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Tag: growth

  • Driving growth, profitability via money transfer

    Driving growth, profitability via money transfer

    Access Bank Plc is leveraging on the Central Bank of Nigeria (CBN) money transfer policy which raised money transfer limit to $5,000 from $2,000 to deepen its growth and profitability. The lender, which recently launched outbound money transfer services in partnership with MoneyGram, said the feat is boosting  money transfer market and adding value to its stakeholders, COLLINS NWEZE writes.

    With over $21 billion Diaspora remittances recorded in 2013, banks with eye in the future have to take money transfer services seriously. That explains why Access Bank, in partnership with MoneyGram, has launched outbound money transfer service.

    The bank’s Head, Personal Banking, Victor Etuokwu said the partnership has boosted the money transfer market.

    He said the outbound money transfer  service, marketed as “Naija Sends” allows Nigerians to send their naira abroad through any Access Bank branch, and the funds are received in the currency of the receiving country.

    He said: “What we promise our customers is speed, service and security. This means that we would offer them this service in a manner that is expeditious, quick, with minimal, but legal documentation; the service would be prompt and done in an environment that is secured. In other words, there would be no errors and there would not be fraud.

    “There were some discussions around the transfer limit. If you put the limit so low, you will cut off some micro entrepreneurs. So, it is a welcome development that the regulator is sensitive to some ideas that would grow the economy.”

    Head, Franchise Group, Access Bank Plc, Ola Isola encouraged Nigerians to see this as a platform to relate with their loved ones and business partners across the world.

    “So, be it payment for a child in school, medical payment, business purchases across the world, this is a safe and secured platform. This is a platform that the people within the bottom of the pyramid are conversant with. The charges are competitive when you compare them with the alternative platforms. But we have to always note the service because service that is not paid for is not sustainable.”

    MoneyGram Regional Manager for Anglophone West Africa, Mrs. Kemi Okusanya, said the launch of “Naija Sends” has further deepened the brands reach and service in Nigeria.

    In her remarks she noted “Over the last two decades MoneyGram has facilitated over 15 million transactions in Nigeria, enabling safe, convenient and reliable transfer of funds from the Nigerians in Diaspora to their loved ones. As Africa’s largest economy, with over 10 million migrants, we are glad we are able to offer this service in Nigeria today.”

     

    The CBN policy

    The new money transfer policy permits individuals who want to send money outside the country through the International Money Transfer Services, can now send up to $5,000 per transaction, 150 per cent above the initial allowed limit.

    The limit for transfers was reviewed upward from the initial $2,000 data from the CBN website showed. Although the CBN did not give any reason for the upward review, it specified that the new limit of $5,000 applies only to individuals, excluding corporate bodies.

    The circular which was signed by the CBN director, Trade and Exchange, Olakanmi Gbadamosi, reads, “authorised dealers and members of the public are hereby notified that the threshold of $2,000 per transaction has been reviewed upward.

    “Accordingly, the allowable limit for the outbound international money transfer of $2,000 per transaction has been increased to $5,000 of its equivalent per transaction. However, it is important to note that this service is only applicable to person-to-person transfer. For the avoidance of doubt, corporate entities are not allowed to use this product,” it said.

    Access bank has continued to take major steps that add value to its stakeholders, and these steps are already paying off.

     

    Third quarter performance

    Access Bank Plc has announced an profit of N44.2 billion for the nine months ended 30 September 2014 based on mproved efficiency, rising market share and strong risk management practices.

    The bank’s profit before tax (PBT) showed an increase of 20 percent from N35.1billion recorded during the same period in 2013.

    Access Bank Group unaudited IFRS nine results released to the Nigerian Stock Exchange (NSE) yesterday also showed gross earnings of N182bn, up 17per cent from N154bn in the corresponding period of 2013. The growth in gross earnings was driven by an increase in interest income from loans.

