Airtel, FirstBank launch FirstMonie Payment Solution

Lagos – Leading Telecommunications Service Provider, Airtel Nigeria has gone into a partnership with First Bank Nigeria Plc to offer Firstmonie Talkmore; the all-new, revolutionary mobile payment solution, to the public.The strategic partnership which was sealed with the signing of a Memorandum of Understanding (MOU), Tuesday, in Lagos makes it possible for Firstmonie Talkmore to run essentially on Airtel platform to make mobile payment services easy and accessible to a broader spectrum of Nigerians.

The partnership is the first major collaboration between leading operators in the nation’s banking and telecoms industries to provide a first class mobile payment solution to Nigeria.Specifically, subscribers on Airtel network who sign up to Firstmonie will be able to send and receive money, buy airtime, pay bills and carry out other forms of transaction on their mobile phones without operating a bank account.In addition, any duly registered subscriber on the Airtel network who signs on to Firstmonie will automatically receive N100 e-value and will be eligible for N240 bonus airtime.

Speaking on the special offering, the Director Regulatory Affairs and Special Projects, Mr. Osondu Nwokoro observed that Firstmonie could not have been better timed in view of the current drive by the Central Bank of Nigeria to entrench a cashless economy in the country.Said he: “As pioneers in the GSM sector and leaders of innovation in the industry, we have no doubt that Firstmonie will definitely revolutionize the mobile payment industry and further endear the Airtel brand to the Nigerian people.”

According to Nwokoro, Airtel has been a leading driver of innovative mobile payment solutions across Africa having singularly planted Mobile Money platforms in 16 countries across the continent.“It is this experience and expertise that we are bringing to bear on Firstmonie in the hope that it will deepen customer loyalty for Airtel and stimulate customer acquisition for FirstBank.We also have no doubt that our prospective subscribers now have one more reason to join Airtel while those who are dissatisfied with the service they receive from their current network providers have just been given the perfect reason to port to Airtel, the network that works,” Mr. Nwokoro further explained.Also speaking on the offering, Head, Marketing & Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney observed that the product which facilitates the integration of both the unbanked and underbanked population into the financial system also offers an excellent medium for Airtel subscribers to send funds securely to their families and friends across the country.Said she: “Firstmonie offer is open to subscribers of the Airtel network across the nation and registration is initiated by dialing *894# on any basic mobile phone or by logging on to https://www.firstmonie.com/iweb or https://www.firstmonie.com/imobile.”Interestingly, the new partnership on Firstmonie came on the heels of a recent one between Airtel and FBNLife Insurance (a member of the FBN Group) on the product PADI4Life which runs on the robust 3.75g network provided by Airtel

                                                                                                               By Vanguard Newspaper

Cooperative Societies: Untapped investment opportunities

One of the most powerful channels of investment is cooperative societies. Many people have heard about them, but only few understand them and the immense opportunities they offer. As a result, only a fraction of the society are tapping into and enjoying these opportunities.  Even the government is yet to realise how powerful cooperative societies can be, especially in eradicating poverty and improving welfare of the citizens. Fully exploited, cooperatives can enhance job creation and national productivity.
For the individual, especially low income earners, it is perhaps the least stressful and risky ways to save, invest, and improve personal welfare. Going forward, we would devote time and space to exploring the investment opportunities of a cooperative society for the individual and its development benefit for the nation. Also, as we go along, we would compare cooperatives to other forms of investment, so as to highlight its advantages and disadvantages.
A cooperative society is an association of people that come together to pool resources together to engage in business or economic activities for the purpose of improving their welfare. According to the International Co-operative Alliance (ICA), a cooperative society is “an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.”
The thinking behind cooperative societies is best reflected in an excerpt from the   history of cooperative societies below.
“As the mechanisation of the Industrial Revolution was  forcing more and more skilled workers into poverty, these tradesmen decided to band together to open their own store, selling food items they could not otherwise afford. With lessons from prior failed attempts at co-operation in mind, they designed the now famous Rochdale Principles, and over a period of four months, they struggled to pool one pound sterling per person for a total of 28 pounds of capital. On December 21, 1844, they opened their store with a very meager selection of butter, sugar, flour, oatmeal and a few candles. Within three months, they expanded their selection to include tea and tobacco, and they were soon known for providing high quality, unadulterated goods.” (The History of Cooperative Movement, Wikipedia)
The above is a useful and powerful beginning to understanding cooperatives. The underlying philosophy is –poverty eradication, welfare protection and improvement.
Though, the cooperative society movement is more than 200 years old, this has not changed. Then, it was butter, sugar and tea. Today, it is television, phones, cars and houses. There are many people across the world today that would not have had television, mobile phone, houses and money to retire on if not for their membership and participation in one cooperative society or the other.
In fact, many lives would have been lost to curable diseases; many children would not have gone to school, and many would have had no job but for the easy access to credit and other financial benefits offered by cooperatives. Most importantly, many would not have saved at all during their working careers, or discover the power of savings culture but for membership of cooperative society. Personally, I have benefited from cooperative societies, and I know some of you have. But the truth is majority are yet to, because they don’t know the benefits

