₦airaland Forum

Zimbabwe has always been a nation filled with potential but held back by politics. From the moment Mnangagwa became president, the country has been in strife. Though he positioned his administration as a restart, it has proven to be even worse than Mugabe's reign.

After being sworn in as president, Mnangagwa initially promised social, political, and economic reforms. However, this has not been the case, and life in Zimbabwe has gotten significantly worse during the short two years of his term.

Although the global pandemic has been devastating, Zimbabwe's problems started long before the arrival of COVID-19. Health professionals were already at loggerheads with the government over the state of the health sector. Civil servants also demanded better pay, the electric power industry was at risk, water was becoming scarce, and export industries were under strain. Thus, the Zimbabwean government has been continuously facing unrest from its citizens, who were demanding immediate change.

The economic and social conditions were hard before the pandemic, but they have become even worse now. However, even though the nation's socio-economic conditions have worsened, the Zimbabwean government is still more concerned with politics than the economy. For example, in June 2020, when Mnangagwa's sons were accused of committing COVID-19 procurement fraud, the government arrested the journalists who broke the story and had their families harassed.

Moreover, when news got out that activists were planning to protest, the government immediately tightened travel restrictions under the guise of safety concerns. Stuck indoors and under oppressive conditions, Zimbabweans launched the #ZimbabweanLivesMatter. This hashtag gained attention and eventually found its way to South Africa, the UK, and the US.

The hashtag not only shone a light on state crimes against its citizens, but it also forced the Southern African Development Community (SADC) to acknowledge the situation. South Africa was thus pushed to respond and sent envoys to Zimbabwe. However, the Zimbabwean government has continued to deny any social, political, or economic crisis in the country.

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#EXIMA, #Zimbabwe, #government, #covid-19, #economy, #politics

Freight forwarders are indispensable in the world of trade. They help facilitate and organize shipments while transporting commodities from manufacturers or exporters to their importers or destination.

However, over the years, freight forwarders in Nigeria have faced several impediments, which have affected the logistics of many export and import activities in the country. Take a look at them below:

1. Speed and cost of clearance

Advancement in communication technology and automation has made online clearing and a faster clearing of goods possible globally. Freight forwarders can now communicate with authorities, complete forms online, and clear goods irrespective of where they are. However, despite such advancements, most of the processes in Nigeria are still manual. Government agencies like the Nigerian Ports Authority (NPA), Nigerian Drug Law Enforcement Agency (NDLEA), Standards Organization of Nigeria (SON), and even the police want to see freight forwarders in person before clearing them. Thus, the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) has recognized this problem and how delays in the clearance process often lead to low performance in the maritime sector.

2. Professional capacity

The regulatory environment around the practice of freight forwarding in Nigeria is not very efficient. The minimum training required to practice is vague, and self-serving agents who pose as freight forwarders cause a major challenge in the industry.

Many Nigerian freight forwarders have only gained informal and often insufficient training, hence their limited professional capacity. Thus, their failure to meet the requisite knowledge may be a cause for many of the problems they face during customs clearance.

However, new efforts are being made to provide formal training to practitioners through accredited institutions. For example, the Nigerian Export Promotion Council (NEPC) facilitates the identification of reliable freight forwarders through its online database of freight forwarders, customs brokers, and cargo agents in Nigeria.

3. Low demand

The COVID-19 pandemic has lowered economic activities, with import and export trade being no exception. This has naturally decreased the demand for freight forwarders. For example, after markets were shut down in Nigeria, many goods were stuck at the port. This, along with travel restrictions, has presented enormous barriers.

As the middlemen, it is important for freight forwarders to help mitigate the challenges that have resulted from the pandemic. They can do this by maintaining good communications with other parties in the supply chain, legally assessing special contracts, and checking up on customers.

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Nigeria has restricted the importation and exportation of several commodities. Knowing which items are prohibited is essential for anyone trying to do business in Nigeria. Take a look at them below.

