Archive for nigeriang

Nigeria foreign reserves decline to $34.57 billion

Nigeria foreign reserves decline to $34.57 billion

Nigeria’s foreign
exchange reserves fell 15 percent to $34.57 billion by October 5,
compared to $40.75 billion at the same time a year earlier, the central
bank said on Thursday.

It said the
reserves have been declining, shedding 7 percent from the middle of
last month to the end of the month, as it tried to defend the local
naira currency.

“The current
external reserves level is still adequate and is expected to remain
robust in view of the favourable outlook for oil prices and output,”
central bank governor, Lamido Sanusi, said at the last monetary policy
meeting.

Forex reserves in
Africa’s top energy producer have been under pressure since last month,
with strong local demand for the U.S. dollar by gasoline and rice
importers, leading to a depreciation of the naira currency.

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658 farmers receive N21m loans in Zamfara

658 farmers receive N21m loans in Zamfara

A total of 658
farmers in Zamfara State, on Thursday, received N21 million loan under
the National Programme For Food Security (NPFS).

The special adviser
to the governor on Zamfara Agricultural Development Authority (ZARDA),
Yahaya Abubakar, said the beneficiaries were drawn from nine local
government areas.

Mr. Abubakar said
the programme was aimed at enhancing agricultural productivity in the
state and guarantee food security in the country.

He said the state
government had distributed more than 5,000 improved seeds of economic
fruits to increase the income of farmers.

Responding on
behalf of the beneficiaries, Sani Kaura thanked the government for
giving priority attention to agriculture, and promised that they would
use the money for the purpose intended.

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Expert challenges FG on inflation rate

Expert challenges FG on inflation rate

The president and
council head of the Chartered Institute of Bankers of Nigeria (CIBN),
Laoye Jaiyeola, has urged the Federal Government to come up with
effective measures to check inflation.

Mr. Jaiyeola told
the News Agency of Nigeria on Thursday, in Abuja, that for the economy
to be strong, inflation must be checked.

“You will recall
that a lot of money has been in circulation, and if you look at the
policy that the CBN has released, it is aimed at controlling inflation.
Our expectation is that even as we have more money being released, our
concern is that manufacturers will start doing business, and so goods
will come,” he said.

He said the measure
would go a long way to reduce inflation in the country, adding that
inflation could be checked if money would be channeled into proper
avenues for development.

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South Africa’s foreign reserves rise at mild pace

South Africa’s foreign reserves rise at mild pace

South Africa’s
foreign reserves rose in September, at a pace suggesting central bank
intervention was not aggressive, despite strong gains in the local
currency, a phenomenon some emerging markets have been fighting more
actively.

The rand has gained
more than 28 percent against the dollar, since the start of 2009, and
more than 7 percent since the beginning of this year, prompting calls
from labour unions for the authorities to step in more forcefully to
weaken it.

The data showed the
South Africa Reserve Bank’s intervention to curb currency appreciation
remained “relatively benign” against more aggressive action by other
central banks, said Razia Khan, regional head of research for Africa at
Standard Chartered.

Net gold and
foreign exchange reserves increased to $40.854 billion at the end of
September from $39.178 billion in August, the central bank said in a
statement posted on its website.

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Kenyan shilling firms vs dollar, stocks ease

Kenyan shilling firms vs dollar, stocks ease

The Kenyan shilling
firmed against the dollar on Thursday, backed by inflows from the tea
sector and a weaker U.S. currency on the world markets, while the
Nairobi Stock Exchange’s main share index edged lower.

At the market’s
close at 1300 GMT, commercial banks quoted the shilling at 80.50/60 to
the dollar, compared with Wednesday’s close of 80.60/70. The shilling
traded at the slightly stronger level for most of Thursday, traders
said.

Traders said the shilling got a lift from dollar selling by the farm sector late on Wednesday.

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Algeria unit sale talk boosts Orascom

Algeria unit sale talk boosts Orascom

Shares in Orascom
Telecom jumped 4 percent on Thursday after Vimpelcom was reported to
have said around $8 billion was a fair price for Orascom Telecom’s
Algerian unit.

“If the Algerian
side voices the readiness to buy Djezzy at a fair price, we’ll be ready
to sell it then,” Vimpelcom CEO, Alexander Izosimov, was reported to
have said by Russia’s ITAR TASS.

A person familiar
with the matter said the comment should be interpreted as Vimpelcom
setting out its initial position for further talks on the matter with
the Algerian government.

“This is a starting point, the two sides only met for the first time this week,” the person said.

