‘Building positive relationship’ll aid business growth’
by Sodiq Oyeleke
The Project Leader, Business Chain Hubs, Dr. Sam Egwu, has said that building positive relationship will aid the growth of businesses in the country.
He said this while speaking on the theme, ‘Building business chains for a better Nigeria – a practical opportunity to invest and market your opportunity nationwide,’ at a forum organised by the Institute of Directors in Lagos.
According to Egwu, importance must be placed on market development through business expansion.
He said, “The development of business chain is the only way out for businesses to grow. Nigerians must learn how to do business and tap potential that will build the economy.”
He wondered why many stakeholders had failed to initiate new ideas into the financial market, adding that this was the reason the Nigeria market was dominated by foreign investors
“The Nigerian market is ripe for competition but there is little opportunity for banks to raise money. So, businesses have to develop chain to enhance its expansion and growth since there is little opportunity for raising fund,” he said.
The President of the IoD, Mr. Thomas Awagu, represented by the first Vice-President of the group, Mrs. Eniola Fadayomi, said most investors failed because they lacked adequate knowledge about investment in the country.
He said, “It is common knowledge that one of the greatest challenges facing investors and entrepreneurs today is inadequate access to information on investment decisions. There may be dozens of strategies to choose from, but you need relevant data to guide you.”
He noted that investors’ decision played a great role in the development of businesses in the country.
Awagu said, “The Nigerian market, based on its size and current reform effort of the government, is ripe for modern, ethical and competitive business chains needed to systematically transform every sector of the Nigerian economy. The outcome of your decision could lead to putting your investment and business on the fast track to growth and expansion or the other way round.”
Source: The Punch Newspaper
Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts
Tuesday, June 19, 2012
Sunday, June 10, 2012
NBBC urges FG to strengthen bilateral investments
NBBC urges FG to strengthen bilateral investments
June , 2012 by Sodiq Oyeleke
The Nigerian British Chamber of Commerce has urged the Federal Government to strengthen its bilateral relationship to boost confidence in foreign investors.
The group made this known during a press conference on a trade mission scheduled to hold later this month on the prospect of investment between Nigeria and Britain.
According to the President of the group, Mr. Thomas Awagu, Nigerian trade and investment growth figure has shown that a renewed interest in Nigeria has been generated among investors in the United Kingdom.
He recalled that apart from Asia, Africa (including Nigeria) was the only economy that survived the recent economic recession with its growth increasing over five per cent.
He said, “Generally, there has been continued confidence in the Nigerian economy by foreign investors, including the UK, and this has underscored the Foreign Direct Investment inflow into the country, which rose to $1.574bn in the last quarter of 2011 as against the $1.309bn recorded in third quarter of the same year.
“Sustained at this pace, it is estimated that Africa would sell $1.4tn worth of goods and services by 2020.
“It is therefore expected that as the government deepens the ongoing reforms in the various sectors of the economy; there is going to be a significant rise in the volume of trade and investment by the UK and other foreign investors.”
He noted that over a thousand investor communities, industry titans, key Nigerian and UK private sector and government leaders were currently identifying specific growth areas, examining information on investment ripe projects, and discovering latest financing options to boost Nigeria’s growth further.
By:
NEWSTRAWL ONLINE UPDATE
On Sunday, June 10, 2012
Economic transformation dependent on investment climate – LCCI
Economic transformation dependent on investment climate – LCCI
December, 2011 by Sodiq Oyeleke
The Lagos State Chamber of Commerce and Industry, Nigeria’s foremost chamber and advocacy group, has said that the transformation of the Nigerian economy is critically dependent on the quality of investment climate in the land.
The body stated this in its end-of-the-year economic outlook, titled, “The 2011 Report on the Business Environment in Nigeria.” It was made available to our correspondent in Lagos on Wednesday.
Explaining the rationale behind the submission, the chamber, in the report signed by its Director-General, Mr. Muda Yussuf, said it undertook an evidence-based assessment of the business environment, with inputs from its members and stakeholders in the Nigerian economy, before arriving at the positions presented.
