TheNewsGuru

Tag: Business

  • Covid-19: Hard choices – Francis Ewherido

    By Francis Ewherido

    The Corona Virus (COVID-19) is one visitor that is not in a hurry to depart. It has taken up residence on mother earth at least for now. The lockdown that was imposed when the virus hit our shores is being gradually lifted. Another lockdown is unlikely and not even sensible because it will not bring an end to COVID-19; only a cure would. So we have to learn to live with it.

    Learning to live with COVID-19 leaves us with some tough choices. The brief period we were on lockdown has opened the eyes of many people to how quickly cash reserves can be depleted if you are not adding to it. So, many of us must go out there to earn a living. That increases our exposure to the virus. We need to observe all safety precautions: using of face masks, regular washing of hands, sanitising of hands and social distancing, among others. But there is still no absolute guarantee that those who take these precautions will not be infected. The precautions only reduce the probability of getting infected. Also, it has become very obvious that we are a very social and communal people, so social distancing is among the least observed precautions. This poses a clear and present danger.

    COVID-19 has changed the way people live and earn a living. Very soon, people who do not adapt are going to ask , “Who Moved My Cheese.” I tried to set up a meeting with a potential client. The way he reacted on the other side of the phone, you would think he was jumping to avoid a snake bite. People who did not like virtual meetings have to adjust.

    It is the way of the future for now. Some of these virtual meeting platforms are comparatively new, but they are not as technical as people assume. The problem is more of adaptation. As John Maynard Keyne rightly observed, “the difficulty lies not in new ideas, but escaping the old ones, which penetrate every corner of our minds.”

    But embracing new ideas we must. There is a book, one of my brothers gave to me about five years. It is one of many books I had not gotten around to read. But I added it among the books to read during the lockdown. It is called Strategic Learning and the author is Willie Pietersen, a South African-born Professor at Columbia University in America. Though it was published 10 years ago, it is actually tailored for a VUCA (Volatile, Uncertain, Complex and Ambiguous) environment like the COVID-19’s. The book seeks to clarify VUCA environments and how businesses should respond to it. But the contents can be applied to all facets of life. After all, business is about people (customers, employees, shareholders, government regulators, etc).

    The book deals with building adaptive organisations (you can substitute people for organisation). It talks about the “ingrained ability to make sense of the changing environment, and rapidly translate insights into action. This involves learning, strategy creation, focus, alignment and execution
    It explains leadership, for which there are trailer-loads of literature, in a few sentences: intrapersonal leadership (leadership of self), strategic leadership (leadership of an organisation) and interpersonal leadership (leadership of others). All these congregate to integrated leadership, which is what leadership (family, business, club, church, etc.) is all about. Defect in one affects the sum total.

    Today, we are confronted with information from many sources competing for our limited time and attention, but Pietersen rightly declares that, “no longer does the world belong to the ones with the most information, but to those with the highest ability to make sense of it; no longer to those who know more, but to those who understand better.” For me, no statement has put it more succinctly than Pietersen’s that we have left information age for the conceptual age. Information is good, making sense of the information is better.

    Before I leave, Pietersen, I want to deal with strategy, a word which we use all the time and apply willy-nilly. No matter how much resources we have, it remains scarce in relative to our needs and wants, and we are in a competitive world! So in applying our limited resources, we have to make choices to ensure we trump competition. These choices ought not to be haphazard, but be measured; that is what strategy is about. We are talking business here, but it is the same scenario, we face in other aspects of our lives. At times like this with increasing competition and limited resources, our choices need to be measured.

    Right now, the body language of the government tends towards reopening the economy and normalising the situation. Soon travel ban will be lifted. Are you going to sit in one place for fear of COVID-19, or you will take necessary precautions and go about your business and your life? Schools will also be opened at some point. Children are children and not adults. It is difficult to expect the highest standard of precaution that COVID-19 demands from children. So are you going to continue keeping your children at home until COVID-19 is gone or you will gamble by letting them resume school? Whatever choice you make has implications: if they go to school, they risk being exposed to and getting infected with Corona Virus. If you keep them at home, for how long? The virus might be around for two years, as some experts are predicting. A child kept way from school for too long can develop complications in character and learning.

