BUA Foods Plc achieved quoted company status on Thursday after listing 18 billion ordinary shares in Lagos, the company said, marking the culmination of weeks of transformation and meeting authorities’ and regulators’ demands.
The achievement means that the food processing firm has entered the Nigerian Exchange Limited (NGX) main board (the bourse’s second highest listing segment), becoming the country’s second largest consumer goods company by market capitalisation after Nestle Nigeria in a sector that includes other powerhouses such as Nigerian Breweries and Flour Mills of Nigeria.

BUA Foods was listed at N40 per unit but increased by 10% on the day of its admission, the maximum upper price movement allowed by the NGX, valuing it at N792 billion

BUA Group, the parent company, spun off its five food businesses in December, combining them into a single company before listing them as a separate entity.

BUA Cement, the cement division, debuted on the NGX around this time in 2020 and is now worth approximately N2.4 trillion, more than doubling its value when it listed.

“The listing today marks a new beginning for a Company playing a critical role in the FMCG industry, one that is highly committed to nourishing lives with all of our product offerings,” said Ayodele Abioye, BUA Foods’ acting managing director.

SOURCE:https://brandspurng.com/2022/01/06/bua-foods-is-now-nigerias-second-largest-consumer-goods-firm-by-market-value/

Serial digital entrepreneur and Chairman, Zinox Group, Leo Stan Ekeh has committed the sum of over N500 million towards a novel initiative to create jobs and promote peace in Imo State.
Ekeh, a native of Mbaitoli in Imo State, announced the contribution during a quarterly Stakeholders Meeting/Luncheon hosted by the Imo State government on Tuesday, January 4, 2022.

The well-attended session, which was held at the Government House in Owerri, the Imo State capital, had in attendance Governor Hope Uzodinma, the Deputy Governor, Prof. Placid Njoku, members of the expanded State Executive Council, as well as serving and past Imo State House of Assembly members and representatives from the National Assembly.

Also in attendance was President General, Ohanaeze Ndigbo Worldwide, Prof. George Obiozor, former Imo State Governor, Ikedi Ohakim, elder statesman Chief Emmanuel Iwuanyanwu, former Inspector General of Police, Mike Okiro, legendary singer Onyeka Onwenu, as well as traditional rulers, members of the clergy and academia and other distinguished sons and daughters of Imo.

Speaking during the event, Ekeh, who was the Chairman on the occasion, asserted that the 21st century is a knowledge economy which demands a new attitude and mindset. He added that hard work, brilliance, humility and a firm belief in God are essential ingredients for success, even as he revealed that Imo State is blessed with a number of youths with these qualities.

Using himself as an example, Ekeh held that if he could achieve so much from nothing, certainly the current crop of young people in the state are better exposed, more brilliant and in a better position to achieve even more.

The digital entrepreneur explained that the N500m fund would be utilized in establishing a finishing school which would polish fresh graduates as well as the unemployed, equipping these beneficiaries with world class skills that would transform them into highly sought-after prospects that can compete with their peers globally. He added that the products of the school would become more marketable and would secure gainful employment in Nigeria and abroad, while also adding that he would source resource persons from around the world to mentor the beneficiaries and equally re-train their trainers.

Ekeh, who seized the opportunity to sue for peace in Imo State, also appealed to all aggrieved parties to forgive and forget the wrongs of the past, even as he urged them to join forces with the current administration to restore the glory of the state. In addition, he called on the media to exercise some restraint in their reportage and to refrain from unfairly portraying the state in bad light as a hotbed of insecurity.

‘‘I am not a politician and I will never be one in my lifetime. But nobody can convince me to fight against my state. Imo State belongs to all of us. We need to join hands with the current administration and whoever is in power to develop the state for our children and unborn generations,’’ he stated.

Further, Ekeh called on other well-meaning Imo indigenes at home and in the Diaspora to support the government and to join hands and commit to the latest project by volunteering to sponsor a minimum of five beneficiaries across each town through the finishing school. He added that the project would commence with the best qualified five per town until every unemployed graduate is re-trained in Imo state.

‘‘Through this finishing school, we will equally train the trainers and leverage on our brothers and sisters, both in Nigeria and in the Diaspora with global competences to re-train our unemployed and underemployed graduates to enhance their profiles in the global marketplace,’’ he submitted.

Also speaking at the event, Gov. Uzodinma, who delivered a scorecard of his administration’s performance within the past two years, hailed Ekeh for his unceasing contributions to the development of Imo State. While thanking him for his many selfless and philanthropic gestures in the past, Uzodinma also expressed gratitude to the Zinox boss for his latest initiative, adding that the proposed project would go a long way in supporting the state government’s human capital development drive.

Uzodinma, who announced the rebuilding of the demolished Eke Ukwu market, amid a host of other developmental projects across the state, restated his determination to ensure that Imo State regains its rightful place as the pride of the South-East and a tourist/investors’ haven.

‘‘My beloved Ndi-Imo, I want to reiterate my resolve to serve with all my heart and with all my strength, with the fear of God. One thing you can be assured of is that under my watch as your governor, not a pin belonging to Imo State will ever be unaccounted for.

‘‘Another thing you can be sure of is that our dear Imo will become great again,’’ he declared.

In addition to the finishing school which would be commissioned this year, Ekeh equally pledged to digitally upgrade and bring proceedings in the State House of Assembly online, allowing Imo indigenes and members of the various constituencies across the state the opportunity to engage with their elected representatives more closely and in real time.

SOURCE:https://brandspurng.com/2022/01/05/ekeh-zinox-boss-commits-over-n500m-to-create-jobs-promote-peace-in-imo/

Shareholders of Vitafoam Nigeria Plc are expected to approve a dividend of N1. 876 billion for the company’s financial year ended, September 30, 2021, an increase of 114 per cent over N87.590 million paid in 2020.

The amount, which translates into N1.50 per ordinary share, has been proposed by the Board of Directors to be laid before the shareholders for endorsement during the Annual General Meeting (AGM) scheduled for Thursday, March 3, 2022 at Raddison Blue Hotel, Ikeja, Lagos. The dividend shall be paid electronically on Friday, March 4, 2022 after the AGM’s approval.

In an audited financial statement sent to the Nigerian Exchange Limited, NGX, yesterday, the company posted strong earnings in all its performance indicators despite the tough operating environment.

Turnover was N32 billion in 2021, an increase of 49 % above N21.8 billion in the corresponding period of 2020. Profit Before Income Tax stood at N6.8 billion as against N4.96 billion, an increase of 37%, while the profit for the year amounted to N4.4 billion compared to N3.5 billion in 2020, representing 27 % increase.

The Group Managing Director, Mr Taiwo Adeniyi, has always attributed its consistent strong performance to innovative Board and Management, continuous introduction of multiple products beyond foams and huge investment in Research and Development among others.

The Company’s statement to NGX says the business is driven by collective commitment to a culture of integrity, accountability, and transparency.

“ We conduct our operations in accordance with good moral and ethical standards while obeying relevant legislations. Our goal is to remain a responsible and responsive corporate organization committed to ensuring healthy and comfortable living while contributing positively to the overall growth of the country” according to the statement.

Commenting on the results, the Managing Director, Network Capital, Mr Oluropo Dada, said, “Vitafoam has consistently demonstrated resilience despite the challenges militating against the manufacturing sector in Nigeria. The Company’s current performance is a great improvement over the historical one.”

Winners will be rewarded with cash prizes and laptops for individuals and computing labs for winning schools. There will also be a live showcase for the top entries.

SOURCE:https://brandspurng.com/2022/01/04/vitafoam-shareholders-to-reap-n1-8bn/

Marketing Themes– Simon Tisdall in his recent article published in The Guardian (Wednesday 29 Dec 2021) suggests that “The world in 2022 will witness another year of living dangerously”.

With everything that has happened in the past 2 years, I align with his direction of thoughts. As always, there’s implication for business & brand management. To make ourselves & company (incl. the Brands) future proof, we must adapt-change-adapt in everything that we do. The business as usual ‘died’ December 2019!

Six Dominant Marketing Themes For Year 2022
As a Brandpreneur the following are the themes I identify as necessary for success in today’s marketing environment:

Service-Dominant Logic: in 2022, Marketeers must think about “offerings” rather than P—product. Today’s #Brand Management will focus on the entire experience – it is about the ‘added value’ you’ll provide to the consumers (/ customers) throughout the value chain, irrespective of if that value chain includes a product, a service, or both. This further suggests that the task at hand is a ‘Commercial One’ & not a Superstar Brand Manager

Sustainability: As a Brand / Company of Purpose, like your target market, you MUST be interested in the impact you’re making on your local community as well as on the overall environment. The watchword for 2022 is the “triple bottom line” of financial, social, & environment performance.



Ethics & Social Responsibility: How accountable are you? Are you still waiting for “what the company can do for you?” In your role, in your space & circle of influence, “what’s your impact?”, “how has your contribution supported to secure the business for the ‘future’”? And to the organization, before you can build a sustainable brand, you need to continuously listen to the Voice of Employees (VoE) – taking their feedback in relation to improvements necessary to drive benefits of customer experience.

Global Coverage: Today, many factors connect us. From 7 continents, the world has become a ‘single’ continent – split in megacities & megavillages. Whether it is today’s price of raw & packaging materials, the oil price, or unrest in many parts of the world, all these will have impact in the supply chain & consumer behaviour which almost every industry & company need to be aware of. And today’s commercial professionals must understand the world in which they & their companies operate.

Digital: Irrespective of where you find yourself (i.e., megacities & megavillages) today’s world is a digital world. Digital technology & innovations is positively impacting today’s brands & companies. Everything & everyone are compelled to think and act digitally. And to WIN in 2022, brands & companies MUST move from seeing digital as a platform to a way of life.

Metric: never be afraid to measure your performance. “Was this business marketing strategy really worth it?” & “What is the sales & marketing ROI?”. “What is this consumer or set of consumers worth over their lifetime?”

Dolapo Otegbayi is the Commercial Director (Specialised Nutrition) at FrieslandCampina and a marketing influencer

SOURCE:https://brandspurng.com/2022/01/04/six-dominant-marketing-themes-for-2022/

Wema Bank Plc received shareholder approval to restructure its capital ahead of a rights issue in early 2022 at a court-ordered meeting.
The bank announced this in a Friday statement titled ‘Wema Bank obtains shareholders’ consent for a capital restructure, N40 billion rights issue.’

It stated that the approval was obtained at an extraordinary general meeting in which its shareholders voted unanimously in favor of the scheme of arrangement to reconstruct its shares.

According to the statement, the bank has over 38 billion units in issue, and the shareholders agreed to a reconstruction of one share for every three held.

Ademola Adebise, Managing Director/Chief Executive Officer, commented on the meeting, saying, “We are pleased with the support given and the confidence expressed by the participants.”

“We’ve come a long way in the last decade – from negative capital to over N60 billion in shareholder funds and a balance sheet worth more than N1 trillion.”

