Author: rukayat moisemhe

  • LBS launches initiative, promotes best practices in hospitality sector

    LBS launches initiative, promotes best practices in hospitality sector
    Hospitality
    By Rukayat Moisemhe
    Lagos, June 12, 2024 (NAN)The Lagos Business School (LBS) has launched an  initiative geared towards promoting best practices and advancing standardisation within the hospitality sector.
    Dr Belinda Nwosu, faculty member, LBS, on Wednesday in Lagos, via a statement, said the initiative would also enhance innovation and drive customers’ experiences across  Nigeria’s hospitality value chain.
    Nwosu said the LBS had via a retail summit with theme:” Rethinking Standardisation in Hospitality Retail” taken significant steps to foster growth and development within Nigeria’s hospitality industry and across Africa.
    She noted that by addressing challenges facing the industry through the initiative, the LBS reaffirmed its commitment to delivering practical solutions for businesses.
    She urged stakeholders to collaborate by offering solutions to business challenges, providing market research data for informed decision-making, facilitating networking opportunities, and nurturing executive-level talent from Africa.
    “We need creative and adaptive thinking, and with this launch, the Lagos Business School demonstrates a commitment to the hospitality industry in Nigeria first of all and across Africa.
    “Our commitment is to walk with you and together find solutions to your business problems, and as far as discussions go, we have realised that there is a desperate need to raise the profile of engagement for hospitality businesses in our region,” she said.
    Prof. Chris Ogbechie, Dean, LBS, noted the  crucial need for standardisation as today’s businesses strive for competitive advantages through creating exceptional customer experiences.
    He emphasised the need to achieve consistency, quality as well as efficiency across every aspect of the hospitality value chain.
    “Standards play an integral role in fostering loyalty by offering unique service engagements essential not only within retail but also critical for delivering delightful services within hotels or any other type of accommodations that may be available.
    “Being competitive demands organisations’ capability to provide exceptional customer experiences consistently – but how do you scale this? Only through standardisation can you achieve this,” he said.(NAN)(www.nannews.ng)
    ARM/SOA
    Edited by Oluwole Sogunle
  • Sallah: Prices of perishables, others in Lagos markets soar

     

    Survey

    By Rukayat Moisemhe

    Lagos, June 12, 2024 (NAN)As the 2024 Eid Kabir celebrations approach, the prices of perishable and non-perishable food items have soared in major markets in Lagos by over 300 per cent, the News Agency of Nigeria (NAN) reports

     

    A survey conducted by NAN in major markets (Mile 12, Oyingbo, Surulere and Ajah) on Tuesday and Wednesday showed that prices of all food items jumped by almost 400 per cent in some cases within the space of one year.

     

    A 50 kilogramme (kg) basket of tomato, which was sold for N35,000 in 2023 has risen to N100,000 at mile 12 and as high as N120,000 in high brow areas of Lekki and Ajah.

     

    The price of a 50kg bag of Scotch Bonnet popularly known as “rodo” or “atarodo” pepper jumped by over 600 per cent, selling for N120,000 against the previous N18,000.

     

    Similarly, a 50kg basket of bell pepper also called “tatashe” rose to N95,000 from N21,000 while the same quantity of red chilli pepper also known as “bawa or shombo” rose to N110,000 from N22,000 in 2023.

     

    The survey also showed that a 100kg basket of onions is now selling for N70,000, up from N25,000 in the period under review.

     

    NAN also reports the price of a 50 kg bag of local rice which sold for N48,000 last year, currently goes for N65,000 while the same quantity of imported Rice pegged at N55,000 in 2023 is being sold between N80,000 and N90,000 depending on purchasing power.

     

    Also, prices of animals used to celebrate the festival such as rams, cows and goats have soared astronomically.

     

    A medium-sized ram ranged from N350,000 to as high as N700,000, a cow ranged from N800,000 to N1,000,000 and a goat from N75,000 to N120,000 depending on bargaining strength.

     

    Eggs and chickens have also jumped as a crate of egg which was N1,800 in 2023 was now N4,500 as at Tuesday and chicken of N8,000 now goes for N12,000 of old layers and N15, 000 for broilers.

     

    Mr Femi Odusanya, Spokesperson for Mile 12 International Market, Lagos, attributed the increasing prices in food commodities to high levels of insecurity for farmers.

     

    According to him, farmers are no more farming because of banditry, kidnapping and wanton killing on farmlands across the country.

     

    Odusanya added that the high cost of transportation also contributed greatly to the inflation currently being experienced on food items.

     

    He said that the government at all levels would need to subsidise the entire agricultural value chain and provide adequate security to encourage more people to go into farming.