According to the Nigerian Customs, the country prohibits the exportation of these eight ( items:

1. Maize
2. Timber (rough or sawn)
3. Raw hides and skin (including all unfinished leather)
4. Scrap metal
5. Unprocessed rubber latex and rubber lumps
6. Artifacts and antiquities
7. Wildlife animals classified as endangered species (e.g. crocodile, elephant, lizard, eagle, monkey, zebra, lion, etc.)
8. All imported goods

Nigeria also does not allow the importation of certain items. According to the Nigerian Customs, commodities that are prohibited from being imported into Nigeria are:

1. Live or dead birds, including frozen poultry
2. Pork and beef
3. Eggs, but not hatching eggs
4. Refined vegetable oils and fats (excluding castor oil, crude vegetable oil, and olive oil)
5. Cane sugar, beet sugar, and sucrose in solid forms containing added flavoring or coloring matter
6. Cocoa butter, powder, and cakes
7. Spaghetti and noodles
8. Fruit juice in retail packs
9. Water, including mineral waters and aerated waters that contain added sugar, non-alcoholic beverages, and beer
10. Bagged cement
11. Medicaments such as paracetamol and co-trimoxazole tablets
12. Pharmaceutical waste
13. Mineral or chemical fertilizers (excluding organic fertilizer)
14. Soaps and detergents in retail packs
15. Mosquito repellent coils
16. Retreaded or used pneumatic tires
17. Corrugated paper, boxes made from paper boards, toilet paper, cleaning tissues, etc.
18. Recharge vouchers
19. Carpets and other textile floor coverings
20. Footwears, bags, and suitcases, but not safety or sports shoes
21. Glass bottles exceeding 150ml
22. Used compressors, air conditioners, and fridges
23. Used motor vehicles
24. Ballpoint pens
25. Tomato paste

In addition to these products, the NCS also has a list of absolutely prohibited items, including weapons, second-hand clothing, and more. Moreover, Nigeria's Central Bank also has a list of over 40 commodities that it does not provide foreign currency for. Although many of these can still be imported, importers will have to go to the parallel market for foreign currency, where the price is significantly higher.

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#EXIMA, #import, #export, #Nigeria, #restrictions, #business

On July 8th, the US officially started negotiating a free trade agreement with Kenya. Although Kenya is the third-largest economy in Africa after Sudan and Ethiopia, with a GDP of $87.91 billion in 2018, many have questioned this move and wondered if it was the right decision for the US.

Based on the trade statistics between the two countries, Kenya is far from being the US’s main trading partner in Africa and ranks well behind Nigeria, South Africa, and Angola. Thus, many believe that this agreement is a pilot agreement that the US hopes to replicate in other African countries.

There are also various challenges that lie ahead. To start, almost 30 organizations have already signed a letter in opposition to the agreement, out of fear that it will hurt agriculture and manufacturing in Kenya and weaken the economic efforts made through the African Continental Free Trade Area (AfCFTA). Moreover, the US has detailed objectives it wishes to negotiate, such as technical barriers to trade, digital trade, intellectual property, regulatory practices, anti-corruption, subsidies, and more. Kenya also has an extensive list of objectives, which may be even more detailed than the US’s.

However, if the two countries can reach an agreement, it can also bring several benefits. For example, both sides are open to implementing a Strategic Cooperation Framework that could provide technical assistance and trade capacity building in Kenya to maximize trade benefits and further develop Kenya’s agricultural value chains. Moreover, the coalition will boost commercial cooperation and locate trade and investment opportunities in manufacturing, health, agriculture, digital economy, energy, and infrastructure sectors.

The US and Kenya plan on holding more virtual discussions in the future. They will work to take into account the commitments made by Kenya within the framework of the AfCFTA and ensure that their agreements do not undermine the country’s regional integration efforts. If this agreement is successful, it would ultimately be the first of its kind concluded by the United States in sub-Saharan Africa, and may even be used as a model in future trade agreements.