                                                                                                 By Babajide Komolafe

Top 10 performing stocks

IPWA Plc, HIS Plc, Forte Oil Plc, MRS Oil Nigeria Plc, PZ Cusson Nig Plc, and UTC Nig Plc were among the stocks that garnered enough investors’ patronage last week to make it to the top ten gainers chart. Others are Champion Breweries Plc, Julius Berger Plc, 7-Up Bottling Company and ABC Transport Plc.
IPWA Plc, listed on the building materials sub-sector of the Nigerian Stock Exchange, NSE, recorded 57.32 percent or N0.47 price appreciation to top the list. It opened the market at N0.82 and closed at N1.29. By virtue of its products profile, IPWA plc is the most diversified paint manufacturing company in Nigeria, producing highly technological marine, protective, packaging, and industrial coatings in addition to building paints, wood finishes and automotive refinishes.
Available financial statement of the company for the third quarter ended 30th September, 2011, showed that gross earning declined by 13 percent to N241.07 billion from N276.06 billion. It recorded loss before tax of N59.21 billion, a four percent decline over negative N61.56 billion reported in the same period of 2011.
Investors’ patronage for the stock seems to be on the increase as it led the top 10 gainers three weeks back. So far, the share price has risen by 158 percent year-to-date from N0.50 at the beginning of the year to the present market price.
Telecommunications services company, IHS Plc, trailed behind with 46.33 percent or N1.20 gains from N2.59 at the beginning of the week to N3.79. Only recently, the company announced that it entered into a definitive agreement with MTN Group Limited (“MTN”) (JSE: MTN) pursuant to which, it will acquire up to 931 mobile network towers from MTN Cote d’Ivoire for US$141 million and up to 827 towers from MTN Cameroon for US143 million. Following the agreement, IHS became 100 percent shareholder of the tower companies to be set up in each country to manage the towers and other passive infrastructure.
The quarter two financial statement for the period ended 31st October, 2012 showed that it recorded 213.9 percent increase in turnover from N3.61 billion in 2011 to N11.32 billion in 2012. Profit, however, nose-dived by 97.4 percent to negative position of N1.22 billion from another loss position of N618.02 million in 2011. Increased investors’ patronage has seen the stock rising by 122.94 from year low of N1.70 to the present market price.
Forte Oil Plc, which closed as the third top gainer in the week, rose by 46.31 percent or N9.42 from N20.34 to N29.76 after the federal government paid subsidies claims amounting to N48 billion to petroleum marketing companies last week. It was among 25 oil marketing companies that received the package.
Just recently, the NSE listed Forte Oil along with 24 other companies that exceeded the minimum listing standards in terms of timely disclosure of their audited annual and quarterly financial performance. The company filed its first quarter financial statement for the period ended 31st March, 2013, over a month ahead of the stipulated submission deadline which falls on 15th May, 2013. Already, the stock price has risen by 284.99 percent year-to-date from N7.73 at the beginning of the year to the Friday’s closing price.
MRS Oil rose by 33.05 percent or N6.28 from N19.00 at the beginning of the week to N25.28. Listed on the petroleum and petroleum products distributors’ sub-sector, MRS engages in the business of marketing and distribution of refined petroleum products, blending of lubricants and manufacturing of greases.
Despite 66.7 percent decline in its profit after tax for the year ended 31st December, 2013, the board of directors is still recommending N23.34 kobo dividend, to be approved by shareholders at the yearly meeting in August. Its revenue for the same period rose by 11.5 percent to N79.72 billion from N71.49 billion in 2011.
PZ was the next with 23.22 percent or N9.14 price gain from N39.36 to N48.50 per share; UTC gained 21.54 percent or N0.14 from N0.65 to N0.79 per share; Champion Breweries’ share price rose by 20.79 percent or N1.47 to N8.54 from N7.07 per share.
Others are JB, which gained N13.73 or 19.61 percent from N70.02 to N83.75 per share; 7-Up was up  by N10.00 or 18.18 percent from N55.00 to N65.0 per share, while ABC Transport’s share price went up to N1.29 from N1.10, gaining N0.19 or 17.27 percent.

                                                                                                 By NKIRUKA NNOROM

INVESTORS’ SPEAK: How to manage risk of investment in shares

Mr. Samuel Iserhien:
By nature, the capital market is highly risky. And that is why some people call it a gambling exercise, but I am telling you that every investment, be it in the capital market, in housing, construction and others are kinds of gamble.
Nevertheless, profit potential is worth risk taking. But still, the higher the profit potential, the higher the risk. In other words, if you are expecting high gain, you must be able to take high risk.
In the last one year, the market has been interesting, most especially because of the recovery from the huge losses experienced between 2008 and 2010 when the market recorded a collapsed. But in the past one year, those who still held on to their stocks were able to regain part of the losses.
Some of the stocks have even risen beyond the point they were before the crises of those years. For instance Nestle was never as high as N200 in the good days like 2006, but currently, Nestle is now selling between N950 and N1000 ,the same can be said of Unilever, UAC and Cadbury.
Though Cadbury rose up to N60, at a time, but you know it fell to as low as N8 in 2009. But today, it is around N60. So, such stocks have actually risen very high even higher than they were in the good days before the crisis.
Today, the only sector that is appreciating at a slow pace is the banking sector. I will say that it is sluggish, but the fact remains that the market is currently recovering from the downturn. And this is the right time for those who have the money and are willing, should go and invest in the market.