    I believe children should go back when the authorities consider it safe enough, but armed with all the safety precautions, both physical and mental. The safety measures must become a habit. After prayers in my house every day, we usually exchange peace and love of Christ in form of a handshake. Immediately after, my children will head for the sanitizer. I usually scream that “who in this house has Corona Virus that’s going to infect you?” No more shouting, I will even encourage them now so that sanitising will be ingrained before schools resume.

    Keeping safe (face masks, sanitisers, soap, etc.) is expensive. Some people will not be able to provide the safety items for their children when schools resume. So what happens? The government should provide students in public schools with these items, while the private schools should come to some kind of agreement with parents of their pupils.
    For me, life has fully resumed. Life must go on. Adaptation is what we need. Take all necessary precautions and this includes boosting your immune system. In those days, when tax collectors came to villages to collect taxes, the men ran into the bush. So my people came up with a proverb that “osho r’osaruyovwi sa djevw’omoshare vwie-e” (the fear of paying taxes cannot scare me from having male children” – these male children would grow up to be confronted with taxes) The same way the fear of COVID-19 cannot stop us from living our lives. For those of us who believe in God, may God look upon our imperfect efforts, perfect them and crown them with success. Amen.

  • Corona watch (22): When this is all over, there’ll be a shift in way world operates – Daniel Kanu

    Corona watch (22): When this is all over, there’ll be a shift in way world operates – Daniel Kanu

    DANIEL KALU (wrote from SAN FRANSISCO, USA)

    Once a busy city, people moving from one place to the other, business meetings on every corner, hundreds of tech and networking events every week, San Francisco is now a ghost town. San Francisco is where young entrepreneurs challenge business rules: the perfect habitat for implementing the next big idea. But, since London Breed, the city’s Mayor, instituted a stay at home order, we have seen churches close, technology events canceled, and major businesses shut their doors throughout the city.

    As a college student here, seeing my classmates leave for their home countries in the middle of the semester was so saddening. It meant no more outings to Bob’s Donuts at 10 pm, no more Sunday evening soccer matches with Minerva soccer enthusiasts. Taking a quick walk to Apple Union square or Amazon loft is now a thing of the past, and the lively Minerva 10:01s we anticipated every Sunday will no longer happen. All these amazing events that bring us together as a community have been indefinitely suspended.

    The situation worsens when you consider our summer plans will likely be canceled, as my internship has already been. Today, remote internships are the new normal, but the competition is so high because so few companies can afford to hire interns during this period. These companies have seen their applications increase by over 1000 percent. When I got accepted to Minerva, I was so excited that I would have the opportunity to spend a year in the city dubbed the mecca of technology. I envisioned attending Facebook F8 events and Google or Apples’ developer’s day. Instead, as a result of the pandemic, these events have been canceled.

    Before the pandemic, I had plans in place to create a platform to change how we learn and connect with each other. I built a landing page for Deeging, an app to connect students with private tutors, their school teachers, or lecturers so every student can get the help they need anytime, anywhere. Thousands of students have signed up already. The pandemic has made me realize platforms like Deeging are more important now than ever before. Despite not knowing how to create apps and because of this realization and the resulting belief and passion I have for the product, I am working hard; I am learning to develop iOS and Android apps to build Deeging.

    I won’t say the process has been fun, but I know the effort is worth it. Sometimes I am stuck for hours trying to figure out why a line of code won’t work – going on Stackoverflow with no success. I have thought about giving up, but, when I remember people whose lives could be impacted by this platform, I am motivated to continue until I see a breakthrough. When all this is over, I think there will be a shift in the way the world operates; online programs or meetings will no longer be seen as inferior to the physical ones. The habits we have picked will lead to the creation of new markets and businesses in different sectors. I hope my experience during this time will serve as a launching pad towards making me a better version of myself and the society at large when it’s all over.

