeria for the Ibadan region in the Ogun-Oshun catchment area.

    Measures identified by stakeholders to reduce water stress in the Dabena catchment area include the reforestation of degraded upstream catchment areas, the promotion of sustainable land use and agro-forestry practices, and the establishment of community-based water retention facilities.

    This initiative also draws on support from Israel, which is well-known for its extensive experience in water conservation, technology and innovative practices. More workshops are planned for 2016 and 2017.

    Under the second pillar of the partnership, UNIDO and Heineken are jointly examining the potential of renewable energy sources to enable Heineken’s developing country brewing plants to reduce fossil-fuel dependency as well as to supply excess clean energy back to local communities, through either power purchase  agreements or the construction of local mini-grids.

    This work is being piloted at Heineken’s brewery located in Freetown, Sierra Leone.

    In addition, the parties will look at ways to improve the industrial energy performance of Heineken’s Sedibeng Brewery, located near Johannesburg, South Africa. This will contribute to reducing power demand on the national grid, which is a high priority area for the South African government.

    At the same time, this work will reduce the carbon footprint of Heineken’s production operations in line with the company’s Corporate Social Responsibility (CSR) strategy.

    Finally, under the local sourcing component, the partnership is exploring opportunities to expand Heineken’s Supplier Development Programme as part of the company’s commitment to source 60 per cent of its raw materials in Africa locally.

    Heineken sources locally in 11 operating companies across Africa, through 24 various sourcing initiatives, involving over 120,000 farmers and reaching approximately 840,000 family members.

    The UNIDO-Heinekenpartnership is an exciting new area of work for UNIDO and in the words of the UNIDO’s Director -General, LI Yong, “Ultimately, we want to improve the lives of people in developing countries and make a meaningful contribution to inclusive and sustainable development while, at the same time, create flourishing markets that foster business opportunities.”

    The Chief Corporate Relations Officer of Heineken, Blanca Juti, said: “Partnering UNIDO helps us deliver on our commitment to Brew a Better World, which is at the core of our mission as a company.”