₦airaland Forum

The International Institute of Tropical Agriculture (IITA) and the Eastern Africa Grain Council (EAGC) today signed an agreement to work together to tackle aflatoxin contamination of grains in the region to help ensure that they are safe for human and livestock consumption and meet export standards.
Aflatoxin is a highly poisonous chemical produced by a naturally occurring fungus known as Aspergillus flavus. The fungus is found in soils and attacks important crops such as maize and groundnut while in the field and in storage when they are not dried and stored properly.

Aflatoxin poses a serious health threat to both human beings and animals. Acute poisoning as a result of consuming foods with extremely high levels of aflatoxin can lead to instant death. Chronic exposure, on the other hand, as a result of consuming foods with above-the-allowable safe levels, for many years, can result in lowered immunity, low birth weight, and irreversible stunting in children and liver cancer.

Aflatoxin also causes loss in trade revenues due to contamination of products that do not meet the required standards. According to the Partnership for Aflatoxin Control in Africa (PACA), Africa loses an estimated US$670 million in rejected export trade annually due to contamination by aflatoxin.

In the partnership agreement, IITA, a not-for-profit research institution that generates innovations to address major agricultural challenges in Africa, and EAGC, a membership organization that brings together key players across the grain value chain in Eastern and Southern Africa, will, among others, promote best practices and proven technologies to manage aflatoxin.

This will include promoting the use of Aflasafe™, an innovative, safe, and natural product that drastically reduces aflatoxin contamination in maize and groundnuts as part of an integrated aflatoxin management strategy.

The technology was originally developed by the United States Department of Agriculture – Agricultural Research Service (USDA-ARS) and is widely used in the US. IITA, in partnership with the USDA, has successfully adapted this technology for use in many countries in Africa.

“Aflatoxin contamination is a serious food safety issue in sub-Saharan Africa and also a major impediment to trade. We are therefore excited about this partnership with EACG that will, among others, support efforts to create awareness on aflatoxin and mitigation strategies.

In the partnership agreement, IITA, a not-for-profit research institution that generates innovations to address major agricultural challenges in Africa, and EAGC, a membership organization that brings together key players across the grain value chain in Eastern and Southern Africa, will, among others, promote best practices and proven technologies to manage aflatoxin.

This will include promoting the use of Aflasafe™, an innovative, safe, and natural product that drastically reduces aflatoxin contamination in maize and groundnuts as part of an integrated aflatoxin management strategy.

The technology was originally developed by the United States Department of Agriculture – Agricultural Research Service (USDA-ARS) and is widely used in the US. IITA, in partnership with the USDA, has successfully adapted this technology for use in many countries in Africa.

“Aflatoxin contamination is a serious food safety issue in sub-Saharan Africa and also a major impediment to trade. We are therefore excited about this partnership with EACG that will, among others, support efforts to create awareness on aflatoxin and mitigation strategies.

EAGC, on the other hand, seeks to identify best practices in food safety and quality control among grain value chain actors to increase their potential in intra- and inter-African grain trade. The EAGC Executive Director, Gerald Masila, stated that “By reducing aflatoxin contamination in grains to safe levels, Africa could meet international food safety standards, thereby creating a huge opportunity for an increase in grain exports potential.”

The MoU will leverage each organization’s comparative advantage to promote mutually beneficial cooperation in the areas of advocacy, research, capacity development, and awareness creation.

EAGC and IITA will work together to shape quality grain production, support market linkages for the increased regional grain trade, promote the implementation of EAC staple foods standards and aflatoxin control, and mobilize resources to attain and manage aflatoxin standards.

The MoU is intended to increase cooperation through knowledge and experience sharing as well as mobilization of resources to maximize desired outcomes.

The Aflasafe technology had been registered for commercial use and transferred to the private sector for scale-up. To date, 14 products have been registered in 10 countries (Nigeria, Kenya, Senegal, The Gambia, Burkina Faso, Ghana, Zambia, Tanzania, Malawi, and Mozambique) with more under development in 12 countries.

The International Institute of Tropical Agriculture (IITA) is a not-for-profit institution that generates agricultural innovations to meet Africa’s most pressing challenges of hunger, malnutrition, poverty, and natural resource degradation.

The Eastern Africa Grain Council (EAGC) is a regional organization with membership drawn from across Eastern and Southern Africa. Membership is drawn from grain value chain stakeholders currently with presence in 10 countries across Africa, including Burundi, Kenya, Uganda, Rwanda, Tanzania, Zambia, Malawi, South Sudan, DRC Congo, and Ethiopia.

EAGC’s key products and services include the promotion of structured trading system (STS) through the warehouse receipting systems (WRS), and Regional Grain Trading platform (G-Soko – g-soko.com), Market Information Systems (MIS) offered through the Regional Agricultural Trade Intelligence Network (RATIN- (www.ratin.net ) and evidence-based Policy Advocacy and Training and Capacity Building through the Grain Business Institute (GBI – www.grain.institute).

SOURCE:https://brandspurng.com/2020/08/25/iita-and-eagc-agree-to-work-towards-producing-aflatoxin-free-grains-for-health-and-trade/

Global food and agri-business Olam International Limited (“Olam”) announced that, on the back of additional investor demand, it has priced a S$100 million issuance (the “New Notes”) via reopening of its S$400 million 4.00% senior notes due February 2026 (the “Original Notes”) under its US$5,000,000,000 Euro Medium Term Note (EMTN) Programme.
The New Notes will be consolidated with the Original Notes to form a single series with a total size of S$500 million. The New Notes were issued at par, plus accrued interest from the issue date of the Original Notes and are expected to settle on September 1, 2020.

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch acted as sole
dealer for the New Notes.

Proceeds from the issuance will be used by Olam for debt refinancing and general corporate
purposes.

SOURCE:https://brandspurng.com/2020/08/26/olam-prices-additional-s100-million/

The Federation Accounts Allocation Committee (FAAC) was, on Wednesday, reported to have shared N676.407 billion as federation allocation for the month of July 2020.

A statement from the Federal Ministry of Finance, Budget and National Planning explained that the amount included VAT.

The Federal Government received N273.189 billion, the States received N190.849 billion, the Local Government councils got N142.761billion, while the oil-producing states received N42.851 billion as derivation (13% of Mineral Revenue) and Cost of Collection/Transfer and Refund got N26.757 billion.

The communique issued at the end of the virtual meeting, gross revenue available from the Value Added Tax (VAT) for July 2020 was N132.619 billion against N128.619 billion distributed in the preceding month of June 2020, resulting in an increase of N3.793 billion.

The distribution is as follows; Federal Government got N18.500 billion, the States received N61.668 billion, Local Government Councils got N43.168 billion, while Cost of Collection/Transfer and Refund got N9.283 billion.

The distributed Statutory Revenue of N543.788 billion received for the month was higher than the N524.526 billion received for the previous month by N19.262 billion, which the Federal government received N254.688 billion, States got N129.181 billion, LGCs got N99.593 billion, Derivation (13% Mineral Revenue) got N42.851 billion and Cost of Collection/ Transfer and Refund got N17.474 billion.

The communique also revealed that Oil and Gas Royalty, Petroleum Profit Tax (PPT), and Value Added Tax (VAT) increased considerably, while Companies Income Tax (CIT), Import and Excise Duty recorded decreases.

The increase could be as a result of policy stipulated by the federal government that commercial properties pay the increased 7.5% tax on all rents since the policy took a full-fledge in July.

SOURCE:https://brandspurng.com/2020/08/24/vat-escalates-company-income-tax-decreases-as-fg-allocates-n676bn-for-july/

The Nigerian National Oil Organization (NNPC), on Sunday, said it made a sum of $4.60billion from raw petroleum and gas sent out between June 2019 and 2020.

It said in June 2020, the export receipt was $378.42 million as against the $133.16million recorded in May 2020.

This was contained in the NNPC’s Month to month Money related and Activities Report (MFOR) for June 2020, delivered yesterday.

The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, NNPC, said the improvement in income profit was because of the simplicity of the COVID-19 pandemic worldwide lockdown and the resulting expanded interest and firmer costs for the dark gold in the universal market.

In a breakdown, the report stated that the petroleum receipts for the month reflected crude oil earnings of $230.65million, with gas and miscellaneous proceeds standing at $75.97million and $71.80million, respectively.

Also, it said 1.34billion litres of white products were distributed and sold by NNPC’s Downstream subsidiary, the Petroleum Products Marketing Company (PPMC), in the month under review.

It said this was aimed at ensuring continuous supply and effective distribution of petroleum products across the country.

According to the report, the figure was significantly higher than the 950.67million litres of white products sold and distributed in May 2020.

It indicated that from the figure, over 1.3billion litres of Premium Motor Spirit (PMS), 5.10million litres of Automotive Gas Oil (AGO) and 1.65million litres of Dual Purpose Kerosene (DPK) were sold and distributed during the period.

“White products sale for the period June 2019 to June 2020, the report disclosed, stood at over 19.104billion litres, with PMS accounting for over 18.9billion litres or 99.36 per cent.