  • Alibaba opens up on failed business investment

    Nigerian comedian and showbiz impresario, Alibaba has said he wont go into politics until some major issues are sorted out in Nigeria.

    The entertainer made this known in a recent Instagram live chat.

    According to him: ”I cannot go into politics with the way things are in Nigeria. First of all, the Nigerian constitution is faulty; secondly the selection and electioneering process is also faulty. We do not have a proper data of the people that are in Nigeria. So anybody that wants to rig you out, can rig you out. So for me, I won’t go into politics until those things are sorted out. Another part of our constitution that is flawed is that you have a constitution that favors laziness”.

    Speaking further, Alibaba opened up on his failed business investment. The comedian said he once published a book that didn’t do well in terms of sales.

    “I published a book, a collection of Nigerian jokes in 2005 which former President Obasanjo wrote the foreword. That was when I realized that Nigerians don’t buy books. Someone had actually told me that all the jokes I wrote in the book could have been packaged into a DVD where I performed and people would still buy.It was a wrong business investment”.

    The Ambrose Alli University graduate revealed that when he charges for comedy shows, the money made isn’t meant for only him.

    “Anytime you charge at shows people think the money is just going straight into your pocket. They don’t see the caterers, ushers, stage managers, band members and others that will be paid. So there is a chain of people that what you are charging is feeding.”

     

     

     

     

     

  • Covid-19 pandemic: Top business gainers and losers

    Covid-19 pandemic: Top business gainers and losers

    By Oluwaseun Adesanya

    In the early 2015, one of the most adorable personalities in the world, Bill Gates came on TED to discuss on “The Next Outbreak? We’re not ready”. This particular event was immediately after the world survived the outbreak of Ebola, and he explained how we reacted to the emerging epidemic with detailed statistics but even upon such efforts, he still believed that we are far from being ready for another epidemic or a pandemic!

    Fast forward to the year 2020, the starting tone of Covid-19 was like a flame without a fire but suddenly has now become famous with the entire world standing still even with “Compulsory Holidays” being declared in most countries and no logical end in sight to the pandemic! Guess, if Bill Gate was to be one of those Religious Pastors or Prophets, the entire world would have become his congregation by now and of course, with plenty prophet offerings!

    According to Wikipedia, Coronavirus disease 2019 (COVID-19) is an infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The disease was first identified in December 2019 in Wuhan, the capital of China’s Hubei province, and has since spread globally with common symptoms including fever, cough and shortness of breath. Other symptoms may include fatigue, muscle pain, diarrhea, sore throat, loss of smell and abdominal pain. The time from exposure to onset of symptoms is typically around five days, but may range from two to 14 days. As of 10 April 2020, more than 1.6 million cases have been reported in more than 200 countries and territories, resulting in more than 95,700 deaths!

    The virus is mainly spread between people during close contact, often via small droplets produced during coughing, sneezing, or talking. While these droplets are produced when breathing out, they usually fall to the ground or surfaces rather than being infectious over large distances. People may also become infected by touching a contaminated surface and then their face. The virus can survive on surfaces for up to 72 hours. Coronavirus is most contagious during the first three days after onset of symptoms, although spread may be possible before symptoms appear and in later stages of the disease.

    The effect of Covid-19 pandemic on business environment

    The emergence of the mighty Covid-19 has definitely altered the cause of global lifestyle especially the business environment which has now become more challenged since no one knows how long this will end for life to come back to normal again! But even in the currently reality that looks like challenging, it has further created opportunities for some industries who are enjoying tremendous cashflow despite the suffering the world is enduring.

    Imagine what the current situation would have turned into if there was no access to communication through technology in order to facilitate access to information, online platforms for e-commerce activities and trainings, electronic financial services and other financial services.

    Definitely, the Financial Industry has helped in a tremendous way in stabilizing the economy from collapsing through their various deployed channels such as the use Internet Banking, Point of Sales (PoS), Automatic Teller Machine (ATM), Mobile Banking Application and USSD. These channels through the Industry have helped in managing the flow of demand and supply of money within the various economies of the world towards preventing another global economic recession or meltdown!

