Tag: MARKET

  • Inside Kaduna’s expensive used clothing market

    Inside Kaduna’s expensive used clothing market

    •Kasuwar Barci market
    •Kasuwar Barci market

    Everyone knows Kasuwar Barci in Tudun Wada in the heart of Kaduna metropolis. And they know why they love to patronise it. They get a good measure of grains there, as well as a fine piece of furniture, even a rug or mattress.

    That is not all. They love the used clothes of Kasuwar Barci. They stand the test of time, long after some so-called brand new ones have worn off. Students pour in there, as do even the well-off in the society, some coming in from as far as other parts of the North and beyond. Kasuwar Barci has since become the hub of secondhand clothing in the region.

    The reality at the market seems to stand common knowledge on its head. Used fabrics at the market are, in many cases, much costlier than the ones bought brand new.

    Why? Blame it on the popularity of the market and also on the durability of the items on offer.

    Kasuwar Barci, which means a market of sleeping traders, is well known within and outside Kaduna as a place where clothing material needs are met. You can buy textile material and have them sewn and designed by some of the best tailors and designers in the state. The market caters for both new and secondhand textile materials while also serving the needs of residents in the area of new and used rugs and carpets, used and new household furniture including beds, mattresses, cabinets and even electronic appliances. The market also serves foodstuff needs of the community, offering Irish potatoes, yams, guinea corn, maize, beans, rice in bags and other measures, soup ingredients.

    Cooking utensils such as stoves, mortars and pestles, sieves of various sizes, pots, aluminum, iron and earthenware, food warmers, warmers and preservers, animals like chicken, goats, sheep, dry fish, fresh and roasted bush meats. Jewelleries and other ornaments, slippers and children and adult’s sandals, plastic materials and containers, buckets as well as school materials such as exercise and textbooks, bags of various makes and sizes and school uniforms and children wears are also found in the daily market.

    The market is divided into sections, each having a sectional head, though there is an overall chairman of all the traders. The sprawling market, in a mixed neighbourhood of residents and commercial workers, is linked by Chawai, Dustsinma, Powa and Poly roads.

    Said to have existed for more than four decades, it competes for volume of business with Sheikh Mahmud Gummi Central Market, and also serves traders from Funtua, Zaria, Abuja and Katsina.

    The state government built over 2,000 shops, some in storey buildings in the market, which boasts over 3,000 traders, artisans and other workers operating daily.

    The Nation gathered that when it was decided to reconstruct the Central Market, the then military administration of the North Central State under the leadership of Military Governor, Brigadier Abba Kyari (rtd), evacuated the traders to other locations for the builders to do their work without hindrance. The government resettled the traders temporarily at two locations, namely the Police Barracks at Tudun Wada Poly Road by Chawai Road and the then Tudun Wada Market which later became Kasuwar Barci, according to the former secretary of the Central Market and now Sarkin Marna Sabongari, Alhaji Bello Rilwan.

    Alhaji Bello served as Secretary of the Central market between 1973 and 1990 before becoming the Sarkin Kasuwar Barci, an office he held for 13 years.

    He told our reporter that Kasuwar Barci derived its name from the fact that in its early days, the market recorded such low patronage that traders often slept most of the time, waking up for the Muslim prayers. He said a trader from Kano known as Alhaji Jayawa gave the market its name when he saw that his fellow traders often dozed off.

    Alhaji Bello Rilwan said, “Kasuwar Barci came into being on May 8, 1973 when the market was moved from Central Market to Kasuwar Tudun Wada.

    Those early days presented challenges for Kasuwar Barci traders. Few customers stopped by their shops. Other markets such as the in Dutse were thriving, but Alhaji said they took it in their stride. In time, the table turned.

    “When Kasuwar Dutse was making brisk business while traders in Kasuwar Barci had nothing to do other than to sleep, we believed it was God’s will because we really could not fathom why the situation was so. But now there is no market in Kaduna State that enjoys business patronage better than Kasuwar Barci, not even Sheikh Mahmud Gummi Central Market,” Alhaji Bello said.