Mrs Oteh

But to reduce their level of risks and errors, they need to invest on expert’s advice, because they can’t just go in like that and be victim of some of the risks. Therefore, they need to look for an expert, most especially a stockbroker for advice and if possible look for other reputable sources where they can get enlightenment about the happenings in the market.
I think some of the point that one needs to understand before going into the market is to know about the company he wants to invest in. Ensure you are aware of their performance, financial record and statements, their annual reports, their chairman and director’s statements and see what they are forecasting in relation to the general economy situation.
If after looking at all these you are convinced that the company is heading towards a good time of huge performance and good profits, and then you can join in holding a part of their shares.
COMPLAINTS AND INVESTIGATIONS
I need a stock broker in Calabar
How can I locate a registered stockbroker in Calabar, Cross River State? (Asuquo Ene)
Investors Forum
Check the website of the Nigeria Stock Exchange (www.nse.com.ng) for list of registered stock brokers.
I need information on First Inland Bank
I bought shares from First Inland Bank plc at Awka in Anambra State since 2008. But ever since then, no certificate or dividend was given to me. I even opened a CSCS account as the bank instructed me to do, but all to no avail. I am beginning to get confused. I bought 200 units at rate of 19,000 that is 8,500 per unit. (Adinde Chukwuemeka).
Investors Forum
You need to tell us the shares of the company you bought. If it was the shares of First Inland Bank that you bought from one of their branches, then you should contact the registrar of FCMB, the bank which acquired First Inland Bank. However, we suspect foul play as the shares of First Inland Bank was never sold as high as N95 per share. The registrar of FCMB is City Securities Limited. The address is Primrose Tower, 2nd Floor, 17A Tinubu Street, Lagos. Tel: 234-1-2641298, 234-1-7924462.
No dividend from Zenith, Union and AIMs
I have shares in Zenith Bank and Union Bank, but since 2010 I have not received any dividend. Also, I invested N1.5 million with an investment company called AIMs Asset Management Company some time ago. I visited their office and they were not there. I fear that they have folded up. (Egbulem Chukwudi Clement)
Investors Forum
For your investment in Zenith Bank, contact Zenith Registrars Limited at Plot 89 Ajose Adeogun Street, Victoria Island Extension, Lagos.  Tel: 234-1-2708930-4. E-mail: enquiry@zenithregistrars.com. For Union Bank, please contact Union Registrars Ltd at No. 2, Burma Road, Apapa, Lagos. Tel:  2793160 – 2; 0700 826 7341.  The contact of Aims Asset and Management is 23, Ajao Road, Off Adeniyi Jones, Ikeja. Tel: 2347029523916, 8095988382; Email: aims@aimsassetmgt.com.
No communication from Oando
For four years, no dividend or report has been paid to me on my investment in the shares of Oando.  Kindly verify for me why my annual reports and dividend from Oando were not sent to me for almost five years now (Ekanem, Mfon Udoh )
Investors Forum
Please contact First Registrars, Plot 2 Abebe Village Road, Iganmu or call  08033018295, 08191410456
No dividend from First Bank
No dividend from First Bank, I have shares with First Bank of Nig Plc, but I have not been able to get my dividend since 2011. Help me find out why it is so (Ogbolo O. Francis)
Investors Forum
Please contact First Registrars, Plot 2 Abebe Village Road, Iganmu or call  08033018295, 08191410456
I want to recover Oceanic Bank dividend
I have shares in Oceanic Bank, now Ecobank, and I am having dividend of Oceanic Bank of Oceanic Registrar and I want to change it to Ecobank dividend.
Investors Forum
Oceanic Registrar was merged with ESL Registrars Limited (the registrar of Ecobank Plc). Your unclaimed dividend should still be valid. So, contact ESL Registrars at  16/A Rauf Taylor Close, Off Idego Street, Victoria  Island, Lagos  or call 01-7301260
Is Zenith Point Capital genuine?
Is Zenith Point Capital Investment Limited in Minna a genuine company?  (Yakubu)
Investors Forum
Our investigations did not reveal any registered stockbroker, or dealer with the name of the company.
How can I reclaim unclaimed dividend
I have shares with UBA and Diamond Bank, but I have not been able to get my  dividend since I bought them in 2005. I have my share certificate with me.  How do I recover the unclaimed dividend from UBA and Diamond Bank?  Please sir, help me find out what the problem is. Also, I bought Mutual Benefit Assurance Plc shares during its I.P.O,  but up till now, I  have not received  my share certificate. (Tommy Esegbona)
Investor Forum
For your investment in UBA, contact Africa Prudential Registrars Plc at 220B,  Ikorodu Road, Palmgrove, Lagos. You can call 01-8401153, 01-8931501,  and 01-4606460 or send message to info@africaprudentialregistrars.com. For Diamond Bank contact Centurion Registrars Limited, via 59, Ogunlana Drive Surulere, Lagos.  Tel 012710574, 01 8446896.  For Mutual Assurance Plc contact BOI Investment and Trust Company Limited, 23 Marina, Lagos. Tel 01-2715215
Is Sun Insurance still existing?
I invested in Sun Insurance Plc in the early 2000, but suddenly, l did not hear again from them and all my efforts to trace them to recover my premiums proved abortive. Help me find out if the company still exists and how l can locate them.  (Mr.Wale Salako)
Investors Forum
Sun Insurance Plc was one of the seven insurance companies recently liquidated by the National Insurance Commission (NAICOM) for inability to meet new capital base.  Consequently, the company was delisted from the Nigeria Stock Exchange.  The implication is that the company does not exist again, and the fate of shareholders investments rests with NAICOM.
I want to sell Daar Communications shares
I invested in Daar Communication since 2008, but I have not received any dividend and I want to sell, but they said I can’t sell. My broker is Golden Security Limited please help me investigate.
Investors Forum
Daar Communications has not paid dividend since it was listed on the stock exchange.  You can’t sell because there is no demand for the shares.
I need contact of Union Bank registrars
Please, I need help with the Union Bank’s shares I bought in 2007. What’s the contact of the registrars?  (Eric Benin city)
Investors Forum
Please contact Union Registrars Ltd at No. 2, Burma Road, Apapa, Lagos. Tel:  2793160 – 2; 0700 826 7341
I need reliable stockbrokers
I bought shares from UBA, STB, EIB, WEMA, Skye, Ocean Bank, Transcorp and DAAR Communications between 2004 and 2008. Kindly get reliable stockbroker to dispose of the certificates (Dan Pedro, Benin)
Investors Forum
We don’t recommend stockbrokers to readers. Please visit the website of Nigeria Stock Exchange (www.nse.com.ng) for list of registered stock brokers.

                                                                                            

China vs Dubai: The battle for the Nigerian market

The importation of goods into Nigeria by traders who seem to be showing preference for variant lucrative business attractions that Dubai offers compared to what is  obtainable in China has continued to generate comments by Nigerians. In this report, Nigerian businessmen and women, who bared their minds, believe that business in Dubai, the Persian Gulf city, is more favourable.
Mrs. Kate Ibe (aka Madam K), who trades in Dubai gold ornaments, said, “ Doing business in Dubai is full of excitement  because of its proximity and the lack of visa-restriction rules that comes with it.
Unlike China, the business environment is very conducive and the infrastructure is reliable.”
Kate further stated, “A large number of Nigerians come to Dubai on weekly basis to engage in buying and selling because of the access to visa and decent profit margins that they make on sale of purchased products back home in Nigeria, and this is not achievable with products from China”.
Jonathan Ozoemena, a merchant, said he had to relocate from his manufacturing business at Idumota to Dubai due to the alleged invasion of substandard goods from China, in addition to Nigeria’s incessant interruption of power supply, deplorable road condition, and insecurity which has led to crime almost unavoidable.
According to Jonathan, who hails from Anambra State, “I travel to Dubai each time I exhaust my stock and I have been doing this for over three years now. It was a friend who introduced me into this line of business in Dubai, and I have not encountered any problem so far. Doing business here in Dubai is quite conducive. The only time you have a problem is when you try to go against their law.”
The market leader
Comparing both markets ( China and Dubai), Jonathan disclosed that although China is one market that is giving Dubai a quick run, majority of Nigeria business men feel better buying from the Dubai market.
“Majority of the goods that come into Nigeria from China may be sold at cheaper rates, but lack quality and durability, because some of our Nigerian businessmen in China specify the quality of the items they want manufactured for them and, most times, they place orders for low quality goods in order to attract low prices. This attitude, ironically, has attracted more patronage, and profit for them, which, if viewed in real sense, is dangerous.
This unmindful attitude of these traders also explains why Nigeria seaports consider most items that come from China as substandard.”

Entrance of the bustling China Town in Lagos.

