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		<title>Latest Blogs</title>
		<link>http://naijalounge.com/blog/</link>
		<description>Latest Blogs</description>
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			<title><![CDATA[How 'Piracy' Helped Establish The Dominance Of Nigerian Films]]></title>
			<link>http://naijalounge.com/naijaadmin/blog/how-piracy-helped-establish-the-dominance-of-nigerian-films/</link>
			<description><![CDATA[<img src="http://img.modernghana.com/thumb.aspx?img=XGltYWdlc1xjb250ZW50XHYwNmR0aDJzc25fcGlyLmpwZ3w2NjB8MTIvMzAvMjAxMA==" alt="" class="parsed_image" /><br /><br />Earlier this year, we wrote about Kevin Kelly's fascinating look at the movie industries of India, Nigeria and China, which represent the three larg...]]></description>
			<content:encoded><![CDATA[<img src="http://img.modernghana.com/thumb.aspx?img=XGltYWdlc1xjb250ZW50XHYwNmR0aDJzc25fcGlyLmpwZ3w2NjB8MTIvMzAvMjAxMA==" alt="" class="parsed_image" /><br /><br />Earlier this year, we wrote about Kevin Kelly's fascinating look at the movie industries of India, Nigeria and China, which represent the three largest film industries in the world. Yes, all three are larger than the US. And all three are places known for extremely widespread "piracy." Given that Hollywood insists that "piracy" kills the movie industry, it certainly seemed worth noting that these three countries had hugely thriving movie industries despite (or perhaps because of) widespread infringement. <br /><br />The Economist has an article looking much more closely at the Nigerian movie industry, known as Nollywood, which produces an astounding 50 new movies every week. Now, some will immediately point out -- correctly -- that these are much lower budget than our traditional Hollywood picture, but apparently, many of the movies have pretty good plots and acting -- and they seem to be doing pretty well across all of Africa (not just Nigeria). In fact, the report notes that the infringement may be a big part of why Nigerian films are so successful: <br /><br />The merchants curse the pirates, but in a way they are a blessing. Pirate gangs were probably Nollywood's first exporters. They knew how to cross tricky borders and distribute goods across a disparate continent where vast tracts of land are inaccessible. Sometimes they filled empty bags with films when returning from an arms delivery. Often they used films to bribe bored guards at remote borders. The pirates created the pan-African market Mr Akudinobi now feeds. <br /><br />Once again, this is really a recognition of a point that has been many times around here: copyright infringement is often just a more efficient distribution system -- and if you can figure out how to use that distribution mechanism to your own benefit, you can be much better off. In fact, it sounds like many are doing that, and the massive success of Nigerian movies have opened up all sorts of new opportunities for movie makers: <br /><br />African diasporas in the West pay good money to see films from home. BSkyB, a British satellite broadcaster, and Odeon, a cinema chain, both show Nollywood classics. Consumer-goods companies offer sponsorship deals. <br /><br />That wouldn't be possible if the movies weren't getting so much attention. On top of that, for those who will continue to claim that the quality of these movies must suck, it appears that the quality is likely to improve. That's because with so much competition, moviemakers are looking to stand out from the crowd, and one way to do that is to improve your product. In other words, just as we've said for years, you've got a situation where competition is leading to innovation and higher quality, even in the absence of copyright protections... Funny, then, that some still insist that without copyright (or without strong copyright enforcement), no movie industry could exist.<br /><br />Source: Mike Masnick, Modern Ghana]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/how-piracy-helped-establish-the-dominance-of-nigerian-films/</guid>
			<pubDate>Thu, 30 Dec 2010 04:02:04 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Heavy Duty vehicles</title>
			<link>http://naijalounge.com/vivyklems/blog/heavy-duty-vehicles/</link>
			<description>I was just wondering if the lagos state govt had plans to reduce d death rate in the state by passing a bill on time restriction for heavy duty vehicl...</description>
			<content:encoded>I was just wondering if the lagos state govt had plans to reduce d death rate in the state by passing a bill on time restriction for heavy duty vehicles. This bill is suppossed to help curb deaths and hold ups caused by these vehicles. Is it and will it ever be possible?</content:encoded>
			<guid>http://naijalounge.com/vivyklems/blog/heavy-duty-vehicles/</guid>
			<pubDate>Thu, 30 Dec 2010 03:04:42 +0000</pubDate>
			<dc:creator>mbagwu chidinma</dc:creator>
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			<title>Nigerian-born entrepreneur Kase Lawal is the epitome of the American dream.</title>
			<link>http://naijalounge.com/naijaadmin/blog/nigerian-born-entrepreneur-kase-lawal-is-the-epitome-of-the-american-dream/</link>
			<description><![CDATA[<img src="http://i.cdn.turner.com/cnn/2010/WORLD/africa/05/18/kase.lukman.lawal/story.certificate.jpg" alt="" class="parsed_image" /><br /><br />Nigerian-born entrepreneur Kase Lawal is the epitome of the American dream. Arriving to the US a young, idealistic student, Lawal has carved a name fo...]]></description>