    Students of Kaduna Polytechnic, Kaduna State University, Ahmadu Bello University and others enjoy patronising Kasuwar Barci. One thing they like the market for is the quality of clothing materials they obtain there. Some of the students our correspondents came across at the market said unlike before, traders in the textile market have realised that students and elite have come to like their products, so they have hiked the prices.

    Abdulwaheed Yunus, a student of Kaduna Polytechnic, ýsaid, “Look, I don’t have any regret patronising this secondhand clothing market because this is where you get the desired quality. You see this belt I’m wearing, I bought it here about five years ago and I have about four of them, but if you buy the so-called new belt, be rest assured that you will change it in less than one year. But, my disappointment is that unlike before, clothes have become expensive here. A pair of shoes that we used to buy for, say, between N1,000 and N1,200, they tell you now sells for between N3,500 and N4,000.

    Because they know students and even the elite now patronise them. But, one thing you cannot still take away from them is quality. I hardly buy shirts and trousers here, except I get a very unique one, but for my shoes, caps, belts and sport dresses, I can’t miss Kasuwar Barci. I also patronise this market for all my bed sheets and blankets because you get the best of them here rather than at Central Market.”

    Another customer, Miss Mary Jatau, a student of Kaduna State University, said, apart from her native dresses, she gets all others from Kasuwar Barci. Why?

    She said, “I have been patronising this market since I was born. My mum used to buy clothes for us from here to complement the new ones and they were always very nice”.

    A secondhand clothes dealer who preferred anonymity, said, “Our products are now expensive because the government said it is contraband and so it has become more difficult and expensive to [bring] down to the country”.

    He said, “I am not supposed to talk to you because it is our policy not to talk to the press, because we don’t want to expose our business to risk from government. We also enjoy patronage when our products were cheaper, but now, we don’t have any option other than to sell according to our expenses”.

    The market is not without its challenges. Traders said they lack potable water and that their environment is dirty. That is not all. They also complained of insecurity at Kasuwar Barci.

  • Kwara community raises N13m to rebuild market

    •Saraki sends delegation to monarch

    Offa community in Offa Local Government Area of Kwara State has raised N13 million to rebuild its burnt Owode Market, which was razed last week.

    Offa monarch, Oba Mufutau Gbadamo, spoke on the raised fund when he hosted a delegation from Senator Bukola Saraki, led by the Director-General of his ABS Constituency Office, Musa Ayinla Yeketi.

    The monarch expressed appreciation to Saraki for sending the high-powered team.

    He said: “Our community is deeply touched and we believe that all of us must stand up in our usual communal collaboration to come to the aid of the victims because there is no compound that does not have a person among them.

    “Besides it’s painful that people who fend for themselves now sit at home doing nothing.”

    The monarch added: “I had to quickly rush home from Umrah (lesser Hajj) to personally oversee the repair works and bring succour to the people.

    “We are aware that due to the economic downturn, the government alone cannot shoulder the responsibility. Therefore, we call on all and sundry to assist us. In fact, I have also decided not to go on Umrah during Ramadan because I cannot see myself out of the community when my people are in pains.”

    Oba Gbadamosi assured that Offa residents were praying for Saraki to emerge the next Senate President “because we are absolutely convinced that his choice will benefit the state and other part of Nigeria”.

    Yeketi’s team visited the victims and inspected the damage to the market.

    The team leader said Saraki was deeply touched because he considers himself a son of the town because of the love the people have always shown to him.

  • Traders protest monarch’s planned demolition of market

    Traders protest monarch’s planned demolition of market

    Scores of traders yesterday stormed Lagos State House of Assembly, appealing for its intervention over alleged the planned demolition of Idi-Ose market in Apapa by a monarch, Oba Fatai Aromire Ojora.

