Vicampro is leading the way to change the face of agriculture in Nigeria and Africa. The first indigenous fully mechanized potato farm hope to motivate young people to embrace agriculture
STRATEGIZING FOR SALE SUCCESS
HAVE A TARGET MARKET: in business today, competition is high. This is why it is necessary to have a target market. This will increase your effectiveness in marketing and improve your sales potentials. Give your audience a sense of awareness and let it be obvious you want to do business with them.
ATTRACT YOUR AUDIENCE: after identifying your target market, it is crucial you make them know you want to do business with them. Attracting and connecting with your audience is key in marketing and sales. Identify what is important to your audience and create valuable products around it.
LEVERAGE ON TECHNOLOGY: it is no news that there is an ‘e’ to every business today. Leveraging on the internet and social media could still be the best opportunity for any entrepreneur out there. Don’t hesitate to spread the message about your business on different platforms and put efforts into creating content around your product.
BE COMFORTABLE WITH REACHING OUT: atimes, people have an idea of what they want or what they think is good for them, you cannot always impose your products on people. Don’t be scared to reach out to people, find out what they want and find a way to meet needs if possible.
DONT BE SHY TO WALK AWAY: it is not possible to meet everyone’s demand, not every potential customer is a perfect fit for your sales. Its okay to accept that and its okay to let a customer you cannot satisfy walk away. Know when to cut an unrewarding potential loose and not to feel bad about it.
Marketing is the prerequisite for sales, without sales there won’t be a business, without a business you cannot be an entrepreneur. Practical strategies must go into marketing and sales without which there is no hope for success in business.
Nigeria plans to revive the sugar industry
This month on Economic Lifelines Nigeria we look at Nigeria's Sugar Master Plan, an initiative aimed at reviving the sugar industry and a key component of the government's Industrial Revolution Plan.
Nigeria imports $18m tooth picks yearly –Minister
Wednesday, September 28, 2016
The Federal Government yesterday
bemoaned Nigeria's over dependence on imports for its daily needs including
food items.
Minister of Agriculture and Rural
Development, Chief Audu Ogbeh said it was ridiculous that the country spends
over $18m annually on importation of tooth picks.
Asked how he arrived at the figure, he
said it was from a recent Central Bank of Nigeria (CBN) report, stressing that
it was pathetic that Nigeria was spending its hard earned resources on
non-essential items. The Minister reeled out some scary statistics on the
nation's food import situation for example; where over 7 million tons of rice
consumed annually in the country were imported from Thailand, India and
Vietnam.
Ogbeh said: "We depended on
Thailand, India and Vietnam to feed us with rice, we depend on other countries
to feed us with tomato paste; we depend on others even for tooth picks at the
cost of 18 million dollars per annum. We depend on Brazil for sugar; and we
also depend even now on other countries for pepper and so on. We import
5million eggs per a day from South Africa. We bring sliced potatoes from South
Africa. We spend $600 hundred million in importing fish a year. There's no reason
why we can't grow our fish here.
"We bring in milk and milk
products to the tune of $1 billion dollars per annum because our cows don't
yield enough milk. One litre per a day and the meat you eat is as good as
plastic because the cows walk too much. To walk from Maidugiri to Lagos is a
bit of excessive exercise and when we spoke of special grasses to feed the
cows, we got all the abuse in the world on the internet because those who don't
know about the subjects got involved."
While he said the Buhari government was
making efforts to reverse the trend, the Minister regretted that the country
lacked enough machinery for food processing."
"We don't have enough rice mills
even now that rice paddy is increasing in large volumes. We are behind schedule
in our capacity to mill our rice. We don't have enough mills to produce enough
cassava starch for the upcoming textile industry," he lamented.
Early History of Cash Crop Agriculture in Africa 1880- 1930
Prior to colonialism, food production in Africa was in the hands of African farmers who grew crops mainly for food production. Many explorers to Africa were more focused on acquiring and shipping raw materials to the western world and considered this the most efficient use of their resources. Over time this way of conducting business became expensive and they sought to diversify ways to increase their profits. More often than not, private companies such as the Royal Niger Company, Imperial British East Africa Company, and British South Africa Company incurred high costs in trying to set up a new administration that would protect their interests. These new administrations often introduced tax systems and laws that forced local farmers to grow crops they could openly sell on the local market in order to pay their taxes. This led to the introduction of cash crop agriculture in many parts of Africa.
7 TRAITS OF SUCCESSFUL PEOPLE
There are so many
traits and theories adopted by successful people over the year that has helped
them get to where they are. Different behaviours and mind-sets that people have
cultivated over the years and which have helped them to achieve success in many
fronts.
INQUISITIVE: successful
people are mostly inquisitive people. They are not afraid to ask questions.
They do not hesitate to challenge conventional wisdom. They do this is the most
polite and considerate ways possible. They consider options, they think of
alternatives. They are not scared to voice their thoughts and ideas.
PASSION: there is
hardly success without passion. To be successful, you have to be passionate
about whatever it is you do. This doesn’t mean they are not open to objections
or criticism. Their passion drives them to do better and get better.
GREAT THINKERS:
successful people are great thinkers. No
matter how high your IQ is, you’re not going to be successful if you can’t
think outside of the proverbial box. On the other hand, you need rational
thinking skills to correctly judge whether your ideas have merit. Therefore the
ability to think critically is necessary.
ENERGETIC YET CALM:
successful people are mostly strong and energetic people. They are goal getters
and they know how to put their strength in the right directions. They know how
to stay energetic and focus and how to avoid being unnecessarily hyperactive.
AMBIVERTS: they know
how to balance being an introvert and extrovert. They know when to listen and
when to talk. They have the crucial understanding of exhibiting the right
attitude at the right time.