“In monetary value terms, the above volumes translated to a total sale of 134.22billion of white products by PPMC in June 2020, compared to 92.58billion sales in May 2020, it stated.

The report noted that the total revenues recorded from the sales of white products for the period stood at over $2.267trillion, where PMS contributed about 99.12 per cent of the total sales with a value of over $2.247trillion.

Similarly, it said in the month under review, 33 pipeline points were vandalized representing about 11 per cent decrease from the 37 points recorded in May 2020.

It said: “Mosimi-Ibadan accounted for 33 per cent, while Atlas Cove-Mosimi and Warri-River Niger recorded 27 per cent of the breaks each; other locations made up for the remaining 13 per cent.

The shape of disruption in the retail space: how it works, how to respond to it, and why it matters

You won’t find too many jokes about ‘digital transformation’. It’s a serious business. And if you ask who is doing it, every corporate will raise their hands – but there’s little agreement around exactly what it is, the implications for the organisation, how to go about it. RMB’s recent retail client webinar, featuring Wits’ Prof Brian Armstrong, provided strong direction.

Nigeria’s GDP Shrinks by 6.10% in Q2 2020 – NBS

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

Market Cap of the World`s Five Largest Automobile Manufacturers Plunged by $63bn in 2020

The COVID-19 pandemic has had a severe impact on the global automotive industry, causing supply chain disruptions and factory closures. All of this placed intense pressure on the market already coping with a downshift in global demand.

Digital Ticketing Sales to Grow 150% by 2022, as Passengers Return to Travel

Hampshire, UK – 24th August 2020: A new study from Juniper Research has found that digital ticketing transaction volumes will exceed pre-COVID levels by 2022; rising from 12.7 billion in 2020 to 32 billion in 2022. It anticipates that continued easing of global travel restrictions will drive increased demand for mobile ticketing in the rail, metro and bus sectors, as commuters return to work.

IITA empowers Ogoni youth on agribusiness for sustainable livelihoods

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

Aruba Research: Network as A Service Adoption to Accelerate by 38% Within the Next Two Years as Businesses Adapt to COVID-19

74% of organizations reported moderate to significant impact to their employees due to the pandemic

SOURCE:https://brandspurng.com/2020/08/24/nnpc-generates-4-60bn-revenue/

The Federal Government of Nigeria, through the Ministry of Environment in partnership with IITA, under the Hydrocarbon Pollution Remediation Project (HYPREP), commissioned a cassava processing factory in Korokoro Community, Tai Local Government Area of Rivers State.

The Minister of Environment, Mohammed Abubakar, represented by the Project Coordinator of HYPREP, Marvin Dekil, during the commissioning, noted that the factory would serve as a sustainability package for training and equipping Ogoni youth with economic skills.

As a major staple crop in Africa, cassava is one of IITA’s mandate crops and is widely grown in Rivers State. The factory would help to ensure the strengthening of the crop’s value chain in the region, following a 3-month hands-on training on cassava processing and the fabrication of cassava processing machines for 15 Ogoni youth at IITA-Onne, Rivers State.

IITA carried out the training in collaboration with the Stakeholders Democracy Network (SDN) and HYPREP.

The official commissioning of the processing factory will ensure that the factory is handed over for direct running by the 15 pioneer graduates trained by IITA, after three months of the supervisory running of the factory by IITA and SDN.

The goal is for the cassava processing centre to generate income and create an economic hub for the communities through the production of garri, starch, and high-quality cassava flour (HQCF).

SOURCE:https://brandspurng.com/2020/08/24/iita-empowers-ogoni-youth-on-agribusiness-for-sustainable-livelihoods/

Nigeria’s Gross Domestic Product (GDP) decreased by -6.10% year-on-year) in real terms in the second quarter of 2020, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession.

The decline was largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.

The domestic efforts ranged from initial restrictions of human and vehicular movement implemented in only a few states to a nationwide curfew, bans on domestic and international travel, closure of schools and markets etc., affecting both local and international trade.

The efforts, led by both the Federal and State governments, evolved over the course of the quarter and persisted throughout.

When compared with Q2 2019, which recorded a growth of 2.12%, the Q2 2020 growth rate indicates a drop of -8.22% points, and a fall of -7.97% points when compared to the first quarter of 2020 (1.87%). Consequently, for the first half of 2020, real GDP declined by -2.18% year on year, compared with 2.11% recorded in the first half of 2019. Quarter on quarter, real GDP decreased by -5.04%.  Furthermore, only 13 activities recorded positive real growth compared to 30 in the preceding quarter.

In the quarter under review, aggregate GDP stood at N34,023,197.60 million in nominal terms, or 2.8% lower than the second quarter of 2019 which recorded an aggregate of N35,001,877.95 million. Overall, the nominal growth rate was -16.81% points lower than recorded in the second quarter of 2019, and -14.81% points lower than recorded in the first quarter of 2020. For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors.

The Oil Sector

In the second quarter of 2020, average daily oil production of 1.81 million barrels per day (mbpd) was recorded. This was -0.21mbpd lower than the daily average production of 2.02mbpd recorded in the same quarter of 2019, and  -0.26mbpd lower than the first quarter 2020 production volume of 2.07mbpd by (Figure2).

The real growth of the oil sector was -6.63%  (year-on-year) in Q2 2020 indicating a decrease of -13.80% points relative to the rate recorded in the corresponding quarter of 2019. Growth decreased by -11.69% points when compared to Q1 2020 which recorded 5.06%.  Quarter-on-Quarter, the oil sector recorded a growth rate of -10.82% in Q2 2020. The Oil sector contributed 8.93% to total real GDP in Q2 2020, down from figures recorded in the corresponding period of 2019 and the preceding quarter, where it contributed 8.98% and 9.50% respectively.

The Non-Oil Sector

The non-oil sector declined by -6.05% in real terms during the reference quarter (Q2 2020).  It was the first decline in real non-oil GDP growth rate since Q3 2017. The recorded growth rate was -7.70% points lower compared to the rate recorded during the same quarter of 2019, and -7.60% points compared to the first quarter of 2020.

Nevertheless, non-oil sector output was driven by Financial and Insurance (Financial Institutions),  Information and Communication (Telecommunications),  Agriculture (Crop Production), and Public Administration, moderating the economy-wide decline.

On the other hand, sectors which experienced the highest negative growth included Transport and Storage, Accommodation and Food Services, Construction, Education, Real estate and Trade among others.

In real terms, the Non-Oil sector accounted for 91.07% of aggregate GDP in the second quarter of 2020, slightly higher than the share recorded in the second quarter of 2019 (91.02%)  as well as the first quarter of 2020 (90.50%).

SOURCE:https://brandspurng.com/2020/08/24/nigerias-gdp-shrinks-by-6-10-in-q2-2020-nbs/

The National Bureau of Statistics (NBS) said the average price per litre paid by consumers for National Household Kerosene increased by 0.44% month-on-month and by 6.17% year-on-year to N335.54 in July 2020 from N334.08 in June 2020.

The bureau said the average price per gallon paid by consumers for National Household Kerosene increased by 0.45% month-on-month and decreased by -0.31% year-on-year to N1,207.43 in July 2020 from N1,202.04 in June 2020.

States with the highest average price per litre

Taraba (N389.58)Sokoto (N386.60)Edo (N384.52)

States with the lowest average price per litre

Bayelsa (N250.95)Rivers (N270.82)Zamfara (N277.27)

States with the highest average price per gallon

Kebbi (N1,392.14)Borno (N1,380.60)Plateau (N1,340.00).

States with the lowest average price per gallon

Osun (N1,005.42)Anambra (N1,053.93)Delta (N1,072.50)

SOURCE:https://brandspurng.com/2020/08/22/nigerians-paid-more-for-kerosene-in-july-2020-nbs/

The average price of major food items in Nigeria like yam, rice, tomatoes and eggs increased in June, the National Bureau of Statistics (NBS) has said.

The NBS said this in the “Selected Food Price Watch (July 2020)” report published on its website.

According to the report, the average price of one kilogramme of tomatoes increased by 49.35 per cent.

The bureau also said the average price of 1 dozen of Agric eggs medium size increased year-on-year by 1.24% and month-on-month by 0.27% to N474.12 in July 2020 from N472.83 in June 2020 while the average price of a piece of Agric eggs medium size (the price of one) increased year-on-year by 10.61% and month-on-month by 0.66% to N42.45 in July 2020 from N42.18 in June 2020.

In the month under review, NBS said the average price of 1kg of tomato increased year-on-year by 49.35% and month-on-month by 3.24% to N304.01 in July 2020 from N294.46 in June 2020.

In a similar manner, the average price of 1kg of rice (imported high quality sold loose) increased year-on-year by 37.72% and increased month-on-month by 2.23% to N490.44 in July 2020 from N479.74 in June 2020.

Rice is a staple food for households in Nigeria. The importation has been banned, but imported rice, mostly through permeable land borders, is still common across Nigeria.

Similarly, the average price of 1kg of yam tuber increased year-on-year by 50.10% and month on month by 2.29% to N256.44 in July 2020 from N250.70 in June 2020.