“With this shareholder approval, we will begin the rights issuance to increase our capital base to over N100 billion.” This allows us to expand our financial intermediation and grow our business.”
Adebisi also addressed recent issues, such as reports of a spat between Wema Bank’s management and one of its customers.

“The bank’s attention had been drawn to recent media mentions of certain customer obligations,” he said, “and reassures our shareholders and customers that the bank has and will continue to operate with the highest level of due process, corporate governance, and accountability.”

SOURCE:https://brandspurng.com/2022/01/04/wema-bank-receives-shareholder-approval-to-raise-n40-billion/

Most of us, including you, have bad habits that get in the way. If you are able to abandon the following habits, you must be able to understand that becoming a millionaire is not as far from reality an idea as you think. We all want to be.


For me, as for many other people, these 20 habits were what kept me from becoming a millionaire.

* Sleep when you shouldn’t
If you wake up until noon and work 12 or more hours per day to make up for a late start. Here’s the thing. I understand perfect, because I struggled with it for years. We are not all active people in the morning. Me, I still stay in bed on cool, rainy mornings.
Successful people are known to wake up early, usually before everyone else at home, so they can get started early on to get work started, catch up on the news, answer emails, and exercise without sacrificing time. They spend with their family.


* Neglecting your health
“When it comes to health, bad habits do harmful damage,” writes Thomas Corley in ” Change Your Habits, Change Your Life: Strategies that Transformed 177 Average People into Self-Made Millionaires .”
When you’re unhealthy, you’re tired, less productive, more stressed, and much more likely to get sick. How can you focus on building your health, if you fight those factors every day?

* Don’t read
People with money invest the time and effort necessary to expand their knowledge, keep up with the news and trends within their industry, learn from others and take responsibility for continuing to innovate.

As Lipovsky wrote, reading brings different perspectives, allows you to gain various points of view that will in turn expand yours, giving you the necessary push to dream big and motivate you to never give up.

* . Rely on a single source of income

People with a lot of money have several sources of income. Which means that for those of us who aspire to wealth, we have to invest part of our income to pay off our debts, and reserve for retirement and invest.

This doesn’t mean you have to get a second job while waiting for results (not a bad idea until you have a better option). It could be something you’re passionate about, like writing about technology. You can do it through a blog and start earning a passive income through the market.

* Not setting a budget
Everyone needs to create a budget and stick to it, but unfortunately, there are many people who do not. Since they can’t see if they are spending more than they are accurately earning, it often leads to financial problems. If you notice that this is your case, then you need to start reducing unnecessary expenses and you should talk to an advisor to claim you.

In fact, this is another habit discovered by millionaire authors such as: Thomas Stanley and William Danko after analyzing millionaire people for their book The Millionaire Next Door.


* Don’t think ahead
“In my study, ninety-five percent of poor people did not save and most of them accumulated debt to subsidize their quality of life. Consequently, they do not have money either for the time of their retirement or for the their children’s education, or for the opportunities that come their way, “wrote Tom Corley in” Change Your Habits, Change Your Life. ”

Just like Corley says. “Not saving and spending more than you earn creates long-term poverty with no hope of escaping.”

* Not paying attention to small expenses
You may think that spending $ 40 a day on a cup of coffee has no effect on your wallet. The same goes for that $ 500 gym membership you hardly ever use. But, despite the fact that in the scheme of things these are small expenses, believe it or not, they add up quickly.

I recently randomly checked my company’s credit card payments. I found that 35 percent of people who buy coffee at least 4 times a week or go to the cafeteria every day only pay the minimum on their credit card monthly.

Again, this is why a budget is so helpful. It helps you manage these small expenses so you can adjust and focus on the important things. Remember to only keep the subscriptions that you actually use.


* Dating the wrong people
Replace the toxic and negative people in your life with those who are optimistic, motivating and supportive. “In life, you will only be successful if you surround yourself with the right people,” says Corley.

* Postpone
It is one thing to say that you want to become a millionaire and quite another to start doing it. If you want to get out of financial stagnation, then you need to take action as soon as possible. If you sit down with a financial professional to adjust your budget, this would be a great step to start doing rather than talking.

* Drink and gamble
“There’s nothing like getting rich quick”; “Financial success takes time, initiative and requires relentless effort”; “Those who gamble are deluded into thinking there is a shortcut to success,” Corley writes.

Instead, millionaires “get in the habit of pursuing their dreams and goals.”

On the other hand, excessive alcohol consumption prevents you from becoming a millionaire since it damages your memory, the ability to think clearly and your health. That doesn’t mean that you can’t occasionally have a glass of wine or beer. Don’t make drinking a habit.

* Drink and gamble
“There’s nothing like getting rich quick”; “Financial success takes time, initiative and requires relentless effort”; “Those who gamble are deluded into thinking there is a shortcut to success,” Corley writes.

Instead, millionaires “get in the habit of pursuing their dreams and goals.”

On the other hand, excessive alcohol consumption prevents you from becoming a millionaire since it damages your memory, the ability to think clearly and your health. That doesn’t mean that you can’t occasionally have a glass of wine or beer. Don’t make drinking a habit.

* Not finding a mentor
I’m sure if I had found a mentor years ago I would have gotten rich since then. Why do I believe it? I could have learned from the successes and mistakes of someone who has developed in those fields, their advice could have helped me to omit so many mistakes that I have experienced and instead I could have obtained some benefit.

Instead of going out to get a mentor, open your eyes, they are all around you. You can take the advice of a college professor or your parents.

* Stay in your comfort zone
Taking risks and getting out of your comfort zone is unsettling. I understand. But until you take that leap, you will find financial success. This is a habit that worked very well for Bill Gates, Richard Branson, Larry Ellison, and Warren Buffet.

“The pursuit of wealth requires risk, most people do not, so they are not rich,” says Corley.


* Don’t ask questions
You don’t know everything. Put your ego aside for a moment. I hate being the bearer of bad news, but that’s a fact and it will keep you from being rich until you deal with it.

I learned the hard way that trying to guess the future leads to failure and poor decisions. If you are not sure about an investment or an idea for your business, do not hesitate to ask for feedback and advice.

* Being consumed by failure
Entrepreneurs wear failure as a badge of honor. That doesn’t mean they enjoy or want to fail. Going out of business and losing almost everything is rubbish, but those bumps of life are necessary to become as strong as you can be.

Do not get confused. Failure is horrible. But you shouldn’t let that stop you. Take risks, and if you fail, learn from your mistakes and move on.

* Not setting daily goals
One of the best habits I have adopted in recent years was writing my goals daily and first thing in the morning. This inspires and encourages me to achieve my goals.

I found that setting daily goals helps prioritize from the most important to the least important. For example, instead of looking for my $ 100 overdue bills, I focus on one or two of $ 1,500. Prioritizing means doing what really matters.

* Thinking negatively
“Long-term success is only possible when you have a positive mindset,” Corley writes.

Here are some examples of the most common negative thoughts we have that most can overcome:

– Doubting yourself. Training, education, and a mentor can change this thinking.

– Believe that your goals cannot be achieved. Focus on reaching your daily goals and pushing yourself.

– Have bad grades. No. Grades and learning difficulty do not determine success. Ask Richard Branson who overcame dyslexia.

– The competition is too tough. You will never know until you try. And, in the worst case? Just turn around.

– Lack of concentration. Living healthy and setting daily goals can keep you focused.


* Don’t save
“A job will never make you rich. Nor will saving all your money in a piggy bank. So how do you build wealth?” Asks Brandon Turner, vice president of growth at BiggerPockets.com.

So how is it achieved? Through tangible assets such as a profitable business, a growing stock portfolio or investing in real estate law.

Remember, your car and toys are responsibilities that take away the income from your future wealth. Focus on acquiring things that will make you money in the long run.


* Make excuses
Excuses were one of the biggest obstacles between me and wealth. Making excuses is easy when we are trying to understand why we have so much debt and if we don’t have a six-figure income. Saying that we want to “live in the moment” is an excuse not to work and create a better future. Stop making excuses and start working.

For example, don’t worry about saving when you’re drowning in debt. Pay first, and that way you can start saving and investing. If you’re not making enough money, find another source of income like selling things online or delivering pizzas. That won’t solve all your problems, but at least it’s a start to ditching excuses.


* Failure to follow the 70/30 Rule.
Jim Rohn, one of the county’s leading business authority figures, has a simple formula for building your wealth.

“After paying your taxes, learn to live with 70 percent of your income for your necessities and luxuries”, “it is important to see how you allocate the remaining 30 percent after that.” Mentions Rohn.

Rohn suggests giving one third to charity, one third to equity investments and the last third to savings. You won’t notice anything at first, but “let five years go by and the differences will be noticeable. 10 years later, they will be completely solid.


SOURCE:https://brandspurng.com/2022/01/01/20-habits-that-prevent-you-from-being-a-millionaire/

After seven years of producing electronic gadgets through his company, Imose Technologies, Osayi Izedonmwen took a break to pursue an idea he had been toying with for some time — an edtech startup, Teesas, which now offers video classes and other digital educational material to learners in Nigeria.
Teesas, which was founded less than two months ago, has experienced rapid growth, resulting in a $1.6 million pre-seed funding round. Izedonmwen intends to use the investment to enter new markets, launch a marketplace that connects learners with tutors for private lessons, and broaden its product portfolio.

“We began beta testing in August of this year and released the Android version in November.” Teesas already has over 150,000 downloads on Google Play, where we are growing by at least 20% every week,”.

Teesas’ content is aligned with Nigeria’s national curriculum and is delivered to learners in both live and recorded formats via a subscription program beginning at $6 per month. Aside from regular schoolwork, the startup also provides local language classes.

“Live classes address concepts that pose difficulties for students. “The learners sit with teachers in small remote classes of 10 or 15 for a more personalized engagement and to bring more rigor into the teaching process,” Izedonmwen explained.

Teesas will soon offer full-curriculum modules to students as young as 12 years old.

“We envision a future in which kids do not need to attend in-person classes because they can cover entire curriculums on an app and be prepared for their secondary school entrance exams,” he said.

Teesas plans to launch life-skills classes in the first half of next year to prepare students for self-discovery. This is in addition to anti-bullying lessons, which were inspired by reports of an increase in bullying in Nigeria, with some incidents resulting in death.
Product creation

Teesas development began in March of last year, with the platform’s design and development heavily influenced by its edtech peers in India, which served as benchmarks for content structure and lesson delivery.

“I was looking at India because they are very advanced and have some large companies leading the edtech revolution, such as Byju.” “I went out there to spend some time really understanding the model, as well as looking for opportunities to improve on what they were doing…then we applied indigenous adaptation,” he explained.

He refers to adaptation as the use of local art, food, animals, cultural practices, and languages.

While Izedonmwen is now fully engaged with Teesas, where he is CEO, he also remains chairman of Imose Technologies, the Lagos-based tech company he founded to manufacture and assemble electronic devices such as mobile phones, tablets, internet routers, and laptops.

