₦airaland Forum

Ondo State Governor, Arakunrin Oluwarotimi Akeredolu, SAN, has signed the 2020 appropriation bill into law.

Education has the largest percentage of the budget provision, followed by infrastructure.

The Governor said the 2020 budget christened ‘Budget of Growth’, passed by the State House of Assembly, provides for aggregate expenditures of N187,858,525,273.00.

He said the amount is divided into N10.508 billion, representing 5.6% for Debt Servicing, N14,180 billion representing 7.6 % as Statutory Transfers to Ondo State Oil Producing Area Development Commission (OSOPADEC), Ondo State Internal Revenue Service (ODIRS) and 10% share of Independent Revenue to Joint Account and Allocation Committee (JAAC) of Local Governments in the State.

According to the Governor, the sums of N82.700 billion and N80.470 billion, representing 44.1% and42.7% are for Recurrent Expenditure and Capital Development respectively.

Arakunrin Akeredolu explained that the policy directions of the budget are largely the products of the inputs garnered during Town Hall meetings with various stakeholders across the State and the 5-point development agenda (the Blueprint to Progress) of his administration.

The Governor, who identified unavailability and inadequacy of required funds as one of the key challenges to budget implementation, said his administration has designed many ingenious and innocuous ways of bringing in more prospective payers into the tax net.

He said: ”One of the key challenges to budget implementation is unavailability and inadequacy of required funds. This is as a result of the recurring dwindling Ondo State’s share of the Federation Account. This is occasioned by a fall in oil revenue which incidentally, and regrettably too, provides over 80% of the country’s revenue receipts.

“The Independent Revenue, even though has increased substantially since the inception of our administration, has not grown to the level of delivering the State from depending on Federal Transfers.”

The Governor called on the good people of the State, both in the public and private sectors, Donor Partners, Non-Governmental Organisations (NGOs), Civil Society Organisations (CSOs), Community Based Organisations (CBOs) and others to join hands with the Government in the implementation, monitoring and evaluation of this budget in order to achieve the desired economic growth that would engender human capital development and emancipation of the people.

Arakunrin Akeredolu thanked members of the state House of Assembly, led by the Speaker, Rt. Hon. Bamidele Oloyelogun for the detailed scrutiny and passage of the budget in record time.

SOURCE: https://brandspurng.com/2020/01/06/akeredolu-signs-n187billion-2020-budget-into-law/

United Bank for Africa Plc (UBA) today, announced that Oliver Alawuba has been appointed as CEO of UBA Africa, overseeing UBA’s 20 countries Africa ex-Nigeria, operations. He succeeds Victor Osadolor, who retires from the Group Board, after 9 years working at UBA. UBA Africa serves over 19 million customers across the African continent, providing retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products including the first-ever banking chat Bot in Africa, Leo.

Mr. Alawuba has close to three decades of banking industry experience. He was once the CEO of UBA Ghana and rose to become Regional CEO, UBA Africa before returning to Nigeria to run UBA’s East Bank. Under his leadership, UBA’s Nigerian East Bank division became the fastest growing regional bank in the Group.

The Board further appointed Senegalese national, Abdoul-Aziz Dia as Executive Director for Treasury and International Banking, subject to the approval of the Central Bank of Nigeria. Aziz becomes the first non-Nigerian Group Executive Director of the Bank, bringing a wealth of multi geographical experience to the Group. Mr. Dia will be responsible for UBA’s the global network of operations in New York, London and Paris, together with Group Treasury, where UBA offers a sophisticated suite of products to multinationals, international institutions and African clients.

Chukwuma Nweke, currently the Executive Director Operations, was confirmed by the Board as the Group Executive Director, Retail and Payments, demonstrating the Group’s commitment to its retail offering. Chuks has close to three decades of banking experience spanning Banking Operations, Finance, Technology, Audit and Strategy.

The Board also announced the appointment of Chiugo Ndubuisi as Group Executive Director and the Group Chief Operating Officer, subject to the approval of the Central Bank of Nigeria. Chiugo is a professional with almost three decades of banking experience that includes the role of CFO and Executive Director on the Board of a financial institution. His in-depth understanding of banking and finance industry dynamics will bring a lot of value to the Group Board of UBA.

Speaking on the appointments, Group Chairman Tony O. Elumelu said “These appointments emphasise the Group’s commitment to our pan-African and global network, our huge retail client base and our operational infrastructure. We are focused on improving our efficiency and further strengthening our pan-African mission, using the extraordinary pool of talent and experience available in the Group.”

Elumelu thanked both the outgoing Deputy Managing Director/CEO, UBA Africa, Mr. Victor Osadolor and the former Regional CEO for UBA in East and Southern Africa, Emeke Iweriebor, who just retired from the Board, for their contributions to the Bank. “Victor and Emeke were key players during the merger of Standard Trust Bank and UBA and have been valuable contributors to the growth of the Bank. We wish them well”.

The Board appointments underline UBA’s broader commitment to investing in the highest quality human capital. The Bank recently reformed its grade structure and technology teams, having reduced its grade structure from 16 to 12 levels, at the end of 2019. The Bank welcomed 3,000 new staff members in 2019 and promoted over 5,000 employees. UBA is the largest employer in the Nigerian banking sector, with a staff strength of close to 20,000 employees group-wide.

SOURCE: https://brandspurng.com/2020/01/06/uba-africa-appoints-new-ceo/

The National Bureau of Statistics (NBS) has said that a total of 4,485,170 passengers passed through Nigerian airports in Q2 2019.

The NBS said this in its Air Transportation Data for Q2 2019 made available to Brand Spur Nigeria.

The first two quarters of 2019 saw the diverse performance in the various items that make up airport transportation in Nigeria.

The report said the total number of passengers who passed through Nigerian airports reached 4,002,528 in the first quarter of 2019, a 3.87% year-on-year growth from the same quarter of 2018; and 4,485,170 in the second quarter of 2019, a year-on-year growth of 6.82% from the same quarter in 2018.

Consequently, there was 12.06% growth in passengers for Q2 2019 when compared to Q1 2019 numbers.

It further said that the total aircraft traffic declined year-on-year for Q1 (-1.04%) & and increased for Q2 (2.60%) when compared to the corresponding quarter in 2018. In the first half of 2019, aircraft traffic totalled 138,464, a 100.61% growth from total aircraft recorded in the same period last year.

A year-on-year decline of -0.65% was recorded in Cargo movement in H1 2019 while there was a 26.39% increase in total mail traffic recorded in the first half of 2019 when compared to the same period last year.

SOURCE: https://brandspurng.com/2020/01/01/4485170-passengers-passed-through-nigerian-airports-in-q2-2019-nbs/

We lost about N25 Billion due to bad road, Apapa-Oshodi road to be one of the best in Africa when completed - Dangote

As part of Dangote Industries Limited’s commitment to the Federal Government of Nigeria, Group President/CE of Dangote, Aliko Dangote took the Minister of Works and Housing, Babatunde Fashola on an inspection tour of the 35-kilometre Apapa-Oshodi-Oworonsoki-Ojota highway currently under construction by Dangote Industries Limited.

The work began in 2018, as part of a bargain between the company and the Federal Government to enjoy a 10-year tax rebate that accrues to N72.9 Billion. The road has been subjected to heavy traffic flow. An initial attempt to work on the road fell apart, it was approved for N15 Billion in 2013, work on the road stopped after the 2015 general elections.

During the inspection, Fashola told members of the press, “The Federal Government is dedicated to the speedy completion of the highway to provide a lasting solution to the problems of bad roads, and gridlocks”

Previous efforts by both Federal and State governments to solve this bottleneck have been unsuccessful. Group President/CE, Dangote Industries Limited, Aliko Dangote during the inspection said;

“We expect that by the end of 2020, the entire road network will be finished, you will have a road that will last for 40 years.”

Speaking on Dangote Industries Limited’s struggles, Dangote complained about the congestions at the ports, the gridlock which cost the company about N25 billion in revenue between 2017 and 2019 financial year.

Praising the quality of the road been constructed, Dangote assured that it will revive commerce around the Apapa area. “This road will actually open up the economy. It will bring a lot of jobs and a lot of factories that have moved out will be able to move back.” 

The road is on track to be concluded before the end of 2020. This is the first attempt to rehabilitate the busy road since it was first completed in 1978. Fashola also spoke about the economic revival of the Apapa area,

“Businesses have started coming back on Liverpool Road because the road closed earlier is now back. You will see more of that.  All of the businesses that are shut on Creek Road will come back. We expect to see property redevelopment and property renewal once the road is completed.” 