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#EXIMA, #Kenya, #freetrade, #agreement, #benefits, #internationaltrade

The European Commission has passed an ambitious plan to revive the European Union's economies. The agreement reached by the countries gives each beneficiary country the freedom to use the fund as it wishes while setting economic growth as the main priority the member states should work on, reassuring many of the markets that were forced to close in light of the coronavirus pandemic. Moreover, thanks to the measures implemented by President Macron, France has already begun reassuring national and foreign investors. These measures took into account a report issued by the Economic Commission of the Senate to better prepare for the post-pandemic world. This report focused on the following four points:

Deepen European construction to influence globalization
Improve the competitiveness of French companies
Diversify supply chains and relocate some vital production centers
Make the energy transition a priority level for recovery

In his televised address to the nation, President Macron underlined the importance of mitigating the aftermath of the pandemic on workers, entrepreneurs, and the most precarious populations. He insisted, “We need to create new jobs by investing in our technological, digital, industrial, and agricultural independence. Through research, consolidation of sectors, attractiveness, and relocations when justified.” He also stressed the need to fight for the survival of the hardest-hit sectors: the automotive industry, aeronautics, tourism, culture, catering, and hotels. He clearly reaffirmed his intention to invest in national productions and encouraged relocations in certain sectors considered to be priorities and thus limit dependence on external suppliers.

Although these measures may not completely prevent the collapse of the French economy, it will still help mitigate some of the damage and accelerate the recovery for the first quarter of 2021 if they produce the expected results. However, we cannot let our guards down just yet, since the second wave of the COVID-19 pandemic may bring even more devastating effects on both the national and regional economy.

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While the COVID-19 pandemic has forced most countries to partially or entirely close their borders to travelers, many governments have insisted on keeping supply chains open. This has kept international shipping safe, which is good news for traders since shipping is responsible for 90% of international trade. But of course, the people loading, transporting, and unloading these goods are possible vectors of the virus, putting international shipping at risk. Unfortunately, this is not the only obstacle it is currently facing.

The first challenge is simply a lack of demand. People are staying home, not going out as much, and spending less money, which has naturally caused a significant lack of demand for products and goods. As countries move out of lockdowns, many are expecting demand to increase, but as we have seen around the world, easing lockdowns does not necessarily mean a decrease in COVID-19 cases. In fact, for most countries, it can have the opposite effect. However, if you manage a small or medium enterprise (SME), you might be able to leverage the current situation. If you specialize in a product that still has stable demand like medical supplies, or you are fortunate enough to have enough money saved to get you through a couple more months, you can try to negotiate a long-term shipping deal at a reduced rate. International shippers desperately need a stable business. The fact that 11% of sailings have been canceled in May on the mainline trades indicates how crucial guaranteed business is. June was not much better, with an estimate of 13-14% blank sailings.

The plight of the seafarers has also been underpublicized. The people who staff the ships that transport goods have repeatedly gotten stuck in various ports around the world. Unable to return home, not allowed to enter a different country, and being forced to isolate are some of the main problems these men and women face. Again, those in a position to help seafarers either with guaranteed wages, accommodation, or arranging for travel home, could see these gestures repaid when things start to return to normal.

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#EXIMA, #international shipping, #age of COVID, #trade, #shipping industry

Free trade can make an essential contribution to social welfare by increasing competition among providers. If free trade can lessen the prices of products for consumers, it will make products cheaper, and people from the low-income class could purchase more items. Following this theoretical approach, free trade has the potential to reduce poverty in all countries by decreasing prices and improving incomes.

The volume of international trade has reached a value of over $20 trillion in 2018. This is a significant jump, considering the volume of trade was $3 trillion in 1970. Poverty has also been steadily decreasing over time, and nowadays, around 700 million people are living in extreme poverty. Considering that the number of people living in extreme poverty was almost 2 billion in 1990, it is safe to say that there is a negative relation between increasing world trade volumes and the decreasing number of people living in extreme poverty. However, although free trade seems to contribute to the reduction of extreme poverty, almost 1 in 10 people are still poor. The goal should be under 5%, or even much smaller than this. There are also two huge problems in the global economy and most of the national economies: income and opportunity inequality. 5% of the world population is receiving almost 70% of the income in the world. Free trade has not provided equal opportunities for everybody, and income inequality is still increasing to this day.

Other serious issues need to be solved as well to successfully lower financial inequality. Some large capital groups own more than half of the total capital accumulated in the global economy. Even further, international companies have been implementing destructive competition strategies against their local competitors. The decisions regarding local markets are made by global companies, and the relations between local markets and local people have weakened. This creates serious problems regarding the economic and social development of local people because their markets do not provide enough contribution to their welfare. In other words, large companies gather profits from local markets and transfer them to their bank accounts, causing local people to suffer from a lack of local businesses. This situation has created socially unsustainable results, but free trade has continued to serve global capital groups more. For a socially sustainable free trade, it should provide equal opportunities to local businesses. Strengthening local SMEs might make a much higher contribution to the reduction of poverty.