SMARTNESS: it is normal
to expect that smartness is a crucial trait for success. Successful people are
not limited by what they see or what people tell them is possible. They are
intelligent and they are capable of seeing things everyone around them isn’t
seeing yet.
WORK LIFE BALANCE:
successful people know what makes them happy and what is important to them.
They know how to balance work and life. They don’t hesitate to do what makes
them happy and still find a way to balance this with achieving success at work.
Adopting the following
attitudes and traits can help you improve the quality of your life and the way
to reason and see things generally. They are attributes that can gear a
brilliant mind to success.
Growing More Food: West African Agriculture Shows the Way
The West Africa Agricultural Productivity Program (WAAPP) works with farmers, agribusinesses and researchers across 13 West African countries to develop and distribute agriculture innovations and build a sustainable food system for the region
PZWilmar, NIFOR sign MoU on oil palm research
Tuesday, September 27,
2016
THE Nigerian Institute
for Oil Palm Research, NIFOR, and PZWilmar have signed a Memorandum of
Understanding, MoU, towards the country's self-sufficiency in oil palm
production in Abuja.
The MoU, signed by the
Minister of Agriculture and Rural Development, Chief Audu Ogbe, and Chairman,
PZ Cussons Nigeria Plc, Chief Kola Jamodu, for and on behalf of the two
institutions, covers capacity building and knowledge sharing for the research
institute.
According to the MoU,
the collaboration will devote attention to developing Nigerian climate-specific
high yield variety through joint development of early maturing, high yielding,
drought-tolerant and disease-resistant hybrids.
The scope also includes
study visit by NIFOR on biotechnology approach to elite oil palm planting
material development in Wilmar facilities in Asia.
The exchange of visit
will also explore end-uses of palm oil and palm kernel oil through isolation of
nutraceuticals from palm oil and bio-energy development from waste products.
SOURCE: VANGUARD
7 THINGS PREVENTING YOU FROM BEING A MILLIONAIRE
When you talk about
millions, some people have wild imaginations. They believe it is unachievable.
Whereas, some other people count millions daily, not because they are
extraordinarily brilliant or because they have something you do not possess.
You can hit your first million too, and many more if you can just think outside
the box. It is very possible for you never to go broke again after you hit your
first million. It all depends on how you choose to take control of your
finances. If you want to grow wealthier, you must learn to think above the
average person.
THE WAY YOU THINK: this
is the number one setback most people have in life. They don’t believe in
themselves, they don’t believe they can make it beyond certain point, they don’t
believe they are good enough. If you belong to this category of people, you are
likely never to achieve beyond the average. You are not more than the goals you
set for yourself. Your reasoning is the first thing that can catapult you to
where you need to be. If you want to be successful, change the way you think.
OBSESSION WITH
PERFECTION: this is another huge hindrance to success. You have to accept that
nothing in life is perfect. The time you waste trying to perfect the things you
do is the time you need to make your money. Time wasters always arrive late.
Get into action and do what you have to do to make what you want to make.
LIVING IN LUXURY: most
people that are addicted to luxury never get enough to sustain their lifestyle.
You would admit that the wealthiest people in the world are modest people. Mark
Zukerberg, the CEO of Facebook flew to Nigeria in a T-shirt, so many broke
people walk about in items they cannot afford. This is why they keep getting
poorer and modest people keep getting richer. They do not waste their money on
ventures that do not bring in more money.
SETTING UNREALISTIC
GOALS: While the wealthy definitely dream big, they also set realistic
expectations. They’re well aware that they’re not going to become millionaires
overnight. It takes a lot of hard work and patience to achieve their goals.
Consider possibilities when setting goals, don’t build your castle in the air.
DOING WHAT OTHERS ARE
DOING: its easy to think of trendy ventures or the business in vogue, yet this
might not be what is going to work for you. Define yourself, know what you are
passionate about, know what works for you and set your own goals. It doesn’t
necessarily have to be something that works for someone else. Just make sure
you stay true to yourself.
WRONG ASSOCIATIONS: you
are as inclined as the people you choose to associate yourself with. When you
roll with redundant people, you are likely never to be exceptional. Associating
yourself with the kind of people that would help your understanding and open
your eyes to the ideas of possibilities is the best approach to becoming
exceptional.
THINKING YOU CAN DO IT ALL: it’s
impossible to do everything on your own. Let’s say that you just launched a
startup. You need to hire talented individuals who enhance your strengths and
pick up the slack in your weaker areas. Know how to source and delegate
task for people. This is the best way to grow and make good money in no time.
The only thing holding
you back from your success and millions is you and your reasoning.
Talk Africa: Agricultural transformation in Africa
As countries across Sub-Saharan Africa grapple with the challenges of sustaining high levels of economic growth, plunging commo
dity prices, and the effects of climate change, revitalizing agriculture must become a priority on the continent. Africa is home to nearly half of the world’s arable land, and farming provides up to 60 percent of all jobs on the continent. But experts predict that food production in Sub-Saharan Africa needs to increase by 60 percent over the next decade to feed a bulging population.
So how can the continent capitalize on one of its biggest assets? And what steps are needed to transform Africa’s agriculture?
dity prices, and the effects of climate change, revitalizing agriculture must become a priority on the continent. Africa is home to nearly half of the world’s arable land, and farming provides up to 60 percent of all jobs on the continent. But experts predict that food production in Sub-Saharan Africa needs to increase by 60 percent over the next decade to feed a bulging population.
So how can the continent capitalize on one of its biggest assets? And what steps are needed to transform Africa’s agriculture?
7 HINDRANCES BETWEEN YOU AND SUCCESS
People get paranoid and
confused when it comes to achieving their desires in life. Be it business,
career or life goals, there are several hindrances that hold people back from
achieving what they so desire, even atimes what they are already aiming for.
Here are few roadblocks
between you and your success. They are more of mental holdbacks which could
keep you redundant for years if you don’t work past them.
