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The total national household consumption expenditure on food and non-food items stood at $105.78 billion (N40.20 trillion) in 2019, according to the National Bureau of Statistics (NBS).
A similar study conducted in 2009/2010 by the NBS had put total household expenditure at N21.62 trillion. The NBS stated that of the total expenditure in 2019, 56.65 per cent was spent on food while about 43.35 per cent was expended on non-food items. According to the Consumption Expenditure Pattern in Nigeria 2019 report released by the statistical agency, food consumed outside the home, followed by transportation costs and starchy roots, tubers and plantains were responsible for the largest proportion of household expenditure representing a combined 24.16 per cent of total household expenditure during the year under review… More details through: https://www.thisdaylive.com/index.php/2020/05/15/nbs-nigerians-spent-n40-20tn-on-food-transport-others-in-2019/
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Ekiti State Governor, Dr. Kayode Fayemi, has described the $5m investment (N2bn) by Promasidor Nigeria Limited to reactivate the moribund Ikun Dairy Farm in the state as a catalyst that will turn around the economic fortune of the state.
The governor said the dairy farm, which would further boost the economy of the state when operational, had made the company a major investor in the state. The governor said this in a statement on Thursday by Promasidor, adding that the reactivation of the ailing industry, which would be done in partnership with Promasidor and the Central Bank of Nigeria, would ensure a daily production of about 10, 000 litres of milk… More details through: https://punchng.com/promasidors-n2bn-investment-in-ekiti-economy-booster-fayemi/ As competition into the absorbent hygiene products, especially baby diapers, continues to increase on the back of Nigeria’s birth rate and population growth, Kimberly-Clark, makers of Huggies baby diapers, recently introduced its new form of diaper, ‘Nappy Pants’ into Nigeria to push for more market share.
The Nigeria market has over 15 diaper brands jostling for market share, while some have emerged top brands with national spread; others are confined to regional segment of the market, holding down their share of the market. Therefore, Huggies seeks to increase its market share with innovative offerings to beat stiff competition in Nigeria, especially within the retail segment of the market… More details through: https://businessday.ng/health/article/kimberly-clark-introduces-nappy-pants-into-nigeria-market/ Cadbury Nigeria Plc has posted net earnings of N1.267 billion for the full year ended December 31, 2019, which translates to 54 percent growth, when compared to N823.085 million realised in the same period of last year.
According to the company’s unaudited financial result obtained from the Nigerian Stock Exchange, the firm’s revenue grew by nine percent to N39.326 billion in 2019 to N35.973 billion posted in 2018. Profit before tax grew by 26 percent from N1.222 billion in 2018 to N1.544 billion in 2019. The company’s cost of sales dropped by 11 percent from N28.017 billion in 2018 to N31.110 billion in 2019… More details through: https://www.newtelegraphng.com/cadbury-nigeria-grows-profit-by-54/ Nigeria’s central bank plans to extend a low-interest loan offer to local milk producers to discourage imports after it curbed access to forex for the sector.
The bank said in a statement that it had met with milk importers, after the currency restriction was announced this week, to offer them cheap credit to try and boost output locally instead of relying on “endless” imports. Keen to reduce imports of products that can be produced locally and to conserve dollar reserves, the bank has also offered cheap credit to rice, tomato and starch importers for the same purpose… More details through: https://af.reuters.com/article/nigeriaNews/idAFL8N24S0OY To further boost access to portable water supply in Enugu State, the Coca-Cola Foundation in partnership with Water Aid Nigeria, have launched an $833,000 (N300million) water project in three Local Government Areas (LGAs).
The aim of the flagship programme Replenish Africa Initiative (RAIN), is to provide access to sustainable clean water, sanitation and hygiene services to over 10,000 residents in and around Nsukka, Ezeagu, Uzo-Uwani, Isiuzo, and Enugu South LGAs in the State… More details through: https://guardian.ng/business-services/coca-cola-foundation-launches-n300m-water-projects-in-enugu/ JOHANNESBURG, May 22 (Reuters) - Anheuser-Busch InBev (AB InBev), the world’s largest beer maker, expects the total investment in its new brewery at Sagamu in Nigeria, to be up to $400 million, Chief Executive Carlos Brito said on Wednesday.
The $250 million brewery has already started operation and capacity will be expanded in phases, Brito told reporters at a media briefing in Johannesburg, without giving a timeline for the next phase… More details through: https://af.reuters.com/article/nigeriaNews/idAFL5N22Y623 Nigerian Breweries Plc (NB) and CrossBoundary Energy have announced the signing of Heineken’s first solar project in Africa, a pact that will see the latter installing and operating a 650 kW solar plant at the brewer’s Ibadan Brewery, later this year.
Under the pact, CrossBoundary Energy will operate the facility on behalf of Nigerian Breweries as part of a 15-year solar services agreement. Hence, NB will only pay for solar power produced, receiving a single monthly bill that incorporates all maintenance, monitoring, insurance and financing costs… More details through: https://guardian.ng/energy/nb-goes-offgrid-with-650-kw-solar-powered-plant-in-ibadan/ Nigeria is a good market for consumer goods, with many Fast-Moving Consumer Goods (FMCG) firms able to record positive sales. Good and efficient packaging, especially the flexible type, has helped to boost a number of them. Many companies are able to record increased sales based on the attractiveness and designs of their products…
More details through: https://businessday.ng/real-sector/article/fmcg-firms-driven-by-improvement-in-packaging-industry/ Nigeria’s dairy consumption is expected to grow drastically owing to its large younger population who are craving for more nutritious food products. Euromonitor International, an independent global market research company that provides strategy research services for the consumer markets has predicted Nigeria’s demand for dairy products to rise in its latest outlook for the country…
More details through: https://businessday.ng/retail/article/rising-population-seen-to-spur-milk-consumption-as-hunt-for-nutrition-grows/ |
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