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Industrialists, entrepreneurs task FG on strategies to tackle rising cost of items

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Some industrialists and entrepreneurs on Monday called on the Federal Government to adopt modalities that could boost micro businesses, revamp moribund industries and reduce tariffs on consumer goods to tackle rising cost of items.

They gave the advice in separate interviews in reaction to the July inflation rate of 19.64 per cent.

The National Bureau of Statistics (NBS) posted that Nigeria’s headline inflation rate increased by 2.27 per cent to 19.64 per cent from 18.60 per cent year on year; the highest since 2005.

The NBS attributed the development to disruptions in food supply index, Naira depreciation, transportation and logistics costs and higher energy costs.

Dr Muda Yusuf, Founder, Centre for the Promotion of Private Enterprises (CPPE), said to address the rising cost of items which was largely being felt by ordinary citizens, manufacturers must be given some succour.

Yusuf stated that the advice had become important seeing that the rising cost of basic items and staple food had weakened purchasing power of citizens as real incomes had become eroded.

He added that the development had aggravated pressure on production costs, negatively impacted profitability, eroded shareholders value and undermined investors confidence.

Yusuf said that government could tweak the tariff policies by granting concessionary import duty on intermediate products for industrialists.

He stressed that the Central Bank of Nigeria (CBN) also needed to adopt a less rigid exchange rate policy to address the problem of acute foreign exchange scarcity with its attendant backlash on the economy.

Yusuf added that the accelerated fiscal deficit financing, currently in the threshold of N20 trillion by the CBN was a significant inflation driver that must be taken more seriously.

“The heightened inflationary pressures in the Nigerian economy remains very troubling and the major inflation drivers, which the supply side issues have not abated, if anything, they have become more intense.

“These factors include transportation costs, logistics challenges, exchange rate depreciation, forex liquidity issues, hike in energy prices, climate change, insecurity in many farming communities and structural bottlenecks to production.

“Any mitigation measures would have to be situated in the context of these factors,” he said.

In her remarks, Dr Chinyere Almona, Director-General, Lagos Chamber of Commerce and Industry (LCCI), noted that the high cost of aviation fuel, Jet A1 drove the cost of air transport to the roof becoming a major driver of the July inflation rate.

Almona specified that for manufacturers, input prices spiked due to increase in items such as diesel, with the country’s electricity crisis worsening alongside a bumpy road to renewable energy deployment.

She stressed the need for government to deploy a good mix of both fiscal and monetary policies to tackle the core drivers of the inflation scourge in Nigeria.

The LCCI DG said that there should be targeted financing for critical sectors like agriculture, food processing, aviation fuels, transport, and foreign exchange availability for manufacturing inputs.

“A major worry is about the inflation scourge constraining production, causing job losses, and courting an imminent recession.

“It is obvious that government’s intervention so far has not impacted the inflationary pressures that keep rising till now.

“Without concrete and quick steps to intervene, the rising tide of inflation rate may continue into the end of the year,” she said.

Mr Saviour Iche, National President, Association of Micro Entrepreneurs of Nigeria (AMEN), said that the July inflation figure was not reflective of current realities with masses, entrepreneurs and manufacturers.

According to him, bread and other staple food, raw materials, chemicals and other manufacturing inputs had skyrocketed by over 100 per cent in one year.

He attributed the development to the depreciation of the Naira, moribund and dying industries, absence of funding and foreign exchange, high cost of raw materials among others.

Iche tasked government to ensure that funding was particularly available to micro entrepreneurs for recapitalisation to revive dying businesses and revamp moribund industries.

“Government should call a stakeholders meeting for start-ups, provide funding for local manufacturers, get a proper channel for the distribution of funds to the micro entrepreneurs, so that the monies would indeed get to those that need it.

“This can be achieved if government opens a micro entrepreneurs bank in all local governments in the long term, while in the short term, commercial banks should be mandated to create an  ntrepreneurship desk to handle micro entrepreneurs financial needs.

“Once all these are in place, businesses would run more sustainably, unemployment would be better tackled, and disposable income would be better distributed,” he said.

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Golden Terra Oil campaign rekindles memories of love and tradition

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In the bustling kitchens of homes across Nigeria, something magical is happening. Amidst the sizzle of pans and the aroma of spices, families are coming together in a celebration of love, nourishment, and togetherness. Golden Terra Soya Oil’s “Pour Pure Love” campaign has captured the hearts and taste buds of consumers nationwide.

