Economy
P&G Meets FG, MAN, Top Local Suppliers, Pledges Increased Localization
By Dipo Olowookere
The management of leading manufacturing company and makers of brands like Always and Pampers, Procter and Gamble (P&G) Nigeria, recently engaged select local raw material suppliers in the country to an interactive meeting with the Federal Ministry of Industry, Trade and Investment and representatives from the Manufacturers Association of Nigeria (MAN).
The meeting was convened to assess the capability of local businesses and seek their participation in strengthening our raw material localization objectives in line with the Backward Integration Program (BIP) of the Federal Government.
This is following the recent commissioning of P&G Nigeria’s Always Production Line in June, which was officially done by the Vice President of Nigeria, Professor Yemi Osinbajo.
At this event, the consumer goods company, reiterated its commitment to investing in Nigeria and its support towards the Federal Government’s diversification efforts. The new local production of P&G’s Feminine Care product not only promotes inclusive growth but is also boosting job creation and value adds to the economy.
Speaking at the meeting, Managing Director of Procter and Gamble Nigeria, George Nassar, commended the Ministry’s gesture to engage local businesses saying, “We praise the Federal Ministry of Industry, Trade and Investment on their willingness to engage local suppliers and assess the capability of their businesses. That, on its own, is very encouraging and we believe today’s meeting is pivotal to accelerating our local sourcing projects.”
According to Nassar, “P&G Nigeria currently procures 100 percent of the packaging materials for its products locally and is working towards increasing the local sourcing of the raw materials we use. We will continue to partner with the government in our quest to achieve this.
“P&G is committed to doing business with more locally owned businesses and we appreciate the role the Federal Government is playing towards improving the ease of doing business in Nigeria and as a business will continue to foster a strong partnership with them to boost this effort.”
He also charged the Federal Government to continue its efforts towards enabling local entrepreneurship development and helping them with the capabilities required to produce raw materials locally.
“This will go a long way in actualizing its economic development agenda,” he said.
Speaking on the objectives of the meetings; Temitope Iluyemi, Director of Government Relations and Public Policy for Procter & Gamble Africa Operations said; “Backward integration is essential to the growth of the Nigerian economy and P&G’s aim is to manufacture as close as possible to its consumers, encourage our global partners to do the same and thereby promote technology transfer.
“We will work to pre-qualify local suppliers for materials used in the production of consumer packaged products and by extension, build capability of local manufacturers to compete effectively in regional value chains and further strengthen the diversification efforts of the Nigerian government”
Dr Francis Alaneme, Deputy Director Federal Ministry of Industry, Trade and Investment also commented, saying, “We want to increase the local sourcing of raw materials in the country and it is imperative to create opportunities like this to promote growth and provide a platform for cross-sharing and capability building.
“Partnering with corporate organizations like P&G to engage these businesses will grant us more access to notable suppliers of raw materials in the manufacturing sector and we commend the company’s effort in taking the lead on this.”
P&G has a long-standing record of building capability of local businesses for growth and development and enabling local entrepreneurship development. The company has trained hundreds of SMEs and has been involved in a series of skills building programs.
In 2015, it partnered with National Office for Technology Acquisition and Promotion (NOTAP), to host a symposium, bringing together leading academics, thought leaders, local entrepreneurs and industry members to discuss the critical issues of development in technology to promote growth through research and technology transfer in Africa.
Through the engagement sessions, all parties hope to explore ways of ensuring raw material inputs are effectively sourced locally; carve out strategies to mitigate the challenges that are being faced and ultimately help local suppliers meet the requirements needed to better support the Nigerian manufacturing sector.
By Adedapo Adesanya
Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.
In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.
The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.
During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.
This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.
Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.
At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.
Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.
The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.
As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.
By Adedapo Adesanya
The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.
Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.
At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.
Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.
Also, a stronger greenback has generally put significant pressure on emerging-market currencies.
Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).
The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.
If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.
At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.
On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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