Fashola also explained that the project will be creating wealth around the surrounding areas as trucks will be needed to convey different materials to the site of the construction, and also labour to help with the process. The project has also seen over 600 people directly employed.

Speaking of how President Buhari plans to bring 100million people out of poverty, Fashola explains that the economy around the construction will provide jobs and opportunities for Nigerians.

“Once the economy of Apapa returns, all the clearing and forwarding, shipping, newspaper companies and all others doing business will resume fully and the economy will bounce back.’’

He lauded the private/public partnership scheme with Dangote and pointed out that section two of the project, which was not part of the original contract was already showing signs of failure, due to heavy traffic.

While inspecting the road around the Oshodi area, Fashola had this to say

“We are at the Oshodi area now and one side has been concluded and opened to traffic and this is how we intend to continue to complete and open until we finish the entire road,”

Dangote said: “What I can also assure you is that this road will be finished before the end of next year.’’

SOURCE: https://brandspurng.com/2019/12/30/the-apapa-oshodi-road-will-last-for-40-years-when-completed-dangote/

As this decade comes to an end, the world has seen progress on many fronts. The poorest countries have greater access to water, electricity, and sanitation (i.e., a toilet). Poverty and child mortality have fallen. Technology has spread far and wide so that there are now more mobile phones than people.

But we’ve also broken some of the wrong kinds of records. In 2019, more people were forcibly displaced than at any other time in history. Carbon dioxide in the atmosphere hit an all-time high and biodiversity is declining at an accelerating rate.


https://www.youtube.com/watch?v=S6n3UhYqRj8

SOURCE: https://brandspurng.com/2019/12/26/year-in-review-2019-in-14-charts/

…As Stallion, CFAO Motors, Cars45.com, others win big at 2019 NAJA Awards

It was a celebration galore by leading auto brands, lubricants brands in the country as the Nigeria Auto Journalists Association (NAJA) recently presented different categories of awards to deserving winners at the Eko Hotels, Victoria Island, Lagos.

The award night which had the representatives of the Director-General of the National Automotive Design and Development Council (NADDC), Aliyu Jelani and the representative of the Corp Marshal of the Federal Roads Safety Corps (FRSC) as special guests was well attended by many Chief Executive Officers and other stakeholders in the nation’s automotive sector.

In the award categories for 2019, Toyota Corolla won the Car of The Year (COTY) Award beating Hyundai Tucson and GAC GS4, a Chinese brand. In the Luxury Car of The Year, Mercedes Benz S-class emerged winner ahead of BMW 7-series and Porsche Panamera, while the Luxury SUV of the Year award went to Range Rover Autobiography.

Mitsubishi L200 edged out the Toyota Hilux and Ford Ranger to clinch the Pick-Up 0f The Year Award while Mini Bus of the Year award went to the Toyota Hiace that competed with the Nissan Urvan and Mercedes Benz Sprinter buses.

New Auto Lubricant of the year went to Motul, just as Ondo Motor Rally smiled home with the Motor Sports of The Year Award.

Cars.45 was named as Online Auto Marketing Company of The Year; JAC, emerged the Most Improved Brand of The Year; even as Hyundai was named the Highest Selling Brand of The Year.

While Mandilas was announced as the Auto Workshop of The Year and Changan as Fastest Growing Auto Brand of The Year, the Honda Accord took home Executive Car of The Year award.

In his welcome speech, Mike Ochonma, Chairman of NAJA, said that NAJA award is the most prestigious and only recognised auto award in the country.

He advised industry stakeholders to desist from ‘negotiating’ for awards from private merchants who give auto industry awards just to prove to their principals abroad that they are doing well in the market

Emphasising that NAJA awards is the only recognised award nationally and internationally, Ochonma pointed out that the winners were arrived at, after an exhaustive, but an objective evaluation of competitors in each of the categories

He said that the award winners which was arrived at through members’ votes, will among other things, provide consumers with sound, comparative information on vehicles that are new to the market.

In his response, managing director of Toyota Nigeria Limited (TNL) Kunle Ade-Ojo who received the COTY award in a presentation made by the duo of Kayode Opeifa, Executive Vice-Chairman, Presidential Task Team on Apapa Gridlock alongside Ifeanyi Agwu thanked the organisers for putting up the award and for finding the Toyota Corolla worthy for the COTY award.

Ade-Ojo promised that the company will continue to uphold the integrity which the company has been known for while contributing positively for the Nigeria Auto industry.

Also, Special recognitions were given to Bukky Ogunnusi, Advert and Public Relations Manager of Toyota Nigeria Limited (TNL) and Abiona Babarinde, General Manager, Marketing & Corporate Communications, Coscharis Group. Thomas Pelletier, Managing Director/CEO of CFAO Motors was equally given the award of Most Innovative CEO of The Year.

SOURCE: https://brandspurng.com/2019/12/29/toyota-corolla-emerges-nigerias-car-of-the-year/

This is to announce the retirement of Engr Joseph Makoju from the Board of Directors, and as the Group Managing Director/ CEO of the Dangote Cement Plc (“the Company”) effective from 31 January 2020.

The Board has approved the appointment of Mr. Michel Puchercos as his replacement on the Board of Directors, as the Group CEO, effective from 1st February 2020.

Mr. Puchercos has more than twenty (20) years’ experience in the cement industry, having served in various capacities at Lafarge including as the President & Chief Executive Officer of Lafarge Halla Cement, Director of Strategy and Systems at Lafarge Gypsum through Chief Executive Officer of Bamburi Cement, Kenya, Hima Cement, Uganda and Chairman, Mbeya Cement, Tanzania. His last appointment was as the Group Managing Director and Country CEO of Lafarge AFRICA Plc, a company listed on Premium Stock Exchange (Lagos).

His appointment will be included in the Agenda at the next Annual General Meeting for ratification by the shareholders in accordance with the Companies and Allied Matters Act.

SOURCE: https://brandspurng.com/2019/12/25/dangote-cement-appoints-michel-puchercos-as-group-ceo-joseph-makoju-retires/

Photos

More photos

The Lagos State Vehicle Inspection Service (VIS) will now discharge its statutory duties with the use of technology, with the commissioning of a new operational headquarters in Ojodu for the agency by Governor Babajide Sanwo-Olu, on Tuesday.

The construction and delivery of the ultramodern edifice by the current administration commenced the automation of VIS activities, which is a component of the transportation blueprint initiated by Governor Sanwo-Olu to ensure efficient traffic management across the State.

While opening the building, the Governor noted that there had been a substantial improvement in the implementation of the State’s traffic laws with the introduction of Automatic Number Plate Recognition (ANPR) and Lagos Computerised Vehicle Inspection Services (LACVIS).

He added that the digital initiatives had complemented other electronic services introduced in the transportation sector to boost the State’s capacity in realising the ‘Smart City’ aspiration and transforming the economy.

He said: “With the commissioning of this new operational headquarters for VIS officers, we are consolidating on the progress we have recorded so far in transforming the transportation sector. VIS plays a critical role in ensuring that vehicles that ply our routes do not constitute dangers to the commuters.

“Vehicles that break down are major contributors to traffic gridlocks in Lagos, which result in avoidable losses of productive life and time. We must minimise this destructive breakdown of unworthy vehicles through strict enforcement of relevant laws aided by the application of modern technology.”

Sanwo-Olu said the objective of the automated system introduced was to ensure the enforcement of transportation laws did not impact negatively on the flow of traffic.

Commissioner for Transportation, Dr. Fredric Oladehinde, described the feat as “another giant stride” recorded by the Sanwo-Olu administration, adding that the new office would provide a conducive working environment for VIS officers and enhance their operational efficiency.

He said: “This edifice accommodates all arms of the Directorate of Vehicle Inspection Service; Head of Division, Planning and Research, Pre-Registration Inspection Unit, back-end office for the ANPR enforcement system, conference room, training section.

“The building accommodates Motor Vehicle Administration Agency (MVAA) and the Federal Road Safety Corps (FRSC) to provide synergy with some sister agencies by ensuring quick, prompt and quality one-stop service delivery to the public at large.”

Oladehinde disclosed that the State Government had completed four additional LACVIS Centres in Ojota, Yaba, Olowu and Ibeju Lekki, bringing the centres to 16 across the State.

He added that the use of ANPR in the enforcement of vehicles’ documentation had brought down the frequency of heavy gridlocks associated with the operation of VIS officers.

With the new automated system of the VIS, the State Government can now enforce traffic laws with digital devices and monitor vehicles’ compliance with speed limits. The digitised process has also made it easy for the Government to issue fines for offenders in their absence.