    The lender posted 21 per cent growth in operating income to N126bn from N104bn in 2013. Customer deposits increase by 11per cent to N1.5 trillion from N1.3 trillion in FY 2013. The bank’s asset quality ratios also improved as Non Performing Loan (NPL) ratio was down 20bps to 2.5per cent, from 2.7per cent in December 2013.

    Further analysis of the result indicated that Access bank continued to improve on its operating efficiency and steady income growth resulting in cost to income ratio of 61per cent in  third quarter 2014 compared to 75per cent in 2013. Total assets grew by 14per cent to N2.1 trillion from N1.8trillion in full year 2013. Loans and advances of N1.1trillion showed an increase of 33per cent compared to N811bn in full year 2013.

    Commenting on the result, Group Managing Director, Herbert Wigwe said “The Bank’s resilient 3Q 2014 results reflect consistent improvement in our balanced growth and target metrics. Our performance over the past three quarters demonstrates the effectiveness of our corporate strategy as the Bank continues to grow its market share in key segments whilst enhancing shareholder value.”

    “We have implemented a disciplined and conservative capital enhancement plan, designed to ensure we maintain our moderate risk appetite. This will ensure a stronger capitalised bank, enabling us to remain competitive and take advantage of significant.

     

    Diaspora remittances

    With a yearly growth rate of three per cent over the past five years and $21 billion inflow of personal remittances last year, Nigeria is the fifth largest remittance receiver worldwide in terms of volume, a KPMG report has shown.

    The Banking Industry Customer Satisfaction Survey 2014 by the firm obtained by The Nation showed that remittance to Nigeria accounts for 65.6 per cent of total flows into sub-Saharan Africa. The feat, it said, presents some avenue for banks that may want to tap into the opportunities created by this class of Nigerians who wish to transact banking business using their local bank accounts.

    In an online survey of 127 Nigerians resident in 12 countries who maintain local banking relationships, convenience was the overwhelming driver of value.

    According to the report, when asked for the most important factor in their banking relationships, 44 per cent of the customers selected the availability of internet banking. In particular, customers identified the ease of use of the internet banking platform as the most important factor followed closely by the quality of customer service.

    Seventy-seven per cent of those surveyed transfer money through formal channels – banks (48 per cent) or other money transfer agencies (29 per cent) – compared to 19 per cent who said they send money home through less informal ways – family and friends – travelling home.

    Also, on the effectiveness of the contact centre, the ease of complaints resolution was cited as a major area of dissatisfaction.

    It also showed that more than 50 per cent of customers who have used their bank’s contact centre have been dissatisfied with the promptness of issues resolution and quality of feedback. It cited one bank’s  response to a customer facing some debit card challenges that the customer should wait until his next visit home, for his query to be resolved.

    The increasing frequency and magnitude of cybercrime incidents globally make it apparent that cybercrime is here to stay. The Central Bank of Nigeria’s (CBN) report for the first half of last year noted that there were 2,478 fraud and forgery cases  banks worth over N20 billion. This, it said, represented an eight per cent increase over that of the previous year but a significant increase in value of over 200 per cent from 2012.

    In this year’s survey, two per cent of retail customers indicated that they had experienced a fraud  in the last year and while this number appears small today, it may signify the start of a potentially disturbing future trend.

     

    Eye on fresh capital

    Access Bank’s Deputy Group Managing Director, Obinna Nwosu said the lender will be raising N68 billion capital through Rights Issues. He advised shareholders to take up their rights when the issue begins, as the bank has proven its ability to deliver superior returns on investment.

    The bank chief also listed some of the major attributes that makes Access Bank an institution of choice for investors.

    Nwosu said the bank has Capital Adequacy Ratio of 21 per cent, and has seven banking subsidiaries. The lender also employs 3,192 professional staff working in 366 branches. The lender has 1,042 ATMs, with 11,846 Point of Sale channels.

