Coca-Cola HBC has published its 2020 tax transparency report. The document contains Coca-Cola HBC’s (CCH or Group) non-financial tax disclosures and provides clarity and transparency to their stakeholders with regard to our approach to tax treatment and payment.
The taxes disclosed include corporate income tax calculated on each country’s taxable profit, payroll taxes and social security contributions, irrecoverable VAT, environmental taxes, product taxes and other categories of taxes including also taxes realized in specific jurisdictions based on local regulations applying.
“This is an important milestone in our commitment to being a value-adding partner for every community and jurisdiction in which operate. The report shows that in 2020 we paid a total of €1.48 billion in taxes across all our jurisdictions. Out of that amount, €604 million reflect taxes borne by Coca-Cola HBC operations.”
In 2020 Coca-Cola HBC paid a total of EUR 1.48 billion in taxes across all its jurisdictions. Out of that amount, EUR 604 million reflect taxes borne by CCH operations.
The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 11th August 2021.
The closing date for dividend currency election to the Company’s Registrars is 27th August 2021. In the absence of a qualifying dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency.
Shareholders should refer to the Company’s announcement on 29th July 2021 for the definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.
The attention of the Debt Management Office (DMO) has been drawn to the publication on page 19 of The Punch Newspaper of Wednesday, August 11, 2021, captioned “World Bank lists Nigeria, nine others high-debt risk nations”.
In the publication of The Punch Newspaper, it was stated that the World Bank has classified Nigeria as one of the top ten (10) ‘high-debt risk nations’ in the International Development Association (IDA) Audited Financial Statement for the Fiscal Year 2021 (July 1, 2020 – June 30, 2021) published on Monday, August 9, 2021.
The publication of The Punch Newspaper is not only false and misleading but also suggests an inadequate understanding of the essence of the World Bank’s Report. The World Bank’s report was an assessment of the performance of IDA and not the performance of the IDA Loans nor the debt repayment capacity of the beneficiaries of IDA Loans.
Published Debt Figures Not For FG Only — DMOPhoto Source: Debt Management Office
By way of explanation, the World Bank through IDA gives concessional loans to poor and developing countries to help them achieve improvements in growth, job creation, poverty reduction, governance, the environment, climate adaptation and resilience, human Capital, infrastructure, and debt transparency. Nigeria is a beneficiary of IDA Loans.
It is important to re-emphasize that the World Bank’s Report, which was misrepresented by The Punch Newspaper, was focused only on the composition of IDA’s Loan Portfolio and did not make any reference to the debt sustainability of the top ten (10) beneficiary countries of IDA Loans, such as India, Pakistan, Nigeria, Kenya and Ghana that the Newspaper erroneously referred to as ‘high-debt risk nations.
IDA loans are typically for Tenors of 30 – 40 years, Grace Period (moratorium on principal repayment) of 7 – 10 years and Service Fee of only 0.75%.
The highly concessional nature of IDA Loans satisfies the requirements of the provision of Section 41(1)(a) of the Fiscal Responsibility Act, 2007, which states that Government at all tiers shall only borrow on concessional terms with a low-interest rate and with a reasonably long amortization period. The cost of IDA Loans, which is the Service Fee of 0.75%, is considerable low thereby moderating the cost of debt service.
The DMO wishes to state that Nigeria’s IDA’s Debt Stock as of June 30, 2021, was USD11.7 billion. IDA loans represent one of the most favourable borrowing options for countries like Nigeria and are also consistent with the Medium Term Debt Management Strategy of the Federal Government.
Inflation is becoming a hydra-headed problem the world over. Most advanced and developing economies are reporting inflation rates higher than their targets. For instance, inflation in the US spiked to a 13-year high of 5.4% compared to a target of 2%.
This is largely due to expenditure initiatives {infrastructure bill ($2trn), COVID stimulus package} and pandemic-related supply shocks. There is a raging debate as to whether inflation this time is transitory or structural. The comforting news is that price inflation without an increase in wages (wage inflation) tends to be transient.
In Nigeria, annual inflation moderated for three consecutive months to 17.75% in June. The divergence between the global and Nigerian inflation trends has been a subject of controversy in the last three months.