SOURCE: https://brandspurng.com/2019/12/24/lagos-state-governor-commissions-new-vis-headquarters-photos/

Adesina is a renowned development economist and the first Nigerian to serve as President of the Bank Group

The Economic Community of West African States (ECOWAS) has endorsed the candidacy of African Development Bank President Akinwumi Adesina for a second term at the helm of the institution.

The decision was announced at the end of the fifty-sixth ordinary session of the Authority of Heads of State and Government of ECOWAS, held on Saturday in Abuja, Nigeria.

“In recognition of the sterling performance of Dr. Akinwumi Adesina during his first term of office as President of the African Development Bank, the Authority endorses his candidacy for a second term as the President of the bank,” ECOWAS said in a communique issued after the meeting.

Adesina is the eighth elected President of the African Development Bank Group. He was elected to the five-year term on 28 May 2015 by the Bank’s Board of Governors at its Annual Meetings in Abidjan, Côte d’Ivoire, where the same electoral process will play out next year.

Adesina is a renowned development economist and the first Nigerian to serve as President of the Bank Group. He has served in a number of high-profile positions internationally, including with the Rockefeller Foundation, and was Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015, a career stint that was widely praised for his reforms in the agricultural sector. The former minister brought the same drive to the Bank, making agriculture one of the organization’s priority areas.

Speaking earlier at the opening ceremony, Adesina reminded the group of the African Development Bank’s investments in the region.

“You can always count on the African Development Bank – your Bank,” Adesina told delegates.

ECOWAS President Jean-Claude Kassi Brou commended the Bank’s involvement in West Africa and said it had provided “invaluable technical and financial interventions…in the implementation of numerous projects and programmes”.

The ECOWAS summit included a progress report on the region’s economic performance. It noted the role of the African Development Bank is the continent’s transformation and called for greater cooperation in order to fund projects in West Africa.

“The Authority takes note of the region’s improved economic performance, with ECOWAS real GDP growing by 3.3% in 2019 against 3.0% in 2018, in a context characterised by a decline in inflationary pressures and sound public finances,” the statement said.

“It urges the Member States to continue economic reforms and ensure a sound macroeconomic environment in the Member States, with a view to accelerating the structural transformation of ECOWAS economies and facilitating the achievement of the monetary union by 2020.”

The Authority commended efforts made on currency and monetary policy convergence in ECOWAS and laid out plans to advance the movement. These efforts are a key part of the regional integration agenda championed by the African Development Bank, as exemplified by the African Continental Free Trade Area, which aims to become the world’s largest free-trade zone.

SOURCE: https://brandspurng.com/2019/12/23/ecowas-endorses-adesina-for-second-term-as-president-of-the-african-development-bank/

A. Electronic transfers:

1. N10 for interbank trans less than N5000
2. N25 for interbank trans between N5,001 - 50,000
3. N50 for interbank trans above N50,000

B. ATM Withdrawal

N35 (previously 65) after 3rd withdrawal in a month, on another bank's ATM.

C. Card Maintenance Charge

1. N50 every 3 months for Savings ( Now quarterly as against the current monthly charge)
2. Zero for Current

D. Account Maintenance Charge

1. Zero for Current
2. Applicable to current accounts only on customer induced transactions

SOURCE: https://brandspurng.com/2019/12/22/cbn-slashes-banks-atm-withdrawal-fee-from-n65-to-n35/

It’s no denial that self-esteem is extremely important in the life of everyone. Scar explores the life of a reclusive lady, who is tasked with making a pitch for a client at work. We are introduced to a side of her that shows the level of psychological torture she has suffered over the years. She is faced with a tough decision, to either go ahead with the presentation or lose her job.

Written and directed by Miriam Dera, Scar is one of the films by the Top 5 finalist of this year’s filmmaker project initiative and is also already garnering recognition as it was named The Best Accelerate Filmmaker short film of 2019 at the 9th edition of the African International Film Festival.

Watch: 
https://www.youtube.com/watch?v=UGzQ4VOI16U

All short films from the 2019 Accelerate filmmaker project drop every Monday in December.

To catch up with the latest Accelerate Filmmaker Project short films as they drop and for more exciting content from Accelerate, subscribe to the Accelerate TV YouTube channel https://www.youtube.com/user/TheAccelerateTV and follow the Accelerate website on https://acceleratetv.com/

SOURCE: https://brandspurng.com/2019/12/22/watch-the-third-short-film-from-the-2019-accelerate-filmmaker-project-scar/

The number of cholera cases decreased globally by 60% in 2018, the World Health Organization (WHO) announced in a report that points to an encouraging trend in cholera prevention and control in the world’s major cholera hotspots, including Haiti, Somalia and the Democratic Republic of the Congo.

“The decrease we are seeing in several major cholera-endemic countries demonstrates the increased engagement of countries in global efforts to slow and prevent cholera outbreaks and shows the vital role of mass cholera vaccination campaigns,” said WHO Director-General Dr Tedros Adhanom Ghebreyesus. “We continue to emphasize, however, that the long-term solution for ending cholera lies in increasing access to clean drinking water and providing adequate sanitation and hygiene.”

There were 499 447 cases of cholera and 2990 deaths in 2018, according to reports from 34 countries. While outbreaks are still ongoing in various countries, the caseload represents a significant downward trend in cholera transmission that has continued into 2019, according to data collected by WHO.

“The global decrease in case numbers we are observing appears to be linked to large-scale vaccination campaigns and countries beginning to adopt the Global Roadmap to 2030 strategy in their national cholera action plans,” said Dr Dominique Legros, who heads WHO’s cholera programme in Geneva. “We must continue to strengthen our efforts to engage all cholera-endemic countries in this global strategy to eliminate cholera."

Nearly 18 million doses of Oral Cholera Vaccine (OCV) were shipped to 11 countries in 2018. Since the OCV stockpile was created in 2013, almost 60 million doses have been shipped worldwide. Gavi, the Vaccine Alliance, has provided funding for the purchase of the vaccine and financial support for the global vaccination drives.

The Global Task Force on Cholera Control launched the Global Roadmap strategy for effective long-term cholera control and elimination in October 2017. The Global Roadmap aims to reduce cholera deaths by 90% and to eliminate transmission in up to 20 countries by 2030. The strategy provides a framework for national action plans that emphasize three main axes of cholera control:

- early detection and rapid response to contain outbreaks
- a multisectoral approach integrating strengthened surveillance, vaccination, community mobilization and water, sanitation and hygiene to prevent
- cholera in hotspots in endemic countries
- An effective mechanism of coordination for technical support, resource mobilization and partnership at the local and global levels

“The Global Roadmap provides clear guidance for how to prevent and, ultimately, to eliminate cholera. Every death from cholera is preventable with the tools we have today,” said Dr Tedros.

The new report shows several countries, including Zambia, South Sudan, United Republic of Tanzania, Somalia, Bangladesh, and Nigeria have made significant progress in developing national action plans within the framework of the Global Roadmap strategy.

“We are seeing the results of countries reporting – and acting – on cholera. And these countries are making remarkable gains in cholera control and prevention,” said Dr Legros.

WHO, in collaboration with partners, provides support to ministries of health in countries affected by cholera to implement immediate, long-term cholera control, including surveillance, outbreak response and preventive measures such as OCV and risk communication.

In 2018, WHO country offices worked with governments to respond urgently to major outbreaks in the Democratic Republic of the Congo, Nigeria, Uganda, Yemen, Zambia and Zimbabwe. WHO also worked with countries to transition from outbreak response to longer-term cholera control and elimination, in Haiti, United Republic of Tanzania (Zanzibar) and Zambia.

Cholera is an acute diarrhoeal infection caused by ingestion of food or water contaminated with the bacterium Vibrio cholera. Cholera affects both children and adults and can kill within hours if left untreated. WHO estimates that each year cholera infects 1 million to 4 million people and claims up to 143 000 lives.

SOURCE: https://brandspurng.com/2019/12/19/drop-in-cholera-cases-worldwide-as-key-endemic-countries-report-gains-in-cholera-control/

Donald Trump has become the third US President to be impeached after the House of Representatives voted yesterday. But this does not immediately change anything. The chances of him being removed from office prematurely are low, as two-thirds of the Republican-controlled Senate would need to vote in favour of his impeachment. None of the Republicans in the House backed his impeachment yesterday.

Trump may even consider these proceedings will work in his favour as we enter an election year, by energising his Republican support base and enabling him to portray himself as fighting a 'Democrat conspiracy' to oust him.

