Cocoa’s shortage this season will be bigger than previously expected as consumption holds up despite higher prices, according to the International Cocoa Organization. Demand will exceed production by 439,000 tons, driven by higher cocoa grinding in consuming countries, the ICCO said in its second estimate for the current October-September year. That compares with a Februaryprojection for a deficit of 374,000 tons. “Current available data reveal that cocoa grinding activities have so far been unrelenting in importing countries despite the record cocoa price rallies,” the ICCO said. “As the 2023-24 season progresses, it is certain the season will end in a…

Kimberly-Clark will soon shut down its Ikorodu production facility, citing economic challenges despite a $100 million investment two years ago. High energy costs, expensive raw materials, and reduced customer demand have forced the company to reduce shifts and implement cost-cutting measures. The closure reflects broader industry challenges, mirroring exits by Procter & Gamble and strategic reviews by PZ Cussons, impacting Nigeria’s drive for foreign direct investment Diaper and sanitary pad manufacturer, Kimberley Clark will soon announce an imminent shutdown of its Ikorodu production facility two years after investing $100 million in Nigeria. Sources within the company informed Nairametrics that the…

An unforgiving industry means you have to plan that much more. Restaurants that open within the first year have a high failure rate, and they're extremely risky investments. Truth be told, I didn't fully grasp why this was until I researched restaurants for a college assignment. I quickly learned that the restaurant industry is extremely challenging. A restaurant's success depends on more than its ability to prepare quality meals and serve them on location. A restaurant's success is influenced by many factors, and many of them are not simply related to the food's amazing quality and freshness. I recently spoke…

One year after President Bola Tinubu came to office, investor excitement over his reforms has faded, with some saying they’ll reconsider their positions if Nigeria stabilizes its currency and enacts more change. “We are likely to add to local currency bonds once FX volatility declines, but the timing of that remains up in the air,” said Kevin Daly, a portfolio manager at London-based Abrdn Investments Ltd. “It will require a combination of factors such as further foreign portfolio flows, and more importantly some de-dollarization as the central bank can’t be the sole provider of FX liquidity for the market,” he…