OVERTHINKING: many
people take too long to think and consider the next step to take that they
eventually end up not doing it well enough or even at the right time.
Procrastination is a dream killer. Successful people are go getters.
DOUBTING: many people
self impose fears and doubts in their minds. They keep giving themselves
reasons why they can’t do it or why they are not good enough. It’s important to
believe in yourself. Successful people are fearless people, well at least they
do well in hiding their fears.
FUTURE FAILURES: just
because someone failed at something doesn’t make them a failure in life. Don’t
let failure at something tag you a failure in life. Don’t foresee disasters
that will keep you from trying. Successful people are persistent people.
DATALESS DECISIONS:
Like my boss would say, if it’s not making sense on papers, it wouldn’t make
sense in reality. Pick up a sheet and do the maths, don’t make dataless
decisions, it’s okay to take risk but take calculated risk, don’t go in blind.
Success people are factual people
DISTRACTIONS: a distracted
mind can never attain the best they can do. It is important to find clarity,
compartmentalizing is crucial to avoid mix up or distractions. Focusing fully
at every point in time is a major requirement for success. Spend different
times figuring out different things. Do a thing at a time. Successful people
are focused people.
COMPLICATIONS: so many
people complicate things for themselves. They put too many things on their
plate at a time. This is quite similar
to being distracted. Complicating the situation will get you nowhere. Clarity
is key if you are going to do well. Successful people are simple people.
OVERCONFIDENCE: this
unlike the others is a tricky and not straightforward hindrance. It’s even
sometimes hard to identify that you have this mental situation yet they keep
you from achieving goals you can easily achieve. Don’t give in to motivational
manipulation. Stay motivated but not arrogant. Successful people are mostly
humble people.
Your mind cannot be
fully controlled but you can do everything possible to stay optimistic and
positive. What you think of yourself is basically what you are.
13 Small Business Ideas with Small Capital
Here are 13 business ideas you can start with little capital and grow into something huge eventually.
Lagos State Govt signs agreement for women entrepreneurs to access $300m AfDB fund
Tuesday, September 27,
2016
The
Lagos State Government says it has signed a partnership agreement with an NGO
-the African Women Innovation and Entrepreneurship Forum (AWIEF) - to access
the 300 million dollar African Development Bank (AfDB) Affirmative Finance
Action for Women in Africa.
According
to the Commissioner for Economic Planning and Budget, Mr Akinyemi Ashade, the
government will nominate qualified candidates from among the over two million
businesswomen in the state to access the fund.
Ashade,
who spoke shortly after signing the agreement in Ikeja, on Tuesday expressed
optimism that the partnership would relieve female entrepreneurs in the state
of the stress associated with accessing finance for their businesses.
"The
State Government will nominate qualified candidates from among the over two
million businesswomen, while the NGO will provide training in the areas of
technology transfer and business coaching."
Interested
women, he said, would be encouraged to form cooperative societies for easy
disbursement and monitoring of the funds.
He
noted that accessing the fund would attract foreign investment into the country
and also boost the economy through increased Gross Domestic Product especially
during the current recession.
The
founder of the NGO, Mrs Irene Ochem, said women in all the business sectors,
especially the medium and small businesses were eligible to apply.
Ochem
identified lack of access to funds as a major hindrance to the growth of
businesses run by women entrepreneurs.
She
thanked the state government for its commitment to the course of women in the
state.
"Zambia
has already accessed the AfDB fund to empower women."
AWIEF,
is a Pan-Africa initiative which has the goal of ensuring entrepreneurial
capacity building, business skills as well as to facilitating access to finance
among others.
5 BUSINESS MISTAKES TO AVOID
Many
people are in business but things doesn’t seem to be going rightly for them,
they keep wondering why but hardly do they ever figure things out on time.
There are so many common avoidable mistakes that people make while they run
their business. Recognising that something is wrong is the first approach to
getting a solution to the problem. Your approach to business and how you choose
present yourself is key in business. As a business owner, your customers are
the most important factor for business success. Strategizing and figuring out
the right ways to reach out to your potential customers is the most efficient
way to do business. Here are some mistakes business owners make.
SPENDING
TOO MUCH ON ADVERTS: advert is key in business yet many people make the mistake
of paying too much on advert that they hardly even break even after covering
expenses. The trick for start up is getting to know each customers need and
trying to satisfy them. Referrals are more valuable than paid adverts for
business start ups.
NEGLECTING
YOUR TARGET MARKET: for any business, there is a target market. For a baby
wears business, nursing mothers could be your target market. For the sales of
stationary, offices and schools are your target market. The inability to
identify your target customers and go in their direction is a mistake many
businesses make.
THINKING
YOU CAN DO IT ALL: it’s alright to think you are smart, infact it is essential
to be smart but never assume you can do it all. Don’t hesitate to seek the help
of experts in any area in which you need help. If you need the service of a
lawyer, get one, if it’s that of a broker, get one. Don’t accept every
responsibility when setting out.
ABUSING
SOCIAL MEDIA: everyone knows social media is a platform to brand yourself and
create awareness about your business, this doesn’t mean that there is no limit
to what you do on social platforms. When you have too much to say and broadcast
on social media, your contents might get thrashed and no longer effective.
Avoid misusing your social media if you want to be taken important.
EXPECTING
RESULTS IN A HASTE: as a business owner, especially as a starter, it’s
convenient to want to get results in a day. It might seem like efforts are
taking forever to yield results, it is important to stay patient and know
waiting doesn’t kill.
Avoiding the above
mistakes as negligible as they seem may improve your business and make you
successful in no time
Potential, but no momentum, for Nigeria's dairy industry
Some economists believe that Nigeria's dairy industry has the potential to be a major source of jobs and revenue for the country. Dairy farmers, however, say the government isn't doing enough to develop the industry. Farmers complain of facing major problems getting their products to the market.