			<content:encoded><![CDATA[<img src="http://i.cdn.turner.com/cnn/2010/WORLD/africa/05/18/kase.lukman.lawal/story.certificate.jpg" alt="" class="parsed_image" /><br /><br />Nigerian-born entrepreneur Kase Lawal is the epitome of the American dream. Arriving to the US a young, idealistic student, Lawal has carved a name for himself in one of the most competitive industries in the world: Oil.<br /><br />Now head of a multi-billion dollar empire, his Houston-based company, CAMAC, is one of the largest black-owned businesses in the U.S., generating over $2 billion dollars a year.<br /><br />Founded nearly 25 years ago, Lawal built CAMAC (which stands for Cameroon-American) from a small agriculture business into a global oil company. But it's taken a lot of hard work, determination and guts to get him to the top.<br /><br />Born and raised in Ibadan, Nigeria in 1954, Lawal became interested in America and its civil rights movement during his teens. After finally persuading his father, a local politician, to send him to university in America, Lawal headed to Georgia and then Houston, where he attended the Texas Southern University.<br /><br />After graduating with a Bachelor of Science in chemical engineering in 1976, Lawal, like many of his classmates, started out as a graduate in the energy industry. First as a chemist for Dresser Industries (now Halliburton) and then as a chemical engineer with Shell Oil Refining Co.<br /><br />During this time he met his wife, Eileen through a mutual friend and had his three children.<br /><br />Now married and settled, it wasn't long before the innovative young Nigerian started to implement his business ideas.<br /><br />In 1986 he established CAMAC, a company trading agricultural commodities such as sugar, tobacco and rice. In the early 90s he made the leap into the energy sector after the Nigerian government started to develop its energy market.<br /><br />With his knowledge of Nigeria and his Houston address, Lawal was ideally positioned to attract major oil companies. In 1991 CAMAC made a deal with the oil giant Conoco, agreeing to jointly operate and share production from any Nigerian discoveries.<br /><br />This turned out to be Lawal's big break.<br /><br />With his political contacts, local market knowledge and now with the backing of a major oil firm, Lawal's Houston-based company became an instant player in the energy industry.<br /><br />As Lawal told CNN: "That partnership I believe was the cornerstone of the CAMAC that you know today. Subsequently with that credibility and the advantage of partnering with Conoco, we were also able to partner with BP and also with Statoil of Norway and currently we have made a partnership with Eni, the largest Italian company, which is one of the top five oil companies in the world."<br /><br />Now CAMAC has offices in London, Johannesburg, Lagos and Port Harcourt, Nigeria and is involved in oil exploration, refining and trading.<br /><br />He was awarded the USAfrica Business Person of the Year in 1997 and in 2002 CAMAC was named the largest African-American owned company on the Black Enterprise 100s list.<br /><br />Source: Susannah Palk, CNN]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/nigerian-born-entrepreneur-kase-lawal-is-the-epitome-of-the-american-dream/</guid>
			<pubDate>Tue, 21 Dec 2010 08:02:19 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Turkey to buy oil from Nigeria</title>
			<link>http://naijalounge.com/Ganoe/blog/turkey-to-buy-oil-from-nigeria/</link>
			<description><![CDATA[<img src="http://naijalounge.com/file/attachment/2010/12/196d5bc7c9bbc81955748ac6516cad95.jpg" alt="" class="parsed_image" /><br /><br />Turkey will be purchasing oil from at least two African countries through a barter scheme arrangement, State Minster for foreign trade Zafer &#199;a&#287;layan ...]]></description>
			<content:encoded><![CDATA[<img src="http://naijalounge.com/file/attachment/2010/12/196d5bc7c9bbc81955748ac6516cad95.jpg" alt="" class="parsed_image" /><br /><br />Turkey will be purchasing oil from at least two African countries through a barter scheme arrangement, State Minster for foreign trade Zafer &#199;a&#287;layan has announced following a four-day visit to three African countries.<br /><br />&#199;a&#287;layan, who had talks in Nigeria, Ghana and Equatorial Guinea during his visit to Africa, proposed a barter scheme to his Nigerian and Ghanaian counterparts.<br /><br />Officials in these countries have said they would look positively on such a deal, where Turkey will purchase oil from both countries and pay for it by investing in tourism, energy, health and other infrastructure.<br /><br />The government has plans to realize similar schemes in other countries in Africa.<br /><br />&#199;a&#287;layan's meeting with Ghanaian Vice President John Dramani Mahama marks the first official visit from Turkey at a ministerial level to this country in 10 years.<br /><br />&#199;a&#287;layan, speaking about his visit to Ghana along with a group of about 100 businessmen, said Mahama had praised Turkey due to its economic success at a time when most European countries are struggling amidst a crisis.<br /><br />Mahama also said his government was closely monitoring the democratic and political developments in Turkey, expressing his government's desire to make Ghana a good example of a democratic country in Africa.<br /><br />Mahama also said direct flights between the two countries would contribute significantly to relations, adding that joint projects by businessmen of the two countries would offer great opportunities. Mahama said during the visit: &#8220;We don't want Ghana to be an oil-dependant country in the future. We are using petroleum as a resource to invest in and develop other sectors. We have very beautiful beaches. We can make use of this.&#8221;<br /><br />State Minister &#199;a&#287;layan said Turkey wanted to contribute to the development of Ghana and support its commercial growth, noting that Turkish contractors were extremely interested in the construction sector.<br /><br />The minister also attended the Ghana-Turkey Business Forum during his visit. In a speech he made there, &#199;a&#287;layan said Turkey and Ghana had set their common trade volume goal at $1 billion. He also said the demand in Ghana for housing was about 1 million residential units, adding that Turkish businessmen want to enter this sector.]]></content:encoded>
			<guid>http://naijalounge.com/Ganoe/blog/turkey-to-buy-oil-from-nigeria/</guid>
			<pubDate>Mon, 20 Dec 2010 17:10:08 +0000</pubDate>
			<dc:creator>Gary</dc:creator>
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			<title>400 Diaspora Nigerians Return With Jobs, Businesses</title>
			<link>http://naijalounge.com/naijaadmin/blog/400-diaspora-nigerians-return-with-jobs-businesses/</link>