More pertinently for us, what would a Trump impeachment, or election loss next year, mean for Emerging Markets? [/b]As we said in our October report, US President Trump’s shift to a less liberal stance on trade (specifically altering the narrative of trade relations with China), the dismantling of the Iran nuclear deal and the unilateral withdrawal from multilateral agreements have increased investment risks in emerging markets. In these respects, if Trump is impeached or loses the 2020 election then that might be positive for emerging markets. Any subsequent President, whether Republican or Democrat, may at least be no worse for emerging markets.

[b]But relations with China are likely to get worse as superpower rivalry increasingly cuts across matters of trade, investment (BRI), technology and territory. For example, disputes in the South China Sea have grabbed less of the spotlight under Trump, but that does not mean a stable equilibrium exists or that countries like Vietnam and the Philippines have had to do more to find their own local solution (e.g. confrontation by Vietnam, negotiation by the Philippines). Relations with Iran (and, by implication, the GCC, Israel and Turkey) and US engagement in multilateral agreements and organisations may change under a new President, but the damage done to the credibility of the US to a signed deal will likely persist. Indeed, in our 2020 Visions themes, we argued that US politics under Trump has created a new normal for global diplomacy.

In other respects of substance (rather than style), Trump does not represent a break in US foreign policy; i.e. there are areas where his actions have not changed the investment risks associated with emerging markets. Trump's compromises on ethics-based foreign policy and his inconsistent treatment of allies are arguably not new features of US foreign policy. And although he has pledged to reduce US active involvement overseas ("the endless wars", the patchy public data available suggests this has not been the case as yet: e.g. in Afghanistan, the number of US armed forces, US national private contractor personnel and US airstrikes (including drones) was higher in 2018 (under Trump) than in 2016 (Obama's last year).

If Trump wins a second term, on the other hand, could emerging market risks get worse? If he can achieve a certain level of agreement with China, Iran, North Korea, the Taliban in Afghanistan and Venezuela (even if any new deals end up delivering, in the long-term, less benefit than the status quo he inherited) then there is an argument that Trump may move on and allocate less of his attention in his second-term to foreign policy. It is too early to say, but our base case is to expect more of the same should he win re-election. For example, we would not expect a relaunch of the US involvement in the Trans-Pacific Partnership (as a means to lock in alliances in the far east), the initiation of new major military interventions (e.g. in Ukraine or Venezuela), the abandonment of Israeli security, or a greater diplomatic and trade focus on Africa (there is already a heavy military one which Trump inherited).

SOURCE: https://brandspurng.com/2019/12/19/trump-impeachment-what-it-means-for-emerging-markets/

Coca-Cola, arguably the world’s most popular beverage company has celebrated the 100th anniversary of its initial public offering. An investment of $40 at that time, would be worth more than $18 million today!

James Quincey, who led Senior executives and Board members of TCCC to the New York Stock Exchange, on Monday 9th December, rang the opening bell, in commemoration of the centenary celebration.


https://www.youtube.com/watch?v=bTWTF7f0geI

Speaking on the landmark achievement, the global CEO, James Quincey, said, “Not many brands make it this far and not many have been able to grow at the speed that we have. It is a testament to the work that goes on behind the scenes and also thanks to our loyal consumers and investors across the world. It’s a big day for us and it’s a good time to look optimistically into the future.”

With a strong presence in over 200 countries, The Coca-Cola Company and its beverage brands continue to drive economic growth across markets, making it one of the most recognized brands globally.

However, the incredible story of Coca-Cola goes beyond profits and revenue. Over the years, The Coca-Cola Company has taken the lead in good business, committing huge resources in laudable sustainability initiatives across its markets. In 2009, Coca-Cola launched the Replenish Africa Initiative (RAIN) to improve access to safe drinking water for African communities. A total of over 4 million people have been impacted by this initiative. With profits comes responsibility, and The Coca-Cola Company has continued to invest; in Women through its 5by20 global program that has committed to the empowerment of 5 million women by 2020, right up to its World Without Waste campaign which has committed to retrieve and recycle the equivalent of every product package by 2030.

Nigeria is not left out of the beverage giants’ good efforts. With the launch of the Safe Birth Initiative, Coca-Cola Nigeria Limited, in partnership with the Federal Ministry of Health, the Office of the Senior Special Assistant to the President on Sustainable Development Goals and an NGO, Medshare International Inc., has provided equipment and supplies, capability development of biomedical engineers as well as resuscitation and repairs of abandoned medical equipment in 15 government hospitals across the country worth a total conservative value of about $10.8 million, i.e. over N3.8 billion. The Safe Birth Initiative is a critical intervention that aims to tackle the high rate of maternal and newborn deaths in Nigeria.

Another critical intervention in the healthcare space is the Project Last Mile — a public-private partnership working to make life-saving medicines available to people who need them most, to improve access to vaccinations by strengthening public sector refrigeration, or “cold chain” capacity using our vast experience in distribution and cold chain equipment management. This partnership is working together to create a positive cycle that builds human capital, reduces future healthcare costs, and contributes to national development.

And so, celebrations are in order even in Nigeria. As the company continues to grow despite shifting economic scenarios, its prosperity has become a beacon of hope as it stretches its wings of sustainable and humanitarian action in Nigeria and beyond.

SOURCE: https://brandspurng.com/2019/12/19/the-coca-cola-company-tccc-celebrates-100-years-of-going-public/

The Federal Inland Revenue Service (FIRS) today served a 7-day notice to tax defaulters, with a warning that it will soon begin nationwide tax enforcement to bring tax defaulters to book.

The Acting Executive Chairman of FIRS, Abiodun Aina in a notification to taxpayers on Tuesday informed them of the plan by the Service to begin tax enforcement against such defaulters should they continue to fail in fulfilling their tax obligations.

He advised such taxpayers to settle their tax liabilities within 7 days of the publication to avoid any inconveniences or interruptions in their operations.

Said the FIRS in a public notice issued today in Abuja: “The FIRS hereby informs all taxpayers (individuals, partnerships, Enterprises, Corporate organisations, Ministries, Departments and Agencies) who are in default of payment of taxes arising from self-assessment, tax audit, tax investigation, transfer pricing audit, demand notices and any other liabilities, that the Service will commence a NATIONWIDE TAX ENFORCEMENT EXERCISE with a view to prosecuting defaulters and recovering all outstanding tax liabilities", the notice read.

Aina said the enforcement is pursuant to the provisions of Section 8, 26 (2), 33 and 35 of the Federal Inland Revenue Service (Establishment Act, 2007).

“The taxes referred to are as follows: 1. Petroleum Profits Tax; 2. Companies Income Tax; 3. Value Added Tax; 4. Withholding Tax; 5. Tertiary Education Tax; 6. NITDA Levy; 7. Stamp Duty; 8. Capital Gains Tax.

He added: “All taxpayers are therefore strongly advised to settle their tax liabilities within 7 days of this publication to avoid any inconveniences or interruptions in your operations".

Aina wished “all our taxpayers Merry Christmas and Happy New Year in advance".

The FIRS had always warned that tax defaulters who fail to take advantage of programmes like the Tax Amnesty and the Voluntary Assets Income and Assets Declaration (VAIDS) programmes to off-set their tax liabilities, risks having the rough end of the stick.

SOURCE: https://brandspurng.com/2019/12/18/firs-gives-7-day-notice-to-tax-defaulters/

Na wa o

The consumer price index, (CPI) which measures inflation increased by 11.85 percent (year-on-year) in November 2019. This is 0.24 percent points higher than the rate recorded in October 2019 (11.61) percent. 

On a month-on-month basis, the Headline index increased by 1.02 percent in November 2019, this is 0.05 percent rate lower than the rate recorded in October 2019 (1.07) percent. 

Increases were recorded in all COICOP divisions that yielded the Headline index.

The percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 percent, representing a 0.05 percent point from 11.30 percent recorded in October 2019.

The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019.

On a month-on-month basis, the urban index rose by 1.07 percent in November 2019, down by 0.08 from 1.15 percent recorded in October 2019, while the rural index also rose by 0.98 0 percent in November 2019, down by 0.01 from the rate recorded in October 2019 (0.99) percent.

The corresponding twelve-month year-on-year average percentage change for the urban index is 11.75 percent in November 2019. This is higher than 11.68 percent reported in October 2019, while the corresponding rural inflation rate in November 2019 is 10.98 percent compared to 10.95 percent recorded in October 2019.

Food Index

The composite food index rose by 14.48 percent in November 2019 compared to 14.09 percent in October 2019.

This rise in the food index was caused by increases in prices of Bread, Cereals, Oils and fats, Meat, Potatoes, Yam and other tubers, and Fish.