The merchant frowned at the operations of the Standards Organization of Nigeria (SAN), which, he said, “ Is a show of total neglect to the welfare of  fellow citizens, because, by demanding a token as penalties from importers, who brought in sub-standard products that are harmful, they have sabotaged the vision of the organisation, which is to ensure that no sub-standard products get to end users.”
Sunday Vanguard further gathered that Dubai enormous business attractions and non-visa restrictions on visitors, who have genuine businesses to transact, have enabled  a large number of Nigerians who specialize in trade and commerce to achieve better returns on variant products purchased.
These products which range from gold, textiles, spare parts, cosmetics, electronics, telecommunication gadgets and household items can be obtained at a bargain if the trader knows his/her way about the numerous souks (markets) in the city.
In accordance with the rush to Dubai, three major airlines now offer daily flights from Lagos and Abuja to Dubai and with what appears to be pocket friendly flight fares, Dubai is for many Nigeria traders synonymous to a successful business.
What opened Dubai was the objective of a free trade zone, established in 1979, which permitted foreign investors unrestricted import of labour and export capital.
Owing to this, Dubai is now one of the world’s major trade and business hubs, and, among African countries, Nigerians rank highest among countries that travel to Dubai to import trade goods.
Majority of Nigeria traders in Dubai agreed that, knowing where you source your products and getting the best bargains is very critical if one hopes to make reasonable profit margins back in Nigeria. Igbo traders based in Dubai have established direct links with big time suppliers who sell at very cheap rates to traders.
Speaking also to Sunday Vanguard on the grounds of anonymity, a young man, who trades in female outfits said, “ I am better off with clothes from Dubai, even though they are slightly higher in price than those from China; they have quality and durability,” adding, “In Dubai, you do not have this long stretch of agents who you have to settle at the end of every purchase made, which is the situation in China.
Personally, trading in Dubai has given me my business more and better millage, and I do not think I would want to compromise.”

                                                                                                By Vera Samuel Anyagafu

FG approves 300million naira for nigerian film industry

Nollywood

A few weeks ago we had a discussion on the need for Nigerian movie industry to do better. Under our article entitled "Doing business in Nigeria (Entertainment, Art an culture)" we explained that the federal government needed to jump in and support Nollywood for it to do better business and represent Nigeria better. In honour of that thought president Goodluck Jonathan and the able Finance Minister has jumped in as it were with financial support to see Nollywood do better business.

The Federal Government on Sunday said it had approved N300m capacity building fund for the Nigerian film industry.
The fund, according to a statement from the Ministry of Finance, is part of the N3bn entertainment fund, which was pledged last year by President Goodluck Jonathan.

The Presidential Intervention Fund called: Project ACT Nollywood, is managed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and her Culture and Tourism counterpart, Chief Edem Duke.
In the statement, which was signed by her Special Adviser on Communication, Mr. Paul Nwabuikwu, Okonjo-Iweala said the fund would be inaugurated on Monday (today) through the activation of a website, where it could be assessed.

The capacity building fund, she stated, was the first in a series of initiatives planned under Project ACT Nollywood, and was made up of two components.
The first is N150m dedicated to training and skills acquisition by Nollywood practitioners in all competencies along the entire value chain of Nigeria’s movie industry.
They are scriptwriting, directing, production and production design, special effects, lighting, sound, acting, cinematography, make-up and editing.

The second component is the Capacity Development Fund, which is also worth N150m. It will give grants to existing Nigerian-owned private institutes that offer training courses, programmes and technical certification in the movie industry.
Additionally, the CDF may be used to upgrade existing facilities, procure equipment and develop internal capacity to offer a set of courses and training programmes, which address key skills gap.
The statement also quoted the minister to have said that the establishment of the fund underscored government’s commitment to supporting Nollywood in recognition of its contributions to the economy.

“This is the first of the initiatives planned under Project Act Nollywood. And it shows that the President is keeping his word to the industry and to Nigerians. Nollywood deserves this support because it has added value to the economy by creating jobs and acting as an ambassador to the country, projecting Nigeria to many parts of the world that hitherto knew little or nothing about the country,” she added.

A case for Digital Marketing

 

Most modern organisations set objectives that drive their businesses for its growth and progress; these objectives give your business a clearly defined target. Setting goals and objectives is an effective way of ensuring that you are headed in the right direction.

However, objectives cannot stand alone; they need the support of solid plans. These plans are set in motion to enable the realisation of set targets.

When setting business objectives, ensure your objectives are SMART (that is specific, measurable, attainable, realistic and timely).

Impact of SMART goals on your business

-They keep you focused on you main goal, When your goals are SMART, the company is focused on the specific goals and steps to achieving them. This eliminates waste of resources and manpower.

-Progress can easily be monitored and measured. With smart goals, there are key measurement metrics in place by the company to measure the progress on the goals. Each department’s goals will be measured weekly, monthly, quarterly or at a chosen time by the company. Questions to ask to make sure your goals are measurable include: How many? How much?

-They enable you to have a positive outlook and increase enthusiasm. Since the goals are specific, it is easier to envisage the success as goals look more achievable when they are broken into smaller fragments.

After setting SMART business objectives, discover ways and strategies of achieving them. One major strategy is marketing. Every serious organisation has a marketing department; and every focused marketing department sets objectives which ensure that the organisational objectives are met using trusted and tested marketing strategies.

Marketing is the practice of realising organisational objectives by pooling and surpassing customer desires. For a marketing process to be effective and successful, you need to identify, anticipate and supply customer needs and requirements. Marketing plays a major role in achieving the objectives of a company as it is seen as the main driver towards achievement of your set objectives.

Two main media of marketing

-Traditional Marketing: It makes use of Product, Price, Promotion and Placement to introduce and market products and services. Tools used in this form of marketing include: television, radio and newspapers.

-Digital Marketing: focuses on the use of the internet platforms and mobile applications to disseminate information about products and services. Tools used include: social networks, videos, search engines, and other options.

Over the years, most companies used the traditional marketing platforms to achieve their marketing goals. In recent times, the business world has changed and currently operates at a faster rate; the Internet has therefore been employed by a lot of companies to realise their objectives. Hence, it is therefore advisable for companies to follow this lead and take up this profitable trend.

 

What you benefit from digital marketing

-Your business can achieve measurable results and objectives.

-You can make your business decisions using real data and qualitative results.

-Digital marketing affords you the opportunity to reach your target audience exactly where they are.

-Direct and immediate feedback from customers: Customer feedback is paramount when determining a customer’s needs and taste; social media enables you communicate directly with your customers and target audience.

