₦airaland Forum

Olusiji Ijogun, Chairman of Konga, Nigeria’s composite e-commerce giants, has revealed that the company is set to invest N2.9bn in its logistics arm, K-xpress to build a world-class delivery solutions company that will resolve the logistics challenges in Nigeria.

He made this assertion when a section of the media caught up with him at a party held at Sheraton Hotel, Ikeja on Saturday, September 22nd 2018.

Ijogun, who was congratulated for the quick turnaround of Konga after its acquisition by the Zinox Group in January 2018 which has seen the company trending with new innovations, was also quizzed on how Konga has managed to cope with the problems of delivery which has stunted e-commerce in Nigeria.

Responding, Ijogun who admitted that logistics remains a  major challenge for e-commerce, however, noted that the new management of Konga has injected over 43 new vehicles and 100 brand new motorcycles into the system since it took over, noting that  that the company has already commenced work to create a lasting solution that will work not only for Konga but other third-party logistics companies in Nigeria.

“We have received approval from the board of Konga to invest about N2.9B in Kxpress to expand the fleet of vehicles available in the pool in order to reach the last-mile faster and more conveniently.

“The plan is to add 200 new vans and 1000 motorcycles to the system nationwide. One aspect of this investment is our intention to work with other credible, hard working Nigerians as franchises to create jobs for more people while the second part is our determination to guarantee same day delivery anywhere in Nigeria. Customers in Abuja, for instance, may start enjoying same day delivery from the first week of October and same will be extended gradually nationwide.

“We must understand, however, that solving this challenge goes beyond increasing the number of vehicles at our disposal. We are also investing heavily in setting up logistics centres nationwide,  boosting our technology and human capital,” he disclosed.

While urging customers who have had to bear some inconveniences to keep faith with the Konga brand, Ijogun who assumed the position of Chairman at Konga in April 2018, further noted that the management of the company is working hard behind the scenes to raise standards in the e-commerce industry, noting that the new initiatives will manifest in the first quarter of 2019.

“Nigeria will feel the power of Konga as a clear leader in the Nigerian e-commerce space from the first quarter of 2019.

“Our mission is to build a world-class composite e-commerce company that appreciates the needs and aspirations of the people and creates tailor-made solutions to resolve them. We have filtered the system within the first few months since we took over to eliminate fake products and we have achieved about 97 per cent of same day delivery of genuine products within our network but the ambition is to reach 100 per cent,” he concluded.

SOURCE: https://brandspurng.com/konga-to-invest-n2-9b-in-k-xpress-to-resolve-e-commerce-delivery-in-nigeria/

TAMBO, a global leader in mobile phone technology, has officially launched the TAMBO Mobile brand in Nigeria, Africa’s largest mobile market.

TAMBO is an innovative mobile phone brand backed by a forward-thinking, bold and daring company. Our products are designed to be ahead of the curve and the consumers are always our priority. At TAMBO, we aim to redefine technology and disrupt the mobile market in a positive and rewarding way by adding value to our customers, staff and business partners.

The brand TAMBO has two product series – the Superphones and Powerphones. With this two distinct but value-driven ranges, TAMBO plans to change the game in the market by putting the power to get the best out of mobile devices without breaking the bank.

Our values are entrenched in our DNA and we aim to stick to them. The core of our business philosophy is transparency, humility, honesty and care.

With our Superphone and Powerphone categories, we will deliver value to the Nigerian mobile market with innovative products delivered with a best-in-class customer service proposition”, said Mr Roy Jiang, Managing Director of TAMBO Mobile Telecom Nigeria. “We also want to build a business ecosystem with our dealers and partners that will create jobs, add to the Nigerian economy and promote sustainability in the social and business environment.”

He added that “In the next few months, TAMBO Mobile products and services will take Nigeria by storm, we are delighted to finally start the journey in building a brand that Nigeria at home and abroad can be proud of.”

The brand aims to put the customer at the heart of its operations with the introduction of customer-oriented after-sales service and proposition such as the 100 days after sales support for all TAMBO mobile devices purchased from our accredited dealers and retailers. Our customer care lines are also open and reachable 24/7, 365 days.

At a well-attended launch event which held in Lagos at the prestigious Radisson Blu Hotel, TAMBO was unveiled in a grand style with key stakeholders in telecoms and mobile phone industry and celebrities all in attendance.

ABOUT TAMBO Mobile

TAMBO is a leader in smartphone and mobile technology. Tambo aims to redefine technology and the business of telephony in Nigeria and beyond. Conceptualised and established in 2017, TAMBO has a long-term vision to empower every Indian. Tambo aims to do business differently, efficiently and driven by systems to give maximum value to its customers, partners and people. The core of its business philosophy is transparency, humility, honesty and care, which it envisions will help lead the charge towards progress. TAMBO has a product portfolio of Superphones and Powerphones to enable greater flexibility and mobility in people’s lives. Through its products, TAMBO aims to deliver delight, durability and design. Its utmost goal is to help fulfil dreams and enrich lives by bringing in innovative products and superior technology.

SOURCE: https://brandspurng.com/tambo-mobile-launches-in-nigeria-to-disrupt-africas-largest-phone-market/

Samsung Electronics has unveiled the new Galaxy A7 smartphone, its first with three cameras on the back. The new device will be available from end-September for a recommended price of EUR 349 (147,478 Naira at 423.775 exchange rate).

The 2018 version of the A7 comes with a 6-inch AMOLED screen in full HD+ resolution and a high screen-to-body ratio. It runs a 2.2 GHz octa-core Exynos processor from Samsung, 4 GB RAM and 64 GB internal storage, as well as supporting microSD cards.

The camera features an 8-megapixel ultra-wide lens, 5-megapixel depth lens for achieving bokeh effect and another 24-megapixel lens to capture photos in bright and low light conditions. It also comes with Samsung’s Scene Optimizer, to categorize the subject and adjust the colour, contrast and brightness to optimize image quality. In addition, the A7 has a 24-megapixel camera on the front with adjustable LED flash, Selfie Focus and Pro Lighting Mode.

The A7 features a glass design and side fingerprint sensor and will be available in a choice of blue, black, gold and pink colours. It will also feature Bixby, Samsung Pay and Samsung Health. Samsung said the phone will be available in select European and Asian markets from this fall and expand to additional markets in the near future.

The company also confirmed that it will hold an event on 11 October in Kuala Lumpur to “welcome a new member to the Galaxy family”. Media reports suggest this will be the Galaxy A9 Pro, which will have four cameras on the back, the first smartphone of its kind in the world.


SOURCE: https://brandspurng.com/samsung-unveils-new-galaxy-a7-smartphone-with-three-rear-cameras/

Peter Njonjo, president of Coca-Cola West Africa, says the company is looking to complete the acquisition of Chi Limited by the end of 2019 first quarter.

Coca-Cola had acquired a 40% stake in the company in January 2016 and had, at the time, expressed interest in increasing the ownership within three years.

“We are still on track to complete the acquisition (of Chi Ltd) by the end of the first quarter of 2019,” Njonjo told Reuters on Wednesday.

He said the company is looking at accessing the lower end of the market hence the introduction of the 30-centilitre bottle of Coke Zero to be sold for N60 compared with the standard 50CL bottle for N80.

Njonjo said the company’s drive to diversify its product range could also give it more flexibility

“We realise that in certain pack formats you can only go down so low. But once you start looking at pouches and still products, like juice and drinking yoghurts, that allows you to start accessing much lower price points,” he continued.

“Affordability will start becoming a bigger issue in this market than it was in the past. As a company, that is what we need to factor in as we are thinking about the future of our business in Nigeria.”

Sources have also said that the company is bidding for GlaxoSmithKline’s Horlicks nutrition business.

Njonjo said the purchase of Costa could present a “significant opportunity” in Nigeria, despite the absence of a culture of hot-coffee drinking there.