    He said with a vision of becoming one of the most respected banks in Africa, Access Bank has grown to be the top five banks in Nigeria, stating that between 2002 and 2007, the bank ranked among the top 10 lenders in the country. “That feat was triggered by its role as a dominant trade finance bank; top three foreign exchange and money market bank and model of compliance in the banking industry,” he said.

    Nwosu, who spoke in company of other Senior officials of the bank, including the Executive Director, Commercial Banking, Roosevelt Ogbonna at a media briefing in Lagos, said that between 2007 and 2012, the bank emerged among the top five in the financial services group, adding that this was achieved based on its reference point of Service Delivery; leading e-business support bank; employee of choice in Africa; reference point for corporate governance; attainment of high independent credit rating and as a top five trade finance lender.

     

    Leader insustainable finance

    Access Bank is also a strong converser for the implementation of sustainable banking principles by lenders. Its Chief Risk Officer, Dr. Gregory Ovie Jobome recently called on stakeholders in the Nigeria Sustainable Banking Principles (NSBP) to follow uniform reporting standards for them to achieve the desired objective.

    Speaking at the NSBP Pre-Reporting Workshop held in Lagos, he said stakeholders needed to ensure that they formulate policies that will enable them achieve their sustainable banking objectives. The workshop was organised by Access Bank.

    He said operators needed to ensure that issues around human rights, environmental sectors to  the bank and other critical issues are reported uniformly.

    The Managing Director of Sustainable Finance Limited, Carey Bohjanen, said banks should think through the NSBP and implement them. She said the Nigeria Sustainable Banking Principle is a regulatory requirement that lenders have to adhere to because it is also cost-saving.

     

     

  • Ebola, insurgency reduce economic growth rate by 0.5%

    Ebola, insurgency reduce economic growth rate by 0.5%

    Minister of Finance/Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, has said that the country’s projected economic growth rate for this year would reduce by 0.5 per cent due to adverse effects of Ebola disease and Boko Haram’s attacks.

    Speaking in Lagos after meeting with the Global Chief Executive Officer of Unilever Plc, Mr. Paul Polman, the Minister said: “We have discounted our growth by a half percentage point this year, part of that includes consideration for Ebola.”

     The half a percentage point reduction in our economic growth includes the effect of Boko Haram. “We have discounted the effect of terrorism in the North East,” she added.The Minister said though the nation’s growth rate has been discounted by a half percentage point this year, “We are still projecting to grow around 6.5 per cent. We would have grown at about seven per cent.”

    She assured that government would continue to monitor the situation to determine if it would have further impact on the economy.She also said that government had instituted a team led by the Chief Economic Adviser to continue monitoring the impact of the Ebola virus disease on the economy.

    “We have not finished. We are still monitoring. We have a little team, chaired by the Chief Economic Adviser that is working on the impact of Ebola now. So far, what you have seen is not having that big an impact but we are still monitoring. You know it is not over, and if need be, if we see a further impact, we will announce it and we will do further work to see what further impact it will have on the growth rate.”

    Now, we have to look at Ebola very carefully because we have 19 cases; and out of these we have seven deaths and 11 recoveries. We are monitoring some people in Port Harcourt area as you have heard from the Minister of Health. We believe that the way we have been managing this has contained it. And so, largely, people have gone about their business activities in the economy.”

    You know our economy is largely driven by internal consumption. That is why we are not thinking that it would have quite a large impact. But there would be some impact, you can see that hotel occupancy rates are down and some business meetings have been postponed by people from outside. “So, we are taking that into account. So far, half a percentage point is largely for terror and a little bit for Ebola. But the impact is not that much,” she stated.

    The Finance Minister explained that the visit of the Unilever CEO to Nigeria was a testament to the fact that the country was safe for businessmen, adding that the visit “is one more of an endorsement from the international community.” She commended the company for donating  750 cases of their premium soap, lifebuoy to inculcate the culture of cleanliness and personal hygiene on the public.Earlier in his remarks, the visiting Unilever CEO to Nigeria, Mr. Polman stated that Unilever would invest $200m in Nigeria and inaugurate one of its new facilities in the country in October.