    The traders said the royal father had given them up till Thursday to vacate the market or have their property destroyed.

    The protesters displayed various placards, with inscriptions such as: “Oba Ojora wants to become Baba Oja,” “Oba Fatai Ojora: stop harassing Idi-Ose market, your wahala too much;” “Lagos! Save our souls from Oba Ojora from selling Idi-Ose market to an hotelier,” “Oba Fatai Ojora, leave Idi-Ose market alone, don’t sell it to an hotelier” and “Oba Fatai Ojora, instead of selling Idi-Ose market to an hotelier better sell the palace,” among others.

    Speaking on behalf of the group, the Apapa-Iganmu Iyaloja-General, Alhaja Nike Owoseni, said she got the information about the proposed demolition last Thursday,  adding that no fewer than 16 markets under her, she has been making moves to resolve the impasse.

    “When they called me on Thursday that they wanted to pull down the market, we went to police station to complain and we tried also to see the monarch, but we were told that he was celebrating a festival. So I told my people to maintain peace.

    “This morning, I was called again that some youths numbering about 20 were in the market harassing the traders. Our people wanted to retaliate by fighting them but we had to appeal to them for calm,” she said.

    Also speaking, the secretary of Idi-Ose Market, Pastor M. A. Adeoye, said the oba was maltreating them like slaves, adding that they were asked to vacate the market since last year.

    Chairman House Committee on Information, Strategy and Security Segun Olulade promised that the House would intervene to resolve the issue.

    He said: “We have received your petition and I can assure you that within the next 24 hours, we shall invite all the necessary parties that are involved.”

  • Itsekiri seek completion of market

    About five weeks to the end of his tenure, Delta State Governor Emmanuel Uduaghan has got a request from the Itsekiri in Ogheye Dimigun community.

    They urged him to complete the abandoned Ogheye Ultra-Modern Concrete Floating Market before he leaves office on May 29.

    In a letter to the governor through Mode Augustine and Johnson Boyo, chairman and secretary of the market’s monitoring committee, it urged Uduaghan to complete the project.

    It regretted that the project,  initiated by ex-Governor James Ibori, had been abandoned for a long time.

    The letter explained that the contractor said it abandoned the project because of funds.

    “We appeal to Your Excellency to complete the Ogheye Ultra-Modern Concrete Floating Market  before the end of your administration or possibly before year-end.

    “This project started in April 2007 is yet to be completed as the major contractor has moved out of site since October 2012 on the grounds that the state government had refused to pay them.”

    The community stressed that if measures were not taken, parts of the area that had been built would rot away,’’ the letter said.

    It noted that this would amount to a waste of state’s resources.

    “We are sure, if the project is completed in this dispensation, you would have created another history, not only for Ogheye people and the Benin River communities but the Itsekiri nation, as you will finish not only strong but stronger,” the letter added.

  • Capital market stakeholders meet

    All major stakeholders in  the capital market are expected to meet next week to review developments and outline the outlook for the market.

    The meeting, under the aegis of the Capital Market Committee (CMC), is the first this year in the series of quarterly meetings by operators, regulators and other stakeholders.

    The meeting is expected to review market performance, reports of some sub-committees, recent initiatives and take inputs from members on the strategic initiatives needed to further enhance the market, especially in the light of the election of a new government.

    Expected at the event are chief executive officers of registered capital market firms, including broker dealer, capital market solicitors, custodians, fund managers, issuing houses, rating agencies, registrars, reporting accountants, trustees and consultants.

    Also, chief executive officers of self regulatory organisations (SROs), including Nigerian Stock Exchange (NSE), Nigeria Commodity Exchange (NCX), Afex, Central Securities Clearing System (CSCS), FMDQ, NASD and Chartered Institute of Stockbrokers (CIS) are expected to be part of the meeting.

