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ELAN Urges FG To Consider Equipment Leasing For Growth In Recession

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The Equipment Leasing Association of Nigeria (ELAN) has enjoined the Federal Government to consider equipment leasing option to revitalise the national economy, especially in this period of recession.
Speaking at a press briefing to address recent developments in the economy, ELAN’s Executive Secretary, Andrew Efurhievwe, commended the Federal Government over the diversification and other initiatives to drive the economy towards achieving growth out of this recession.
He noted that equipment leasing is considered as a major financing option, which can be used to facilitate access to the much-needed equipment necessary for national development, especially when considering the volume of funding required in facilitating these growth during season of recessions. Citing the examples of climes that have maximized this option he said, “In the United States of America for instance, leasing remains the single most widely–used method of external finance, representing 30% of investment in capital equipment.
Many developing countries such as Brazil, Indonesia, Pakistan Zambia, South Africa and Ghana, are equally using leasing to stimulate investment and create jobs. In these countries, leasing is at the forefront of investment in the extractive industries, transportation, agriculture, telecommunications, roads and other infrastructure.
“Leasing is vital for economic growth and poverty reduction. The link between leasing, capital investment and economic growth has been established globally for some time now. The conclusion is that capital investment stimulates economic growth. In turn, leasing stimulates capital investment in countries where it is well developed, for leasing enables businesses and even governments (at the local and national level), to acquire capital assets for production. The acquisition and use of productive assets leads to productivity, income generation as well as job creation.”
Considering the huge benefits of equipment leasing, it is imperative for Federal Government to tap into the benefits of equipment leasing in order to use it as a major instrument for upgrading and maintaining sectoral infrastructures for national economic development.
He stated the influential benefits of leasing to all sectors of the economy to include, no collateral requirement with more flexible payment options, adding that occasionally no down payment is required. “This frees up capital for extra expenditure; 100% or more financing which include hardware, software, installation, maintenance, training, all of which can be encompassed in the lease contract” he added.
The Executive Secretary revealed that, leasing has gained significant global recognition as a creative financing alternative for the acquisition of capital assets, in Nigeria, it has continued to contribute to national development, creating wealth and improving the economy. In the last 10 years, the leasing industry added assets worth over N5.9trillion to capital formation in the Nigerian economy. In 2015, outstanding lease volume was estimated at N1.1trillion, up from N869 billion in 2014, representing a growth rate of 27.3 percent as against 11.3percent in 2014.
The impactful visibility of leasing is increasing in various sectors of the economy and exhibits a brighter future given its developmental attributes.
Based on the developmental attributes of leasing, the Association called on Government to embrace leasing as a major instrument for upgrading and maintaining infrastructural facilities across the country.

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Technology

LG’s Brand Reinvention: A Global Success Story

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LG Electronics (LG) has made significant strides in the global market with its innovative brand strategies, earning its place as a top global brand.

On October 10, LG was ranked 97th with a brand value of approximately USD 6.5 billion in the Best Global Brands 2024 report by global brand consulting firm Interbrand.

Interbrand’s evaluation of the Best Global Brands assesses brand value through a comprehensive analysis of a company’s financial performance, role of brand and brand strength. Factors such as direction, engagement and relevance are considered. As a pioneer in the industry, Interbrand’s ISO-certified evaluation criteria are widely regarded as the most reliable methodology in branding and marketing.

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LG’s brand value has surged, reflecting significant improvements in both business and brand competitiveness compared to the previous year. LG’s brand value increased by a substantial 38.7 percent year-over-year, receiving high scores in the categories of role of brand and brand strength.

Interbrand attributes this positive assessment to LG’s clear vision as a Smart Life Solution Company and its sustained growth through the exploration of new opportunities. The company has also adapted its brand strategies to ensure consistent customer engagement across diverse regions and generations, utilizing communication methods that resonate with audiences both online and offline.

In July of last year, LG unveiled its vision to evolve into a “Smart Life Solution Company,” enhancing customer experiences across various environments, including homes, commercial spaces, mobility and virtual realms. Since embarking on its transformation, LG’s brand value has skyrocketed. From approximately USD 3.1 billion in 2022, it has more than doubled to about USD 6.5 billion in 2024.