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‘Declare emergency in West Africa energy sector’

‘Declare emergency in West Africa energy sector’

Participants at the
3rd Economic Community of West African States (ECOWAS) Business Forum
in Abidjan, Cote d’Ivoire, have asked the ECOWAS Commission to declare
a state of emergency and focus on the development of their energy
sectors, as a strategy to facilitate speedy regional development.

The state of emergency will be for a decade, to push governments in member states to work on the energy sector.

The forum, which
focused on the theme ‘Harnessing energy resources for the competiveness
of West Africa’s economy’, said these measures will enable the region
address the supply-side constraints hampering access to energy in the
region, where only 30 percent of the population have access to energy,
with demand expected to grow by 7.6 percent from 6,500 mega watts (MW)
in 2003, to 22,000 MW in 2020.

The measures
proposed at the forum were expected to help the region address the
challenge in a holistic manner through initiatives that will promote
energy self-sufficiency, address the business and policy environment
issues, as well as the project financing mechanism.

The proposal
reinforced calls for the expeditious implementation of the priority
projects of the West African Power Pool (WAPP) in the areas of power
generation and the interconnection of national grids, the adoption of a
regional energy mix that exploits all the region’s energy resources to
meet the fast growing demand, the development of minimum renewable
energy targets, as well as the strengthening of the Cape Verde-based
Centre for Renewable Energy (CRE).

Other proposals
will enable the region address the business and policy environment, and
calls for the creation of a regional framework to guarantee private
sector investment, the implementation of capacity building programmes,
the development and enforcement of local environmentally-friendly and
energy efficient materials, the unbundling of the energy sector to
private sector investors, the strengthening of mechanisms for public
private partnerships, and the ratification of the ECOWAS Energy
Protocol.

On ways to address
the fund constraints against investment in the sector, including ECOWAS
facilitation of donor support for such projects, participants suggested
the injection of funds in the rehabilitation of maintenance of existing
infrastructure, the mobilisation of local resources, and the
development of financing mechanisms for energy projects, particularly
for rural electrification, as well as the provision of incentives to
encourage investment in independent power projects.

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BRAND MATTERS: Stimulating consumer interest with slogans

BRAND MATTERS: Stimulating consumer interest with slogans

A brand conscious
approach is important to the overall communication process. It is as a
result of this that brand slogans or catch phrases play key roles to
attract the attention of the audience. Slogans are very potent means of
generating attention to a brand. In essence, the slogans sum up the
personality as well as the benefits and values derivable from the
brand. They convey some extraordinary features of the brand to retain
strong attention in the consumer’s mind.

When a
communication campaign is highly rated by a consumer, it shows that the
brand is worth something to the consumer. This is done through simple
words or phrases that arrest the attention.

Slogans make
consumers have a strong attachment with the brand, and they excite and
stimulate their interest. They become memorable and make the brand
meaningful. Slogans stick to consumers’ memory and become a
“personality” on their own. They make the consumers feel good about
associating with such a brand. I remember “It’s all about you” of
Vmobile years back. It was one that made consumers have a sense of
belonging. The brand tells the consumers that whatever it does will
always be in their interest.

Ultimately, this translates to patronage for the brand.

However, it needs
to be emphasised that slogans should not appeal to consumers alone.
They should be meaningful to the internal audience too. This is because
they need to do a lot to ensure that the brand delivers on its promise.
The internal audience should have a strong commitment to brand
delivery, which makes the brand focused, and not deviate from what it
stands for.

Slogan is for life

In any communication campaign, the slogan is important in generating maximum impact amongst the target audience.

When President
Obama was campaigning for US presidency, his slogan was ‘Together We
Can’, which inspired Americans to believe in a new dawn for their
country. It tells them in succinct terms that “our collective efforts,
our desires, our dreams for a brighter and greater US can be achieved
if we are united with one resolve.” That, on its own, stimulated the
interest of Americans to believe in the Obama brand. The slogan
personified the Obama brand’s promise to make every American have a
sense of belonging.

The main purpose of
a slogan is for consumers to retain a compelling word or phrase in
their mind, even when the campaign thins out. It is a take-away for
consumers to hold on to. This, to a large extent, leaves a key brand
message in the minds of the target audience. It is also not good to
change brand slogans. Even when slogans are changed, they should still
be focused on delivering the brand promise.

When Etisalat
launched into the telecoms market some years ago, it came with some
inspiring and refreshing communication campaign that resonated with
Nigerians. The focus here is the slogan ‘Now You Are Talking’.