    Also expected are one member each from observer groups, including Asset Management Corporation of Nigeria (AMCON), Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), Debt Management Office (DMO),  Federal Ministry of Finance, Federal Mortgage Bank of Nigeria, Federal Inland Revenue Service, Nigerian Deposit Insurance Corporation, Investment and Securities Tribunal, Nigerian Investment Promotion Council, National Insurance Commission, National Pension Commission and the Financial Services Regulation Coordinating Committee (FSRCC).

    The chairmen of the Senate and House Committees on capital market are also expected at the meeting.

     

  • Revised pension guidelines’ll  widen market, says PenCom boss

    Revised pension guidelines’ll widen market, says PenCom boss

    There is going to be an increase in the Retirement Saving Accounts(RSAs) from 6.5 million to 20million, creation of new portfolios, and a deeper market whenever  the Revised Investment Guidelines (RSGs)  is ready,  the  Secretary/ Legal Adviser, National Pension Commission (PenCom), Muhammad Sank Muhammad, has said.

    He told The Nation that the guidelines would provide a platform that would widen the capacity of the Commission to increase its investment outlay and further grow the pension industry.

    He said the guidelines would enable the Commission to provide bring the informal sector to the pension contributory nets.

    He said: “When the RIGs ready, more people would be able to participate in the pension scheme. The current 6.5 million Retirement Saving Accounts is small when you place it side by side with the population of 170million in Nigeria. By the time we deepen the pension fund via investment in the real sector, the market will blossom.

    “The pension market is huge given the fact PenCom has been able to get 6.5 million accounts in less than 10 years. We are targeting 20million accounts in the next five years. We hope to achieve this through the investment guidelines that is currently under reviewed and other initiatives packaged by the Commission.”

    According to him, the Commission would improve on its infrastructural facilities in order to be able to expand its market.

    He said: “We need to do a lot of work, especially in the area of deploying the necessary information communication technology (ICT) tool. There are millions of people in the informal sector that want to be part of the contributory pension scheme. There is immense potential in the informal sector and the only way to tap the opportunities in the sector is to bring its people into pension saving nets.”

  • Dangote: Upping the ante in Africa’s cement market

    Dangote: Upping the ante in Africa’s cement market

    Dangote has opened its $300 million (about N60 billion) cement plant in Dakar, Senegal. The plant, which runs on cutting-edge technology and innovation, produces the high varity 42.5 cement brand, reports Assistant Editor Okwy Iroegbu-Chikezie.

    With the opening of Dangote cement plant in Dakar, Senegal, competition in the market in Africa has become keen. The $300 million (about N60 billion) plant is backed by superior technology and innovation to deliver quality cement.

    “Our edge is the technology we have brought to bear on cement production and the wealth we are creating across the board for the people and government of Senegal,” the Country Head of Dangote Cement, Senegal, Mr. Luk Haelterman, said, at the inauguration, last week, of the 4, 000 Metric Tons (MT) per day plant in Pout District of Senegal, about 75 kilometres East of Dakar, the country’s capital.

    In his welcome address Haelterman said Dangote Cement offered the best choice for consumers, as it is the only 42.5 grade high quality cement available in the country’s  market.

    He said the firm’s coming would boost the housing sub sector, noting that the plant with a production capacity of 1.5 million tons yearly would create more than 5, 000 jobs. Firm’s emergence, he added, has altered the equation in  cement market. Haelterman was right. Until Dangote  hit the market with its superior 42.5 grade cement, the market in Senegal was dominated by Sococim, a French cement company founded in 1948, and CDS. However, while the two firms are producing the 32.5 grade cement,  Dangote introduced the higher quality 42.5 cement grade that allows for quicker drying for construction professionals. “Today, Dangote has become the biggest and best because we remain the only company producing the 42.5R, which is better than what we met on ground, which is the 32.5R”, Haelterman said.