The NBS said the prices were collected in all the 774 local governments across all states and the FCT from over 10,000 respondents and, “locations which reflect actual prices households in states actually bought those items”.

It said fieldwork was done solely by over 700 NBS staff in all states of the federation “with support from supervisors who are monitored by internal and external observers”.

The report said the average of all the prices is then reported for each state and the average for the country is the average for the states. It said the NBS audit team subsequently conducted randomly selected verification of prices recorded.

SOURCE:https://brandspurng.com/2020/08/22/prices-of-tomatoes-rice-yam-eggs-increase-in-july-nbs/

The Central Bank of Nigeria (CBN) in its recently released monthly economic report for April 2020 showed that Nigeria’s foreign exchange (forex) FX inflow tanked by 25% to USD9.72 billion in April, from USD12.15 billion in March.

According to CBN, the sharp decline in forex inflow was due to the lower crude oil revenue as the price of crude per barrel plummeted to USD14.30 in April from USD32.30 in March given the weak global crude oil demand amid lockdown of most economies due to COVID-19 pandemic fears.

On the other hand, forex outflow from CBN fell by 55.1% to USD3.29 billion in April, from USD7.32 billion in March. CBN noted that the moderation was driven, chiefly, by the 69.3% decline in interbank utilisation.

Also, CBN stated that it substantially reduced funding at the I&E FX Window and withdrew intervention at the Bureau de Change (BDC) window in the month of April 2020. Following the decline in interbank utilisation, the significant funding reduction at the I&E FX Window and the non-intervention in the BDC market, CBN printed a net inflow of USD6.43 billion in April, higher than the USD5.63 billion net fx inflow recorded in March 2020.

On the foreign scene, the US crude oil input to refineries moderated week-on-week by 1.16% to 14.49 mb/d as at August 14, 2020 (and lower by 18.14% to 17.70 mb/d printed on August 16, 2019).

However, as the U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell w-o-w by 0.32% to 512.45 million barrels (but higher by 17.05% from 437.78 million barrels as at August 16, 2019), WTI crude price rose w-o-w by 1.37% to USD42.82 a barrel.

Elsewhere, Europe’s Brent crude rose by 0.22% to USD45.06 a barrel; however, Nigeria’s Bonny Light crude moderated by 1.29% to USD44.05 a barrel as at Thursday, August 20, 2020.

Meanwhile, we note that the increased net fx inflow into Nigerian economy in April 2020 may not be sustained going forward as the gradual reactivation of local economic activities, especially reopening of an international flight, and possible reintroduction of the sale of foreign currency to BDC in order to suppress further depreciation of the Naira against the USD would increase the need for forex.

SOURCE:https://brandspurng.com/2020/08/22/nigerias-net-fx-inflow-rises-to-usd6-43-billion-in-april/

Ellah Lakes Plc announces today that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties. The potential transaction relates to the purchase of 100% of the shares of an oil palm processing Company with substantial assets in Delta State.

Though a binding term sheet has been agreed, the completion of the proposed transaction is subject to regulatory approvals and execution of a definitive agreement. Ellah Lakes Plc will update the market appropriately and in accordance with its disclosure obligations.

Accordingly, shareholders are advised to exercise caution when dealing in the securities of Ellah Lakes Plc until a full announcement is made.

SOURCE:https://brandspurng.com/2020/08/21/69628/

New BlackBerry 5G smartphone will be publicly available in the first half of 2021

OnwardMobility’s CEO Peter Franklin announces agreements with BlackBerry and FIH Mobile Limited, a subsidiary of Foxconn Technology Group, to deliver a new 5G BlackBerry Android smartphone with a physical keyboard, in the first half of 2021 in North America and Europe. Working closely with OnwardMobility, BlackBerry and FIH Mobile will ensure world-class design and manufacturing of these devices.

OnwardMobility today announced agreements with and FIH Mobile Limited (HKG: 2038), a subsidiary of Foxconn Technology Group, to deliver a new BlackBerry 5G smartphone Android with a physical keyboard, in the first half of 2021 in North America and Europe.

Under the terms of the agreement, BlackBerry grants OnwardMobility the right to develop, engineer, and bring to market a BlackBerry 5G mobile device. Working closely with OnwardMobility, BlackBerry and FIH Mobile will ensure world-class design and manufacturing of these devices.

With the increasing number of employees working remotely with critical data and applications, coupled with the constant threat of cyberattacks, there is an absolute need for a secure, feature-rich 5G-ready phone that enhances productivity.

Employees are demanding better workplace technology experiences, and organizations are facing increasingly complex challenges in selecting, deploying, securing and managing devices to meet expectations and maximize employee productivity.

“Enterprise professionals are eager for secure 5G devices that enable productivity, without sacrificing the user experience,” said Peter Franklin, CEO of OnwardMobility. “BlackBerry smartphones are known for protecting communications, privacy, and data. This is an incredible opportunity for OnwardMobility to bring next-generation 5G devices to market with the backing of BlackBerry and FIH Mobile.”

“Companies are rapidly investing in transformative technologies to improve productivity, but often don’t place enough emphasis on security, particularly in their use of mobile devices,” said analyst Jack Gold, President and Principal Analyst of J. Gold Associates, LLC.

“With 5G quickly coming to market, and the acceleration it will cause in upgrading mobile devices and deploying productivity-enhancing apps, deploying proven and highly secure products like the BlackBerry 5G devices in enterprises, government, and regulated industries like finance or legal, is mission-critical.”

“BlackBerry is thrilled OnwardMobility will deliver a BlackBerry 5G smartphone device with physical keyboard leveraging our high standards of trust and security synonymous with our brand. We are excited that customers will experience the enterprise and government level security and mobile productivity the new BlackBerry 5G smartphone will offer,” said John Chen, Executive Chairman and CEO, BlackBerry.

OnwardMobility will conduct product planning and market development for BlackBerry smartphones in North America and FIH Mobile will design and manufacture the BlackBerry devices under strict guidelines to ensure component, device and supply chain integrity.

“As an exclusive supplier to OnwardMobility, we’re committed to delivering new BlackBerry 5G devices to market, utilizing our deep expertise in design, manufacturing, component supply and logistics management,” said Dr. Wen-Yi Kuo, Executive Director, FIH Mobile.

SOURCE:https://brandspurng.com/2020/08/19/blackberry-5g-smartphone-to-debut-h1-2021/

Prudential Zenith Life Insurance has donated the sum of One Hundred Thousand United States Dollars (US$100,000) to Slum2School Africa to help combat the impact of the COVID-19 pandemic on education in disadvantaged communities in Nigeria.
The donation was made through a Corporate Social Responsibility (CSR) Fund from the Prudence Foundation, the community investment arm of Prudential Plc in Asia and Africa.

Slum2School Africa is a leading volunteer-driven developmental organisation, transforming society by empowering underprivileged children in slums and remote communities with quality education, entrepreneurial skills and psychosocial support to enable them to realise their full potential and become social reformers.

Speaking during the presentation of the cheque, the Managing Director/CEO, Prudential Zenith Life Insurance Limited, Mr. Chuks Igumbor said that:
“Our contribution to Slum2School’s activities demonstrates our corporate social responsibility action plan which is targeted towards communities most in need of the support we provide.”

He noted further that:
“The Coronavirus pandemic has impacted all aspects of our lives including the education sector, with a steep widening of education inequality as children and youths from underprivileged communities are unable to access the learning materials that students from affluent backgrounds are able to access. The strategic partnership between Prudential Zenith Life and Slum2School, therefore, aims to bridge this gap and engage learners from Nursery to Senior Secondary School across twenty slums and communities in Lagos State.”

The $100,000 donation will be used to procure 300 tablets with internet connections, 34 laptops for Slum2School facilitators, 34 whiteboards, markers and board eraser sets, state-of-the-art learning studio for 50-90 pupils per session, stationery for students, as well as learning programs and software. In addition to the cash donation, relief foodstuff was also provided to less privileged families within the identified communities to assist in these trying times.

Prudential Zenith Life Insurance Limited is part of Prudential Plc, one of the oldest and most strongly capitalised life insurance companies in the world. It provides a range of insurance and investment-linked savings products designed to suit corporate and individual customers’ budgets.

Prudential Zenith Life seeks to remove uncertainty from life’s big events, providing customers with the freedom to confront the future with greater confidence. It is equally committed to meeting the long-term savings and protection needs of families and businesses in Nigeria.

Whether someone is starting a family, saving for a child’s education or planning for old age, Prudential Zenith Life provides customers with financial peace of mind.

SOURCE:https://brandspurng.com/2020/08/19/prudential-zenith-life-donates-100000-to-slum2school-towards-fighting-effects-of-covid-19-in-nigeria/

Lagos, Nigeria – Monday, August 17, 2020: Leading consumer and SME finance company, Zedvance Finance Limited has revealed plans to empower small and medium-sized businesses with interest-free credit to catalyze their growth against the backdrop of the global economic downturn occasioned by the Covid-19 pandemic.
Driven by a need to create a support system for SMEs at this uncertain time, the company will be running a 3-week virtual campaign with the theme: “Keeping SMEs Alive”.