    “We have invested 50 per cent of our turnover in the last three years in Nigeria. That is probably an investment that any company will not be able to support on a long-term but we are able to do that because of our global scale and commitment to Nigeria.”We feel this is the right time to increase our presence in Nigeria.

    Our growth potentials are accelerating and we think that a lot of potential are actually being unlocked right now. I know Ebola itself might take 0.5 per cent of the economy as the minister has shared with me, but we should not forget that despite the threat that the country has faced here and there, you were able to curtail this horrible disease. The investment climate has continued to be very attractive. There are not so many countries in the world that have 6.54 per cent growth, not even in Africa,” Polma stated.

    He noted that the Nigerian market is half of the African and even global business. “The huge population is a plus for a discerning investor. Because of our belief in the current reforms, we have also attracted five of our major suppliers to invest locally. A radical reduction in the cost of energy provision through the unbundling of the sector will make our products more competitive and manufacturing process more efficient. We believe in this country having been here for 91 years and will do our best to help it grow in a sustainable way,” he said.

    The Unilever boss encouraged other multinationals to invest in the country, noting that for a population of 170 million people very few countries globally can boast of that population figure.

  • VC rallies youths for growth

    The National Association of Nigerian Students, Joint Campus Committee, Oyo branch, has sworn in its elected leaders. The ceremony took place at the Conference Centre of the Polytechnic, Ibadan.

    A student-leader, Monsuru Adeyemo, described NANS as the only recognised association of students in Nigeria, adding that the association was an ideological structure with liberal fellows interested in charting new paths for the nation.

    In his address, Vice-Chancellor, University of Ibadan (UI), Prof Isaac Adewole, who was  represented by Dean of Students, Prof Akinola Alada, said students constituted a vibrant population of the nation.

    He said youths’ lack of interest to contribute their quota to the development of Nigeria will spell doom for the nation.

    The guest lecturer, Prof Osisioma Nwolise of the Department of Political Science, spoke on: “The role of students, politicians and INEC: 2015 elections and challenges ahead.”

    On problems of insecurity, he said  parties’ lack of internal democracy and corruption constituted major challenges of the coming 2015 general elections.

    Prof Nwolise said students must play their role in public education, enlightenment and mobilisation of people to vote right.

    He advised politicians to engage in peaceful campaign devoid of thuggery, violence and assassinations, and  participate in public debate and produce party manifestoes. Nwolise stressed that INEC should do everything possible to ensure level playing field for all parties and contestants and maintain effective and efficient voters’ registration.

    The new leaders included Olanrenwaju Babatunde, Chairman; Niniola Toheeb, Vice-Chairman; Amzat Jamiu, General Secretary; Olatokun Joseph, Assistant General Secretary; Adedokun Sunday, Public Relations Officer; Oladepo Olatunde, Financial Secretary and Momodu Lucky, Treasurer.

    Present at the inauguration were Dean of Students, the Polytechnic Ibadan, Mr Bayo Oyeleke and students’ union presidents of tertiary institutions in Oyo State.

    The Special Adviser to Oyo State Government on Students Matter, Mr Bolaji Repete, congratulated the new executive.

    He praised student leaders in the state for not allowing themselves to be used by politicians for selfish interest.

  • ‘Advertising auditing will boost growth’

    An outdoor advertising industry driven by audience measurement will help media planners and buyers justify investments on media, an expert has said.

    Speaking against the backdrop of earth of credible data to justify  outdoor advertising agencies’ charges on billboards, the Managing Director of MediaReach OMD Mr. Tolu Ogunkoya said lack of dependable data was affecting the sector.

