Business

Nigeria’s Fish Production Falls Short of Domestic Demand, Central Bank Reports

Published

3 weeks ago

September 6, 2023

The Central Bank of Nigeria (CBN) has issued a report highlighting the insufficiency of local fish production to meet the country’s domestic consumption demands.

This dilemma persists despite the financial support provided through the Anchor Borrower Programme (ABP) to fish farmers.

According to the CBN’s report, Nigeria currently imports 700,000 metric tons (MT) of fish annually, surpassing the total domestic production by 60,000 MT. The report emphasizes the sector’s immense growth potential and its capacity to significantly contribute to the nation’s Gross Domestic Product (GDP).

“The subsector has recorded the highest average growth rate of 10.3% (1961-2020) compared to the 6% recorded in crop production in the same period,” the report notes.

“With an average contribution of 4.3% to total agriculture GDP between 1960 and 2020 and provision of at least 50% animal protein, fisheries contributes to economic growth by enhancing food security and improving livelihoods of fish farmers and their households.”

Highlighting the positive trends, the report reveals that aquaculture production in Nigeria increased from 25,718 tons in 2000 to an impressive 261,711 tons in 2020, making it the second-highest in Africa.

This 12.3% annual growth rate slightly lags behind the sub-regional average but surpasses regional and global averages.

Catfishes played a pivotal role, contributing two-thirds of Nigeria’s aquaculture production in 2020, and the country accounted for nearly 80% of global aquaculture production of bony tongues.

To address this challenge and revitalize the fisheries and aquaculture industries in Nigeria, the Fisheries Cooperative Federation of Nigeria (FCFN) has presented a comprehensive blueprint. FCFN President Alhaji Mohammed Laminu emphasized the importance of collaborative efforts between the government, private individuals, public-private partnerships, and access to funding for small-scale fish farmers and fishermen.

The blueprint includes a range of interventions, such as the provision of 150,000 bags of fish feeds, 7.5 million packs of fingerlings, 15,000 collapsible tanks, 5,000 bundles of fishing nests, 5,000 outboard engines, 5,000 life jackets, 2,000 smoking kilns, and 1,500 plastic tanks.

As Nigeria grapples with the challenge of balancing domestic fish demand and production, the CBN’s report and FCFN’s blueprint signal a concerted effort to boost local fish production, enhance food security, and strengthen the livelihoods of those engaged in the fishery industry.

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Brands

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

Published

1 day 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.

Business

Tax Expert Urges Government to Boost Investment-Friendly Tax Environment

Calls for Fairness, Transparency, and Seamless Tax Process to Attract Investors

Published

1 day ago

September 23, 2023

Investors King

Dr. Titilayo Fowokan, a former Lagos State Coordinator of the Society of Women in Taxation (SWIT), has called for a significant improvement in the tax environment.

Her recommendations encompass fairness, transparency, and a seamless tax collection process to stimulate economic growth.

Speaking recently in Lagos, Dr. Fowokan commended the present administration’s efforts in implementing tax reforms, particularly highlighting the Finance Act of 2023 and the work of the Taiwo Oyedele-led tax reform committee.

She emphasized the alignment of these initiatives with current economic realities, especially in enhancing the ease of doing business.

However, Dr. Fowokan voiced concerns about the impact of excessive exchange rate volatility and fuel subsidy removal on these reforms.

She noted that these factors have driven up the cost of doing business in the country, putting pressure on investors.

“Overall, businesses and companies are adjusting to the drive for compliance by the current tax system and reviewing their tax strategy, value and supply chain management, tax controls, risk management, and tax planning initiatives for sustainability,” Dr. Fowokan stated.

In addition to her recommendations for governments, Dr. Fowokan urged tax administrators to improve interactions between taxpayers and new digital tax payment platforms.

She acknowledged the benefits of transitioning to an automated tax system, particularly in terms of enhanced tax compliance, and called for further innovation in this area.

“In relation to administrative ease of the current tax system, the FIRS should not limit the Tax Promax platform to punishing non-compliance but also grant access to benefits for compliance. This is from the angle of penalty regimes on the platform versus the claim of Withholding tax credits through the platform. An improvement in this will be a significant boost to the ease of doing business in Nigeria,” Dr. Fowokan emphasized.

The recommendations put forth by Dr. Titilayo Fowokan underscore the importance of fostering an investment-friendly tax environment that prioritizes fairness, transparency, and efficiency. As governments contemplate their fiscal policies, her insights serve as a timely reminder of the crucial role tax reform plays in economic development and attracting investment.

Company News

Dangote Refinery Controversy: Safety, Quality, and Financial Woes Unveiled

Tension Between Aliko Dangote and NNPC Raises Concerns Over Nigeria’s Oil Industry

Published

2 days ago

September 22, 2023

Investors King

The Dangote Refinery, an ambitious project by Africa’s wealthiest man, Aliko Dangote, has found itself engulfed in a whirlwind of controversy, pitting Dangote against the Nigerian National Petroleum Corporation (NNPC).

This recent dispute, marked by safety concerns, incomplete construction, and financial woes, has left many questioning the ethics, quality, and viability of Africa’s largest refinery.

Sources close to the situation reveal that Aliko Dangote is seeking the elusive license to commence operations, the final crucial step before production can begin at the refinery.

However, the NNPC, Nigeria’s regulatory body, has balked at granting the license due to legitimate safety concerns, chiefly stemming from the incomplete status of the facility.

Also, Dangote’s bid to purchase crude oil from the NNPC was met with a firm denial, citing the refinery’s incomplete status as a deterrent. This has sparked allegations that Dangote may be considering unconventional methods, such as sourcing Nigeria’s crude through trading houses, which could be viewed as circumventing established procedures.

Even if Dangote manages to secure the necessary crude oil, concerns regarding safety and product quality persist. Workers within the Dangote Group, as well as contractors and some NNPC officials, have voiced apprehensions about commencing refinery operations prematurely.

The current state of the refinery only allows for the initial phase of crude distillation, a process akin to operations found in illegal refineries within the Niger Delta region. The unfinished catalytic cracking unit further amplifies worries about the quality of refined products.

Amid these concerns, it appears that Dangote’s motivations may be driven by financial pressures. Reports suggest that the Dangote Group is grappling with substantial debt, potentially jeopardizing the company’s stability if it fails to secure additional funds for loan repayments by December. This financial strain could be the driving force behind Dangote’s eagerness to obtain the operating license, even without the refinery being fully ready.

Recalling events from earlier this year, the uncompleted refinery was hastily commissioned by former President Buhari. This move aimed to grant Dangote access to additional equity funding from the Nigerian Government and secure a crude oil allocation of 300,000 barrels per day. This allocation was intended to be sold to raise funds for creditors and aid in completing the refinery.

However, when the new administration of President Tinubu took office, it was discovered that the refinery was far from completion, raising suspicions that it was falsely commissioned to secure the crude allocation for export.

The ongoing standoff between Aliko Dangote and the NNPC illuminates broader issues surrounding safety, quality, and financial stability plaguing the Dangote Refinery project.