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Diversification in Agriculture Sector: A Catalyst For Sustainable Economic Development in Nigeria

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Diversification in Agriculture Sector: A Catalyst For Sustainable Economic Development in Nigeria

Agriculture involves the cultivation of land, raising and rearing of animals, for the purpose of production of food for man, feed for animals and raw materials for industries. It involves forestry, fishing, processing and marketing of these agricultural products. Essentially, it is composed of crop production, livestock, forestry, and fishing.

Agriculture is the mainstay of many economies. All over the world, the development of an enduring economy goes hand in hand with agricultural development thus, there is a need for Nigeria to exploit her various agricultural resources to full potential in order to accelerate her quest and efforts to achieving sustainable economic development.

Agriculture is considered a catalyst for the overall development of any nation; development economists have always assigned the agriculture sector a central place in the development process, early development theorists though emphasized industrialization, they counted on agriculture to provide the necessary output of food and raw materials, along with the labour force that would gradually be absorbed by industry and services sector. Much later thinking moved agriculture to the forefront of the development process; the hopes for technical change in agriculture and “green revolution” suggested agriculture as the dynamo and magic wand for economic growth and development.

The industrial revolution of the Nineteenth century which catapulted the agrarian economies of most countries of Europe got their stimuli from agriculture; the sector in recent history has also worked a tremendous miracle in countries like Mexico, India, Brazil, Peru, Philippines and China where the Green Revolution was one of the great success stories. Indeed, the importance of agriculture in any nation’s economy cannot be over emphasized, for instance, in United States of America, agriculture contributes about 1. 1% of the country’s Gross Domestic Product.

The above statistic indicated that the more developed a country is the lower the contribution of agriculture to Gross Domestic Product. Economy diversification is an economic development strategy characterized by increasing the numbers of the revenue base of an economy. The Nigerian economy is a mono-cultural economy depending on crude oil as the main source of her revenue, it is crucial that government should not keep on believing that oil provides an endless source of revenue.

As a matter of priority, Nigeria government must encourage the rapid diversification of Nigeria’s economy as this is the only sustainable way to survive the current environment of global economic uncertainty of international oil price volatility and shocks, unfavourable quota system and depletion.

Diversification in the agriculture sector is therefore suggested for Nigeria as a developing economy to ensure food and nutritional security, income and employment generation, poverty alleviation and to encourage industrialization, ease pressure on balance of payment, reliable source of government revenue and overall economic development of the country.

Prior to the political crisis of 1967-1970, agriculture’s positive contributions to the economy were instrumental in sustaining economic growth and stability. The bulk of food demand was satisfied from domestic output, thereby obviating the need to utilize scarce foreign exchange resources on food importation.

Stable growth in agricultural exports constituted the backbone of a favorable balance of trade. Sustainable amounts of capital were derived from the agricultural sector through the imposition of several taxes and accumulation of marketing surpluses, which were used to finance many development projects such as the building and construction of Ahmadu Bello University (Zaria) and first Nigerian skyscraper-cocoa house in Ibadan. The sector, which employed 71% of the total labor force in 1960, employed only 56% in 1977, the number stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and has continued to nosedive into 2000s as the result of the neglect of the sector.

To channel itself on the path to modern development, Nigeria should examine what factors hindered the development of its agricultural sector, which was the backbone of the Nigerian economy before the era of oil boom. It should rectify the mistakes it made in over 54 years by immediately putting these strategic plans into action. The people of Nigeria can uplift themselves from poverty and distress by eradicating corruption and devoting themselves to strive for progress.

The 2020:20 initiative will keep Nigeria focused on improving their economy and combined with a significant effort to reducing food imports and to increase food production within their own country, Nigeria can witness a timely turn around in their investment. Nigeria has the necessary components in place to return to an agricultural-based economy. Research has demonstrated that a return to an agricultural economy is not only possible, but will greatly benefit the entire country of Nigeria.

To achieve sustainable economic development and to lift the dormant and continuously dwindling contribution of the agriculture sector, Nigeria needs to have some recommended pre-requisites diversification policies such as provision of financial resources to sector to get it up and functioning; a combination of government provision of subsidies, improved and high yielding seedlings and breeds for private companies and small scale farmer producing as large as 85% of the sector’s agricultural output are needed to boost the agricultural market.