Speaking on the initiative, the Acting Chief Executive Officer, Zedvance Finance, Ever Obi said the objective of the initiative is to help SMEs stay afloat at this crucial time and to promote economic enterprise in line with the company’s Corporate Social Responsibility pillars.

“We understand the critical role loans play in helping SMEs looking to take their businesses to the forefront of the market. More importantly, we know that interest-free loans will allow them to accelerate growth by reducing the burden of loan interest payment.”

“Essentially, we are creating a support system for SMEs. Majority of our youth are budding entrepreneurs. While we provide ‘safe’ capital for them, we believe that some level of guidance on corporate and product strategy will also be invaluable. For this reason, we will be having five top entrepreneurs that will be speaking on different topics on entrepreneurship via our social media platform during the campaign”, he said.

“Essentially, we are creating a support system for SMEs. Majority of our youth are budding entrepreneurs. While we provide ‘safe’ capital for them, we believe that some level of guidance on corporate and product strategy will also be invaluable. For this reason, we will be having five top entrepreneurs that will be speaking on different topics on entrepreneurship via our social media platform during the campaign”, he said.

The first edition of the campaign will hold from August 18th – 31st, 2020.

Zedvance Finance Limited loans are accessible through a range of self-service digital channels including website – www.zedvance.com, mobile app – MoneyPal (available on Google Playstore) and phone call to the Customer Service Centre on 07001001000. Customers can access loans between N2,500 and N5,000,000 in minutes depending on their credit score.

SOURCE:https://brandspurng.com/2020/08/17/zedvance-unveils-keeping-smes-alive-campaign-offers-zero-interest-loans-to-small-businesses/

The month-average executed prices on the Exchange for maize, soybeans, and paddy rice increased Month-on-Month by 26.9%, 14.6%, and 5.3% respectively. The increase was most pronounced for maize due to the transmission effects from commodity scarcity.
The open market prices witnessed gains for maize, soybeans and paddy rice at 18.8%, 8.6%, and 14.62% respectively, in response to the lean season of the crop calendar in the agrarian North which indicates a continued depletion of market stocks from the last planting season which was terminated in December 2019.

The current narrow supply has resulted in policy response by the Central Bank which has stopped the provision of scarce foreign exchange for the import of maize.

Maize and soybeans prices gained marginally in July as soybeans increased by 2.3%, while maize increased by 1.3% M-o-M. Paddy rice average monthly price eased by -10.7% due to seasonal pressures from harvests. The commodity market supply from South America is bolstering market stocks and is predicted to surpass last year’s output.

SOURCE:https://brandspurng.com/2020/08/17/scarcity-of-key-commodities-in-nigeria-causes-price-surge-afex/

Poultry farmers in Nigeria under the auspices of the Poultry Farmers Association of Nigeria are lamenting over the scarcity of maize an important raw material for feed manufacturing, following the ban on maize imports coupled with the COVID-19 pandemic.
Maize constitutes between 50 per cent to 70 per cent of chicken feeds and due to high demands of maize for human consumption, it has created an unhealthy competition.

According to the poultry farmers, the situation is posing a threatening to the poultry sector and have called on the federal government, particularly the Central Bank of Nigeria to lift the ban.

Chairman of the Poultry Farmers Association of Nigeria, Mr Oluleye Gideon, said the cost of poultry inputs in the country were on the high side and called on the government to intervene.

“This sector is under serious threat as a result of the acute shortage of maize in the country. To worsen this case, recently the CBN also banned the importation of maize. This has further worsened the problem of the poultry farmers in the country to the extent that this sector may soon collapse,” he stated.

The Central Bank of Nigeria blocked access to foreign exchange for maize imports as it seeks to boost local production, stimulate a rapid economic recovery, safeguard rural livelihoods, and increase jobs which were lost as a result of the ongoing COVID-19 pandemic.

In addition, CBN directed all authorised dealers to immediately discontinue the processing of Forms M for maize/corn importation into the country.

The association has also urged the CBN and other financial operators to wade in and put a framework in place to enable poultry farmers to access loan at five per cent interest rate, to rescue the once flourishing industry.

On its part, the CBN has issued N16billion (US$41.2m) funding to the Maize Farmers Association of Nigeria (MFAN) for the 2020/2021 planting season.

The funds will be distributed to about 40,000 members nationwide in the form of agro-inputs like fertilizers, seeds, and agro-chemicals.

To further boost maize production during the 2020 wet season; the Association had acquired over 250,000 hectares of land, which will double their output this year, especially as the CBN has also supported them with the provision of high yielding maize seeds.

The association’s target is to produce about 25 million metric tonnes of maize this year, to meet the 18million MT annual demand in Nigeria but with the COVID-19 pandemic, and the insecurity in the country the targeted amount might be reduced by 20 or 30 per cent.

SOURCE:https://brandspurng.com/2020/08/17/nigerias-poultry-affected-by-maize-ban/

Still waiting to get your National ID card? You might just forget about going to the National Identity Management Commission (NIMC) offices for unnecessary queues.
The National Identity Management Commission (NIMC) has now made it possible for Nigerians to get their National ID cards in an entirely online process.

Here are all the process involved (step by step):

Download the NIMC Mobile ID App

First, you have to download the NIMC Mobile ID app, powered by its mobile services platform (MWS). Android users can visit the google play store to download and install the NIMC Mobile ID app. For iPhone users, they need to visit the app store to get the ios version of the app.

Input Your NIN and Mobile Number

After downloading and installing the NIMC Mobile ID app, the next step is to correctly enter your 11-digit national identity number (NIN) found on your national identity slip. In case you cannot remember or find your NIN, you can dial *324# via Nigerian sim cards only. Do not input your bank verification code (BVN) as your NIN to avoid being blacklisted.

Select +234 as your phone country code if that is not the default selection before entering your remaining 10-digit mobile number. Use the mobile number registered with your NIN. Ensure that you do not make any errors when filling in your information and check again to correct any mistakes. Click ‘next’ on the top far right.

Read the Attestation and Click “I Agree” to Continue

Now read through the attestation carefully and hit the ‘I Agree’ button to proceed to the next step.

Enter Your Preferred PIN twice and click “Finish”

Fill in your chosen PIN twice. Be sure it is one you can easily remember or you may choose to write it down as well. Click ‘Finish’ to go to the final stage.

Congratulations, You’re Almost There

This is the last stage where the NIMC Mobile ID app’s user interface displays all your command options. Click on ‘Show my ID’ and your national identity card is ready for download.

Voila! You now have your Nigerian national identity card.

You must have a NIN number to complete the process. This means if you haven’t applied or enrolled with the NIMC, you are not eligible for a National ID card. Enrollment for the National ID card is free according to the Head of Corporate Communications of NIMC, Kayode Adegoke.

SOURCE:https://brandspurng.com/2020/08/16/how-to-obtain-your-national-id-card-through-the-nimc-mobile-app/

The Start Them Early Program (STEP) can help the Oyo State government reduce the number of out-of-school children in the State. The Coordinator of IITA’s STEP initiative, Adedayo Adefioye, made this assertion on 23 July 2020, during the official launch of the program and the modern agribusiness training facilities at Fasola Grammar School in Oyo West Local Government Area.

To promote an early interest in agriculture, IITA is introducing agribusiness training in secondary schools through STEP. Fasola Grammar School is one of three beneficiary schools selected in southwestern Nigeria. Established in 2018, STEP aims to challenge the mindsets of young Africans about agriculture and expose them to viable opportunities in agribusiness from an early age.

In his opening remarks on behalf of IITA, TAAT Program Coordinator Chrys Akem, spoke about the vision of the IITA Director General Nteranya Sanginga to see the students of Fasola emerge to become millionaires as they embrace agriculture as a business.

Speaking on behalf of the IITA Deputy Director General, Partnerships for Delivery, Kenton Dashiell, Akem also highlighted the recently launched Agribusiness Education Program of the Oyo State government. “These two programs, STEP and the youth-in-agribusiness training centre, when expanded all over Oyo State, would stimulate the agricultural transformation of the state and create jobs for thousands of youth,” Akem said.

Coordinator Adefioye thanked the Oyo State Governor, Engr. Seyi Makinde, and the people of the State for providing an enabling environment to establish this initiative. He said he hopes the program would lay a solid foundation to transform the students into global entrepreneurs in agriculture.

He said the program would not only reduce the number of out-of-school children in the State but also allow them to complete their secondary school education and even further their academics with income generated in the school agribusiness clubs initiated within the program.

The ceremony also featured testimonials from students such as Motunrayo Folarin, who participated in the program pilot. Folarin expressed gratitude for the depth of the knowledge that he and fellow students learned about the agricultural value chains.

They also learned about mechanization, ICT, and how to add value to their farm products. She urged the governor to assist in expanding the program so that more students in Oyo State can participate and benefit from the initiative.

Another student, Samuel Joshua, spoke of how he used to view agriculture negatively because of the amount of manual labour required. “But today, in just an hour, we can clear two acres of land, which used to take us two to three days,” said Joshua. He also noted that there was no gender discrimination, even in the mechanization training, and that the girls were as active as the boys.