On month-on-month basis, the food sub-index increased by 1.25 percent in November 2019, down by 0.08 percent points from 1.33 percent recorded in October 2019.

The average annual rate of change of the Food sub-index for the twelve-month period ending November 2019 over the previous twelve-month average was 13.65 percent, 0.11  percent points from the average annual rate of change recorded in October 2019 (13.54) percent.

All Items Less Farm Produce

The "All items less farm produce" or Core inflation, which excludes the prices of volatile agricultural produce stood at 8.99  percent in November 2019, up by 0.11 percent when compared with 8.88 percent recorded in October 2019.

On a month-on-month basis, the core sub-index increased by 0.79 percent in November 2019. This was up by 0.05 percent when compared with 0.74 percent recorded in October 2019.

The highest increases were recorded in prices of Cleaning, Repair and hire of clothing, Hospital services, Hairdressing salons and personal grooming establishment, Glassware, tableware and household utensils, Vehicle spare parts, Repair and hire of footwear, Shoes and other footwear, Clothing materials, other articles of clothing and clothing accessories, Medical services and Passenger transport by air.

The average 12-month annual rate of change of the index was 9.19 percent for the twelve-month period ending November 2019; this is 0.06 percent points lower than 9.25 percent recorded in October 2019. 

State Profiles

In analysing price movements under this section, note that the CPI is weighted by consumption expenditure patterns which differ across states. Accordingly, the weight assigned to a particular food or non-food item may differ from state to state making interstate comparisons of consumption basket inadvisable and potentially misleading.

All Items Inflation

In November 2019, all items inflation on year on year basis was highest in Kebbi (15.40%), Sokoto (14.58%) and Niger (14.15%), while Imo (10.43%), Abuja (10.30%) and Kwara (9.70%) recorded the slowest rise in headline Year on Year inflation.

On month on month basis, however, November 2019 all items inflation was highest in Ebonyi (2.20%), Bayelsa (2.48%) and Niger (2.39%), while Abuja, Adamawa, Bauchi, Benue and Ondo recorded price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

Food Inflation

In November 2019, food inflation on a year on year basis was highest in Sokoto (18.77%), Kebbi (18.08%) and Ekiti (17.18%), while Katsina (12.61%), Bayelsa (12.50%) and Bauchi (12.44%) recorded the slowest rise.

On month on month basis, however, November 2019 food inflation was highest in Kwara (2.92%), Sokoto (2.72%) and Bayelsa and Edo (2.66%), while Nasarawa (0.31%) recorded the slowest rise with Lagos and Ondo recording price deflation or negative inflation (general decrease in the general price level of food or a negative food inflation rate).

SOURCE: https://brandspurng.com/2019/12/17/november-2019-inflation-rate-rises-to-11-85-as-food-inflation-jumps-to-14-48/

The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises as well as talent and skills development for Africa’s youth

The Board of Directors of the African Development Bank has approved a grant of $5 million to enable the Tony Elumelu Foundation Entrepreneurship Programme to scale up its outreach and impact to 1,000 select youth entrepreneurs.

The grant follows the signing of a letter of intent between the Bank and the Tony Elumelu Foundation, which took place during the Tony Elumelu Foundation Entrepreneurship Programme launch in March this year. The partnership will bring about future collaboration focused on strengthening small to medium-sized enterprises as well as talent and skills development for Africa’s youth.

The partnership will support 3,050 young entrepreneurs across 54 African countries. The Bank's participation will enable an additional 1,000 entrepreneurs to benefit from the Tony Elumelu Entrepreneurship Program, which provides much-needed opportunities to help stem the rising tide of unemployment and inequality facing the continent’s youngest citizens.

The programme aligns with the Bank’s ten-year Jobs for Youth in Africa strategy launched in 2016, to support the creation of 25 million decent jobs across the continent. The strategy is also expected to equip 50 million young African people with employable skills that enable them to access economic opportunities and realize their full economic potential across the continent.

The Tony Elumelu Foundation Entrepreneurship Programme will deliver business training, mentoring, access to networks, markets and capital for business development to selected youth-led start-ups in order for them to grow and create jobs.

The Entrepreneurship Programme demonstrates a strong alignment with the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund objectives to build the African youth entrepreneurship ecosystem by scaling innovative youth-led start-ups, expanding youth market opportunities and improving youth access to finance.

Other development partners involved in supporting the Tony Elumelu Entrepreneurship Programme are Agence Française de Développement, the German Agency for International Cooperation, the United Nations Development Programme and the International Committee of the Red Cross. They will also work to provide more business opportunities to youth entrepreneurs across the continent.

In 2017, the Bank established the Youth Entrepreneurship and Innovation Multi-Donor Trust Fund, in partnership with the governments of Norway, Denmark, Sweden, Italy and the Netherlands. The fund is a grant vehicle managed by the Bank to support the African entrepreneurship ecosystem directly and indirectly by leveraging on the Bank’s instruments. Its interventions will equip Africa’s youth with the right tools to establish start-ups and micro, small and medium enterprises.

SOURCE: https://brandspurng.com/2019/12/16/african-development-bank-approves-5-million-grant-to-scale-up-tony-elumelu-entrepreneurship-programme/

Anti-immigrant sentiment is seldom fully rational, and one cannot understand Brexit without understanding the anti-immigrant sentiment that drove it. The best guess we can come up with is that a combination of empire nostalgia, dissatisfaction with the political/economic status quo and an influx of immigrants motivated the British people to vote by a slim majority to leave the European Union. This was the political equivalent of a “spur of the moment” decision, and since its medium to long-term ramifications is yet to be fully grappled with, it is a bit brave to speculate on what the impact could be on countries such as  Nigeria in the near to medium-term.

Having said that it is possible to look at the key drivers and trends and make some educated guesses because even though the United Kingdom of Great Britain and Northern Ireland is not as influential as it once was, it is still an important nation.

First, one needs to understand the immediate impact within Britain proper. Boris Johnson’s Conservatives won a decisive victory, but the pro-European Scottish National Party did extremely well in Scotland, virtually obliterating majority party control there. So, right after facing the exit from the EU and at the same time as the long trade negotiations that are sure to follow, Mr Johnson will have to deploy his considerable political talents to either prevent another Scottish independence referendum or to prevent a Scottish exit from the United Kingdom. There’s also the precarious situation in Northern Ireland, where Sinn Fein and the republican movement’s great showing at the polls and their stated commitment to preserving the Good Friday Agreement could lead to more agitation to join (or at least preserve closer economic integration with) the Republic of Ireland.

So, Boris Johnson will have to contend with keeping the pro-European parts of the union (a majority of people in Scotland and Northern Ireland voted Remain)  while negotiating an exit from the European Union and laying the foundations of a new trade deal with Europe. Such negotiations take time because the European Union is a hydra-headed institution – i.e. it must balance the needs of 28 different members, each with veto power. In addition, the EU has a vested interest in ensuring these negotiations are as painful as possible, for the simple reason that they don’t want to encourage other “errant” members to consider a similar course.

Since negotiations with the European Union are likely to drag on for years, Mr Johnson will have to go to Washington DC, to sign some sort of deal with the only other Western economy larger than the EU, the United States of America. Mr Trump, the US President, loves quick trade deals and is a tough negotiator, but he is also committed to his  “America First” doctrine, which translates to, “we win, and you lose”. Another US president might be more sympathetic and less transactional, but Mr Johnson will have to work with Mr Trump, who is at this moment, likely to secure a second term, and there’s nothing he can do about it.

Mr Johnson, the UK Treasury, and the Foreign Service are going to be very busy over the next four to eight years at least, dealing with the most important bilateral and multilateral relationships the UK has, so quite simply, there will be very little time for Nigeria or Africa. If everything goes to plan – i.e. a new trade deal is signed with the US, negotiations are completed with the EU and the UK recovers from a likely recession triggered by Brexit, then Britain will be ready to fully embrace the outside world again, in the mid-term - say, eight years’ time.

So, what would Britain’s competitors be up to in the next eight to 10 years in Africa?

India – Africa trade is likely to exceed $100 billion and a lot of progress would have been made on trade in services (which has been  Britain’s area of specialisation in the post-World War era). If the European Union is still a cohesive entity, then the combined strength of Europe’s economic relationship with Africa  (over $300 billion in trade in 2015 compared with $36 billion in UK – Africa trade in 2015) would make the competition a lot more challenging. China is already laying the foundation for dominance in e-commerce and logistics on the continent and other rising powers like Turkey (who is now doing $23 billion in trade with Africa) are stepping up their game. Brexit will put New York at an advantage with respect to London as a global financial centre, this will have an impact on the competitiveness of London’s banks, especially with respect to attracting African companies seeking global capital investment.