There also need to revise the current import and export regulations to make it more convincing for other countries to accept agricultural products from Nigeria. It is an established fact that with the population of over 170 million, vast cultivatable farmland, a conducive climate and soil, Nigeria has the necessary productive resources required to have a strong welcome back of the agriculture sector as an engine to achieving sustainable economic development.

It is therefore plausible for Nigeria to diversify into the agriculture market in their effort to become more self-sustainable and be recognized as one of the world economic power.

The Importance of Logistics in Project Management

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The Importance of Logistics in Project Management

According to several experts, logistics is the operational word for businesses in the future. But, what exactly is logistics and how does it affect project management?

According to many, logistics is just the movement of goods. But this is a narrow view. The physical handling of goods is logistics. In general, this would include transportation of goods via sea, air or rail.

But there is more to it than this. In a much wider sense, logistics involves the physical layout, plant location, purchasing and even waste disposal. Effective logistics involves proper management and planning, accurate forecasting, inventory management, transporting, supervising of loading and unloading, customs clearing, cargo insurance, stowage supervision and warehousing. In short, logistics is the delivery of items accurately, efficiently and in a time bound manner to the place and person it is meant to be sent.

Since many projects these days are dependent on the timely delivery of inventory, proper logistics support is an important necessity. In any case, companies shell out approximately 10-35% of their total revenue on logistics. That is in itself evidence of the importance of logistics support in project management. Globalization, free market and high competition has made it imperative that companies deliver and receive with clockwork precision and on time.

Any project is a time bound assignment. Delays caused by faulty logistics cause not just loss of revenue but also lead to the loss of reputation and customer satisfaction. These are priceless assets, which are almost impossible to recoup once lost. That is why experts say that proper planning is the key to great logistics.

For reputed companies, project logistics involves the management and handling of large shipments on a global basis. These shipments would involve heavy equipment, oversized cargo and cargo that is completely time sensitive or requires a very high degree of security. To offer complete project logistics, companies often undertake feasibility studies and come up with customized, tailored solutions. This is the mark of a great logistics expert.

Some projects involve tricky requirements. It is up to the logistics team to orchestrate even the most complicated supply chains. To be viable and successful, a good logistics partner must bring with them several qualities:

– They must be competitive in their price while offering turnkey solutions that the project requires

– Route optimization must be a priority

– Complete planning and end to end solutions must be provided seamlessly

– Must provide single points of contact for all services through strategically positioned hubs.

Diamond Jewellery Manufacturing – India Vs China

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Diamond Jewellery Manufacturing – India Vs China

China and India have now become the go-to destinations for manufacturing. For cost-effectiveness and large-scale production capacity, there is none apart from these that have been able to make a name for themselves in global sourcing of products. Same is the case with diamond jewellery manufacturing. Today, diamond jewellery is majorly sourced from India or China. These countries have come to hold the edge in jewellery production and export, when compared to the rest of the nations. However, there are some factors that differentiate these nations too. A retailer needs to take a balanced view of the individual manufacturing strengths of these nations and match it to his requirements to decide upon his sourcing destination. Here are some strengths of China:

  1. China has a highly evolved physical infrastructure and logistical set-up, which ensures timely delivery and transport of goods
  2. China’s labour force is efficient and is also known to be the cheapest in production of diamond based jewellery
  3. With single-window clearance of most business proposals, China has a conducive environment for conducting fast-paced business

Some strengths of India vis-a-vis diamond jewellery manufacturing:

  1. India has a large number of traditional, family-run diamond jewellery manufacturing units. These units have manufacturing and export expertise virtually ingrained in their DNA, owing to generations involved in carrying out the business of manufacturing and export of diamond based jewellery. The family businesses have strong experience in making best use of India’s logistical infrastructure to ensure timely delivery of goods
  2. Indians are more creative than the Chinese due to stronger IP laws. While Chinese will often copy designs to put the retailers in trouble thereafter, the Indians do a lot of original creative work which is word-class. To add to this, there is the widely acknowledged advantage that India has over China in high-tech jewellery manufacturing R&D
  3. There is hardly any cultural barrier between West and India. Democratic traditions, similarity of laws in West and India and widespread westernization has lent depth to India’s’ understanding of Western tastes, market choices and preferences
  4. Indian jewellery is almost as cheap as Chinese jewellery, but there’s a greater amount of long-term benefit to be gained from Indian sourcing of jewellery as the well-established family based manufacturing units in India are adept at neutralizing the negatives involved in logistical bottlenecks in India by means of finding the right means to ship items on time. They have been doing this for many decades and their experience can indeed be trusted. The topmost jewellery retailers have been sourcing diamond jewellery manufactured from India.
  5. India is the world’s largest diamond polishing/cutting center. Even Chinese manufacturers source their finished diamonds from Surat in India. Hence, the availability of finished diamonds is never going to be a reason of delay for shipment of jewellery pieces.
  6. China has covert relations with regimes of blood diamond mining countries like Zimbabwe. That means, the money you use to buy jewellery from Chinese traders would be used to fund civil wars in some of the poorest countries of the world like Zimbabwe, Sierra Leone and Angola. So, there is a huge ethical issue that arises in buying from Chinese traders.

Using this comparison of diamond jewellery manufacturing processes in India and China, you can make an informed choice for the supplier of your diamond-studded jewellery wares.

Innovation Is Directly Proportional to Your Business Growth

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Innovation Is Directly Proportional to Your Business Growth

“Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.”

– Peter Drucker

Innovation is integral to success and growth of any business. Heard this popular quote from Albert Einstein, “If you always do what you always did, you will always get what you always got.”

The quote highlights how innovation is an engine of growth and corporate expansion. It is an established fact that a unique idea can make a company break the niche segment and attain a dominant position in an industry. But, is it so easy to be innovative? If yes, then imagine how many of us would be vying for the top position.

In today’s dynamic business environment, where recession and bankruptcy have become a part and parcel for all entities, persistent innovation is the only way to stay ahead in the competition. How can companies manage to be persistent on this aspect? Through innovation mining and innovation workshops.

Innovation labs

Innovation workshops have become a priority for all organizations, irrespective of their size. Not only does such a workshop infuse a new idea generation process, it also inculcates the principles of team building. There is a lack of place for innovation in our corporate environment today. We spend on establishing a research and development department and assign the task of unique thinking to them. What about other departments in your company. Don’t they have any ideas?

Necessity is the mother of invention but to survive today, it is the hunger to innovate that will take a company ahead.

Innovation training can help a company realize its full creativity and potential with its existing set of talent, processes and competencies. It is a holistic process that makes a company visualizes its future, in terms of where it will be, what it would be selling and how it will be managing people and processes optimally.

“Minds are like parachutes; they work best when open. – T. Dewar

This is exactly what innovation development programs can do for a company. These programs can engineer and design activities that facilitate employees to come up with innovative ways to deal with a situation/crisis.

The Experiential Innovation workshops

These workshops are ideal since they involve a mix of fun, creativity and the engaging methodologies that motivate employees to flex their thinking in surprising ways. Employ a practical way to deal with your challenges and expand your business horizon, invest in innovation!

Remember, there are no old roads to new directions…

7 Smart Tips You Can Do To Keep The Cost Of Your Auto Insurance Down

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7 Smart Tips You Can Do To Keep The Cost Of Your Auto Insurance Down

Depending on the car that you buy, your insurance cost may be a little too expensive for you. You cannot avoid it, though. You still need to pay the auto insurance cost to ensure that you can cover the bigger cost when unexpected things happen, such as accident and theft.

The only thing that you can do is to keep the cost of your auto insurance down, without reducing the quality of your insurance. Here are 7 smart tips you can do to keep the cost of your auto insurance down:

1. Research Your Auto Insurance Cost

This is the first step that you have to do. You cannot just accept any offer from an insurance company without thinking twice. Remember that insurance companies are competing with each other, and they will always try to give you the best rates, just to prevent you from going to another insurance company. So, when an insurance company offers you a good insurance plan for your automobile, check the rates offered by other companies first before deciding to take the premiums. Most likely, you will find a better deal out there.

2. Use The Same Insurance Company You Already Use

For instance, you own a home, and you have already taken the premiums for it from a good insurance company. Then, the same company has an auto insurance plan for their clients. It is better for you to take the offer from the same insurance company that you already use. Why? That’s because they will usually give discounts for long-term clients. Since you already take a home insurance plan with them, they will likely give you some discounts if you decide to take an auto insurance plan with them as well. If not, just try to negotiate, because most of the time, they will be willing to give a special offer for you.