     

    “The state government’s contributions to agriculture are abysmal and there should henceforth be competition in the area of comparative advantages at the state level.

     

    “We have arable lands in all the states but the governors must do much more in the area of agriculture and reduce reliance on the largesse from the Federation Account Allocation Committee (FAAC).

     

    “You can count on your fingers the number of large-scale mechanised farmers we have in the country as it is in the developed climes.

     

    “Furthermore, to make agriculture attractive, we need to take the issue of value addition seriously by supporting local processing,” he said.

     

    Meanwhile, a cross-section of Nigerians have continued to bemoan the country’s current inflationary pressures and are seeking interventions from governments at all levels to mitigate its impacts on ordinary citizens.

     

    Dr Fatai Akomolafe, a nutritionist, stated that pockets of malnutrition incidences were beginning to crop up in different parts of the country.

     

    Akomolafe noted that when citizens were not able to afford a basic meal consisting of critical nutrients, different forms of sicknesses and diseases were bound to attack the body.

     

    “Ordinary egg, which is supposed to be one of the cheapest sources of protein, is now almost N200. You cannot even imagine the price of soya beans, beans and other sources of proteins such as beef and chicken.

     

    “When vegetables, proteins, and carbohydrates become luxury for the common man, then sickness becomes the norm and with the japa syndrome the country is currently facing, we do not have enough doctors to address sicknesses that plague people as a result of malnutrition.

     

    “The time for local, state and Federal governments to find means of getting critical food components to the needy is now to reduce the mortality staring us in the face,” he said.

     

    Mrs Charity Ephraims, a businesswoman, stressed that the number of begging Nigerians on and off the streets had increased in the last one year.

     

    “Whether on suit or in rags, people begging to eat, begging to be transported, begging to buy drugs, have increased. One is even afraid to pick calls these days, particularly from home, because the needs are overwhelming.

     

    “It has also become very fearful to go to the market these days because the price you met last Saturday is definitely different from what one would see this coming Saturday.

     

    “I wonder how those with high blood pressure are coping. May we not have incidences of people collapsing in markets once they hear the price of an item.

     

    “We beg government to do whatever can be done to reduce the price of food as it is only a person who has eaten that is strong enough to be productive and contribute their quota to the nation’s Gross Domestic Product (GDP), she said.

     

    Alhaji Bala Tanko, a pepper trader, revealed that even as a seller, he could not afford to consume what he was selling at the price it was currently being sold at.

     

    He urged the government to deploy more security surveillance to farm areas, particularly in the middle belt and the north, to match the forces of bandits and encourage farmers to return to feeding the nation.

     

    Tanko also appealed for subsidised transportation systems and reduced levies to aid transportation of food components across the country until prices become reasonably lowered.(NAN)(www.nannews.ng)

    ARM/AWA

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    Edited by Olawunmi Ashafa

  • Tolaram to acquire 58.02% diageo’s shareholding in Guinness Nigeria

    Acquisition

    By Rukayat Moisemhe

    Lagos, June 11, 2024 (NAN) Diageo’s 58.02 per cent shareholding in Guinness Nigeria Plc is to be acquired by Tolaram Africa, following an agreement signed on June 11.

    Mrs Omobola Johnson, Board Chairman, Guinness Nigeria, disclosed this in a statement signed by Mrs Eniola Alli-Faweya, the Head of Corporate Communications, on Tuesday in Lagos.

    According to Johnson, Tolaram has entered a long-term license and royalty agreements for continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.

    She said that the transaction was expected to be completed during the fiscal year 2025, subject to obtaining the requisite regulatory approvals in Nigeria.

    Johnson stated that following the completion of the transaction, Guinness Nigeria would remain listed on the Nigerian Stock Exchange Ltd.

    She added that subject to regulatory approvals, Tolaram intends to launch a mandatory takeover offer in compliance with local law requirements.

    “Today’s announcement represents a significant opportunity for the next phase of growth for Guinness Nigeria.

    “This partnership brings together Tolaram’s deep expertise in manufacturing and distribution, and Diageo’s exceptional capabilities in brand building and innovation.

    “I believe this is a winning combination which leaves Guinness Nigeria extremely well placed to drive further growth in this market,” she said.

    Adebayo Alli, Managing Director, Guinness Nigeria, said the announcement marked an exciting moment for Guinness Nigeria, its employees and customers.

    Alli expressed readiness to work alongside Tolaram, which was described as one of the largest and most respected consumer goods companies in Africa.

    “I am pleased to note Tolaram’s alignment with Guinness Nigeria’s values and its strong commitment to build an enduring and sustainable business,” Alli said.