			<description><![CDATA[<img src="http://uk.reuters.com/resources/r/?m=02&d=20101216&t=2&i=277963570&w=460&fh=&fw=&ll=&pl=&r=2010-12-16T194636Z_01_BTRE6BF1IXR00_RTROPTP_0_NIGERIA-BUDGET" alt="" class="parsed_image" /><br /><br />Some 400 Nigerian professionals and foreign businessmen have arrived Abuja to explore investment potential of the country and help in reversing the ...]]></description>
			<content:encoded><![CDATA[<img src="http://uk.reuters.com/resources/r/?m=02&d=20101216&t=2&i=277963570&w=460&fh=&fw=&ll=&pl=&r=2010-12-16T194636Z_01_BTRE6BF1IXR00_RTROPTP_0_NIGERIA-BUDGET" alt="" class="parsed_image" /><br /><br />Some 400 Nigerian professionals and foreign businessmen have arrived Abuja to explore investment potential of the country and help in reversing the brain drain phenomenon.<br /><br />The group, which is visiting Nigeria under the aegis of the New Nigeria Initiative in the Diaspora, is expected to meet President Goodluck Jonathan late on Saturday after which it will make its activities known through a press conference on Sunday.<br /><br />Coordinator and chairman of the advisory council of the group, Chief Peter Mozie, who spoke on behalf of the group in Abuja, said that the group was made of Nigerian experts and friends of Nigeria who had come to explore opportunities in Nigeria.<br /><br />He said that the group was set to reverse the brain drain of 1990s to brain gain, adding that the present government underPresident Jonathan had assured the Diaspora Nigerians of an enabling environment.<br /><br />Source: Taiwo Adisa, Tribune]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/400-diaspora-nigerians-return-with-jobs-businesses/</guid>
			<pubDate>Sat, 18 Dec 2010 22:01:30 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Turkey Seeks To Improve Trade Relations with Nigeria</title>
			<link>http://naijalounge.com/naijaadmin/blog/turkey-seeks-to-improve-trade-relations-with-nigeria/</link>
			<description><![CDATA[<img src="http://www.hurriyetdailynews.com/images/2010_12_15/caglayan-blames-former-turkish-ministers-for-a-mistake-2010-12-15_l.jpg" alt="" class="parsed_image" /><br /><br />The Turkish Minister for Foreign Trade, Zafer Caglayan has disclosed that the volume of trade between Nigeria and Turkey stands at about 1 billion dol...]]></description>
			<content:encoded><![CDATA[<img src="http://www.hurriyetdailynews.com/images/2010_12_15/caglayan-blames-former-turkish-ministers-for-a-mistake-2010-12-15_l.jpg" alt="" class="parsed_image" /><br /><br />The Turkish Minister for Foreign Trade, Zafer Caglayan has disclosed that the volume of trade between Nigeria and Turkey stands at about 1 billion dollars, just as he said that there were projections for an increase in the coming years.<br /><br />Speaking in Abuja while addressing a delegation of Turkish and Nigeria business men, Caglayan  who called for an increase in trade relations between Nigeria and Turkey, stressed that Nigeria was the fastest growing economy in the Western part of Africa,  adding that as a nation, Nigeria must harness its potentials to the fullest because  of the important role it gets to play in developing the region.<br /><br />The Turkish Minister who urged all the business men from his country to increase trade relations with Nigeria, stressed the need for them to permanent their businesses in the country, adding that Turkey was prepared to work with Nigeria in different sectors of the economy, including, mining, textiles, Oil and Gas, Chemistry and Food security.<br /><br />Source: Henry Umoru, Vanguard]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/turkey-seeks-to-improve-trade-relations-with-nigeria/</guid>
			<pubDate>Wed, 15 Dec 2010 19:25:49 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Nigerian Artist 2 Face Wins Artist Of The Year During MTV Africa Music Awards</title>
			<link>http://naijalounge.com/naijaadmin/blog/nigerian-artist-2-face-wins-artist-of-the-year-during-mtv-africa-music-awar/</link>
			<description><![CDATA[<img src="http://www.justcurious.co.za/wp-content/uploads/2010/10/2Face_Idibia_award.jpg" alt="" class="parsed_image" /><br /><br />AP)  LAGOS, Nigeria (AP) - As one artist rushed the stage wrapped in Nigeria's green-and-white flag, Africa's most populous nation ran away with the a...]]></description>
			<content:encoded><![CDATA[<img src="http://www.justcurious.co.za/wp-content/uploads/2010/10/2Face_Idibia_award.jpg" alt="" class="parsed_image" /><br /><br />AP)  LAGOS, Nigeria (AP) - As one artist rushed the stage wrapped in Nigeria's green-and-white flag, Africa's most populous nation ran away with the awards Saturday night during the MTV Africa Music Awards.  Nigerian singer 2 Face, known for his catchy, fast-paced pop song "Implication," claimed both the artist of the year and best male performer awards during the ceremony held in Nigeria's commercial capital of Lagos. He also dominated during a live performance, throwing himself into the crowd and running away from two scantily clad dancers dressed as police officers.<br /><br />"One love to Nigeria," the artist said as he held the golden MTV award, to the applause of the audience. His singing often includes words in the Yoruba language, heard throughout southwestern Nigeria.  National pride ran high as rapper Banky W took to the stage carrying the country's green-and-white flag, later tossing it over his shoulder during his performance. The country's musicians fared well during the ceremony - Nigerian act P Square won for Best Group, Nigerian singer Sasha won as best female performer and Nigerian rapper Mo Cheddah won for best new artist.<br /><br />Among other winners were Fally Ipupa, a singer from the Democratic Republic of the Congo who received the best video award for his song "Sexy Dance." U.S. rapper Eminem won best international artist, but did not attend the event.  Africa has long featured a vibrant music scene, but artists have had difficulties breaking into overseas markets. Famous African artists include Senegal's Youssou N'dour, Nigerian Afrobeat legend Fela Kuti and South African impresario Miriam Makeba, who died in November 2008.