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  P&G, FMITI, BoI, and Other Industry Leaders Empowers Hundreds of SMEs in Nigeria During the 2021 P&G – BoI SME Academy

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 P&G, FMITI, BoI, and Other Industry Leaders Empowers Hundreds of SMEs in Nigeria During the 2021 P&G – BoI SME Academy

 Leading consumer goods company in Nigeria, P&G, in partnership with the Federal Ministry of Trade and Investment (FMITI) and the Bank of Industry (BoI), provided access to trainings for over 700 SMEs during the 2021 P&G – BoI SME Academy. The first day and launch of the Academy took place on the 12th of February 2021.

The plenary session themed ‘SME Development and Growth as a Precursor to Nation Building’ brought senior government and private sector leaders to discuss proven strategies that can be leveraged to drive the growth and development of local SMEs as the bedrock of Nigeria’s economic development.

During his keynote address, His Excellency, Professor Yemi Osinbajo, the Vice President of the Federal Republic of Nigeria, GCON stated  “The Federal Government believes wholeheartedly that SMEs are the bedrock of the economy and we are constantly aiming to support innovations that can help SMEs grow and in turn groom the economy and provide job opportunities. The government has been working diligently and creatively on engaging the most vulnerable businesses especially during this current crisis. We thank P&G and BoI for this proactive initiative designed to ensure a better Nigeria”.

Also, the Minister for Industry, Trade and Investment, Otunba Adeniyi Adebayo reiterated the need to create a favorable business environment for SMEs in Nigeria: “The Federal Ministry of Industry, Trade and Investment is committed to providing SMEs the required support and trainings needed to consistently project their businesses in an upward trajectory. We achieve this through information-driven support vital in building a better playing field for commerce in the entire nation. We are grateful to organizations like Procter & Gamble for their continuous efforts towards transforming their communities of operations through proactive projects like the SME Academy”.

In his remarks, the Managing Director, P&G Nigeria, Mr. Adil Farhat highlighted the need to continuously support SMEs in Nigeria as they have the potential of outrightly transform the country. Mr. Farhat added that “in line with the focus of Nigeria’s economic recovery and growth plan to drive industrialization and economic growth through globally competitive SMEs,  P&G in collaboration with the Federal Ministry of Trade, industry and investment and the Bank of Industry  launched the SME Academy to improve their standard, ensure longevity, and facilitate integration into global value chains. For over 27 years in Nigeria, P&G has consistently partnered with the Nigerian government to promote strong investor policies and practices that drive inclusive growth, jobs, and welfare of Nigerian citizens”.

Furthermore, the Managing Director/Chief Executive Officer of the Bank of Industry, Mr. Olukayode Pitan, in his presentation reiterated the importance of the SME Academy especially during this challenging economic situation across the globe. “The maiden edition was held in October 2019. This second edition and first virtual event has been expanded to incorporate structured trainings. This initiative has become particularly important in this era of the covid-19 pandemic and current global economic challenges, which has left many SME businesses struggling to survive now. The Bank of Industry remains committed to transforming Nigeria’s economic sector through funding, strategic partnerships and strengthening of our technology and operations”.

This year’s SME Academy also featured key stakeholders in the industry including Ms. Yewande Sadiku, the Executive Secretary/CEO of the Nigerian Investment Promotion Commission; Mrs. Bola Adesola, the Senior Vice Chairman for Africa at Standard Chartered Bank; Mrs. Tara Fela-Durotoye, the CEO of House of Tara International; and other experts on procurement, investment facilitation, and access to finance.

Over the years, P&G has maintained a significant manufacturing investment in Nigeria with their plants in Lagos and Ibadan and general offices in Lagos. The organization’s operations generate over 4,000 direct and indirect jobs and create over 300 SMEs with sustained training programs. The people are its greatest assets with over 95% local employees and 50% female representation at managerial levels.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Nigerian Businesses Face Tougher Times as PMI Drops to 19 Months Low of 46.9

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Nigerian businesses continued to face headwinds as the Purchasing Managers Index published by Stanbic IBTC shows a 19-month low. 

According to the report released on Friday, business conditions took a hit and PMI dipped from 49.8 points in September to 46.9 points, the steepest decline since March 2023.

For context, a PMI reading above 50 points indicates growth in business activity. Conversely, a reading below 50 points indicates contraction, suggesting deterioration consequent to an economic downturn.

According to the report, businesses faced pressures from the local currency weakening, higher fuel prices and increasing cost of transportation.

This has also forced the hands of businesses to increase prices to sustain operations, which the report stated has led to a reduction in new orders and business activity.

Most importantly, confidence in the business sector plummeted to the worst ever since the organisation started documenting PMI in 2014.

“Overall input costs rose at one of the sharpest rates on record, with selling prices increased accordingly. This resulted in marked reductions in new orders and business activity, while business sentiment was the lowest in the survey’s history,” the report read in part.

A positive light in the report was that some companies managed to add a few new hires, extending a six-month trend of job creation. The downside to this was that the companies employed these staff on a short-term basis.

The report also stated that companies are making efforts, now more than ever, to help their staff stay afloat in the current economic situation.

