- Nigerian Bottling Company Celebrates 65 Years in Nigeria
The Nigerian Bottling Company Limited (NBC), manufacturers of Coca-Cola products, stated its commitment to continued investments in Nigeria as it celebrated its 65th Anniversary. The statement was made at a celebratory cocktail reception with industry stakeholders in Lagos. The engagement was part of the various programmes NBC is rolling out to commemorate its historic milestone and themed, ‘Celebrating a Tradition of Excellence’.
NBC was incorporated in November 1951, and is the bedrock of global bottlers, Coca-Cola Hellenic Bottling Company. “Over the last 65 years, NBC has established itself as a key player in the Nigerian non-alcoholic beverage industry. The Company has remained strong and committed to satisfying its consumers and continue to thrive in a challenging business environment and competitive market terrain.
Speaking at an engagement session with one of the stakeholder groups, Managing Director of NBC, George Polymenakos said, “NBC is continuously making major investments and upgrading its systems, including our human capital to drive world class operations. Over the last six years, NBC has invested over $600m as part of the Company’s transformation journey to drive world class standards in its operations. As NBC continues to pursue excellence in its operations, people and systems, so much is being invested to transform our business, to better satisfy our market and loyal consumers.”
Also remarking at one of the engagement sessions with stakeholders, Sade Morgan, Legal, Public Affairs and Communications Director, stated that, “a key part of the Company’s sustainable growth and development agenda, is its commitment to ensure NBC is in touch with communities, partnering and collaborating with them on a regular basis. Nothing is more important and occupies the heart of our business, than ensuring that the communities we operate in are positively impacted”, the Company’s spokesperson added.
NBC is also championing and driving investment in the well-being of its communities through its intervention programs in the areas of skill acquisition and support initiatives for the youth, women empowerment and other community shared value projects, in other to leave a lasting legacy for generations to come. These projects have received numerous commendations and awards from regulators and other industry stakeholders.
Since incorporation in November 1951, NBC has been consistently manufacturing, marketing and distributing global leading Coca-Cola brands, with an ever widening range of non-alcoholic beverages to the ever growing Nigerian market. The bottling giant has received several industry awards and recognition as a reputable manufacturer and for performing its operations in a sustainable and environmentally friendly way.
Gold Gained Ahead of Joe Biden Inauguration 2021
Gold price rose from one and a half month low on Tuesday ahead of President-elect Joe Biden’s inauguration on Wednesday.
The precious metal, largely regarded as a haven asset by investors, edged up by 0.2 percent to $1,844.52 per ounce on Tuesday, up from $1,802.61 on Monday.
He said, “The key factor appears to be the (U.S.) currency.”
As expected, a change in administration comes with the change in economic policies, especially taking into consideration the peculiarities of the present situation. In fact, even though Biden, Janet Yellen and the rest of the new cabinet are expected to go all out on additional stimulus with the support of Democrats controlled Houses, economic uncertainties with rising COVID-19 cases and slow vaccine distribution remained a huge concern.
Also, the effectiveness of the vaccines can not be ascertained until wider rollout.
Still, which policy would be halted or sustained by the incoming administration remained a concern that has forced many investors to once again flee other assets for Gold ahead of tomorrow’s inauguration.
Crude Oil Holds Steady Above $55 Per Barrel on Tuesday
Brent Crude oil, against which Nigerian crude oil is priced, rose from $54.46 per barrel on Monday to $55.27 per barrel as of 9:03 am Nigerian time on Tuesday.
Last week, Brent crude oil rose to 11 months high of $57.38 per barrel before pulling back on rising COVID-19 cases and lockdowns in key global economies like the United Kingdom, Euro-Area, China, etc.
While OPEC has left 2021 oil demand unchanged and President-elect Joe Biden has announced a $1.9 trillion stimulus package, experts are saying the rising number of new cases of COVID-19 amid poor vaccine distribution could drag on growth and demand for oil in 2021.
On Friday, Dan Yergin, vice-chairman at IHS Markit, said in addition to the stimulus package “There are two other things that are going with it … one is of course, vaccinations — in the sense that eventually this crisis is going to end, and maybe by the spring, lockdowns will be over.”
“The other thing is what Saudi Arabia did. This is the third time Saudi Arabia has made a sudden change in policy in less than a year, and this one was to announce (the) 1 million barrel a day cut — partly because they are worried about the impact of the surge in virus that’s occurring,” he said.
Also, the stimulus being injected into the United States economy could spur huge Shale production and disrupt OPEC and allies’ efforts at balancing the global oil market in 2021.
Crude Oil Pulled Back Despite Joe Biden Stimulus
Crude oil pulled back on Friday despite the $1.9 trillion stimulus package announced by U.S President-elect, Joe Biden.
Brent crude oil, against which Nigeria’s oil is priced, pulled back from $57.38 per barrel on Wednesday to $55.52 per barrel on Friday in spite of the huge stimulus package announced on Thursday.
On Thursday, OPEC, in its latest outlook for the year, said uncertainties remain high in 2021 with the number of COVID-19 new cases on the rise.
OPEC said, “Uncertainties remain high going forward with the main downside risks being issues related to COVID-19 containment measures and the impact of the pandemic on consumer behavior.”
“These will also include how many countries are adapting lockdown measures, and for how long. At the same time, quicker vaccination plans and a recovery in consumer confidence provide some upside optimism.”
Governments across Europe have announced tighter and longer coronavirus lockdowns, with vaccinations not expected to have a significant impact for the next few months.
“The complex remains in pause mode, a development that should not be surprising given the magnitude of the oil price gains that have been developing for some 2-1/2 months,” Jim Ritterbusch, president of Ritterbusch and Associates, said.
Still, OPEC left its crude oil projections unchanged for the year. The oil cartel expected global oil demand to increase by 5.9 million barrels per day year on year to an average of 95.9 million per day in 2020.
But also OPEC expects a recent rally and stimulus to boost U.S. Shale crude oil production in the year, a projection Investors King experts expect to hurt OPEC strategy in 2021.
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