<br /><br />Both Makeba and Kuti's names were mentioned during the ceremony, as MTV gave an award in the South African singer's memory. Rapper Chuck D of Public Enemy recognized the tradition of music being used as a weapon against injustice, drawing a cheer when mentioning Kuti. He earlier led others in a rendition of "Fight the Power," the song ending with the artists raising closed fists into the air.<br /><br />"You have everything you need right here," Chuck D said. "Recognize your legends; recognize your history."  Yet as Nigeria approaches a critical presidential election next year and corruption still pervades life, no one mentioned it in the air-conditioned comfort of the hotel ballroom where the ceremony took place.  MTV's regional music channel MTV Base reaches 48.5 million viewers across sub-Saharan Africa via satellite and local television stations.<br /><br />Source: Associated Press]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/nigerian-artist-2-face-wins-artist-of-the-year-during-mtv-africa-music-awar/</guid>
			<pubDate>Sun, 12 Dec 2010 05:24:23 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>African Billionaire Attracts Foreign Investors</title>
			<link>http://naijalounge.com/naijaadmin/blog/african-billionaire-attracts-foreign-investors/</link>
			<description><![CDATA[<img src="http://atlantapost.com/wp-content/uploads/2010/12/aliko-dangote.jpg" alt="" class="parsed_image" /><br /><br />Oprah Winfrey, Jay-Z, or BET founder Robert Johnson come to mind when thinking of some of the most affluent black people in the world. However, ther...]]></description>
			<content:encoded><![CDATA[<img src="http://atlantapost.com/wp-content/uploads/2010/12/aliko-dangote.jpg" alt="" class="parsed_image" /><br /><br />Oprah Winfrey, Jay-Z, or BET founder Robert Johnson come to mind when thinking of some of the most affluent black people in the world. However, there is another black billionaire who isn&#8217;t a household name here in the United States but is making headlines throughout the world with his business organizing a $5 billion London share sale.<br /><br />His name is Alhaji Aliko Dangote, owner of a multi-billion dollar conglomerate known as the Dangote Group based in Nigeria and with operations throughout Africa. He is ranked in Forbes as one of the richest black African descendants behind Mohammed Al Amoudi and Oprah Winfrey with his net worth of $2.5 billion dollars.<br /><br />Alhaji started the Dangote group as a small trading firm in 1977. The Dangote group slowly emerged as a successful African conglomerate with businesses in industries such as food processing, cement manufacturing, real estate. They are also continuing to expand with new projects in oil development, natural gas, telecommunications, fertilizer production, and steel. The Dangote Group continues to see its dominance in the sugar market in Nigeria where it is the major sugar supplier to the country&#8217;s soft drink, deserts, and brewery plants.<br /><br />Dangote Cement, the largest cement production company in Africa and subsidiary of the Dangote Group, is currently in the news with its plan to sell up to 5 billion in shares as reported in Business Week.<br /><br />With the help of investment banks Goldman Sachs Inc., J.P. Morgan Chase]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/african-billionaire-attracts-foreign-investors/</guid>
			<pubDate>Wed, 08 Dec 2010 02:37:54 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Olam Sets Up $200 Million Sugar Venture in Nigeria</title>
			<link>http://naijalounge.com/naijaadmin/blog/olam-sets-up-200-million-sugar-venture-in-nigeria/</link>
			<description><![CDATA[<img src="http://af.reuters.com/resources/r/?m=02&d=20101203&t=2&i=264797092&w=450&fh=&fw=&ll=&pl=&r=2010-12-03T051459Z_01_AJOE6B20EL000_RTROPTP_0_OZABS-OLAM-SUGAR-20101203" alt="" class="parsed_image" /><br /><br />Dec. 3 (Bloomberg) -- Olam International Ltd., a commodity supplier backed by Singapore&#8217;s Temasek Holdings Pte, plans to set up a $200 million sugar-r...]]></description>
			<content:encoded><![CDATA[<img src="http://af.reuters.com/resources/r/?m=02&d=20101203&t=2&i=264797092&w=450&fh=&fw=&ll=&pl=&r=2010-12-03T051459Z_01_AJOE6B20EL000_RTROPTP_0_OZABS-OLAM-SUGAR-20101203" alt="" class="parsed_image" /><br /><br />Dec. 3 (Bloomberg) -- Olam International Ltd., a commodity supplier backed by Singapore&#8217;s Temasek Holdings Pte, plans to set up a $200 million sugar-refining venture at a port in Nigeria to tap growing demand in the nation.<br /><br />Olam will have an 80 percent stake in the operation with the Lababidi Group, an African company with interests ranging from wheat milling to port real estate, holding the rest. Half the investment will be debt-funded, with the remainder contributed by each partner in line with their equity, Olam said today in a Singapore stock exchange statement.<br /><br />Olam is banking on Nigeria, Africa&#8217;s second-largest sugar consumer, maintaining demand that&#8217;s grown at an annual average of 4.2 percent in the last six years to 1.6 million tons in 2009. Nigerian sugar use may jump to as much as 2.2 million tons in 2013 or 2014, while the state&#8217;s 44 percent duty on imports of the refined sweetener favors local output, Olam Chief Executive Officer Sunny Verghese said.<br /><br />&#8220;There&#8217;s a very good chance we&#8217;ll even increase our capacity&#8221; in the Nigeria venture three to four years after Olam brings the 450,000-ton project on line in 2013, Verghese said today on a conference call.<br /><br />The project will combine land on Tincan Island, Lagos, with the port concession rights of Lababidi. Work to reclaim three hectares of land and port development will help Olam with imports of other produce such as wheat into Nigeria, offsetting costs in other units, Verghese said.<br /><br />Global sugar supplies are set to fall short of demand for a third consecutive year after bad weather damaged crops in some of the biggest producing countries, Czarnikow Group Ltd. said on Nov. 29. The deficit may be 2.8 million tons for the 12 months through September 2011, according to the London-based broker.<br /><br />Sugar consumption will jump to 200 million tons by 2020, according to Lindsay Jolly, a senior economist with the International Sugar Organization. The organization estimates demand will rise 2 percent a year for the next decade.