    In complementing the effort of the Financial Industry, the Fintech companies has deployed innovative solutions that have helped businesses continue and enable consumers to have more convenient ways of performing electronic financial transactions. Most innovative of such is Paylink, a payment solution for anyone to receive money INSTANTLY into your bank account from Anyone, Anywhere, Anytime! This particular payment solution has become the delight of crowd founding platforms, social entrepreneurs, religious organisations and other businesses in such a time like this (restricted movements and social distancing).

    Topmost business losers from the Covid-19 pandemic

    For the industries that the pandemic negatively affected, the list is definitely unending but in order to kick-start the discussion, here are the possible top business losers:

    Aviation Industry:

    The industry is one of the world most capital intensive institutions and it’s operation cost is not a joke! The nature of the business involves continuous maintenance, high taxation, increasing operational and administrative cost which are the reason why most of the airline operators are using debt financing or currently in huge debt with the only option of bailout or liquidation. So, with this outbreak of the Covid-19, it has worsen and complicated the struggling cashflow (revenue) of the airlines with several operators finding it difficult to be able to survive even when the business operation resumes again as their recovery will definitely be for a long term period!

    Small & Medium Enterprises:

    The SMEs have been the backbone of many economies as their activities has also created employment opportunities and facilitates daily livehood for many. However, with the total lockdown, most of the SMEs have been struggling to adjust current situation as closure of business premises and markets, have reduced patronage and sales.

    Although, once the business operation resumes, it might be a slow start for them but definitely their recovery will be for a short term period!

    Religious Organisations:

    Their major sources of income have always be the donations and contributions of their members and followers in terms of voluntary and mandatory giving through their various believes and principles which have made several of them even richer than most of the organisations in the real business world!

    Definitely, they were shocked that such an outbreak could turn their worship centers and venues into ghost sites with many of them now, embracing and adopting technology to reach out to their challenging members due to the current epidemic. Yet, since their members were also affected financially, the impact is several on most (if not all) of the religious organisation. However, their recovery can be a medium term period as they will need time to convince their members to continue in the believe and obedient of their doctrinal principles of giving!

    Entertainment Industry:

    They were one of major cashcow industries before the advent of Covid-19 with several shows, albums and events to promote their brands visibility and definitely, make more money. The industry has produces more celebrities and overnight millionaires with little or no knowledge of wealth or fame management!

    With the believe that all you need is just to have a talent and the world is at your feet, but the reality is the industry is a Red Ocean with several people struggling for the same audience. At the moment, it is even difficult because the lockdown and social distancing measures have put shows and events to standstill with the hope that when we survive this period, people will not have phobia or nurse any fear again.

    Regardless, the industry will still continue to survive through more creativities and innovations that can create a new path to Blue Ocean within the medium term period but definitely, not in the short term!

    Transportation & their Unions:

    It was necessary to specifically separate this from Aviation Industry and combined it with Unions especially if you are from this part of the world where National Union of Road Transport Workers (NURTW) are major stakeholders in the affairs of the state! Outsiders things the members are illiterates but majority of the leaders have all their family members citizen abroad and their children schooling oversea. Yet, we think they are not that smart but indeed, they milk money like the milk from a Texas farm cows through extortion and harassment of motorists!

    However, since the Covid-19 has created lockdown through various measures by several governments to limit the spread of the pandemic, it has been very challenging for the transport operators and their unruly unions in making their daily living. But once this period phased out, their business will resume as usual and their recovery will definitely be a short term!

    Top business gainers and next emerging opportunities

    While some will definitely find it hard to recover immediately after normalcy returns, there are few that the new season will create huge opportunities for them to be the “Next Cashcow Industries”! These business gainers are:

    Food & Beverages Industry:

    The demand in consumption will increasing as people will put survival as top on their list and access to market will increase demand for food items.

    Communication:

    There will be change in culture and attitude in some areas such as work pattern, education, commerce and access to information, where people will prefer online channels which in return will increase demand for data.