    He said: “First, at the core of the issue lies the lack of credible scientific research which would substantiate the reach and efficacy of the OOH medium. At a basic level, this implies at least a need for measurement that would let media planners and buyers establish a cost per 1000 people reached for various sites and, therefore, a rationale for the money to be invested on the media.”

    Ogunkoya, who is President of Media Independent Practitioners Association of Nigeria (MIPAN), said a credible monitoring was vital to the sector.

    He also said it would enhance a robust advertising expenditure auditing which in turn would let competitive spends be tracked over a period for clients to monitor and invest on competitive media investments.

    He said: “Apart from this, there is also the importance of the state in the marketing plans of different clients. Markets where distribution/sales  is an issue, tend to get lesser media support from most clients while those where distribution/ sales are doing well tend to attract more media investments.”

    He advised outdoor agencies to ensure a system whereby they can justify why advertisers should pay for a media exposure on the billboards adding that such system should be handled by third party to avoid manipulation of figures.

     

     

     

     

     

     

     

     

     

     

    “We all know that what gets measured gets sold in Media parlance hence the need for an independent 3rd Party Research Agency to monitor the Audience for the medium. To improve monitoring issues, compliance levels need to be improved for the industry as a whole. Lastly the use of technology would be the best way that the industry can overcome the barriers that they currently face,” said Ogunkoya.

     

     

     

  • RTEAN partners NATA on survival, growth of automotive industry

    RTEAN partners NATA on survival, growth of automotive industry

    The Road Transport Employers Association of Nigeria, RTEAN, in partnership with Nigeria Automobile Technicians Association, NATA, have agreed to support the federal government in ensuring the survival and growth of the nation’s automotive industry.

    The national president, RTEAN, Alhaji Shehu Musa Isiwele, assured that such partnership will enhance the industry’s contribution to the national economy, especially in the area of transportation.

    Isiwele disclosed this during a visit by delegates of NATA in Abuja, stating that this would not only add value to both organisations, but also help the government in creating enabling environment for the manufacturing of local vehicles and spare parts in the country.

    He said, “RTEAN and NATA would through the partnership ease the pains of Nigerians in transporting their goods and services, especially now that the federal government has launched the national automotive policy aimed at making the nation self reliant in the manufacturing of Nigerian-made vehicles.

    “The success of road transport business is hinged on the availability of professional skills of your members and the services provided as auto-engineers which is cardinal to maintaining vehicles on the road.

    “RTEAN’s robust nature and national spread with over 16million membership across the country stand us out as a viable and dependable destination fodder investments in road transportation business in Nigeria.

    “More than any other association, either in the public or private sphere of our socio-political and economic development, RTEAN has promoted issues of affordable, quality, durable and sustainable road transport system.

    “Today, it is not surprising that the association is adjudged as the Best Trade Union in Nigeria in the recent performance rating of trade unions in Nigeria,” he stressed.

    The RTEAN boss, however, commended President Jonathan for the automotive policy and the improvement in road network across the country, saying improvement on national highways had improved road transportation and reduced accidents in the country.

    Speaking, NATA president, Michael Ajayi Omoniyi, said the association sought partnership with RTEAN on National Strategic Stakeholders Dialogue on Nigeria Automotive Industry to support the policy for the benefit of both sand the general public.

    Adding that the partnership would enhance the implementation of National Vehicle Emissions Control programme scheduled to begin in January 2015 by the National Environmental Standard and Regulations Enforcement Agency, NESREA, across the country.

    The programme is to ensure that all vehicles plying Nigerian roads have installed emission reduction technology, adding that it would also improve the quality of vehicles and life of Nigerians.

    He disclosed that NATA had started to train its members in the repair and maintenance of auto-mechanic and electronic vehicles that would be plying the nation’s roads.

     

  • Julius Berger MD promises continuous growth

    Julius Berger MD promises continuous growth

    The new managing director of Julius Berger Nigeria Plc, Mr. Detlev Lubasch, has assured that he would sustain the construction company’ s growth. Lubasch succeeded Mr. Wolfgang Goetsch on July 1, 2014.