<br /><br />The sugar for the refinery, with a daily capacity of 1,500 tons, will be sourced mainly from Brazil for sale in Nigeria and other West African nations, Olam said. Among potential local buyers would be PepsiCo Inc. and Coca-Cola Co.<br /><br />Nigeria&#8217;s two rival sugar refiners, with about 1.2 million tons in capacity in total, may bring another 450,000 tons on line by the time Olam begins its project mid-2013, Verghese said.<br /><br />Positive Impact<br /><br />&#8220;The venture will have a positive impact, but I doubt that it will stand out in terms of earnings across Olam group as a whole,&#8221; Ben Santoso, an analyst with DBS Vickers Securities, said by phone.<br /><br />The Nigerian venture&#8217;s operating costs are forecast by Olam at about $40 per ton, which the company estimates to be 20 percent below costs at current facilities in Nigeria. The new plant may provide a 38 percent internal rate of return on equity. It will also operate with a 27 percent margin of earnings before interest, tax, depreciation and amortization over sales, Olam said. That compares with a 5 percent Ebitda margin for the group as a whole last year.<br /><br />The Singapore supplier is entering into the venture less than a year after buying Lababidi&#8217;s Crown Flour Mills. Olam has held preliminary talks with &#8220;our core banks&#8221; on raising the loans for the sugar refinery and may involve Nigerian lenders in the deal, Verghese said.<br /><br />Olam rose 3.3 percent to S$3.17 by 2.45 p.m. local time on the Singapore exchange. Shares have gained 19.2 percent this year, compared with a 10.6 percent gain in the benchmark index.<br /><br />South Africa is the Africa&#8217;s biggest sugar consumer.<br /><br />Source: Yuriy Humber, Bloomberg]]></content:encoded>
			<guid>http://naijalounge.com/naijaadmin/blog/olam-sets-up-200-million-sugar-venture-in-nigeria/</guid>
			<pubDate>Sat, 04 Dec 2010 03:47:30 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title><![CDATA['New Nigeria Cinema' sparks Nollywood renaissance]]></title>
			<link>http://naijalounge.com/naijaadmin/blog/new-nigeria-cinema-sparks-nollywood-renaissance/</link>
			<description><![CDATA[<img src="http://naijalounge.com/theme/frontend/naijalounge/style/default/image/layout/blog/nollywood_blog.JPG" alt="" class="parsed_image" /><br /><br />(CNN) -- Nigeria's "Nollywood" film industry is thriving, producing hundreds of movies every month. But a new movement is afoot among young directors ...]]></description>
			<content:encoded><![CDATA[<img src="http://naijalounge.com/theme/frontend/naijalounge/style/default/image/layout/blog/nollywood_blog.JPG" alt="" class="parsed_image" /><br /><br />(CNN) -- Nigeria's "Nollywood" film industry is thriving, producing hundreds of movies every month. But a new movement is afoot among young directors who aim to compete with Hollywood on quality as well as quantity.  Nollywood eclipsed Hollywood as the world's second largest film producer last year and is snapping at the heels of Bollywood, India's movie-making machine.<br /><br />Most of Nollywood's films are video-format B-movies, buzzing with vibrancy and innovation, but struggling with shoe-string budgets and low production values.  But now a new generation of filmmakers is hoping to reach a wider audience by launching a movement they call "New Nigeria Cinema."  Actor Wale Ojo, founder of the movement, told CNN: "New Nigeria Cinema basically means an elevation of Nigerian film -- high production values, good strong narratives, stories that capture the essence of who we are as Nigerians, as Africans.<br /><br />"And it means also that these films can be shown at international film festivals anywhere in the world, from Toronto to Cannes to Venice."  Nollywood has only been around for 17 years, but it now produces about 200 films a month and has mushroomed into a $250-million industry.  Stories often fuse themes of traditional voodoo and magic with urban romance and are hugely popular throughout Africa. But the films face an uphill climb to achieve global presence and acceptance.<br /><br />"Nollywood as it was before now served a purpose; that purpose is to give Africans a voice, which is why it's very popular amongst other African countries," said Obi Emelonye, London-based director of "Mirror Boy," which tells the story of a London-born teenager's journey to Gambia.  "But Nollywood had a limitation in that, because of the style of production, because of the 'can't do' attitude of the producers and the lack of very high-level training, the quality wasn't great," he added.<br /><br />By retaining what he calls the "quintessential African voice" while raising production values and the quality of screenplays, Emelonye hopes the industry will start to produce "a kind of a creme de la creme of Nollywood."  Director Omelihu Nwanguma, whose film "Area Boys" is about criminal gangs on the streets of Lagos, thinks the film industry also offers a chance to hold a mirror up to modern Nigerian society.  "A whole generation of Nigerian youths [are] sucked into this world of crime and corruption and in 20 years they'd be the leader of the country and that's all that they would have learnt, that's the education they would have had, so what kind of leader would they be?" Nwanguma said.<br /><br />"So I didn't necessarily pose those questions in the film, but I wanted those questions to be talked about rather than just going, 'oh that was a really good comedy.' I wanted people to ask 'what's going on in our society, what are you doing to the youth?'"  One of the biggest challenges for Nigerian directors is raising money.  "No matter how good your idea is you need money to make it and with organizations like the now defunct UK Film Council, it was an uphill task getting green-lighted for productions," said Emelonye.<br /><br />"So you have to find other alternatives to funding using your own money, like I've done in the past, to get a certain level of credibility."  The industry is also hobbled by piracy. Nollywood producers estimate that up to half of the industry's profits are being lost to Nigeria's piracy and corruption problems.  With virtually no formal cinemas, film-crazy Nigerians end up watching the films on pirate DVDs in informal screenings.<br /><br />But the future is looking up for the new wave of Nigerian directors. Hollywood has shown an interest in Nollywood's global popularity, with the first joint production being made last year.  And the British Film Institute in London recently hosted a day for New Nigerian Cinema, bringing together directors and film makers to brainstorm ways to achieve higher standards that can compete at international film festivals.  "It is a new movement, it's a renaissance, it's a rebirth if you like -- perhaps even a throw back to the 70s but obviously with a very, very modern tint, a very modern glaze to it -- and it's exciting," said Ojo.<br /><br />Source: Neil Curry, CNN]]></content:encoded>