“There definitely could be an opportunity around ready-to-drink coffee here in Nigeria … Having iced coffee, blends of dairy and coffee, packaged in different formats,” he said.

Njonjo said Horlicks, a malt-based hot beverage, was an “interesting proposition” that could be “a significant opportunity on the (African) continent”.

But while the company was researching drinks from locally relevant ingredients, such as ginger, he said he could not see a market for marijuana drinks – something the company has said it was closely watching in the past.

In January, Coca-Cola announced a global goal to help collect and recycle its packaging.

Njonjo said the company was working in Nigeria to collect bottles and find a way for them to be re-used through a partnership with cement-maker Lafarge in which bottles would be burned in kilns as an energy source.

A memorandum of understanding was being formalized and would be signed in the next few weeks, he said, adding that implementation would begin in the last quarter of this year.

He said the company was also working with Lagos state government on the marine collection to remove waste from waterways in the city, which is built on a lagoon.

SOURCE: https://brandspurng.com/coca-cola-moving-ahead-with-takeover-of-nigerias-chi-juice-in-q1-2019/

The day I left the comfort of my old job is that day I decided to jump. I was stuck in a dead-end job with a micromanager who kept blocking my attempts to move up. That fateful day, I sat with my resignation letter second guessing myself if I really should do this. I had been planning my exit for months, but it seemed the circumstances were never perfect. But I knew it was now or never.

The biggest challenge we all face throughout our career is to be brave enough to walk away when we are in a situation that does not contribute to our growth and development. Speaking from experience, it’s a scary decision. Change, no matter how big or small, will always be surrounded by some form of doubt. Warning – do not listen to them.

Jump!

Go where you are celebrated, not tolerated. If they can’t see the real value of you, it’s time for a new start.

We spend over half of our lives at work. We all want a job that gives us a sense of fulfilment at the end of the day. Life is too short to put up with a job you dislike or a boss who treats you poorly. No amount of money can compensate for a toxic culture.

The truth is if you keep on doing the same thing time and time again, you will keep on achieving the same results. So, instead of complaining about your job – take action.

Too many of us are hanging around in places, relationships, jobs where we are not being valued – where the life is literally being sucked out of us. Why? Because of fear or lack of confidence in ourselves and in our abilities. We convince ourselves that we can stay in a job that makes us unhappy because we need the income or because we don’t believe we can find another job. But the truth is spending too much of it in a bad situation will make you miserable and it can affect your health.

Change is scary, but there are really great positions/great companies out there. Know your worth. Even when the current situation tries to make you think otherwise.

” There is freedom waiting for you, On the breezes of the sky, And you ask “What if I fall?” Oh but my darling, What if you fly?” – Erin Hanson

I would like to let every single person know that it is possible to replace your job. You don’t have to stay stuck in a dead-end job that consumes your life. Although the job market is tough, start taking small steps to where you want to be. You deserve so much better! Send out resumes, take courses online, learn new skills and make sure to network. Maybe it’s even time to start your own business. Life is too short for anything else.

 

Written by: Brigette Hyacinth, a Keynote Speaker  and Author: The Future of Leadership: Rise of Automation, Robotics and Artificial Intelligence



SOURCE: https://brandspurng.com/thinking-of-changing-jobs-jump/

Officials and business executives from China and Africa recently convened in China for a High-Level dialogue among Chinese and African Business representatives.

Adesola Adeduntan, the MD/CEO, First Bank of Nigeria Limited and Subsidiaries was in participation and below are pictures taken at the event.

MD/CEO, First Bank of Nigeria Limited, Dr. Adesola Adeduntan (Back row, fifth from left) with the representative of AUC (Africa Union Commission), Mr. Babajide Shodipo (front row, fifth from left) and the Chairman of China Development Bank, Mr. Hu Huaibang (front row, fourth from left) and other executives of the 17 member African Banks after the MoU signing ceremony of CAIBA (China Africa Interbank Association) in Beijing, China, recently. Brand Spur Nigeria.

SOURCE: https://brandspurng.com/photo-news-first-bank-md-adeduntan-at-the-signing-of-mou-between-china-and-africa/

Federal Inland Revenue Service (FIRS) convened a stakeholders meeting on 6 September 2018, with key participants from different sectors of the economy in attendance. The Executive Chairman of FIRS was present to enlighten stakeholders, as well as answer questions and address comments from the audience.

The key issues discussed include:

Reconciliation of withholding tax (WHT) credit: FIRS recently circularised taxpayers, inviting them to reconcile their WHT position by 30 August 2018. Companies that were unable to complete the reconciliation by the set date, stood the risk of losing any unutilised WHT credit. Please see link to our initial alert on this.

The Executive Chairman gave the audience the comfort that taxpayers will not necessarily lose their unutilised WHT credit if they were unable to complete the reconciliation process within the short period allowed. He, however, encouraged taxpayers to commence the reconciliation process as quickly as possible for ease of administration.

Letters of substitution issued by FIRS to Nigerian banks: FIRS recently circularised some banks to recover unpaid taxes from taxpayers that maintain bank accounts with such banks. Following the circularisation, there have been reported cases of some banks freezing the bank accounts of taxpayers. Please see link to our initial alert on this issue.

In response to the queries raised by stakeholders, the Executive Chairman clarified that FIRS directed the order at only defaulting and unregistered taxpayers (after conducting a thorough review of banks’ records to identify erring or seemingly erring taxpayers). FIRS considered the banking turnover of such companies their “deemed income” and levied tax thereon.

In addition, the Executive Chairman mentioned FIRS intends to increase the drive in its quest to capture more taxpayers and collect unremitted taxes. One of the major ways FIRS hopes to achieve this is by assessing companies to income tax based on deemed profits, which is determined by reference to the value of the property(ies) owned by such companies.

Improved efficiency: the Executive Chairman assured stakeholders of the commitment of FIRS and its counterparts in various states, towards improved efficiencies especially with regard to issuance of Tax Clearance Certificate (TCC). In this regard, the Executive Chairman advised taxpayers to reach out to the ‘Efficiency Desk’ of FIRS to make complaints in the event that relevant tax offices failed to issue TCCs in accordance with the provision of the tax law within the requisite period. This also applies to other complaints on perceived inefficiencies in the agency’s operations. All complaints can be directed to helpdesk@firs.gov.ng.Annual passage of tax bills: The Executive Chairman confirmed the willingness of the Federal Government of Nigeria to pass amendments to tax laws on annual basis. The intent is to merge the amendments/revisions with the relevant Appropriation Bill for the relevant fiscal year.


SOURCE : https://brandspurng.com/firs-provides-clarification-on-recent-tax-developments-at-a-stakeholder-meeting/

The CBN last week released the personal statements arising from the last meeting of the monetary policy committee (MPC) in late July. Seven members voted for no change, two for a hike in the policy rate of 50bps and the tenth for an increase of 25bps.