For AlhassanSule, an engineer, watching the ad repeatedly reminds him of a time long gone, yet still etched vividly in his memory. As he watches the scene unfold on screen—a mother stirring a pot of soup, the aroma filling the kitchen—he can’t help but be transported back to his own childhood home.

Suddenly, he was a young boy again, sitting at the kitchen table, watching his mother cook with the same love and care. He could almost taste the flavors of her cooking, and feel the warmth of her embrace as she served him a bowl of steaming hot soup.

But it wasn’t just the sights and smells that brought tears to his eyes; it was the flood of emotions that accompanied them—the love, the warmth, the sense of belonging. In that moment, he realised how much those simple meals had meant to him, how they had formed the foundation of his most treasured memories.

As the ad came to an end, he finds himself smiling through his tears, grateful for the reminder of the love that had always been there, even in the simplest of moments. And as he reached for a bottle of Golden Terra Oil at the supermarket, he did so not just as a consumer, but as someone who had been touched by the power of nostalgia and the enduring bond of family.

The “Pour Pure Love” campaign emphasises the importance of creating an emotional connection with consumers by offering meaningful connections in addition to high-quality products.

Chief Marketing Officer, TGI Group, Probal Bhattacharya stated that the outpouring of positive reviews and engagement from consumers for the “Pour Pure Love” campaign underscores the enduring connection between Golden Terra Soya Oil and the moments of motherly love and care shared around the dining table.

“Our goal is to be more than just a product on the shelf – we strive to be a trusted companion, a source of inspiration, and a symbol of warmth and love. With the Pour Pure Love campaign, Golden Terra Oil pays tribute to all the world’s Moms for the warm tasty meals that fill our hearts and our souls with all the love that they pour selflessly into our lives,” he stated.

Golden Terra Soya Oil is a premium, all-purpose cooking oil made from 100 percent pure soya beans, sourced and manufactured in Nigeria. It contains 5x more PUFA (Polyunsaturated Fatty Acids) proven to deliver numerous health benefits, like reducing cholesterol, maintaining a healthier heart, enhancing nerve function, boosting brain health, and supporting muscle strength. Discerning consumers trust Golden Terra Soya Oil to bring an unmatched balance of Taste & Health to every dish cooked with it. Available in various sizes, including 1000ml pouch, 700ml and 1.4L bottles, and 2.5L, 4.5L, and 25L kegs.

Tropical General Investments (TGI) Group is an international investment and holding company with diversified interests and investments across Africa, The Middle East, Asia, and other emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products that are consumed both locally and exported to global markets. Across markets, TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.

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Industry

Golden Terra Oil campaign rekindles memories of love and tradition

Published

on

In the bustling kitchens of homes across Nigeria, something magical is happening. Amidst the sizzle of pans and the aroma of spices, families are coming together in a celebration of love, nourishment, and togetherness. Golden Terra Soya Oil’s “Pour Pure Love” campaign has captured the hearts and taste buds of consumers nationwide.

For AlhassanSule, an engineer, watching the ad repeatedly reminds him of a time long gone, yet still etched vividly in his memory. As he watches the scene unfold on screen—a mother stirring a pot of soup, the aroma filling the kitchen—he can’t help but be transported back to his own childhood home.

Suddenly, he was a young boy again, sitting at the kitchen table, watching his mother cook with the same love and care. He could almost taste the flavors of her cooking, and feel the warmth of her embrace as she served him a bowl of steaming hot soup.

But it wasn’t just the sights and smells that brought tears to his eyes; it was the flood of emotions that accompanied them—the love, the warmth, the sense of belonging. In that moment, he realised how much those simple meals had meant to him, how they had formed the foundation of his most treasured memories.

As the ad came to an end, he finds himself smiling through his tears, grateful for the reminder of the love that had always been there, even in the simplest of moments. And as he reached for a bottle of Golden Terra Oil at the supermarket, he did so not just as a consumer, but as someone who had been touched by the power of nostalgia and the enduring bond of family.

The “Pour Pure Love” campaign emphasises the importance of creating an emotional connection with consumers by offering meaningful connections in addition to high-quality products.

Chief Marketing Officer, TGI Group, Probal Bhattacharya stated that the outpouring of positive reviews and engagement from consumers for the “Pour Pure Love” campaign underscores the enduring connection between Golden Terra Soya Oil and the moments of motherly love and care shared around the dining table.

“Our goal is to be more than just a product on the shelf – we strive to be a trusted companion, a source of inspiration, and a symbol of warmth and love. With the Pour Pure Love campaign, Golden Terra Oil pays tribute to all the world’s Moms for the warm tasty meals that fill our hearts and our souls with all the love that they pour selflessly into our lives,” he stated.

