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
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
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
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.
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
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
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
Do you want this as a newsletter in your email box? Kindly subscribe to our Newsletter and remember to select your preferences. Just select Consumer Sector and then subscribe. If you have subscribed before, then just update your preferences.