The committee has moved towards tightening since May, and we now expect a rate hike by end-year in response largely to inflationary pressures arising from fiscal developments. We suspect that it may only come in November on wait-and-see-grounds.                                                                                                                  

Although staff forecasts point to a continuing deceleration in y/y headline inflation through to November, members sense mounting pressures that require a change in stance. There are supply-side constraints that are not new, including insurgency in the northeast, clashes between farmers and herdsmen, high energy costs and the creaking transport infrastructure.Members dwelt at length on fiscal pressures, namely the expansionary nature of the N9.12trn 2018 budget, the tendency of political parties to exceed set spending guidelines and the discussions over a hike in the minimum wage.In our view, the MPC’s fears are overstated because projected FGN spending in 2018 is no more than 8% of forecast GDP, and, based on precedent and the late passage of the budget, is most unlikely to be released in full.One member queried the accuracy of traditional measures of monetary growth and noted that a new seasonally adjusted definition of M3, which allows for liquidity outside the banking system, pointed to higher expansion than previously assumed.The statements highlighted the small decline in lending by deposit money banks (DMBs) to the private sector and again called for an unconventional approach to reverse the trend. There were specific proposals to develop a moveable assets register and to cut the rate in the CBN’s anchor borrowers’ programme from 9% to 5%. These sat alongside more general demands for a dynamic CRR and the “smart use” of monetary instruments.Members naturally welcomed the rise in the crude oil price and the US stance on Iranian sanctions. However, several had concerns in the long term, based upon the growth of the shale oil industry in the US. Additionally, one highlighted the new Chinese industrial policy to dispense with machinery which depends on fossil fuels between 2022 and 2024. We may consider the timetable ambitious but the trend in the industry globally is undoubted.Two statistics among the statements surprised on the upside: a reported slight drop in the quarterly unemployment rate and a 22% y/y increase in fx generated from non-oil exports in January-April 2018.


SOURCE : https://brandspurng.com/mpc-members-moving-towards-tightening/

Many years ago, you would spend tons of Naira and wait for months to get some of these things done. Even with man-know-man, some of these important documents could take weeks and a lot of extra-extra-express cash and plenty abeg.

Let’s go there!!

1. COMPANY REGISTRATION

You can now register your business with CAC officially online and go collect your Certificate in a few days. You can start by going to
http://new.cac.gov.ng/home/ and following through.

2. INTERNATIONAL PASSPORT

You can now complete your forms and even make payments for your international passports from many country in the world. After you obtain your confirmation of payment(online), you can head to any immigration office or Nigerian embassy abroad and do your biometric capture. You will be notified when to come and collect your passport. All these without any middlemen or special connections. Go to
https://www.immigration.gov.ng/ start the process.

3. NATIONAL IDENTITY CARD

You can do your pre-enrollment online, print out your acknowledgement and go to any NIMC office and do your boimetric capture. You will be issued with a NIN (National Identification Number) instantly and a print-out that you can use in any transaction that requires a personal identification. You will also be notified later when the physical National ID card is ready for Pick-up. Go to https://www.nimc.gov.ng/ to start this process.

4. DRIVERS LICENCE

You can now renew your drivers licence online. Go to the link below and follow the in instructions, pay online, print your acknowledgement and you will be notified when to come to pick up the physical licence. You can use the acknowledgement any time your licence if required by any authority up until your licence is ready for pick up. Go to https://www.nigeriadriverslicence.org/  to commence the renewal process.

Hope this was of value to you.

We will be updating you with more resources you can take advantage of to make life easier in Nigeria.

Do share so others can benefit as well.

 

SOURCE: https://brandspurng.com/4-things-you-can-now-do-by-yourself-without-any-middle-men-in-nigeria/

Memory Lane... This made me remember my Dad's Mitsubishi Gallant.
This will also follow suit.

Unique design though...

FY’18 revenue falls below Vetiva estimate, albeit up 3% y/yFY’18 PAT declines 48% y/y as FX losses continue to weighBoard proposes 15kobo/share dividend (FY’17: 50kobo/share)Expect some earnings recovery from FY’19

Weakest Q4 revenue in over a decade drives underperformance

PZ Cussons Plc (PZ) recently released its FY’18 financial results (for the period ended 31 May 2018) showing a modest 3% y/y revenue growth to ₦80.6 billion, while profit after tax recorded a disappointing 48% y/y decline to ₦1.9 billion (Vetiva: ₦2.2 billion), its lowest level in recent history. Revenue for the year came in 5% below our estimate following disappointing figures in the typically stronger Q4 period. Notably, Q4’18 revenue came in 23% lower y/y and at the lowest level since 2007 at ₦17.3 billion. According to management, the peak-season flop was due to sustained weakness in consumer sentiment across most of its categories. Looking at the major business segments, Electricals recorded a third consecutive year of revenue decline, down 6% y/y amidst reduced consumer spend. Meanwhile, PZ’s Branded Consumer Products segment recorded a 6% y/y revenue growth, supported by new product launches and growth in Morning Fresh.

Profit drops to lowest level in recent times, lags Vetiva’s estimate

In line with the trend recorded in the past two years, the company’s bottom line remained subdued by substantial foreign exchange losses, trimming 65% off operating profit within the period (₦5.4 billion, Vetiva: ₦4.0 billion). Given that these FX losses have been a result of exchange rate differentials, PZ’s parent company has stated that all US Dollar denominated balances will now be translated at the NIFEX rate (previously CBN rate) given that this rate is where the majority of its transactions are settled. With this development, we expect FX losses to moderate substantially going forward barring any unforeseen currency devaluation.

Away from this, PZ’s earnings were also hampered by cost escalation in the period. Notably, gross margin contracted by 537bps y/y to 30% – a result of higher raw material costs that have not been passed on to consumers.

Furthermore, PZ also recorded a 10% y/y rise in operating expenses – particularly driven by higher personnel costs. Driven by these, PZ recorded a 38% y/y decline in FY’18 EBIT to ₦8.2 billion (Vetiva: ₦7.7 billion).

FY’19 Earnings estimates little changed

Though PZ’s Q4 revenue performance is quite discouraging, we forecast a modest 4% y/y revenue growth in FY’19 with most of the improvement happening in the latter part of PZ’s financial year, amidst the expected increase in spending during the election period. We, however, forecast a significant rise in FY’19 bottom line to ₦4.9 billion (Previous: ₦4.8 billion) driven by a sizable reduction in foreign exchange losses to FY’19E: ₦2.0 billion (FY’18: ₦5.4 billion). Overall, we forecast a modest improvement in FY’19 EBIT margin to 11.0% (FY’18: 10.4%). All in all, our 12-Month Target Price for PZ is revised lower to ₦23.79 (Previous: ₦24.37), BUY.

SOURCE: https://brandspurng.com/pz-cussons-nigeria-plc-fx-losses-to-moderate-in-fy19/

FSDH Research expects the inflation rate (year-on-year) to remain unchanged at 11.14% in August 2018, the same rate recorded in the month of July. Although we observed moderation in the prices of some food items in August, the contraction in the agriculture sector may place pressure on food prices in coming months. 

The National Bureau of Statistics (NBS) will release the inflation rate for the month of August on Friday, 14 September 2018. The Food Price Index (FPI) report that the Food and Agriculture Organization (FAO) published for the month of August 2018 notes that food prices in the international market increased marginally in August from the July levels.

The prices of sugar, edible oil and dairy dropped in August compared with July while the prices of cereal and meat increased. The depreciation of currencies in Brazil and India against the US Dollar resulted in the decrease in sugar prices. However, tight export in wheat and maize forced prices up.

FSDH Research’s analysis indicates that the value of the Naira depreciated at both the Nigerian Autonomous Foreign Exchange (NAFEX), and the parallel market at end-August 2018. At the NAFEX and parallel markets, the value of the Naira depreciated by 0.40% and 0.08% to close at US$/N362.65 and US$/N306.15 respectively at the end of August.

The marginal increase in the international prices of food coupled with the depreciation in the value of the Naira placed an upward pressure on the prices of some consumer goods in August. The prices of food items that FSDH Research monitored in August 2018 moved in varying directions.

The movement in the prices of food items during the month led to a 1.10% increase in our Food and Non-Alcoholic Index. This Index increased year-on-year by 12.76%, up from 251.66 points recorded in August 2017. We also observed an increase in the prices of Transport and Housing, Water, Electricity, Gas & Other Fuels divisions between July and August 2018.

We estimate that the increase in the Composite Consumer Price Index (CCPI) in August would produce an inflation rate of 11.14%, same as the figure recorded in July.

SOURCE: https://brandspurng.com/inflation-rate-to-remain-unchanged-at-11-14-in-august-2018/

Kaduna state government and Denmark are planning to establish a dairy farming scheme involving 1,000 families of herdsmen with 12,000 heads of cattle in a location with an overall objective of developing the dairy sector.