One of the fundamental problems the UK has is a mismatch between its service-based economy and Africa’s more natural resource-dependent economies (South Africa is an important exception due to its developed services sector). There doesn’t seem to be much enthusiasm on the part of the UK to lay a foundation for the growth of services in Africa (like China is attempting to do with e-commerce), so there is unlikely to be much traction here.

The UK’s manufacturing sector is more geared towards high-technology, high-value products, which once again, doesn’t match Africa’s immediate needs. So, despite a lot of rhetoric about increased UK engagement in the wake of Brexit, we are yet to see activity that matches this rhetoric. There could be an increased focus on  “international development”, as the institutions developed to implement it like DFID are world-class and Africa still possesses some serious human capital development needs, but there is some confusion as to whether the UK plans to increase its commitment to foreign aid or move in the other direction. A contracting UK economy may have a deep impact on aid interventions in Nigeria, especially since aid commitments remain a burning political issue in the UK.

The UK will, in the interim, remain focused on exploiting its competitive cultural advantages with respect to Africa’s largest economy, especially in attracting young, high net worth talent to its universities and educational institutions as well as fostering closer links through a combination of official interventions and cooperation on such issues as education, counterterrorism and migration as well as the cultural and financial linkages afforded by Nigeria’s second-largest diaspora population. Linked to this is a likely upswing in skilled Nigerian migration to the UK as Mr. Johnson enacts laws to attract skilled workers and raise revenue for UK businesses such as he has done with the post-study two-year work permits he introduced.

In conclusion, we expect the UK to remain a significant player in Africa, but a less significant player than it is today.

SOURCE: https://brandspurng.com/2019/12/16/what-does-boris-johnsons-britain-mean-for-nigeria/

More images...

…As Fayemi restates commitment to youth and sports development

Cross River State-born Sadjo Ismael on Saturday made history by becoming the winner of the maiden edition of Ikogosi 10km Marathon race.

He beat over 2,000 other athletes to the finish line to win the N1 million prize in an impressive time of 30mins 40seconds. Sadjo was trailed by Plateau Adamu Shehu Mu’azu who came second at 31mins 22seconds, while Oyebode Dada Samuel from Osun State came third at 31mins 48seconds.

The State Governor, Dr Kayode Fayemi, who was the Special Guest of honour at the event, presented the winners with their prizes and congratulated all the participants for daring to take part in the epoch-making event.

Fayemi said his administration would not only invest in the education and human capital development of the youth but will continue to partner with relevant private sector players in providing them platforms to showcase their God-given talents.

The overall winner, Sadjo smiled home with #1 Million; the first runner up got a prize of #500,000 while the second runner up got #300,000. The race which flagged off by the State Deputy Governor, Otunba Bisi Egbeyemi in Aramoko- Ekiti, headquarters of Ekiti West Local Government at 9:25 am.

There were also winners in other categories, including the female elite category where Rose Akuso from Plateau State came first in 36 mins 51 seconds. She was trailed by David Abiye from Ondo state who came second in 36 mins 59 seconds, while another runner from Plateau State, Oman Sale came third. They also received N1 Million; N500,000 and N300,000 respectively as their prizes. In the female Indigene category, Adewole Hannah Jumoke from Ikere Ekiti came first by reaching the finish line in 38 mins 49 seconds.

She got N1million. She was followed by Sehinde Favour (43mins 32 seconds) and Folorunso Fayokemi (44m, 38s), who took the second and third positions respectively. Others in the indigene category are Abolaji Iyanu, who came fourth in 45m, 74secs; Oduluyi Jumoke who came fifth in 46m, 42secs. Ekundayo Olajumoke (47m, 42s), Anyigor Serah (49m, 11s), John Mary (49m, 36s) and Ajeyomi Bukola (49m, 49s).

In the Male Indigene Category, Shedowo Adewale came first at 34mins 51s, while Lawal Azeez came second at 35 mins 16 seconds. Arowolo Tunde came third with 36m, 17secs. Fourteen years old Dolapo Morakinyo, from Oke Imesi-Ekiti, was apparently the youngest participant in the race and was the cynosure of all eyes as she got to the finish line.

No fewer than 10 ambulances manned by health professionals were deployed on the Aramoko-Erinjiyan-Ikogosi route, while the police, officials of the federal Road safety and the state’s Peace corps provided security and crowd control along the route.

Governor Fayemi who said he was excited at the positive attitude of the young men and women that participated in the race, said the government would continue to provide incentives to her sportsmen and women in different sporting activities.

The Ikogosi Marathon race was organised by the Ikogosi Marathon Initiative in partnership with the Ekiti State Government Over 5,000 registered for the race online, while close to 2,500 collected racing materials which qualified them for the race on Saturday.

SOURCE: https://brandspurng.com/2019/12/16/cross-river-athlete-emerges-winner-of-maiden-ikogosi-marathon-photos/

Wow. Looks good.

Procter and Gamble Nigeria Ltd. have warned unsuspecting citizens on fake job offers and employment scams. In a statement released by the Company, it said:

“It has come to our notice that fake job offers are being circulated on behalf of Procter & Gamble Nigeria Limited (PGN) by certain individuals/entities claiming they are representatives or subsidiaries or under contract with Procter & Gamble Nigeria Limited.

Please note that:

- PGN does not send job offers from free email services like Gmail, Rediffmail, Yahoo mail, Hotmail, etc.

- PGN does not request payment of any kind from prospective candidates for employment or any sort of fees.

- PGN does not authorize anyone to either collect money or arrive at any monetary arrangement in return for a job.

- All our open positions can be found on our website, https://www.pgcareers.com/. If a position is not advertised there, it is not a legitimate opening.

- All candidates considered for a position will have an in-person interview.

- Anyone making an employment offer in return for money or other types of gain is not authorized by Procter & Gamble Nigeria Limited and is not offering an approved job.

- Procter & Gamble reserves the right to take legal action, including criminal action, against such individuals/entities engaging in this fraudulent misrepresentation”.

SOURCE: https://brandspurng.com/2019/12/14/procter-gamble-nigeria-ltd-issues-disclaimer-on-fraudulent-recruitment-offers/

Total Trade

Total trade grew by 6.8% in Q3,2019 compared to Q2,2019 and 1.33% relative to Q3, 2018. 

Imports

The value of total imports decreased by 2.70% in Q3 2019 compared to Q2,2019, and 7.47% relative to the corresponding quarter of 2018.
In Q3, 2019, the value of imported agricultural products was 4.01% lower than in Q2,2019, but 7.21% higher than  Q3, 2018.

- The value of raw material imports decreased by 4.64% in Q3,2019 relative to Q2, 2019 but increased by 16.81% when compared to Q3 2018.

- The value of solid minerals imports was 31.73% lower than the value of in Q2, 2019 but 7.05% higher than the value recorded in Q3 2018.

- The value of energy goods imports increased by 243.92% in Q3, 2019 and 286.91% relative to Q3, 2018 due to increased import of other wood charcoal, electrical energy and Charcoal of bamboo.

- The value of imported manufactured goods grew by 12.46% in Q3,2019 against the value recorded in Q2,2019 but decreased by 3.48% when compared to Q3, 2018.

- The value of Other oil products imported decreased by 41.85% in Q3,2019 against the level recorded in Q2, 2019 and 54.59% when compared to Q3,2018. 

Exports

- The value of total exports in Q3, 2019 increased by 15.02% compared to the level recorded in Q2, 2019 and 8.97% when compared with its value in Q3, 2018.

- The value of agricultural exports decreased by 42.69% in Q3 2019 relative to Q2, 2019 and 7.30% when compared to Q3, 2018.

- The value of raw material goods exports in Q3, 2019 decreased by 5.74% in Q3,2019 against Q2, 2019  and   8.84% against Q3 2018.

- The value of solid minerals exports decreased by 17.08% in Q3, 2019 against Q2, 2019 and 34.97% against the corresponding quarter in 2018.

- The exports of energy goods decreased in value by 40.06% in Q3 2019 compared to Q2, 2019 and 45% when compared with Q3,2018.

- The value of manufactured goods exports increased by 839.44% in Q3, 2019 when compared with the value recorded in Q2, and over 1000% compared to Q3 2018. The notable increase recorded was due to the re-exports of high-value Cable Sheaths of Iron, as well as submersible drilling platform, Vessels and other floating structures.