The question one
should ask is, have Nigerians not been talking before? However, the
truth is that while other networks have been in existence, Etisalat
created a platform to directly touch the minds of Nigerians. The
network was the first to give Nigerians the opportunity to book for
their line; it was the first to start SIM registration; and it is the
only network that delivers messages about missed calls when your phone
is switched off. With all these, it shows that the slogan, ‘Now You Are
Talking’ is very potent.

It is a strong
message to tell Nigerians that, ‘you might have been hooked on other
networks, but with Etisalat, you (the consumer) are now talking the way
you should’.

In essence, the
slogan encapsulates what the brand stands for. The brand resonates more
with Nigerians, and it is seen as a cheaper brand. Everything revolves
round the slogan, which is meaningful to the consumers. The slogan is
also derived from the overall creative strategy of the brand to connect
directly with Nigerians.

‘Eko Oni Baje o’ is a slogan that comes to mind as I conclude this piece.

Even though it is
written in Yoruba language, I have found out through dipstick research
that it is now popular amongst Lagosians. ‘Eko oni baje’ exemplifies
Fashola’s dream to transform Lagos and make it a destination of choice
for foreign visitors and even a mega city for residents.

Slogans give
credible impression about the brand and it is the responsibility of
brand managers to ensure that the brand remains true to its promise.

Ayopo, a communication strategist and public relations specialist,
is the chief executive officer of Shortlist
Ltd.,ayopo@shortlistprng.com

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Stock market measuring indices plunge

Stock market measuring indices plunge

The parameters for
measuring trading activities at the Nigerian Stock Exchange (NSE), the
market capitalisation and the All-Share Index, plunged on Wednesday, as
0.94 percent decline was recorded at the close of trading session.

The Exchange market
capitalisation of the 198 First-Tier equities closed yesterday at
N5.889 trillion after opening the day at N5.945 trillion, reflecting
N56 billion losses. The All-Share Index lost 227.09 points on the
previous day’s figures of 24,263.01 basis units, to close at 24,035.92
units.

Market operators said the rush for profit taking by investors could be attributed to the downturn recorded on Wednesday.

Detola Olukorede,
an equity analyst at Investment Option, a business advisory firm, said,
“One cannot rule out profit taking activities in the market since the
trend has been positive in the past one week. Profit takers, like
portfolio managers, will always want to get return on their
investments, even if it’s low.”

Mr. Olukorede said operators should expect mix market performance this week.

Top gainers

At the close of Wednesday’s trading, a total of 32 stocks appreciated in value while 30 stocks depreciated.

Guinness Nigeria
and Glaxo Smithkline consumer topped the price gainers’ table with an
increase of N8.65 and N1.10 on their initial prices of N173.00 and
N22.49 per share, respectively. Flour Mill Nigeria and Dangote Flour
Mills followed in the chart with an increase of 70 kobo and 68 kobo
respectively, to close at N60.70 and N14.41 per share.

On the loser’s
table, Nigerian Breweries and Conoil led on the chart with a loss of
N3.71 and N1.97 respectively, from their opening prices of N82.21 and
N39.45 per share. UAC Nigeria and Lafarge Wapco Cement followed with
N1.50 and 91 kobo losses respectively, to close at N41.40 and N38.09
per share.

Banks maintain lead

The banking
subsector on Wednesday maintained its lead on the most active
subsectors’ chart with 338.991 million volumes of shares, valued at
over N2.805 billion. Volume in the subsector was driven by shares of
Diamond Bank, First City Monument Bank, Access Bank, First Bank, and
Guaranty Trust Bank. The five banks also ranked as the most traded
stocks for the day.

The food/beverages
subsector followed in the chart. Investors in this sector exchanged
25.965 million shares worth N431.622 million. Volume in the subsector
was largely driven by shares of Dangote Flour Mills and Dangote Sugar
Refinery, followed by Cadbury Nigeria, and National Salt Company.

Trading activities
in the maritime subsector was third with 16.672 million shares valued
at N19.994 million. Deals in shares of Japaul Oil and Maritime Services
largely boosted the subsector’s volume.

Meanwhile, to avoid
been sanctioned for failure or late submission of its financial
accounts, the management of Aso Savings and Loans on Wednesday notified
the Exchange that its audited accounts for the year ended March 31,
2010 is currently being audited.

The company said it “expects the completion of the audit exercise,
as well as the approval by the Central Bank of Nigeria to take place
before the end of November 2010, after which the accounts will be
submitted for presentation to the market.”