-An affordable way to get your message out without breaking the bank: For medium-sized companies that cannot afford the traditional marketing charges and bills, a well planned digital marketing strategy is ideal as some of the platforms used for digital marketing is free while results gotten from the paid ones last for a long time.

-Business of all sizes can employ digital marketing strategies to drive their business as it is cost effective. A recent survey by Constant Contact shows that the adoption of various online marketing tools by small sized companies has rocketed: “98 per cent of survey respondents now use email marketing (up from 64% saying they used them 5 years ago), while 87 per cent use social media marketing (up from just 10 per cent  five years ago).

And while finding new customers remains the chief concern for small businesses today, among those who are finding this task easier, a leading 53 per cent  say that’s due to more affordable online marketing tools”. (www.marketingcharts.com)

-You are able to build and develop relationships with your customers via social media and communities: With digital marketing, your customers find it easier to get in touch with you and convey either their satisfaction or dissatisfaction with your company services. This will facilitate reputation monitoring and control. Also, new product/service lines can be developed based on feedback from customers on what their current needs are.

-You can modify your message on the various online platforms whenever you want.

In essence, digital marketing has become a trusted way of measuring and achieving your business goals, with digital marketing you are more likely to record a successful business year.

 

                                                                                 By Amara Nwankwo

outsourcing companies target 10 million jobs

       

Before I wrote my article on outsourcing, most of my readers did not know what outsourcing meant and how it was a good business branch for Nigeria. We had nice reports on the article and we promised to keep you updated with the latest on outsourcing. As we rightly projected outsourcing is already doing a lot to provide job opportunities for Nigerians and with the creating of NAITEOC board will do even more

 

     Outsourcing companies and practitioners in Nigeria have stated their commitment towards creating 10 million jobs in the country.

 President, Institute of Software Practitioners of Nigeria, Mr. Chris Uwaje, said outsourcing had the capacity to create 10 million jobs in the country within a short period if given the necessary encouragement. He spoke in Abuja on Thursday at the inauguration of the board of the National Association of Information Technology.

 

 Uwaje, who is also member of the new NAITEOC board, said, “With Nigerians in the Diaspora remitting N21bn to the country on annual basis, we have seen what our people are capable of doing. We can indeed export knowledge through outsourcing.”

Buttressing the point, another member of the board and President of the Information Technology Association of Nigeria, Mrs. Florence Seriki, said Nigeria had not been reaping from the lucrative global outsourcing business because of late preparation.

 

 Another member of the board and Managing Director of Interra Networks, Mr. David Onu, said although huge opportunities existed in business process outsourcing abroad, there was the need for the government to jumpstart the industry by harnessing the opportunities at home.

 According to him, it was this strategy that India adopted to make the country an attractive destination for global outsourcing business.

 

 Onu said one of the ways to do this was to bring government closer to the people through outsourcing, adding that at the moment, government was far from the generality of the people.

 Acting Director-General, National Information Technology Development Agency, Dr. Ashiru Daura, said the government would do everything possible to grow the outsourcing industry in order to create jobs for unemployed Nigerian youths.

 He said, “We had the first outsourcing conference in 2011. At that conference, a resolution was taken that the board of the outsourcing association should be constituted. The journey has been long and slow.

 

“All of us need to work hard to make Nigeria the hub of outsourcing not only in Africa but also in the entire world. A lot of jobs are out there but we are not getting our fair share because we have not been organised.”

He expressed confidence that with the constitution of the board, outsourcing would begin to yield more results for the country.

 Daura pledged that NITDA would provide the board with a takeoff grant as well as a furnished office.

Steps towards starting a hotel business

The inability of owners to run hotel businesses successfully in the country has left many of the hospitality centres not functioning well. In this report, ADEMOLA ALAWIYE writes on steps to follow for profitable ventures.

 

 

 

 

Running a hotel business can be very lucrative; however, the competition in this sector is usually very severe. Not only should someone aspiring to start a hotel business have a large amount of capital to start this kind of business, he should also expect a significant amount of time to pass before pulling in crowds of customers to your hotel. It takes planning, patience and hard work to start a hotel business. Experts say some of the decisions to make to ensure that the business is run well will include the following:

 Get a job in the hotel or hospitality industry

Hotel experts believe that you need to spend at least a year working at a hotel so you can learn the details of the business, as well as what kind of problems you can expect. It’s much better to get paid to learn these things than to wait until you’re dealing with your own business and you’re losing money.

 Decide what kind of facility you want to open

Your hotel can be upscale or budget, aimed at business travelers or families, service oriented or no frills. When deciding on these issues, you should keep in mind what the local market will support, as well as what you can afford to finance. Find a building or have one built. Building or renovating a hotel is complicated. Hire a professional, such as a hotel architect or a hospitality consulting company to help you with design and layout.

 Write a hotel business plan

Your business plan should specify the fundamentals of how you are going to start and run your business. It should include the business goal, mission statement, budget, hotel location, hotel information, employee information and marketing strategy.

 Seek out financial aid

If you are building a hotel from scratch, buying an existing hotel or renovating a building into a hotel, you might need to invest anywhere between hundreds of thousand naira to millions of naira depending on your location, the size of your hotel and how much renovation is needed. Make sure you have a credible business plan so you can attract wealthy people who might want to invest in your business, such as angel investors or venture capitalists.

You may also be able to obtain financial aid by showing your bank your business plan or applying for one of the financial programs set up for small and medium enterprises.

 Obtain a business licence

Facilities like hotels often require a review by a city planning commission before a license is granted to the owner. This offers the local community a chance to express any concerns or ask any questions about the project, such as parking provisions or impact on the environment.

 Select a location

Experts say choosing the right location is one of the most important factors in determining whether your hotel business will succeed or fail. If you choose to open your hotel in a beautiful neighborhood that already has one or more successful existing hotels, it’s going to be very difficult for your potential hotel to succeed because you might not have the capital or credibility to compete with established hotels.

But if you open your hotel in the right location with little competition and have something about your hotel that’s unique and good quality, then there’s a good chance that your business can thrive and pull in visitors to the area. You’ll need to evaluate where travelers to your region want to stay, as well as what areas are lacking in lodging options. Focus your research on tourist attractions and downtown business districts.

 Determine how your hotel will stand out

Come up with strategies to make your hotel unique in different categories such as themes, amenities, atmosphere and services that you will offer.