Interbrand has also praised LG’s “Brand Reinvent” initiative, which aims to establish LG as a youthful and dynamic brand that resonates with customers across generations and regions.

To achieve this, LG has unified its brand message under the brand promise of “Life’s Good,” ensuring it is embraced by all organizations globally and integrated into every customer touch point of brand experience. This includes redefining its brand identity and visual expression. “Life’s Good” encapsulates the brand’s mission to help everyone savor life’s precious moments through its products, services and communications. In the digital realm, the brand symbol “Face of the Future” engages customers with a friendly smile and wink, fostering a sense of connection through various digital expressions.

In addition, LG is launching brand campaigns and pop-up events that invite future customers, particularly Generation Z, to engage both online and offline.

The global campaign “Optimism your feed” aims to spread positivity through online algorithms, encouraging a better life with an optimistic outlook. This initiative garnered significant attention, amassing over 1.8 billion views within two months of its launch on platforms like YouTube and TikTok.

Moreover, LG is going to keep enhancing its engagement with Generation Z by creating offline customer experience spaces that reflect young customers’ interests, such as lifestyle, games and music.

LG has previously been recognized as one of the top 100 global brands for three consecutive years from 2005 to 2007.

“We are transforming from a leading home appliance and consumer electronics company into a Smart Life Solution Company. As part of this transformation, we’ve initiated our brand reinvention based on our long-standing promise, ‘Life’s Good,'” said William Cho, CEO of LG Electronics. “At this historical moment of business transformation, we are proud to be recognized as one of the top 100 global brands, a testament to our strong brand presence and growth potential.”

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Health

Inaugural Pan-African Nutrition and Health Summit set to shape a healthier continent

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The inaugural edition of Africa’s Nutrition and Health Summit is set to convene on November 16, 2024, bringing together an extensive network of healthcare practitioners, nutrition experts, agricultural stakeholders, policymakers, and influential leaders from all over the continent under the theme, ” Soil to Wellness: Shaping a United Approach to Africa’s Health.” This groundbreaking summit aims to address the critical rise of non-communicable diseases (NCDs) across Africa through integrative approaches to preventive health, nutrition, and sustainable lifestyle practices.

This movement would explore holistic and practical solutions that unite stakeholders along the health and nutrition value chain, with a critical focus on how surging rates of NCDs like diabetes, hypertension, and obesity can be curbed via sustainable agriculture, improved food quality, and healthier lifestyle choices, to reshape our food and lifestyle culture, thereby laying a foundation for better health outcomes, for generations to come.

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A Key Focus on Nutrition and Lifestyle Practices

The summit’s agenda will include panels on integrative approaches to nutrition and preventive health, the dual burdens of malnutrition and obesity, the impact of digital health in preventing diet-related diseases, and the role of sustainable agriculture in food quality. Our holistic approach strives to demonstrate how Africa’s diverse and rich agricultural resources can play a pivotal role in ensuring food security, balanced nutrition, and wellness for all citizens.

Call to Action

The inaugural edition of ANHS is especially relevant to anyone invested in the long-term health and wellness of the African continent. Such stakeholders are not limited to health professionals, nutrition experts, agricultural stakeholders, policy influencers, researchers, food producers, and processors. It is indeed a legacy-defining opening for businesses and community leaders interested in leaving their prints in the sands of policies that would advance health and wellness on the continent.

Participants will gain insights from leading experts and join the cause to champion Africa’s health by focusing on the most essential aspects of disease prevention and overall wellness. Now, more than ever, it is crucial to prioritize wellness at the societal level, addressing the connections between soil health, food quality, and sustainable practices that contribute directly or indirectly to healthy living.

Join us at the inaugural edition of Africa’s Nutrition and Health Summit on November 16, 2024, as we unite to shape a healthier continent – one that intentionally harnesses her resources and expertise to combat non-communicable diseases.

Register here to attend ANHS 2024

For more information, press inquiries, or partnership opportunities, please contact:

RSB

Official Branding Partner of ANHS

info@africasnutritionhealthsummit.org

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Technology

LG WashTower: A high-performance, space-saving laundry solution designed for today’s urban households

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As global demand grows for sustainable living, energy efficiency, and minimalist design, companies are reshaping their product offerings to stay competitive and meet consumer expectations. At the forefront of this shift in the home appliance market is LG Electronics with its cutting-edge WashTower – a high-performance, space-saving laundry solution designed for today’s urban households.