3. Keep A Good Driving Record

In order for you to get the lowest possible cost for your auto insurance plan, you have to show the insurance company that you are a safe driver. In this way, you will not pose as a high-risk client for your auto insurance company, and thus, you will get more discounts from them. So, it is important for you to keep a good driving record, since it will prove to the auto insurance company that you are a safe driver, with very little risk of accident. The smaller the risk of accident, the smaller your insurance premium cost will be.

4. Keep Your Car Safe

It is also important for you to keep your car safe, because most of the time, insurance companies will cover the cost of your car when it is stolen. So, you don’t want to pose your car as a high-risk premium for your insurance company. This will also depend on the make and model of your car, since the more expensive the car, the more cost for you to pay the premium for it. You need to keep your car safe by installing alarm or anti-theft system for your car. In this way, you will pose a lower risk for your insurance company, and thus, you will get a lower premium cost.

5. Try To Get Discounts For Your Auto Insurance

If it is possible for you to get a big discount for your insurance premiums, then by all means take the offer. There are always a lot of discounts offered by many auto insurance companies around you, since they are competing with each others to win the heart of their clients. So, always take a look of the possible discount that you can get, especially as a first-time client. You can research various insurance companies online, and compare their prices before you start your premiums.

6. Keep Your Insurance Information Up To Date

It is important for you to keep the information that you have on file up to date. You don’t want your auto insurance company to keep your old information, since it will make it difficult for you when you need to claim your auto insurance later. It will also reduce your insurance cost significantly if you are eligible for it. For instance, the premium costs for clients that live in the big city will be different from those that live in a small town. So, if you happen to move from a big city to a small town, be sure to update your information right away. Chances are you are eligible for a discount for your premium costs.

7. Factor The Cost Of Auto Insurance In Your Car Ownership Cost

Before buying any car, you have to remember that the cost of the car is not all that you have to pay for it. You also need to include the cost of auto insurance, since it will be inevitably included with the cost of your car purchase sooner or later. So, before buying a car, calculate the total cost that you have to pay by factoring the cost of auto insurance in your purchase. Thus, you will not become shocked when it is time for you to pay the monthly premium costs of your auto insurance.

Affiliated Marketing

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Affiliated Marketing

What is affiliated market?
Affiliated marketing is a way through which individuals can promote a product which you like and earn a commission out of it all. Of us have participated in affiliated marketing in one way or the other. For e.g. when you purchase of a product online there is an affiliated person who earns some amount of profit when you buy a particular type of product.

The structure: The industry has 4 players: – Merchant – Network – Publisher – Customer.However, affiliated marketing is a very long term process. It requires huge investment in the form of time only then you will be able to earn the desirable amount of profits
Steps to become affiliated marketer:

1) Select a profitable niche
The first thing you have to do is choose the particular market and the type of people you want to focus on. This will help you to decide the type of products you will sell or the type of website you will have.. Try selecting a niche that you are passionate about since you will have a different outlook towards it. Also make sure that the niche you choose will be profitable in some way or the other. The product that you have decided to sell should have a good market, and at the same time good demand. For this start with a brainstorming process, research and try to understand the market structure.

2) Search and create a plan
Your research should be never ending. Find out new information every day and be extremely careful about it since these will be the platforms from where you will be earning commissions. Create or draft a plan. Strategy your work.Give enough time and start with content writing. Draft your schedule and decide you many posts you would be writing per week or per month. Creating a plan is very important since it is the path that will help you achieve your goal on time.

3) Create a website or a landing page

Creating a website is not a tough job these days. All you have to do is buy a domain name and start working on it. There are many people outside in the market that will help you develop a website of your own.

4) Create high quality content and have affiliated product research
finalise what products to you want to sell your product should be relevant to the niche you have selected. Once you have done this all of your focus should be on making your content as attractive as possible.Only then the visitors will be attracted to your site. Start with writing of blogs, how did you like the product etc.

5) Generate traffic
our website will be your primary tool for promoting affiliate products and services. You can have paid traffic as well as free traffic

6) Sales
Till the time you have great traffic on your sale you will have amazing sales

Advantages or benefits:
1) Full time income
2) Flexible working schedule
3) No personal selling
4) No experience required