The farms will be developed with a veterinary and schools for the children of the 1000 families who generally will live as a small community.

While the Kaduna state will provide initial infrastructure and funding, the Danish government will bring investors through its Agriculture Counsellor in the country.

According to Inside Business, plans are underway to establish a pilot project in Kaduna where the Danish company, Arla will purchase the milk from the cattle farmers with possibilities of the program being extended to other areas.

“A Danish company, Arla, will then buy the milk of the cattle farmers,” said Mr Torben Gettermann, the outgoing Ambassador of the Kingdom of Denmark.

“A pilot project will start in Kaduna, and then move to other locations, as it becomes commercially viable.

“Dairy farming is not exactly the same thing as ranching, it will yield better meat, and the Danish company will buy the milk from the farmers.”

Solution to farmer-herder battle

Commenting on the development, President Buhari said the initiative by the Danish government would be critical in solving conflicts between herders and farmers attributed to the population explosion in the state.

According to him, when the dairy farms are economically viable, the cattle herders will see the need to stay in one place, as they will realise that productive considerations are more important, rather than the number of heads of cattle.

Arla partnership

Denmark together with some companies had pledged to support Nigeria in boosting her local milk production despite the fact that Nigeria imports large amounts of milk from Denmark.

To that effect, Arla Foods, a Danish dairy cooperative signed a Memorandum of Understanding (MoU) with the Nigerian Ministry of Agriculture to increase local milk production in the country.

Arla Foods introduced ‘The Milking Way to Development’ aimed at making Nigerian local farmers become better milk producers for local consumption and even for export.



SOURCE : https://brandspurng.com/danish-government-arla-to-partner-kaduna-state-on-dairy-development/

At an event in Sweden Mercedes-Benz took the wraps off its first proper electric vehicle under the EQ brand. The EQC (official name: EQC 400 4Matic) is the automaker’s crossover foray into electrified vehicles. With a smooth space-age design, the company calls an “avant-garde electro-look” the EQ is sure to turn heads when it lands on US shores in 2020.

The all-wheel-drive EV uses two motors (one in the front, one in the back) to propel itself, but for the sake of efficiency, each motor is configured differently. When the vehicle is under light and medium load, only the front motor is engaged. The rear motor meanwhile is there for “sportiness.” That’s something the car will have plenty of thanks to 402 horsepower and 564 foot-pounds of torque.

Mercedes says the EQC can do zero to 60 in 4.9 seconds. So it’s no slouch off the line.

It’s powered by an 80kWh battery pack running under the floor of the vehicle. The automaker says that car will support DC fast charging and will go from 10 percent to 90 percent in about 40 minutes via a 110 kW power source.

With a range of approximately of 200 miles, it’s not going to unseat offerings from other automakers for how long it can stay on the road before plugging in, but it does deliver on the luxury you would expect from Mercedes.

While the exterior looks a bit like futuristic GLC, the interior goes full future with rose-gold accents and dual10.25-inch displays (one for the instrument cluster, the other for media) behind a single piece of glass that floats ahead of the dash. The doors and dah have “fins” to resemble a high-end amplifier.

If that’s not fancy enough for you there will be an AMG interior trim level. No word how much more that’ll add to the cost of the vehicle.

As you would expect, the latest Mercedes-Benz tech will be available in the car when it launches. That includes the new MBUX infotainment system with its impressive voice control. The system will have additional features for the EQ line including the ability to find nearby chargers.

It also has ECO Assist which helps create an efficiency map of a route using curves, intersections, traffic circles, gradients, and speed limits to alert the driver on how to drive efficiently. With a combination of light on the dash cluster and haptic feedback on the accelerator, Mercedes says it’ll help make drivers more efficient.

Behind the wheel, the latest version of Distronic — the automaker’s suite of driver-assistance features — includes slowing a vehicle down while in adaptive cruise control for corners using high-quality mapping and streets signs.

Unfortunately, there’s no word on pricing for the electric Mercedes. But it won’t be the last EV to come from the automaker. Dieter Zetsche, chairman of Daimler AG and CEO of Mercedes-Benz said that the company will invest 10 billion euros in the EQ portfolio and over a billion in battery production.

SOURCE: https://brandspurng.com/mercedes-benz-unveils-its-first-electric-suv-photos/

The total number of electricity consumers with prepaid meters increased by 1.59 per cent to 1,615,066 in Q2 of this year from 1,589,805 in the first quarter of 2018.

The Benin Electricity Distribution Company has the highest figure with 17.5% (282,868 meters) of the total customers metered, according to the latest data from the National Bureau of Statistics obtained by our correspondent. This is closely followed by Abuja Disco (270,918 meters) and Ibadan Disco (254,261 meters).

The NBS, in its power sector report for the second quarter of 2018, revealed that the Yola Disco recorded the least percentage of the total customers metered with (37,329 meters) same as Q1 2018.

According to the NBS, the Port Harcourt, Kano and Jos Discos have 66,507; 65,060 and 54,395 metered customers, respectively.

The power generation statistics for Q2 2018 reflected that a total average of 81,561 MWh of energy was generated daily by power stations.

Daily energy generation attained a peak of 98,573 MWh on the 18th of April 2018. Thermal stations generated a peak of 77,010 MWh on 18th April 2018 while the hydro stations attained a peak of  22,858 MWh on the 28th of June, 2018.

However, the lowest daily energy generation of 52,074 MWh was attained on the 9th of June 2018.

Power Generation Statistics full Report…

SOURCE: https://brandspurng.com/electricity-consumers-got-25261-prepaid-meters-in-q2-nbs/

interesting

South Africa has gone into a technical recession following the release of the country’s GDP figures.

Stats SA released data showing South Africa’s gross domestic product (GDP) growth rate declined by 0,7% in the second quarter of 2018. It plunged by 2,6% in the first quarter.

Amid the news, the South African rand has fallen to R15,22 against the US dollar.

South Africa experienced its last recession during the 2008–2009 global financial crisis with three consecutive quarters of economic decline.

SOURCE: https://brandspurng.com/rand-plummets-as-south-africa-enters-recession-after-gdp-declines-for-a-second-quarter/

Samsung’s newest flagship Smartphone, the Galaxy Note9 is now available for immediate purchase in the Nigerian market. The Note9 which was launched in Lagos on Friday, 31 August 2018, is packed with exciting, innovative features as well as aesthetically appealing modifications making the smartphone a stunning device.

Powered by game-changing technology set to revolutionalize the functionalities of a phablet such as the state-of-the-art S Pen and a never before an integrated intelligent camera, Samsung Galaxy Note9 packs a punch so strong, its relevance to the brands’ ever-evolving consumers cannot be denied.
Speaking at the launch of the Note9, Managing Director, Samsung Electronics West Africa, Mr Jingak Chung said the Note9 has raised the bar for smartphones considerably as it has exceeded all expectations and Nigerians are about to experience a new level of performance and power they will not be able to do without.

The Galaxy Note9 is a revolutionary smartphone that delivers the ultimate in performance; a new S Pen with connectivity for the first time ever; and Samsungs most intelligent camera yet. These are just some of the features that will allow users to do so much more. An all day, the longer lasting battery is just another reason why. Users can now talk, message, play games and watch movies for as long as they desire. The Galaxy Note9 is bigger, better and so much stronger. For business or play, its a game changer, Jingak said.

What stands the Galaxy Note9 head and shoulders above all other hand-held devices is the creativity, innovation and a burning desire to match and exceed consumer needs in the world of mobile technology.

While speaking on the functionality of the phone, Director, Information Technology & Mobile (IM), Samsung Electronics West Africa, Mr Olumide Ojo explained that a lot of thought had gone into the creation of the Note9, a fascinating addition to the Galaxy family specifically crafted for the busy exec.

