As a follow-up to the recent approval of N13.9 billion for Pest, Migratory Birds and Zoonotic disease control programme in Nigeria, the Department of Veterinary and Pest Control Services has come forward to explain what the funds will be used for.
The fund was approved by the Federal Executive Council (FEC) on March 11, to address the control of migratory pests, animal and zoonotic or trans-boundary animal diseases, and the upgrade of abattoirs.
The Minister of Agriculture and Rural Development, Sabo Nanono, had announced the approval of the intervention fund at the launch of the 2020 Dry Season Control of Trans-boundary or Migratory Pests on June 12 in Kebbi State.
In an interview with NAN on Tuesday, the Director, Department of Veterinary and Pest Control Services in the Ministry, Dr Alabi Olaniran, provided a breakdown of what the funds would be expended on.
- Of the approved sum, N2.8 billion will be spent on Migratory pest control;
- The sum of N9.6 billion will be spent on the control of animal and zoonotic diseases;
- And N1.4billion will go into the rehabilitation and upgrade of abattoirs in the country.
According to Olaniran, the N2.8billion for control of migratory pests would be disbursed to 12 states –Kebbi, Sokoto, Katsina, Kano, Jigawa, Borno, Yobe, Taraba, Adamawa, Gombe, Bauchi and Zamfara.
The choice of these 12 northern states was guided by the fact that they were entry points for migration of pests from other countries.
He added that no state in the South was chosen because “we are bounded to the South by the sea or ocean, so nothing comes in from there.
“The rest of the funds for control of animal and zoonotic diseases, and the rehabilitation and upgrading of abattoirs would be distributed among all states in the country.”
Control of animal and zoonotic diseases
Olaniran explained thus:
“The second area of intervention is the control of trans-boundary animal diseases, through vaccination and eradication of dog-related human rabies. Because over the years we have been inundated with increasing number of animal diseases and some of these diseases are zoonotic that can also affect human beings.
“And you know that Nigeria is endowed with very large livestock resources and presently diseases are affecting the production level of our animals.”
He stated further that it was the first time ever that the government would be providing funds for control of animal diseases, and that it had become expedient given that many diseases such as COVID-19 were traceable to animals.
Upgrading of abattoirs
Olaniran noted that a lot of abattoirs across the country were in deplorable conditions, which affected the quality of meat that people consumed.
“We are trying to see if we can develop a model. The function is really for the state governments and local governments. We are just trying to see if we can build model standard abattoirs in the states so that the states can see and replicate” he said.
The funds would be disbursed accordingly as soon as the Ministry of finance made the funds available.
Burger King to open first outlet in Nigeria by Q4 2021
Burger King is expected to employ about 6,000 people (direct and indirect) in Nigeria between 2021 and 2026.
Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021.
The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026, other things being equal.
These were disclosed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria and Managing Director, Allied Food & Confectionary Services Limited, in an interview with Nairametrics on Tuesday.
He said, “Burger King will start operations by Autumn, i.e between September and November 2021. We have set up the Quality Control unit and have met some of our local suppliers to seal the deal. Also, we have sent some of the ingredients to America to test quality.
As a company, we are delighted to enter this new market being the largest country in Africa and are looking forward to serving our future guests with our world-famous Burger King meals.
Most importantly, our goal is to positively contribute to the economy by creating more jobs and employment opportunities. In five years, we hope to directly or indirectly employ between 5,000 and 6,000 people in Nigeria.”
Zammarieh added that the hamburger maker, in a show of interest in the Nigerian market, had signed a development agreement for the Nigerian market.
He explained that the development agreement of the chain in Nigeria, which was recently signed, would give more confidence to the Nigerian market and consumers in general, especially during these hard times.
What you should know
Nairametrics had reported, three weeks back, when Zammarieh said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”
“I believe this will be a tremendous step towards giving more confidence to the Nigerian market and consumers in general.”
What to expect
The first outlet of the hamburger chain in Nigeria is expected to be launched in Lagos.
The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, and Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.
Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches into the Nigerian market.
The COVID-19 pandemic however has affected the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel, which accounts for a significant percentage of restaurant sales, triggered declines in their profits in 2020.
Best performing mining, industrial and consumer goods stocks from last week
The shares of the following mining, industrial and consumer goods companies delivered gains in excess of 6.9% for investors last week.
Market data for the week ended 9th April 2021 revealed that the Nigerian Equity space closed on a negative note, as the All-Share Index and the market capitalization depreciated by -0.66%, to close the week lower at 38,866.39 and N20.335 trillion respectively.
This bearish move has been linked to the conclusion of an impressive annual reporting season, as this leaves few incentives to bet on slightly higher returns from equities, with the rising yields in the fixed-income market.
Some industrial, mining, and consumer goods stocks delivered decent returns during the week
Despite the prevailing bearishness in the market which impacted the performance of some key consumer and industrial good stocks on NSE last week, shares of the following industrial, mining, and consumer goods companies delivered decent returns for their holders during the week.
The gains were driven by buying activities on the exchange as some analysts and investors consider them to be trading at discounts, with tremendous value. This made bargain hunters scamper for the shares of these companies during the week ended 9th April 2021.
Japaul Gold and Ventures Plc (JAPAULGOLD), W-o-W gains: 40%
The rebranded and restructured mining company with a key focus on gold exploration was the best-performing stocks on NSE last week. The company also maintained the status of the best performing mining stocks.
The shares of the gold exploration company surged by an impressive 40% last week driven by buying pressures in the shares of the company.
The company’s relatively low price driven by the recent sell-down in its shares prompted bargain hunters to accumulate additional stakes in it, in a bid to capitalize on the upward swing in its share price.
This move saw the shares of the company increase from N0.41 to N0.63 per share, representing a whopping 40% gain in just a week.
Meyer Plc (MEYER), W-o-W gains: 19.51%
The shares of the key player in the paint and decorative industry increased from N0.41 per share at the market open last week, to N0.49 per share, to print a gain of 19.51% at the close of trading activities for the week ended 9th April 2021.
Prior to this move, the shares of the company declined by 24.07%, from N0.54 at the open of trade this year, to N0.41 per share on the 9th of March 2021.
At this price, buying activities in the shares of the paint manufacturer and marketer surged owing to the actions of bargain hunters. This led to the move up to N0.49 during the week.
Flour Mills Nigeria Plc (FLOURMILLS), W-o-W gains: 6.90%
Shares of Flour Mills Nigeria Plc, one of the biggest brands in the food and agro-allied industry in Africa, surged by 6.9% last week, as the shares of the consumer goods company increased from N29.00 per share to N31 per share during the week ended 9th April 2021.
The impressive N2 per share or 6.9% gain in the shares of Flour Mills last week was driven by the buying interest in the shares of the flour miller, as investors anticipate an impressive financial performance ahead of the company’s earnings season.
This bullish move in the shares of Flour Mills pushed the market capitalization of the miller up by more than N8.2 billion on the exchange from N118.9 billion at market open to N127.1 billion at the close of the market last week.
What you should know
Ayodeji Ebo, head of retail investment at Chapel Hill Denham in Lagos, in a conversation with Bloomberg revealed that the market will be bearish in the first half of 2021.
He added that after the result season, the investing public should expect a further depression because there will be no further catalysts to drive the market.
Ayodeji suggested that the growing yield in the fixed income space will continue to be a major issue as investors will become more inclined to get a one-year Treasury bill at 7% now, than taking a risk of 8 or 9%.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- UACN Property Development Company Plc appoints Ojo Odunayo as new CEO.
- Unilever Nigeria Plc reports a loss of N492 million in Q1 2021.
- Nigerian Breweries publishes names of over 100,000 shareholders who are yet to claim their dividends.
- 2020 FY Results: Sovereign Trust Insurance Plc records a 37% increase in profit after tax.
- CSCS Plc posts profit after tax of N6.93 billion in FY 2020