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Business News

Berger Paints to set up N2 billion automated water-based paint factory

Berger Paints Plc is looking to launch an automated water-based paint factory in Lagos.

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Berger Paints to unveil N2 billion automated water-based paint factory

Berger Paints Plc is looking to launch an automated water-based paint factory in Lagos. The new factory is a N2 billion investment, according to the Vanguard.

Why this matters: The paint company would launch the new plant in order to revolutionize the industry as well as create employment opportunities for Nigeria while focusing on strengthening the naira.

 Mr. Abi Ayida, the Chairman of the Company, made these intentions known after visiting the Minister of Industry, Trade, and Investment, Otunba Richard Adebayo in Abuja. Adebayo noted that the project would be completed next year.

In a statement issued by the Minister’s Special Assistant on Media, Mr Julius Toba-Jegede, Ayida said the “plant is in its final stage of factory acceptance testing.”

Ayida’s words: “The company is on the cusp of a major revolution in the paint industry as it commissions a fully automated water-based paint factory. “The plant has adequate capacity for large volume production with derived benefits of increasing local capacity, thereby, reducing importation of finished products and consequently strengthening the naira. “The fully automated factory is expected to activate the industrialisation era of the paint sector in Nigeria as this will be the trend going forward.’’

[READ MORE: VFD donates administrative block, education materials to Anambra schools]

Going forward, he called for improved access to Forex for raw materials while advocating for the promotion of paint technology in the nation’s tertiary institutions by including it in the school curriculum. A move he said would boost local paint production.

In his remarks, the minister appreciated the visit and reiterated the support of the Federal Government for investment drives.

One of my mandates here following my appointment by President Muhammadu Buhari is to support private sector industrial growth. We are proud of what your management is doing and we are ready to support you. I am not unaware of some of the challenges facing the paint industry in Nigeria. But we are working round the clock to address them. To create jobs, eradicate and take 10 million Nigerians out of poverty, we are looking at industrialisation and agriculture,” he said.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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    Business News

    Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

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    Now that oil is recovering, when will naira recover?

    The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

    Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

    According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

    India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

    The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

    India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

    An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

    India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

    Bottom line

    This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

    The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

    A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

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    Business

    Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

    The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

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    The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

    This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

    What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

    “Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

    Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

    Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

    The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

    What you should know

    Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

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