“Teesas will have the greatest impact on Africa’s educational future.” And I really want to make sure that I’m putting in my best effort in leading that transformation – that’s why I’m focusing fully on it,” he said, while confirming that part of their next strategy will be to enter new markets in Francophone, East, and Southern Africa.

Izedonmwen, a trained engineer, worked for the oil and gas company ExxonMobil for 15 years before founding Imose, rising through the ranks to become the company’s operations manager in Nigeria.

Teesas now joins a growing list of African edtech startups that have recently received funding from investors betting on Africa’s fledgling edtech industry, which has recently seen an upsurge driven by the tailwinds of the covid pandemic.

Kenya’s Kidato and Craydel, as well as Nigeria’s Edukoya and ULesson, are among the new entrants.

Haresh Aswani, Tolaram Group’s Africa managing director, led the Teesas round, which included Olivegreen Advisory Partners, an Africa-focused venture studio, and other angel investors.

“We believe in the mission that Izedonmwen and the Teesas team have embarked on, and we are confident that they are best suited to tackle the challenge of using technology to improve access to quality education across Africa,” Aswani said.

SOURCE:https://brandspurng.com/2021/12/28/teesas-secures-1-6m-to-expand-across-africa-and-launch-a-tutor-in-market-place/

With reports from the Federal Competition and Consumer Protection Commission (FCCPC), electricity has once again topped the list of consumer complaints in 2021, as it did in 2020.
Mr Babatunde Irukera, the Commission’s Chief Executive Officer, told the News Agency of Nigeria (NAN) in Abuja on Sunday that banking-related complaints were second on the list.

Irukera explained that the chart was followed by complaints about aviation and telecommunications.

In 2021, the commission received and resolved 32,000 consumer-related complaints, he said, adding that 80% of complaints were resolved.

“The sectors that received the most complaints are electricity, banking, and aviation, which is now competing with telecommunications for third place.”

“The biggest issue with airlines is not even technical issues, but their lack of transparency, responsiveness, and ability to refund passengers when it is absolutely clear that flying at that time is pointless for them.”

“We’re continuing that battle, and then we’re resolving a lot of complaints,” he said.

Concerning the commission’s challenges, Irukera stated that some businesses had yet to accept that the regulatory landscape had changed and that they now bore responsibility.

“Others include consumers who are sometimes complacent and do not want to enforce their rights, as well as those who criticize the commission even when their rights are being enforced.”

“The nature of our challenges is changing as we go.”

“COVID has presented a tremendous challenge.” It has altered our lives and the way we work, but it has not altered the way we consume.

“People are not going out much to buy things, even food; they now order it to be delivered to them.” This raises the number of complaints because people are unable to gain access.

“There are more complaints, but the infrastructure for handling them remains the same.”

SOURCE:https://brandspurng.com/2021/12/28/the-top-three-consumer-complaint-categories-in-2021/

With a new year comes new possibilities to jump start one’s financial standing and increase their income.
These passive income side hustles are some of the easiest ways anyone can profit off of the knowledge they have gained through studies, work or just general life.

When it comes to side hustles, businesses or just extra ways to make money, many people feel there is always a downside when turning away from traditional income.

However, for those that have recently graduated or see themselves as a topical expert can start making hundreds thanks to their knowledge alone with these unique passive income ideas.

Teach an online course
There are a variety of online platforms like Udemy and Skillshare wherein one can create and teach courses on whatever subject they please.

From physics to knitting, there are an incredible range of courses on these sites already available and thousands of students constantly looking to continue growing their knowledge.

However, it must be noted that because the online course market is so full, finding a gap in the market is vital and going through a few highly rated online courses can show people just what they should include in their own courses.

There are a variety of different modes one can do their course through, such as video, presentations, written synopsis or animations.

The best part of this side hustle is that one only has to create their course once but it can be sold an unlimited amount of times, maximizing the profit to effort ratio.

Blogging
Blogging became incredibly popular during the pandemic and continues to be as people look to widen their knowledge or garner news from multiple sources and perspectives.

Creating a blog also opens a variety of other income opportunities such as affiliate marketing or display advertising.

While it may not make enough for one to live off of, it can be an incredible addition to one’s main income without requiring much start-up costs or effort.

YouTube
With the same principle as blogging, creating educational content on YouTube can be one of the most lucrative passive income available.

YouTube requires a channel to have 1,000 subscribers and 4,000 hours of watch time before they can be monetised.

By building an audience across social media platforms and using this in addition to a blog can see one amassing the required following quite easily.

Like the courses, YouTube videos are created just once, and while it does take a fair amount of time and knowledge to begin with, the content can be viewed countless times in the future.

Write an eBook
Many feel like they have the ability to pen a bestseller but few know what to write about and how to execute it.

Self-publishing an eBook might not garner a cult-following and multiple movie deals for one’s writing but it is a simple and quick way to get started in the industry.

Additionally, if one does their own promotion and publishing there is virtually no monetary input required to become a published author.

Fiction and non-fiction novels will be sold, promoted and published in vastly different ways so it can be worthwhile to do some research on what others in one’s category and genre are doing.

Self-publishing eBooks also provides a greater profit margin and without printing or shipping costs, one needs to do very little to fill orders once the book has been published.

Rent out textbooks
For those that have recently graduated or have a stockpile of textbooks gathering dust, renting them out can bring in some extra pounds for no extra effort.

Many people understand the heartache of spending five digits on a book they will use for eight months at the maximum, but renting them out can be financially beneficial for all parties involved.

Additionally, course notes or textbooks with written/highlighted notes can fetch a higher price as the renter will be gaining a secondary level of knowledge not available to anyone else.

SOURCE:https://brandspurng.com/2021/12/27/five-ways-to-boost-your-income-next-year/

Titan Trust Bank Limited, which barely three years ago won the Central Bank of Nigeria’s (CBN) permit to run within Nigeria, acquired an 89.4 percent stake in Union Bank of Nigeria Plc.

Brand Spur Nigeria understands that Titan Trust Bank Limited, which barely three years ago won the central bank’s permit to run within Nigeria, has acquired 89.4 per cent stake in Union Bank of Nigeria Plc.

“Completion of the transaction is subject to obtaining applicable regulatory approvals and the fulfillment of certain conditions precedent,” Union Bank told Nigerian Exchange Limited (NGX) in a note on Thursday.

The transaction will soften the ground for Titan Trust Bank to hold the largest equity stake by a single investor in any of the country’s publicly quoted banks.

That implies only a limited portion of Union Bank’s shares will be readily available in the open market when the deal is delivered except a corporate resolution to sell down parts of the newly bought interest happens.

Titan Trust Bank came into being on December 12, 2018, and commenced operation as a full commercial national bank following its acquisition of a national banking license from the Central Bank of Nigeria in 2019.

While the bank boasts high-class bankers as members of its management team, it also possesses an enhanced branch network for the best customer experience and service delivery around Nigeria.

According to the bank’s website, the establishment of the bank was borne out of the desire to meet the unfulfilled demands of corporates, SMEs and the retail mass market.

SOURCE:https://brandspurng.com/2021/12/24/all-you-need-know-titan-trust-bank/

Motorola has revealed the name of its smartphones that will be upgraded to Android 12 and has also given a glimpse of what to expect.

Motorola phones run a near-stock version of Android and they don’t have unnecessary bloatware. The company will continue offering the same unadulterated experience with Android 12 with its My UX skin on top for customizations and moto-specific apps.

Moto users can expect Android 12 goodies like the Material You design system for personalizing the user interface, conversation widgets for putting contacts you frequently converse with at the center of the home screen, privacy controls such as indicators for when an app is using your mic or camera and more granular location controls, new visibility features like the ability to zoom in on a part of the display without losing sight of the rest, extra dimness for night-time scrolling, and playing games as they download.

The company will kick off its Android 12 program in February 2022, which is a couple of months of wait. Hopefully, it will not be a buggy mess. Here is the complete Motorola Android 12 update list:

razr 5G
razr 2020
motorola edge 20 pro
motorola edge 20
motorola edge 20 lite
motorola edge 20 fusion
motorola edge (2021)
motorola edge 5G UW
motorola edge plus
motorola one 5G ace
motorola one 5G UW ace
moto g200 5G
moto g71 5G
moto g51 5G
moto g41
moto g31
moto g100
moto g60s
moto g60
moto g50 / moto g50 5G
moto g40 fusion
moto g30
moto g power (2022)
moto g pure
moto g stylus 5G

Business edition devices

moto g pro
motorola edge (2021)
motorola edge 20
motorola edge 20 lite
motorola edge 20 fusion

SOURCE:https://brandspurng.com/2021/12/24/motorola-set-to-release-android-12/

It already smells like Christmas, with the feverish end-of-year activities and bright red and white colors associated with the season everywhere you turn.
Christmas is a much-anticipated season around the world because it is often spent with family and loved ones. It elicits pleasant memories of family and friend gatherings, as well as anticipation of another such gathering.

It’s a magical moment that brings joy into our lives and an opportunity to take a break from our hectic schedules and enjoy ourselves. We should not ignore nutrition just because we are celebrating Christmas. Here are three healthy Christmas dinner options:

Cook your chicken and turkey in the oven.

Chicken and turkey are the most popular protein foods at Christmas. These protein sources are typically paired with a variety of carbohydrates, particularly rice. Baking chicken or turkey in the oven instead of deep frying it is one of the healthier ways to enjoy it this Christmas. Baking your chicken and turkey saves calories while also preserving flavor.

Include healthy beverages.

During the holidays, we pair our meals with beverages of our choice. Instead of fizzy drinks this holiday season, we should consider healthier alternatives like soy yogurt or soy milk. Soy milk and yogurt are both made from soy beans. Because soy beans are high in protein, we can still get our essential nutrients during the holiday season.

Portion management

The abundance of foods is one of the season’s defining characteristics. The key to staying healthy this season is to avoid mindless eating. Portion control is a healthy way to ensure that you are getting all of your nutrients without overeating. Furthermore, using the healthy eating plate allows you to focus on the quality of your diet.

We encourage you to eat healthily as we celebrate the many wonders of Christmas.

SOURCE:https://brandspurng.com/2021/12/24/3-ways-to-eat-healthily-this-holiday-season/

Mr. Babajide Sanwo-Olu, governor of Lagos State, stated on Monday that all statutory instruments that will enable the state government to raise N137.328 billion in bonds from the capital market to deliver critical infrastructure in critical sectors of the economy have now been met.
Sanwo-Olu, who presided over the ceremony in which the state’s Attorney General, issuing parties, and trustees of the funds signed the necessary documents required by the Securities and Exchange Commission (SEC) to facilitate the issuance of a 13% fixed rate bond, made this known.

The event marked the third time the Lagos Government would issue a 10-year bond (2021-2031), for a total value of N377.715 billion from the Lagos State’s Series IV N500 Billion Debt Issuance Programme.

The state intended to raise N125 billion from the capital market but ended up with N137.3 billion due to oversubscription.

