Brands

Shoprite Exit: LCCI Explains Challenges Hurting Business Operations in Nigeria

Published

4 years ago

April 9, 2021

Following the recent announcement of Shoprite, a leading South Africa retail giant, that it is leaving the Nigerian market due to harsh business environment and tough business policies, Dr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI) has explained some of the challenges responsible for such decision despite Nigeria’s huge population size.

Yusuf said while such decision is negative for the Nigerian economy, several factors like harsh business environment could have forced the company to make such decision. He said it also could be due to intense competitive pressure.

He said, “Shoprite is an international brand with presence in 14 African countries and about 3,000 stores. The comparative analysis of returns on investment in these countries may have informed the decision to exit the Nigeria market.

“The opportunities for retail business in Nigeria is immense. But the competition in the sector is also very intense.

“There are departmental stores in practically every neighbourhood in our urban centres around the country. There is also a strong informal sector presence in the retail sector. It is a very competitive space.”

According to the Director-General, there are also important investment climate issues that constitute downside risks to big stores like Shoprite.

He said, “These include the trade policy environment, which imposes strict restrictions on imports; the regulatory environment, which is characterised by a multitude of regulators making endless demands.

“There is also the foreign exchange policy, which has made imports and remittances difficult for foreign investors. There are challenges of infrastructure which put pressures on costs and erodes profit margins.”

The LCCI boss added, “But we need to stress that Shoprite is only divesting and selling its shares; Shoprite as a brand will remain. I am sure there are many investors who will be quite delighted to take over the shares.

“It should be noted that there are other South African firms in Nigeria doing good business. We have MTN, Multichoice, Stanbic IBTC, and Standard Chartered Bank, among others. Some of them are making more money in Nigeria than in South Africa.”

He added that some sectors are more vulnerable to the challenges of the business environment than others.

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Samed Olukoya

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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Brands

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

Published

4 days ago

November 1, 2024

Bassey Marshall

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.

Brands

Chivita Crowned “Outstanding Juice Brand of the Decade” at MarketingEdge Excellence Awards

Published

1 year ago

September 23, 2023

Investors King

Chivita, Nigeria’s beloved fruit juice brand, emerged victorious as it clinched the highly sought-after title of “Outstanding Juice Brand of the Decade” at the esteemed MarketingEdge Brand and Advertising Excellence Awards.

The prestigious award ceremony, held recently, celebrated Chivita’s remarkable journey to becoming a beacon of excellence in the Nigerian fruit juice market over the past ten years.

The recognition underscores Chivita’s unwavering commitment to superior quality, innovation, strategic engagement, and unswerving dedication to consumer satisfaction.

The organizers of the MarketingEdge Brand and Advertising Excellence Award heaped praise on Chivita for its unparalleled contribution to the juice industry. In their words, this award is a testament to Chivita’s transformation into the gold standard for premium quality fruit juices in Nigeria.

“We also know that Chivita has been at the forefront of enlightening the public and promoting the benefit of daily fruit juice consumption for everyday wellness for over forty years, ensuring that everyone has a Chivita. This has not gone unnoticed,” they noted.

Mrs. Toyin Nnodi, the Marketing Director of CHI Limited, the parent company of Chivita, expressed her gratitude to the award organizers and the brand’s loyal consumers. She highlighted the relentless pursuit of innovation and the commitment to producing high-quality products as the driving force behind Chivita’s success.

“At CHI Limited, we have dedicated years of innovation and commitment to high-quality products with the ultimate goal of consumer preference and satisfaction. The ‘Outstanding Fruit Juice Brand of the Decade’ award to Chivita is proof that our efforts are appreciated by consumers,” she stated.

Chivita’s product lineup includes a wide range of fruit juices, juice nectars, and fruit-flavored drinks, such as Chivita 100%, Chi Exotic, Chivita Active, Chivita Ice Tea, Chivita Happy Hour, and Chivita Smart Malt. These offerings come in a variety of variants and different pack sizes and packaging formats, catering to the diverse desires of consumers for healthy and great-tasting juices.

As Chivita basks in the glory of this remarkable achievement, it continues to stand as a testament to the power of unwavering dedication to quality, innovation, and consumer satisfaction. The brand’s journey to becoming Nigeria’s outstanding juice brand of the decade is indeed a story of resilience, excellence, and an unyielding commitment to providing refreshing moments to every Nigerian, one Chivita at a time.

Brands

Dangote Group Reigns Supreme as Nigeria’s Most Valuable Brand

Published

1 year ago

August 25, 2023

Temitayo Olukoya

The Dangote Group has proudly asserted its position as Nigeria’s most valuable brand, achieving a remarkable aggregate score of 86.2 percent on the Brand Strength Measurement (BSM) Index, a meticulous evaluation conducted by Top 50 Brands Nigeria as part of its comprehensive 2023 Top Brand Perception Assessment.

During a much-anticipated media briefing held in Lagos on Wednesday to unveil the 2023 Top 50 Brands Nigeria list, the organization lauded Dangote for its unwavering commitment to excellence, which has solidified its stature as a premier brand within the nation.

The conglomerate revealed that MTN, a formidable contender in the market, secured a closely contested second place, boasting an impressive 85 BSM index score.

This year’s rankings saw Airtel Nigeria and Globacom securing the third and fourth positions, both earning significant BSM index scores of 77.9 and 77, respectively.

BUA Group made its inaugural appearance in the Top 10, capturing the attention of industry observers with a noteworthy BSM Index score of 70.8.

The illustrious list of the Top 10 brands further includes Access Bank, Zenith Bank, Coca-Cola, GTCO, and First Bank, each of which has maintained its exceptional reputation and resonance within the Nigerian market.

Commenting on the outcomes of this year’s assessment, Taiwo Oluboyede, CEO of Top 50 Brands Nigeria, said, “A brand is akin to a person, embodying all the traits that define its personality to the audience. When you hear a person’s name, you’re likely not merely recalling their appearance or attire, but rather who they genuinely are and the significance they hold for you.”

Oluboyede continued, “One may profess to be the best in the world and may even invest in extensive advertising to attract attention. However, the true perception of that individual is ultimately shaped by one’s personal experience. Likewise, the perception of a brand can evolve from favor to disfavor, or vice versa. This dynamic holds true for both individuals and brands alike.”