SOURCE:https://brandspurng.com/2020/08/15/step-initiative-to-reduce-number-of-out-of-school-children-in-oyo-state/

The Lagos Zonal office of the Economic and Financial Crimes Commission, EFCC, has secured the conviction of four Internet fraudsters, Kunle Omoniyi;  Bassey Odo, Paul Adebisi and Temitope Samson, who were arrested in different parts of the state recently.

The convicts were all charged with offences bordering on possession of documents containing false pretences and involvement in other forms of Advance Fee Fraud.

While Omoniyi, Odo and Adebisi were convicted and sentenced by Justice Mojisola Dada of the Lagos State High Court, Ikeja, Samson was convicted and sentenced by Justice Oluwatoyin Taiwo of the Special Offences Court, Ikeja, Lagos.

The EFCC had, on August 10, 2020, arraigned Omoniyi on a three-count charge, following intelligence received about his criminal activities, to which he pleaded guilty.

Delivering her judgment, Justice Dada sentenced him to 18 months in prison commencing from the date of conviction, with an option of N250,000 fine.

The Judge also ordered that two small gold chains, one big gold chain with two pendants and iPhone 11 Pro Max mobile phone recovered from him should be forfeited to the Federal Government.

Odo’s travail began after the Nigerian Postal Service, NIPOST, petitioned the EFCC on January 20, 2020, accusing him of compromising its official email account, emsnigcsu@yahoo.com by creating a pseudo account, emsrugcs6@gmail.com, which was used to defraud unsuspecting citizens.

He was subsequently arraigned before Justice Dada on August 11, 2020, on amended three counts, to which he pleaded “guilty”.

Consequently, Dada convicted him and sentenced him to one-year imprisonment from the date of his conviction, with an option of N250,000 fine.

The Court further ordered him to pay the sum of N8, 350 to the complainant, Okott John, in restitution and also forfeit the iPhone X mobile phone recovered from him to the Federal Government.

In the same vein, Justice Dada convicted Adebisi on August 11, 2020, on five counts and sentenced him to two years imprisonment commencing from the date of his conviction, with an option of N500, 000 fine.

He was also ordered to forfeit to the Federal Government one dark black iPhone X, one App laptop, and one Macbook laptop, which was recovered from him.

Justice Taiwo convicted Samson on the two-counts charge filed against him, and sentenced him to six months imprisonment on August 10, 2020, with an option of N250,000 fine.

The Judge also ordered the forfeiture of the iPhone X mobile phone recovered from him to the Federal Government.

Samson had been arrested at 1004 Estate, Victoria Island, Lagos, following intelligence about his involvement in internet fraud.

SOURCE:https://brandspurng.com/2020/08/15/court-jails-four-fraudsters-in-lagos/

On Tuesday, August 11, 2020, the Federal Competition and Consumer Protection Commission (FCCPC) became aware of representations appearing to show that a consumer, (and presumably others) purchased Laziz vegetable oil in sachets produced by Apple & Pears Ltd from their retail/storage location in Abuja. The representation suggested that the food products purchased were expired, even at the time of purchase.
Upon further investigation and reconnaissance, FCCPC discovered the company’s primary facility on the Lagos-Ibadan Express Way. Although locked, innocuous and without signage, the Commission also identified the specific location in Abuja where the company had stored its products.

Having sufficient initial evidence to proceed on enforcement, the Commission conducted investigations at both the Lagos-Ibadan Expressway, and Abuja locations. The Commission discovered unreasonably large and inexplicable inventories of Laziz salad cream, Laziz mayonnaise, Laziz vegetable oil in sachets, and Laziz Thousand Island salad cream. In addition, the Commission uncovered what appears to be unapproved and unsafe production, decanting, or repackaging of vegetable oil at the Abuja location.

The location in Abuja is currently under seal by the Commission and will remain so until the Commission and NAFDAC have confiscated the expired or unwholesome products, and are otherwise satisfied that Apples and Pears can, and will operate safely and legally.

The Commission commends the patriotism of those who bring these pieces of information to the Commission’s attention and encourages consumers to exercise their prerogatives and discretion to notify the Commission of conduct that is considered unsafe, illegal, or unsatisfactory.

SOURCE:https://brandspurng.com/2020/08/14/fccpc-seals-apples-and-pears-store-for-selling-unwholesome-products-photos/

The whole world, including Nigeria, is trying to go cashless. As a result, POS machines are now appearing in every Nigerian area to make payments easy and safe. You can also expand your business with a POS machine, and here is how to do it.

1. What Is A POS Business?

POS, or Point of Sale machines, are now being used by more and more businesses. Their primary use is to accept payments for goods and services the customer purchases at a store, hence the name.

However, POS machines are also widely used for bank transfers, bill payments, recharging airtime, paying rent or taxes, and other financial needs that can be difficult to access in other ways in rural areas where banking is not yet developed enough. As a POS machine owner, you become a banking agent and you make money through service charges and commission from the bank you are cooperating with.

2. Who Can Start A POS Business?

The important thing to know about a POS business that you already need to be a business owner to qualify as a POS banking agent. The Central Bank of Nigeria has strict requirements for the applicants and you need to run a successful business for more than 12 months prior to the application. Typical businesses where you can open a POS service include stores, gas stations, food joints, offices, and pharmacies.

The location of your business means a lot for the success of your POS operation. The ideal place to start a POS business is an area that is underserviced by banks, does not have a lot of ATMs in close proximity, but does have a lot of foot traffic. That way, your POS spot can become the go-to place for people to make all kinds of payments, and the more people use your POS machine, the more money you will eventually make.

3. Choose Your Bank

Right now, every major Nigerian bank is prepared to work with individual businessmen as banking agents, but each bank has a list of requirements for the applicants. Plus, the Central Bank of Nigeria also regulates the work of banking agents and may have its own requirements for prospective agents. Ideally, you need to choose a bank that is relatively easy to get to, offers generous commissions for its agents, and doesn’t make it too hard for the applicants to join the POS business.

4. Complete Your Application

After you have asked your bank of choice for the requirements, it’s time to prepare for your application. Depending on the bank you are working with, the list of documents required for the application may differ, but the most commonly requested documents include:

National ID card, driver’s license, or another official means of identification

Evidence of business registration, e.g. a CAC certificate

Two current account references

At least ₦50,000 of working capital

Two passport photographs

Bank Verification Number

Tax Identification Number

5. Gather The Equipment

If the bank reviews your application and accepts you as a new banking agent, the bank will then supply you with all the necessary equipment and assist with its installation in the store. The POS equipment you will need includes:

POS machine

PIN keypad

Barcode scanner

Card reader

You may also need a separate mobile phone for POS operations, and if so, you will likely need to purchase it yourself.

6. Deliver The Services

When everything is ready and you are all set for rendering POS services, make sure to inform your customers, either with a personal announcement when they visit your store or by using ads outside of your shop or online. People will always patronize a POS business if it delivers services fast, is safe to work with, and does not charge exorbitant service charges. By keeping your charges affordable, you will attract a greater number of customers, who, at the end of the day, will give you a bigger profit.

SOURCE:https://brandspurng.com/2020/08/14/how-to-start-a-pos-machine-business-in-nigeria/

Northern Nigeria Flour Mills Plc (NNFM), Food Product company in Consumer Goods sector announced 113% revenue growth in its 2019 Audited results for the period ended March 31st, 2020.

The report showed the company reverted to a profit of N64.64 million, which compares with losses of N31.39 million, N60.98 million, N18.04 million, N197.24 million, and N199.95 million in the years 2019, 2018,2017, 2016, and 2015 respectively.

KEY METRICS

Revenue grew by 113% to N8.8bn from N4.2bn in the previous quarter.
Profit before tax stood at N121m.
Profit after tax stood at N64.6m.
Net Assets grew by 140.6% from N1.2bn to N2.8bn.

NNFM’S revenues surged by 113.52 percent to N8.84 billion in 2020 from N4.41 billion the previous year, and the company has been maintaining consistent top-line growth since 2016.

Northern Nigeria Flour Mills’ operating income excluding depreciation and interest expense increased by 6.50 percent to N562.13 million in the period under review from 2019’s N528.17 million.

The country’s economy has been growing sluggishly since it exited a recession in 2017- thanks to the instruction of a foreign exchange regime by the central and rebound in the oil price- and inflationary pressure and hike in utility bills have damped consumer sentiments.

The coronavirus pandemic that paralyzed business activities across the globe has damped the outlook for the Nigerian economy as lockdown imposed by the government to curb the spread of the virus disrupted the demand and supply side of the market.

Manufacturers were unable to source foreign currency at the official rate, forcing them to buy at an exorbitant black market rate, which made it difficult to import raw materials and equipment to meet production.

Despite the bleak outlook and gloomy prognosis due to the devastating impact of the virus on the economy, NNFM is expected to thrive amid headwinds largely because its major product portfolios (Food, Sugar and Agro-Allied) are concentrated on essential items.

NNFM has 3 manufacturing units with a combined capacity of 1,200 metric tons per day, making it a major player in the Kano market.