He stated that the bond proceeds would be used to finance key infrastructure projects in healthcare, the environment, and road construction, such as the 10-kilometer Eti Osa Regional Road, the six-lane Lekki-Epe Expressway, the Ijeododo Road in Alimosho, and the Oba Sekumade Road in Ikorodu, among others.

According to him, the iconic projects for which the funds would be earmarked would improve residents’ quality of life while also creating a more enabling environment for commercial and economic activities.

“With the issuance of the largest bond ever issued by a sub-national government in Nigeria, Lagos marks yet another milestone in the domestic debt capital markets.”

“The signing ceremony completes the issuance of a N137.3 billion bond at a fixed rate of 13% as part of our Series IV Bond Issuance under the N500 billion Fourth Debt Issuance Programme.”

“We planned to raise up to N125 billion, but we were unable to do so.”

“This humbling achievement demonstrates investors’ continued confidence in the State’s ability to deliver on its infrastructural and socioeconomic development objectives, as well as meet repayment obligations,” the governor said.

“In keeping with our vision of creating a Greater Lagos, the proceeds of this bond will be used to finance infrastructure projects, primarily in roads, the environment, and healthcare.” These projects include a 10-kilometer Regional Road in Eti Osa, a six-lane Lekki-Epe Expressway, Ijeododo Road in Alimosho, and Oba Sekumade Road in Ikorodu.

These will help to improve the standard of living for our people while also creating a more conducive environment for commercial and economic activity,” he added.

Governor Sanwo-Olu stated that the previous intervention capital raised to justify the cost of investment in critical sectors had resulted in multiplier effects in socioeconomic activities.

He stated that Lagos had maintained strict discipline in terms of the size and pricing of its bonds.

SOURCE:https://brandspurng.com/2021/12/23/lagos-issues-a-n137-3-billion-capital-market-bond-to-address-infrastructure-shortages/

In recognition of Unity Bank Plc’s contribution to the growth of entrepreneurship among Nigerian youths, the National Youth Service Corps, NYSC has named the lender “Icon of Youth Empowerment” in an award presented to the Bank during the Skills Acquisition & Entrepreneurship Department, SAED Festival held in Abuja recently.

The NYSC management said it was on record that Unity Bank under the able leadership of the MD/CEO, Mrs. Tomi Somefun had been unwavering in its commitment and support for the Skills Acquisition and Entrepreneurship Development programme of the NYSC as evident in the Corpreneurship initiative through which businesses of hundreds of corps entrepreneurs are being funded.

“In view of the foregoing, NYSC Management honours (Unity Bank) with the award of “Icon of Youth Empowerment” at the closing ceremony of the 2021 NYSC SAED Festival at NAF conference centre, Abuja on this 17th Day of December 2021,” said the Director-General of the NYSC, Brigadier General S. Ibrahim, while presenting the award to Unity Bank.

Speaking after receiving the award, the Group Head, Retail, SME and E-Banking, Mr. Olufunwa Akinmade said: “We are encouraged by this award to continue to partner with SAED in driving the Corpreneurship initiative. We believe that the Corpreneurship Challenge possesses the capacity to unlock the entrepreneurship ingenuity of the youths in Nigeria.

“We commend the leadership of the NYSC for the award, even as we appreciate the leadership and the team at SAED for working hard to make this partnership produce the desired outcome. We are optimistic that the partnership will be sustained for as long as possible until it has impacted a critical mass that considerably reduces graduate unemployment in our nation.”

The Corpreneurship Challenge, which earned the lender the award is a business plan competition that provides corps members with the opportunity to pitch their business ideas and stand a chance of winning business grants ranging from N200,000 to N500,0000 as business capital while receiving mentorship.

Unity Bank premiered the Corpreneurship Challenge in 2019, with a launch in Lagos and in three other states which included Edo, Ogun, and Abuja, but with the increasing popularity of the initiative among corps entrepreneurs, the Bank has now extended the programme to 10 states of the federation including Lagos, Ogun, Abuja, Edo, Katsina, Enugu, Bayelsa, Akwa Ibom, Sokoto and Kaduna.

So far, Unity Bank has invested over N80 million in the initiative, which has now produced 58 winners since it was launched.

SOURCE:https://brandspurng.com/2021/12/21/unity-bank-gets-nysc-recognition-wins-icon-of-youth-empowerment-award/

Due to the coronavirus pandemic, the global economic situation experiences situations that were only experienced in times of wars or international catastrophes.

Inflationary processes are in all nations and some of them, as is the case in the United States, they already announce measures with which they plan to change this by 2022.

In this context, a report carried out by the International Monetary Fund shows that 2020 saw the largest increase in debt in a year since World War II. “World debt increased 28 percentage points to 256% of global GDP“, Vitor Gaspar, Paulo Medas and Roberto Perrelli commented in a text that the organization published.

One of the key points highlighted by specialists is that over the next year, governments will have to find a balance point between high indebtedness and rising inflation. “A significant tightening of financial conditions would exacerbate pressure on the most indebted governments, households and companies“, they explained in that sense.

According to the report, to find a moment in history where so much debt has been taken on in one year you have to go back to the WWII. Although debt levels were high before the pandemic, they never matched those at that time when humanity suffered one of its worst warfare.

“Governments face a world with unusually high levels of public and private debt, new mutations of the virus and rising inflation “, they commented from the International Monetary Fund. Along these lines, they add that monetary policies today are reoriented towards increasing inflation.

“Public debt contributed a little more than half of the increase, and the public debt ratio soared at an unprecedented level of 99% of GDP; and the private debt of non-financial companies and households also reached new highs, “they explain.

According to the IMF, advanced economies and China They accounted for more than 90% of the $ 28 trillion debt increased in 2020 as most developing economies face limited access to funds and often higher interest rates.

“If the public and private sectors are forced to deleverage simultaneously, growth prospects will be clouded“The report’s authors noted. Both emerging market and low-income countries face high debt ratios due to a sharp decline in nominal GDP in 2020.

Public debt in emerging markets reached record highs and in low-income countries it rose to levels not seen since 2000. The sharp increase in debt was justified by the need to “protect people’s lives, preserve jobs and avoid waves of bankruptcies “, they explained, and highlighted that” if governments had not taken measures, the social and economic consequences would have been devastating“.

SOURCE:https://brandspurng.com/2021/12/21/global-debt-reaches-a-record-226-trillion-2/

Rite Foods Limited, Nigeria’s leading food and beverage company has restated its commitment to end hunger in Nigeria with its sponsorship of Charity With Food (CWF 2021) where 1,000 children were fed in Lagos, with a novelty match organized to Kick Out Hunger at the Campus Mini Stadium, Lagos Island.

CWF 2021 is themed ‘The Race to Curb the Menace of Malnutrition and Hunger Amongst Hard-to-Reach Children in Nigeria.’ It is a program of Food Meets Naija Initiative, a Non-Governmental Organization striving to curb the menace of hunger and malnutrition amongst children in Nigeria.

The Food Meets Naija Initiative helps people who suffer from hunger – from kids who do not get enough to eat, to the homeless, elderly, physically challenged, low-income households as well as people below poverty level.

Rite Foods, the leading food and beverage company sponsored the event where it supported the platform with its array of fantastically refreshing Bigi drinks, energy drinks, premium water and sausages to rejuvenate the children and other consumers, thereby helping to achieve the goal of curbing hunger in the society.

Boluwatife Adedugbe, Asst. Brand Manager, Beverage and Bakery, Rite Foods Limited stated that the initiative aligns with the company’s commitment to curbing hunger and ensuring food security in Nigeria. “The need to eliminate hunger from the society is paramount to all and we believe that Rite Foods contribution is vital to the success in the fight and victory against hunger, malnutrition and food insecurity in Nigeria,” she said.

Ms. Adedugbe further appended that the problem of hunger is a collective responsibility that requires all sectors to participate, be it public or private while also reassuring of the company’s readiness to always partner with platforms that make an impact in the lives of people.

Feeding 1,000 children, empowerment, novelty match, karaoke, networking, celebrity meet and greet with other refreshing and exciting activities that entertained the children and consumers were some of the highlights of the Charity With Food 2021 event.

According to the International Primary Curriculum (IPC), around 1.15 million children aged 6-59 months are expected to suffer from acute malnutrition in 2021, with more than half of them (605,000) expected to be severely malnourished.

Rite Foods sponsorship of CWF 2021 initiative has demonstrated the company’s commitment to attaining the 2030 Sustainable Development Goals (SDGs) agenda of zero hunger, by giving back to the community with not only refreshing beverages but also operate on the highest world standards on the continent.

The leading food and beverage manufacturer has helped to bring a meaningful difference to the lives of children and consumers, with an enduring impact on its host community. From 2008 till date, Rite Foods Limited has impacted thousands of children, schools and several NGOs and communities across Nigeria.

SOURCE:https://brandspurng.com/2021/12/20/rite-foods-to-end-hunger-in-nigeria/

The average cost of buying a 12.5kg cylinder Cooking gas in Nigeria spiked by 78.99 % on a year-on-year basis from a lower cost of N4,082.97.

Brand Spur Nigeria reports that this is according to a data released by the National Bureau of Statistics (NBS) cited on NairaMetrics.

In November 2021, the average price of the product was N7,308.06, an increase of 10.09% on a month-on-month basis from a lower cost of N6,638.27 in the preceding month of October 2021.

A cursory look at the data shows that the price increased to its highest level in over two years. Specifically, a 12.5kg cylinder of household cooking gas increased to its highest since November 2018. The trend has been on the bullish part which is particularly worrying for a country plagued with poverty and recovering from an economic downturn due to the pandemic.

5kg cooking gas also surged
Consumers’ average cost of refilling a 5kg cylinder of cooking gas increased by 26.05% month over month, from N2,627.94 in October to N3,312.42 in November 2021.

The average price of the product per 5kg increased by 70.09% year over year, from N1,947.47 in November of last year to N3,312.42 in November of this year.

A cursory look at the states
For 25kg gas, the top three States with the highest prices in November 2021 were Ondo, Oyo and Osun with N8,721.43, N8,648.33 and N8,431.25 respectively.

Conversely, the lowest average prices were recorded in Borno State, Yobe State and Nasarawa State with N5,413.33, N6,300.00 and N6,390.63 respectively.

For the 5kg gas the States with the highest prices in November 2021 were Edo, Cross River and Ebonyi/Jigawa with N3,970.00, N3,933.33 and N3,820.00 respectively, while the three lowest prices were recorded in Gombe State, Bayelsa State and Delta State with N2,033.38, N2,043.55 and N2,196.33 respectively.

SOURCE:https://brandspurng.com/2021/12/20/cost-of-cooking-gas-surges-by-78-within-a-year/

Just as the year is rounding off, Adron Homes and Properties has showered encomium, gifts shopping spree and all expense paid vacation on its best staff of the year.
The reward ceremony which the foremost property company dubbed ‘Incredibles’, was designed to give back and appreciate outstanding staff for doing so well in year 2021.