4 WAYS TO SURVIVE YOUR START UP YEAR
People love the idea of
business, almost everyone thinks there is an entrepreneurial skill in them,
which they feel is enough to gear them up to success. This ofcourse, isn’t
always the reality when people come into business. They discover business goes
beyond the capabilities of their skills and what they think they know. Here are
four strategies to survive your start up years.
CUSTOMERS ARE KEY: this
is the basis on which any business should be built on. Without customers, there
is no business. You need your customers, they pay the bills, you need them to
keep coming back, and they sustain the business. Without the customers, your
business is as good as dead. Build your customers right, they are key to your
business’ survival.
SALES ABILITY: mastering
the art of sales is a must for a start up. Your art of sales reflects in your
business performance. If you can’t strategise and understand how to target your
audience and make them pay for your product or service, you might never be able
to do business successfully.
CONTROL YOUR SPENDING:
your start up year is the year to be frugal. Control the way you spend and
don’t invest on irrelevant items when you are still waiting for your business
to pick up. If you are not a disciplined spender, you might not be able to do
business successfully.
KEEP RECORDS: as a
start up business, its easy to get too busy fixing things up. It is even very
possible to think you are too small to start keeping a record but this is not
true. Keep a record of every purchase and every sale, measure your metrics and
be certain to consider better options for the metrics that are not efficient
enough.
Starting up is
challenging but it is possible to overcome the challenges of a start up if you consider
the above points.
Nigeria explores alternative sources of revenue
Nigeria Going Beyond Oil brings you efforts by the Nigerian government to explore alternative sources of revenue as it looks to de-emphasise its reliance on oil.
Honeywell Flourmills grows total asset by 12% despite recession
Monday, September 26,
2016
HONEYWELL Flour Mills
Plc, a market leader in the Nigerian foods industry, has defied the tough
operating environment to record a four per cent revenue growth and total assets
of growth of 12 per cent from N67.94 billion reported in 2015 to N76.05 billion.
Asset growth in the
review period was largely determined by the company’s capacity expansion
projects.
During the year under
review, the company recorded a loss for the first time in its 20-year history,
amounting to N2.87 billion before taxes. This situation was driven by adverse
effects of forex fluctuations which impacted input costs.
Besides, the company
has also embarked upon several strategic initiatives to grow revenues and
reduce costs. A key revenue growth strategy, according to the company, is
anchored on backward integration that will result in the production of more
products from locally grown crops.
According to a
statement by the company shortly after its Annual General Meeting in Lagos on
Tuesday, it stated that “the new state-of-the-art, multi-billion Naira
facilities in our foods and agro-allied industrial complex in Sagamu, Ogun
State, nearing completion, will go a long way in supporting us to actualise our
backward integration plans.”
The company will also
continue to invest in new product research and development to enable the
production of more varieties of food products for its teeming consumers.
Speaking during the
seventh AGM, the Chairman of the company, Dr Oba Otudeko CFR, while reviewing
the macroeconomic and operating environment said: “There were series of
challenging factors that led to increased uncertainty and rising cost pressures
in the Nigerian economy.”
He went further to
state that “Consumer spending progressively dropped throughout the operating
period under review. Prices of most consumer goods rose sharply in response to
higher input costs. In our case, we have only taken modest price increases to
ensure our brands remain affordable and to sustain food security.”
He, however, reassured
all that the board and management team of the company are determined to do
their best to prevent a reoccurrence of this unanticipated dip in the company’s
earnings and steer the company back to the path of profitability.
Also speaking at the
AGM, the Managing Director of the company, Olanrewaju Jaiyeola said, “The
Company developed some strength in operational efficiency in the financial year
ended March 2016. We have found even greater strength in controlling costs. We embarked
on several strategic projects to reduce cost. One of the most important steps
we took was to begin the process of developing local sources and partnerships
for raw materials within the context of our backward integration strategy.”
He concluded by reiterating
that the company has been able to navigate through this turbulent period by
streamlining cost structure while several projects have commenced to entrench
continuous improvement and innovations across the business.
A shareholder, Sir
Sunny Nwosu, commended the company on the progress of work at the new,
ultra-modern Sagamu factory. He described the on-going Sagamu project as a
strategic initiative that will help the Company further grow market share;
increase revenue significantly and support the realisation of its backward
integration strategy.
Shareholders of the
company also commended the board of directors and its management for being able
to steer the affairs of the company during the financial year ended March 31,
2016, despite the tough economic challenges rocking the country.
SOURCE: VANGUARD
4 WAYS TO ENSURE YOU ARE NOT HIRING WRONG
For well established
companies, hiring is specified and easy but for start-up businesses, this is
not always the case and the type of people you hire would have an effect on
your total output and the way your business is perceived.
When it comes to
increasing your workforce, there are some ways to identify and work with new
hires that will become an integral of your business.
HIRE PASSION: passion
is key and as a start-up, passion is a needed attribute for anyone who is going
to be a member of your team. Don’t rate skill over passion when considering a
new hire. Consider honesty, zeal and drive even over skills.
LOOK BEYOND RÉSUMÉ:
most of the time, people get carried away by things they see on the résumé that
they forget to test for skills and initiatives. In a more practical world, it
is better to hire someone who knows what they know well, even if they don’t
have the exact skills needed for a role.
LOOK FOR RELEVANT
TRAITS: While skill and experience are obvious requirements, having a team
member who fits the company culture is just as, if not more, important. Try to
understand candidate’s interpersonal abilities and how well they can co exist,
communicate and adapt to situations.
ASK FOR A TEST DRIVE:
there is no rule stopping you from asking for a test run. You can ask for a
freelance service at first or hire on a temporary term to evaluate performance
and make a decision if you are ready to commit and work permanently with the
employee.