Boasting advanced features, large capacities, and innovative technology, the WashTower is more than just a washer-dryer combo – it’s a game changer for those seeking efficiency, smart connectivity, and excellent cleaning performance.

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Ideal for compact spaces, the LG WashTower’s slim, vertical design fits seamlessly into small laundry rooms or closets without sacrificing performance. Standing at 1655mm tall and 600mm wide, it offers ample capacity—13kg in the washer and 10kg in the dryer – perfect for large loads like bedding or towels, all while saving valuable floor space.

The 2024 LG WashTower™ is a revolutionary solution that aligns perfectly with Nigeria’s vision for modern, sustainable living,” said Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. “Its space-saving design and advanced features cater to the unique needs of our customers in the country, setting a new benchmark for laundry care.”

Unlike traditional stacked units with controls in hard-to-reach places, the LG WashTower™ introduces an all-in-one control panel designed to simplify laundry care. With the TurboWash 360, DUAL Inverter Heat Pump™ Dryer, Auto Cleaning Condenser, and LG ThinQ™ connectivity, the WashTower™ enhances functionality and convenience, meeting the demands of modern, fast-paced lifestyles.

Some of its most impressive features include:

Built-in Intelligence Takes Out the Guesswork

When it comes to doing laundry, one out of two consumers default to the Normal Cycle on their washers and dryers because they simply don’t know which to choose. LG WashTower takes out the guesswork with built-in intelligence that uses sensors to detect fabric texture and load size, and then automatically selects the right wash motions, temperatures, and more for precision fabric care. 

And it gets smarter: WashTower will even learn your preferred settings. Simply activate Smart Learner in the LG ThinQ® app, and it will remember your ideal wash temperature, spin speed, or dry level. With Smart Pairing™, the washer can even tell the dryer the right compatible drying cycle, making LG WashTower the ultimate laundry hack.

Help Remove Allergens in Fabrics 

LG washers are the industry’s first to be CERTIFIED asthma & allergy friendly® by the Asthma and Allergy Foundation of America. The Allergens™ wash cycle goes beyond everyday cleaning, using the gentle power of steam to remove common household allergens in fabrics by more than 95 percent. In addition, LG TurboSteam™ technology in the dryer helps sanitize and refresh clothes in between washes as well as children’s toys, decorative pillows and more.

Exceptional Cleaning and Drying Performance

With steam function in the washer and heat pump in the dryer, the WashTower effectively sanitizes clothes and removes wrinkles, which is a boon for those with allergies or sensitive skin. Its durable, never-rust stainless steel drum ensures long-lasting reliability, and the absence of an agitator means it’s gentle on delicate fabrics. The dryer starts to preheat before the end of washing, so drying takes less time. With the Dual Inverter Heat Pump™, an energy-saving way to dry, the dual cylinders allow for faster drying and energy saving.

Laundry Made Better – for You and the Planet

Designed with energy efficiency in mind, the LG WashTower includes energy monitoring capabilities, helping consumers save money while helping the planet. ENERGY STAR certified washers and dryers use 25 percent less energy and 33 percent less water than traditional models.

Verdict: A Smart, Stylish Choice

The LG WashTower stands as a top contender in the world of washer-dryer combos, offering a perfect blend of technology, performance, and space-saving design. With no drawbacks, the WashTower’s overall functionality, energy efficiency, and convenience make it a strong choice for families and individuals alike.

If you’re looking for a washer-dryer combo that combines smart technology with stylish design, the LG Wash Tower is a reliable, high-performing option.

The LG WashTower™ strengthens LG’s position as a leading innovator in the home appliance sector. With its cutting-edge technology and user-friendly interface demonstrates LG’s dedication to shaping the future of home appliances. It’s more than just a product – it’s a testament to LG’s vision of bringing convenience, efficiency, and sustainability into every home.

For more information or to purchase the LG WashTower, visit https://www.lg.com/africa/washing-machines/lg-wt1310rh

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