The leading real estate company, in its usual style, celebrated its leading and best employees across all departments and regions for investing so much effort and expertise in the organization.

The company didn’t relent as it pulled all the stops to celebrate its best staff for the year by organizing a robust shopping spree and a vacation at the Ibom Resort, where they were splashed with splendor and treat for doing well in year 2021.

It was a week filled with shopping, exquisite spa sessions, fine dining, as they enjoyed a luxurious pick up from the airport with so much encomium by the host resort with drums and dancing to usher the Champions into the monumental city of Uyo.

The heartwarming splendor was carried out in all Adron’s continents, namely; Northern continents, Western, Eko, Mainland, Gateway and Rock of ages, which covers the real estate company’s offices and estates across the country.
The Company’s Group Managing Director, Aare Adetola Emmanuelking while addressing the beneficiaries said, “here in Adron Homes and Properties, we celebrate excellence and give back to our workforce and encourage others to do more as the management are watching for the best and won’t relent to honor the best and give them encouragements that are commensurate with their effort in the organization.”

The GMD further charged other staff to be more steadfast and be in their best at all time as the next incredible celebration might be a trip outside the country, he stated..

He also commended the customers for trusting the company and investing in its estates across the country. He promised to continue being the best amongst its equals.

SOURCE:https://brandspurng.com/2021/12/18/adron-homes-appreciates-best-staff-splash-millions-on-vacation-treat/

Target Global led a $3.5 million pre-seed round for Edukoya, an African-focused online learning platform that enables learners and their parents to access high-quality education.
Angel investors include, among others, Shola Akinlade, co-founder/CEO of Paystack, Babs Ogundeyi and Musty Mustapha, co-founders of Kuda, Brandon Krieg and Ed Robinson, co-founders of Stash, and Raffael Johnen, CEO of Aux Money.

Edukoya, founded in May but launched into beta in December this year by former Google Nigeria boss Honey Ogundeyi, aims to empower learners and their parents to take control of their learning by making it easier for them to access high-quality learning material and expert help.

The platform is specifically designed for Nigerian secondary school students. At least, that’s its current pitch. Edukoya offers exam preparation and homework tutoring 24 hours a day, seven days a week, as well as a data-driven question bank with step-by-step solutions and personalised performance tracking systems.

Public education in Nigeria is deplorable; there are far too many factors working against it, ranging from inadequate funding to incompetent teachers to poor government policy. As a result, only a small percentage of Nigerians have access to high-quality education.

The seven-month-old startup claims to provide a free supplementary learning platform as well as subscription packages with premium features geared toward K-12 learning and exam preparation. This offering combination is expected to reduce the disparity in quality education distribution. The platform operates entirely online, promoting self-paced learning and allowing learners to save time and money.

At Edukoya, our vision is to reimagine online education for the next generation of Africans.” “Africa has the world’s fastest-growing school-age population, with over 260 million students and counting,” Ogundeyi, the founding CMO of Kuda Bank, said in a statement about the new investment. “Our goal is to democratize access and make high-quality instruction and content available to all students, regardless of where they live on the continent.”

Target Global Investment Director Lina Chong stated, “We [Target Global] are delighted to lead this investment and partner with Ogundeyi and her impressive team of education technology pioneers.” “Edukoya’s mission to improve the quality of education for millions of African students, combined with the team’s ability to carry out that mission, made an immediate impression on myself and the entire Target Global team.” Their company has the potential to unlock learner potential and improve people’s lives all over the world.

This is the largest pre-seed investment in African edtech, as well as the largest investment raised by a single Nigerian female founder. The funds will be used to move the company from beta to live launch in Nigeria by 2022. It will also expand its online curriculum content coverage and on-demand tutoring feature for secondary school students, as well as accelerate its product and technology development.

In terms of funding, the African edtech scene got off to a slow start this year, but it is finally picking up steam. Despite the fact that it is a large market to serve, competition is increasing with the presence of platforms such as uLesson, which recently secured a $15 million check to double-down on the same market segment Edukoya is targeting.

However, regardless of who launches first, it is still too early to predict who will emerge as the industry leader.

SOURCE:https://brandspurng.com/2021/12/18/edukoya-raises-3-5-million-to-provide-high-quality-secondary-education-online/

BUA Group has integrated its sugar, flour, pasta, rice and edible oils food businesses into a single entity.
Abdul Samad Rabiu, chairman of the group, told CNBC Africa in an interview on Thursday.

The billionaire businessman said that the new entity — BUA Foods — would magnify the business as he intends to list it on the Nigeria Exchange Limited (NGX).

According to him, the listing would help people realise the true value chain of the business and assist in dealing with Nigeria’s food crisis.

A lot of people do not know the size of this business,” he said.

Now that we have done that, people will understand and appreciate the business.

“It’s a huge business, and it has a lot of impacts, especially the plantation that we have in Kwara State. Because that is a 20,000-hectare project.”

Rabiu said that from 2022, once production kickstarts, the group would be producing about 200 thousand tons of white fortified premium sugar.

Also, he said that its sugar refineries in Lagos and Port Harcourt produce about 1.5 million tonnes per annum — the Port Harcourt refinery — exporting sugar to West African countries as an export-based refinery.

“Therefore, we thought it was important for people to appreciate and understand what we have, and with the refinery in Port Harcourt, we will be able to export to most of these West African countries that do not have refineries,” the chairman said.

The group’s current capacity for flour milling and pasta at 576,000 tons and 250,000 tons, respectively, is expected to increase to 1.4 million tons for the combined capacity, according to the chairman.

“By the middle of next year, we are going to be doing about 1.4 million tons combined,” he said.

He said the expansion project in flour milling and pasta will be delivered in Port Harcourt by mid-2022.

SOURCE:https://brandspurng.com/2021/12/17/bua-group-merges-food-businesses-to-list-on-ngx/

In 2020, we observed the largest one-year debt surge since World War II, with global debt rising to $226 trillion as the world was hit by a global health crisis and a deep recession.
Debt was already elevated going into the crisis, but now governments must navigate a world of record-high public and private debt levels, new virus mutations, and rising inflation.


Global debt rose by 28 percentage points to 256 percent of GDP, in 2020, according to the latest update of the IMF’s Global Debt Database.

Borrowing by governments accounted for slightly more than half of the increase, as the global public debt ratio jumped to a record 99 percent of GDP. Private debt from non-financial corporations and households also reached new highs.

Debt increases are particularly striking in advanced economies, where public debt rose from around 70 percent of GDP, in 2007, to 124 percent of GDP, in 2020. Private debt, on the other hand, rose at a more moderate pace from 164 to 178 percent of GDP, in the same period.

Public debt now accounts for almost 40 percent of total global debt, the highest share since the mid-1960s. The accumulation of public debt since 2007 is largely attributable to the two major economic crises governments have faced—first the global financial crisis, and then the COVID-19 pandemic.

The great financing divide

Debt dynamics, however, differ markedly across countries. Advanced economies and China accounted for more than 90 percent of the $28 trillion debt surge in 2020. These countries were able to expand public and private debt during the pandemic, thanks to low interest rates, the actions of central banks (including large purchases of government debt), and well-developed financial markets. But most developing economies are on the opposite side of the financing divide, facing limited access to funding and often higher borrowing rates.

Looking at overall trends, we see two distinct developments.

In advanced economies, fiscal deficits soared as countries saw revenues collapse due to the recession and put in place sweeping fiscal measures as COVID-19 spread. Public debt rose 19 percentage points of GDP, in 2020, an increase like that seen during the global financial crisis, over two years: 2008 and 2009. Private debt, however, jumped by 14 percentage points of GDP in 2020, almost twice as much as during the global financial crisis, reflecting the different nature of the two crises. During the pandemic, governments and central banks supported further borrowing by the private sector to help protect lives and livelihoods. Whereas during the global financial crisis, the challenge was to contain the damage from excessively leveraged private sector.

Emerging markets and low-income developing countries faced much tighter financing constraints, but with large disparities across countries. China alone accounted for 26 percent of the global debt surge. Emerging markets (excluding China) and low-income countries accounted for small shares of the rise in global debt, around $1-$1.2 trillion each, mainly due to higher public debt.

Nevertheless, both emerging markets and low-income countries are also facing elevated debt ratios driven by the large fall in nominal GDP in 2020. Public debt in emerging markets reached record highs, while in low-income countries it rose to levels not seen since the early 2000s, when many were benefiting from debt relief initiatives.

Difficult balancing act

The large increase in debt was justified by the need to protect people’s lives, preserve jobs, and avoid a wave of bankruptcies. If governments had not taken action, the social and economic consequences would have been devastating.

But the debt surge amplifies vulnerabilities, especially as financing conditions tighten. High debt levels constrain, in most cases, the ability of governments to support the recovery and the capacity of the private sector to invest in the medium term.

A crucial challenge is to strike the right mix of fiscal and monetary policies in an environment of high debt and rising inflation. Fiscal and monetary policies fortunately complemented each other during the worst of the pandemic. Central bank actions, especially in advanced economies, pushed interest rates down to their limit and made it easier for governments to borrow.

Monetary policy is now appropriately shifting focus to rising inflation and inflation expectations. While an increase in inflation, and nominal GDP, helps reduce debt ratios in some cases, this is unlikely to sustain a significant decline in debt. As central banks raise interest rates to prevent persistently high inflation, borrowing costs rise. In many emerging markets, policy rates have already increased and further rises are expected. Central banks are also planning to reduce their large purchases of government debt and other assets in advanced economies—but how this reduction is carried out will have implications for the economic recovery and fiscal policy.

As interest rates rise, fiscal policy will need to adjust, especially in countries with higher debt vulnerabilities. As history shows, fiscal support will become less effective when interest rates respond—that is, higher spending (or lower taxes) will have less impact on economic activity and employment and could fuel inflation pressures. Debt sustainability concerns are likely to intensify.

The risks will be magnified if global interest rates rise faster than expected and growth falters. A significant tightening of financial conditions would heighten the pressure on the most highly indebted governments, households, and firms. If the public and private sectors are forced to deleverage simultaneously, growth prospects will suffer.

The uncertain outlook and heightened vulnerabilities make it critical to achieve the right balance between policy flexibility, nimble adjustment to changing circumstances, and commitment to credible and sustainable medium-term fiscal plans. Such a strategy would both reduce debt vulnerabilities and facilitate the work of central banks to contain inflation.

Targeted fiscal support will play a crucial role to protect the vulnerable (see the October 2021 Fiscal Monitor).

Some countries—especially those with high gross financing needs (rollover risks) or exposure to exchange rate volatility—may need to adjust faster to preserve market confidence and prevent more disruptive fiscal distress. The pandemic and the global financing divide demand strong, effective international cooperation and support to developing countries.

Virat Singh, Andrew Womer, and Yuan Xiang provided valuable research assistance updating the Global Debt Database.

