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Coca-Cola Strengthens ‘Equip 60,000’ Entrepreneurship Initiative

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As part of efforts to help youth and women fulfil their potentials, particularly in the competitive world of business, The Coca-Cola Foundation has set out to empower 60,000 people in Nigeria with modern entrepreneurial skills with a good number of them also getting grants.

At the hybrid closing ceremony for the Kano leg of the event, on March 31, 2022, Nwamaka Onyemelukwe, Director, Public Affairs, Communications and Sustainability, Coca-Cola Nigeria, disclosed that the ‘Equip 60,000’, as the initiative is themed, would see the training and empowerment of several youths and women across the country as part of the company’s commitment to youth and women entrepreneurship under its new Africa sustainability platform termed JAMII.

At the presentation, Governor of Kano State, Dr Abdullahi Ganduje commended The Coca-Cola System for the initiative and charged the beneficiaries to make judicious use of the grants. He called on other thriving businesses to take an example from Coca-Cola.

Dr Ganduje was represented at the event by his Commissioner for Youth and Sports, Hon Kabiru Lakwaya, said, “We have done a lot in the area of youth and women empowerment, since the inception of our administration, yet we value the support of corporate bodies in that dimension.”

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Onyemelukwe explained that, “We are in partnership with the Whitefield Foundation to empower the youth and women across Nigeria with practical money-making skills and to ensure that the program touches as many lives as possible, we have set out with 72 carefully identified skills which we have been delivering to participants both physically and virtually across the 36 states of Nigeria and the Federal Capital Territory, Abuja since December 2021.”

In addition to knowledge empowerment, The Coca-Cola Foundation had also been offering business grants to those who distinguish themselves during the training. The grants come in three categories of gold, silver and bronze.

“We are pleased to equip Nigerian women and youths with entrepreneurial skills and startup or booster grants to those who distinguished themselves during the training in the hope that they will impact their individual lives, immediate families, business associates and the community,” Onyemelukwe added.

Ekuma Eze, Director Corporate Affairs and Sustainability Nigerian Bottling Company  (NBC), pointed out that the initiative is for empowering youths and women as part of efforts to help these important segments fulfil their potentials and impact on the society more positively.

Funmi Johnson, Chief Executive, Whitefield Foundation, expressed delight at partnering with The Coca-Cola Foundation on this initiative, which she described as a unique opportunity of transforming lives with both the training and business grants.

She commended the quality of the training and the transparency of the process of selecting the grant winners, and encouraged them to “take advantage of today’s ceremony to network and sign-up mentorships which would aid the sustenance of the program”.

“With the backing of The Coca-Cola Foundation, we will keep deepening this initiative across the 36 states and the Federal Capital Territory (FCT) to empower youths and women with money making skills with the conviction that empowering these sensitive segments would have a multiplier effect on alleviating poverty levels of the larger society,” Johnson added.

She commended the zeal demonstrated by the Kano citizens, which saw over 18,000 people participate with 9,800 of them making it to the second stage of the program, out of which 2,212 were lucky to merit the grants.

“The enthusiasm shown by people in Kano towards the ‘Equip 60,000’ has been tremendous. At both virtual and physical training sessions, the willingness of the participants has been heartwarming. At a point, we had participants from all the 44 local governments in Kano State, which is unprecedented,” she noted.

She enjoined the beneficiaries to strive to make the most of the opportunities and commended the support of the district heads of the various communities in making the initiative very successful in Kano.

The huge acceptance of the program has seen it reach 74,204 people, 1,000 of whom had already been awarded grants by the sponsors.

The empowerment training is structured in four levels including, employability and entrepreneurship skills, practical money making vocational skills in areas like web design, graphics design, snacks, cocktails, cocktails, make up, event planning and decoration; and domestic household essentials like hand sanitizers, multipurpose soaps; and agribusiness value chain.

Other dignitaries who graced the occasion include, Dr. Zahara’u Umar, Hon Commissioner of Women Affairs and Social Development, Kano State, and Alh. Kabiru Sa’idu Magami Permanent Secretary Ministry of Youths and Sports Development.

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Business

Lubricants and Nigeria’s economy

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By Cosmas Chukwunonso Nwobi

Every engine depends on oil, which serves as the heat transfer medium and lubricant for moving parts. It stops wears and damages from happening because the moving parts won’t be rubbing against one another.

The primary consumers of engine oil in Nigeria are those who own cars, generators, enterprises, tricycles, and motorcycles. Diesel and gasoline engines both utilize various grades of engine oil. Diesel engine oil is used to maintain heavy vehicles (diesel vehicles), small and large generators, as well as passenger vehicles (light vehicles). Petrol engine oil is used to maintain passenger vehicles (light vehicles).