“The S Pen is just one of the ways we have modified our consumers’ user experience. From a classic portable and functional design to a sleek multifaceted power tool, the pen-like device now features a Bluetooth chip that allows the pen function aside of its natural form. With the S Pen, consumers can change slides during presentations, activate their cameras or skip songs on their playlists. The S Pen is truly a modern-day magic wand,” Ojo added.

The Samsung Galaxy Note9 builds on Samsungs industry-leading camera technologies with new capabilities that use intelligence to identify elements of a photo, such as a scene and subject, and adapt accordingly. It can even detect flaws in images to ensure users capture those precious moments exactly how the intended. The result is stunning, lifelike images with bold colours and dynamic definition.

With the Samsung Dex, users can effortlessly connect to a monitor with an easy to carry HDMI adaptor, which means they instantly have a big screen, a full-size keyboard and a mouse. It is like having a second screen whenever you want one. Just connect your phone to an external display to use apps, review documents and watch videos on a PC-like interface.

Users can also look forward to experiencing the largest edge-to-edge display ever on a Note. The 6.4-inch Super AMOLED Infinity Display provides a truly immersive multimedia experience. The Samsung Galaxy Note9s Infinity Display is complemented with stereo speakers, which are tuned by AKG and have the ability to deliver Dolby Atmos® immersive sound for an audio adventure like no other.

The Galaxy Note 9 is available in Midnight Black, and Metallic Copper with matching S Pen, or Ocean Blue with a Yellow S Pen. To celebrate the launch, the first customers to purchase the Note9 will get a limited pre-order gift valued at over NGN 50,000.

This welcome pack includes a wireless charger for convenient, fast charging during those heavy-use days; a tripod for S-Pen selfies on which users can effortlessly set up their devices to capture a moment, while the S-Pen does the rest; and the ultra-convenient Dex HDMI cable. In addition, customers will receive a Protective Dome Glass. Packed with innovative features and additional gifts, the Note9 is a device you will definitely want to get your hands on.

To purchase the device, customers can visit the network providers, MTN, Airtel, 9Mobile and Glo; Samsung Experience Stores, and select retail partners nationwide. Customers are encouraged to purchase their Galaxy Note 9 only in Nigeria and only from authorized dealers so they can enjoy a 24-month warranty. For more information, please visit www.samsung.com/africa_en.

SOURCE: https://brandspurng.com/samsung-introduces-galaxy-note-9-into-nigerian-market/

The Lagos State Governor, Mr Akinwunmi Ambode, on Sunday said that the state would engage 10 major bakeries to ensure the mass production of coconut bread.

The governor made the disclosure during the World Coconut Day and 7th Lagos Heritage Festival tagged “AGUNKFEST 2018″ in Badagry, Lagos.

The News Agency of Nigeria (NAN) reports that the theme of the festival is “Harnessing Coconut Production for Economic Empowerment and Tourism Development in Lagos State”.

READ: LAGOS SET TO CELEBRATE WORLD COCONUT DAY

Ambode, represented by Mr Babatunde Hunpe, his Special Adviser on Environment, said that this was to ensure more market avenue for coconut utilisation.

According to him, Coconut tree has been identified as the most useful single tree in the world in terms of versatility, product utilisation and longevity.

“Therefore, taking coconut to another level with this type of programme is long overdue.

“Nigeria is ranked 18 in the world as a coconut producing country and Lagos State is contributing 70 per cent of the total production.

“Our government places a high premium on sustainable food production which is the impetus driving the various activities in the agricultural sector with a renewed commitment.

“A major step taken towards achieving this goal is the establishment of the Lagos State Coconut Development Authority (LASCODA) to uphold the state’s comparative advantage in coconut production,” he said.

The governor said that the state had distributed coconut processing equipment in 12 local governments and local council development areas.

“We have also embarked on the rehabilitation of the coconut belt, massive production of improved coconut seedlings, capacity building and empowerment of coconut value chain actors.

“We have channelled a lot of resources into creating an enduring infrastructural architecture that would ensure that the state’s tourism potentials are fully harnessed for all-round economic growth and development.

“We will continue to create the enabling environment for investment in coconut production, commercialisation and utilisation,” he said.

The Commissioner for Agriculture, Lagos State, Mr Toyin Suarau, said the state knew the importance of coconut to its economy, adding that it was called miracle crop.

Suarau said that the crop had generated job opportunity for the youths.

He said the occasion had presented a unique opportunity to create awareness on the array of invaluable economic, health and environmental benefits that coconut offers as well as draw global attention to Badagry division.

The commissioner was represented at the event by the Permanent Secretary of the ministry, Mr Olayiwola Onasanya.

Also, Mr Tojinu Seton, the Coordinator, AGUNKFEST 2018, said the festival started in 2009, adding that it was the first of its kind in Nigeria.

Seton said that the festival was geared towards creating awareness among the governments and people of Nigeria, especially Lagos State toward the invaluable economic import, health and environmental benefits that coconut offers.

SOURCE: https://brandspurng.com/lasg-to-engage-10-bakeries-in-mass-production-of-coconut-bread/

igeria’s Dangote has emerged as the most valuable brand among the top 50 brands in Nigeria for 2018 which were unveiled at the weekend in Lagos.

This is coming barely three months after the brand was adjudged the most admired brand of African origin by Consumers in a brand rating coordinated by South Africa based Brand Leadership in conjunction with Johannesburg Stock Exchange (JSE).

Brand Nigeria, the Agency that coordinated the survey in Nigeria, in its report lauded the efforts of the handlers of the Dangote Brand because this is the first time a Nigerian brand would be achieving the feat since 2013.

Unveiling the list of the top 50 brands at an event attended by top executives of leading corporate organizations in the country as well as stakeholders in Marketing and Advertising Industry, Mr. Taiwo Oluboyede, the Head of Brand Nigeria explained that 46 percent of the top brands amounting to 23 are Nigerian brands.

Giving the highlights of the brands rating, he stated that Promasidor Nigeria Limited emerged the highest gainer jumping 15 points from last year, the followed by the trio of BUA, Nine Mobile and Olam all of which moved 12 points from last year position, while seven brands, Conoil, Channels TV, Union Bank, Access Bank, Chi, Toyota, and GTBank maintained their positions.

He stated further that Fidelity bank came as a first entrant this year and Stallion Group making a fresh return to the top 50 brands this having exited before.

The top 50 brands in Nigeria, Soboyede maintained are the brands that have succeeded in delivering their promises to the consumers. “They are fast growing in value and they are the drivers of our economy. The top brands this year are those that have been able to analyse needs, see opportunities by creating solutions to them and communicating same to the consumers.

“They have also become so good at it that the consumers often refer to them with the name of the need they meet that is their products or services. These brands have found how to deliver something special often times.”

Giving insights into how the evaluation of the top 50 brands was carried out, Soboyede said: “we used the Brand Strength Model (BSM index). It is a model that measures a brand’s ability to deliver on its promise to the consumers from the consumer’s point of view. The model uses basic qualitative elements and there are seven variables that go into the BSM model”.

According to the variables starts with a test of people’s knowledge and affinity with the brands operational in Nigeria. We had a top on the mind survey where people tell us brads that easily come to their mind or brand they can recall.

“Other variables in the model are innovation-this is a test of how innovative a brand service delivery is; Quality-this checks some factors that enhance consumer’s confidence in product delivery; Category Leadership-this is a classification of brands within their industry; Online engagements-this checks how active the brand’s online platforms are and how engaging it has been from last evaluation; National Spread-this checks the operational presence of a brand across the country.”

Chief Corporate Communication Officer of the Dangote Group, Anthony Chiejina said the management was not surprised at the ranking because the company has continuously deepened and delivered on its core values is to be a world-class enterprise that is passionate about the quality of life of the people and giving high returns to stakeholders.