- The value of crude oil exports in Q3 2019 was 4.79% lower than in Q2 2019 and 9.62% lower than Q3 2018.

- The value of Other oil products exports rose by 6.14% in Q3 2019 against Q2, 2019 but fell by 15.19% relative to Q3,2018.  

Major export trading partners and percentage share in Q3, 2019 export trade.

Ghana -17.18%

India - 14.67%

Netherlands - 9.82%

Spain - 8.60%

United States - 6.28%

Major import trading partners and percentage share in Q3, 2019 import trade

China - 31.34%

United States - 11.35%

India - 7.49%

Netherlands - 6.80%

Belgium - 3.98%

Major Traded Agricultural Products.

Sesamum seeds, whether or not broken

Good fermented Nigerian Cocoa Beans

Cashew nuts, shelled

Superior quality raw cocoa beans

Other Frozen shrimps and prawns

Natural cocoa butter

Cashew nuts (in shell)

Overview

The value of Nigeria's total trade stood at N9,187.6billion in Q3,2019 representing 6.77% increase over the value recorded in Q2,2019 and 1.33% increase relative to Q3, 2018. The value of the export component (N5,288.5billion) increased by 15.02% against Q2, 2019 and 8.97% when compared with the corresponding quarter in 2018. On the other hand, the import component (valued at N3,899.1 billion) decreased by 2.70% in Q3 against Q2, 2019 and 7.47% against Q3, 2018. The increase in exports coupled with the decrease in imports led to a positive trade balance of N1,389.3billion during the period under review.

In Q3, 2019, crude oil remained the dominant export, accounting for 70.87 (N3,747.8billion) of the value of total export, while non-crude oil exports amounted to 29.13% (N1,540.7billion). However, in Q3, 2019, the value of crude oil exports was 4.7% lower than in Q2, 2019 and 9.6% lower than the corresponding quarter of 2018.

Imports Classified by Standard International Trade Classification and country of Origin

Nigeria's imports stood at N3,899.1 billion in Q3,2019, representing a decrease of 2.70% over the value recorded in Q2,2019 and 7.47% over the corresponding quarter of 2018. This was due to decreases in the values of mineral fuel (which fell by N381.9billion or 41.98%) and crude inedible materials (N15.95 billion or 24.44%) in Q3, 2019 over their values in Q2, 2019.

During the quarter, Nigeria imported goods mainly from Asia and valued at N1,998.5 billion or 51.3% of total imports. Other major imports originated from Europe, valued at N1,194.2billion or 30.6% while imports from the Americas and Africa amounted to N576.7billion or 14.8% and N106.0billion or 2.7% respectively. Import from Oceania stood at N23.8billion or 0.6% of total imports while goods valued at N19.1billion originated from ECOWAS.

Nigeria's imports, by country of origin, shows goods were imported mainly from China, and valued at N1,221.9 billion. Nigeria also imported goods from the United States worth N442.4billion, India (N292 billion), the  Netherlands (N265.2 billion) and Belgium (N155.2billion).

Exports Classified by Standard International Trade Classification and Country of Destination

The value of total exports in Q3, 2019 stood at N5,288.5 billion. This indicates an increase of 15.02% against the level recorded in Q2,2019 and 8.97% when compared with its value in Q3, 2018. The Crude oil component of export amounted to N3,747.8 billion or 70.84% of total exports during the period under review while Non-crude oil export grew significantly in Q3, 2019 and was valued at N1,540.7 billion or 29.13%.

Exports by section revealed that mineral products accounted for the largest proportion of exports, amounting to N4,220.1 billion or 79.8%). Other major sections in exports were Base metals and its articles (N771.6billion or 14.6%) as well as Vehicles aircraft and parts (N200billion or 3.7%).

Analysis of trade by region revealed that Nigeria exported most products to Europe (N1,861 billion or 35%), followed by Africa (N1,459.7billion or 27.6%), Asia (N1,361.3billion or 25.74%), America (N598.3billion or 11.3%) and Oceania (N8.1billion or 0.1%). Within Africa, exports to ECOWAS member states was worth N1,140.1 billion, or 21.56% of total exports. The value of exports to Africa and ECOWAS was notably high in Q3 2019 due to exports of Cable sheaths of iron and submersible drilling platforms exported to Ghana.

Exports by country of destination showed that Nigeria exported goods to Ghana (valued at N908.6billion or 17.18% of total exports), India (N775.7billion or 14.67%), the Netherlands (N519.3billion or 9.8%),  Spain  (N454.7 billion or 8.6%) and the United States (N332.2billion or 6.3%).

Export/Imports Products Classified by Sectors Q3, 2019

Agricultural Goods Sector

During the quarter, total trade in Agricultural goods stood at N282.0 billion, out of which exported agricultural goods accounted for N42.1billion or 14.9%. Analysis by economic region showed that most were exported to Asia and Europe, and valued at N20.5billion and N18.0billion respectively.  The key driver of agricultural products exports was Sesamum seeds exported mainly to Japan (N5.6billion), Turkey (N2.9billion) and China (N1.3billion). Other key agricultural exports were Good Fermented Nigerian Cocoa Beans exported mainly to the Netherlands (N6.2billion) and Malaysia (N2.1billion), as well as Cashew nuts, shelled exported to Vietnam and the United States, and valued at N2.2billion and N0.3billion respectively.

Imported agricultural products accounted for N239.9billion or 85.1% of total agricultural trade in Q3, 2019. The major product was Durum wheat (seeds) imported mainly from the United States and Russia, worth N26.7 billion and N19.1billion respectively.  Other products were Durum wheat (Not in seeds) imported from the United States and Canada valued at N22.6billion and N16.2billion respectively, as well as Mackerel imported from Russia and Japan, valued at N3.9 billion and N3.6billion respectively.

Solid Minerals Sector

The total trade in solid mineral goods stood at N26.2 billion in Q3, 2019, comprising an import component of N19.9 billion and an export component of N6.3 billion. The major products exported under this sector were Other cement exported to the Niger Republic and Togo, worth N2.8 billion and N1.9 billion respectively. Lead ore and concentrates were exported to China, worth N1.1 billion, in addition to Niobium, tantalum, and Vanadium ores (worth N0.2billion).

In terms of imports, Nigeria imported plasters of calcined gypsum or calcium sulphate mainly from Turkey (N3billion), Tunisia (N0.8billion) and Egypt (N0.5billion). In addition, Crude salt valued at N2.5billion and Gypsum valued at N2.9billion were imported from Brazil and Spain respectively.

Manufactured Goods Sector

The value of manufactured goods trade in Q3, 2019 stood at N3,776.5 billion or 41.1% of total trade. Of this, the export component accounted for N996.8 billion, an increase of 839.44% over the value recorded in Q2, 2019. This was driven by export of Cable sheaths of Iron and steel valued at N750.3billion which was exported to Ghana. Another product that drove up Manufactured export was floating and submersible drilling platforms also exported to Ghana and valued at N117.4billion. In addition, Vessels and other floating structures for breaking up worth N41.7 billion was exported to Cameroon.

In terms of imports, used Vehicles worth N120.6 billion was imported from the United States, Italy (N6.3 billion), Belgium (N4.3billion), Germany (N3.9 billion) and Canada (N3.9 billion). Other imported products were motorcycles from India and China, worth N81.8 billion and N35.7 billion respectively. Vaccines for human medicine, worth N37.8billion and N37.6billion were imported from Denmark and Singapore respectively, while machines for reception and chassis fitted with engines for assembly plants, respectively worth N50.36 billion and N50.42 billion were also imported from China during the period under review.

Raw Material Goods Sector

The value of total trade in raw material stood at N359.7 billion. The import component was valued at N330.4billion while the export component stood at N29.3 billion. During the quarter, Urea worth N6.9 billion was exported to Brazil while Leather worth N4.1 billion and N2.4 billion was exported to Spain and Italy respectively. Other raw materials exported during the period were technically specified natural rubber mainly exported to Spain and France in values N1.2 billion and N1.1 billion respectively.

However, cane sugar worth N31.95 billion was imported from Brazil. Other products imported were preparations for infant use valued at N12.5 billion, N7.8 billion and N1.7billion imported from China, the United Kingdom and the Netherlands respectively. In addition, milk preparations containing vegetable fats worth N8.8 billion, N3.3 billion, N2.1 billion and N1.0 billion were imported from Ireland, Australia, Malaysia and the Netherlands respectively. During the quarter, mixtures of Odoriferous substance valued at N10.2billion was also imported from Ireland.