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OIL POLITICS: Mending MEND

OIL POLITICS: Mending MEND

Nigerians have been
subjected to several years of autocracy, misrule, and serial abuses
these past 50 years of flag independence. The Movement for the
Emancipation of the Niger Delta (MEND) and other groups have said that
Nigeria has no reason to mark this “jubilee.”

MEND did not only
make the point that there should be no celebration, they went ahead and
set off bombs that snuffed the lives of over a dozen Nigerians and
maimed many others. That was certainly a strong way to make a point –
in broken bodies, spilled blood, shattered families, and stunning the
nation to boot.

People have reacted
in different ways to the Abuja bombings, a remarkable escalation of the
sense of insecurity in a nation where kidnapers do not care a hoot
about taking kids, journalists, pastors, oil workers, and just about
anyone into captivity. This is a nation where citizens are abandoning
their homes, villages, and towns for armed groups to take control and
turn them into camps for their “armed struggles.” Meanwhile, the
security organs are out on roadblocks asking “wetin you carry?”

The idea of not
marking national days in the country crept into the national psyche
from the years of military misrule when the dictators did not wish to
promote the assembly of peoples to discuss the national state of
affairs. It became fashionable to tell Nigerians that occasions such as
independence anniversaries, children’s day celebrations, and others
were moments for sober reflection.

This was actually a
way of camouflaging the fact that the leaders were utterly bereft of
any ability or inclination to reflect on much other than their piles of
loot. Over the years, this neglect became accepted as times to stay in
our homes, mourn and recriminate the death of dreams built on the
“labours of our heroes past” that are now threatened to have been in
vain.

By neglecting to
mark days such as that of national independence, the remaining threads
that give citizens a sense of nationhood kept being pulled out of our
multicoloured national social fabric. Soon, we consolidated our sense
of apartness, each looking more to our ethnic nations, regional
cleavages, and political cabals.

It is in that
trajectory that we read the unfortunate order from MEND that no one was
to go to the Eagle Square for the national day celebration. They were
kind enough to say that people should avoid dustbins and cars. Pray,
where were those who eat out of dustbins going to get their meals from?
Or had MEND dropped extra packages for them to gather?

Of all the
responses, the one that is perhaps the most poignant is that of
President Goodluck Jonathan. In the chorus of voices condemning the
assault on all of us, our president reportedly said “What happened
yesterday was a terrorist act and MEND was just used as a straw; MEND
is not a terrorist group.”

By his leadership
position, Mr. President certainly has more information on security
matters than us ordinary citizens. Two disturbing issues arise from his
assertion. The first is his conclusion that “MEND was just used as a
straw.” The first assertion is more alarming than the second one which
claims “MEND is not a terrorist group.”

Perhaps, MEND is a
political party or an extension of the Nigerian Army, Mr. President? Or
is this an exercise in socio-political engineering to mend MEND?

Straw or pawn?

We return to the
first assertion, which suggests that MEND is naive and lent itself to
be used as a straw. In trying to read the president’s lips, we assume
that he was using the word straw here to mean “pawn”, referring to
someone used or manipulated to further someone else’s purposes.

If MEND is being used to further the purposes of someone else, then we have reasons to raise more concerns.

The first is that
that someone has to be unveiled. Another concern would be to
fundamentally question the rise of armed groups in the Niger Delta
allegedly fighting for a number of things, including more oil and gas
revenues for the region. Have there always been puppeteers behind the
scene if the armed groups do not have agenda for their activities? This
is disturbing because many came to see MEND as one of the more
politically coherent groups that chose the way of violence to make
their points.

If MEND is a straw,
can we assume that scenario planners, who have predicted that Nigeria
will blow into pieces within a short space of time, have an interest in
the escalation of violence and insecurity in Nigeria? Are we to say
that the violence in the oil fields has not secured sufficient foothold
for foreign armed assistance and this needs to be extended to the
entire nation and possibly put Nigeria on the path to becoming another
Somalia or even Sudan to a degree?

If MEND is a straw,
at what point did they metamorphose into this, or were they straws
right from start? If the group is a straw or can be used as a straw,
what are/were the several others who embraced the amnesty programme of
the government? It is time to rethink the amnesty programme and extend
it to the damaged environment of the region and indeed of the nation
through a national environmental emergency plan.

The president’s
assertion requires serious interrogation. With the background that some
armed groups began as bands of political thugs, we need to know if this
assault on poor Nigerians is linked to the fight for space and
displacements in the run for the forthcoming elections. In other words,
were these explosions the hands of politicians but the voice of MEND?

What we have here
is a deep failure of our security systems and this requires quick
action by Mr. President, and not quaint definitions of what constitutes
terrorism.

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