“And this philosophy is driven by values, which include customer service, entrepreneurship, excellence and leadership. In any of our subsidiaries, the focus is to provide local, value-added products and services that meet the ‘basic needs’ of the populace. Through the construction and operation of large-scale manufacturing facilities in Nigeria and across Africa, the Group is focused on building local manufacturing capacity to generate employment, prevent capital flight and provide locally produced goods for the people.

“The expansion of our business especially the Cement which has operations in 14 African countries including Nigeria, Benin, Ghana, Senegal, South Africa and Zambia, among others has added to the popularity of our company and the products, Mr. Chiejina stated.

It would be recalled that back in July, the Dangote brand came atop in the ranking of 100 best brands in Africa themed “Brand Africa:100”, the sixth edition announced in Johannesburg, South Africa.

The Brand leadership in the ranking list said of Dangote brand “Nigerian industrial brand Dangote is the number one African brand recalled when consumers are prompted about the continent (Africa) of origin while the South African telecommunications brand MTN is the number one African brand spontaneously recalled irrespective of the continent of origin.

The United States sports and fitness brand, Nike, is the overall brand in Africa spontaneously recalled by consumers.

The Brand Africa 100 ranking is based on a survey among consumers 18 years and older, conducted in 23 countries across Africa. The countries, representing all African economic regions, collectively account for 75% of the population and the 74% of the GDP of Africa.

African brands rose slightly to account for 17% of the Top 100 brands in Africa, non-African brands retained their firm position in Africa with 83% share of the Top 100 most admired brands in Africa. Brands from Europe leads the table with 40%, North America at 24% and Asia 19%.  West Africa 6% with only Nigerian brands and Southern Africa 6%.

The Top 100 is dominated by technology and electronic brands (29%), consumer (non-cyclical) (19%), apparel (15%), automobile (8%), food (7%) and sports & fitness (5%) categories are the top categories.

SOURCE: https://brandspurng.com/top-50-brands-dangote-now-the-most-valuable-brand-in-nigeria/

The Standards Council,  the highest decision-making body of the Standards Organisation of Nigeria (SON) has approved a record three hundred and thirty-nine new product and services standards for publication and use in Nigeria.

The approved standards which cut across various products and services were approved at the Council’s 3rd meeting held in Lagos last week, in line with the provision of the SON Act number 14 of 2015.


Chairman of the Council and Permanent Secretary, Federal Ministry of Industry, Trade and Investment, Mr Edet Akpan commended the Technical Committee of the Council and the SON Standards Development  Directorate for the painstaking work done in coordinating stakeholders active participation in the development as well as editorial work of the Standards.

According to him, the approved Standards will not only boost the quality of goods and services available to Nigerians but also improve their competitiveness in the local and international markets.

In his remarks the Director-General, Standards Organisation of Nigeria Mr Osita Aboloma stated that the standards consist of 85 newly developed standards, 32 reviewed and 223 adopted from existing continental and international standards.

He stated further that the standards include a large number of service standards to meet the demands of Micro, Small and Medium Enterprises (MSMEs) in line with the federal government’s economic diversification agenda.

The service standards according to the SON helmsman, are specifically meant to improve the quality of the products and services of MSMEs in the various sectors of the economy.

He urged members of the council as Standard’s ambassadors to help carry the message of standardisation and quality assurance to the nooks and crannies of the Nation in order to accelerate the achievement of the SON mandate.

In a related development, members of the Council undertook a tour of SON facilities at Lekki, Victoria Island and Ogba.

At the Ogba Laboratories Complex, Mr. Edet Akpan and other members of the Council expressed delight at the state of the art facilities which they said, compare favourably with similar facilities in developed economies.

The complex which accommodates 32 laboratories included, the electrical laboratory for testing batteries, bulbs and lightings, refrigerators as well as electrical cables.

Others include paint testing, food and micronutrients, plastic and polymer laboratory as well the SON technical library.

At the SON Training Centre (STS) also within the complex, the Director-General, Osita Aboloma Esq. told the Council members that it is the only centre accredited by the Chartered Quality Institute (CQI) of UK in West Africa, rendering training services in international management systems standards.

He then presented the accreditation certificate to the Council Chairman who congratulated the DG and SON management for the giant stride.

Mr. Akpan urged the staff not to rest on their laurels but intensify efforts towards continual improvement in service delivery and a shortened turn around time.

SOURCE: https://brandspurng.com/son-council-approve-339-new-product-service-standards-to-boost-economic-activities/

The National Bureau of Statistics (NBS) says8,136,202 workers were registered under the pension scheme in the second quarter of 2018 compared to 7,975,976 registered workers in Q1 2018 while the Pension Fund Asset under Management as at Q2 2018 stood at N8,232mln as against N7,943mln in Q1 2018. 

The NBS disclosed this in its “Pension Asset and Retirement Savings Account (RSA) Membership data,” released on Friday.

According to the report, FGN Bonds has the highest weight percentage of 49.08% of the total pension fund assets and closely followed by treasury bills with 20.76% weight and domestic ordinary Shares with 8.62% weight while green bonds have the least with 0.09% weight.

Brand Spur gathered from the data that participants within the age distribution 30-39yrs have the highest percentage composition closely followed by participants within the age bracket of 40-49yrs and 50-59yrs while participants above 65years have the least percentage composition.

Pension Fund Asset under Management Report…

SOURCE: https://brandspurng.com/pension-fund-hits-n8-2tr-in-q2-2018-with-8-13m-workers-nbs/

Guinness Nigeria Plc posted a profit before tax of ₦9.9 billion at the end of the 2018 financial year, the company’s results released by the Nigerian Stock Exchange have shown.

It was an almost 300 per cent increase year on year from the ₦2.6 billion recorded in 2017.

The 2018 financial year which ended 30 June also saw the company’s revenue increased by 14 per cent, from ₦125.92 billion in June 2017 to ₦142.98 billion.

Commenting on the results, Baker Magunda, Managing Director/CEO, Guinness Nigeria Plc, said the company delivered a strong performance in the financial year despite continued challenges in the operating environment.

“Revenue increased by 14 per cent as both beer and mainstream spirits’ net sales grew double-digit,” Mr Magunda said.

“In beer, Guinness, our largest brand, saw strong growth as it benefitted from increased marketing activations around football. Mainstream spirits also delivered double-digit growth driven by innovation launches and new formats.”

Mr Magunda said the company’s gross margin, down four per cent to 34 per cent during the year, was largely driven by ” inflationary pressure on raw material costs”.

“However, this was more than offset by reduced distribution and administration costs and resulted in operating margin improving 130bps. Marketing spends increased by 18 per cent, ahead of revenue growth, as we continue to invest behind our brands.

“Improved operating performance combined with lower finance charges have helped us deliver an overall PAT increase of 249 per cent during the year.”

The Guinness boss hailed the company’s strategy noting that it delivered both top line growth and margin expansion while also increasing investment behind their brands.

“Looking forward, we will continue to focus on the three strategic pillars of productivity, expansion of our portfolio, as well as the execution of the commercial footprint initiatives to drive the business forward.

“Whilst we remain optimistic about the execution of our strategy, we note that the operating and competitive environment is likely to continue to be challenging in the 2019 financial year.”

Babatunde Savage, Chairman of the Board of Guinness Nigeria Plc, said the company would remain a major player in Nigeria by “continually investing, developing capacity, and growing a portfolio that most suit the consumers’ needs for celebration and relaxation”.

“Our aim is to continue to add value to Nigeria not only through continued investments in local manufacturing and backward integration but also through various sustainable development projects, enabling job opportunities and economic inclusion,” Mr Savage said.

“As a Board, it is heartening to see the impact of the rights issue coming through in the profitability of the company.