    The quality of cement introduced into the market by Dangote is not the only game changer. Despite coming into an already saturated market, the company also came in with the lowest price in the continent, approximately $5 a bag. With a combination of Damgote’s marketing edge in superior quality and pricing, experts say that the continent’s cement landscape is poised for a major positive change-one that would bring immense benefits to all stakeholders.

    Already, Dangote Cement, The Nation learnt, is targeting the exportation of the product to Mali to the tune of two million tonne, while sales of the product in other neighbouring countries are currently being worked out.

    An exporter,  Mr. Serigne Aramine Mbacke, confirmed this much when he disclosed that he distributes about 40 per cent of Dangote Cement to Mali, Gambia, Code de Voire, Cape Verde and Guinea Bissau. He said he was motivated to distribute the company’s product because of its quality and profit margin. He also said that with the massive investment, which is the single largest in the Franco-phone country by an African, Dangote has made inroads into several African countries, bringing cohesion in the process. While noting that the state-of-the-art cement plant offers huge employment opportunities for Senegal’s estimated 14 million population, he commended the Senegalese Government for being open to investment that is mutually beneficial.

    A Dangote Cement distributor, Mr. Momodu Ndioye could not hide his excitement over the prospects of high profit margin. He told The Nation in Dakar that the quality of Dangote cement is better than others. Hear him: “My customers have confirmed that the quality of the new entrant into the cement market is better than others. They can mould more blocks with Dangote cement and also make more money because it dries faster. This translates to more profit for us distributors.” Another distributor, Mr. Ibrahim Dirkhabi also confirmed this, noting that because of its quality, the Dangote cement dries faster and makes

    stronger blocks. “It is the toast of builders and others in the construction industry,” he said.

    Apart from superior technology, innovation, and pricing, there are other factors that position Dangote Cement to play a leading role in the continent’s competitive cement sector. For instance, as Chief Operating Officer of the company, Mr. Athanasios Bampos disclosed, Dangote Cement boasts a limestone deposit that can last for 150 years.

    The location of the factory is not only rich in limestone, but also in clay and laterite, which are the major components needed in cement manufacturing. ‘’The only component that we import as a company is gypsum, sold by ICS Chemical Company, a local firm, which is about 45 kilometres from the factory,’’ he added.

    That is not all. The company, according to Bampos, also has captive electricity that produces 30 Megawatts of electricity through the exploitation of coal, the first in the country. He explained that the factory has two production lines though they are using one line for now. “We have 3.6 kilometre conveyor belt, three parking bay and a railway about 1.5 kilometres from the factory. We will not have to contend with the problem of transportation and other logistic problems that have to do with transporting our products to destinations where our customers are located, he added.

    In his presentation, the Company’s Director of Sales and Marketing, Mr. Serigne M. Dieng said that Senegal, with 14 million people and a growing Gross Domestic Product (GDP) of +4 per cent as at 2013 hasm cement market of three MT pa and consumption rate of 230kg. He expressed satisfaction that Dangote Cement has been accepted immediately it got to the market because of the aggressive awareness strategy embarked upon by the company to introduce the 42.5 grade, which was not known to the majority of customers except a few corporate customers.

    An obviously elated Director of Mines and Geology for Senegal, Mr. Ousmane Cisse, said the $300million factory remains the biggest investment in his country in the last 15 years. He said the massive investment has changed the economy of his country for good. He noted that the company had met all the requirements on key issues of environmental sustainability, good business practice and compliance with regulations, adding that the Senegalese Government, on its part, had responded by offering tax holiday and other incentives to the company. He also promised that the Senegalese Government would protect the company to achieve its optimal production capacity.

    While stating that the Government of the Republic of Senegal was happy with Dangote as the single largest investor in the country, Mr. Cisse urged other African entrepreneurs to emulate the business acumen of

    Dangote. Nigerian Ambassador to Senegal, Mrs Katyen Jackden also commended the management of Dangote Cement for its pan-African posture in investment and the host government for its support to the firm. She explained that Dangote has through his investments in African countries built bridges of friendship across nations, fostering unity and integration among African countries.

