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ICYMI: Weekly roundup of major news from Nigeria’s consumer goods Sector

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This is a roundup of the major news in the Nigerian Consumer Goods Sector for the week ended June 30th 2017.

1. New corporate relations director for Guinness Nigeria

Guinness Nigeria Plc has appointed Mrs Viola Graham-Douglas as its corporate relations director. Prior to her appointment, according to a statement from Guinness, she had served at Atlas Cement, a subsidiary of Lafarge as managing director and country communications director. New Telegraph

2. Sona Agro Allied Foods commences biscuit export to Ghana

Sona Agro Allied Foods, one of Nigeria’s biscuit and snack companies, has started exporting biscuits to other West African countries in support of the Federal Government’s efforts at encouraging local production as a strategy for economic growth. Sun News

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3. Unilever Nigeria to launch N59b rights issue

Unilever Nigeria Plc said it plans to raise about N58.86 billion by selling new ordinary shares to existing shareholders. In a regulatory filing at the Nigerian Stock Exchange (NSE), Unilever Nigeria indicated that it plans to float a rights issue of 1.962 billion ordinary shares of 50 kobo each at a price of N30 per share. The Nation

4. Nigerian Breweries achieves 57% local content

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Nigeria Breweries Plc has said that it has achieved 57 percent local content for brewing its beverages while the target is to source 60 per cent by 2020. Mr. Patrick Olowokere, Corporate communications/Brand PR Manager, who disclosed this during a tour of the company’s maltose syrup plant in Ibadan, said: “99 percent of our packaging materials are locally sourced; sorghum 100 percent and cassava starch 60 percent.” Vanguard Ng

5. Chellarams forms JV with DMK Group to grow dairy exposure in Nigeria

Signing of a Joint Venture agreement to establish new company, Chellarams DMK Ltd, in partnership with DMK Group, a German dairy co‍​‍​. Af.Reuters

6. Nigeria’ll meet 6.1m tonnes rice demand this year –CBN

The Central Bank of Nigeria (CBN) has assured that Nigeria would meet its 6.1 million tonnes rice demand by the end of this year’s harvest season. This was disclosed in Awka, during a three-day sensitisation workshop, for the people of Anambra State. Sun News

7. Nigeria Generates N1.22bn Annually From Cassava Starch

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The managing director, Psaltery International Company Limited, Mrs Oluyemisi Iranloye,  has said that the country has started benefiting from its investment as the import substitution policy of the federal government in cassava starch has earned it $4 million (about N1.22 billion) in the financial year ended 2016. Leadership

8. FG imports 343,657 tons of phosphate to boost food production

No fewer than 343,657 metric tons of phosphate (Muriate of Potash) have arrived the Lagos and Tincan Island ports to boost food production in Nigeria. It was learnt that the Federal Government was shipping phosphate from Morocco to support fertiliser production and to further reduce the prices of food, especially local rice.

New Telegraph

9. Bakers’ association appeals to millers to reduce price of flour

The Lagos State Chapter of the Association of Master Bakers and Caterers of Nigeria has appealed to flour millers to reduce the price of flour to boost productivity and strengthen food security. Its chairman, Mr Jacob Adejorin, advised millers to adjust the price of flour to reflect the present exchange rate of the naira to the dollar as well as the recent slash in the price of diesel by the Federal Government across the country. The Nation

10. FG approves six cashew factories for export

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The Federal Executive Council (FEC) gave approval for the establishment of six cashew-processing factories ‎ for export. These factories would be cited in the cashew belt areas of Enugu, Imo, Benue, Kogi, Kwara and Oyo states ‎to meet the export demand of 130,000 tons valued at $7 billion per annum. Guardian

11. Soaring maize price in Nigeria defies two-year trend

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An outlook review by Novus Agro Nig. Limited, an agro commodity price tracker, has revealed that the price of maize, a staple food in Nigeria, has soared in the country, amid increase in the global prices of the commodity and other grains. Premium Times Ng

 

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Energy

NNPC says local operators must improve capacity to achieve low cost of oil production

The NNPC has mandated local oil companies to improve capacity to so as to reduce oil production cost.

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NNPC unveils covid-19 contacts tracing app, marketers to buy petroleum products online

The Nigerian National Petroleum Corporation (NNPC) has said that indigenous companies operating in Nigeria’s oil and gas sector must upscale their capacity for global competitiveness in order to achieve the target of reducing the cost of oil production in Nigeria on a sustainable basis.

This was disclosed by the Group Managing Director of NNPC, Mallam Mele Kyari, at a virtual stakeholder’s consultative summit which was organized by the Senate Committee on Local Content.

According to a press release by NNPC, which was signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the NNPC GMD said that there was need to amend the Local Content Act to reflect current realities in the industry.

Kyari, who was represented by the Group General Manager, Corporate Planning & Strategy (CP&S), Mrs Eyesan Oritsemeyiwa, argued that there was a need to have a legislation to resolve the issues of funding challenges faced by local players, stressing that oil and gas business required high technical skills and competence to compete favourably at the global stage.

Speaking further on the need for greater capacity building on the part of indigenous companies, the GMD said the nation’s education system has a great role to play in the development of highly skilled technical manpower, adding that any legislation on Nigerian content development that fails to embrace issues of investment in the educational system was not likely to achieve much.

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He said, “In terms of the interaction between industry and education, we think these new bills would present a good model that we should work with. People are the greatest assets of any nation. If you have the best brains in the industry today, as long as you are not getting a good replacement for them from the educational sector when they grow old and retire, then your industry will collapse,”

The NNPC boss pointed out that the nation has made some good progress from the era when there was no single indigenous operator in the oil and gas industry to the current situation where local operators have risen to double digits, stressing that the trend should be encouraged.

He praised the National Assembly’s initiative to review and amend the Local Content Act and urged the committee to ensure that it is carried out in a timely fashion in order for the law to deliver maximum value for the nation.

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The GMD commended the legislators for the plan to extend the local content law beyond the oil and gas industry to other sectors of the nation’s economy, stressing that it would open up the non-oil sectors to growth and development.

The local content initiative has been identified as being very critical to the development of Nigeria’s oil and gas sector as the Federal Government plans to reduce the cost of production of crude oil to $10 per barrel in the face of the recent crash in crude oil prices.

The Federal Government has provided the sum of $350 million as the Nigerian Content Intervention Fund to help support local participation in the oil and gas sector.

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Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

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FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

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The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

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This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

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Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

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These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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