“The Board is confident that we are making the right investments in the company to ensure our long-term competitiveness, and continues to support the management in its efforts to build a business that aims to consistently deliver growth for all stakeholders.”

SOURCE: https://brandspurng.com/guinness-nigerias-profit-before-tax-grew-by-%e2%82%a67-3-billion-in-2018/

Lagos State Governor, Mr Akinwunmi Ambode on Thursday commissioned an ultra modern Ferry Terminal and the Headquarters of the Lagos State Waterways Authority (LASWA) in Falomo area of the State, restating that no efforts would be spared to harness the potentials of water transport sector for the overall benefit of residents.

The Governor, who also commissioned a Multi-level Car Park within the same premises, said the unveiling of the edifice which was delivered through a Public-Private Partnership (PPP) arrangement with MTN Nigeria, signposts the readiness, willingness and ability of the State Government to take full control of its waterways and would continue to do so effectively.

Governor Ambode, who was represented by the State’s Attorney General and Commissioner for Justice, Mr Adeniji Kazeem, said completion of the project, which started seven years ago, was an eloquent demonstration of the appreciation and recognition of the efforts of the State Government toward the overall development of water transport sector in the State.

While alluding to the fact that water transportation had been proven worldwide to be an effective and efficient transport system, the Governor said despite its potentials, the sector had remained largely underdeveloped just accounting for less than one per cent of the overall traffic in the State, a development he said necessitated the massive investments and reforms of his administration in the sector.

“In furtherance of our commitment to developing the water transportation system which is an integral component of the Lagos State Multi-Modal Transport System, we have invested significantly in the provision of water transportation infrastructure especially the rehabilitation of existing and construction of new Jetties; purchase of two clearing machines with navigational equipment to tackle the challenges posed by water hyacinth and the ongoing installation of safety signs for routes demarcation, among others.

In addition, we have concluded plans for the procurement of seven high-capacity passenger ferries to complement the existing ones, while we also plan to assist commercial ferry operators to acquire new standard boats.

“All of these are with the intent of encouraging more private sector investment in water transportation. The long-term objective is to reduce the pressure on our roads as our people increasingly embrace water transportation system,” Governor Ambode said.

While reiterating the commitment of his administration to continue to protect the interest of those using the waterways especially in the area of providing the entire residents of the State with quality and affordable water transport services, the Governor also reinforced the determination of the State to ensure that waterways in the State were safe and secured.

Besides, Governor Ambode commended MTN Nigeria for partnering and contributing to the realization of the State Government’s objectives in the water transport sector, just as he urged other private sector stakeholders to take advantage of the emerging investment opportunities in Lagos water transport sector.

In his opening remarks, General Manager of LASWA, Mr Oluwadamilola Emmanuel commended Governor Ambode for his unparalleled commitment and support towards the upgrading, construction and equipping of waterways infrastructure in the State, saying that the new imposing edifice, among other ongoing projects on the waterways, aptly demonstrated such investments and reforms in the sector.

“This terminal is expected to attract new investors, boost water transportation and reduce vehicular traffic on Lagos roads and also complement the efforts of the Lagos State Government towards promoting Inter-Modal Transport System in the State thereby increasing the efficiency of government interventions in the sector.

“On our part, LASWA remains committed to delivering an enabling environment to all waterways users. We are deepening and broadening or capacities to surpass all expectations in this regard,” Emmanuel said, just as he solicited the cooperation of all stakeholders especially by strictly complying with all existing rules and regulations on water transportation.

Also speaking, Chief Executive Officer of MTN Nigeria, Mr Ferdi Moolman said his firm was delighted to partner with the State Government to deliver another milestone that would lead to a better transport system and improved quality of lives for millions of the State’s residents.

“Lagos is home to a visionary and dynamic government that beliefs in the power of Public-Private Sector Partnership and today’s event is a proof of that. I like to specially commend Lagos State Governor, Mr Akinwunmi Ambode and his team for the transformation and innovative projects ongoing across the State,” Moolman said.

Facilities at the ferry terminal include a ticketing point, passenger lounge, VIP Lounge, elevator, standard conveniences, among others.

SOURCE : https://brandspurng.com/ambode-unveils-ultra-modern-ferry-terminal-multi-level-car-park-photos/

agro-allied on point.

ok

Nigeria’s National Bureau of Statistics (NBS) released the country’s Q2 2018 Gross Domestic Product (GDP) report, but as usual, it was a gross distortion of the truth about growth as it measures the quantitative. The problem is not NBS, which rightly calculated the GDP as expected and reports Nigeria’s Q2 real GDP growth at 1.50 per cent year on year; it’s the fact that we have continued to swear by this relic called GDP as a measure of economic performance.



Almost everyone agrees that GDP alone is an imperfect metric for growth and prosperity, but it still remains the universally accepted measure of performance of countries. The question we really want GDP to answer is whether Nigeria and Nigerians are better off economically than the last period when ‘growth’ figures were released and if so, by how much? But is GDP really answering this question?

Every quarter, GDP figures are released and government agencies react with policies that will maintain such recorded “growth” or increase it. Many await these figures and accept what it says about the economy, but what does it really say?

GDP measures the monetary value of all goods and services produced over a specific period. GDP is calculated by adding total consumption, government spending, investment and net exports. However, it fails to measure the quality of growth or depletion of resources, neither can it easily measure innovation or degradation of the environment due to the extraction of raw materials.

Financial Times’s Africa Editor David Pilling used a perfect example in an article published by the World Economic Forum in January. “Nigeria was busy selling high-priced oil to the world before the price crash, its GDP was soaring. But its wealth was falling,” Pilling wrote. “Oil deposits were used up, but cash was not reinvested in human, physical and technological capacities to ensure future income.”

He noted that if GDP measured wealth, it could have drawn attention to that.

In January, the global lender published a book titled The Changing Wealth of Nations, which explores the wealth of 141 countries from 1995 to 2014. The book argues that using GDP alone as an indicator of economic progress is like a company reporting income but not assets. Wealth— the assets such as infrastructure, forests, minerals, and human capital that produce GDP need to be measured as well.

“Wealth accounts allow countries to take stock of their assets to monitor the sustainability of development, an urgent concern today for all countries., both in the present and the future,” the book states, adding that “A country’s level of economic development is strongly related to the composition of its national wealth.” But GDP does not measure wealth, neither does it measure well-being.

Although it is strongly related with some important indicators of well-being — life expectancy, high levels of education and low child mortality — GDP has several weaknesses, according to Valentina Carta and Mariano Porcu, in a paper titled Measures of wealth and well-being. A comparison between GDP and ISEW. One weakness is that its components are quantities (money). It also does not take into account the unequal distribution of well-being, a decisive factor in the definition of a society’s welfare.
The Index of Sustainable Economic Welfare (ISEW) which was compared with GDP in the study was described as a corrective measure of well-being since GDP does not reflect the real wealth of a country. The ISEW accounts for both pollution costs and the distribution of income.
Other alternative measures to GDP have been proposed and they tried to cover everything GDP left out. China’s green GDP attempts to adjust for environmental factors. The Organisation for Economic Co-operation and Development’s (OECD) GDP alternatives tries to adjust for leisure. The Genuine Progress Indicator considers factors such as income distribution, the value of household and volunteer work, as well as costs of crime and pollution.
These measures are bringing to the fore, the kind of discussions we should be having, but none seem perfect enough to replace GDP. That said, GDP remains a poor measure of economic growth. For example, Nigeria’s Q2 2018 GDP report had no mention of technology despite how important it has become to every fabric of our existence. We can assume that apps and other tech-enabled services might not have been captured under broad segments in the statistic bureau’s calculation.
While we continue to debate whether to keep the GDP, tweak how it is calculated or replace it altogether, we need to start paying more attention to indices such as Human Development Index (HDI), Inclusive Development Index, Prosperity Index, among other alternatives to GDP. After all, what is economic growth without improvement in the lives of people?