    She said Dangote Cement has done Nigeria proud with the commencement of production and that she was happy that the cement giant was instantly accepted in the market based on its high quality product and competitive pricing.

    Mrs Jackden said: “Dangote Cement needs all encouragement needed to flourish and my office would be willing to help in that regard because Dangote has proven a worthy Nigerian ambassador in business.” She also thanked the people and government of the French-speaking West African country for the support and opportunity given to a foreign investor like Dangote, stressing that ‘’Dangote has been able to bring cohesion among African nations with his investments.’’

  • Dangote ups the ante in cement market

    Dangote ups the ante in cement market

    The $300 million (about N60 billion) Dangote Cement plant in Dakar,Senegal has roared into life, churning out high variety 42.5 cement brand to the delight of consumers. The plant, which runs on cutting-edge technology and innovation, may have spurred a fresh wave of competition in the continent’s cement market. Assistant Editor Okwy Iroegbu-Chikezie reports.

    A new wave of competition may have started sweeping through Africa’s cement market. At the heart of the fresh wave of competition ignited by the inauguration of the $300 million (about N60 billion) Dangote Cement plant in Dakar, Senegal, last week, is the deployment of superior technology and innovation to deliver quality cement to consumers.

    “Our edge is the technology we have brought to bear in cement production and the wealth we are creating across the board for the people and government of Senegal,” Country Head of Dangote Cement, Senegal, Mr. Luk Haelterman, said, at the inauguration of the 4, 000 Metric Tons (MT) per day plant located in Pout District of Senegal, about 75 kilometres East of Dakar, the country’s capital.

    Haelterman told a gathering of excited cement consumers, distributors and Senegalese government officials in his welcome address that Dangote Cement offered the best choice for consumers, as it is the only 42.5 grade high quality cement available in the country’s cement market.

    He added that the commencement of production would boost the housing sub sector of the Senegalese building industry. Besides, the plant with a total production capacity of 1.5 million tons annually, would create more than 5, 000 jobs for the locals. He was also quick to note that the entrance of Dangote cement into the Senegal market has altered the equation in the cement market. Haelterman was right. Until Dangote cement hit the market with its superior 42.5 grade cement, the cement market in Senegal was dominated by two existing cement firms, namely Sococim, a French cement company founded in 1948, and CDS. However, while the two initial manufacturers are producing the 32.5 grade cement, which is of a lower quality, Dangote cement came on board with a master stroke, introducing the higher quality 42.5 cement grade that allows for quicker drying for construction professionals. “Today, Dangote has become the biggest and best because we remain the only company producing the 42.5R, which is better than what we met on ground, which is the 32.5R”, Haelterman said.

    The quality of cement introduced into the market by Dangote is not the only game changer. Despite coming into an already saturated market, the company also came in with the lowest price in the continent, approximately $5 a bag. With a combination of Damgote’s marketing edge in superior quality and pricing, experts say that the continent’s cement landscape is poised for a major positive change-one that would bring immense benefits to all stakeholders.

    Already, Dangote Cement, The Nation learnt, is targeting the exportation of the product to Mali to the tune of two million tonne, while sales of the product in other neighbouring countries are currently being worked out.

    An exporter,  Mr. Serigne Aramine Mbacke, confirmed this much when he disclosed that he distributes about 40 per cent of Dangote Cement to Mali, Gambia, Code de Voire, Cape Verde and Guinea Bissau. He said he was motivated to distribute the company’s product because of its quality and profit margin. He also said that with the massive investment, which is the single largest in the Franco-phone country by an African, Dangote has made inroads into several African countries, bringing cohesion in the process. While noting that the state-of-the-art cement plant offers huge employment opportunities for Senegal’s estimated 14 million population, he commended the Senegalese Government for being open to investment that is mutually beneficial.

