Business
US-based Krispy Kreme Doughnut officially launches in Nigeria
Krispy Kreme Doughnut Corporation, a United States-based food company has formally made its entrance into the Nigerian market.
At the pre-launch of their doughnuts at the Ikeja City Mall, Alexander Trotter, Director of quality foods for Africa, partner of the US-based firm noted that the firm has two investments valued at $7 million in the country.
The food company has also signed a development agreement with Quality Foods Africa (Q.F.A.) to open 20 Krispy Kreme locations in Nigeria over a period of five years.
He further revealed that the production of fresh quality doughnuts at an international standard was part of the vision of the company to introduce something uncommon in a bid to give quality and standard foods to Nigerians and those from outside the country. He also disclosed that the company has employed 200 Nigerians to be taken abroad for training.
“This is a significant Foreign Direct Investment (FDI) because I am convinced that Nigeria is a fast moving market and Lagos has huge population”, he said.
Also speaking at the launch the Director International Franchise Operations, Anson Markle, explaining further said that the brand has been around for over 80 years and is presently in 34 countries while ensuring that the products are produced according to strict quality standards on site in their shop and willing customers can experience their Doughnut Theater.
The Quality Food Africa QFA, Marketing Manager, Busayo Awosiyan, expressed her satisfaction at bringing Krispy Kreme to Africa and Nigeria in particular.
In her words:
“Krispy Kreme Nigeria plans on continuing to provide innovative, convenient and cutting edge ways for our guests to access our products. As we develop, we will be introducing on-line ordering for large orders. We see a big market for weddings and corporate events.”
Nigeria is the second African nation to open Krispy Kreme shops. Krispy Kreme made its African debut in South Africa in 2015, when the company signed a development agreement with KK Doughnuts SA (Pty) Ltd. to open 31 Krispy Kreme locations in South Africa.
Business
AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister
The Minister revealed that Nigeria has set up a National Action Committee on AfCFTA.
Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.
The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.
The Honourable Minister @NiyiAdebayo_ , welcomed the Secretary General of the African Continental Free Trade Area(AfCFTA) Secretariat, H.E @MeneWamkele, to the Ministry today.
During the meeting, the Honourable Minister informed him that Nigeria has established … pic.twitter.com/vSDnNqcfmE
— FMITI Nigeria (@TradeInvestNG) September 21, 2020
Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).
“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.
In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.
The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.
Business
FG inaugurates Committee on the Commercialization of the Nigeria Film Corporation
The Minister said that the FG is repositioning the NFC for effective service delivery.
The Federal Government inaugurated a Steering Committee on the Commercialization of the Nigeria Film Corporation (NFC), with the aim of making Nigeria’s film industry a continental entertainment power.
This inauguration was performed by the Minister of Information and Culture, Alhaji Lai Mohammed in Abuja on Monday. The Minister added that the FG is repositioning the NFC for effective service delivery.
“What we are doing today is to simply reposition the NFC in a manner that will enable it to play the role statutorily assigned to it,” he said.
The Minister added that Nigeria’s film industry is a major boost for Nigerian soft power and entertainment, citing the need for repositioning by the FG as a means to enable effective service delivery for the film industry to grow.
The Minister added that Nigeria lags behind her film making counterparts in the film production value chain, citing Nigeria’s 142 movie theaters compared to 782 in South Africa and 11,209 in India and many others. He urged state governments to invest a part of their infrastructure budgets for the entertainment industry as a means to generate jobs and grow the GDP.
“It is important to appeal, especially to our state governments, to invest in infrastructure in the industry. I don’t think it will be too much for the state governments to ensure they build at least one cinema house in each local government area of their state. That will give us additional 774 cinema houses, ” he said.
The Minister added that the role of the NFC is to regulate Nigeria’s film industry and organise professional practice in the sector and also addressed challenges facing the NFC like the inability to produce its own films for commercial purposes due to the law establishing the Corporation limits on its operational functions.
Lai Mohammed said the NFC will be repositioned as the FG has engaged the services of a Business Development Consultant to conduct due diligence on the corporation and the sector and recommend a strategy that is suitable for its reform and commercialization.
“Dear members of the SC, your appointment into this committee comes with huge trust and belief in your ability and capacity to make this reform happen. I therefore urge you to consider this a critical national assignment that requires unflinching commitment and zeal,” he stated.
The members of the Steering Committee are: Honourable Minister, Federal Ministry of Information and Culture, Alhaji Mohammed as Chairman; Permanent Secretary, Federal Ministry of Information and Culture, Deaconess Grace Isu-Gekpe; Director-General, BPE, Mr. Alex Okoh; Managing Director, NFC, Dr. Chidia Maduekwe, and Director, Industries and Communications, BPE, Abdullahi Dikko, as Secretary.
Business
Lagos to shut Ojota’s axis of main carriage way of Ikorodu road for 3 months
The Commissioner advised all motorists to utilize alternative routes suggested during the stipulated time.
The Lagos State Government has announced the shutdown of the entire length of the main carriageway of Ikorodu Road from Ojota interchange to Ojota Second Pedestrian Bridge from Monday, September 21, 2020, for a duration of 3 months.
This is development is part of the next phase ongoing rehabilitation work on Ikorodu Road which is set to commence from the Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos.
READ: FG, Lagos State collaborate to address declining infrastructure in Festac Town
While making the disclosure, the Lagos State Commissioner for Transportation, Dr Frederick Oladeinde, advised all motorists to utilize alternative routes suggested during the stipulated time for the repairs following the closure of the entire length of the main carriageway for reconstruction work.
Oladeinde in his statement said, “Vehicles coming from Maryland will be diverted at Odoyalaro into the Service lane and the BRT Corridor to link back the main carriageway at Ketu bus stop and Demurin junction respectively.’’
READ: Lagos allows cinemas, gyms, others to reopen
The commissioner gave an assurance that the Lagos State Traffic Management Authority (LASTMA) and other law enforcement agencies will be available to direct traffic for free vehicular movement during the entire period of construction work.
While soliciting for the cooperation and support of residents and motorists that ply the axis, the Commissioner stated that the project is aimed at finding a lasting solution to the ever-busy road as well as to achieve the present administration’s traffic management and transportation policy objectives.
Explore the Nairametrics Research Website for Economic and Financial Data
The Lagos State Government is set to commence the next phase of repairs from Ojota Interchange to Ojota Second Pedestrian Bridge and the Service lane inbound Lagos, from Monday 21st of September, 2020 for a duration of three months.@jidesanwoolu @dr_oladeinde#ForAGreaterLagos pic.twitter.com/8mzYGauqpi
— The Lagos State Govt (@followlasg) September 18, 2020
COVID-19 Update in Nigeria
Oil prices slump over prolonged COVID-19 restrictions, Libya resumes production
AfCFTA: Nigeria securing approval to ratify agreement – Trade Minister
Nigerian Stocks immune to high sell-offs recorded in Global Stock Market
FG inaugurates Committee on the Commercialization of the Nigeria Film Corporation
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦455/$1
COVID-19 forces tenants to request moratoriums from property owners
World’s biggest sovereign wealth fund now owns cryptos
Guinness share price declines by 54.91% YTD
dumson23
March 8, 2018 at 6:19 pm
When is dokin donuts going to join the party!