The overall annual requirement for lubricating oils across the globe is projected to be 50 billion liters, or 60 percent automotive and 40percent industrial. However, industrial lubricants account for more than 70% of total global gross revenues and profit margins.

According to projections, Nigeria, with a gross domestic product of N150 billion in 2013 and more than N450.37 billion by the end of Q1 2021, is the third-largest user of lubricating oils in Africa, consuming 700 million liters of the substance per year (or 1 percent of the global demand).

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The aggregate profit margins of the blending plants were N45 billion in 2013 and N120 billion in the first quarter of 2021. Their total assets are projected to be worth N20 billion. This indicates that domestic production of lubricating oils meets 75 percent of the country’s total demand, with imports from specialist marketing companies providing the remaining 25percent.

You might also be interested to know that, over the projected period (2021-2026), the market for lubricants in Nigeria is anticipated to develop at a compound annual growth rate (CAGR) of 1.54%, reaching 300,399.52 kilo tons by 2026. which demonstrates that the market for automotive lubricants in Nigeria is anticipated to grow to $683 million by 2023.

This demonstrates that the significance of engine oil cannot be overemphasized and that lubricant production would be a very profitable business endeavor that would considerably boost Nigeria’s economy.

However, this industry was adversely affected by Nigeria’s slowing economic growth. The 2016 recession brought on by the sharp decline in global oil prices was the root cause of the downturn. Oil prices started the year at $36.76 a barrel and reached a high of $54.06 for the year. The lack of foreign exchange had a serious negative impact on the ability of various lubricants manufacturing companies to conduct business and imposed severe costs on key sectors of the country, which further cascaded into all areas of the economy. Given that many players in the industry imported large volumes of base oil and other raw materials needed to blend lubricants at the time, this meant that the shortage of foreign exchange affected all sectors of the economy.

However, the investment landscape is currently changing and Nigeria’s lubricant industry, if properly managed, will surely triple it’s current position in a few years to come. This is due to large oil marketers taking advantage of the lubricants market’s deregulation and lack of significant government intervention.

I commend the effort of the Nigerian Government so far in reducing import charges for Lubricant Blending plants firmly advocate for the need of a driving and I strongly advocate that more can be done in this area since Nigeria’s lubricant business has great prospects for investors. Should we succeed, early investors will also benefit from pioneer status and a five-year tax break.

I firmly believe that better consumer education, cooperation with transportation companies, increased consumer knowledge, and the provision of higher-quality lubricants at lower prices would help Nigeria’s lubricant manufacturers expand and make more money.

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Best choice Specialist Hospital Launches First Intensive Infant Phototherapy Machine In Kano

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_”A Beacon of Progress in Northern Nigeria!”_

In a groundbreaking move, Best Choice Hospital has taken a significant leap forward in pediatric care with the introduction of the Infant Phototherapy Unit, a groundbreaking technology designed to treat jaundice and prevent brain damage in newborns.

In a statement signed by Auwal Muhammad Lawal Group Managing Director of the Hospital noted that pioneering technology enables medical professionals to transfuse blood with unparalleled precision, safety significantly enhancing treatment outcomes for children.

…. Noted that the innovative machine boasts a remarkable 70% radiance output and features a standard phototherapeutic unit, eliminating the need for blood transfusions.

Auwal reiterated that introduction of this advanced state-of-art machine marks a significant milestone in Best Choice Hospital’s ongoing commitment to pediatric excellence.

With its advanced capabilities, the Infant Phototherapy Unit can effectively treat jaundice in a targeted manner, providing a beacon of hope for families.

“We understand the distress and hardship that comes with pediatric medical conditions”

“That’s why we’ve invested on this to ease the burden on families and provide children with the best possible chance at a healthy life”. Said Lawal

As the first of its kind in Northern Nigeria, this cutting-edge technology offers a comprehensive treatment solution for infants, covering the entire body with its optimal wavelength.

Dr. Abdulmalik Saminu, a leading medical expert expresses optimism that the development reinforces Best Choice Hospital’s position as a leader in pediatric care, providing families with renewed hope and confidence in the treatment of their loved ones.

Saminu further conveyed heartfelt gratitude to the hospital’s proprietor for his tireless efforts in making this life-changing technology available.

With the Infant Phototherapy Unit, families no longer need to travel abroad for medical treatment, as Best Choice Hospital now offers world-class care right in their own backyard.

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Naira depreciates to N1,635 in parallel market

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The Naira yesterday depreciated to N1,635 per dollar in the parallel market from N1,625 per dollar last weekend.

However, the Naira yesterday appreciated to N1,585.77 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,585.77 per dollar from N1,598.56 per dollar last weekend, indicating N12.79 appreciation for the naira. The volume of dollars traded (turnover) in the market declined by 58.8 percent to $71.18 million from $172.8 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N49.23 per dollar from N26.44 per dollar last weekend.

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