    A Dangote Cement distributor, Mr. Momodu Ndioye could not hide his excitement over the prospects of high profit margin. He told The Nation in Dakar that the quality of Dangote cement is better than others. Hear him: “My customers have confirmed that the quality of the new entrant into the cement market is better than others. They can mould more blocks with Dangote cement and also make more money because it dries faster. This translates to more profit for us distributors.” Another distributor, Mr. Ibrahim Dirkhabi also confirmed this, noting that because of its quality, the Dangote cement dries faster and makes

    stronger blocks. “It is the toast of builders and others in the construction industry,” he said.

    Apart from superior technology, innovation, and pricing, there are other factors that position Dangote Cement to play a leading role in the continent’s competitive cement sector. For instance, as Chief Operating Officer of the company, Mr. Athanasios Bampos disclosed, Dangote Cement boasts a limestone deposit that can last for 150 years.

    The location of the factory is not only rich in limestone, but also in clay and laterite, which are the major components needed in cement manufacturing. ‘’The only component that we import as a company is gypsum, sold by ICS Chemical Company, a local firm, which is about 45 kilometres from the factory,’’ he added.

    That is not all. The company, according to Bampos, also has captive electricity that produces 30 Megawatts of electricity through the exploitation of coal, the first in the country. He explained that the factory has two production lines though they are using one line for now. “We have 3.6 kilometre conveyor belt, three parking bay and a railway about 1.5 kilometres from the factory. We will not have to contend with the problem of transportation and other logistic problems that have to do with transporting our products to destinations where our customers are located, he added.

    In his presentation, the Company’s Director of Sales and Marketing, Mr. Serigne M. Dieng said that Senegal, with 14 million people and a growing Gross Domestic Product (GDP) of +4 per cent as at 2013 hasm cement market of three MT pa and consumption rate of 230kg. He expressed satisfaction that Dangote Cement has been accepted immediately it got to the market because of the aggressive awareness strategy embarked upon by the company to introduce the 42.5 grade, which was not known to the majority of customers except a few corporate customers.

    An obviously elated Director of Mines and Geology for Senegal, Mr. Ousmane Cisse, said the $300million factory remains the biggest investment in his country in the last 15 years. He said the massive investment has changed the economy of his country for good. He noted that the company had met all the requirements on key issues of environmental sustainability, good business practice and compliance with regulations, adding that the Senegalese Government, on its part, had responded by offering tax holiday and other incentives to the company. He also promised that the Senegalese Government would protect the company to achieve its optimal production capacity.

    While stating that the Government of the Republic of Senegal was happy with Dangote as the single largest investor in the country, Mr. Cisse urged other African entrepreneurs to emulate the business acumen of

    Dangote. Nigerian Ambassador to Senegal, Mrs Katyen Jackden also commended the management of Dangote Cement for its pan-African posture in investment and the host government for its support to the firm. She explained that Dangote has through his investments in African countries built bridges of friendship across nations, fostering unity and integration among African countries.

    She said Dangote Cement has done Nigeria proud with the commencement of production and that she was happy that the cement giant was instantly accepted in the market based on its high quality product and competitive pricing.

    Mrs Jackden said: “Dangote Cement needs all encouragement needed to flourish and my office would be willing to help in that regard because Dangote has proven a worthy Nigerian ambassador in business.” She also thanked the people and government of the French-speaking West African country for the support and opportunity given to a foreign investor like Dangote, stressing that ‘’Dangote has been able to bring cohesion among African nations with his investments.’’

  • ‘Gas prices’ll be market determined’

    Gas prices will be determined by market forces very soon, going by the decision of the government to implement the Nigerian Gas Transportation Network Code (NGTNC), the Deputy Director, Gas Monitoring and Evaluation, Department of Petroleum Resources (DPR), Antigha Ekaluo, has said.