SOURCE:https://brandspurng.com/2021/12/16/global-debt-reaches-a-record-226-trillion/

Honours continue to roll in for Nigeria’s leading digitally-driven financial institution, Wema Bank, following its announcement as the winner of the ‘Most Innovative Digital Bank’ in Nigeria at the 2021 Digital Banker Africa Awards.

Digital Banker Africa, the continent’s premier, magazine and website organizes the Digital Banker Africa Awards to celebrate organisations from across Africa that have stood out from amongst their peers with outstanding innovation, infrastructure and development along with the use of pioneering technology to support their business and customers.

The award’s judging panel comprises professionals with a combined experience of over 110 years of financial and business journalism experience, and is supported by a team of researchers who have ensured that the award winners are the most deserving in their category.

Last month, Africa’s first fully digital bank, ALAT by Wema, was awarded the ‘Most Outstanding Digital Bank Brand of the Year Award’ at the 2021 Brandcom Awards, which honours brands, agencies, and notable individuals in the brands and marketing communications industry who have distinguished themselves with tangible and laudable impact.

This latest award further recognises Wema Bank’s consistent innovativeness in delivering value to its stakeholders, enabling its customers to bank with ease and live their desired lifestyles.

Commenting on the award, the Managing Director/CEO, Wema Bank, Ademola Adebise, said it attests to the bank’s digital growth and confirmation of its position as a leading innovative financial institution.

“We are grateful for this honour recognising our relentless effort in becoming Nigeria’s leading innovative digital bank. We dedicate this to all our customers who trust us and have continuously made us and our game-changing digital bank, ALAT their first choice,” he said.

He said that the award would further motivate Wema Bank to do more in the service of its customers. “This recognition serves as an encouragement for us to continue to build on our successes and invest more in our product offerings. We are committed to improving the lives of our customers in every way, enabling them to make it through each day in the best and easiest way possible with our services,” Adebise said.

The Bank’s passion to solidify its position as a leader in the digital banking space has seen it build a robust portfolio of digital solutions tailored to meet a diverse pool of customers and tailor-made to suit the dynamic lifestyles of students, budding entrepreneurs and young professionals. The Bank was the first to pioneer card control, a solution that allows customers secure their payment cards by locking and unlocking their cards directly from their mobile phones, also offering USSD Banking through its *945# platform.

SOURCE:https://brandspurng.com/2021/12/15/wema-bank-named-2021-most-innovative-digital-bank-in-nigeria-by-digital-banker-africa/

The Federal Government has announced that the Siemens AG power project, which aims to increase Nigeria’s power delivery capacity to 25,000 megawatts, will be restarted in the first quarter of 2021.
Abubakar Aliyu, the Minister of Power, stated on Thursday that the German firm, Siemens AG, would begin operations in Nigeria soon and that project activities would begin in earnest.


Siemens is assisting Nigeria in increasing its electricity capacity to 25,000MW through the Presidential Power Initiative.

However, the project has been stalled since an agreement was reached on August 31, 2018 in Abuja between the German firm and the Federal Government.

Nigeria and Germany had agreed to collaborate in order to address challenges in the country’s power sector and expand capacity for future power needs.

Aliyu told journalists at a Power Correspondent Association of Nigeria workshop that efforts were being made to get the project up and running.

Nigeria’s power generation capacity is currently around 4,500MW, with the Siemens deal aiming to increase this to 25,000MW.

“The Presidential Power Initiative, which began in 2021 and is expected to be completed in 2025,” Aliyu, who was represented by Minister of State for Power, Goddy Jedy-Agba, said.

“The phases cover the upgrading and expansion of transmission and distribution networks, improving access to affordable, efficient, and reliable electricity, and providing support for the country’s industrial and economic growth.”



“The first phase, which began in 2021, will last 10 months, with the ultimate goal of increasing to 7,000MW.” So far, there has been no hiccup because the team is in the pre-engineering phase.

“In the second phase, availability will be increased to 11,000MW, and in the third phase, availability will be increased to 25,000MW.”

Aliyu stated that given Siemens AG’s accomplishment of a similar plan in Egypt, as well as its reputation as an international giant in power sector related engagements, the Nigeria Electricity Roadmap was strongly believed to be possible and achievable.

SOURCE:https://brandspurng.com/2021/12/14/25000mw-siemens-power-project-will-begin-in-the-first-quarter-of-2022-fg/

The Lagos State Government has announced the launch of its new electricity sector policy, designed to meet urban planning standards, and satisfy the demand for various social amenities, while improving economic opportunities in the state.
Held at the Eko Hotels, the launch of the state’s electricity policy, brought together leading stakeholders and policymakers from the power and energy sector in the state, towards the actualization of the Governor Babajide Sanwo-Olu led administration’s commitment, to ensure universal and reliable electricity access for all residents across the state.

Unveiling the policy, The Executive Governor of Lagos state, Mr Babajide Sanwo-Olu, commended the Lagos State Commissioner for Energy and Mineral resources, Mr Olalere Odusote and his team for their commitment towards the achievement of the Lagos State’s vision of providing reliable electricity for Lagosians at all levels “Today’s unveil of the Lagos State electricity policy is a welcome development that will significantly improve the viability of investments in the Lagos State Electricity Market. while the unveiling of this policy is laudable, the implementation is a collective one, that would require the collaboration of all stakeholders. Therefore, everyone has a role to play, from Government to individual residents and even corporate bodies, we all must recognize our different roles and commit to acting in good faith, only then will everyone enjoy the full benefit of this policy”

The event featured a panel session attended by policy makers, business leaders, Government representatives and leading investors across the states public and private sectors, with conversations centered around implementing a holistic solution that delivers clean, adequate and reliable electricity supply within the geographical territory of the state.

Speaking during the launch, Honorable Commissioner for Energy and Mineral resources, Lagos State, Mr Olalere Odusote, described the launch of the electricity policy as an important milestone that will accelerate the state government’s vision of making Lagos a 21st century economy “Lagos state is not just Nigeria’s most populous state, it is also the commercial center of the country and a major centre for both domestic and international trade as well as labour mobility, we are committed to sustaining an enabling environment for an electricity market that support the huge demand that the growth in Lagos generates, and the launch of this policy is a step in the right direction towards the achievement of this goal”.

The new policy articulates the vision of the Lagos State government on the necessary constitutional, legal, engineering, and commercial foundations for creating a viable sub-national electricity sector that caters fully to the needs of its citizens, while enabling significant socio-economic growth and development both for Lagos State and the country at large.

The Lagos electricity policy also ensures that future electricity solutions are not only available but environmentally friendly with alternative power backup solutions. With its Integrated Resource Plan (IRP) in partnership with the United States Agency for International Development (USAID), the policy is expected to significantly contribute to the reduction of carbon emissions and improve the quality of life of the people of Lagos.

SOURCE:https://brandspurng.com/2021/12/14/lagos-unveils-electricity-policy/

According to reports, Mr Femi Otedola may have purchased additional shares of First Bank Nigeria, FBN Holding Plc, from the Nigerian Exchange Limited, NGX, this week in order to increase his stake in the bank.
Market participants believe he has the right to buy more shares from the secondary market if they become available in order to increase his holdings in the bank, as speculation has it that he has increased his total stake to 7.57 percent.

However, when Vanguard contacted the NGX’s spokesperson, Mr Clifford Akpolo, he stated, “I am not aware of any transaction from Femi Otedola as the Exchange has yet to receive any notice to that effect.” I’ll find out if there are any and get back to you.”

The NGX spokesperson had yet to respond at the time of filing the report.

Meanwhile, the weekly transactions for the week ending Friday revealed that investors exchanged 35.346 million units of FBN shares, with the price rising by 10 kobo to N11.90 per share from N11.80 per share.

It will be remembered that Otedola previously made piecemeal acquisitions of FBN shares totaling 5.07 percent.

If he did buy more shares this week, he will formally consolidate his position as the single largest shareholder of FBN Holdings, putting him well ahead of his closest rival, FirstBank chairman Tunde Hassan-Odukale, with whom he has been feuding since the news of his share purchases broke in late October.

SOURCE:https://brandspurng.com/2021/12/13/otedola-becomes-largest-shareholder-at-first-bank-holding/

Huawei has successfully trained more than 600 students through the “Seeds for the Future” program in 14 sub-Saharan countries covering emerging ICT technologies such as 5G, cloud computing, and AI, helping them get job ready for the digital economy era.
Seeds for the Future is Huawei’s global CSR flagship program. Launched in 2008, it aims to help nurture local talent, promote knowledge transfer, increase people’s understanding and interest in the ICT industry, and encourage countries and regions to participate in the digital community building.

By 2021, the program has been implemented in 131 countries and territories worldwide, with nearly 9,000 students participating. Since 2014, the program has been held in sub-Saharan African countries. So far, 25 countries in Africa, including Nigeria, South Africa, Kenya and Ghana, have participated in the training, which has so far benefitted more than 1,000 students.

In this year’s training, Huawei has paid more attention to bridging the gender divide in science and technology training. More than one-third of the total number of Seeds candidates were women.

According to the Mobile Economy in Sub-Saharan Africa 2020 report, released by the Global Association for Mobile Telecommunications Systems, sub-Saharan Africa is the fastest growing region in the world, and African countries have entered a rapid developmentof the digital economy era. In this process, ICT technologies are an important engine that drives countries’ development, and mastering of ICT technologies is the engine’s key.

Through programs such as Seeds for the Future, Huawei cultivates ICT knowledge and skills for local youth. During COVID-19 pandemic, the program took place via online learning, and in person where possible. Students were offered the flexibility to access several ICT courses online at their own pace. They were invited to participate in science and technology roundtables, and interact with youth around the world in real time. Through 5G live broadcasts, students were able to join guided tours of Huawei exhibition halls and historic cultural sites in China.

Meanwhile, under the guidance of professional mentors from the Huawei’s Tech4Good program, they were encouraged to design solutions to solve developmental challenges facing eachof their countries, and realize the value of practical application of the theory they had learned.

Other highlights include: In Ghana, nine ICT training sessions were held in junior high schools, senior high schools and universities. Currently, the ICT training program is still under way. In Madagascar, it provided basic digital skills and training to more than 30 women.

Governments in sub-Saharan Africa have also given high interest to the project. The South African government has included a series of talent development initiatives, including Seeds for the Future, in its national digital economy master plan. The heads of state of Uganda, Mauritius, and Malawi have highly praised Huawei’s talent development plan. The President of Mauritius, Prithvirajsing Roopun said Huawei’s project would help build a national ICT talent team, strengthen youth employment capabilities, and support the National Digital Mauritius 2030 Strategic Plan.

SOURCE:https://brandspurng.com/2021/12/12/huawei-trains-over-600-on-students-ict/

BUA Group led by Alhaji Abdul Samad Rabiu has formally unveiled BUA Foods, under which its food businesses are now consolidated.

During the unveiling/media launch of the BUA Foods Plc at the company’s corporate head office in Lagos, Rabiu disclosed that the sugar, flour, pasta, rice and edible oil have all been integrated into the BUA foods.