Trade Intensity in Q3, 2019

Export Intensity Index with Five Major Trading Partners

The export intensities of Nigeria in Q3, 2019 showed Nigeria's export with India was intense in July, August and September with the index recording 6.3, 5.6 and 2.2 respectively. Similarly, export to Spain was intense and recorded at 3.1, 5.8 and 1.7 during the months of July, August and September respectively. Export to the Netherlands in July, August and September recorded intensity indices of 1.9, 3.5 and 1.3. However, the United States and France recorded generally lower export intensities during the period under review.

Import Intensity Index with five Major Trading Partners

In Q3 2019, Nigeria's import trade with China was intense in all months of the quarter, with import intensities of 1.9, 1.3 and 1.1 recorded in July, August and September respectively. This was the case with India as well, which recorded 3.4, 2.4 and 2.8 respectively during the same period. Import intensities for Belgium were recorded at 1.4 in July and 2.1 in August, while September recorded a lower intensity of 0.3. Import intensity with the Netherlands showed 1.0 in July, 1.9 in August and 1.1 in September. For the United States, intense trade was recorded in July at 1.0 but this slowed down in August and September which recorded 0.9 and 0.7 respectively.

Trade by Mode of Transport

Water transport remained the major mode of transporting goods between Nigeria and trading partner countries. In Q3, 2019, water transport accounted for N5,256.1 billion or 99.39% of total exports. Air transport contributed N15.4 billion, Road transport accounted for N11.6billion and other means contributed N5.4billion. Similarly, for imports, most goods brought into the country arrived via water transportation means. Water transport accounted for N3,491.6 billion or 89.5% of the value of total imports. Goods imported by road and air were valued at N17.2 billion and N390.3billion respectively.

Trade by Custom Ports and Post

In Q3, 2019, the bulk of export transactions was conducted through Apapa port, valued at â‚¦4,259.2 billion or 80.5% of total exports, followed by Tin Can Island port which recorded â‚¦793.4billion or 15%. In terms of imports, Apapa Port also recorded the highest transactions valued at â‚¦1,706.5billion or 43.8% of total imports. This was followed by Tin Can Island (₦785.9billion or 20.2%) and Port-Harcourt-3 (₦415.3billion or 10.7%).

SOURCE: https://brandspurng.com/2019/12/13/nigeria-merchandise-trade-grew-in-q3-2019-with-higher-exports-and-lower-imports/

Go-to school, study hard, bag a degree and get a job! That’s probably the most used line parents drilled into their kids in their elementary years as the best and only route to success. It's very basic and direct, if you don’t go to school and get good grades, you’ll never be successful. You can never underestimate the value formal education is to the typical Nigerian, and while that is not a bad thing, it’s also worthy to note that it is not the only way to be educated and or successful in life (if your parents are not mine, pls don’t say this to them). Many parents don’t know finding a job in this digital age is a different process than it was twenty years ago.

Formal education is so revered in Nigeria that the Yorubas have a song to reiterate its value. You don’t have to be Yoruba to know this song ‘‘bata mi a dun ko ko kaa, ti n ba kawe mi, bata mi a dun ko ko kaa, bata mi a wo serere nile, ti mi o ba ka iwe mi, bata mi a wo serere nile’’ if you are Nigerian and you don’t know this song, please recheck your origin.

Contrary to popular belief, a university degree isn’t necessary for a high-paying job. In fact, with the rise of tuition costs around the country for both undergraduate and postgraduate programs, you may be better off financially without a degree (Mark Zuckerberg, Steve Jobs, Steve Wozniak, Bill Gates are just a few multi-billionaires with no degree). This article is not meant to discourage you from attaining formal education to its highest level as you wish to but there are also several fields through which high advancement is possible without a degree, or that have entry-level salaries that are very substantial once you acquire the relevant skills.

Some of the best jobs you can get without a college degree are in the fields of sales, transportation, and even medicine. With all these sources of income combined, your paychecks are limitless, with or without a diploma/degree certificate.

If attending college isn’t in your plans, you should consider getting a degree via distance learning programs or get an online degree in any course. In Nigeria, while you might not need a degree to get a job, you would eventually need it for career progression.

In no particular order, We have compiled a list of 5 amazing career opportunities that don’t require a university degree(yet).

1. CopyWriting

Copywriting is the act of writing a text for advertising or other forms of marketing. The product, called copy, is written content that aims to increase brand awareness, increase leads, drive sales and ultimately persuade a person or group to take a particular action.

Copywriting is not something you learn in the four walls of the university, it’s a skill that can be honed and improved over from the comfort of your fingertips. Although writing can be an innate talent, copywriting goes beyond that. A writer may be very good at writing short poems and articles but that doesn’t qualify as being a good copywriter. A copywriter aims to persuade the reader to decide as regards what he/she read. Copywriting is a multi-billion dollar industry that is quite untested on this side of the world, the need for more copywriters is on the rise in the Nigerian economy and there is no better time to be a copywriter than right now. Copywriters are needed by almost every organization thereby not restricting them to a certain sector.

Copywriters earn an average of NGN150,000 or more monthly depending on the industry of interest.

2. Photography

Smile, say cheese... Snap! Yes, that was easy right? Its almost 2020 and photography is here to stay! Gone are the days when photographers are categorized as school dropouts who could not cope with education and they had to learn a trade or something else to keep busy. Wake UP!

Have you seen President Muhammed Buhari’s photographer? The advent of photography tools like Adobe Pro, Photoshop, etc has seen a major surge in photography and photo-editing. Photographers now rank as one of the most sought and highly paid craftsmen in the country. If you have a good eye for angles and colors, you may just cut it out as a photographer and if you’re still doubting what photographers do that you can’t do with the filters on your iPhone, do a google image search on Fatima Dangote and Abubakar Jamil’s wedding and ask yourself, will you like to be the photographer for DJ Cuppy’s wedding?

3. Web Design

Have you noticed how everybody is a CEO these days? Everybody owns a blog or a site that they probably don’t know how to design and arrange, all they do is post contents there. Most blogs out there are just like that and that’s where a web designer comes in. Although Web design encompasses many different skills and disciplines in the production, designing, and maintenance of websites. Content Management system like Blogger, Wordpress, Wix, etc have made web design very easy to implement, these days you don’t even need coding knowledge to build and design wonderful sites. Web Designers can earn between NGN 250,000 to NGN500,000 and more in advanced cases.

4. Social Media Specialist

The world is indeed a global village with millions of people spending multi-hours on social media daily. Since everyone spends a fraction of their day on social media, it makes total sense for companies to leverage this opportunity to advertise their goods and services on social media. This surge has led to the thought that every organization needs a social media presence. As a social media specialist, you will be saddled with the responsibility of creating and maintaining a company’s presence on social media sites like Facebook, Twitter, and Instagram amongst others. In some cases, you will be expected to maintain the company’s blogs too.

You will also oversee increasing the company’s brand exposure through digital marketing techniques and tools. Social Media managers can earn an estimated average of NGN120,000 monthly or more in other cases.

5. Agency Banking

Agency Banking means providing banking and financial services to the underserved population through engaged agents under a valid agency agreement, rather than the traditional banking teller/ cashier system. The owner of an outlet (Agent) conducts banking transactions on behalf of a bank or financial agency. Agents are being enabled to provide basic financial and banking solutions and charge customers rates for providing these services. Agency Banking thrives in rural and sub-urban areas where banks are not easily accessible, simply put an agent is the bank in his/her locality.

Financial Agencies like Cellulant have made Agency banking easy and lucrative with apps like Tingg whereby agents and users have easy access to digital financial services including peer-to-peer payments, savings, retail loans, airtime, ticket purchases, investment & other lifestyle services in Nigeria & across 17 countries in Africa.

Tingg Agents earn as much NGN200,000 monthly performing easy transactions on this platform.

Attending a university isn’t for everyone, but anyone can have a satisfying and well-paying career. With the right skill set and determination, you can still find the career that’s perfect for you without needing to earn a degree.

SOURCE: https://brandspurng.com/2019/12/12/5-high-paying-jobs-that-dont-require-a-university-degree/

It was a November to remember, as the battle for survival continues among brands, new ventures, opportunities, investments and the making of a payment giant as Interswitch crosses the $1bn value threshold…

Check out the video recap here:

- YouTube:
https://www.youtube.com/watch?v=9EDgcXeZX-k

- Twitter: https://twitter.com/brandspur_ng/status/1203251525419773954

- Instagram: https://www.instagram.com/tv/B5w6VM7lkYp/?igshid=1mzz3tewk4g6j

Source: https://brandspurng.com/2019/12/07/news-highlights-of-november-2019-video/