    Speaking against the backdrop of the upward review of the prices of gas to the power generation firms, fertiliser, methanol and other petrochemical industries, Ekakuo said the forces of demand and supply are going to determine the prices of natural gas to the users soon.

    He said: “When the implementation of the code, which is expected to ensure transparency in the gas industry and further ensure fair and non- discriminatory access to the gas industry comes into effect, there would be a paradigm shift from a government regulated gas industry to a market regulated one. At a point, it will no longer be a case of for instance, a power firm must buy 1,000 cubit of gas at the recently fixed price of  2.50 dollar. The market would be predicated on the functionality of the supply and demand.

    “If for instance, Company A is selling gas at three or four dollars per 1000 cubit feet, Company B, which incidentally is a power firm, has no choice than to buy it at that, unless it gets other sellers that are willing to offer gas at a lower prices.”

    Ekakuo said what is going to happen in the industry is that only willing parties would co-habit and play very well.

    “There is going to be a willing buyer and a willing seller mechanism or process in the sector soon. When this happens, government regulated price will disappear,” he said.

    He said globally, market forces are governing the operation of a power sector and others that are being managed by private operators, arguing that Nigeria is joining countries that have chosen that part in the next few years.

    He said if power firms are not getting the gas at lower prices, incidentally, they would come and buy the product at a price that is profitable to them in relation to the prevailing market fundamentals.

    According to him, government is proffering solutions to the problems in the oil and gas industry to enable it function well and operate in line with the globally acceptable standards.

  • New needle hits market

    New needle hits market

    agkorce Nigeria Limited has launched the MK VanishPoint Retractable Syringes and Needles. These modern medical apparatus were being introduced into Africa’s largest economic for the first time. The MK VanishPoint syringe, needle and other gadgets that comprise those for blood collection are produced in America by Retractable Technologies INC.

    Its African affiliate, Magkorce is franchised to distribute the company’s wide range of medical products in Africa. The products were formally made public at the seminar and media chat at Greensland International Hotel Resort, Ogba, Ikeja.

    Magkorce Director, Obinna Victor lamented that Nigerians buy some of the most expensive items in the world but they cannot spend less on their health status, instead, blaming the devil for their woes.

    The uniqueness of the products of MK VanishPoint, Victor said, is to protect the lives.

    On possible adulteration of its products Obinna said: “Care has been taken to stop that. Nobody can bring in fake products of same use. Its high cost will reduce the desire of adulterators. The technology in its production shall also act as a deterrent to fakers of products. “

    He believes that with time, the company shall inculcate government at all levels so that the product can be available to the common man.

    “It won’t come easy because of government bottlenecks in getting things done. But it will eventually come to be since our people deserve the best of healthcare facilities. Moreover if an average Nigerian can afford three set of phones, why can’t he or she pay little for the best medical care in the world? It will reduce unnecessary Needle Stick Injuries (NSI) fatalities,” he said.

    Chairman of the company, Dr Udochukwu Ihenetu said the MK VanishPoint syringe was develop in quest of a single non-reusable safety syringe that would replace the conventional syringe that has been rumoured to be the source of NSI.

    According to him, healthcare workers in Africa suffer an estimated 800,000 to 1,000,000 accidental NSI each year.

    This, he the Ghania-based Nigerian medical practitioner, said amounts to one NSI for every 8,000 injuries given with a conventional syringe.

    “Whenever a syringe is reuse, or when a healthcare worker suffers an accidental NSI, it is imperative that test will be conducted to determine whether or not a blood borne disease has been contracted and often the test must be repeated because it may take several months before some pathogens can be detected. HIV sometimes lies dormant in the human body for up to three years. Such test are expensive in Africa, the cost is approximately $7,000. In instances where blood borne disease indeed has been contracted, treatment can be expensive. Victims of NSI are usually frontline healthcare workers: doctors and nurses that the world cannot afford to lose,” he said.