Experts say there is need to research the hotels that are already doing well, figure out what qualities they have to make them stand out and figure out how you can copy them or improve on their practices. A good place to start is by reading reviews for hotels that have high ratings on websites or in magazines, they advised.

 Advertise your hotel business

According to experts, someone aspiring to start a hotel business should hire public relations and advertising representatives to help promote the business. Inform them about how your hotel stands out from its competitors and what makes it the best choice in the market. Continue to repeat the same message of what your hotel represents in various media, especially online.

Have surveys ready for your customers about their opinion of your hotel and what could be done to improve the service. Use your customers’ feedback as a way to constantly improve the quality of your hotel and in time, people will help you market your hotel by telling others about it.

 

                                                                                   By ADEMOLA ALAWIYE

First Bank signs $100m SME facility agreement with China Bank

In its bid to boost lending to small and medium scale enterprises in Nigeria, and also stimulate economic growth in the country, Nigeria’s Best Banking Brand, First Bank of Nigeria Limited today signed a $100m facility agreement with China Development Bank (CDB), a leading bank in the Peoples’ Republic of China. This is coming on the heels of the FirstBank’s extension of a single digit credit facility to Nigerian entrepreneurs in partnership with the Nigeria Association of Small Scale Industrialists (NASSI).
The signing of the landmark agreement, witnessed by President Goodluck Jonathan, who is on a State visit to China; and his host, President Xi Jinping of China, reinforces the Bank’s leadership position as a National Icon and Global Player. The FirstBank Group Managing Director, Bisi Onasanya is a member of the Presidential delegation which also includes 4 state governors and 10 cabinet ministers.
According to the document signed by the Management of the two banks, the two institutions will work together to further strengthen the business cooperation between both parties within the framework of each party’s respective articles and memorandum of association and applicable laws and regulations in Nigeria an China.
Specifically, the Memorandum of Understanding provides for a Comprehensive Cooperation between FirstBank and China Development Bank in the On-lending facility of USD100m to Small and Medium Enterprises in Nigeria, while also touching areas like Credit Lines, Trade Finance, Syndication and Project Finance, Consultancy Services, Sharing of Business Experience and Foreign Exchange Transactions.

Commenting on the MoU, FirstBank’s Group Managing Director/CEO, Mr. Bisi Onasanya said the partnership with CDB is in line with the FirstBank’s strategic focus on financial inclusion as it would address the challenges of credit delivery to the unbanked market’s segment in Nigeria through mobilized funds that will avail credit facilities to registered SME operators at concessionary rate. He said in addition to disbursing funds, the Bank would support SMEs through business advisory services, capacity building and development of relevant IT infrastructure.
About FirstBank
First Bank of Nigeria Limited is Nigeria’s leading financial services institution by total assets and gross earnings. With more than 5 million customers, FirstBank has over 700 branches and five (5) subsidiary companies, providing a comprehensive range of financial services. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London, and Banque International de Credit (B.I.C) in the Republic of Congo, as well as its Representative Offices in Johannesburg, Beijing and Abu Dhabi. FirstBank is recipient of several recent awards including the “Best Banking Group in Nigeria” by World Finance Banking Awards, “Best Financial Reporting Company” by Africa Investor, “Most Innovative Bank in Africa” by African Banker Awards, “The Best Retail Bank in Nigeria” by the Asian Banker International Excellence in Retail Financial Services Awards, “The Best Indigenous Place to Work For in Nigeria” and “The Best Financial Services Company to Work For in Nigeria” by the Great Place to Work Awards, and “The Bank of the Year in Nigeria” by The Banker Magazine. In addition, for two consecutive years, 2012 and 2013, FirstBank has been named “Nigeria’s Number One Banking Brand” by Brand Finance Top 500 Banking Brands

 

FG to maximise fruit juice concentrate processing

 

Abuja – The Federal Government has mapped out strategies to maximise the country’s fruit juice concentrate processing, according to a report made available on Friday in Abuja.
The report is prepared by the Agribusiness and Investment team at the Federal Ministry of Agriculture and Rural Development.
It said that the country’s competitive landscape showed significant room for additional domestic concentrate producers.
Fruits like pineapple, the report stated, fell under such great opportunities.
”Since pineapple is the second and most popular concentrate used by the Nigerian drink manufacturers and Nigeria is the eight largest global producer of pineapple, there is a large opportunity in processing its concentrate.
”Several different varieties of pineapple are grown in Nigeria; the sweet cayenne variety is common and well-suited to concentrate production.
”Investors have a promising opportunity to process fruit juice concentrate for sale to domestic fruit drink manufacturers.
”There is a large number of fruit juice and drink manufacturers in Nigeria, providing a ready market for domestic concentrate.
”These manufacturers have both financial and logistical incentives to procure locally,” it said.
The report noted that over 95 percent of fruit concentrates used in locally-made juices were imported while the country had the natural endowments for fruit production and a comparative advantage relative to other African nations.
It also stated that the country’s fruit demand was growing at over 10 percent per annum due to an increased awareness of the health benefits of fruit juice, among other drives.
According to the report, there have been challenges in securing sufficient raw materials because of low yields and post-harvest losses.
”But the Federal Government is working to ensure sufficient raw materials for processors by implementing initiatives to improve yields, support access to inputs and facilitate effective post-harvest handling.
”It will also coordinate farmers into efficient out grower schemes.”
The report disclosed that the Federal Government and donors were building the capacity of research institutes, upgrading facilities and training staff to develop better varieties and produce mass seedlings and fruit suckers.
”They are training farmers on improved cultivation and harvest practises as well as provide appropriate storage containers to farmers to reduce losses during transportation.
”Additional incentives are also in place to encourage domestic processing of fruit concentrate.
”Overall, there are government initiatives at each step of the value chain to make processing a lucrative investment,” it stated.
In addition, the report said : ”the Federal Government’s development of Staple Crop Processing Zones will ensure end to end support for businesses from a one – stop – shop for business registration.
”Government is committed to single- digit interest rates for processors and has also implemented other financial incentives such as tax holidays and capital allowances,” it said.
Dr Akinwumi Adesina, Minister of Agriculture and Rural Development, has reiterated the Federal Government’s commitment to increased Nigeria’s foreign investments to achieve the goals of the Agricultural Transformation Agenda (ATA).
The minister stated that ‘investment drive’ is important for the sector to open up the potentials of some crops. (NAN)

 For more information visit www.vanguardngr.com

Business opportunities available in Nigeria (Telecommunication)

Just the thought of this exciting sector makes me want to write about it all day. They are exactly what I want Nigerian businesses to be like. The way they fix up their office spaces, the way they aspire to do more for the society, they way they keep improving services, the way they empower youths day after day, they way they represent us on the international front, in fact they are a true picture of what Bizhelp paints when it talks about Nigerian business doing it the right way.