It was more disturbing than the published data seemed not to reflect market reality. Economists have attributed these diverging trends to ‘the outside lag’ and ‘consumer price resistance’. The outside lag is the time lag between when policies are implemented and when the economy or markets begin to feel the impact.
In Q2, there was an increase in interest rates both in the interbank and T/bill markets and an increase in cash reserve ratio debits i.e. a de facto tighter monetary policy. Consumer price resistance is also reflected in the NBS data, which revealed that 50% of Nigerians reduced their food purchases both in volume and value.
But finally, it appears that Nigeria’s inflation has reached a point of inflexion. Our time series analysis estimates a 0.25% drop in headline inflation to 17.5% in July. The monthly sub-index (a more current measure of prices) is also expected to reverse its 2-month upward trend, declining to 1.01% (12.75% annualized).
This is consistent with the 1.28% decline in the global food price index to 123.0 points and the 3.02% drop in the AFEX commodity price index to 451.45 points in the month of July. We expect all other inflation sub-indices to moderate in July with core and food inflation falling to 13.6% and 21.9% respectively.
Inflation risks remain elevated – the impact of harvest could be limited
While consumer price inflation is expected to continue its downward trend, inflation risks remain elevated due to heightened insecurity in some of the food-producing states (which could limit the impact of the harvest), higher energy costs and exchange rate pass-through.
The naira weakened to a record low of N525/$ following the CBN’s decision to discontinue the sale of forex to BDCs before appreciating by 1.9% to N515/$. Currency pressures and the difficulty in accessing forex has forced some manufacturers to resort to local substitutes, which is reducing supply to retail markets (cross elasticity of demand). For instance, corn, which is usually in massive supply during the peak of the rainy season, witnessed scanty supply to retail markets this year.
This is partly because it is used as a substitute for sugar in producing ethanol. The IMF’s SDR allocation ($3.35bn) and the impending Eurobond issue ($6.2bn) will boost forex supply and taper demand pressures in the near term.
Mixed commodity price movement in Lagos
Our survey showed a mixed commodity price trend in Lagos markets. This varying movement can be largely attributed to:
Perishability of the produce: The nature of a product affects its pricing. This is because the lack of adequate storage facilities prompts sellers to lower prices to encourage timely sales. For instance, the price of tomatoes declined sharply by 41.67% to N35,000/basket in July. Tomato is a highly perishable commodity due to its high water content. Hence, with supply increasing and inadequate storage facilities, sellers tend to lower prices to reduce post-harvest losses.
Logistics costs: Another major factor influencing commodity prices in various markets is higher logistics costs. The farther the market is from the production point, the higher the cost of logistics and this reflects in commodity prices. The price of diesel, the principal fuel for logistics and distribution, surged by 23.95% to N295/litre.
Harvest: The volatility in the prices of agric commodities is largely due to seasonality. During the harvest season, prices fall due to increased supply and vice versa. For instance, the price of a medium tuber of yam fell to N1,500 from N2,000 in the last two months. As the harvest season continues, we expect pricing pressures to further reduce.
Sub-Saharan Africa: African giants recorded lower inflation rates
The inflationary trend in SSA is more to the upside. Of the SSA countries under our review, only the African giants (South Africa and Nigeria) reported lower inflation rates. As usual, the food price movement remained the dominant factor responsible for the inflation trajectory within the region.
Most SSA countries under our review left their monetary policy rates unchanged at their last meetings to strike a balance between output growth and price stability. Only Angola increased its policy rate by 450bps to 20%pa in an attempt to curtail persistent inflationary pressures. Uganda also lowered its benchmark interest rate by 50bps to 6.50%pa to support output growth.
Inflation outlook – Impact on policymaking
Q2 GDP numbers are scheduled for release on August 26. Consensus forecasts range from 2.6%-3.2% due to base year effects. The sustained recovery in economic growth and moderation in inflation will further justify the MPC’s decision to maintain the status-quo again in September.
Olam reports record Operational PATMI1 for H1; Re-organisation progresses with OFI listing venues decided. Strong growth momentum from new Operating Groups.