You can’t do it all
alone and hiring of employee is inevitable if you plan to improve your work
scale. Considering the above points could be useful when hiring a new hand.
CNN - Mobile toilets big business in Nigeria
CNN's Christian Purefoy talks with an entrepreneur who provides quality portable toilet units in Nigeria.
4 SMART WAYS TO AVOID GOING BROKE
Many people have once
been rich but something happened along the way and becoming broke becomes
inevitable. It’s quite important to pay attention to where things went wrong
and know how to fix it. More importantly, it is better to learn from other people’s
mistakes so as to avoid making such yourself. Here are few ways to avoid going
broke as a business man or entrepreneur.
SEPARATE BUSINESS AND
PERSONAL FINANCE: the easiest way to go broke is to solve personal finances
with business asset. Mixing business with pleasure is detrimental to success.
Keep separate accounts for different ventures, avoid borrowing from one for
another and maintain good discipline when it comes to financial situations.
STAY FRUGAL: learn to
stay in check and don’t live beyond your budget if you don’t want to go broke.
Set financial limits for yourself and don’t exceed them unnecessarily. This
will help you maintain a healthy finance.
HAVE A TEAM IN PLACE: it’s
important to have someone or people you talk to, people that can help you
through financial situations and help you make the tough choices. They are your
financial advisers and backbones and they must be able to give you good advice
to prevent you from making mistakes or putting your money in the wrong places.
IDENTIFY YOUR WEAKNESS:
it is crucial to identify your weakness and know what drags your savings down all
the time. We all have it in us, for some people, its unhealthy junks, for some
others, its clothing items they can live without. You need to stay in check,
you cannot always trust your instinct when it comes to spending rightly.
Staying disciplined is important if you are trying to avoid always being broke.
Many people have had
financial issues in the past, some have been able to learn and rebuild their
businesses and all they lost, some others couldn’t. Whichever way it is,
lessons have been learnt. Making good or maybe better choices is the only
option left.
Naira to begin recovery next week – ABCON
Thursday, September 22,
2016
The Association of
Bureau De Change Operators of Nigeria says it foresees the naira on the path of
recovery by Monday due to the introduction of Travelex, a licensed Forex
dealer.
The President of ABCON,
Alhaji Aminu Gwadabe, said on Thursday in Lagos that a licensed Forex dealer
would enhance transparency in the distribution network.
Travelex, an
international money transfer organisation, was officially directed by the
Central Bank of Nigeria to distribute Forex to Bureaux De Change operators by
Monday.
Gwadabe saidthat a
licensed Forex dealer would enhance transparency in the distribution network.
Hesaid that Forex
distribution would be efficient and uniformed across ABCON members unlike what
was obtainable in the past.
According to him,
Travelex has the technology to sell Forex to about a 1,000 BDCs within a couple
of hours, which is a major advantage.
He said, “Against this
background, the naira is expected to be on a recovery path from Monday as the
distribution of Forex to BDCs will boost liquidity in the market.
“The boosting of
liquidity in the market will dampen the fears of investors and market
speculators, thereby raising their confidence in the market.
“This is a purely ABCON
and Travelex arrangement, and has the capacity of removing the bottlenecks in
the Forex distribution chain.
“Travelex has the
technology to pay about 1,000 BDCs within two hours.
“The new arrangement
also eliminates relating with bank account officers”
On the CBN's retention
of the Monetary Policy Ratio at 14 per cent, Gwadabe said, “I agree totally
with the decision of the apex bank to retain the rate.”
He said that there was
an inverse relationship between inflation and interest rate, adding that an
increase in liquidity in the economy could put pressure on the exchange rate.
He said, “The more
naira at the disposal of Nigerians, the more they want to convert it to dollars
for speculation purposes.”
The coming of Travelex
into the Forex distribution chain was a response to easing liquidity challenges
in the market.
The Nigerian currency
has had scarcity of Forex challenges leading to a sustained depreciation of the
naira in almost all the segments of the market.
The liquidity challenge
moved the apex bank to reconsider the sale of Forex to BDCs when it was
apparent it could not sustain the ban.
Since the resumption of
Forex to BDCs, ABCON had complained of poor distribution of Forex to its
members which led the association to plead for an independent body to take over
the distribution.
Stakeholders in the
Forex market believed that the latest development would see the naira mounting
the wheel of recovery.
(NAN)
SOURCE: PUNCH
5 EASY WAYS TO MAKE MONEY
Everyone needs to make
a little extra income, regardless of how much they earn. Having a good
alternative income source is relieving and it makes you financially
independent. It could mean developing a new idea or doing something alongside
whatever you have going. Here are some ideas of how to make money easily.
CONSULTANCY: most
people have a good year of experience in what they do. Some people have worked
for years and gathered quite a number of exposures and acquired relevant skills
to build aspiring persons. Considering a consultancy firm isn’t such a bad
idea. You can make money by teaching other people the things you know and ideas
applicable to becoming a success in your career. This is a good money making
option for older youths and retirees.
FREELANCING: there is a
skill you have that people somewhere would be happy to pay for. Writing contents, becoming a virtual
assistance, freelance photography and so many other stuffs can be done to make
money without much stress. This is a very easy way to make money alongside
whatever you do.
SALES REPRESENTATIVE:
connecting buyers and sellers is another lucrative way to make money. You can
develop a way of showcasing items for sales and make money by connecting people
for business. There is always someone somewhere who needs to get rid of an
item, there is also someone somewhere else who would gladly pay for these
items. Connect them and make money off the sales.
PROGRAMMING: so many
people are familiar with software development and programming, they have a good
understanding of the use of a computer and how to make different applications
out of it. This skills can be channelled as a good income source from anywhere
in the world.