    Lending industry:

    With many current loans going bad as a result of several collapsed businesses and loss of jobs, the lending business will be the next patronized industry by people who are currently being affected and are looking for possible means of starting all over again or surviving.

    Logistics and distribution industry:

    Commerce and demand for commodities across locations as a result of the impact of current situation and fear of unknown will create an increasing need for logistics and distribution of commodities.

    Lottery industry:

    People will be desperate and looking for quicker ways of making money which will make lottery an interesting avenue that gives hope even when it will end up to worsen their situation.

    So, while we can’t change the reality of challenges from Covid-19 Pandemic, we can at least get wisdom to prepare towards joining the wagon of the “Next Cashcow Industries” when the season changes for good!

    The next season is just around the corner! Are you Ready?

     

    Oluwaseun Adesanya

    +234-701-399-0127

    Lagos, Nigeria

    (An International Consultant with great wealth of experience across several countries with special focus on Fintech, Financial Inclusion, Insurance, Innovation, Financial Services, Strategy, Social Impact, Business Transformation and Technology. He is currently, the Group Head of Strategy & Innovation for the leading innovative Software Company in Africa, SystemSpecs – Owner of HumanManager, Remita and Paylink)

  • NIRSAL suspends controversial N10k charges, business plans to access CBN’s N50b COVID-19 facility after severe public outcry

    NIRSAL suspends controversial N10k charges, business plans to access CBN’s N50b COVID-19 facility after severe public outcry

    Sequel to the public outcry against its policies, Nigeria Incentive-Based Risk Sharing system for Agricultural Lending, NIRSAL Microfinance Bank (NMFB) has resolved that the business plans for the N50 billion Targeted Credit Facility as a stimulus package to support households and MSMEs mostly affected by the COVID-19 epidemic in Nigeria is no longer mandatory.

    TheNewsGuru.com (TNG) reports that the Central Bank of Nigeria (CBN) governor, Godwin Emefiele had in March announced the creation of special facility through NIRSAL Micro Finance Banks to support households and Micro, Small and Medium Enterprises that had been hit by covid-19.

    He disclosed that the sum of N50 billion would be given through NIRSAL to support business owners like hoteliers, airlines, service providers, and healthcare merchants among others. However, Nigerians had yet to access the loans because of the stringent s which seems to be in contrast to the CBN’s directives.

    TNG reports the CBN governor had also on Monday insisted that there was no processing fee required to access the N50 billion COVID-19 loan facility.

    Meanwhile, before arriving at the decision to waive the controversial business and attendant charges, the bank had received 80,000 applications but ran into social media storm when it was discovered that it was charging between N5,000 and N10,000 from applicants to access the bank’s business plan.

    Given the interest shown for the intervention, the disbursement of the N50 billion fund will commence next week.

    Addressing reporters on the development in Abuja on Tuesday, Managing Director/Chief Executive Officer of NIRSAL Micro Finance Bank Abubakar Abdullahi Kure explained why the bank changed its mind on the charges.

    “To stem further controversy, the management of NMFB has resolved that the business plan is no longer a mandatory requirement and the third party provision of a business plan is no longer compulsory,” he said.

    Kure also stated that 40,000 of the applcants that had so far applied for the facility were households.

    The objective of the N50 billion facility, he said, was to allow firms stay in business and ensure people stay employed and mitigate harm on the economy.

    Kure said: “The issue of business plan was a requirement for MSMEs applications as stipulated by CBN guideline.

    “At the start of the process, business plans, which NIRSAL received from loan applicants were highly substandard and to ensure high standard and efficient processing, an optional, automated business plan was provided by a service provider at a highly discounted fee.

    “This is to avoid applicants being charged excessively by other consultants and also to help people during the stay at home period and to make application process easy.”

    He said the bank “got a third party service provider to enable applicants access the business plan through the internet”.

    But given the outcry that followed the introduction of the charges, the managing director noted that “the management of the bank later resolved that a business plan was no longer a mandatory and the third party provision of a business plan was not compulsory too.