H1 2021 Operational PATMI increased 116.0% to $436.6 million, its highest since inception
Reported PATMI for H1 2021 up 26.7%, despite a high base a year ago from exceptional gains
Strong EBIT growth
Olam Food Ingredients (OFI): EBIT up 22.9%
Olam Global Agri (OGA): EBIT up 58.9%
Board of Directors declares an interim dividend of 4.0 cents per share (H1 2020: 3.5 cents)
Continued progress on Re-organisation Plan
OFI is seeking a primary listing on the premium segment of the London Stock Exchange with concurrent listing on the Singapore Exchange; the IPO and concurrent demerger of OFI remains on course for H1 2022
OGA is evaluating various strategies to maximise its long-term growth potential and value enhancement within the Group, including a potential IPO and concurrent demerger from the Group in H1 2023
““Our strongest operational earnings since inception reflect the underlying strength and resilience of our businesses despite the impacts of Covid-19 and is a testament to the strength of our business model, the commitment of our people and depth of our customer and supplier partnerships across more than 60 countries.
“We continue to execute our Re-organisation with OFI’s planned concurrent listings in London and Singapore, representing the best combination of listing venues. We are excited about the prospects of listing OFI as an attractive play for the growing demand for natural, plant-based ingredients and value-added solutions, which are sustainably sourced and traceable.
Separately, we are evaluating various strategies to maximise OGA’s long-term growth potential and value enhancement within the Group as it continues with its plan for carve-out, potential IPO and demerger by H1 2023.
“Looking forward, we expect our industry to continue its recovery in the second half of the year, benefiting from the tailwind of favourable macro conditions following the snapback from the worst impacts of Covid-19.
Notwithstanding the differential impact of Covid-19 globally, Olam continues to play an important role in providing essential food staples, food ingredients, feed and fibre to customers around the world in a safe, responsible and sustainable way.”
Olam Group Financial Performance
Global food and agri-business, Olam Group, today reported its strongest H1 Operational PATMI since inception as it moved forward with its Re-organisation Plan, announced in January 2020.
Revenue increased 33.7% year-on-year (YoY), reflecting strong growth from both OGA and OFI. OGA contributed 67.8% of total Group revenue, OFI 29.8%, and OIL 2.4% respectively.
PATMI grew 26.7% on robust operating profit and lower net finance costs in H1 2021, even against a high base in H1 2020 that had net exceptional gains of S$130.6 million.
The Jollof Faceoff brought together distinguished chefs, food experts and business owners in the food industry and showcased the culture, uniqueness and culinary talents of Nigerians and Ghanaians. By supporting the event, VBank reinforced its commitment to empowering Small and Medium Enterprises (SMEs) in Africa.
The Jollof Faceoff Hosts; Chef Obubu and Mai Atafo at the event in Lagos, Nigeria recently. | Brand Spur Nigeria
According to the digital bank, the Face-off was designed to further equip participating chefs and entrepreneurs to transform and expand their food businesses into ventures generating employment, economic benefits and social value.
Speaking on the competition at a press parley, Senior Product Manager, VBank, Ebere Ahaotu said,
“This kind of competition would allow us to appreciate cooking as an art form and further appreciate different cultures. We see it more as a way of impacting SMEs in the food business in Nigeria which is a major part of social and economic development.
R-L: GMD/CEO of VFD Group Plc; Nonso Okpala, Founder and CEO, Cashpot Limited; Kelvin Orogun and wife; Diana Orogun at the Jollof Faceoff in Lagos, Nigeria recently.| Brand Spur Nigeria
He added that”As an innovative brand, VBank is keen on economic empowerment, and it is our desire to see businesses go beyond profit-making to embed societal and environmental interests which would deliver long term growth.”
At the ‘Jollof Faceoff’, organisers ensured that all judges representing both African countries; Music producer and CEO Mavin Records; Don Jazzy, Food, Lifestyle Blogger and Vlogger; Sisi Yemmie, Culinary Entrepreneur; Mukase Chic and Media Practitioner; Abeiku Santana went through a blind tasting session and awarded scores across several parameters. Chef Hilda Effiong Bassey beat Chef Seyram Leslie Kumordzie to score the highest marks, winning the grand prize of $5,000.