The Northern Nigeria Flour Mills product range includes Golden Penny Flour, Golden Penny Semovita, Wheat Offals and a range of maize products (Masavita, Masa Flour and Corn Offals).

SOURCE:https://brandspurng.com/2020/08/13/northern-nigeria-flour-mills-reports-n64-6m-pat-in-audited-2019-results/

If you aim for a culinary career, there is a simple way to improve your skills or boost your employment opportunities: Just join Worldchefs Academy online or download the app, register and start a free three-month training session. After passing the final assessment, you receive a Pre-Commis Chef certificate.

The free online program was launched in English by Nestlé Professional and the World Association of Chefs Societies (Worldchefs) in 2018. Since then 14,655 people have registered, and 3,298 of them have received Pre-Commis Chef certificates.

On the occasion of this year’s International Youth Day on August 12, Nestlé and Worldchefs announced today that they will expand the languages the program is offered in to include Spanish and Portuguese as well as Arabic, Mandarin and Italian by the end of 2020.

The Worldchefs Academy program is available to anyone, no matter their background or current skill set, and covers the basics of culinary professionalism, food service operations, culinary theory, food hygiene and sanitation, basic cooking and culinary nutrition.

SOURCE:https://brandspurng.com/2020/08/13/nestle-expands-its-education-program-for-aspiring-chefs/

SUNU Assurances Nigeria Plc has increased its profit by 30%

It went up from N914 million in the 2018 financial year to N1.189 billion in 2019. This is due to a decrease in net claims by 24 per cent from N.868 billion in 2018 to N.658 billion in 2019.

The chairman, Kyari Abba Bukar, who made this known at the physical/virtual 33rd Annual General Meeting (AGM) of the company, said its Audited Financial Statements and that of its subsidiaries for the year ended December 31, 2019, were approved by National Insurance Commission (NAICOM) via its letter dated March 9, 2020, within the deadline.

The SUNU Assurances Group increased its Gross Written Premium (GWP) by 0.4 per cent from N3.049 billion in 2018 to N3.060 billion in 2019.

This, according to the company, was due to its teams’ hard work, despite declining to underwrite some class of businesses because of regulatory pronouncements.

Also, the company’s investment income grew from N519.57 million in 2018 to N719.52 million.

SUNU Assurances showed paid claims worth N657.9million in the year under review.

He stated that despite the challenges facing the company, ranging from the bonds debt with its attendant huge financial cost, NAICOM’s previous penalty on offshore transactions, which has a yearly payment of N86.6 million till 2021, they were able to achieve a modest result in 2019 financial year.

He said: “During the year, we were able to increase significantly our processes through improved operating efficiency, optimising our current assets and improving operating efficiency which is part of our strategy.

We also sought to create further value by developing the opportunities embedded in our existing operations which present the most attractive options for growth. We are always looking beyond our current operations for sustainable growth opportunities.

“Going forward, we shall strive to operate our business with a sharp focus on efficiency, transparency and sustainable cost improvements,” he added. Shareholders lauded the Board and management for doing well.

Executive Chairman, GF Investment Group, Mr Ralph Osayameh who represented a shareholder, Dr Adelani Oniwinde, said the management had done well, especially in investment.

Another shareholder, Mr Mathew Akinlade said he was impressed with the level of disclosure which is more than what the Code of Corporate Governance requires, noting that other companies should share this as a model.

SOURCE:https://brandspurng.com/2020/08/12/sunu-assurances-reports-30-profit-growth-to-n1-2billion/

The Managing Director of the Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba has urged the Organised Private Sector (OPS) to patronise free trade zones across the country to ward-off widespread business uncertainty brought about by Covid-19 pandemic.

Adesugba made the call when he paid a courtesy visit on the President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA, Hajia Saratu Aliyu on Monday in Abuja.

Mr Dele Oye, 2nd Deputy President of the association, Prince Adetokunbo Kayode, SAN, President, Abuja Chambers of Commerce and Industry were other officials of the organised private sector at hand to receive the NEPZA boss.

Adesugba was before his appointment the National Legal Adviser of NACCIMA.

The NEPZA boss said the industrialization of the country could be achieved faster if the government and the Private Sector work together, adding that NEPZA will continue to partner with the Private Sector.

“NEPZA holds a double status as a facilitator and promoter of investments’ free business environment and a regulator that ensures compliance to standards.”

“The organization that I head was set up to manage and regulate free trade zones. The free trade zone is the only business enclave now that guarantees nearness to markets dislocated by a strain in global transportation and logistics against devastating effects of the Covid-19 pandemic.”

“The pandemic as we are aware continues to distort business logistics globally and so, global investors are looking for workable free trade zones to move into. Doing so would guarantee the preservation of the supply chains and their investments,’’ Adesugba said.

He, therefore, urged the business community to consider patronizing the country’s 42 free trade zones with a view to reducing the negative impact of the prevailing pandemic on their businesses.

“The supply chain management is going to be critical as Covid-19 has changed business logistics, but if we can take advantage of the various incentives which include tax holiday, absence of customs duties and absence of several other multiple taxes charged outside of the zones then our businesses can stay afloat,’’ Adesugba said.

The NEPZA chief executive further said the Authority was working assiduously to introduce a variety of Economic Special Zones (ESZ), adding that Medical, Solid Mineral, Agriculture and Technology were to be considered.

Adesugba explained that the establishment of Constituency Industrial Parks in the over 300 Federal Constituencies were also been contemplated, adding that the Authority could only achieve the industrialization of the country with the active participation of the organized private sector.

The NEPZA boss, however, expressed delight on the business knowledge and exposure he garnered while being An active member of the association, promising that he will use his experience to deliver positively as head of the agency.

Earlier, the NACCIMA president had thanked President Muhammadu Buhari for appointing a member of the association as NEPZA chief executive as according to her, the president’s eyes have gone for the best in investment promotion and management in the country.

Aliyu said Adesugba’s commitment to excellence, transparency, Due process and probity would make him reposition NEPZA as the pride of the country.

She further explained that members of the association were prepared to collaborate and support the Authority to achieve its mandate, adding that the country’s free trade zone scheme remained secured for investors and should be exploited.

On his part, Prince Adetokunbo Kayode SAN said the Abuja Chambers of Commerce and Industry would support Adesugba to have a successful tenure in NEPZA, adding that the chambers had approved that NEPZA becomes an automatic member of the chambers’ Council.

“We want to broaden our operations, we hope that when we come asking for NEPZA’s partnership and support, it will be there for us. We are indeed grateful to the government for appointing our man as head of this very important agency,’’ the former Minister of Justice and Attorney-General of the Federation said.

Kayode also agreed with Adesugba’s plans towards creating more Special Economic Zones, as according to him, the organized private sector will help by deploying expertise for the actualization of the country’s industrialization.

NEPZA officials were taken on an inspection tour of the association’s Business Entrepreneurship Skills and Technology (BEST) Center, Gemological Institute of Nigeria (GIN) and the Ministry of Mines and Steel Development Jewellery Center respectively.

The highpoint of the visit was the decoration of the NEPZA chief executive as NACCIMA Ambassador.

SOURCE:https://brandspurng.com/2020/08/12/nepza-boss-calls-on-organized-private-sector-to-use-free-trade-zones-as-buffers/

After seeing all the recent price movements for Bitcoin, you might be asking yourself, “Should I buy Bitcoin?” Let’s take a closer look at the history of Bitcoin’s price, and what recent trends might tell us about its future. 

Over the past three months, discussions about the price of Bitcoin have gone through three phases: 

Post-Bitcoin halving anticipation, pointing out to previous bull markets that followed each halving. (Notice the high volume during May, before the May 22 Bitcoin halving event.)A long period of sideways action, with BTC mostly in the $9,000 range and some jokes about Bitcoin acting like a stablecoin.The spike in BTC prices during the past week, characterized by a four-day jump to $11,000.

The market sentiment of the past three months may serve as a microcosm of the Bitcoin market in general. Bitcoin has come a long way from its creation in 2009, its less-than-a-cent valuation in 2010, and that fateful 10,000 BTC purchase of two pizzas in the same year.

Now, Bitcoin is a $200 billion market with an $11,000 valuation per bitcoin as of press time. At its height in December 2017, Bitcoin had a $20,000 price and a $300 billion market capitalization.

How did Bitcoin grow so fast in the span of just one decade? Market cycles, adversities, and recoveries play a role in this story.

Bitcoin halving and so-called market cycles

One popular assumption about Bitcoin is that it has a nearly-four-year market cycle, bookended by Bitcoin halving events.

In many major exchanges that existed in 2012, the price of BTC around the first Bitcoin halving, in November 2012, was $13. The price rose to around $220 six months after that. BTC was priced as high as $1,100, just a year after the first halving.

By the time the second halving happened in July 2016, 1 BTC was worth $660. It then took six months for the price to cross $1,000, then four months to reach $2,000, another four months to reach $4,000, and just three months to reach its all-time high of around $20,000 in December 2017.

