Buying and Selling Agricultural Produce in Nigeria

Buying and Selling Agricultural Produce in Nigeria

With the current drive by the Federal Government to diversify the economy and shift its major source of revenue away from oil, there has been a rapidly increasing interest by the government in Agriculture, this has led to the creation of several incentives to boost investment in agriculture at all levels. This is eminent if one visits farms across the country especially in the Northern parts, records so far can show that there will be a boom in agricultural production this year as a lot of people got involved in…

Read More

Basic Accounting – Return on Investment

Basic Accounting – Return on Investment

RETURN ON INVESTMENT Cast thy bread upon the waters: for thou shalt find it after many days. –Ecclesiastes 11:1 (KJV)– Obviously, for it to be worthwhile, the returning bread should be more abundant than the bread originally cast upon the waters. Investment can be described as the commitment of resources (funds) to a venture in the expectation future benefits (returns). Investment is thus every asset that an investor owns or controls (directly or indirectly) that has such characteristics. Investment also entails the assumption of risk. While in the spiritual sense,…

Read More

Basic Accounting – The Income Statement

Basic Accounting – The Income Statement

THE INCOME STATEMENT Financial accounting focuses on providing information about an organization and provides decision makers with an overview of the underlying financial transactions of the company being assessed. Accounting provides a good measure of transparency and accountability: the ability to see straight through the words and numbers and gain a clearer vision of the company and its operations. NOTE: For a better and complete view of this document in your browser,  please view on pdf Financial statements are prepared to ascertain the profit or loss status of a business,…

Read More

Basic Accounting – General Concepts & the Balance Sheet

Basic Accounting – General Concepts & the Balance Sheet

GENERAL CONCEPTS & THE BALANCE SHEET Accounting is the language of business, and is concerned with the collecting, analyzing and communicating financial information. This information is useful for those who need to make decisions and plans about businesses, and those who need to regulate those businesses. Such include, managers, owners, investors, governmental agencies, and others inside and outside the organization to which the financial information refers. NOTE: For a better and complete view of this document in your browser,  please view it on pdf Accounting provides answers and insights to…

Read More

NAFDAC Regulated Products and Licenses – Guidelines for Global Listing of Supermarket Items

NAFDAC Regulated Products and Licenses – Guidelines for Global Listing of Supermarket Items

GUIDELINES FOR GLOBAL LISTING OF SUPERMARKET ITEMS (FOOD AND COSMETICS) NAFDAC/RR/017/00 “Supermarket automatic doors open for me; therefore, I am.” –Craig Bruce– A. GENERAL These guidelines are for operators who must have an established supermarket. Items to be listed shall include food and cosmetics regulated by the Agency sold in supermarkets/stores and such other specialties as required by Hotels and International Organizations e.g. Embassies. Already registered products shall not be allowed for listing. Such items should be sourced from companies that registered them or a ‘letter of no objection’ shall…

Read More

NAFDAC Regulated Products and Licenses – The Packaged Food Industry & Export of Food Commodities

NAFDAC Regulated Products and Licenses – The Packaged Food Industry & Export of Food Commodities

THE PACKAGED FOOD INDUSTRY “If dogs don’t like your dog food, the packaging doesn’t matter” –Stephen Denny– The earliest form of food packaging that ever existed was leaf wrapping, followed by paper, cloth, wood, and glass – not necessarily in that order. These wrappings, apart from glass, were of organic material and were thus biodegradable and often permeable to air, vapours and liquids, and hence unable to preserve food for long periods. Bread, cheese, salted food and other prepared foods have been sold for thousands of years. Canned food (tinned…

Read More

NAFDAC Regulated Products and Licences – Registration of Drugs and Related Products Manufactured In Nigeria

NAFDAC Regulated Products and Licences – Registration of Drugs and Related Products Manufactured In Nigeria

“They’re putting cement dust into cattle feed to make the cows heavier: the FDA1 knows all about it.” –Dick Dale– In Nigeria, the term “regulated product” refers to processed foods, beverages, and medicines for human or animal use, cosmetics, medical devices, detergents, packaged/bottled water and chemicals. The term counterfeit, in this regard, refers to a fraudulent imitation of a product, which is intended to deceive and mislead the ultimate consumer. The World Health Organization (WHO) defines a counterfeit drug as “medicine or medicinal product, which is deliberately and fraudulently mislabeled…

Read More

Going To Sea: Coastal Vessels

Going To Sea: Coastal Vessels

STATUTORY GUIDELINES FOR OPERATION OF COASTAL VESSELS Once again the voyage starts at the Department of Petroleum Resources. 1.0 Definition Coastal vessels are specifically used for lifting and/or discharging of bulk petroleum products at the Nation’s Jetties or from shore to shore or transship to shore. Under no circumstances shall licenced coastal vessels engage in bunkering operations. 2.0 Annual Licence and Verification Fee for Coastal Vessel An annual non-refundable coastal vessel licence fee of One Hundred Thousand Naira (N100,000.00) in Bank Draft shall be payable to the Federal Government of…

Read More

The Bottled or ‘Pure Water’ Business

The Bottled or ‘Pure Water’ Business

“Pure water is the world’s first and foremost medicine.” –Slovakian Proverb– “Filthy water cannot be washed.” –African Proverb– Today, there are over one billion people who do not have access to safe drinking water (potable water), and this results in millions of deaths from preventable diseases every year, especially amongst infants. This is almost exclusively a Third World affliction – and Nigeria is not excluded from these grim statistics. In the rural areas of Nigeria, access to drinking water is often limited to rivers, streams and wells; more fortunate communities…

Read More

Bunkering of the Legal Kind

Bunkering of the Legal Kind

 “If you want to avoid bunker mentality, Leave the bunker.” — Robert Vaughn — Bunkering is an age-old activity – dating back to when ships were first powered by means other than manpower (oars) or wind (sails). Some reports have it that the term “bunkering” came into use when coal was the fuel of choice for powering steam ships. The “bunker” was the dump in which the coal was stored for firing the boilers of steam ships. Coal as a fuel for the powering of ships has long since been…

Read More