Golden Terra Soya Oil is a premium, all-purpose cooking oil made from 100 percent pure soya beans, sourced and manufactured in Nigeria. It contains 5x more PUFA (Polyunsaturated Fatty Acids) proven to deliver numerous health benefits, like reducing cholesterol, maintaining a healthier heart, enhancing nerve function, boosting brain health, and supporting muscle strength. Discerning consumers trust Golden Terra Soya Oil to bring an unmatched balance of Taste & Health to every dish cooked with it. Available in various sizes, including 1000ml pouch, 700ml and 1.4L bottles, and 2.5L, 4.5L, and 25L kegs.

Tropical General Investments (TGI) Group is an international investment and holding company with diversified interests and investments across Africa, The Middle East, Asia, and other emerging markets. TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities, and a highly skilled workforce to produce world-class products that are consumed both locally and exported to global markets. Across markets, TGI Group owns over a hundred leading brands in Fast Moving Consumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.

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Terra Seasoning Cubes redefines value with Saver and Super Packs

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When it comes to seasoning, Terra Cubes has become one of the most popular household names in the Nigerian market. Its blend of carefully sourced natural ingredients which delivers consistent taste, rich mouth-watering flavor, and inviting aroma sets it apart from other seasoning cubes. Now, as part of its commitment to providing the best quality of Seasoning cube at an affordable price and convenient size, Terra Cubes has launched Saver and Super Saver pack.

Introducing the Saver and Super Saver packs, where quality, taste, and affordability converge to redefine your shopping experience. The new packs deliver the same premium quality and delightful taste you expect in a more convenient and cost-effective package.

With the Saver and Super Saver packs, gone are the days of frequent market visits to settle for small, individual packets. Instead, embrace the freedom, affordability, and convenience of purchasing required quantities at once.

Whether you are a homemaker stocking up for a family gathering, preparing for the week ahead, or simply looking to make smarter cost choices without sacrificing the great taste, mouth-watering flavour, and inviting aroma, that Terra Cubes is renowned for, the Saver and Super Saver packs are your ultimate companion.

The Saver pack is available in Chicken and Beef variants, containing 50cubes in a pack, while Super Saver pack is available in Chicken variant, containing 100cubes in a pack.

Group Executive Director – TGI, Deepanjan Roy, says the success of the Saver and Super Saver pack sizes is a result of the company’s resolve to put the interests of consumers first by seeking ways to continually excite and add value to their lives.

“We believe in going above and beyond to understand the needs and preferences of our consumers and the Saver and Super Saver packs are a testament to this commitment. These packs offer not only unparalleled convenience and value along with the assurance of premium quality and delightful taste,” he stated.

Chief Marketing Officer, TGI Group, Probal Bhattacharya expressed delight with the brand’s latest innovation; the Saver and Super Saver packs. With these packaging options, Terra Cubes is setting a new standard in value within the seasoning market.

“The Super Saver & Saver packs were born out of our understanding of our consumers, their need for a more convenient pack with the adequate quantity that seamlessly fits into their consumption and planned purchase behavior. These new offerings have been designed for consumers who want the right quantity of their favorite seasoning cube, Terra, in a pack size that balances convenience with superior value for money,” he said.

As Terra Seasoning expands its footprint in the market, the availability of the Saver and Super Saver packs underscores the brand’s dedication to catering to the varied requirements of customers while maintaining affordability.

Terra Seasoning Cubes are made up of wholesome, carefully sourced essential ingredients specially designed to meet the discerning Nigerian consumers’ needs in every meal, offering great taste, flavour, and aroma for that unique cuisne experience. Every meal cookedwith Terra guarantees an enjoyable meal and a rich signature homemade taste experience.Available in Beef, Chicken, Srimp, and Jollof flavours, in various consumer-friendly pack sizes nationwide.

Tropical Genral Investments (TGI) Group isan international investment and holding company with diversified interests and investments acoss Africa, The Middle East, sia, and other emerging mrkets. TGI’s investments focus on driving inclusivity and value addition using locally sourced ra materials, state-of-the-art manuacturing facilities, and a highly sklled workforce to produce world-cass products that are consumed both locally and exported to global markets. Across markets, TGI roup owns over a hundred leadin brands in Fast Moving Cosumer Goods, Agricultural Inputs, Industrial Chemicals, Homecare Products and Pharmaceuticals.

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