According to him, BUA Group, one of the largest indigenous conglomerates in Africa, is investing heavily in the nation’s food industry.

“We have built eight ultra-modern factories across the country where we refine and process sugar, flour, pasta products, edible oils, and rice.

“We have a refining capacity of 1.5 million metric tons (MT) of sugar yearly from our two automated sugar refineries in Lagos and Port Harcourt.

“Our flour milling and pasta processing factories have a milling capacity of 576,000MT and 250,000 tons total annual production.

“By the middle of next year, we will commission our new lines in Port Harcourt, and with that, we will have 850,000 tons of flour and another 250,000 tons of pasta.

“That will give us a total of 1.4m tons of flour milling and 500,000 tons of pasta from next year. BUA oil factories in Lagos and Kano produce high-quality oil from groundnut and palm oil.

He stressed, “We have invested in large scale estates within the country to help deepen local sugar production.”

Reacting, Mr Ismail Ajao, the production manager of Royal bite company in Lagos said the BUA flour milling factories will reduce the increasing price of flour.

Currently, he said flour is N22,000 rising from N11,500 some months ago. “If BUA increases its production capacity, it will help in no small way.

“There will be more flour which will force their competitors to also reduce the price of the product,” he said.

SOURCE:https://brandspurng.com/2021/12/10/bua-group-unveils-bua-foods/

Nokia today announced that it has been selected by Teletalk Bangladesh Ltd (Teletalk) to deploy a 5G network in the country for the first time.


The deal supports the government’s digital agenda to drive automation, digitalization, and Industry 4.0 in Bangladesh underpinned by 5G. The new network will drive faster speeds, lower latency, and reliability and support the intelligent transformation of industries including education and healthcare.

In the initial phase of deployment, Nokia will provide equipment from its latest ReefShark System on Chip-powered AirScale equipment portfolio including its 5G AirScale Digital Baseband Unit with a plugin capability to add capacity where it is needed. It will also supply its high-performance 64TRX AirScale massive MIMO Adaptive Antennas to cover all deployment scenarios including dense-urban environments and wide-area coverage.

Teletalk is launching its 5G network to coincide with Bangladesh’s Golden Jubilee of Independence celebrations. Teletalk is upgrading its network including support for rural areas as well as the introduction of 5G networks to the main city areas.

Nokia and Teletalk have been partners since 2004 with the joint deployment of 2G, 3G, and 4G networks. Nokia also supplies transport and core solutions and signed a network expansion and modernization deal.

Md. Shahab Uddin, Managing Director of Teletalk Bangladesh Ltd, commented: “This initiative is important for the future of Bangladesh and in building a digital society underpinned by 5G networks. Our ongoing collaboration and partnership with Nokia are key to us delivering a state-of-the-art network and delivering superior communications services to our customers.”

Mark Atkinson, Senior Vice President, Radio Access Networks PLM at Nokia, said: “We are delighted to continue our longstanding partnership with Teletalk and take it into the 5G era. Teletalk and the Bangladeshi government have broad ambitions to drive societal change through a foundation of 5G networks. The network expansion and modernization initiative will help Teletalk attract new subscribers in the rural region and reduce churn in the urban areas. Our global experience will enable Teletalk to offer enhanced customer experience to its subscriber.”

SOURCE:https://brandspurng.com/2021/12/09/nokia-and-teletalk-bring-first-5g-network-to-bangladesh/

Lana Denina has earned over $300,000 from selling her art as NFTs, or nonfungible tokens, on various platforms since February. However, she had only recently begun to understand what they were.
“I didn’t know anything about blockchain at the time,” the 24-year-old admits to CNBC Make It. She began looking into it, and “my mind was blown,” she says. “It was truly revolutionary.”

Denina, a painter, was immediately impressed with the technology and its ability to serve as a vehicle for proof of ownership for artists. “Traditional galleries are kind of like the old world,” Denina says, referring to the lack of diversity. “I was never completely drawn to it, especially as a woman of color.”

Unlike traditional art markets, NFTs and Web3 enable artists to create their own galleries and set their own prices online, according to Denina.

Denina, who is based in Montreal, Canada, began by selling individual NFTs of paintings she had done, but soon expanded to listing complete collections. Single works are one-of-a-kind, non-generative pieces, but collections are frequently generative and intended to be collectable.

Her most recent collection, the Mona Lana, was released in November and sold out in a matter of weeks.

Denina painted 500 distinct pictures of ladies for the Mona Lana collection. She claims that each portrait was created using code with 112 different features.

“It shot off like a rocket. “I was taken aback,” Denina admits. “I’m not sure if I struck it rich. For me and my girlfriend, it was a huge success. We put a lot of effort into this project and were quite pleased with the results.” Denina collaborates with a partner but does all of the artwork herself. She didn’t say if the profits are shared.

Denina explains that in her art, she represents people of color and Black culture, which has struck a chord with many in the NFT community. Customers who say they opted to get their first NFT after witnessing her work make her very happy.

“They really wanted to get an NFT when they saw the Mona Lana,” she says. “They were looking at other initiatives before that, and maybe they didn’t feel adequately represented.”

Denina plans to donate a percentage of sales to Cyber Baat, a creator DAO collective that promotes African artists, and to women’s shelters in Canada after the Mona Lana collection reaches 100 ether in volume traded. She’s now close, with a volume traded of 99.5 ether.

Denina is doing well in the NFT space and believes it is different from the traditional market, but she believes there is still more to be done in terms of diversity and assistance.

Denina tweeted in November, “As a young woman of color in this environment, it has been 100 times harder to be accepted and considered as equal as the other dudes of this place.” “However, I’ve also met folks who are really supportive, extremely intelligent, and extremely brilliant.”

SOURCE:https://brandspurng.com/2021/12/06/twenty-four-years-old-made-over-300000-selling-nfts/

One of the pillars of Agenda 2063 is the free movement of natural persons on the continent, which is partly predicated on an African passport. However, for many Africans, free movement remains a dream.
“When I go around Africa, I don’t need a visa. I take my African passport and I go,” says Nkosazana Dlamini-Zuma, the former African Union (AU) Commission chairperson who spearheaded the flagship Agenda 2063.

Dlamini-Zuma made the remarks at the recently concluded Intra-African Trade Fair (IATF) 2021 in Durban, where a common observation was the lack of ease of travel for Africans on their own continent.

In addition to administrative teething problems, such as issuance of visas and passports, the region’s ambitions towards realising an ‘open skies’ policy have suffered setbacks, including South African Airways’ weakened position and the potential loss of Addis Ababa as a transit hub because of the internal instability in Ethiopia. The country’s crisis poses a risk to Ethiopian Airlines, which has in recent years emerged as a regional success story.

“[…] On the open skies, for instance, there is policy. It’s for countries now to implement… [For] ease of travel, there is an African passport. When I go around Africa, I don’t need a visa. I take my African passport and […] go,” said Dlamini-Zuma.

Print, print, print
However, the caveat is that it is up to individual countries to print the African passport for their citizens because “the AU doesn’t know the citizens. It’s the countries that do”, said Dlamini-Zuma.

According to the South African minister, “each country must print and say, ‘AU passport South Africa’, ‘AU passport Nigeria’”. She insisted “that [countries printing African passports] will ease [travel], even before visas, because the passport allows you to move”.

Beyond the African passport, she urged a rethink on how Africa views itself as a travel market.
“I think we must see ourselves as domestic in terms of continental, but if we see ourselves as distinct countries then that domestic will disappear. That’s why the EU, if you look at their tourism or anywhere else, the greatest numbers come from their continent,” she added.

Kenny Hlela, a director at the department of tourism in South Africa, says when it comes to open skies, most African countries are defensive.

“We need to take a risk and liberalise the air market, the air space. That’s what Europe did. In fact, America [led] and they started growing. The space became competitive,” says Hlela. However, the same cannot yet be said about Africa and thus, Hlela prescribes a co-ordinated effort to remedy the situation.

Cause of frustration
Wamkele Mene, the general secretary of the African Continental Free Trade Area (AfCFTA) Secretariat, says: “I share your frustrations on the movement of natural persons.”

He echoes Dlamini-Zuma’s sentiments, that an instrument to facilitate free movement of natural persons does exist, and it is currently sitting before AU member states. It is the AU protocol on the movement of natural persons.

However, “regrettably, it has been ratified by only 10 or 11 countries. That means we still have a long way to go before there are legal obligations to enable movement of natural persons”, says Mene. “We know from the experience of the EU that if you want to boost intra-Africa trade, you have to enable movement of natural persons.”

For pre-negotiated categories of business people, free movement around the continent is closer to reality. “… [A] step before the free movement of persons, is movement of businesspersons,” says Mene, who adds that “in the category of trade in services [in the AfCFTA], we have a category of movement of businesspersons.”

“It’s not 100% movement of natural persons, but with this mode four mechanism we will enable businesspersons, pre-negotiated categories of businesspersons, to have access to the whole continent. […] it is a step in the [right] direction while we wait for the protocol on the free movement of persons to be ratified,” he says.

Bureaucratic bother
Thebe Ikalafeng, the chairperson of Brand Africa, has travelled to every country on the continent. “One of the challenges is having to pay for about 30 or so visas just to move around Africa,” he tells The Africa Report.

“[…] sometimes I have to leave the continent to come back to another country in Africa because we don’t have open skies. We don’t have the airlines. We don’t have those conducive ways to make it easy for Africans to travel,” says Ikalafeng.

“I am here [at the IATF 2021] to announce the launch of Africa’s Best Places. I am adding to Africa’s Best Brands, which we have done for the last 10 years, by looking at Africa’s Best Places from a tourism, investment and citizen mobilisation point of view,” he tells The Africa Report.
The big reveal is scheduled for 1 September 2022. “Between now and then, I am putting together a pan-African adjudication, research, and survey team. I am inviting Africans to bring forward those best places,” he says.

States sitting on protocol
At the AU level, the commissioner for trade, Albert Muchanga, cites the protocol on the Abuja Treaty. “That protocol opened for signatures in 2018. At this point, we have about 30-32 countries that have signed the protocol. About four countries have ratified the protocol. It requires a minimum of 15 for it to enter into force.”

When that protocol is in force, “there is going to be free movement of people across Africa – visa free. There’s also going to be an African passport. Each African will decide where to reside or establish a business”, Machunga says. “In addition, there is going to be mutual recognition of academic and professional qualifications.”

As Africans wait for that to happen, the continental body has made moves, “one of which is to provide AU passports to Africans who are always travelling around the continent. Some countries have taken it upon themselves to issue visas on arrival”, says Muchanga.

The AU commissioner for trade concedes that “we are slowly liberalising the movement of people. It’s not going to be done today. It will take some time.”

In-country lobbying required
“During this IATF, that issue of the African passport, that issue of difficulty moving across Africa came up. I listened. I am going to share the concerns with the other members of the commission when I get back to Addis Ababa,” Muchanga says.