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			<pubDate>Tue, 30 Nov 2010 03:21:18 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>African Development Bank President to visit Nigeria</title>
			<link>http://naijalounge.com/naijaadmin/blog/african-development-bank-president-to-visit-nigeria/</link>
			<description><![CDATA[The African Development Bank (AfDB) Group President, Donald Kaberuka, will on Tuesday, 23 November 2010 start a two-day trip to Nigeria.<br /><br />The AfDB is ...]]></description>
			<content:encoded><![CDATA[The African Development Bank (AfDB) Group President, Donald Kaberuka, will on Tuesday, 23 November 2010 start a two-day trip to Nigeria.<br /><br />The AfDB is supporting Nigeria&#8217;s growth, poverty reduction and economic diversification plans. AfDB strategic pillars of intervention in Nigeria include the development of human capital through improved service delivery in education and health; as well as stimulating private sector-led growth in the non-oil sector through enhanced infrastructure, agricultural and rural development.<br /><br />Nigeria potentially has the largest consumer market on the continent. The Nigerian economy has witnessed a period of sustained growth over the past five years, averaging 5.6% annually.<br /><br />During his visit, Mr. Kaberuka will meet with Nigeria&#8217;s finance minister, Olusegun Aganga, the Nigerian Central Bank Governor, Sanusi Lamido Sanusi, as well as senators and members of the house of representatives, among others. He will also attend a working session with private sector operators.<br /><br />Nigeria played a key role in the establishment of the AfDB Bank and hosted the first board of governors meeting in November 1964. Nigeria has, since then, been the largest Bank Group shareholder with about 9 percent of the Bank&#8217;s total capital stock.  In July 1976, Nigeria established the Nigeria Trust Fund (NTF) as a soft window affiliate of the Bank to help with development efforts of more disadvantaged AfDB member countries.<br /><br />Nigeria further established the Nigeria Technical Cooperation Fund (NTCF) in April 2004 in Tunis with USD 25 million grant resources to assist AfDB regional member countries in the preparation and implementation of projects and programmes in the spirit of south&#8211;south partnership.<br /><br />Source: Vanguard]]></content:encoded>
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			<pubDate>Fri, 19 Nov 2010 00:07:34 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Mobile internet in Nigeria: the 21st Century Invasion.</title>
			<link>http://naijalounge.com/naijaadmin/blog/mobile-internet-in-nigeria-the-21st-century-invasion/</link>
			<description><![CDATA[<i>Jamilah Tangaza</i> is Head of BBC Hausa which connects the Hausa-speaking community across the globe, from villages in Northern Nigeria to diaspora audie...]]></description>
			<content:encoded><![CDATA[<i>Jamilah Tangaza</i> is Head of BBC Hausa which connects the Hausa-speaking community across the globe, from villages in Northern Nigeria to diaspora audiences in Europe. Here she tells of a new initiative to connect rural Nigeria to the web and life of a young connected urbanite in London. I know that mobile phones rule my children's world but frankly they rule my world too. It also appears they are starting to rule some African rural communities as well.<br /><br />Mobile phones are becoming increasingly popular in Nigeria. However, usage is largely limited to voice calls and SMS, and for some areas, becoming connected to the internet can be a major challenge.  When mobile technology really began to be taken seriously some two decades ago, no-one knew what the scale of the impact would be, in terms of communication, accessibility, convenience, or the nuisance they can sometimes become.<br /><br />Back in January as part of the SuperPower season, BBC Hausa provided villagers of Gitata in Nasarawa, Northern Nigeria, with two internet-enabled mobile phones.  I'm looking forward to the BBC Hausa's "Gagabadau" at 06.30 GMT on March 15, as Ibrahim Isa revisits the village to see how the devices might have changed the lives of the villagers.<br /><br />Gitata continues our Labarinku A Tafinku (Your World in Your Palms) story, which started last summer.  By giving village communities in Nigeria mobile phones, we are empowering them. I also see it as some sort of partnership between journalists and 'citizens', and I am hopeful it will benefit all involved.<br /><br />Exploring the other end of the 'connectivity scale', we also wanted to look at the effect of the internet on young urbanites and to find out what it means to them to keep 'connected'.  A second-generation Hausa girl living in London, Khadija Ahmed, enjoys surfing the net and social networking and spends several hours a day on the internet via her iPod, which she uses to chat, visit Facebook, exchange pictures and listen to music.<br /><br />Yet Khadija still finds time to study - she is an A-student who hopes to read Law at Oxford University.  The popularity of online social networking, particularly sites such as Facebook, is also rapidly increasing in Northern Nigeria, and many young people use BBC Hausa's Facebook page as their meeting point where they exchange views on topics ranging from sports to politics to social issues.