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Working from home can blur the barriers that exist between work and personal life. If you don’t set boundaries and give yourself a clear break, you can easily overwork yourself. This will eventually lead to anxiety, fatigue, and a drop in productivity. Thus, it is important to strategize ways that can help you avoid burnout while improving the quality of your work. Here are a few tips that can help you.

Create a Dedicated Workspace

Find a comfortable place in your house and use a sturdy desk and chair to replicate your working environment in your office. This will help you get into “work mode,” keeping you focused and allowing you to accomplish all your tasks promptly. Moreover, your co-workers who you communicate with through video chats or phone calls will get the message that you are primed for work and not likely to stray from business, making this technique mutually reinforcing.

Discipline

Self-discipline is critical if you want to boost your ability to work remotely. Set a strict routine and plan ahead your working hours along with a couple of breaks in between. This will let your body and mind know when you are ready to work. Take time to find out what works for you and get rid of all distractions like your cell phone. Also, make sure to tell your friends and family when your working hours are so they do not distract you. They should know when you can’t be disturbed and when you can start resting. Resting is equally as important as working to avoid burnout.

Transitions

Leaving home and commuting to work informs your mind that it is about to function in a different capacity. At home, the lines become blurred, and that confusion causes you to waste mental energy. Simple things like leaving your bedroom to work in another room, taking a walk after a tedious hour, or even changing clothes may help. Fun and relaxing activities like cooking or watching TV may also help you reboot after a long day, better preparing you for your next workday.

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To secure documents and keep legal bindings in place, the US passed the ESIGN act in 2000, making electronic and digital signatures legally binding and admissible in court. Although a lot of businesses have been using them since then, it can still be confusing for many. So what exactly is the difference between the two, and which one should you be using?

What are the Two Signatures?

An electronic signature is an electronic symbol or sound —typically an electronic rendering of somebody’s signature— attached to a record of some kind, used by a person with an intent to sign. Digital signatures are similar, but they offer more of a guarantee that the electronic document in question is authentic. There is no difference in the importance of each, and both are legally binding.

Key Differences Between Electronic and Digital Signatures

The main differences between electronic and digital signatures are the ways they identify the parties involved and their levels of security. Digital signatures are more secure and have a higher level of authentication. To use a digital signature, you must first buy a digital certificate. This can be provided by a third party that works as an identification for the parties involved and encrypts the document so only authorized people can see and alter it. However, the main issue with this process is that not many consumers have a digital certificate and thus can’t provide digital signatures,

On the other hand, electronic signatures are easier to implement and cost-effective. They don’t require additional documents but may be more vulnerable to tampering and other attacks, which would be fatal for many companies. Unlike digital signatures, electronic signatures also don’t use any codes or algorithms and do not go through the extra step of identifying the senders and receivers. Moreover, they are also non-universal and can cause problems if you decide to change your signature later on.

Which One Should You Use for Your Business Contracts?

In the end, it all boils down to one question: which signature can your business benefit the most from? In most cases, you’ll be good with electronic signatures. Anyone can access them, meaning that you won’t have any blocks between you and your partner while doing business, and there are also a lot of cost-efficient services like AssureSing and OneSpan to keep every document secure. But, when you work with sensitive information, it’s always better to use a digital signature. Digital signatures can be time-consuming, but they are definitely worth the hassle for your company’s security.

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The COVID-19 pandemic has impacted industries from all over the world and has already changed the way consumers are shopping. Digital adoption is at an all-time high, and it looks like the transformation will continue even after the pandemic is over. So what does this mean for the advertising world?

A Change in Sentiment and Messaging
Back in April, Adobe released its The Dos and Don’ts of Advertising During COVID-19. In the article, they described key factors every company must implement: authenticity, segmentation, and sensitivity. Your messaging must communicate your values clearly but sensitively, and needs to be able to reach your target audience. This is not the time to be bold, but rather a time to let them know you’re here to help them during these tough times.