    Lubasch, who has 27 years of experience within Julius Berger in both Nigeria and Germany; said he would dedicate his tenure to continuing the success of Julius Berger.

    He said he would implement initiatives that would ensure a strong continuity in the management as well as ensuring that the company’ corporate values including quality, reliability, sustainability and integrity remain at the heart of Julius Berger’s corporate culture.

    Goetsch had focused his tenure on strengthening Julius Berger’s organizational structures and developing the Julius Berger Group of companies. Goetsch remains an integral part of the company as he will join the executive management of Julius Berger International and continue to serve within the board of directors of Julius Berger Nigeria Plc as a non-executive director.

    Audited report and accounts of Julius Berger for the year ended December 31, 2013 showed that turnover rose marginally from N201.57 billion to N212.74 billion. Profit before tax rose by 31 per cent from N12.34 billion to N16.22 billion. Profit after tax however dropped slightly from N8.19 billion to N8.06 billion. Earnings per share thus stood at N6.72 in 2013 as against N6.83 in 2012.

    The construction company distributed N3.24 billion in cash dividends and 120 million ordinary shares of 50 kobo each as bonus shares as returns for the 2013 business year. A breakdown of the dividend indicated that shareholders received a dividend per share of N2.70 and a bonus share of one share for every 10 shares held as at the closure date.

    The company recently added 120 million shares to its outstanding shares following the listing of the bonus shares declared by the board of the company. The listing of the bonus shares increased Julius Berger Nigeria’s total issued shares to 1.32 billion ordinary shares of 50 kobo each.

    As part of its strategic positioning, Julius Berger has said it would focus on further diversification of its clients and business segments, improve on business development efforts, sustain due diligence and explore opportunities in alternative financing models to improve on its performance.

  • Afriland Properties launches five-year growth plan

    Afriland Properties Plc, a N10 billion real estate firm, has started implementing a five-year strategic plan that will enhance its asset base and create value for shareholders.

    Chairman, Afriland Properties Plc, Erelu Angela Adebayo said the board and management of the real estate firm has started implementing a five-year growth plan that would lead to development of many projects.

    According to her, the growth plan will see the company moving progressively from facilities management into the construction of large-scale commercial and residential properties in Lagos and Abuja.

    She noted that the malls and estates the company plans to build will not only enhance the lives of ordinary Nigerians but reflect great opportunities for our company and our shareholders.

    “We are now in the second year of implementation, which will consolidate Afriland Properties’ unique position in Nigeria’s property industry and establish a foundation for our expansion to other parts of the country,” Adebayo said.

    Chief executive officer, Afriland Properties Plc, Mrs. Uzo Oshogwe, said, the company has lined up proprietary projects which would be executed solely or as joint ventures, in addition to a key strategic acquisition, which will increase its asset base and balance sheet considerably in the coming years.

    According to her, the Falomo Shopping Centre is the most important project of the company at the moment.

    “Our shareholders can expect to see great things from that development, which we have already begun working on,” Oshogwe said.

    At its first annual general meeting in Lagos, the company distributed N100 million to shareholders, representing a dividend of 10 kobo per share for the 2013 financial year.

    Afriland Properties was spun off from United Bank for Africa (UBA) Plc and merged with Heirs Real Estate Limited in December 2013. The merger aligned the long-term interests of both companies and leveraged on their complementary strengths to expand operations and expertise.

    Addressing the shareholders, Adebayo said the company recorded an operating income of N595 million for the year ended December 31, 2013, showing a growth of 2,495 per cent above the N22.945 million posted in the 2012.  Profit before tax rose by 1,177 per cent from N33.26 million in 2012 to N424.75 million in 2013.

    With a portfolio size of over N10 billion and one of the largest land banks in Nigeria, Afriland Properties is pioneering the opportunities presented by an institutional approach to real estate, serving niche markets throughout Africa.