<br /><br />I am going to be talking to Khadija in Zamani Riga at 06.30 on Tuesday 16 March, and Ahmed Wakil will be asking youngsters in Abuja about the ways in which mobile phones and online social networking are changing social dynamics and habits. That will be on Kungiyar Zumunta at 06.30 on Wednesday 17 March.<br /><br />BBC Hausa is also going to be looking at the 'non-mobile' generation - the 'unconnected', with Nazir Mika'ilu reporting on whether the older generation is missing out on what many believe is a tool of empowerment. That will be on Jiya Ba Yau Ba at 06.30 GMT on Friday 19 March.  In English you can hear from Gitata village on The World Today (radio) on March 8 and on TV on March 20.<br /><br />I am hopeful lots of benefits will be reaped both on our part and on the part of the communities too. After all we share a common objective: the will to change life for the better!<br /><br />Source: Jamilah Tangaza, BBC]]></content:encoded>
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			<pubDate>Tue, 09 Nov 2010 06:22:13 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>A Northamptonshire woman has raised enough money to build a school in Nigeria despite suffering from ME.</title>
			<link>http://naijalounge.com/naijaadmin/blog/a-new-school-is-built-in-nigeria/</link>
			<description><![CDATA[<img src="http://news.bbcimg.co.uk/media/images/48782000/jpg/_48782628_teleri2.jpg" alt="" class="parsed_image" /><br /><br />A Northamptonshire woman has raised enough money to build a school in Nigeria despite suffering from ME.<br /><br />Teleri Jardine from Northampton has ME also kn...]]></description>
			<content:encoded><![CDATA[<img src="http://news.bbcimg.co.uk/media/images/48782000/jpg/_48782628_teleri2.jpg" alt="" class="parsed_image" /><br /><br />A Northamptonshire woman has raised enough money to build a school in Nigeria despite suffering from ME.<br /><br />Teleri Jardine from Northampton has ME also known as Chronic Fatigue Syndrome.  It's an overwhelming and continuing tiredness that affects the everyday life of a sufferer.  "When I was diagnosed with ME I felt lost and lifeless. That's when I wanted to travel to a developing country and see how they lived, even though they were worse off than me," said Teleri.<br /><br />She moved to Nigeria for 18 months and found comfort in those living a different life to hers. "My ME eased and now I look at life so much more differently. We're really lucky over here in the UK and I wanted to give something back," she said.<br /><br />Locals in the village of Kagoro, Nigeria, were struggling to give their children a good education and really needed a new school.  "They had been trying to build a school, but simply couldn't afford it. So I came back to the UK and made an appeal to raise the money," said Teleri.<br /><br />Teleri, along with help from other volunteers, raised a total of &#163;17,000.  "Our aim was to raise &#163;12,000 but we completely beat that. One company donated &#163;6,000 so our cause was well supported," said Teleri.<br /><br />The school will be completed and open on 25 September 2010.  "I've always been interested in travelling and learning more about different cultures. Nigeria is such a lovely country, now I plan on living there indefinitely," she said.<br /><br /><img src="http://news.bbcimg.co.uk/media/images/48782000/jpg/_48782629_imgp6945.jpg" alt="" class="parsed_image" /><br /><br />Source: BBC]]></content:encoded>
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			<pubDate>Sun, 07 Nov 2010 04:12:03 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>A date with ‘Naija’ contemporary hits</title>
			<link>http://naijalounge.com/naijaadmin/blog/a-date-with-8216naija-8217-contemporary-hits/</link>
			<description><![CDATA[<img src="http://www.businessdayonline.com/NG/images/stories/businesslife/olisa%20adibua%20and%20contestants.jpg" alt="" class="parsed_image" /><br />Last Sunday evening seem the best of time for DStv audiences watching M-Net&#8217;s hot music series Glo Naija Sings. It is just mindblowing as well as ent...]]></description>
			<content:encoded><![CDATA[<img src="http://www.businessdayonline.com/NG/images/stories/businesslife/olisa%20adibua%20and%20contestants.jpg" alt="" class="parsed_image" /><br />Last Sunday evening seem the best of time for DStv audiences watching M-Net&#8217;s hot music series Glo Naija Sings. It is just mindblowing as well as entertaining hearing and seeing young minds sing and perform in their hopeful journey to stardom.<br /><br />The Top-9 contestants reinvented contemporay Nigerian music with style, swaggar and in spectacular fashion that queried the ingenuity of the original artistes.<br /><br />If M-Net is truelly where magic lives, then there are more than magic to see these Top-9 Nigerian youths hungry for stardom respectively taking the centre stage on the Glo Naija Sings. In true reality TV style, the show opens with a surprise as contestant Niniola Apata, one of the brightest hopefuls from the Lagos region, bows out of the show, citing personal  reasons for being unable to continue in the series.<br /><br />It is sad news for Niniola&#8217;s fans, but good news for the remaining contestants because it means that week they were all safe from eviction.  With Niniola heading out of the series, the remaining  contestants got set to battle for the coveted prize as the show kicks off. With the musical theme for Sunday&#8217;s show being &#8216;Naija Contemporary,&#8217; the scene was set for nine electrifying performances.<br /><br />First up is Casey from the Lagos regional finals who have the opportunity to work with Doctor Frabz, music diractor of Glo Naija Sings. Doctor Frabz feels he is a rare talent and believes his song choice is well suited for his voice. Casey delivers his number, Ololufe by Wande Coal, flawlessly hitting all the right falsetto notes and earning him top remarks from the audience.