Winning Chef; Hilda Effiong Bassey receiving the grand prize of $5,000 with popular Chef; Nkesi Enyioha at the Jollof Faceoff in Lagos, Nigeria recently. | Brand Spur Nigeria
‘Jollof Faceoff’ is just one of the many initiatives VBank intends to support this year. The digital bank has led many innovations in the fintech industry through its customer-led and industry-driven initiatives like its Grow with V webinar series and the new V series for SMEs. VBank, a product of VFD Microfinance bank is available as V by VFD on the Play and iOS app stores.
Have you participated yet?
Your bedroom can get a facelift worth N1 million before the end of the year.
HOW TO WIN
To stand a chance to win,
✔️ Visit mouka.com/buyright
✔️ Fill in your details and submit
✔️ Take a screenshot of the Mouka mattress(es) you were matched with and post using the hashtag #IveGotMyMouka
✔️ Tag Mouka Limited and challenge 2 friends to go find their Mouka.
You must be following @Moukalimited on Facebook and Instagram to participate.
These general conditions apply to participants in PREMIER COOL CHILL AND WIN PROMO.
By participating in this competition, you agree to the following terms and conditions of the contest.
1. The Promoter is PZ Cussons Nigeria PLC.
This contest is open to all Premier Cool Nigeria consumers whether on E-Commerce
Store, SOCIAL MEDIA PLATFORMS (Facebook & Instagram) and/or modern trade
outlets; Directors, members, partners, employees, agents or consultants of PZ Cussons Nigeria PLC, the marketing service providers of any person who directly or indirectly controls or is controlled by these entities, including their spouses, life partners, business partners or immediate family members are exempted.
2. This offer is not sponsored, endorsed, or administered by, or associated with
Instagram, Facebook or any other medium used for promoting it.
Promotional Period
The offer will begin on the 2nd of August and end on the 31th of October 2021. The contest is only valid for this period within Nigeria geographical area.
Terms of Participation
1. The promotion will be open to Nigerian residents aged 18 years and above
2. Consumers buy any of the Premier Cool 60 gram to 110 gram packs.
3. Check the pack for a unique number; text the number to 1393 to enter the draw.
4. Consumer’s data would also be collected for the purpose of notifying the
consumer about impending promotions.
5. The collection of the code through SMS to the shortcode is to validate it and
qualify them for the prize draw.
6. Participants can enter the promo multiple times provided they enter a new and
unique code each time
7. Weekly electronic draws will be conducted and thirty (15) winners will be gifted
each at each draw.
8. One (1) Winner will be selected each month for Three (3) months from the draw
for the grand all expenses paid trip to Dubai; they get to bring a partner.
9. The promo will be open to consumers who purchase via e-commerce or traditional
open market and modern trade outlets.
10. Participants can participate multiple times with entries but eligible to win once
during the duration of the campaign.
11. The Premier Cool Nigeria team reserves the sole right to disqualify any that does
not abide by the terms and condition. The team has the right to refuse to redeem
coupons at its absolute discretion, if the coupons appear to be defective, tampered
with, defaced, forged or reconstructed.
12. PZ Cussons Nigeria PLC shall not be responsible for any loss of items or failed
delivery
13. PZ Cussons Nigeria PLC shall not be responsible for any scam or internet fraud
14. The images of the winners or entrants of the competition may be used for any
necessary brand amplification.
15. By entering the contest, the participant relinquishes all rights to images or any
content provided. And PZ will have free hand to use it for any amplification as
deemed fit.
Note: Offers not sponsored by PZ Cussons Nigeria PLC; entering service sites or any
other automated means and entries by any means that subvert the entry process or do not conform to the terms or spirit of these contest rules, will void the entry and may
disqualify the entrant.
20. Any declaration or announcement of Winners by the Premier Cool Nigeria team shall
be final and uncontested.
21. Winners of the contest will be announced on the Premier Cool Nigeria social media
pages. Reasonable efforts will be made to contact winners through either of the
following email, telephone numbers, Instagram & Facebook account. The names of the winners, once contacted, will be published on social platforms.
17. All winners will be required to provide proof of their names, a valid ID and contact
details. Phone number MUST tally with the one used to enter for the promotion
18. Use of awarded prize is at the expense and risk of the winner. PZ Cussons Nigeria
PLC cannot be held liable for use of the prize by the winner(s).