AFFILIATE MARKETING:
This involves plugging the link for a product or service to your website. This
would make you money if any buyer goes through your link to make a purchase.
Many people have made a lot of residual income through a business option like
this.
Any of the above
business option can help you become financially independent and make you a
business owner.
4 PILLARS OF BUSINESS SUCCESS
For any business
venture or aspiring business set up, the most important factors to be
considered which are the direct success motivators include skill, technology,
capital and market. Without any of these factors being intact, there is likely
not to be a successful business venture. It is mostly impossible for any of
them to work without the others.
SKILL: finding the
right skill is important for any set up. Every ambitious entrepreneur must
understand this. Recognising the type of skills needed to efficiently carry out
a job or business in yourself and in your potential hires is a huge factor that
cannot be taken likely, if you are working towards succeeding. Identifying
skills and talents is the first step to any venture success.
TECHNOLOGY: in the
world of today, technology has taken over. It is hardly impossible to do a
business without the use of a computer. Either for taking of records or for
branding yourself. The use of technology is always applicable. There is hardly
a business success without a technology side to it. There is always going to be
innovation and ways to do things better. Being on top of your game is important
if your business is going to be a success.
CAPITAL: it is hardly possible
to build a career or business with no funds. Knowing how to source for fund and
being able to put money in the right investments that is most likely to be
profitable is the best way to utilise resources.
MARKETING: being able
to market your product is the last but not the least necessary factor. The ability to look for customers, suppliers,
distributors and sales representatives are ways towards efficient marketing.
Without proper marketing, there is no profitability and there is definitely no
business growth. Proper marketing skills can even make a small town business a
worldwide brand.
The ability to put
together these factors properly is the best way to achieve business success.
Fearless entrepreneurs dreaming big in Nigeria
Media entrepreneurs Mo Abudu and Kene Mkparu are turning their dreams into reality in Africa's most populous country. CNN's Jim Stenman reports.
Nigeria's tech entrepreneurs
A lack of funding and low levels of computer education are underminding the potential for Nigeria's tech industry to create jobs, but an organization called Enspire has plans to improve the sector. Al Jazeera's Yvonne Ndege reports from Abuja.
Italian firm seeks local partners to improve Nigerian market
Wednesday, September
21, 2016
Nigeria's design and
decoration services sub-sector has attracted a new foreign entrant with a focus
on top grade architectural fabrications.
Extravega, an Italian
company with its branches in New York, Sydney, among other developed economies,
said it came with readiness to partner with local companies that can install
and manage its after-sells requirement to reach the market.
The company said it has
carried out projects in many countries of the world, specialising in designing,
manufacturing and installation of exclusive custom-made design works and
project.
According to CEO,
Antonio Rillosi, "After 30 years of activity and dynamic presence, it has
evolved into an operational multidimensionality, dealing with the construction
of architectural works, furnishing of exhibition spaces, production of
furniture, works of art and design, saying further that the company's eclectic
nature led it to develop countless projects in collaboration with world
renowned architects and designers.
Continuing, Rillosi
said that projects range from luxury brand shops, offices and showrooms,
exhibition stands, hotels renovations, buildings and residence and we make special
designs for VIP's offices. We have done it in several countries of the world,
we are in Nigeria to do it the same way.
"The market is a
rich one, I think Africa is not small because there are thousands of rich
companies and people that can achieve this kind of taste, quality but they
don't know they can achieve it with their budget. What we deliver is quality,
on time and give the customer something beyond his expectation. My goal is to
make beautiful things even if they are small.
"I'm ready to partner
local companies even though I don't know them yet, but I would partner only
with companies who can save, respect exactly the schedules, procedures,
process. We are here to teach them and to find this kind of companies".
In addition, Country
Representative, Francis Okechukwu Amaechi, said, "we are driving home with
a new sensation of a quality revelation in the area of interior and exterior
designs as far as the Nigerian real estate sector is concern.
"We came to
network with real estate experts, architect and other professionals. I believe
this product and service will succeed in Nigeria, my country Nigeria has taste
for quality luxury and at every given time the potential to have it is there.
"It is a good
quality product and services that the high income class would cherish. Also it
goes for hotels, real estate companies that are into major luxury apartment
construction and the financial sectors as well. Our product and service is
affordable because we don't detect what your budget should be, but we actually
give you what you want basically on your budget and dream."
SOURCE: VANGUARD
RETAINING CUSTOMERS IN BUSINESS
For every business
owner, your customer base is the strength of your business. The numbers of
customers you have and the necessary efforts you put in place to keep them
coming back is a determinant of how likely your business is going to grow. The
economic meltdown is a perfect determinant that establishment of small and
medium scale enterprises is the right direction to go for people who are
looking to become financially stable and who are smart enough to know that the
economy is not thriving enough to secure everyone a white collar job. Depending
on the branch of the economic chain you are, keeping your customer base might
be challenging and difficult at some point. Competition keeps rising and new
people keep coming into business everyday.
Here are some tips to
keep your business base intact despite the competition.
MAKE YOUR PRODUCTS
ACCESSIBLE: either online or conventionally, making your business easily
accessible for intending customers is a good strategy towards keeping customers
coming back. Having your website easy to navigate and having reliable payment
options is a good way to retain customers. Commercial locations are advisable
for conventional stores.
GOOD VALUE PRODUCTS: in
the world of today, there are so many adulterated products in almost every
corner of the market. Having consistent valuable products with good quality
will help keep your business and customers intact regardless of what the
economy is saying.
DISCOUNTS AND PROMOS:
this is another easy way to keep your customer base attracted and tempted to
come back for more. Every buyer gets excited at the sound of bonus and
discounts on products they are purchasing.
GOOD CUSTOMER SERVICE:
having a good customer service base with good communication skills and well
trained customer service skill is also a good way to keep a good customer
relationship and keep them coming back to do business with you.