According to the LCCI, the evidence-based review of the business environment revealed two major categories of challenges.
It said one of the challenges faced by the business environment was the high cost of power supply, which reduced the profit margin of many firms in the year under review.
It said, “Firms reported that the most critical problem faced in 2011 was the unbearable energy cost, which was a consequence of the appalling state of the power sector. The escalating cost of diesel, LPFO, aviation fuel and gas reflects this reality. The outcome was that profit margins of many firms were considerably eroded and the survival of many businesses was put at risk.”
It also noted that high cost of inputs, especially imported raw materials, machinery and equipment, posed additional challenges.
“Some firms complained about the volatility of the exchange rate and the challenges it posed for business operations, especially planning. High import duty, Value Added Tax and ports charges are other challenges, all of which are percentages of cost of imports,” it said.
It lamented the multiplicity of agencies at the ports; the tedious bureaucracy in documentation and rampant extortion, “giving respondents an awful and frustrating experience in the course of cargo clearance.”
The chamber added, “It takes an average of two to four weeks to clear cargoes at the ports. These had implications on the cost of borrowed funds, which were used for the importation, and demurrage charges, among others.”
It also said that firms experienced weak consumer demand, resulting in low patronage for many sectors and high consumer resistance.
“There were indications of significant contraction in aggregate demand and a deceleration in the tempo of economic activities during the year. These adversely affected investors,” it said.
According to the chamber, the industry was also faced with some sectoral challenges, including the shortage of manpower and smuggling, which slows the pace of its activities.
“Firms in professional services and construction industry reported declining quality of skills in the economy. Many formal sector businesses in the distributive trade sector lamented the rampant smuggling by informal sector operatives which created competitiveness challenges,” it lamented
By:
NEWSTRAWL ONLINE UPDATE
On Sunday, June 10, 2012
Wema Bank inaugurates educational products
Wema Bank inaugurates educational products
May, 2012 by Sodiq Oyeleke
Wema Bank Plc has introduced Royal Kiddies and Purple Account to empower children and young adults educationally.
The Executive Director and Head, Lagos and South-South of the bank, Mr. Ademola Adebise, said in Lagos on Wednesday that the products were introduced to satisfy the yearnings of the customers’ demand for a future savings account for their children.
“The accounts were borne out of feedback from customers and years of collaboration with various stakeholders to develop a niche product that can serve the yearnings and needs of the young people in Nigeria whilst also providing an assured foundation for their future,” he said.
The Divisional Head, Retail Bank, Wema Bank, Mr. Akinlolu Ayileka, said that the products would facilitate entrepreneurial development in the country.
He stressed that the products had been dedicated to provide for the educational needs of children and adults.
He said, “We understand that education is the bedrock of development for the economy. Everything is dependent on knowledge and skills, which the Royal Kiddies and Purple Account has been specially designed to meet. It will also help parents and guardians to meet the specific needs of their children and young adults.”
The Product Manager, Omolola Omoyele, explained that the account had benefits that put the future of any child in a safe mode with life assurance cover of 10 times the account balance.
“The Royal Kiddies Account is for children between the ages of zero and 13 with life assurance of up to N10m in case of accidental death or permanent disability of parent or guardian.
By:
NEWSTRAWL ONLINE UPDATE
On Sunday, June 10, 2012
NAFDAC, SON urge manufacturers to ensure quality
NAFDAC, SON urge manufacturers to ensure quality
June 1, 2012 by Sodiq Oyeleke
The National Agency for Food and Drug Administration and Standards Organisation of Nigeria have asked manufacturers in Nigeria to ensure that the quality of their products meet acceptable international standards.
The two bodies spoke at the at the inauguration of Latina, a new product from the stable of La Casera Company on Tuesday in Lagos.
The Acting Director, Registration and Regulatory Affairs, NAFDAC, Mrs. Ogochukwu Mainasara, said manufacturers must take consumers into consideration in their goods production.
