Posted by By Clifford Amuzuo on
LONGMAN Nigeria Plc, a front line player in Nigeria's Publishing industry, has declared a turnover of N1billion on its investments for the period spanning the year 2004. The result represents an increase in revenue of about 32 per cent over previous year's result which was estimated at N796.97 million.
LONGMAN Nigeria Plc, a front line player in Nigeria's Publishing industry, has declared a turnover of N1billion on its investments for the period spanning the year 2004. The result represents an increase in revenue of about 32 per cent over previous year's result which was estimated at N796.97 million.
It has also identified the scourge of piracy as a major clog in the industry's wheel of progress and stresses it will leave no stone unturned in its determined bid to rid the country's publishing industry of the vice.
Addressing a forum of shareholders at the 32nd Annual General Meeting (AGM) of the company in Lagos, the Chairman, Chief F.A Iweredon, described the 2004 operating year as quite a challenging period for the publishing industry especially in view of the overall state of the country's infrastructure which, according to him, created serious problems in physical operations of the company.
Iweredon, while assessing the nation's fiscal policy measures in the period under the Obasanjo administration, observed that there has been some laudable improvements in the business operating environment, notable among which are the impressive transformation in the telecommunication sector and the stabilisation of the supply of petroleum products following liberalisation of the downstream sector of the oil and gas industry but regretted there still remained a number of difficulties which have negatively impacted on the business environment.
According to him, the scourge of piracy has continued to fester, creating an illegal parallel market,which were a sad development for creativity and the distribution of books generally but added that the organisations was head bent on fighting the evil through a joint efforts of the Nigerian Publishers Association, individual corporate members activities and, especially the renewed zeal of the Nigerian Copyright Commission and its piracy eradication programme tagged ‘Strategic Action Against Piracy (STRAP).
He specifically noted the bad state of roads in the country which created delays in the distribution network, the poor and erratic power supply which escalated production and running cost of businesses, the high incidence of poverty despite the National Poverty Alleviation Commission set up by the Federal Government and the persisting low reading culture of Nigerians which have dampened and weakened demand for book purchasing generally.
"It is hoped that these efforts would be sustained to curb the activities of not only the local pirates but also ensure an end to the international dimension to piracy where thousands, if not millions of copies of books are reproduced abroad illegally and shipped to the country for sale, there by encroaching on our open market sales and reducing its turnover and profit potential".
He however expressed strong optimism for exciting opportunities for investment in the Nigerian educational sector citing commitment of the Federal and State Governments to the implementation of the Universal Basic Education ( UBE), the evident improvements in the economy, an enduring partnership with the UK based associates of the company, improved literacy and numeracy levels in the country as well as the sheer size and population of the country.