During the third halving event in May 2020, Bitcoin’s price was about $9,000. The meteoric rises in Bitcoin price over the past two almost-four-year periods have made people excited about the future of Bitcoin. While many predictions on Bitcoin price for the end of 2020 abound, they are mostly optimistic based on these perceived patterns.

This is where due caution is advised. Some analysts have sought to disprove the perceived patterns above, while we have more than 380 predictions of Bitcoin’s eventual death. These predictions come out more often during market downturns, which we’ll go to next.

The higher the rise, the steeper the fall

Remember the first chart we showed about Bitcoin’s price movements since the third halving event? It seems like years ago, but Bitcoin’s price in 2020 has had a more compelling story. Let’s expand that chart a bit.

We began 2020 with a Bitcoin price of $7,000. Bitcoin fluctuated between $8,000 and $10,000 earlier this year, before a 24-hour crash in mid-March, amid the tumble of global markets due to the COVID-19 pandemic, sent the price down from $8,000 to $4,500. (This happened one month after the big stock market crash in mid-February 2020, surprising people who thought that BTC may end up as a hedge against stocks.)

People new to Bitcoin can get unnerved about tumbles like this, but those who have been around for a while know that there’s always at least one notable tumble for each market cycle.

After a high of $1,100 in December 2013, the price of Bitcoin trended down to as low as $200 just 12 months after, and stayed at that level for nine months.After the all-time-high of almost $20,000 in December 2017, Bitcoin’s price plummeted as low as $7,000 amid wild fluctuations during the first half of 2018. Bitcoin’s price exactly one year after ATH: around $3,000.

But more than the highs and lows of Bitcoin’s price, what people should remember about Bitcoin’s price history are the times that it recovered after every fall, no matter what naysayers say.

Bitcoin is resilient

While it’s the extremes that grab more attention, one can argue that it’s in the more stable moments where the opportunity is the biggest. Here’s how Bitcoin eventually recovered every time there’s a down moment in price action.

After a price floor of $200 that lasted until October 2015, Bitcoin eventually recovered to $400 in December 2015, and worked its way to $750 over the next six months, in advance of the next Bitcoin halving in July 2016.Bitcoin clawed its way out of the harsh bear market at the start of 2019. Following the $3,000 low in December 2018, the price recovered to $5,000 by early April, then climbed to as high as almost $12,000 by the end of June. While it is not yet a full recovery from the ATH, the evolution of the BTC markets bode well for BTC’s trajectory in the long term.In the recent pandemic-induced swoon, it only took Bitcoin just two months to go from $4,500 in mid-March to almost $10,000 in mid-May, ahead of the recent Bitcoin halving event in that month.

At each downturn, the number of Bitcoin-to-zero predictions grew. At each recovery, the number of naysayers being silenced grew as well.

Takeaways and the bigger picture

This narrative of Bitcoin’s price is in no way definitive, and several factors play into how markets act day after day. But there are a few insights we can draw from this story:

Both upswings and downswings are fast, so it might not be the best idea to mainly ride on those.Bitcoin’s rise can be fast and bewildering at times. But it can also rise at a gradual pace that allows for cooler heads to prevail.There’s no guarantee that the market cycle will repeat, but that doesn’t stop us from drawing lessons from each milestone in Bitcoin’s trading history.

Ultimately, when it comes to buying bitcoin, the question of “when” matters less than the “why,” especially considering the long-term trends we discussed above and, more importantly, the ever-growing user base of cryptocurrencies worldwide. All the short-term price movements are but pixels in the grander picture of the rise of Bitcoin and cryptocurrency as a viable system for exchanging value around the world.

Disclaimer: Bitcoin trading is subject to significant market risk, so please trade cautiously. No statement in this article should be misconstrued as investment advice, and everyone is encouraged to do your own research before entering into trades.

This article appeared first on Binance

SOURCE:https://brandspurng.com/2020/08/11/the-history-present-and-future-of-bitcoins-price/

Leading telecommunications services provider, Airtel Nigeria, has partnered with Avaya Holdings Corp, to enable organizations in the country to implement remote working and learning initiatives.

Through the partnership, Avaya will offer organizations in Nigeria full-feature access to its flagship collaboration app, Avaya Spaces, on a complimentary basis, through Airtel Nigeria.

Avaya Spaces changes the way work gets done, bringing together globally distributed teams instantly with immersive, 24/7 collaboration. And seamless integration makes Avaya Spaces easy to use with the cloud solutions that organizations already use.

Commenting on Airtel’s partnership with Avaya on Avaya Spaces, Oladokun Oye, Head: Enterprise Division, Airtel Nigeria, said Airtel is committed to exploring opportunities and possibilities that will drive learning and enterprise operations while empowering entrepreneurs, enterprises and students to become more productive and successful.

“Our partnership with Avaya supports key sectors by enabling organizations to maintain the safety of workers, students and customers as their top priority while ensuring minimum disruption to everyday business.”

“We have invested in building a robust telecommunications network as an enabler of business continuity. Today, this investment will support the continued delivery of services as well as sustaining economic activities, regardless of location and physical spaces,” he said.

Avaya Spaces is how to handle usual tasks, but also the unplanned and new-priority work that arrives nearly every day. Users can launch ad-hoc HD video conferencing meetings to bring everyone together, share and collaborate ‘in-person’. And automated alerts when someone chats or posts an item within Spaces make it easy to stay on top of fast-moving projects and stay in touch with team members anywhere.

The Avaya Spaces app is available on Android and iOS devices, and can also be securely accessed on personal computers and laptops via Chrome or Firefox browsers.

With obvious use cases for schools, it enables teachers and administrative staff to reliably communicate with parents, students and each other to minimize learning disruption amid the school closure.

Using the app, students will be able to participate in virtual classrooms from any location, with the ability to download study materials and send assignments to teachers electronically.

Since January, Avaya has seen an increase of more than 3,200% in video collaboration traffic on the Avaya Spaces platform. Several hundred universities, schools and other organizations worldwide have engaged Avaya to gain the connectivity and collaboration capabilities Avaya Spaces provides as they address the challenges of COVID-19 pandemic.

Thousands of businesses have also moved online with Avaya Spaces, using the app to conduct virtual events, launch magazines, keep teams engaged, and enable business continuity.

“As the COVID-19 crisis has developed, we have reacted quickly and decisively in providing collaboration technology on a complimentary basis to help those most affected. We are proud to be able to do the same in Nigeria in partnership with Airtel Nigeria, which has shown its commitment to social obligations.

Together, we aim to help Nigerian organizations minimize the disruption caused by COVID-19 and begin building a brighter future,” said Nour Al Atassi, Director, Service Providers – Middle East, Africa & Asia Avaya.

It will be recalled that Airtel, earlier in the year, had committed N1.97Bn towards the fight against COVID-19 in Nigeria.

Providing a breakdown of the pledged sum, Airtel said it offered free Short Message Services (SMS) to customers across all networks worth over N1.2Bn as well as complimentary data for customers to access educational sites worth over N494m.

The telco also zero-rated traffic to select sites including Federal Ministry of Health and the Nigeria Centre for Disease Control (NCDC) worth over N30m just as it has commenced a multi-million-naira educational awareness campaign to sensitize Nigerians on steps to take to prevent the Coronavirus.

Airtel further committed N160m to support the NCDC, Port Health Services and the 36 States, including the Federal Capital Territory (FCT).

According to Airtel, it has offered toll-free lines to each of the 36 States including the FCT to help in the fight against COVID-19 and is also connecting the NCDC’s offices nationwide with Broadband services.

Airtel also announced that it has offered devices and toll-free lines to the NCDC and also provided the Port Health Services with devices and Closed User Group (CUG) lines.

Airtel further states that the complementary video services through collaboration with Avaya Spaces is another demonstration of its commitment towards the fight against COVID-19 targetted at minimising the spread of the pandemic in the country.

SOURCE:https://brandspurng.com/2020/08/10/airtel-avaya-partner-to-enable-remote-work-learning-in-nigeria/

Lagos State Governor, Mr. Babajide Sanwo-Olu has said that the State Government will revive the 279-hectare erstwhile Songhai Food Production Centre, now the Lagos Food Production Centre in Avia, Badagry.

Sanwo-Olu, who made this known over the weekend in Badagry while on a site inspection tour of the Centre, explained that this was necessary for preparation for the take-off of the State Government’s two food centres designed to attain food sufficiency, particularly for a population that is increasingly demanding.

The Governor pointed out that reviving the 279-hectare Food Production Centre, originally acquired by the State Government in 2012 for a commercial agricultural project, would encourage organic farming using simple biological methods to enhance production outputs with a model, based on new approaches and farming systems that rely heavily on the combined inputs from local experiences, indigenous technology, business communities and research institutions.

He said, “I have been fully briefed about this project but I considered it necessary to personally embark on this journey to Badagry in order to take an assessment and see what exactly we need to do in terms of intervention. After taking a tour of the project site, what I observed is that the entire project looks more like a job that has not been completed. Therefore, we need to improve on the interventions by the Ministry of Agriculture”.

“With very minimal resources, we have seen what the Ministry has done to keep the project afloat. The government will raise the resources and turn around this project to the level it should be. We will need to deploy more resources to revive and scale up all the machinery and systems already put in place. We will complete the project and open it for commercial production”, the Governor averred.