    He added that the bank would still welcome applications from credible businesses and households affected by COVID-19 to mitigate it.

  • Senate investigates alleged discrimination against Nigerian businesses in Ghana

    The Senate has mandated its Committees on Foreign Affairs and Trade and Investments to, as a matter of urgency, interface with the Ministry of Foreign Affairs to investigate the status of Nigerian businesses in Ghana.

    The decision to do so was reached during plenary on Tuesday following the consideration of a motion on “The need to investigate alleged ill treatment and injustices suffered by Nigerian Traders and Businesses in Ghana”.

    Sponsor of the motion, Senator Ifeanyi Patrick Ubah (YPP, Anambra South) said many Nigerian businesses were established in Ghana following the desire of the Ghanaian Government to promote trade relations with Nigeria under President Kufour.

    According to the lawmaker, the presence of Nigerian businesses created thousands of jobs and contributed to the growth of the Ghanaian economy.

    “As at the end of 2010, Nigerian businesses accounted for sixty percent of foreign investments in Ghana from the African continent.

    “Of recent, the once flourishing economic relations between Nigeria and Ghana have come under repeated threats as a result of recent hostile posture of Ghanaian authorities and indigenous Ghanaian Traders Union towards Nigerian traders through the adoption of discriminatory regulations aimed at frustrating Nigerian traders and businesses such as the passage of the Ghana Investment Promotion Commission (GIPC) Act,” he stated.

    The GIPC Act, according to Ubah, “raised the amount of money in registering businesses owned by foreigners – who are mostly Nigerians – in Ghana to USD$200,000 and further restriction and prohibition of foreigners from trading in particular markets.”

    The lawmaker bemoaned what he described as the “molestation of Nigerian traders and other hostile acts directed against Nigerian businesses such as the recent closure of over six hundred shops and businesses belonging to Nigerians carried out by the Ghana Union of Traders Association (GUTA) on December 2, 2019.”

    He added that the Ghana Investment Promotion Centre (GIPC) Act 865 of 2013 prohibits ECOWAS citizens from engaging in Small and Medium scale Enterprises (SMEs).

    Ubah disclosed that among the many obstacles placed on the way on Nigerian entrepreneurs is the requirement of proof of importation of USD$1million into Ghana as applicable to citizens of non-ECOWAS member states such as China and India.

    The lawmaker recalled that Nigeria and Ghana had previously set up a Joint Task For-e from the Trade Ministries of the two countries to inspect business facilities of companies registered under the ECOWAS Trade Liberalization Scheme (ETLS) to address threats to business interests of Nigerians in Ghana.

    According to Ubah, all measures and protection offered Nigerian traders under the ECOWAS framework have failed to address incessant threats to Nigerian businesses in Ghana, warning that “the situation may deteriorate into a serious diplomatic and economic crisis.”

    Senator Yusuf Abubakar Yusuf, in his contribution, said the allegation of discrimination against Nigerians was for the most part in the motion speculative.

    Yusuf argued that the introduction of legislation by the Ghanaian authority was most likely aimed at insulating their economy and protecting the interests of local entrepreneurs.

    “I support the intendment of this motion, it is very good and the intendment is excellent. However, I differ from the procedure of achieving the intendment of this motion.

    “Some few weeks ago, we passed a bill here on procurement, and we were trying to protect the interest of our local or indigenous companies.”

    “I have read through the motion and I find that there are so many areas that are highly speculative, and I don’t think in this chamber we work on things that are speculative.

    “To talk about the $200,000, I think they (Ghanaians) are trying to protect themselves, it is not targeted at Nigerians.

    “In as much as they (Ghanaians) have come out with certain policies, I think we should be very careful to embracing the issue here and debating it.

    “My own suggestion on this is that we should be very careful how we handle this kind of motion so that we do not create a diplomatic row”, Senator Yusuf cautioned.

    Senate Minority Leader, Enyinnaya Abaribe (PDP, Abia South) said, “I think the intendment of this motion is the protection of our citizens living out of Nigeria.