The Impact of the Pandemic
According to Influencer MarketingHUB,

65% of respondents noticed a decrease in revenue
74% of brands surveyed are posting less on their social accounts
One out of four companies plans to increase marketing activities
Global retail sales will lose $2.1 Trillion in 2020

Although we can’t ignore the immediate effects of the pandemic, these are still only short-term
changes and do not reflect how customers will behave after the virus goes away.

Short-term Changes in the Advertising Industry
Short-term changes don’t always last, but it is still crucial for companies to adapt to survive the momentary crisis. Some of the biggest changes to look out for are:

More companies are focusing on Direct Response Campaigns (campaigns looking to make quick sales).
Advertisers are shifting their focus from sales to brand-building.
Most advertisers are focusing their messaging on safety, security, comfort, and health.

These three changes derive from the same place: consumer behavior. Since people are currently trying to save as much as possible, only companies whose products fit the “compulsive-sale” model are still focusing on sales ads. Competition is at an all-time low, making it possible for buyers to strengthen their brands through paid ads. This is because when you want to buy an ad on an online platform like Google, you need to bid for the available spot. So if less people are bidding for the same position, the price is relatively lower, providing more opportunities for businesses.

Long-term Changes in the Advertising Industry
Of course, we can’t ignore the long-term changes. Some current trends, like eCommerce adoption, may very likely stay, forcing businesses to rethink their online presence. TV advertising will have less of an impact, prompting advertisers to look at platforms like social media and video streaming services. Companies are also beginning to see the impact that content marketing is having, so paid ads will become more conversational, creative, and storytelling-focused. Ad spending might be low right now but will only grow up from here.

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#EXIMA, #pandemic, #advertising, #marketing, #changes, #sales, #brand, #Advertising_Industry, #businesses, #online, #platform

Mobile devices are increasingly transforming the shopping experience in Cameroon. From researching online reviews to comparing prices across different stores, shoppers are turning to their devices to shop. Cameroonian shoppers can now gather as much information as they need before making a purchase, and the recent COVID-19 pandemic has only boosted this trend. And mobile device use doesn’t stop when the customer makes a purchase. Many turn to social media or blogs to share their reviews and experiences, influencing buying habits for their friends and followers. Popular blogs like Mimi Mefo Info have already become the go-to-page for product placements, which bodes well for companies who understand how to market on these platforms.

The installation of fast and reliable local payment solutions that can securely store information could be the next big thing for shoppers in Cameroon. Mobile money, the most popular online purchase method in Cameroon at the moment, is still imperfect and requires the client to go through an extensive set-up process before every purchase. New demands in the digital space are fueling innovative solutions, and will likely improve payment solutions to meet shoppers’ needs eventually.

How tracking will evolve locally is still in question as well, but smoother communication between the seller and the buyer has already removed some of the difficulties around shipping. Smartphones can help clients look up companies they want to do business with, research the types of shipping methods the companies use, and look into trends they may want to hop on. They can contact the company beforehand and even leave reviews or feedback online. Sellers will have to be more conscious about their relationship with clients and make efforts to provide a good experience.

Overall, the ease of doing business will increase customer expectations. This will add to the growth of the retail space as physical and online shops may collaborate with technology services to provide better experiences for their customers. The power ultimately lies within the consumers, so enhancing customer satisfaction is vital if you want to build a long-lasting relationship. Improved speed and delivery will most likely kick-start the next phase of consumer spending and online shopping in Cameroon, transforming the country once again.

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Before you jump into the trading world, you should be aware of common mistakes beginners make. Here are five to avoid.

The export-import trade is a profitable venture that offers numerous opportunities on an international scale. However, there are many challenges involved. Having the right strategy before you can get started is crucial. Here are some common mistakes you should look out for:

1. Lack of Insurance
Many things can go wrong between the port of origin to the target port. High temperatures can spoil products, or you could even encounter theft. Still, some traders ignore insurance to avoid incurring more costs. Without insurance, entrepreneurs could undergo huge losses, making it crucial to include insurance in your expenses. Try to gather as much information as you can on insurance beforehand. Remember, insurance options vary depending on the type of product, packaging, and destination.