    Haresh Aswani, Managing Director, Tolaram Africa, said the group was thrilled to welcome Guinness Nigeria, a company with rich legacy and strong consumer loyalty into its ecosystem.

    Aswani said the strategic move would expand the company’s significant footprint in the Nigerian market and presented an opportunity to leverage their combined strengths to foster innovation and deliver immense value to customers and shareholders.

    The News Agency of Nigeria (NAN) reports that Tolaram is one of the largest consumer packaged goods companies on the continent.(NAN)(www.nannews.ng)

    ARM/BEN/AWA

    Edited by Benson Ezugwu/Olawunmi Ashafa

  • SMEDAN, Sterling Bank unveil N5bn loan for small businesses

     

    Funding

    By Rukayat Moisemhe

    Lagos, June 10, 2024 (NAN) The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with Sterling Bank Ltd., on Monday, unveiled five billion naira initiative-Databanc loan to address financial gaps for small businesses.
    The News Agency of Nigeria (NAN) reports that the initiative was launched in Lagos with the theme: “Building with Data: Promoting Economic Growth through Data Driven Insights.”
    NAN reports that Databanc is a five billion single digit loan to engender easier access to funds by Nano, Micro, Small and Medium Enterprises ( NMSMEs).
    Mr Bunmi Kole-Dawodu, the Lagos State Manager, SMEDAN, said the funding tool would be geared towards providing local and tailored made support for business at the smallest levels.
    Kole-Dawodu added that the funding tool would provide access to markets and all factors to drive entrepreneurship.
    He said the initiative would aid Nigeria’s export potential and provide accurate data information about nano enterprises to drive their growth and sustainability.
    Kole-Dawodu noted that Micro, Small and Medium Enterprises (SMEs) had hitherto complained about not having easy access to financial interventions.
    “Now this platform would provide accurate data on nano, micro and small businesses in Nigeria while facilitating the requisite business support for these businesses.
    “It is important to have the support of business membership organisations to help encourage members to go on the platform and register to foster data driven insights,” he said.
    Kole-Dawodu restated SMEDAN’s commitment to the development of small businesses across the country and urged SMEs to trust in the agency for all round support.
    He pledged to collaborate with partners, stakeholders and business organisations to further advance the cause of small businesses in the country.
    The Director General, SMEDAN, Mr Charles Odii, said that data was critical to the agency to help it make more informed economic decisions to build small businesses ecosystem.
    Odii said the agency as the vanguard for livelihood enhancement would continue to bridge the gap between the government and small businesses.
    “One thing we have observed is that businesses are not responding or taking advantage of the various interventions out there for them.
    “Databanc as a platform would help build products’ knowledge about small businesses and it is very important for entrepreneurs to be aware of this to help grow their businesses,” he said.
    Mrs Bolanle Tyson, Head, SME Products, Sterling Bank Ltd., said Databanc was a five billion single digit loan to engender easier access to funds by nano and micro businesses.
    Tyson said the Databanc, a formalised portal to access funding without human interface for businesses with tax identification number, registered with the Corporate Affairs Commission, provided funding from N250,000 to N2,500,000 for one year.
    She said that with the “SMEDAN Databanc Platform,” NMSMEs would be appropriately captured with unique identifiers for business data integrity.
    “The platform has a unique promoter ID, unique business ID generated for each business owner with seamless onboarding experience to provide exclusive business development and support initiatives generated through SMEDAN.
    “It makes it easier to track businesses and provide creative solutions to foster business growth and sustainability by unlocking businesses’ potential with the SMEDAN N5bn loan program for success,” she said.(NAN)(www.nannews.ng)
    ARM/JNC
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    Edited by Chinyere Joel-Nwokeoma

  •  Minister to create local content law to boost indigenous manufacturing

    Local content
    By Rukayat Moisemhe

    Lagos, June 7, 2024 (NAN)
    The Minister of Power, Adedayo Adelabu, says the ministry is working on new local content legislation aimed at supporting indigenous manufacturers within the power sector ecosystem.

    Adelabu made this known during a facility tour of Coleman Wires and Cables on Friday in Arepo area, Ogun.

    He said the tour was for the Federal Government to better understand the capacities of stakeholders across the power value chain and support the patronage and sustainability of the sector.

    The minister stated the government’s readiness to improve and develop local content manufacturing to drive import substitution, make them champions and engender global competitiveness.

    “It is important to commend the resilience and capabilities of manufacturers in the country.

    “The magnitude of import dependence is huge and those that have supported government’s efforts at import substitution must be acknowledged.

    “Government’s ultimate target is 100 per cent import substitution to drive productive manufacturing, reduce pressure on foreign exchange and make Naira stronger.