    “Maybe the drafting may have been such to raise our emotions where we talk about the question of discriminatory acts and so forth.

    “I think that we should just let this motion seek to make sure that we call attention to the fact of what is happening to our citizens outside of this country, and see a way of making sure that they are not unduly punished for reasons best known to the countries where they belong.”

    In his concluding remarks, the Senate President, Ahmad Lawan, said “this situation is another dimension of a lack of understanding, or maybe lack of intervention and early engagement between the two countries.”

    “I think the time has come for Nigerian authorities to engage the Ghanaian authorities with the single mind of getting a solution to this problem because this has been happening for a long time.

    “So, we need to know what is happening, and together with the executive arm of government, we have to find a solution to this,” Lawan said.

  • Inflation rises by 11.85% in November 2019 — NBS

    The National Bureau of Statistics (NBS) said inflation increased by 11.85 per cent year on year in November 2019.

    The NBS made this known in ITS Consumer Price Index (CPI) and Inflation report for November released on Tuesday.

    The bureau said the development was 0.24 per cent points higher than the rate recorded in October 2019 which was 11.61 per cent.

    It explained that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

    The NBS said in month-on-month basis, the headline index increased by 1.02 per cent in November 2019, adding that it was 0.05 per cent rate lower than the rate recorded in October 2019 which was 1.07 per cent.

    The bureau said that the percentage change in the average composite CPI for the twelve months period ending November 2019 over the average of the CPI for the previous twelve months period was 11.35 per cent.

    According to the NBS, the figure represents 0.05 per cent point from 11.30 per cent recorded in October 2019.

    The NBS report indicated that food sub-index within the period under review rose by 14.48 per cent year-on-year and 1.25 per cent month on month basis.

    It further explained that the highest increase recorded was on bread and cereal, fish, meat, potato, yam and other tubers as well as oil and fats.

    The bureau said urban index in November 2019 rose by 12.47 per cent year-on-year and 1.07 per cent month-on- month, while rural index increased by 11.30 per and 0.98 per cent year-on-year and month-on-month respectively.

  • Nigeria ready for business, Emefiele tells investors

    The Central Bank of Nigeria (CBN) has assured investors and the international community that the country having gone through a successful election, was ready for investments.

    The CBN Governor, Mr Godwin Emefiele, on Friday night in Washington DC, held an informal meeting with potential investors where he enticed them with the Nigerian success stories, especially in agriculture.

    Emefiele said that the Anchor Borrowers Programme, which targets local farmers was one of the major achievements of the bank under its development interventions.

    “As at December 2018, a total sum of N178.48 billion had been disbursed through 19 participating financial institutions to 902,518 farmers.

    “During the period, over 2.8 million and 8.4 million direct and indirect jobs were created under the Anchor Borrowers Programme,” he said.

    On the country’s foreign exchange policy, Emefiele said that the focus had always been to ensure price stability.

    He highlighted some of the foreign exchange reforms undertaken by the bank, which included the ban of the 41 items, the establishment of the investor’s and export’s window and the SME Window of the foreign exchange market.

    According to him, this resulted in a stable exchange rate, foreign exchange liquidity, vibrancy in the capital market, improved supply of foreign exchange supply with a positive impact on GDP growth.

    Emefiele said also that Nigeria, through its financial inclusion strategy had recorded a lot of progress in giving its adult population access to a broad range of formal financial services at an affordable cost.

    According to him, statistics show that in Nigeria today, the number of adult with access to financial services has grown from 58.4 per cent in 2016 to 63.2 per cent in 2018.

    “A lot of work has been done and indeed a lot of work needs to be done but in the midst of this, we are saying that Nigeria is open for business and foreign investors.

    “As the monetary and fiscal authority continue to work tirelessly to boost our economy, it is important to portray some of Nigeria’s enduring strength which offers a significant reward for current and prospective foreign investors.

    “I want you to know that irrespective of the impact of the recession, Nigeria’s economy remains the largest in Africa by the size of its GDP with diversified opportunities across different sectors.