<br /><br />With that grand opening, the stakes had been set very high. However, they were not too high for Boma who is up next delivering Omawunmi&#8217;s In the Music. Doctor Frabz praises her voice texture, branding it unique like those of Toni Braxton and Keysha Cole. The fourth year medical student did not disappoint as she got the audience moving on their seats to the music. It was certainly a performance Omawunmi would have been proud of.<br /><br />Next up is the only duo in the competition, Da Brodas. Doctor Frabz counsel them to pay attention to their stage presence after praising their perfect harmony. The group perform Nyanya&#8217;s Truly Love You and it is goosebumps all the way as they earn the first standing ovation of the evening. The audience express their love as well as keeping a date with them as the group to watch.<br /><br />Just when the audience think it cannot get any better, 17-year old Rasine takes the advice of the music director and appeared to have overcome her stage fright as she delivered her most fearless performance yet of P-Square&#8217;s Best Friend. Her passion and delivery were top-notch and the audience applauded her all the way.<br /><br />Up next is Moses, delivering a spell-binding version of Asa&#8217;s Eye Adaba. The breathtaking performance left everyone in no doubt that the competition was definitely on and there was no telling who the winner will be.<br /><br />Doctor Frabz describes Shedrach as a talented artiste who would blossom under the right direction, as he performe Ifunnaya by P-Square and the crowd think he rocks the stage.<br /><br />Singing Omawumi&#8217;s Today Na Today was Najite who felt very privileged to sing that song as Omawumi is one of her favourite musicians. Well, Omawunmi may just have to watch her back as Najite delivered an engaging performance. The audience applauded her energy and vocal prowess.<br /><br />The star performer of the evening may very well be Ekeng, whose song selection played to his strength as he performed You&#8217;re Not the Girl by Dare Art Alade. The audience loved it and just could not get over his believable delivery on stage.<br /><br />Rounding off the performances for the evening, Peace who performs Asa&#8217;s Bibanke.Though not one of her best performances on the show, the audience applaude her performance, reaffirming their commitment to keeping her in the show.<br /><br />As the night of contemporary Nigerian music comes to an end, Olisa Adibua, series presenter, asks Ego, celebrity commentator and Tosin Martins, resident judge, for their opinions on the performances.<br /><br />Ego, one of Nigeria&#8217;s leading female vocalists, applaudes all the contestants, saying they all put up stellar performances. For her though, the highlights of the evening were Moses and Ekeng, while she thinks there is something missing from Rasine&#8217;s performance, naming the 17-year old performance as the low-point of the evening.<br /><br />For Tosin Martins, the song selection of most of the contestants did not do justice to the vocal prowess he knows they possess. He feels that the songs selected did not expertly showcase the best of Nigerian music to the pan-African audience of the show. But his best performances of the evening were from Moses and Ekeng, while his least performances were from Shedrach and Najite.<br /><br />With another round of performances done, all eyes turn to next Sunday&#8217;s show when one more contestant will be eliminated. Remember that the winner of Glo Naija Sings who gets a cash prize of $100, 000 and a brand new Toyota Rav 4 will be decided by viewers, so get voting now! To vote for your favourite contestant, log on to www.mnetafrica.com/glonaijasings and make your voice heard.<br /><br />Source: Obinna Emelike, BusinessDay]]></content:encoded>
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			<pubDate>Wed, 03 Nov 2010 22:38:58 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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			<title>Nigerian president congratulates reality TV winner on Facebook</title>
			<link>http://naijalounge.com/naijaadmin/blog/nigerian-president-congratulates-reality-tv-winner-on-facebook/</link>
			<description><![CDATA[<img src="http://www.digitaljournal.com/img/6/5/6/8/1/7/i/7/1/0/o/good.jpg" alt="" class="parsed_image" /><br /><br />Nigerian President Goodluck Jonathan and former military ruler Ibrahim Badamosi Babangida joined teeming Nigerians to congratulate the Nigerian Uti ...]]></description>
			<content:encoded><![CDATA[<img src="http://www.digitaljournal.com/img/6/5/6/8/1/7/i/7/1/0/o/good.jpg" alt="" class="parsed_image" /><br /><br />Nigerian President Goodluck Jonathan and former military ruler Ibrahim Badamosi Babangida joined teeming Nigerians to congratulate the Nigerian Uti Nwachukwu who won the 2010 edition of Big Brother Africa All Stars held in South Africa.<br /><br />&#8220;I heartily congratulate Mr. Nwachukwu who has shown to the world once again that the average Nigerian is warm, charming and a delight to be with,&#8221; Jonathan wrote on his fan page on Facebook after expressing his delight at the news of Uti&#8217;s triumph on the reality TV show.<br />President Jonathan encouraged Nigerian youths to emulate the virtues of good character, self confidence and patriotism which Uti displayed while at Big Brother Africa.<br /><br />&#8220;Once again, I congratulate Mr. Nwachukwu and wish him an eventful and successful reign as winner in the next one year,&#8221; the Nigerian President rounded off on his congratulatory post for Uti on facebook.<br />Meanwhile, former Nigerian military ruler Ibrahim Badamosi Babangida, IBB in a letter to Uti, described him as an exceeding entertainer, a patriot and a true reflection of the Nigerian spirit. &#8220;I appreciate you deeply for making us proud and for proving your skeptics wrong by achieving the impossible,&#8221; Vanguard quotes IBB.<br /><br />The Presidential aspirant in the 2011 elections urged Uti to remain fervent in his passion for entertainment and added he remains a great source of inspiration to many Nigerian youths.<br /><br />Source: Samuel Okocha, Digital Journal]]></content:encoded>
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			<pubDate>Wed, 20 Oct 2010 07:20:59 +0000</pubDate>
			<dc:creator>Nkechi Peters</dc:creator>
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