How To Win All Expense Paid Trip To Dubai In Premier Cool Chill And Win Promo-Brand Spur Nigeria
19. All winners SHOULD be available for pickup/collection of their prizes at the
appropriate location specified by PZ Cussons Nigeria Plc.
20. PZ Cussons Nigeria Plc. will make the gifts available at the redemption center within
1 month of winning
21. Items not redeemed within 4 weeks will be forfeited by the winner
22. Staff of PZ Cussons, Experiential Edge, Redot, WithoutABox, SO&U, and other third party agencies will not eligible to participate in this promotion; these will be classified as “Disqualified Participants”
Judging Criteria
Items purchase must be any of the Premier Cool 60gram to 110 gram packs which has a
unique number printed on its wrapper.
Post Event Publicity
23. All winners can be used for editorial, advertising or promotional, research and
profiling purposes without further compensation or liability.
24. PZ Cussons Nigeria PLC reserves the right to use the images taken of the winner for
publicity purposes in any manner they deem fit, without further remuneration being made payable to the winner.
25. The participants consent to the processing of personal data and post event publicity in connection with the participation in the contest. PZ Cussons Nigeria PLC may add the
personal information to its database, provide personal data to third parties involved in the promotion (including but not limited to suppliers, advertisers and sponsors etc.)
General
26. PZ Cussons Nigeria PLC shall have the right to change or terminate the contest
immediately and without notice. In the event of such change or termination, all
participants agree to waive any rights that they have in respect of this contest and
acknowledge that they will have no recourse against PZ Cussons Nigeria PLC or its
agents.
27. Neither PZ Cussons Nigeria PLC, its agents, its associated companies, nor any
directors, officers nor employees of such, shall be liable for any loss or damage, whether
direct, indirect, consequential or otherwise arising from any cause whatsoever, which
may be suffered by the participant.
28. The PREMIER COOL CHILL AND WIN Promo shall not be used for any unlawful,
illegal, obscene or abusive purpose.
29. PZ Cussons Nigeria PLC has the right to use pictures and any material submitted for
the purpose of this contest for marketing purposes after the duration of the campaign.
30. If one or more of these terms and conditions are void and invalid, this will not affect
the validity of the remaining conditions.
31. Any questions, complaints or comments about the offers can be made in writing and
sent as an inbox message to the Premier Cool Facebook, Instagram and Twitter page.
By participating in PREMIER COOL CHILL AND WIN Promo, it means that you have
agreed to the above terms and conditions of the PREMIER COOL CHILL AND WIN
Promo
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Nigeria’s favourite seasoning brand Knorr has commenced a 2021 consumer promo-themed ‘Unwrap and Win Promo’, where two winners stand a chance to win N500,000 weekly for 12 weeks.
Brand Spur Nigeria reports that the promo which started on the 29th of July 2021 will also reward many customers with exciting instant prizes like free airtime, shopping vouchers, kitchen utensils, notebooks and so much more at the different redemption centres.
The promo aimed at rewarding loyal consumers of Knorr and putting a smile on their faces will also encourage more households to sample its range of products made with natural ingredients and rich in flavour.
How To Participate In The Knorr Unwrap And Win Promo
Submit 2 empty packs of Knorr 400g, OR 3 empty packs of Knorr 320g or 10 empty packs of Knorr 100g at any our redemption centres –
-Spin the digital wheel at the centre to stand a chance to win instant prizes
-Qualify for the weekly raffle draw and stand a chance to win N500,000.
Looking at the increasing challenges bedeviling Nigeria, there is no sense, denying the fact that a cloud of uncertainty hangs around her continuous existence as an independent state.
The unemployment rate, for instance, is estimated to be 33%, this year, with youth unemployment and underemployment specifically pegged at 42% and 21% respectively.
“With the negative impacts of COVID-19 particularly on economic growth, it is inevitable that the unemployment rate will go further up and might even be on a steady path of increase if no meaningful step or measures are taken, attests a report, cited in punchng.com.
Regrettably, the country’s hard-won democracy which obviously is still at a developing stage is equally seriously threatened. The threat, experts observed, is mostly fueled by actions and pronouncements by the incumbent leadership and other state’s actors.
“On the 3rd of June, the Nigerian government via a series of tweets, passed messages that could only be translated as genocidal,” Elvis Kachi, a contributor, writes, recently, in BusinessDay Weekender.
