By Alex C Vono Product plc, a furniture and foam manufacturer, has ended 2013 financial year with growth at the top-line level buoyed by recovery in consumer spending while reduced costs helped the company revert to profitability. For the year ended December 2013, the Nigeria furniture maker’s revenue grew by 60 percent to N841.41 million from N525.87 million in the earlier period of 2012. The company posted a Profit Before Tax (PBT) of N1.52 million in the review period from a loss position of N86.86 million in the earlier period of 2012. These impressive financial results show the company is…
Author: Pride Team
By Alex C The Nigerian insurance industry earned as premium N1.5tn from all life and non-life insurance policies underwritten between 2004 and 2013. Statistics obtained from the Nigerian Insurers Association (NIA) revealed that the sector made premiums of N69.4billion, N76.3billion, N82.3billion and N100.6billion in 2004, 2005, 2006 and 2007, respectively. The figure rose to N150billion, N179.9billion, N185.7billion and N217.7billion in 2008, 2009, 2010 and 2011 respectively, while in 2012 and 2013, the insurance industry earned N247.58billion and N285billion, respectively from the businesses underwritten. While the general insurance business has continued to contribute more to the sector’s earnings, the overall contribution…
By Alex C The new Gross Domestic Product (GDP) series released recently by the National Bureau of Statistics (NBS) has shown that the manufacturing sector recorded substantial growth of 22 percent in 2013. This compares positively with the 14 percent growth recorded by year-end 2012. The positive growth rate is accompanied by a rise of the GDP contribution from 6.81 percent earlier reported in April to 9 percent. This means the manufacturing sector returns $45.9 billion (N7.67trn) to the new series. Major contributor to the strong growth is the food, beverage and tobacco sector, which accounted for half of the…
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Prior to moving here trips to Lagos were planned and sorted out by my parents, the visits were a family affair so apart from the odd internet search I was blissfully out of the loop. Not anymore. Booking a flight should be a simple, uncomplicated procedure, what’s the big deal right? Well, if you’re like me, and you don’t have the odd £1,000 lying around every few months, then it’s a very big deal. Tickets from Lagos to London are eye wateringly expensive, more so at peak times like late summer and Christmas. But the question is, why? It’s not…
By Alex C In a move aimed at further boosting Nigeria’s retail market, foreign investors are in the country to feast on the retail boom with $500 million expected to finance the development of six retail malls in five major cities in the next 30 months. Some of these investors include RMB Westport, a joint venture between Rand Merchant Bank (RMB) and Westport Property Group—a highly skilled real estate investment management company—which will be funding about 51 percent of the $74.3 million Osapa Convenience Centre and 50.5 percent of 30,124 square metre Royal Gardens Mall, expected to gulp about $165.2…
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My dear daughter, I really am at a loss at the right words to express my astonishment at the pace of developments in all spheres in this 21st century. Life today is both amazing and challenging. We often hear the term ‘the knowledge age’ – there are lots of books and websites that will teach you how to do everything from making a bomb to doing your makeup. Everywhere you turn, useful and useless advice abound. Born in the middle of the last century, I am truly fascinated by today’s fast-paced and information overloaded age. Based on my upbringing and…
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