Your customers are the
life line of your business and the more you pay attention into making sure your
customers are satisfied and happy, the more they are likely to do business with
you.
EASY WAYS TO NETWORKING
If you want to go fast,
go alone if you want to go far, go together. This is a very literal way to
explain networking. In the world of today, there is hardly really a career or
business that can be built by someone independently. Networking is crucial,
either in a business career or other aspects of life. Having the knowledge of
proper networking is a skill that is beneficial for every career. Your contacts
are your helping hands and it is important to know that every contact is
valuable and important and should be treated with the respect. When setting up
a new business, the type of people you meet, the contacts you gather, the help
you can get and even that informal person somewhere that helped with something
trivial are your entire network. Easy ways to have a strong viable network
includes:
CONTINUOUSLY GROWING
YOUR NETWORK: stay conscious of the fact that for you to build your career or
run a profitable business successfully, you have to keep growing your network.
Keep making contacts and building a list of people that can make your daily
activities more efficiently and less intimidating.
BUILD A RELATIONSHIP
WITH YOUR NETWORK: you have to know that building a network and having a huge
number of contacts is never enough, you need to take time to build a
relationship with your network. Know who they are, what they represent and how
to deal with them.
SHOWCASE YOURSELF TO
YOUR NETWORK: growing your network and figuring out what most of them represent
isn’t enough if you cannot impact on your network and be a strong part of the
system. Become a subject matter, showcase and emphasize what you do and what
they can benefit from you too. Build something for yourself and make yourself
valuable to be networked with.
BENEFIT FROM YOUR
NETWORK: after putting all tips in place, be sure to benefit from your contact,
be certain they can patronise you and put money in your pocket. A network
cannot be considered an efficient one till you can generate income from them
and their referrals.
In the world of today,
right networking and referrals is enough to make you what you need in the first
years of start up. Treat your network right and know that every contact and
every referral is important.
Agribusiness in Africa: Rice in Ghana
Agribusiness and value chain development in Africa, illustrated agribusiness and value chain concepts through the example of rice in northern Ghana
Furore over sale of Nigerian Coal Corporation
Tuesday, September 20, 2016
The
sale of Nigerian Coal Corporation (NCC), Enugu, by the Bureau for Public
Enterprise (BPE) for the sum of N160 million, has come under scrutiny. Hundreds
of angry villagers from Enugu communities gathered at the premises of the
corporation recently with placards, protesting what they termed the frittering
away of assets of the corporation and urging President Muhammadu Buhari to
revoke the sale.
Petition
demanding a thorough investigation of the said transaction was reviewed
recently by the Presidential Advisory Committee Against Corruption, chaired by
Prof Itse Sagay, and forwarded to the Economic and Financial Crimes Commission
(EFCC) for necessary action. Indeed, a human rights group, Socio-Economic
Rights Initiative (SERI), led by the Chief Executive Officer, Raymond Onyegu,
had, in a petition to the Presidential Advisory Committee Against Corruption,
demanded the cancellation of the purported sale. The group noted that underthe
sale of non-core assets of the Corporation, the BPE transferred the entire core
and non-core assets of the corporation for a paltry sum of N160 million. The
land, according to the group, covers an entire area of 55.99 hectares or 996
plots of land in the state capital.
"Therefore,
the land was sold at N150, 000 per plot in an area where the going price for
land is N10 million per plot. Besides, the claim of sale of non-core asset is
misleading because what was sold was 56 hectares, which included all the core
assets of the corporation," the group alleged.
The
Socio-Economic Rights Initiative, which has an observer status at the African
Commission on Human and Peoples Rights and also collaborates with the United
Nations Committee on Economic, Social and Cultural Rights, alleged that the
sale of the corporation was bereft of due process and openness as required by
the law, establishing the Bureau for Public Enterprises.
In
an interview with Daily Sun, Onyegu alleged that the buyer of the property, Mr.
Eric Chime was producing table water, instead of investing in coal mining. He also
accused the investor of massive cannibalisation and asset stripping of the
property of the corporation.
Onyegu
said the consent of the Minister of Solid Minerals Development was not
obtained, prior to the transaction, as required by Section 12 (4) of the
Nigerian Coal Corporation Act, 1950, Cap 299, Laws of the Federation of
Nigeria, 1990.
A
former staff of Nigerian Railway Corporation, ChiefReuben Ozonnadi, regretted
that the corporation and its mines had been turned to a table water company. He
said the facility had coal washing plant; the largest in Asia and African
continents, which was installed by former President, Olusegun Obasanjo, to
revive the sector. He claimed that thecoal washing plant had been vandalised.
"This
area is a core asset of the Nigerian Coal Corporation. Government never
advertised for the sale of core assets. The mines are still there. Nobody sold
the mines. We have mines in the northern part of the country. This is the first
mining site in Enugu. Westill have coal reserves in this area. I worked here as
head of department. I championed the research on coal brickate, which was
launched in the year 2000."
He
said coal could still be mined in Enugu if government takes the required step
to revive the sector. Aside from the coal reserve, he explained that the area
had huge deposits of refractory crates, the only place where such treasure
could be found in the entire southeast.
Ozonnadi,
an engineer by profession, said he joined the Nigerian Coal Corporation in 1975
and worked till 2015.
"Nobody
is happy with what is going on. Go to the northern part of the country and you
will see that all the property and assets of Nigerian Coal Corporation are
still intact. Why should they sell the one in Enugu? It is only in the eastern
part that people are vandalising the property of NCC," he explained.
Ozonnadi
urged Nigerian government to borrow a leaf from South Africa, China and India
that had maintained profitable coal mining industry. He expressed
disappointment that such an important sector, which could have been an economic
lifeline, was jettisoned and auctioned off at a ridiculous price. He said coal
could be used to generate power at reduced cost. The Oji River Power Station,
he said, had been vandalised, while the Ijora Power Station that was fired by
coal has also been abandoned.