“Buhari, Lolade Akinmulere, Deputy Editor at BusinessDay, also in the same BusinessDay Weekender, notes, has…now become a threat to the same vibrant democracy that brought him into power whether it’s in the form of sanctioning the use of aggressive force against peaceful protesters or the recent Twitter ban for all Nigerians.”
It is however not debatable that in the midst of the severe socio-economic and democracy threats, highly promising and youthful talents abound in Nigeria. The country proudly boasts of young barrier-breakers whose ideas and businesses are solidly competing favorably against long-existing and high-paying ventures in other climes.
Some young Nigerian achievers are equally hitting topmost-levels with what, ordinarily, could be waved off as irrelevant side hustles. It is further clear and highly commendable that some of these young Nigerian limit-breakers are not only pulling and exclusively reserving the spotlight for themselves, they are seriously grooming other young ones to continue to water their progress.
Remarkably, these thrilling narratives are becoming more visible in Nigeria’s integrated marketing communications space. The practitioners, mostly youngsters, are not just making tremendous contributions to the growth of the industry; they are positively disrupting and developing the nation’s broader business and political landscape.
O To Ge was widely considered as one of the most successful media campaigns during the 2019 general polls. The ingenious campaign concept was reportedly designed and perfectly executed by a relatively known advertising agency managed by some young Nigerians. Daniel Obi, writing in businessday.ng, recalls “O to ge” is set to be another social phenomenon that leads a people to defining socio-political awareness and defining decision.”
Several young Nigerian marketing communications experts are equally pulling favourable recognitions and headlines outside the country with their innovative works. As usual, some of them were among those honoured for their pacesetting ideas as well as listed in the recently published Forbes Africa annual 30 under 30.
Interestingly, the list was released at a time when many businesses were brought to a complete standstill by the ravaging Covid-19 pandemic. “…they are the continent’s revolutionary thinkers revitalising ideas and industries with fresh business models and innovative leadership,” notes a report cited in www.forbesafrica.com.
It is further evident that several young Nigerian marketing communicators are moving beyond creating cool and engaging content as well as helping brands in strengthening their market positions.
They are clearly proving that businesses can perfectly use marketing campaigns in dousing sovereignty-threatening issues. In the highly competitive beer sector, for instance, various players are seriously rekindling strong patriotism in the citizens, moving beyond profit-making. International Breweries is promoting its beer brand and at the same time, helping the younger generation in keeping in touch with their culture and tradition through the recently launched Echefula.
The campaign, in Igbo dialect, means “Never Forget Your Identity.” Nwakaibeya, a short film, was reportedly unveiled by Guinness Nigeria to promote its beer brand as well as showcase the rich and colourful heritage of Nigerians from the East. Nigerian Breweries further used 508 crates of one of its beer brands in recreating the popular Niger Bridge as well as deepening relationships with its consumers.
Sadly, these young achievers are making these groundbreaking leaps at a time when Nigeria is clearly mired in crisis. Certain policies of the government, obviously, remained the major roadblock to business progress. In short, the increasing projection is that successive leadership is far from creating the desired environment for their investments.
“Other countries will want to project local industry by supporting them while ours is purportedly taking scarce foreign exchange to some seedy portfolio agency somewhere in Bahrain,” Steve Babaeko reportedly bemoans. Babaeko, currently heading the Association of Advertising Agencies of Nigeria, AAAN, is one of the young experts perfectly grabbing his chances in the Nigerian marketing communications space.
The good news, however, is that as Nigeria joins the rest of the world in marking this year’s International Youth Day, several Nigerian youths especially the ones in the marketing communications space are boldly challenging and changing “negative normal.” They are clearly proving that they are no longer comfortable, operating within a system where they will make little or no representation in decision-making and execution. They are clearly proving that they are no longer ready to wait idly and endlessly for responsibilities to be entrusted to them.
It is very clear that they are seriously concerned about creating and translating opportunities into appreciable gains. It is also very clear that they are seriously concerned about proving that they got all it takes to perfectly drive the future of the country. It is further very clear that in such Nigerian youths, a new and prosperous Nigeria is possible!
Odiaka, a media practitioner, writing from Lagos, can be reached through: shorikwueodiaka@gmail.com
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