    “What coleman is doing is in line with the objectives of the Federal Government on manufacturing and ending the importation cycle and we are ready to support such activities,” he said.

    In his remarks, Managing Director, Coleman Wires and Cables, Mr George Onafowokan, said that with the right support and incentives for local content utilisation, Nigeria would be well positioned as a processing country, creating more jobs and being sustainable.

    Onafowokan noted that the company had proven that Made in Nigerian goods and services could cater to local and export needs and match up to international standards and global competition.

     

    Coleman Technical Industries Ltd., manufacturers of Coleman Wires and Cables, largest cable company in sub-Saharan Africa.

     

    He, however, stressed the need for the federal government to localise solutions to power transmission by developing the capacities of indigenous manufacturers and creating a more enabling incentivised business environment.

    “In the drive for solutions to power transmission in the country, there must be a move that is seen from a local perspective, deliberately pushing for local industries to grow.

    “Nigeria can be a processing country with the volumes of population we have, but it is important to have that much needed balance between fiscal and monetary policies to address foreign exchange volatility and create an enabling environment.

    “Enablers for transition to a processing country must allow import of raw materials easily and export of finished products easily and focus on value addition for every sector to grow.

    “We must also push domestic direct investment, incentivise them and address counterfeiting to drive Nigeria’s non-oil exports.

    “At Coleman, we are working with the Standards Organisation of Nigeria (SON) to drive the identification process on each product to address counterfeiting,” he said.

    To address the skill gaps observed in technical manufacturing, Onafowokan called for a review of the tertiary institution curriculum to accommodate intense practicality on automation and machinery engineering to enhance production.(NAN)(www.nannews.ng)

    ARM/AWA

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    Edited by Olawunmi Ashafa

  • Medical expert harps on balancing leadership, wellness

    Medical expert harps on balancing leadership, wellness
    Well-being
    By Rukayat Moisemhe
    Lagos, June 6, 2024 (NAN) The Managing Director of Iwosan Wellness Centre, Dr Oluwatomi Kogo, has urged Nigerian leaders not to neglect their health while pursuing innovation, strategy and governance.
    Kogo gave the advice at a dinner organised by the Chartered Institute of Directors (CIOD) with the theme: “Leadership and Wellness: Balancing Success and Wellbeing”.
    The event held on Thursday in Lagos.
    She said that, in the average, Nigeria was about 20 years below global life expectancy at 53.9 years against the global rate of 73.4 years.
    The medical director said that the single largest percentage of death in Nigeria was from non-communicable diseases such as heart attacks, stroke, diabetes, cancer and other cardiovascular diseases.
    She said that the percentage of death was 74.
    Kogo said that some of the common causes of  non communicable diseases were smoking, sedentary lifestyle, poor nutrition, obesity, stress and harmful use of alcohol.
    “We are contributing to the rise in non-communicable diseases by generally being reactivity instead of proactivity, and taking the easy way out, of popping pills, instead of lifestyle modification,” she said.
    She listed other contributing factors to include preference for animal-based nutrition, sedentary lifestyle, fast meals because of work pressure, and belief that the fat child is the one ‘enjoying life’.
    “Leaders and directors are busy juggling
    multiple demanding responsibilities and ending up neglecting personal well-being
    “They sacrifice sleep, exercise and quality time with loved ones which is very important for wellness.
    “The way forward is to adopt a good plant-based nutrition, reduce animal protein consumption to once or twice a week, get enough rest and restorative sleep, exercise, spend quality time with loved ones, and have a good mindset on your journey to extreme health,” she said.
    In his remarks, Alhaji Tijjani Borodo, President of CIoD, said that the event’s theme reflected a crucial shift in the country’s corporate landscape.
    According to him, gone are the days when relentless pursuit of results overshadowed the well-being of leaders and their teams.
    “True success hinges on a balanced approach, where strong leadership fuels growth while prioritising the health and happiness of those driving it.
    “As directors, we are often at the forefront of innovation, strategy and governance.
    “Yet, amidst these responsibilities, it is easy to overlook the importance of our health and well-being.
    “This evening, we aim to explore how we can harmonise these aspects to lead more effectively and sustainably,” he said. (NAN)(www.nannews.ng)
    ARM/IGO
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    Edited by Ijeoma Popoola
  • Reviving Nigeria’s textile industry: Current state, future goals 