We have come from a time when all we had was a phone company that couldn't function well, thou all they provided was house phones, yet it was very hard to get their services and even harder to maintain them. Paying our bill was very tough and you even have to bribe them to get one of this phones installed for you. Along came M-Tel, the first official company who could provide mobile telephone services with per minute billing and PAYG service. Meanwhile dial up connection was the only possible means of internet network available.

M-Tel acquired so many customers and was doing fantastic when it comes to providing net work coverage in large towns for the mobile network services. Their limitations was that they could not provide internet connection that can also be mobile as their phone services was, they could not also do per second billing, meaning that no matter how many seconds you make calls you ended up pay for a full minute. We needed more to be done, we deserved more to be done and more was done. Then finally we saw the emergence of GLO Telecom.

GLO was able to provide per second billing and was also able to provide mobile internet connection. Along came also MTN, Airtel, Etisalat etc. Competitions were established, the need for each company to do better was forced by this competition. And these companies made their money because of Nigerian population, our quest for information and our desire to communicate with the outside world. The massive gap that existed between us and the rest of the world was now beginning to close. Ways of reducing call cost was now being sort by the companies and ways to better our internet services too was also a major concern to them.
Since then we have seen improved standards. Modems and WIFI services has ben launched and adequately managed, overseas countries are beginning to come in and invest in this sector, work is being provided to thousands of Nigerians, community development and youth empowerment is being made to stand and more ways of doing business using internet and phones are being introduced (Outsourcing and internet banking).

What areas are we doing or meant to be doing business on Telecommunication

ISP services
Mobile phone service providers
Internet shops
Online businesses
Local phone shops
Networking
Sale of Telecommunication equipment
Repairs and installation offices
Television companies
Cable TV (DSTV and CTL)

Youth empowerment schemes

Companies such as GLO and MTN has done extensive work in developing communities where they are situated. They have also looked for ways to empower youths to do better using the services they provide. Look at the X-Factor program sponsored by GLO Telecom, an excellent way to find the best talents in Nigeria and reward the individual with 24 million Naira and the runners up get to become stars. We know they make money from the show but that bit of business alone is absolutely brilliant. The way they also sponsor stars and tour cities with them so that people will get a certain VIP treatment even in their own local towns, fantastic business ideas.

 

All we need from this providers now is to be able to get unlimited monthly internet connection at a reduced amount. How we wish that their support could go a bit lower to the grass root, maybe to support agriculture by empowering farmers or if cheaper rates of making international calls will be invented such as the good bit of business done by companies in the UK such as  LYCA, LEBERA and NOMI. They concentrated on establishing a network that sees international prices for calls slashed by 70% , that will be a fantastic bit of business to be done by this companies.

We will not be happy if we fail to mention the business that has been done by Nigeria when it comes to providing better television houses and better television channels and shows. We have pass the times when your average TV had just 5 basic channels on it. Now you could have a cable network with over a thousand channels on it. Shows and exciting programs are being aired on TV and cable each day and most of them are being done by Nigerian youths, thereby greasing their elbows to always strive to do more and be better. Most shows are also a source of good business for the phone companies because when the shows are interactive and we get to call in the phone companies also make money from this.

There are so many businesses available under this that we can sink our teeth into and make profit. If you need more help on this please do not hesitate to get in contact and I will be happy to assist you.

Please do not forget that I only support businesses that improve the look and feel of there location. look at this picture and see how this MTN office did just that

Outsourcing or offshore and Nigerian business

Outsourcing is a process in which a company delegates some parts of its in-house operations to a third party. To explain this further, it is when a big business hires the services of another business to help them do services that they would have been able to do in-house. For example for so many years British Telecom (BT) has their customer service centre based in India. That means that when ever you call for inquiry or complain or any other customer service inquiries the phone will be picked up in India.
Question is, why will a company want to do this? is this method safe for the company when it comes to giving out information concerning its in-house running to a third party? how does the third party company benefit apart from the money they make? How can this be of benefit to a country like Nigeria? Has Nigeria jumped into outsourcing and how are they doing? What can we do to do more business in this field and create more jobs?

A company will embark in outsourcing as a strategy to cut labour cost. Take for example, if a customer service agent in London gets 1200 pounds (300,000 naira) per month for receiving calls and answering queries via the internet and phones and a Nigerian customer service agent will be happy to do the same job for less than 100,000 naira a month. If you were the UK based company which will you choose? Your guess is as good as mine. Remember that with outsourcing the parent company will not need to have a space to house the workers thereby saving more money. A lot of law binding papers are signed between the two companies to make sure the third party does not leak company information to anyone or make use of it themselves .

How an outsourcing company is set up

An outsourcing company is organised like a call centre, Its set up and networked to handle information services in and out of the centre. Individual computers are assigned to different agents who handle task or calls using the phones and internet services. Infrastructure and a good network system is a must for it to work.

Countries who want outsourcing will usually take their business to the Asian world but very recently Africa have seen a major increase in outsourcing business. This is a result of the following:
Improved infrastructure
Better telecommunication network
Large amount of university graduates
Cheap Labour
Ability to learn quick
Change in government policies helping call centres thrive
computer literacy
Good command of English and telephone manners

Nigeria has a lot going for it as a country that could see us become one of the best countries when it comes to outsourcing. We have  a cheap labour when you compare it against USA, UK and Australia which are the major countries that could employ us. A large amount of Nigerians can handle spoken English and most of them are computer literate, making it easy for them to work in call centres. Every year tens of thousands of Nigerians leave school and after serving there father land are ready for the job market. Outsourcing provided exciting employments for such people.

Nigeria has also improved on telecommunication grounds. The convention help in November last year in Dubai will see Nigeria have unlimited broadband before the end of the year. The GLO 1 fibre optics network is a promise of exciting times in Nigerian telecommunication industries. It will bridge the connectivity problems we have with overseas counties. It will see better targets reached and new grounds explored.