  • How food manufacturing can boost growth, by PCCI

    The  food manufacturing  industry can drive economic growth and job creation to new heights if  supported, a fomer President, Port Harcourt Chamber of Commerce and Industry, Dr Hyde  Ochia,  has said.

    According to him, a robust  food manufacturing can contain inflation, support industry and services, and enhance employment opportunities.

    He said food processing has assumed greater significance in view of increasing activities promoted   through the Agricultural Transformation Agenga (ATA).

    The rise in food processing, he   said, ensured a lower pressure on  employment schemes.

    He said the food processing Industry will indirectly support development of agriculture growth and  farmers.

    He noted, however, that food processing industry is badly affected due to poor availability of power. Growth of industry, according to him, is not coming due to scarcity, hence power availability to improve, which will help over all to all round development of the industry.

    On the development of food processing industries, he said multi-pronged strategies should  be  taken to reduce wastage of produced goods.

    Ochia said food manufacturing, represent technologies and solutions to needs in food security, human health, economic development and environmental sustain-ability.

    With tremendous investment in  farming across the country, Ochia   said  there  was a need  to  improve  food processing to reduce wastage.

    Significant opportunities, he  noted, exist for companies in the food-processing sector.

    He called for more work to be done to meet the nation’s food demands as well as achieve the national policy driven to boost agriculture output.

    He called on the government to  provide an enabling environment through prudent policies and regulations for the private sector to thrive.

  • ‘Ideas vital to business growth’

    ‘Ideas vital to business growth’

    An upcoming entrepreneur has discovered the treasure in alkaline solution, which cleanses and detoxifies the human system. DANIEL ESSIET writes.

    Ideas leading to successful businesses sometimes come from the most seemingly mundane problems. Such ideas have often times lead to providing solutions to addressing the problems and subsequently, becoming an instant business success.

    The business success of Echeng Agbong, Chief Executive, Cheng Young Nigeria Enterprises, Lagos, is an example of an idea that set out to provide a solution only to turn out to become a successful business initiative useful in curbing the spread of waterborne illnesses.

    For Agbong, the inspiration to begin his business came in 1991, after exploring bio alkaline water therapy. While he was experimenting on alternative medical therapies, Agbong came across the alkaline solution, which has since turned out to be effective in purifying and energising water.

    Globally, the therapy has been known to be capable of reducing  weight, providing allergy and arthritis relief, improving bowel regularity, increasing energy, advancing  hydration of cells and skin, improving digestion, reducing cholesterol, and promoting overall better health. In addition, it also allows optimum cleansing and detoxification of the human body.

    Gradually gaining acceptance in the market, Agbong is delighted that he belongs to the group of growing entrepreneurs driven by passion for making the world a healthier place. But crucial to his success were the many resources he tapped along the way, especially in capacity building, which included consultations with other entrepreneurs, leading him to joining the Association of Micro Entrepreneurs of Nigeria (AMEN).

    To his advantage, there are many areas in the market that some natural brand has not claimed, while the business itself has good potential to grow with other health products.

    Abong is a happy man for providing a water solution that will help Nigerians experience a reinvigorated healthy living. Though a winning product, there were a lot of challenges penetrating the market. One of this is the acceptability of the product in the market. Besides, the difficulty of  registering with the National Agency for Foods, Drugs and Administration and Control (NAFDAC),   funding has remained a major concern for this budding entrepreneur.

    Yet, he remains undeterred. For him, an entrepreneur is like a fighter – he must seek out the people that will help you succeed. He is still moving ahead, always trying to realign a best way to monetise what he has done.

    He is confident that natural foods and products are still the big thing in the market place, and with growing sales, the development of the product is continuing.

  • Making a case for regional growth

    Making a case for regional growth

    Whoever thought about forming economic blocs must have known that combining two ‘good’ heads to form one is better than ploughing ahead solo at achieving success. Hence, it does not come as a surprise when various professional bodies, community, and nationalities gather together to gain from the powers of synergy.