    By Rukayat Moisemhe,  News Agency of Nigeria (NAN)
    The textile industry stands out as a potential catalyst for economic resurgence.
    Once vibrant, the industry now languishes, facing stiff competition from imported fabrics and struggling to regain its former glory.
    Historically, Nigeria boasted a thriving textile sector, with numerous mills spread across the country.
    However, today, many of these establishments are mere shadows of their former selves, grappling with economic downturns and infrastructural deficiencies.
    The decline of these industries has had far-reaching consequences, including mass unemployment and a heavy reliance on imported textiles.
    The consequences of this decline are palpable. Once cherished fabrics like Abada Aba, Isiagwu, Adire, and Aso-Oke are being overshadowed by imported alternatives.
    Mrs Lilian Ekpedeme, Founder, Colours of El, a fashion outfit, told NAN that the majority of her customers’ preference favoured indigenous fabrics.
    Ekpedeme noted that with a bold fashion statement by the entertainment industry, the fusion of Ankara and Adire, among others, notable prints are finding their way back into the Nigerian market.
    According to her, Nigerian brides will promote locally made fabrics to showcase their tribe, culture and beauty on their wedding day if given the chance, to become Nigeria’s cultural ambassadors with local fabrics.
    Mr Funsho Bailey, a home design enthusiast, said the adoption of locally manufactured textiles and prints such as brocade, Adire, and others can be utilised for curtains, window blind patterns, and other household decorations depending on users’ preferences.
    However, to stem the tide, as enumerated in the Bola Tinubu administration’s  ‘Renewed Hope Agenda’ for a re-birth of the industry and revitalisation, the Federal Government through the Bank of Industry (BoI) provided a N100 billion loan at four to six per cent interest rate to at the sector.
    This is in addition to the 3.5 billion dollar investment to the textile sector for the performance optimisation of the garments and apparel industry, according to Dr Doris Uzoka-Anite, Minister of Industry, Trade and Investment.
    However, Mr Ilyasu Saleh, Chairman of the Textile, Garments and Leather Sectoral Group at the Manufacturing Association of Nigeria (MAN),  said that in spite of the disbursement of loans by the Bank of Industry (BOI) to various stakeholders in the sector, numerous fiscal obstacles have hindered the industry’s recovery.
    Saleh noted that factors such as deteriorating infrastructure, insufficient energy supply, unpredictable fiscal and trade policies, reliance on imports, procurement difficulties, counterfeiting, lack of technical expertise, and a preference for imported goods by Nigerians have contributed to the sector’s decline.
    Saleh also said that the
     non-compliance of government agencies with Executive Order 003, which mandates the prioritisation of locally made goods and services in procurements, had further hampered the industry’s growth prospects.
    He emphasised the need for ongoing economic reforms to address Nigeria’s unique economic challenges, which had affected the textile sector’s struggles and undermined its competitiveness both domestically and globally.
    Saleh recommended that economic reforms should be implemented gradually and carefully monitored to prevent adverse effects on industrialisation.
    To revitalise the textile and garment industry, Saleh proposed several measures, including the full enforcement of Executive Order 003 to reduce excess inventory, addressing policy inconsistencies to provide investors with more certainty.
    Others, according to him, include the restructuring loan repayments by BoI for a more sustainable refund system, and revitalising the Ajaokuta steel complex to promote local manufacturing and reduce reliance on imported machinery and equipment.
    The Director-General, MAN, Mr Segun Ajayi-Kadir, disclosed that the textile, apparel and footwear sectoral group of the association in the first quarter of 2024 showed some unfavourable economic indices.
    He noted that the sector recorded a -15.83 per cent capacity utilisation, -15.16 per cent in volume of production, -6.28 per cent in investment, – 9.43 per cent in employment and -10.26 in sales volume.
    He added that reports from players in the textile sector revealed a 15.32 per cent increase in production and distribution costs and a 15.76 per cent increase in shipment costs.
    Ajayi-Kadir, however, stated that general manufacturing performance was beginning to gain moderate traction evidenced by the improvement in aggregate index score to 53.5 per cent from the 51.8 per cent recorded in the fourth quarter of 2023, indicating resilience.
    To bring home his arguments, Ajayi-Kadir recommended the setting of Key Performance Indicators for Nigerian diplomats and High Commissions aimed at doubling the country’s export value through effective marketing of Made-in-Nigeria goods.
    He also suggested a directive to the Nigeria Customs Service (NCS) to upload approved items of Chapter 99 on its platform and mobilisation of its services and other agencies,  among other recommendations.
    Others include the enactment of a law for the establishment of the Nigeria Office for Trade Development, review of foreign exchange rate for import duty assessment for production inputs and implementation of the recommendations of the Presidential Fiscal Policy and Tax Reforms Committee (NAN Features)
    Edited by Olawunmi Ashafa
    ***If used, please credit NAN and the writer ****