The
Chairman of Enugu-Ngwo community, Sir Chris Ejike Agu, told Daily Sun that the
landed property of the corporation belonged to Enugu Ngwo people, an
inheritance from their forefathers. He said the community entered into an
agreement with the colonialists on rental basisfor the establishment of the
coal corporation.
"It
wasn't an outright sale. My people knew that it was a taboo for anybody to sell
land. An Ngwo man regards it as a sacrilege to sell a land he inherited from
his forefathers," he explained.
Agu
said government could exercise the right to take land in the overriding interest
of the public, but argued that such land must not be acquired and transferred
to an individual.
He
said during the olden days, there was a rope linefrom the Bunker to Okpara
mine, which transported coal safely without any interruption. The coal would
later be loaded onto the train coaches and transported through the rail to
Kano, Kaduna or Lagos.
"If
you go up to that point, they have started excavating the rail line. When we
talk of asset stripping, the rope line has been vandalised and carted away.
This impunity must stop. So far, the transaction is illegal in the sense that
what was sold was non-core assets. How can you sell land by auction?" he
wondered.
He
said it wasn't realistic that 996 plots of land, from hill to hill, could be
sold, as such could mean selling off an entire community. He alleged that the
purported buyer demolished 27 buildings where several families lived.
"Sadly," he said: "Teams of policemen were at the scene of the
demolition to supervise the exercise."
Agu
insisted that the claim by the state government that the demolished structures
could collapse was barefaced lies because the area never experienced any
building collapse. He urged the Federal Government to cancel the sale of the
property and bring all those involved in the transaction to book.
"They
should pay adequate compensation to those that they demolished their houses.
How can they be deceiving people and the entire country? How can the government
promise to revive the coal industry and the Oji power station, but turn back to
sell off the Nigeria Coal Corporation?"
Further
investigation revealed that former President Goodluck Jonathan raised the hope
of resolving the prolonged crisis in the power sector when his administration
signed $3.7 billion Memorandum of Understanding (MoU) with a Chinese firm on
coal energy. The MoU was a defining moment for most Nigerians, with the promise
that the coal-to-power project would generate additional 1200 megawatts of
electricity to the national grid.
The
project was designed to run in two phases – the development of the coal mine
and the construction of the power plant. Sadly, the end of Jonathan's
administration nailed this dream, while the auctioning off of the assets of the
Corporation seemed to have snuffed out the additional 1200 megawatts to the
national grid.
When
Daily Sun contacted Mr. Chime, he denied any wrongdoing, noting that government
took the decisive step to privatise the property due to the vandalisation of
the assets by self-seeking individuals in the community.
"What
is their interest? Are they protecting the government or do they have any stake
in the property? The government had to sell the property of the corporation
because people were vandalising them. The government had no option but to
privatise it and sell it off," he said.
Chime
explained that he never bought the coal mine, but rather the analogue and
moribund coal washing plant, which cannot be used in the modern technology for
coal processing. According to him, he followed due process in the buying of the
property.
"We
bidded and I won. I was not the only one that bidded for the property. I paid
for the property. I have established six industries in the place. We are
employing almost 1, 000 people. This transaction was done four years ago. We
have done a lot of work in the place. These peopleare the same group that went
and even vandalised my property there," he said.
Chime
said some land grabbers were collecting money from some individuals and selling
portions of the land to them to build residential houses, despite government's
explanation that the area was prone to land slide and unfit for habitation.
On
the claim that he had encroached onto the core assets of the corporation, as
against the non-core assets spelt out in the initial agreement, he said:
"If the government didn't sell the asset to me, they would have called me
to order. But the government assigned all those property to me and gave me the
certificate of occupancy. These protesting groups are the ones that want the
government to lose its property. Those people are claiming that they are Enugu
Ngwo people, who own the land and not the government. They collect money from
people and allocate them portions of land to build residential houses."
Chime
said he had the right to use the property as he desired. According to him, as
an industrialist, he decided to establish industries in the area to create more
employment opportunities for people.He said the Enugu State Governor, Ifeanyi
Ugwuanyi, visited the area last month to encourage the industrial development
of the area.
"My
own is just part of what the Coal Corporation is selling. The hospital there
was sold; their head office was sold. More is being sold even now, including
houses that Coal Corporation people were using. Even the one at the Express,
the state government bought it from the Federal Government and they are mapping
the place out now," he added.
A
chieftain in the area, Chief Friday Ani, who is also the Chairman of Ngenevu
Landlords Association, saidthe purportedsale of the property brought distress
on Ngenevu and Bunker communities in the area. According to him, members of
thecommunity were shocked when bulldozers moved into the area and started
demolishing people's houses.
"We
tried to stop them but they said they were sent by the government. After the
demolition, we went to complain to the state government that members of the
community were losing their homes and 21 of us were arrested and unlawfully
detained for 14 days by the police. Even the serving Councillor then in Ngenevu
was equally detained," he said.
Ani
said the clampdown on poor communities was uncalled for, as he urged the
relevant authorities to revisit the matter and revoke the sale of the Nigerian
Coal Corporation.
Further
investigation revealed that Enugu, the Coal City, still had an estimated coal
reserve of two billion metric tonnes, yet, the Nigerian Coal Corporation went
moribund in 1999 when it lost its monopoly over the nation's coal industry.
Experts argue that the privatisation of the corporation and its assets was like
killing the goose that lays the golden egg. The initial plan by the FG to sell
off 40 per cent to private investors, 20 per cent to the Nigerian public, and
retain 40 per cent, never yielded the desired result.
In
2002, work stopped at the NCC operated mines. Not even the technical advisory
committee set up in 2003 could revive the ailing coal industry.
SOURCE: THE SUN
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