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South African Companies Identify Trade Opportunities in Kenya.
South African companies taking part in the Outward Selling Mission (OSM) in Kenya have identified several business opportunities in different sectors. The companies have been in Kenya since Sunday and have participated in business seminars, business- to-business meetings, as well as a site visit to a company with South African linkages.
The delegation visited PG Bison Kenya in Nairobi, which specialises in the supply of decorative wood-based panel products such as particle boards, flooring and door skins to the construction and furniture sector. The plant, which has been operating since September 2002 and employs 150 workers, supplies to the different sectors in Nairobi and the East Africa region.
According to Ms Ntombenhle Khathwana, the CEO of AfroBotanics which manufacturers hair and body products from essential oils and natural ingredients sold in 317 SA retails store chains, PG Bison is a perfect example to emulate for South African companies harbouring ambitions of securing business in overseas markets.
“I came to Kenya to understand the Kenyan market better, from a regulatory business perspective as well as from a consumer perspective. I had already attempted to enter the Kenyan market through Game Stores but the regulatory issues were preventing me, so this trip was a blessing, bringing me here to meet the role players,” said Khathwana.
I have noticed that a lot of material can be supplied by South African companies here, particularly chemicals and related ingredients, at a much cheaper rate
She added that she already knew that Kenya has a fast-growing natural hair movement where women are opting away from chemically straightening their hair, but did not realise how big that target market was, nor how and where they buy their products.
“I was able to successfully unlock the issues preventing my products from entering Kenya through Game Stores, which is already selling my products in five African countries besides South Africa. The business-to-business meetings we had assisted in fast-tracking my ability to send products through. AfroBotanics products will most likely be available in the Kenyan market in the next three months,” she said.
Furthermore, she said she was able to have a good initial conversation with a Kenyan retailer of natural hair and body products that owns four stores. She has no doubt her products will soon find their way to these stores.
The Managing Director of Tarch Chemicals, Ms Gertrude Makamure said the meetings she had with several Kenyan businesses will result partnerships.
“I have noticed that a lot of material can be supplied by South African companies here, particularly chemicals and related ingredients, at a much cheaper rate than is being currently supplied. The Department of Trade and Industry (the dti) has built the bridge for us, it is now up to us to cross it,” said Makamure.
Former Chairman of the Nigerian Communications Commission (NCC), Prof. Adeolu Akande, has extended warm felicitations to Barrister Sarafadeen Ali, the Senator representing Oyo South Senatorial district, on the occasion of his 61st birthday.
In a statement released on Saturday in Ibadan, the Oyo state capital, on Saturday, Akande lauded the lawmaker, describing him as a luminary whose life has been marked by distinguished service to the nation.
“Today, I join the world in celebrating you on your special day, as you mark 61 years of God’s abundant love and glorious impact on humanity,” the former NCC gaffer expressed.
He added, “I wish you many more years of God’s grace in your life.”
The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.
The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.
Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.
He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.
“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.
Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.
While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.
Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.
He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”
Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.
He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”
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