She said, “The La Casera Company has created an alternative for consumers after passing through the full tests with the latest machineries. Other manufacturers must follow this path of quality product manufacturing.
The Deputy Director, SON, Mrs. Oluremi Ayeni, added that the La Casera Company was one of the respected companies in the country.
“The company is one of the companies that SON respect, it usually live up to the expectation of the consumer. They give the consumers a choice.”
By:
NEWSTRAWL ONLINE UPDATE
On Sunday, June 10, 2012
Wednesday, June 06, 2012
Expert proffers solution for business development
Expert proffers solution for business development
Sodiq Oyeleke
The Project Leader, Business Chain Hubs, Dr. Sam Egwu has proffered that building positive relationship will aid progress for any business in the country.
He said this while speaking on the theme “Building business chains for a better Nigeria – a practical opportunity to invest and market your opportunity Nationwide” in a Members Night organised by the Institute of Directors in Lagos.
He said that importance must be placed on the market development through business expansion.
He said, “The development of Business Chain is the only way out for businesses to grow. Nigerians must learn how to do business since we have a failed Stock Exchange market and tap potentials that will build the economy.”
He wondered why many stakeholders have failed to innitiate new ideas into the market, adding that this was the reason why the Nigeria market is dominated by foriegn investors
“The Nigerian markets is ripe for competition but there is little opportunity for banks to raise money is limited. So, Businesses have to develop chain to enhance its expansion and growth, since there is little opportunity for raising fund,” he said.
The president of the IoD, Mr. Thomas Awagu, represented by the first Vice President of the group, Mrs. Eniola Fadayomi, said most investors fail because they lack adequate knowledge about investment in the country.
He said, “It is common knowledge that one of the greatest challenges facing investors and entrepreneurs today is inadequate access to information on investment decisions. There may be dozens of strategies to choose from, but you need relevant data to guide you.”
He urged that investors decision play a great role in the development of businesses in the country.
“The Nigeriian market, based on its size and current reform effort of the government, is ripe for modern, ethical and competitive business chains needed to systematically transform every sector of the Nigerian Economy. The outcome of your decision could lead to putting your investment and business on the fast track to growth and expansion or the other way round,” he said.
Sodiq Oyeleke
The Project Leader, Business Chain Hubs, Dr. Sam Egwu has proffered that building positive relationship will aid progress for any business in the country.
He said this while speaking on the theme “Building business chains for a better Nigeria – a practical opportunity to invest and market your opportunity Nationwide” in a Members Night organised by the Institute of Directors in Lagos.
He said that importance must be placed on the market development through business expansion.
He said, “The development of Business Chain is the only way out for businesses to grow. Nigerians must learn how to do business since we have a failed Stock Exchange market and tap potentials that will build the economy.”
He wondered why many stakeholders have failed to innitiate new ideas into the market, adding that this was the reason why the Nigeria market is dominated by foriegn investors
“The Nigerian markets is ripe for competition but there is little opportunity for banks to raise money is limited. So, Businesses have to develop chain to enhance its expansion and growth, since there is little opportunity for raising fund,” he said.
The president of the IoD, Mr. Thomas Awagu, represented by the first Vice President of the group, Mrs. Eniola Fadayomi, said most investors fail because they lack adequate knowledge about investment in the country.
He said, “It is common knowledge that one of the greatest challenges facing investors and entrepreneurs today is inadequate access to information on investment decisions. There may be dozens of strategies to choose from, but you need relevant data to guide you.”
He urged that investors decision play a great role in the development of businesses in the country.
“The Nigeriian market, based on its size and current reform effort of the government, is ripe for modern, ethical and competitive business chains needed to systematically transform every sector of the Nigerian Economy. The outcome of your decision could lead to putting your investment and business on the fast track to growth and expansion or the other way round,” he said.
By:
NEWSTRAWL ONLINE UPDATE
On Wednesday, June 06, 2012
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