Written by: Niyi Aderibigbe.



This article appeared first on The Nerve Africa…

SOURCE: https://brandspurng.com/nigeria-records-1-5-gdp-growth-in-q2-2018-but-why-should-you-care/

The second largest brewery in Africa owned by International Breweries Plc began formal operations Tuesday when it was commissioned in Sagamu town, Ogun State in southwestern Nigeria.

The N90 billion ($250 million) state-of-the-art brewery, arguably the biggest in West Africa, is significantly geared towards further improving the country’s agricultural sector and opening up channels for enhanced employment generation.

According to Annabelle Degroot, the brewer’s managing director, the coming on stream of this brewery will create 600 direct jobs and well over 2,000 indirect jobs along its value chain.

“While direct employment is very important to us, the impact of the multiplier effect that our breweries and business has on the economy cannot be overemphasised. Yearly, we buy over 30,000 tonnes of sorghum and maize and other raw materials locally. This will be significantly increased with the coming on stream of this new brewery,” said Degroot.

Explaining that it is the intention of International Breweries to try and source as many of its raw materials as possible locally, Degroot said that “Our commitment of N90 billion ($250million) to build this world-class brewery demonstrates our confidence in the future prospects for Nigeria and our determination to invest and to be a partner in the economy for the long term.

“We have also positively impacted the growth of several other industries that interact with us along our value chain. These manufacturers of cans, crown corks, bottles and labels as an example have benefited from our steady and increasing patronage, enabling them to generate further employment. We are happy that many of them are here with us today and thank them for their valuable support,” he said.

The brewery, which is built to sustain the environment, boasts of 2000 square metres of solar panels for power generation.

Degroot noted that “We produce biogas from our bi-products to help power our boilers. We are also set up to use liquid gas to power our boilers pending the completion of the pipeline. Liquid gas is both cleaner and more efficient. Our combined heat and power system will make us the most energy efficient brewery in the AB InBev Africa group.”

Michael Daramola, the corporate affairs director, said the establishment of the plant in Nigeria shows how a strong partnership between government, business and communities can create a win-win scenario, evident in the delivery of a world-class brewery right here on Nigerian soil.

The brewery, which is the company’s fourth in Nigeria after those in Ilesa, Onitsha, and Port Harcourt, demonstrates Nigeria’s capacity to attract foreign direct investment, with the attendant impact on socio-economic growth and development, said Daramola.

He added that the fourth brewery would allow the company to increase the supply of its brands to its customers and consumers in more areas in Nigeria and that all four breweries would continue to play an important part in the company’s growth.

On his part, Igwe Achebe the chairman of International Breweries Plc praised shareholders who have kept hope alive even when the dividends were long in coming and for standing by the company through the challenging times.

“As a company, we are committed to developing a sustainable future for generations to come and for this we are very grateful for the support of our distributors, suppliers, customers and consumers to keep this commitment, many of whom are here today. This occasion is evident of the fact that we have invested for the long-term future of all our stakeholders,” he said.

Describing how the manufacturing sector of Nigeria’s economy is a key enabler of the creation and promotion of the brewers’ value chains and for employment, Achebe said the company relies on policies and the support of government and state to support and bring about evident transformation in the manufacturing sector.

Achebe also encouraged the government to simplify taxation and licensing requirements, particularly at the state and local government levels to enable manufacturing concerns to thrive.

SOURCE: https://brandspurng.com/250m-africas-second-largest-brewery-opens-in-nigerias-sagamu/

ok

good one

Stanbic IBTC Capital and Stanbic IBTC Bank, subsidiaries of Stanbic IBTC Holdings PLC, have partnered with Dangote Cement PLC (“Dangote Cement” or the “Company”), Africa’s largest cement producer, to conclude yet another issuance of N50 billion Series 3 and 4 Notes, under the recently established Dangote Cement PLC’s N150 billion CP Programme. Issuance of the Series 3 and 4 Notes closed on Friday 17 August 2018. 

Stanbic IBTC Capital is Sole Arranger of the CP Programme and acted as Joint Dealer for the Series 3 and 4 Notes, whilst Stanbic IBTC Bank is the Issuing, Calculation and Paying Agent for all Notes issued under Programme. The Series 3 and 4 Notes will be listed on Nigeria’s FMDQ OTC Securities Exchange. 

Reflective of Dangote Cement’s top-notch ratings (Aaa/AA+ by Moody’s/GCR), the Series 3 (180-day) and 4 (270-day) notes priced at thin spreads of 25 and 50 basis points over the chosen primary market Sovereign benchmark (OMO rate), to achieve discount rates of 12.40% and 12.65% respectively. The N50 billion offering was 158% subscribed, with a robust and high-quality order book closing at N79 billion. The order book featured bids from a diversified pool of funds managed by Pension Fund Administrators, Asset Managers, Insurance Companies, Trustees, Registrars, Corporate Treasuries and Private Bank HNI clients. Thus, the level of oversubscription generated from a high quality and diverse order book also validates DCP’s rich non-bank investor base, achieved through the Company’s strategic efforts to broaden and diversify its funding sources. 

Funds raised in the CP Programme are to be used the Company’s working capital and general corporate purposes. 

Speaking in relation to the highly successful offering, Kobby Bentsi-Enchill, the Executive Director and Head, Debt Capital Markets, Stanbic IBTC Capital, expressed delight that Dangote Cement was able to achieve yet another landmark CP issuance, within 6 weeks of its inaugural offering. According to Mr Bentsi-Enchill, Stanbic IBTC Capital is committed, in line with the Stanbic IBTC Group’s value proposition and investment banking pedigree, to assist our clients with high-quality advisory and arranging services that enhance their growth and expansion prospects by providing access to a diverse range of financing options within the domestic capital markets. “Stanbic IBTC Capital will continue to exploit opportunities that support our clients with access to critical funding, short and long-term, for their needs. This, we expect, will help stimulate growth via the mobilisation of debt and equity capital market instruments,” Bentsi-Enchill said. “We will continue to leverage our excellent investment banking pedigree as well as the strength of our franchise in the Standard Bank Group, the largest financial institution in Africa, to consummate such big-ticket deals that will not only help businesses grow but also help deepen our capital markets” Bentsi-Enchill added. 

The Group Chief Executive Officer, Dangote Cement PLC, Engineer Joseph Oyeyani Makoju, expressed the Company’s satisfaction with the choice of Stanbic IBTC as a preferred partner, considering the financial institution’s strong pedigree and expertise in investment banking. On the issuance, Makoju stated: “This landmark transaction, even more, impressive than our first outing, remains still the largest-ever Commercial Paper issuance by a corporate issuer in Nigeria. In addition to helping us achieve our strategic objective of broadening our sources of funding, we have also made remarkable strides towards lowering our overall cost of borrowing.” Makoju added: “The success of this Programme reflects the high quality of our business and its strong cash generation capacity, made possible by our market-leading positions in Nigeria and across Sub-Saharan Africa, where demand for cement is growing rapidly.” 

The establishment of the Dangote Cement PLC Commercial Paper Programme is another testament to Stanbic IBTC Capital’s industry leadership in investment banking, issuing house and financial advisory services. Stanbic IBTC has played a pivotal role in the resurgence of commercial paper in Nigeria following the release of guidelines on the issuance of the corporate debt financing solution by the Central Bank of Nigeria. Dangote Cement was advised by Stanbic IBTC Capital Limited as Sole Arranger for the CP Programme, and Joint Dealer in respect of the Series 3 and 4 Notes, whereas Stanbic IBTC Bank PLC acts as the Issuing Calculation and Paying Agent for all Notes issued under the Programme.

SOURCE: https://brandspurng.com/stanbic-ibtc-assists-dangote-cement-with-yet-another-benchmark-size-commercial-paper-offering/