2. Lacking Protection Against Fluctuation of Currency
Many new traders struggle with currency fluctuations. Often, the originally said prices might end up in huge losses. While this is a common occurrence in the international economy, there are many methods you can take to reduce the risk. One of the most effective solutions is to use a common currency, which cuts down the risk margin for both the trader and buyer. Some traders opt to set baseline rates that comprise upper and lower price limits. Prices are set within this extent for a certain period. If currency rates drop beyond the set limit or if the period expires, then prices are adjusted. Implementing this type of agreement can spare both parties from future consequences.

3. Underquoting Products to Cut Down Cost
Underquoting products is common among experienced traders. Some underquote export goods in a bid to reduce insurance premiums or cut down clearance costs. It may sound like a good idea at the moment but can lead to the collapse of your trading company in the long run. Officials can confiscate your consignment, and individuals who are involved could face legal action, damaging the reputation for all parties.

4. Inadequate Record Keeping
Records are crucial for any business, and every transaction should be recorded. This can come in handy in many ways. For example, before getting paid, you must provide documentary evidence. Having all the applicable documents in order helps smoothes the payment process. Moreover, if you lose your goods, your insurer will need proper records to process compensation. If disagreements arise, you’ll need documentary evidence to prove your innocence. Taxation authorities can also conduct due diligence regularly. They’ll need to peruse your records for proof of compliance. Make sure to file your transactions and be on the safe side.

5. Fraudulent Practices
Every business struggles with finding buyers. These circumstances present the buyers with a chance to make huge profits. In some target markets, you’ll have to deal with numerous challenges to acquire customs clearance unless you give a bribe. However, bribing can lead to huge penalties and even legal action. It also prevents businesses from trading on a fairground. When you bribe your way to getting a client, it is highly likely that another bidder will steal the client from you. However, when you develop your client base on a proper foundation, you’ll be able to maintain a long-term partnership.

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#EXIMA #trade #mistakes #insurance #export #business #buyer #international #product #currency

What is the fourth industrial revolution? It’s the prevailing and evolving environment where disruptive trends and technologies are revolutionizing the way we work and live. These can range from the Internet of Things (IoT), virtual reality (VR), artificial intelligence (AI), to robotics.

Technologies behind the Fourth Industrial Revolution
To master the fourth industrial revolution, you must first understand the technologies that are facilitating it. As mentioned above, there are diverse technologies available, but for this post, we will focus only on AI and IoT.

Artificial Intelligence (AI)
Artificial intelligence is the human intelligence in machines that can mimic human behavior. They are capable of thinking like humans, handling information, acknowledging intricate patterns, giving recommendations, and making conclusions. The main objectives of AI include reasoning, approach, and learning.

AI works in various ways to identify patterns in large assortments of disorganized data or facilitate the autocorrect function on mobile gadgets. Machines are connected using a cross-punitive concept based on computer science, mathematics, psychology, and linguistics. As technology continues to advance, simple functions like optical character recognition are no longer considered AI and instead recognized as inherent computer functions. AI is constantly evolving to enhance operations in various industries, like the healthcare and automobile industry.

Internet of Things (IoT)
The Internet of Things is an arrangement of interconnected computing gadgets, digital and mechanical gadgets, animals, objects, or people with UIDs (unique identifiers). They have the power to ferry data through a network without the need of a computer-to-human or human-to-human interaction. Businesses can leverage IoT to obtain customer data from products they regularly connect with to ascertain how customers utilize products, which can help companies customize marketing operations accordingly.

What’s the Impact of the Fourth Industrial Revolution on Businesses?
As the fourth revolution technologies continue to evolve, they are revolutionizing customer expectations. Advanced technology enables businesses to provide more value and personalization, giving customers a wide range of options and a chance to change brands for a better experience.

Businesses need to focus on offering their customers a unique experience that distinguishes them from their competition. To maintain customer loyalty, companies should always strive to serve the interests of their customers.

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EXIMA is committed to providing the latest news to help businesses keep up with the constantly changing digital and trade space. Backed by a qualified and experienced team, we listen to your questions and concerns and give appropriate recommendations accordingly. Our goal is to work together to boost business operations in the international field.

If interested, make sure to check our site and take advantage of all the benefits we have to offer!

#EXIMA, #artificial intelligence, #AI, #technology, #IoT, #Fourth Industrial Revolution, #Industrial Revolution, #technologies, #machines, #gadgets, #businesses