    “These sectors include ICT, manufacturing, solid minerals, trade and agriculture,” he said.

    Emefiele assured potential investors of the safety of their investments should they choose to take a leap of faith and make a mutually beneficial investment in the country.

  • Why Naira remain immune from election spendings

    Why Naira remain immune from election spendings

    Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON), has identified factors that kept the naira immune from election spendings.

    Gwadabe told the News Agency of Nigeria (NAN) on Friday in Lagos that internal control mechanisms of the electoral umpire contributed greatly to checkmating political spendings as the naira remained stable at the FOREX market.

    Gwadabe commended the awareness created by the Economic and Financial Crimes Commision (EFCC) against trading in illicit funds as a boost to the stability of the naira.

    He also noted that uninterrupted inflows from the International Money Transfer Operators (IMTOs) and Diaspora remittances helped in making the market liquid.

    The financial expert said that the proactiveness of the CBN in its series of interventions at the market, and its strategic partnership with BDCs helped in the stability of the naira.

    He added that investors confidence in the market was also growing.

    NAN reports that the market was apprehensive that speculator’s would leverage political spendings to crash the naira.

    However, hours to the commencement of the 2019 elections, the naira remained stable, closing at N358.8 to the dollar at the end of Friday trading. (NAN)

  • How eCommerce businesses can take advantage of AI

    How eCommerce businesses can take advantage of AI

    The eCommerce industry is booming and this is projected to continue, and with a wealth of eCommerce businesses and as competition set to become even more fierce, staying visible and relevant has never been such a challenge for online retailers.

    The advent of artificial intelligence (AI) has made competing in this crowded marketplace possible even for small eCommerce businesses.

    Here are ways AI can help eCommerce businesses:

    Social listening

    So much information is shared on social media through listening to what potential customers are saying. Businesses can gain insight into new markets and understand how their current products and strategies are working.

    Keyword or brand name tracking in social media can be performed efficiently through data mining. This data can then be condensed into actionable feedback to improve the customer experience and the brand’s reach.

    Predictive marketing

    Predictive marketing is a marketing technique that involves using data analytics to determine which marketing strategies and actions have the highest probability of succeeding.

    Thereare tools like Weka, KNIME, and MatLab that can be used to analyse consumer data and optimize eCommerce sites to provide targeted marketing.

    Each consumer sees what they want to see — how they want to see it — and when they want to see it.

    The more customer data gathered, the better the optimization will be for that customer.

    This is achieved with the aid of artificial intelligence.

    Product personalization

    With so many companies and products vying for attention, consumers gravitate towards those sites that are personalized to them.

    Personalization is taking over how we buy.

    By utilizing information on customers that is widely available through their online presence, businesses can provide personalised ads, make relevant recommendations, and craft specific content for them.

    This would not be possible without the power of AI to sift through the data.

    Customer service

    By the year 2020, 80 per cent of all customer interactions will be handled by AI. This is because Chatbots are fast becoming an indispensable tool in customer service as a replacement to call centres, they are significantly cheaper and more efficient.

    Chatbots can be integrated into shopping carts, online support, and order processes.

    When it comes to a chatbot, Jumia is already ahead of others. Nigeria’s no 1 shopping destination has a chatbot dubbed Jumia Bot. So whether you are in a shopping mood, hungry or planning a trip, you can use the Jumia Bot. The experience is just like you are talking with a Jumia customer service agent.

    Allows businesses to be localised

    No matter where an eCommerce business is based, mining location-based intelligence from customer data allows them to appear local.

    By offering location-based offers, location-specific advertising, and predicting locational trends, local customers can raise the efforts of businesses in their own towns.

    This extra level of personalization significantly impacts the utility of a site for users by prioritising offerings that appear unique to their area.

    Efficient data analysis

    No human team has the capacity or time to accurately and thoroughly record, analyze, and digest the volume of data available from potential customers all over the world.

    eCommerce businesses that rely on user-driven feedback are falling behind those that use AI to gather and use information.