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High diesel cost killing business, Obasanjo warns

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Former President Olusegun Obasanjo, on Tuesday, lamented the high cost of diesel, saying it is taking a toll on his business.

Obasanjo, who is a fish farmer, said he has been sweating because of the high cost of diesel.

He spoke on Tuesday in Abeokuta, Ogun State, during South-West fish farmers’ congress held at the Olusegun Obasanjo Presidential Library.

Obasanjo noted that the rise in cost of diesel as well as constant increase in prices of fish feeds would eventually run Nigerian fish farmers out of business except they come together to agree on sustainable prices that could be adopted to keep them in business.

According to him, farmers can longer be producing at the mercy of the buyers who come around for whatever amount that suit them without taking into account the effect of the current economic effect on the production of such fishes.

He explained that with current price of diesel at 800 per litre, production of a kilogramme of fish is N1,400, adding that, in order to make very marginal profit, the farmers can’t sell less than N1,500 as anything short of that amounts “outright loss.”

Obasanjo said “The price of diesel has gone high because the management of this country is not what it should to be. And it is as simple as that. Then, what will happen is that, particularly those of us who have to use a bit of diesel in producing fish, we will completely go bankrupt, and when that happens, Nigerians will still have to eat fish.

“Fish production will be out of reach and then, people will be producing fish outside Nigeria and be dumping it here. And you will go jobless, poor and indigent. So, what do we have to do? To come together…we want to sustain fish production and we must be able to take care of those who are going to eat and those of us who are producing.”

Turning to the farmers, he asked “How many of you are using diesel in your production? Because I use diesel and I’m already sweating. I’m already sweating.”

The President of South-West Fish Farmers Price Sustainability Group, Amo Tunbosun Amo, disclosed that the country currently consumes around 3.6 million metric tonnes of fish annually but only produce 1.12 million tonnes leaving a balance of 2.6 millions tonnes to be imported.

Amo explained that one of the major challenges confronting the fish farmers is the continued increase in the prices of inputs in the production of fish and majorly the feed and the refusal of the buyers to buy the fish at commensurate price.

He said, “This is the essence of this gathering, we find out that we have to take our destiny in our hands, we can’t continue to produce and be at the mercy of the buyers, we felt we need to come around and do something for ourselves. We are starting with Southwest and in a matter of time it will be all over the country.”

The convener of the congress, Steve Okeleji said the fish farmers had decided to come together to rescue the industry.

 

Business

FG sues Mark Zuckerberg’s Meta over adverts, demands N30bn

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Mark Zuckerberg’s Meta

The Advertising Regulatory Council of Nigeria (ARCON) has said it filed a lawsuit at the Federal High Court, Abuja against Meta Platforms Incorporated (owners of Facebook, Instagram and WhatsApp) and its agent AT3 Resources Limited.

The country’s apex advertising governing agency revealed on Tuesday that the advertisements on Facebook, Instagram and WhatsApp in the Nigerian markets are not vetted and approved by the federal government.

ARCON then asserted that such continued unscrutinised adverts and other publications emanating from Mark Zuckerberg’s Meta-owned social media platforms are illegal, unlawful and a violation of the extant advertising Law in Nigeria, thus seeking N30 billion for punitive damages.

It revealed this in a statement titled “ARCON sues Meta platforms incorporated, seeks N30b in sanction and penalties.”

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The statement read:  “The Advertising Regulatory Council of Nigeria (ARCON) has instituted a suit against Meta Platforms Incorporated (owners of Facebook, Instagram and WhatsApp platforms) and its agent AT3 Resources Limited at the Federal High Court, Abuja Judicial Division.

“ARCON is seeking declaration among others that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria.

“ARCON stated that Meta Platforms Incorporated’s continued exposure of unvetted adverts has also led to a loss of revenue to the Federal Government.

“ARCON is seeking N30b in sanction for the violation of the advertising laws and for loss of revenue as a result of Meta Incorporated’s continued exposure of unapproved adverts on its platforms.

“ARCON reiterate that it would not permit unethical and irresponsible advertising on the Nigeria’s advertising space.

“ARCON further stated that it’s not regulating the online media space but rather advertisement, advertising and marketing communications on the online platforms in line with its establishment Act.”

Vanguard

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NNPC declares over 100% profit in one year, with N674bn for 2021

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The Nigerian National Petroleum Company (NNPC) Limited recorded a profit after tax (PAT) of N674 billion for the year ended 2021.
This is more than 100 per cent profit over the N287bn declared in the previous year (2020).

The Group Chief Executive Officer, NNPC Limited, Mele Kyari,  disclosed this at a briefing on Tuesday.

He said, “Today, I’m happy to announce that the Board of NNPC has approved 2021 audited financial statements & NNPC has progressed to a new performance level, from N287bn profit in 2020 to N674bn profit after tax in 2021, climbing higher by 134.8% YoY profit growth.”

The 2021 financial year made it the fourth consecutive year that the NNPC will be opening its book for public scrutiny.

In 2018, when the NNPC first made account statement public, it reported a loss of N803.9bn.

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GM raises production of electric vehicles, repositions Chevrolet Bolt

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General Motors Company says said it is increasing its electric vehicle assembly plans, raising production of the EV Chevrolet Bolt and other vehicles.

GM reported its highest quarterly sales of the Chevrolet Bolt EV and Bolt EUV, which totalled 14,709 vehicles. Bolt sales are down by 11 per cent for the first nine months of the year compared to the same period last year.

In June, GM said it would sharply cut Bolt prices after it halted sales for six months following a battery recall.

Autoblog reported the GM as saying on Monday it would specifically boost Bolt production for global markets to more than 70,000 in 2023 from about 44,000 vehicles this year.

Bolt sales in 2021 hit a record annual high of 24,828 vehicles.

The largest US automaker said it was moving up body shop upgrades at its Detroit Factory ZERO for Silverado EV production in 2023 and taking other steps to prepare.

GM will suspend the production of the GMC HUMMER EV pickup for several weeks starting in late November to prepare for that production jump, it said.

Cadillac Lyriq production will increase in the fourth quarter and GM plans additional production shifts for GMC Hummer EVs in 2023, it said.

The automaker stated that its 2023 EV launches, including the Chevrolet Silverado EV, Chevrolet Blazer EV and Chevrolet Equinox EV, were on schedule.

GM’s EV sales are still a small fraction of US sales. Out of 1.65 million US vehicles sold in the first nine months of the year, GM sold 22,012 Bolts, 782 Hummer EV pickups and 36 Lyriq SUVs.

GM and LG Energy Solution’s joint venture Ultium Cells LLC is considering a site in Indiana for a fourth $2.4 billion US battery cell manufacturing plant, the venture said in August.

 

-Autoblog

 

 

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