“For now, we have taken incremental steps to address that issue. Stakeholders also help us by lobbying your respective countries to sign and ratify the protocol,” Muchanga tells The Africa Report.

SOURCE:https://brandspurng.com/2021/12/04/aus-failure-to-ratify-african-passport-protocol/

For a long time, agriculture has been the mainstay of the African economy. It is a source of employment and livelihood for its people. About 60 per cent of the sub-Saharan population are smallholder farmers, and 23 per cent of the sub-Saharan GDP comes from just agriculture.

Even with these figures, the sector’s potential has not been maximized. Productivity remains a problem for the sector; many farmers lack access to arable lands, good-quality seedlings, fertilizers, and best farming practices.

To bridge the continent’s productivity deficit and meet the needs of its burgeoning population, many agritech companies have emerged across Africa. In 2020, agri-tech startups across Africa raised $59,990,000, representing 8.6 per cent of the total funding secured by tech startups in the year in review.

These startups use cutting-edge technologies like drones, automated irrigation, and soil sensors. They also set up digital systems to help farmers access markets, inputs, insurance, financing, and knowledge. All to one end – increased productivity.

Here are some mission-driven agri-tech companies in Africa you should know about:

AgriProtein (Johannesburg, South Africa)

Jason Drew founded Agriprotein in South Africa in 2016. The company diverts 100 tonnes of organic waste from landfills daily and produce over 2,000 tonnes of MagMeal annually. The company uses insects and technology to convert organic waste into valuable products such as alternative protein for use in livestock and aquaculture feed, natural oil for use in animal feed, and an organic soil enhancer.

Waste collected from landfills is processed and crushed into a paste. Black soldier flies are then brought together in climate-optimized cages to mate on the paste. Usually, the female flies lay about 500 eggs which hatch after about five days, and larvae become scattered over the organic waste. As the larvae increases in weight, the organic nutrients converts into protein. After final processing, MagMeal – a natural organic animal feed with 55 per cent protein – is the end product and is sold for fish aquaculture.

The fat extracted during processing is converted into MagOil, which serves as a health supplement for animals and as biofuel. The organic material left is also transformed into MagSoil, a nutrient-rich compost.

AgriPredict (Lusaka, Zambia)

AgriPredict was founded in 2016 by Cassandra Mtine-Makumbi and Mwila Kangwa. Many farmers on the continent struggle with a lack of timely agricultural information, and this affects their yields. AgriPredict provides farmers with access to information that will help them identify diseases, predict pest infestations and weather conditions. The startup also provides weather predictions to help farmers plan better.

AgriPredict alerts users when a disease or pest infestation is detected in a given area. The mobile application is available for download on the Android platform or via a USSD platform. A farmer can take a photo of a suspected diseased plant and have AgriPredict give a diagnosis, treatment options, and the location of the closest agro-dealer in the area. Marketing is one of the major problems affecting small-scale farmers in Zambia, so AgriPredict connects farmers with markets for fair trade of their commodities.

Aerobotic (Cape Town, South Africa)

Founded in 2014 by James Paterson (CEO) and Benji Meltzer (CTO), Aerobotic is a data analytics company using aerial imagery and machine learning algorithms to optimize crop performance for farmers globally. To use Aerobotics’ tech, farm owners sign up on Aeroview, its cloud-based pest and disease management application. After downloading and signing up, farmers can inspect threats on the ground and view farm analytics data on a machine-learning-enabled platform. Farmers use the data to grow fruits and trees and identify healthy and unhealthy plants. Their service is active in 18 countries across Africa, Asia, and Europe.

Twiga Foods (Nairobi, Kenya)

Twiga Foods is a B2B food distribution company co-founded by Peter Njojo and Grant Brooke in 2014. The company leverages technology, modern distribution and logistics to modernize African retail. It connects farmers with vendors, allowing food to be sourced and delivered throughout Kenya.

The company has reduced typical post-harvest losses in Kenya from 30 per cent to four per cent for produce marketed on the Twiga network. The company has also integrated a fintech product that offers vendors credit to build their businesses. Since its launch in 2014, Twiga Foods has helped over 17,000 fresh food producers by ensuring an average delivery of thrice a week on average to 8,000 retailers.

Farmcrowdy (Lagos, Nigeria)

This agri-tech company is Nigeria’s first digital agriculture platform that connects farm sponsors with real farmers to increase food production. Farmcrowdy was founded by Onyeka Akumah, Akindele Phillips, Temitope Omotolani, Christopher Abiodun, and Ifeanyi Anazodo in 2016.

Although it started as a platform focused on raising finance for small-scale farmers across Nigeria, it has expanded to become a fully digital platform that cuts across all agricultural value chains. It presently operates Farmcrowdy Structured Finance, Farmcrowdy Insurance, Farmcrowdy Marketing, Farmcrowdy Tech and Data, Farmcrowdy Foods, and Farmcrowdy Aggregation. Since it started in 2016, over 11,000 rural farmers have kept their jobs and increased their income by 80 per cent.

Hello Tractor (Nairobi, Kenya)

Hello Tractor is a tractor-sharing platform established by Jehiel Oliver in 2014. The startup’s application collects tractor service requests to assist farmers with limited access to resources in obtaining convenient and affordable tractor services while also providing additional income and enhanced security for tractor owners.

For tractor owners, the platform provides the remote tracking of assets, prevents fraud, and machine misuse through virtual tractor monitoring. Tractor owners on the platform set prices for their services based on average market rates. They get paid a deposit to deploy their tractors and then receive their balance payment following the completion of the service. They earn 90 per cent of the revenue from all services provided. The remaining 10 per cent goes to the booking agent who requested the booking on behalf of the farmer.

AgroCenta (Ghana)

AgroCenta was founded by Francis Obirikorang and Michael K. Ocansey in 2016. AgroCenta connects stakeholders in the staple food value chain from smallholder farmers to buyers under one platform for effective trading. The platform also provides market information, storage and delivery solutions, and financial services to smallholder farmers in Ghana.

The startup operates two integrated digital platforms – CropChain and LendIt, to help address challenges related to smallholder farmers’ access to markets and financial services. Farmers use the platform to advertise their products, while large buyers of selected cereals use it to make purchases or enter long-term offtake purchase contracts with AgroCenta. LendIt allows smallholder farmers to access financial services, such as mobile payments, microloans, crop insurance, and pensions from partnering financial institutions.

Agrimatic (Cairo, Egypt)

With a surging global population, limited arable land, ripple effects of climate change, and lagging agricultural development, food insecurity poses a threat to human existence now more than ever before. The need for an alternative approach to the traditional model of food cultivation is urgent.

Agrimatic is an aquaponic agriculture company founded by Mohammed El Naggar in 2014. The company focuses on providing clean agricultural produce by growing fish and plants together in a closed system that mimics nature, where plants get their nutrition from the treated waste of the fish. Agrimatic rears various fish species and grows a variety of leafy products like lettuce, basil, and arugula. The company hopes to shape a hunger-free world through higher productivity, soil-less technology to ensure food security and sustainability.

Releaf (Akwa Ibom, Nigeria)

Founded by Ikenna Nzewi and Uzoma Ayogu in 2017, Releaf focuses on driving development in Nigeria and Africa’s food system using technology. At various times, the company piloted technologies in trade finance, business finance, commodity linkage between buyers and sellers.

Its current business model is centred on the oil palm industry. The startup buys nuts from farmers, crack the nuts with its proprietary technology called the Kraken, and sell to large food processors. The Kraken technology is modelled to operate at 100 tonnes per day which is 200 times faster than a smallholder farmer with a rock.

Releaf’s mandate is to set up factories near smallholder farmers. This reduces logistics costs and post-harvest losses while increasing processing yields and farmers’ finances.

Agrixtech (Yaounde, Cameroon)

In 2018, Adamou Nchange Kouotou established Agrixtech to tackle crop pests and diseases that hamper agricultural productivity. With Agrixtech’s app, farmers are equipped with the technical know-how to help them adopt a better crop disease management strategy on their farms. The app uses text and voice recognition technology in several local languages to reach farmers with low literacy levels. The app also helps farmers through the agricultural production cycle through advice and task reminders.

ColdHubs (Owerri, Nigeria)

Many smallholder farmers farming fresh produce in Africa cannot access electricity or afford cooling technology. This makes them record increased post-harvest losses. In 2015, Nnaemeka Ikegwuonu established ColdHubs to help such farmers prevent post-harvest losses.

ColdHubs is a solar-powered walk-in cold room for smallholder farmers in farm clusters and outdoor markets to store and preserve fresh produce 24 hours a day, seven days a week, extending their shelf life from two days to more than 21 days. The solar panels on each hub are linked to a battery storage system, allowing the coolers to operate off the grid all day.

ColdHubs is available in 38 locations across 22 states in Nigeria and will soon expand its technology and service to East Africa, Southern African, and some western and Francophone-African countries.

SOURCE:https://brandspurng.com/2021/12/04/11-mission-driven-agritech-startups-in-africa-you-should-know-about/

With report from the United Nation (UN), over 3 billion people have never used the internet, despite the covid-19 pandemic driving people online.
The UN’s International Telecommunication Union (ITU) estimated that 96% of the 2.9 billion people who have not accessed the web live in developing countries.



The agency said the estimated number of people who have gone online rose from 4.1 billion in 2019 to 4.9 billion this year, partially due to a “Covid connectivity boost”. But even among those internet users, many hundreds of millions might only go online infrequently, using shared devices or facing connection speeds that hamper their internet use.

“ITU will work to make sure the building blocks are in place to connect the remaining 2.9 billion. We are determined to ensure no one will be left behind,” said the ITU secretary general, Houlin Zhao.

The number of users globally grew by more than 10% in the first year of the Covid crisis – by far the largest annual increase in a decade. The ITU cited measures such as lockdowns, school closures and the need to access services such remote banking as having an influence.

But the growth has been uneven. Internet access is often unaffordable in poorer nations – almost three-quarters of people have never been online in the 46 least-developed countries.

Younger people, men and urban dwellers are more likely to use the internet than older adults, women and those in rural areas, with the gender gap more pronounced in developing nations.

Poverty, illiteracy, limited electricity access and a lack of digital skills continued to challenge the “digitally excluded”, the ITU added.

“we have a small favour to ask. Millions are turning to the Guardian for open, independent, quality news every day, and readers in 180 countries around the world now support us financially”.

We believe everyone deserves access to information that’s grounded in science and truth, and analysis rooted in authority and integrity. That’s why we made a different choice: to keep our reporting open for all readers, regardless of where they live or what they can afford to pay. This means more people can be better informed, united, and inspired to take meaningful action.

In these perilous times, a truth-seeking global news organisation like the Guardian is essential. We have no shareholders or billionaire owner, meaning our journalism is free from commercial and political influence – this makes us different. When it’s never been more important, our independence allows us to fearlessly investigate, challenge and expose those in power.

SOURCE:https://brandspurng.com/2021/12/04/un-3-of-the-worlds-population-have-never-used-internet/