    Such liaisons have galvanised into the formidable associations like the United Nations (UN), North Atlantic Treaty Organisation (NATO), and the Association of SouthEast Asian Nations (ASEAN). Closer home to Nigeria, the Africa Union (AU) and the Economic Community of West African States (ECOWAS) have been established. The gains of such unions can never underestimated, hence, some jostling to belong have occurred. It was these gains that brought about the formation of the European Union (EU) by 12 countries in 1993.

    And in the country, the call for regional economic bloc has also been screamed. In the early years before Nigeria’s independence and shortly after, regions such as the southwest pioneered integration. The region championed development causes such as farming and industry and it quickly became an economic force to reckon with. Well, that was before the discovery of oil in the Niger Delta and the country’s dependence on the black gold.

    But in recent times, the southwest comprising Yorubas, have come up with Development Agenda for Western Nigeria (DAWN), a regional success road map. And complementary to that, two companies – Vintage Press Limited, publishers of The Nation newspaper, and CEEDEE Resources, – organised in 2012 and 2013, a Legislative Summit in Ibadan and a southwest Expo in Osogbo respectively. It was a product of that synergy that resulted in the book, Regional Integration; Strategy for National Development.

    The 162-page book is a compendium of papers from politicians, technocrats, academics, as well as traditional leaders, all pursuing the goal of regional integration.

    The Osun State governor, Ogbeni Rauf Aregbesola, posited that the time for the idea of regional integration has come. He also advocated that the policy thrust should focus on some critical areas such as employment, education, transportation, healthcare and agriculture.

    And looking at the future to expand the tentacles of DAWN beyond the current states of Lagos, Ogun, Oyo, Osun, Ekiti and Ondo States, Dipo Famakinwa, the director-general of the DAWN Commission stated: ‘DAWN is a challenge of leadership. The whole world is leaving us behind and we cannot continue to put the lives and well-being of about 40 million in jeopardy.’

    To this end, the region would synergise efforts, especially concerning trade and industry, and setting up target landmark projects in road and rail construction, healthcare and provision of a ‘Regional Technology City).

    He also canvassed extending DAWN’s gains to include people in Kwara, Kogi, Edo and Delta States.

    A former governor of Ogun State, Aremo Olusegun Osoba considers the drive for regional integration as a return to the region’s early success.

    ‘The regions enjoyed measurable autonomy from the centre,’ he stated. ‘They enjoyed fiscal federalism, retaining at least 50% of revenues derived within their territories. They had their own separate constitution as well as regional police to ensure security.’

    According to him, had the arrangement progressed, Nigeria could have currently been at par with the Asian Tigers.

    And while most presenters spoke glowingly of regional integration, Hon. Abike Dabiri-Erewa, chairman, House of Representatives Committee on Diaspora, observed that ‘regional integration is very imperative in Nigeria today because the federalism practiced today is not only lopsided, but it is also counter-productive.’

    She also skimmed on some demerits of regional integration to include rivalry for donor funds, contradictory obligations and loyalty for member states, fragmented economic spaces and inconsistent objectives and conflicting operational mandates.

    The contributors also include Governor Kayode Fayemi of Ekiti State, Governor Abiola Ajimobi of Oyo State, Senator Olorunnimbe Mamora, Hon. Olawale Oshun, the chairman of Afenifere Renewal Group, and Hon. Adeyinka Ajayi, chairman, House of Representatives Committee on Aids, Loan, and Debt Management. Others were Professor Akin Oyebode, Professor Adebayo Williams, and High Chief Omowale Kuye, Otun Olubadan of Ibadanland.

    Overall, the book comes across as a distillation of a peoples’ idea and their efforts toward achieving socio-political and economic strength, the ‘bringing back’ if you may, of something they had enjoyed in the past.