Business
BUA Foods Sets For Commodities Export Under AfCFTA
BUA Foods Plc, a member of BUA Group says it is well-positioned to take advantage of the African Continental Free Trade Area agreement (AfCFTA) through the export of its commodities – rice, sugar, pasta , and edible oil.
In a statement, the company said that they have invested massively in the sugar industry, rice milling facility, and edible oil plants providing it a platform to keep generating revenues locally and continentaly .
The company recently enrolled a shipping vessel MV Bundu to accelerate its export expansion efforts.
Business Expansion
To ensure adequate feedstock to the sugar refining plants and also in response to the Federal government’s backward integration policy in the sugar industry, the Company has invested in sugar estates within Nigeria.
For example, the company acquired the LASUCO Sugar Company Limited (“LASUCO”) plantation in Lafiagi, Kwara State, which is 20,000 hectares.
Also, the company’s 200,000 MT per annum rice milling facility in Kano has also been upgraded and commissioned.
It will be fully commercialized in 2023 providing the company with another source of incremental revenue.
Further , 250,000 MTPA edible oil plants are expected to be operational in the next 3-5 years.
Business
Parents Slam Lawsuits Against P&G, Crest, Colgate for fluoride in kids’ toothpaste, mouth rinse
Last week, a study, published in the journal JAMA Pediatrics linked higher fluoride exposures in children to lower IQ scores.
Image credit: Shoprite.ng
(Reuters) – Procter & Gamble (PG.N), and Colgate-Palmolive (CL.N), are among the defendants in six new lawsuits targeting the sale of toothpaste and mouth rinse for young children because the products contain fluoride, which can be harmful if swallowed in large quantities.
Parents filed complaints on Monday in federal courts in Illinois and California over products such as Procter & Gamble’s Kid’s Crest toothpaste and several products sold under Colgate’s namesake, Tom’s of Maine and Hello brands.
Other challenged products include Perrigo’s (PRGO.N), Firefly anti-cavity rinse, and, Sanofi’s (SASY.PA) ACT Kids rinse.
The proposed class actions cite warnings from U.S. health regulators that fluoride-based toothpastes and rinses not be used by children under ages 2 and 6, respectively, and that the toothpastes be kept out of reach of children under age 6.
They also say the products are marketed as “candy-like” with bright colors, cartoon images and flavors such as Groovy Grape and Silly Strawberry.
The color of one Kid’s Crest product is shown changing to pink from blue as children brush. Fluoride helps prevent cavities when applied topically to the teeth, but when ingested can pose significant risks to and even kill young children, according to the lawsuits.
Procter & Gamble, Colgate, Perrigo and Sanofi did not immediately respond to requests for comment.
The lawsuits seek restitution, compensatory damages and triple or punitive damages for violations of various consumer protection law.
These lawsuits are not about whether fluoride toothpaste should be available to those who want it,” Michael Connett, a partner at the law firm Siri & Glimstad representing the parents, said in an interview.
“They are about companies that mislead consumers into believing these products are harmless to young children.”
The relationship between fluoride and human health has long been debated.
Last week, a study, published in the journal JAMA Pediatrics linked higher fluoride exposures in children to lower IQ scores.
In September, a San Francisco federal judge ordered the Environmental Protection Agency to further regulate fluoride in drinking water because of the possible link to lower IQ. Connett represented advocacy groups seeking additional regulation.
The Illinois cases are Gibson et al v. Perrigo Co, Gurrola et al v. Procter & Gamble Co, Harden et al v. Colgate-Palmolive Co, and Gurrola et al v. Chattem Inc, U.S. District Court, Northern District of Illinois, Nos. 25-00348, 25-00358, 25-00362 and 25-00366.
Business
U.S Gifts Nigeria $2 Million Broadband Study Grant
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The United States and Nigeria have signed a new $2,095,000 grant to assess the viability of the deployment of at least 90,000 km of new fiber optic backbone infrastructure across Nigeria.
The grant was signed during the U.S- Nigeria Technology Dialogue hosted by the Department of State in Washington, D.C.on January 10.
In a statement, the Office of the Spokesperson said that the project, funded by the U.S. Trade and Development Agency, supports Nigeria’s National Broadband Plan 2020-2025 to increase the country’s broadband penetration rate from 42.27 percent to 70 percent and ensure that at least 90 percent of Nigeria’s population has access to affordable and reliable broadband coverage.
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The parties discussed enhancing the resilience and security of essential services and facilities; promoting digital trade, e-commerce, and innovation-driven economic growth; developing a skilled workforce to meet the demands of the digital age; expanding our artificial intelligence partnership related to capacity building, infrastructure, and rights-respecting approaches to governance; and promoting information integrity.
Following the formal Technology Dialogue, the delegations joined a roundtable discussion with industry representatives hosted by the U.S. Chamber of Commerce.
Industry participants included representatives from over 25 U.S. and Nigerian companies active in technology sectors, including artificial intelligence, telecommunications, digital infrastructure, satellites, aerospace, fintech, and cybersecurity.
The program featured a panel discussion on Advancing Public-Private Sector Investment in Innovation and Digital Talent Development.
This panel highlighted opportunities for public-private partnership and investment solutions to spur innovation and promote digital talent development through the U.S.-Nigeria commercial partnership.
A second panel discussion on the role of critical infrastructure in advancing the use of AI examined the interplay between the infrastructure that is essential to the development of AI and the governance frameworks that can help spur deployment of emerging technologies to support inclusive growth.
In line with the Technology Dialogue, the United States and Nigeria agreed to hold a virtual expert exchange on AI-enabled biotechnology.
This discussion will explore how the convergence of AI and biotechnology can spur progress in addressing global health, food security, and science – with a focus on sub-Saharan Africa.
Business
South-East Private Sector Leaders Committed to Regional Investments
Among those leading this initiative are Dr. Cosmas Maduka, President/CEO of Coscharis Group; Mr. Johnson Chukwu, Managing Director/CEO of Cowry Assets Management Ltd.; Etemore Glover, CEO of Impact Investors Foundation; and Prof. Franklin Ngwu, Director of Lagos Business School.
On October 3, 2024, the Enugu Fashion Hub cluster was inaugurated by Vice President Kashim Shettima, marking a significant step towards enhancing economic development in the South-East region.
In a concerted effort to elevate the region’s economy, prominent private sector leaders and entrepreneurs have united to initiate business ventures that will foster regional transformation.
Among those leading this initiative are Dr. Cosmas Maduka, President/CEO of Coscharis Group; Mr. Johnson Chukwu, Managing Director/CEO of Cowry Assets Management Ltd.; Etemore Glover, CEO of Impact Investors Foundation; and Prof. Franklin Ngwu, Director of Lagos Business School.
During a recent meeting focused on the fourth-quarter economic outlook for the region, these leaders agreed on the need to establish a comprehensive roadmap for economic development.
This strategy will address challenges related to security and governance while promoting private-sector-led initiatives.
The discussions also encompassed ways to engage citizens of the region living in the diaspora, both locally and internationally, in investment opportunities within the area.
Additionally, the establishment of an Eastern Economic Summit was proposed as a dedicated platform for advancing regional development and advocacy.
Prof. Ngwu, who facilitated the session, emphasized the significant developmental needs of the region despite its vast human capital and material resources that remain largely untapped.
He pointed out that the initiative is crucial at this juncture, particularly given the various distractions faced by governments at all levels in the region.
This commitment to collaboration among private sector stakeholders signifies a proactive approach to unlocking the region’s potential and fostering sustainable growth.
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