GRBusiness
High cost of fund, harsh operating environment too much for us- MAN
In spite of the claims by the federal government that the ongoing economic diversification effort was yielding positive results, high cost of funds, week infrastructure and harsh socio-economic and political environment have continued to hobble the manufacturing businesses in Nigeria, culminating in the lack-lustre performance of the sector.
It was gathered that the Nigeria’s manufacturing industry sub-sector has continued to record increases in unsold inventory, low capacity utilisation, and declining investment, with adverse consequence on the sector, according to ThisDay report.
The implication, it was learnt, was that instead of making meaningful contribution to growth and development, like in other parts of the world, it was at the brink of recession.
The latest annual report of the Manufacturers Association of Nigeria (MAN), which was released at the just-concluded 46th Annual General Meeting (AGM) of the association in Lagos, at the weekend, showed that the sector did not record any growth in the 2017 business year, despite the current efforts to position the sector for Africa and global competitiveness.
According to the report, “high lending rate remained a major challenge to the manufacturing sector in the period under review.”
A survey by MAN showed that the cost of lending to the manufacturing sector stood at 23.05 per cent in the second half of 2017, which was almost the same figure with 23.3 percent recorded in 2016.
This however, showed a 0.37 per cent improvement when compared with 22.65 per cent in the preceding half of the year.
Overall, the report showed that the cost of fund to the manufacturing sector, averaged 24.1 per cent in 2017, showing 1.4 per cent point increase over 22.7 per cent recorded in 2016.
MAN also noted that unsold inventory of finished goods produced members rose to N161.53 billion in the second half of 2017 from N35.42 billion recorded in the corresponding period of 2017 , indicating N126.11 billion increase over the period.
It also showed an increase of N1.94 billion or 1.2 per cent when compared with N159.59 billion recorded in the preceding half.
According to the report, over all, unsold inventory of manufactured goods in Nigeria totalled N321.12 billion in 2017 when compared with N90.43 billion in 2016, representing an increase of N230.77 billion or 255.19 percentage point.
The report also recorded a decline in manufacturing investment at the end of 2017 with estimated cumulative manufacturing investments from 2013-2017 at N4.63 trillion based on data generated from a survey conducted by the association.
In the second half of the year, investment declined to N176.69 billion from N448 billion recorded in the corresponding period in 2016, showing a decline of N272.25 billion or 60.6 per cent over the period. According to MAN, it also declined further by N152.59 billion or 46.3 per cent when compared to N329.28 billion achieved in the preceding half of the year.
Overall, manufacturing investment recorded during the year under review totalled N508.98 billion compared with N614.55 billion achieved in 2016; an indication of N105.57 billion or 17.2 per cent decrease over the period.
On the manufacturing production value, MAN’s report said that in the second half of 2017, it was estimated at N4.81 trillion as against N5.02 trillion recorded in the corresponding half of 2016, “thereby indicating N0.21 trillion or 4.2 per cent decline over the period.”
The report stated that it increased by N0.5 or 1.1 per cent when compared with N4.76 trillion recorded in the preceding half of the year .
However, production in the manufacturing sector totalled N9.48 trillion in 2017 as against N8.78 trillion total of 2016, thereby indicating N0.7 trillion or 8 per cent increase over the period.
MAN also decried the continued existence of multiple taxation, saying that it is one of the factors against the industrialisation of the country.
It called for the commencement of the implementation of the harmonised taxes and levies, which should be monitored strictly by the Joint Tax Board (JTB) with a view to enforcing compliance by states and local governments.
The report argued that the government should expand the tax net to capture non-tax paying firms, “particularly those operating in the informal sector and not top increase the tax burden on the already tax compliant businesses.”
On power, MAN said that electricity supply to the manufacturing sector averaged nine hours per day in the second half of 2017 against eight hours and five averages of the corresponding half of 2016 and the preceding half respectively.
It however, noted that power outage in the sector has remained consistently at four times since the second half of 2016, adding that the manufacturing sector alternative energy utilisation in the second half of 2017 declined to N51.35 billion from N66.96 billion expended in the corresponding period in 2016, representing N15 61 billion decline over the period.
MAN added that there was also decline of N14.17 billion, when compared with the N66.03 billion recorded in the preceding half.
Also, expenditure on alternative energy utilisation in the sector totalled N117.38 billion in 2017 as against N129.95 billion recorded in the previous year-2016, indicating a decline over the period.
According to MAN, the decline in the expenditure of alternative was a result of the slight improvement
MAN had early last week raised the alarm that Nigeria’s manufacturing was on the verge of recession, expressing the dismay that despite the government’s position that the country’s economy had exited recession , the manufacturing sector has been recording zero growth.
Energy
AVEVA is providing data management support for renewable natural gas projects
Reporter: Godwin Ezeh
Key Highlights
● AVEVA’s industrial information infrastructure has been selected by Archaea Energy to provide key data management support
● AVEVA’s industrial software to optimize performance across Archaea’s RNG plants
AVEVA, a global leader in industrial software driving digital transformation and sustainability, has been selected by Archaea Energy, the largest renewable natural gas (RNG) producer in the US, to build a comprehensive operations data management infrastructure.
Using AVEVA’s software, Archaea Energy can collect, enrich and visualize its real-time operations data, enabling performance analysis across its growing network of plants.
Using AVEVA PI Data Infrastructure, a hybrid solution with cloud data services, the plants will be able to share data to highlight operational opportunities and optimize efficiency.
Caspar Herzberg, CEO, AVEVA, stated,
“Through this collaboration and the use of AVEVA PI Data Infrastructure, Archaea’s growing network of plants will have streamlined operations with accurate performance analysis throughout the expansion. AVEVA’s CONNECT software platform leverages industrial intelligence from a central location, making it easier to deploy additional digital solutions in the future.”
“As the largest RNG producer in the United States, we are dedicated to delivering reliable, clean energy,” said Starlee Sykes, chief executive officer of Archaea Energy. “This relationship will allow us to optimize operations and offer detailed performance analysis as we continue to expand across the country.”
Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide.
In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.
Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.
WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.
Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.
1. Catalog – Showcase Your Products and Services
Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.
How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.
2. Quick Replies – Save Time on Repetitive Questions
Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.
How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat
3. Labels – Stay Organised and Track Conversations
Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.
How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.
4. Away Messages – Engage Customers Even When You’re Away
Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.
How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.
5. Meta Verified – For Enhanced Protection and Account Support
A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand. With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.
How to Use It: Go to Settings or Business Tools > tap Meta Verified.
WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.
Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.
The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.
The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.
Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.
This Iftar event was more than just a meal, it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”
Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.
Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”
Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.
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