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Agip JV Builds Road, Drains in Bayelsa

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Agip Oil Company
  • Agip JV Builds Road, Drains in Bayelsa

The Nigerian Agip Oil Company Limited and its joint venture partners, comprising the Nigerian National Petroleum Corporation, Oando Plc, among others have constructed a 1.16 kilometre road and drainage channel in Ikarama community, Yenagoa Local Government Area of Bayelsa State.

Elated residents of the community witnessed the inauguration of road and drains, commending the Agip JV for addressing two of their major infrastructure problems.

In a statement on Tuesday, the General Manager District, Agip, Alessandro Tiani, urged the community to continue to sustain the enabling environment for the operations of the JV partners in the interest of stakeholders.

Tiana, represented at the occasion by the Stakeholders Management and Community Development Division Manager, Mr Dennis Masi, said the joint venture partners promised more developmental projects in their host communities.

Speaking during the ceremony on behalf of the community, the Community Development Committee Chairman, Ikarama, Mr Seiba Brown, expressed deep appreciation and gratitude to the JV partners.

Brown said the completion of the road and other significant developmental projects embarked upon by the oil giants would make lives much easier for indigenes of the community.

The CDC chairman called on other oil companies operating in the community and Niger Delta at large to emulate the developmental efforts of Agip and its partners.

Present at the ceremony were the Paramount Ruler of Ikarama community, Chief Herbertson Alfred, the deputy monarch, Chief Geoffrey Beli, Women Leader, Chief Rose Ishmael and Youth President, Warder Benjamin.

Those from Agip were Infrastructure and Estate Maintenance and Engineering Manager, Naina Osima; the Assistant Manager, Government Relations, Uloma Olosunde; the Senior Community Projects Engineer, John Ikimi, and the Public Relations Officer, Evans Ijeoma.

The highlights of the ceremony were the presentation of project completion certificate to the community leaders and cultural display by the youths.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial market.

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Nike, Adidas, and Puma Lost €7.3bn in Revenue Amid COVID-19 Outbreak

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Over the last few decades, the global sportswear market has turned into an enormous revenue-generating machine, with the profits reaching almost €153bn value in 2019. However, the first half of 2020 has brought a huge hit for the world’s largest sports brands, with thousands of their shops closed amid coronavirus lockdown.

According to data presented by SafeBettingSites.com, Nike, Adidas, and Puma, as the world’s largest suppliers of athletic apparel, lost €7.3bn in revenue amid the COVID-19 crisis.

Nike’s Revenue Plunged by €3.87bn

As one of the largest and most recognizable brands on the planet, Nike represents the leader in the industry of sports equipment and athletic apparel. The US-based company, traded as NKE on the New York Stock Exchange, has acquired several footwear and apparel companies over its history, including Converse, Cole Haan, Starter, Bauer Hockey, Umbro, and Hurley International. Today, it sponsors many high-profile professional athletes like Cristiano Ronaldo, Rafael Nadal, Lebron James, and Rory Mcllroy, and manufactures uniforms for a wide range of sports teams including Barcelona, Chelsea and Paris Saint-Germain.

In the third quarter of the fiscal year ending on May 31st, 2020, Nike generated €10.10bn in revenue, a €493 million increase compared to the Q3 2019 figures. However, the company’s Q4 2020 financial report revealed the staggering effects of the coronavirus crisis, with the revenues falling to €6.31bn, a €3.87bn plunge year-on-year.

Due to the excellent financial results in the first three quarters, Nike ended the fiscal year with €37.4bn in revenue, a €1.7bn drop in a year. Statista data also revealed that 41% of that amount was generated in the North American market. EMEA and Greater China follow with 26% and 19%, respectively. In 2020, footwear accounted for 66% of Nike’s total revenues. Apparel follows with a 31% revenue share.

Adidas and Puma Combined Revenues Tumbled by €3.47bn

Europe’s largest sportswear manufacturer and the second-largest globally, Adidas, generated €4.75bn in revenue in the first quarter of 2020, a €1.13bn plunge year-on-year. The company’s Q1 2020 financial results also revealed that earnings per share from continuing operations dipped 96% year-on-year, standing at €0.13. Although Adidas e-commerce sales jumped 35% in the first quarter, it wasn’t enough to balance widespread closures of brick-and-mortar stores.

The downsizing trend continued in the second quarter of the year, with the revenue falling to €3.58bn, a €1.93bn drop in a year. From April to June, almost all Adidas stores except those in the Asia-Pacific region were closed. In Latin America and emerging markets, sales decreased by more than 60%, while European and North America witnessed a 40% drop. Statistics show that the company’s revenue plummeted by €3.06bn in the first half of the year.

As the third-largest sportswear manufacturer in the world, Puma lost more than €415 million in revenue amid coronavirus outbreak. Statistics show the company generated €2.13bn in revenue in the first half of 2020, a 16.3% drop year-on-year.

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Volkswagen Opens Vehicle Assembly in Accra Ghana

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Volkswagen Launches Vehicle Assembly in Accra Ghana

The German automobile company, Volkswagen, has officially launched its vehicle assembly facility in Accra Ghana, one of the sub-Saharan African countries.

The facility is the fifth Volkswagen assembly in Sub-Saharan African nations following an official launching of Nigeria, South Africa, Kenya and Rwanda assemblies.

It would be recalled that in 2005 Volkswagen awarded the initial phase of the project to Universal Motor Facility, a Volkswagen importer.

The facility is the fulfillment of the Memorandum of Understanding (MoU) Volkswagen signed with Ghana in the presence of the German Chancellor Angela Merkel about two years ago.

According to the details of the facility, the facility has the capacity to assemble about 5,000 units per annum. Tiguan, Teramont, Passat, Polo and Amarok are five models expected to be assembled in the facility as they assembly planned to focus on vehicles that use Semi Knocked Down (SKD).

The announcement of Volkswagen’s investment and the unveiling of the first vehicle assembled in Ghana was witnessed by Ghana President, Nana Addo Dankwa Akufo-Addo with Minister of Trade and Industry, Alan Kyerematen, and other cabinet ministers.

“I assure Volkswagen and its local assembler in Ghana of the full support of the government in creating an enabling environment and incentive framework to make their investment a major success,” Alan Kyerematen stated.

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High Pesticide is Reason Nigerian Beans Not Acceptable in Most Countries

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High Pesticide is the Reason Nigerian Beans Not Acceptable in Most Countries

High pesticide residue is the reason exporters of Nigerian cowpea (beans) can no longer access certain foreign markets, according to the Nigeria Agricultural Quarantine Service (NAQS).

Vincent Isegbe, the Director-General, NAQS, disclosed this on Monday in Abuja during a strategic engagement with the President of Cowpea Association of Nigeria, Shittu Mohammed.

Isegbe advised stakeholders to work together to address the weak cowpea value chain in order to establish a continuous market for Nigerian beans.

In a statement issued by Gozie Nwodo, the Head, Media, Communications and Strategies, NAQS, Isegbe said “The pattern of boom and bust in cowpea export owes to the ingrained issue of high pesticide residue.

“The pesticides are largely introduced during the storage phase. The residue levels in the cowpea tend to rise above the maximum threshold set by certain Customs union and this makes the product unacceptable in crucial destinations.

Isegbe added, “We need to make a clean break from imprudent application of storage pesticides and consolidate a reputation for producing and delivering cowpea that satisfy relevant quality criteria.”

He said Nigeria is losing thousands of jobs and foreign exchange due to the suspension of cowpea or other agricultural commodities on account of intolerable quality defects.

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