“Meanwhile, efforts to help workers with rising living costs meant that staff pay was increased to the greatest extent in seven months,” the report added.

Metrics like the private sector output, volume of orders, and quantities of purchases made by customers all recorded steeper values than they did in September.

Trends showed that prices, cost of staff maintenance and input prices, on the other hand, recorded very sharp increases, with some metrics posting record hikes since March 2023.

Inflation in the general Nigerian macro environment is telling in every quarter and businesses are not exempt.

Analysts told Investors King that special interventions will help ease the pressure on companies, but warned that risky conditions attached to these measures may scare off firms from accepting them.

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Dangote Refinery Sells Petrol At N990 Per Litre to Trucks

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Dangote Refinery

Dangote refinery has finally announced the price of premium motor spirit (PMS), popularly known as Petrol, following months of back and forth.

The company said it sells to domestic marketers at N971 per litre into ships and N990 into trucks, according to a statement signed by Anthony Chiejina, Group Chief Branding and Communications Officer and released on Sunday evening.

“Post deregulation, NNPC set the pace by selling PMS to domestic marketers at N971 per litre for sale into ships and at N990 for sale into trucks. This set the benchmark for our pricing, and we have even gone lower to sell at N960 per litre for sale into ships while maintaining N990 per litre for sale into trucks”, the company said in the statement released on its X page.

On a series of accusations and counter-accusations from IPMAN, PETROAN, and other associations, Dangote refinery said it is impossible to land petrol at a lower price than Dangote refinery’s current price, except they are importing substandard products.

“Both organisations claim that they can import PMS at lower prices than what is being sold by the Dangote Refinery. We benchmark our prices against international prices, and we believe our prices are competitive relative to the price of imports.

“If anyone claims they can land PMS at a price cheaper than what we are selling, then they are importing substandard products and conniving with international traders to dump low quality products into the country, without concern for the health of Nigerians or the longevity of their vehicles. Unfortunately, the regulator (NMDPRA) does not even have laboratory facilities which can be used to detect substandard products when imported into the country.”

The company claimed it started selling at the stated rates without knowing the exchange rate that would be used to pay for the crude purchased.

Meanwhile, the company has said an international trading company rented a depot facility close to its refinery with plans to start blending substandard products and dump them into the Nigerian market to compete with Dangote refinery’s better quality.

“This is detrimental to the growth of domestic refining in Nigeria. We should point out that it is not unusual for countries to protect their domestic industries in order to provide jobs and grow the economy. For example, the US and Europe have had to impose high tariffs on EVs and microchips in order to protect their domestic industries.”

“While we continue with our determination to provide affordable, good quality, domestically refined petroleum product in Nigeria, we call on the public to disregard the deliberate disinformation being circulated by agents of people who prefer for us to continue to export jobs and import poverty.”

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NAFDAC Uncovers Fake Condoms in Four States, Issues Fresh Directives to Zonal Directors, State Coordinators

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The National Agency for Food and Drug Administration and Control (NAFDAC) has issued fresh directives to its Zonal Directors and State Coordinators after uncovering the unlawful sale and distribution of an unregistered condom brand named Foula Condoms in some states in Nigeria.

The agency made this known via a report from its officials in the Post-Marketing Surveillance directorate.

The officials identified Foula condoms which is packaged in sets of three, in Abakaliki, Ebonyi State, and Zango, Katsina State.

This finding was part of a risk-based post-marketing surveillance study focused on registered condom products in Nigeria.

NAFDAC revealed that these unregistered products are not labelled in English and may have side effects.

The agency further warned Nigerians to desist from the use of unauthorized and unregistered condoms as they pose great health risk for users.

NAFDAC said, “The condom is not registered by NAFDAC for use in Nigeria, and the labelling of the product is not in the English Language.

“Condoms are a proven effective barrier method that can be used as a dual-purpose method for both prevention of unintended pregnancy and protection against HIV and other sexually transmitted infections.
To be most effective, any barrier method used for contraception or preventing infection must be used correctly.”

“The purchase and use of poor-quality condoms will adversely affect every aspect of condom promotion for the prevention of unintended pregnancy and protection against HIV and other Sexually Transmitted Infections. If condoms leak or break, they cannot offer adequate protection.

“All NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the unregistered products within the zones and states. Importers, distributors, retailers, healthcare professionals, and consumers are hereby advised to exercise caution and vigilance within the supply chain to avoid importing, distributing, selling, and using illegally distributed products. All medical products/ medical devices must be obtained from authorized/licensed suppliers.

The products’ authenticity and physical condition should be carefully checked. Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified medicines or medical devices to the nearest NAFDAC office, at 0800-162-3322 or via email: sf.alert@nafdac.gov.ng

“Similarly, healthcare professionals and patients are also encouraged to report adverse events or side effects related to the use of medicinal products or devices to the nearest NAFDAC office or through the use of the E-reporting platforms available on the NAFDAC website www.nafdac.gov.ng or via the Med- safety application available for download on android and IOS stores or via e-mail on pharmacovigilance@nafdac.gov.ng,” the agency stated.

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