According to him, focusing on local food production would increase agricultural production to meet the food needs of the State’s growing population, transform agriculture to commercial and export-oriented production while at the same time generating employment especially for the youth, adding that some of the agricultural projects to be developed for commercial production at the Centre include fishing, poultry, piggery and agroforestry among others.

Sanwo-Olu averred that apart from delivering wholesome food items, training and creating employment for youths, the Lagos Food Production Centre would also provide competitive inputs/raw materials for the Agro-Industry, new environmental products and services, and feedstock for renewable energy supply.

The Governor added that the project will give rise to similar agro-allied businesses to open up Badagry’s economy for more growth, while also boosting its tourism business.

“Lagos is a big State in terms of population, but we also can intervene in our food production value chain. What we are trying to do with the revival of the project is that we want to produce various agricultural products we can consume internally in order to reduce our dependence on external food sources. The Food Production Centre, which we are creating across the State, will be a trigger to other value-added agricultural production our citizens can provide”, he said.

SOURCE:https://brandspurng.com/2020/08/10/lasg-to-revive-badagry-food-production-centre-restates-commitment-to-food-sufficiency/

The Permanent Secretary, Lagos State Debt Management Office, Mr Olujimi Ige, on Friday, met with Managers of Projects funded with the State’s N100bn Bond at the Secretariat, Alausa, Ikeja.

He implored the project Managers to step up the pace of work so that the agenda of Governor Babajide Sanwo-Olu’s administration on infrastructure development in Lagos State can quickly be achieved.

“The Lagos State Government had raised the N100 billion bond to execute key infrastructural projects in Education, Works, Health and Transportation, among many others, in order to ensure that Lagosians enjoy the dividends of democracy across the metropolis”, he noted.

While enjoining the project managers to engage the Debt Management Office for any assistance whatsoever, Ige declared that the government will not accept untenable excuses for delay or the slow pace of work on any of the projects allotted to the Managers.

SOURCE:https://brandspurng.com/2020/08/10/debt-management-office-meets-with-project-managers/

There was a time when industrial agriculture seemed to be a panacea for a fast-growing world.  Synthetic fertilizers, chemical pesticides and high-yield cereal hybrids promised to reduce hunger, accommodate growing populations and stimulate economic prosperity.

Between 1960 and 2015, agricultural production more than tripled, resulting in an abundance of low-cost fare and averting global food shortages.

But not everything went as anticipated. Decades of industrial farming have taken a heavy toll on the environment and raised some serious concerns about the future of food production. “Efficient farming is not just a matter of production,” says James Lomax, a United Nations Environment Programme (UNEP) Programme Manager. “It is also about environmental sustainability, public health and economic inclusivity.”

The low retail cost of industrialized food can obscure its very high environmental price tag.

Here are 10 things to know about industrial farming.

1. It is not quite the bargain it seems.

According to some estimates, industrialized farming–which produces greenhouse gas emission, pollutes air and water, and destroys wildlife–costs the environment the equivalent of about US$3 trillion every year.

Externalized costs, such as the funds required to purify contaminated drinking water or to treat diseases related to poor nutrition, are also unaccounted for by the industry, meaning that communities and taxpayers may be picking up the tab without even realizing it.

2. It can facilitate the spread of viruses from animals to humans.

While their genetic diversity provides animals with natural disease resistance, intensive livestock farming can produce genetic similarities within flocks and herds. This makes them more susceptible to pathogens and, when they are kept in close proximity, viruses can then spread easily among them.

Intensive livestock farming can effectively serve as a bridge for pathogens, allowing them to be passed from wild animals to farm animals and then to humans.

3. It has been linked to zoonotic diseases.

Clearing forests and killing wildlife to make space for agriculture and moving farms nearer to urban centres can also destroy the natural buffers that protect humans from viruses circulating among wildlife.

According to a recent UNEP assessment, increasing demand for animal protein, unsustainable agricultural intensification and climate change are among the human factors affecting the emergence of zoonotic diseases.

4. It fosters antimicrobial resistance.

In addition to preventing and treating disease, antimicrobials are commonly used to accelerate livestock growth. Over time, microorganisms develop resistance, making antimicrobials less effective as a medicine.

In fact, about 700,000 people die of resistant infections every year. By 2050, those diseases may cause more deaths than cancer. According to the World Health Organization, antimicrobial resistance “threatens the achievements of modern medicine” and may precipitate “a post-antibiotic era, in which common infections and minor injuries can kill.”

5. Its use of pesticides may have adverse health effects.

Large volumes of chemical fertilizers and pesticides are used to increase agricultural yields and humans may be exposed to these potentially-toxic pesticides through the food they consume, resulting in adverse health effects.

Some pesticides have been proven to act as endocrine disruptors, potentially affecting reproductive functions, increasing the incidence of breast cancer, causing abnormal growth patterns and developmental delays in children, and altering immune function.

6. It contaminates water and soil and affects human health.

Agriculture plays a major role in pollution, releasing large volumes of manure, chemicals, antibiotics, and growth hormones into water sources.

This poses risks to both aquatic ecosystems and human health. In fact, agriculture’s most common chemical contaminant, nitrate, can cause “blue baby syndrome”, which can lead to death in infants.

7. It has caused epidemics of obesity and chronic disease. 

Industrial agriculture produces mainly commodity crops, which are then used in a wide variety of inexpensive, calorie-dense and widely available foods. Consequently, 60 per cent of all dietary energy is derived from just three cereal crops–rice, maize and wheat.

Although it has effectively lowered the proportion of people suffering from hunger, this calorie-based approach fails to meet nutritional recommendations, such as those for the consumption of fruits, vegetables and pulses.

The popularity of processed, packaged and prepared foods has increased in almost all communities. Obesity is also on the rise globally and many suffer from preventable diseases often related to diets, like heart disease, stroke, diabetes and some cancers.

8. It is an inefficient use of land.

In spite of an insufficient global supply of pulses, fruits and vegetables, livestock farming is ever more ubiquitous, perpetuating a self-sustaining cycle of supply and demand.

Between 1970 and 2011, livestock increased from 7.3 billion to 24.2 billion units, worldwide, with about 60 per cent of all agricultural land used for grazing. Agriculture has become less about producing food and more about generating animal feed, biofuels and industrial ingredients for processed food products.

Meanwhile, while there may be fewer people in the world who are undernourished, there are many more people who are now malnourished.

9. It entrenches inequality.

Although small farms make up 72 per cent of all farms, they occupy just 8 per cent of all agricultural land. In contrast, large farms–which account for only 1 per cent of the world’s farms–occupy 65 per cent of agricultural land.

This gives large farms disproportionate control, and there is little incentive to develop technologies that could benefit resource-poor small-hold farmers, including those in developing countries.

At the other end of the food supply chain, food that is affordable to the poor may be energy-dense but is invariably nutrient-poor.

Micronutrient deficiencies may impair cognitive development, lower resistance to disease, increase risks during childbirth and, ultimately, affect economic productivity. The poor are effectively disadvantaged both as producers and consumers.

10. It is fundamentally at odds with environmental health.

In the early 20th century, the Haber-Bosch process–which would transform modern agriculture–used very high temperatures and pressure to extract nitrogen from the air, combine it with hydrogen, and produce ammonia, which is now the basis of the chemical fertilizer industry.

That effectively rendered nature’s own fertilization process (sun, healthy micro-biotic soils, crop rotation) obsolete. Today, ammonia production consumes 1-2 per cent of the world’s total energy supply accounts for about 1.5 per cent of total global carbon dioxide emissions.

SOURCE:https://brandspurng.com/2020/08/06/10-things-you-should-know-about-industrial-farming/

Africa’s largest supermarket chain, Shoprite is closing a second branch in Kenya, laying off 115 workers. The first branch closed in April; there are now two stores left in the country.

Shoprite, which opened its first store in Kenya in 2018, has informed the workers’ union of the closure of the City Mall branch in Nyali, Mombasa, and job cuts.

Shoprite, which recently announced divestment from the Nigerian market earlier this week, is restructuring its plan across Africa as currency devaluations, supply challenges and low consumer spending reduces its earnings outside South Africa.

The South Africa market accounted for 84% of its overall sales last year.

The closure of the stores will put a dent in Shoprite’s expansion plans in Kenya, where it has remained with two branches and had targeted opening seven stores, including six in Nairobi.

Two of Kenya’s three top retailers Uchumi and Nakumatt were in trouble, with the former having closed stores.

Former regional leader Nakumatt collapsed.

The company has been reviewing its long-term options in Africa as currency devaluations, supply issues and low consumer spending in Angola, Nigeria and Zambia have weighed on earnings.

The retail giant which owns more than 2,800 outlets across Africa, said in a trading update that it was pursuing the sale after reviewing its operating model and receiving approaches from various investors.

In February chief executive Pieter Engelbrecht told analysts that Shoprite remained committed to the continent but not at any cost.

SOURCE:https://brandspurng.com/2020/08/06/shoprite-closes-second-kenya-store-in-4-months/