Companies doing well in outsourcing in Nigeria
Comek Resources Nigeria limited
Business processing outsourcing LLC
Fosad consulting limited
Phillips consulting limited
Right company consulting
Socialized Outsourcing
Verity contact centre
For a full list of companies doing well in outsourcing visit:
http://www.nigeriagalleria.com/Business_Services/Outsourcing.html

These are exciting times for doing business in Nigeria. We are at a time when infrastructure is being made available, when the government is doing real work to provide constant power supply, when the chasm between us and the outside world has been made closer due to telecommunication, a time when we are once again believed as a good source foroutsourcing companies and ideas. Let us embrace this new found idea and have more jobs created for many, and my people you now have a list of more companies to look for when looking to get a quick customer service jobs.

Please keep reading and commenting on this blog we will keep working until all our Nigerian dreams and rights are met and surpassed


For more on outsourcing see also 
http://www.youtube.com/watch?v=LNwkWNRJyp4

Business opportunities available in nigeria (Transportation)

On 26 June 2013, I highlighted 12 different business sectors Nigeria is doing business and I promised to highlight all the businesses under each of the sector. Today sit back as we discuss the business opportunities under transportation.

The country has improved greatly on what we use to consider to be the money making transportation means. We had a time when the luxury buses that do long distances were the best money makers, and as such we had so many people running into the business at the time. We had businesses such as The Young Shall Grow, Chidiebere Transport, Ekenediri Chukwu etc.

Now we are beginning to look at other parts of this sector and with wonderful returns on investment. We have seen people go into air transport, shipping and cargo, private cabs and even truck business. The aim of this article is to highlight all the businesses under transportation, look at who has done well and encourage more Nigerians to invest on this thereby providing transportation and making there money in return.

Air Transportation

Nigeria has seen a lot of improvement in this transportation means. A lot of us came from a time when the biggest thing you can think of is taking a flight from Nigeria to Europe. Now some people take flights every week to other states for work. Nigeria has the highest amount of local airports in africa and still getting ready to welcome more.

We have seen flights such as Arik Air, Dana and Aero contractors do very well as local means of air transportation. the market is by no means saturated so thinking on starting something along this lines will surely pay. We have seen business opportunities crop up near airports like nice bars, hotels and airports and we have even seen short and long stay car parks as types of businesses you can do because of the availability of airports

Cargo business has also done really well, delivery of good from state to state has seen improved timing and quality of service but there is still too much business available in cargo that is yet to be explored in Nigeria and I will be happy to advice you further if you have a passion for it.

Sea Transportation

 

The shipping industry seems too big a market for Nigeria to handle. It seems its the only part of sea transportation we give attention to.  But I have highlighted 3 different areas where we can try doing more business when it comes to sea transportation. They are:

Cargo Business

There are still so many businesses under this category. We are already doing very well when it comes to sending packages from oversee countries to Nigeria. There is still a lot to do when it comes to sending packages out of Nigeria. I have received a lot of emails of people asking me the best ways to send different types of items to oversee countries.

Boat Parties

Big business for the rich and affluent, people now rent boats and organise boat parties. Nice business idea

Cruises

Arranging to go on round the would trip with boats is a very good business. how I wish some travel agents can step up and do more in this regard.

Private cabs

The picture above is the new cabs that Lagos state is trying to introduce. We have a lot of states that are establishing there very own nice looking cabs, making transportation easier while still making money for the state government. But a very new business niche is the private cab companies, they add comfort and class to the cab business and many big towns have seen this business increase but we still got a lot of business on it to be done
Rail Transport

Imagine getting from Lagos to the east in under 3hrs using one of the safest known means of transportation, trains. We are hoping that our new improved relationship with the Chinese will bring this concept to birth. Using speed trains will improve every town along its way, improve travel time, reduce travel accident risk and even save money because its cheaper that flights.
Also imagine a city like Lagos getting underground and over ground trains such as the one we have in London and Greece, how much congestion will be reduced. Exciting times ahead for Nigeria .

Trucks Hire and sale

In 2010 a friend left London and relocated to Nigeria because he had succeeded in getting 3 big trucks for hire. He had people in mining industry who wanted to pay huge daily to work with his trucks. 3years on and he is on top of money. Think on this business you will not regret it.

Long distance luxury buses

The luxury bus transportation is still a huge business all over Nigeria,

Moving vans

Fantastic business moving goods for people using these moving vans. Whose hand is up on this one?

I am very sorry I did not mention keke as one of my businesses. Its not because it doesn't make money cos it makes a lot of money. But remember I only support businesses that improve the look and feel of there location. I am sorry keke doesn't improve the look of the town it makes it trashy. But I wont stop people from making there money especially those with little means. What is your comment on this article?

Cross River attracts private investment in excess of $2bn

CROSS River State has in addition to being the preferred tourism destination also become the preferred investment hub in Nigeria with Private investment portfolio currently in excess of  2 billion dollars which have generated employment for hundreds of people in the state, Mr. Gerald Ada, the Special Adviser to Senator Liyel Imoke on Investment Promotion Bureau has said.

While interacting with newsmen on the activities of his Bureau in the past one year last week, Ada said the favourable investment climate in the state coupled with its innovative creation of a one -stop -investment centre have served as points of attraction to investors.

He said the state is gradually inching up the ladder to become one of the busiest economies in West Africa and “Our ultimate aim is to make the economy among the five biggest in Nigeria after Lagos, Abuja, Port-Harcourt and Kano”.

Ada listed the businesses which have started activities in the state to include General Electric (GE)which has made a commitment of investing the sum of 250 million dollars in capital infrastructure and 800 million dollars in operational expenditure in the next five years with its recent groundbreaking ceremony at the Free Trade Zone in Calabar.

  

                                                   Calabar free trade zone

 

 

“Wilmar which is Asia’s leading Agribusiness Group which has taken over the CALARO Ibiaye and Obasanjo palm plantations is investing S400 million in agro- cultivation and processing and in return along with this come about twenty thousand jobs which would be created for the people from this investment”.

Other investments, the Special Adviser stated are coming from Nigeria’s major industrial conglomerate, Dangote Group which is also investing in the state through the establishment of a cement manufacturing plant worth 800 dollars million while Essar Power has concluded arrangement for establishing an energy and power plant with a capacity to generate 250 megawatts of electricity and is investing another 200 million dollars.

What can other states do to emulate what Cross River state is doing to encourage investment? How can we attract more investors to Nigeria? Not necessarily in the oil and gas sector, but in all sectors of our economy as highlighted on my blog on 26 June 2013. How can Nigerians in diaspora attract international investors to Nigeria . Your thoughts will be appreciated.