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Most Micro-businesses, which we mostly refer to SMEs in this part of the world and SMEs in proper, either run their businesses without a proper business model or no one within the business has clear understanding of the business model that guides the organization.



My quest to understand how businesses operate started from childhood. Every time I look at a business, I ask, myself, how are they making money? I also want to understand the complex systems and processes running behind the scenes that make these organizations run successfully. This quest led me to discovering business models and how new businesses can succeed by running the right model.

Most Micro-businesses, which we mostly refer to SMEs in this part of the world and SMEs in proper, either run their businesses without a proper business model or no one within the business has clear understanding of the business model that guides the organization.

In this article, we will be shedding more light on the traditional Telco Business model and a few things SMEs can learn from this business model.

First, let’s start with the basic concepts of business models and the various element it entails.

A business model describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts (Alexander et al, 2010).

The components of a standard business models are;

1.      Customer Segments: these are group of customers targeted by an organization or group of people a company intends to reach. An organization could choose to focus on any customer segment that they are in to serve e.g. Corporates, Mass market, Youth and High value segments.

2.      Value Propositions: this simply captures what a customer stands to benefit from purchasing a product or service. For Telcos their value proposition is majorly centered around offering the best data, voice and SMS services

3.      Channels: these are touch points from which customers interact with your business. This could be for the purpose of awareness, sales, experience or post purchase support. e.g. Mobile, Retail, Web, Distributors, Retailers etc.

4.      Customer Relationships: this is the kind of relationship a brand or company has with its customers and this forms the overall experience a customer has with a brand. Customer relationship may be driven by several motivations such as acquisition, retention or customer engagement to promote consistent spend and up-selling.

5.      Revenue Streams: these are points through which cash is generated by an organization. Revenues streams can either be transactional (one-off) or recurring (ongoing). In both cases, Telcos have a huge revenue stream flow varying from traditional Voice or Data revenues, VAS revenues, SMS revenue, Roaming revenue, Devices & accessories revenue, SIM related revenue (customized lines), Mobile Financial Services, Gaming/Lotteries, Mobile ads, Data warehousing (data centres) revenue , Corporate Cloud Storage services, Fibre optics services etc.

6.      Key Resources:  this describes the major dependencies required for a business model to work. The resources, could be in form of physical assets (factory), Intellectual property, human resources or financial resources. For Telcos their key resources are their network, brand and their customer base.

7.      Key Activities: this involves the important activities a business has to carry out for their business model to work. These could be in form of marketing activities or sales distribution channels etc. Telcos key activities is majorly around Network maintenance (Engineering), Service provisioning (IT) and Marketing.

8.      Key Partnerships: these are alliances a company has to form to get the best out of their business models, in order to reduce cost, leverage on each other’s expertise, get things done faster, create more value, reach more customers and ultimately make more money. In today’s telecoms environment, network engineering have been outsourced to the network maintenance Infracos e.g. Huawei, Nokia-Siemens, Ericsson, ZTE to reduce cost, while Towers or base stations are now installed and managed by tower companies like Helios Towers, IHS etc. Other key partners are VAS providers, OEMS, Marketing agencies, Software Providers, Sales Distributors etc.

9.      Cost Structure: since a lot of activities within a business model involves cost, the cost structure of every business model must be efficiently managed. In other words, the lower the cost structure a business’s operates, the more it can maximize profits as revenue increases. Whatever side of the divide your business belongs, cost driven (low price value proposition) or value driven (premium value proposition) just ensure it works well for your business. For Telcos, most of their cost go into network maintenance and marketing.

Having established the meaning of the components of a standard business model, the image below represents a pictorial representation of a Telco business model.

the Telco business model isn’t quite as complex as we all think and it is a fair representation of what you would find in almost every Telecommunications company around the world.

SMEs & Micro businesses are the engine room of today’s economy. They are essential for sustainable growth in the economy. In order for these businesses to grow, we must all support them, since they are also the largest employers of labor in our economy.

I will like to share my thoughts on few points in which SMEs can learn from the Telco business model below;

1.      Structure: Every business must operate with the right structure or organizational framework, backed up with the right systems, policies and processes for it to succeed. This is one of the qualities you will find in Telcos because of their large operational business, they rely on their unique structures to ensure everyone is contributing to the organizations success.

2.      Marketing: this is one of the key areas SMEs and Micro businesses are not doing so well. Every big business or multinational running a proper system set aside a percentage of their annual revenues for marketing. Marketing is very essential to the success, sustainability and profitability of a business. Hence, the need to engage in unique marketing activities is very important. Marketing in its unique sense helps you identify the needs of your customer (marketing research), how you solve the problem (product development), how you communicate the solution to the customer (marketing communications) and how you present the final product (branding & packaging).

3.      Multiple Income Stream: today’s world present companies with new challenges, where the old ways of doing business may no longer be relevant for the sustainability of the businesses. We have seen a lot of small businesses fail, by not realizing the potential revenue online channels creates for them. This also has to do with customer segment, because while you believe your business serves only one customer segment, they might be other unique group of customers who are also in demand for your products but your business is not focusing on them. As illustrated above, telcos have numerous revenue streams and that is vital to their sustainability

4.      Partnerships: there is a common African Proverb about the value of Team Work that says: “If you want to go fast, go alone. If you want to go far, go together. This proverb gives us insights about team work or partnerships. This is vital in today’s business world because each partner relies of the strength or areas of expertise of the other partner. In essence, Telcos welcome and embrace mutually beneficial partnerships, where everyone brings something to the table and a win-win situation is generated. Telcos realize the value of partnerships, and they go into partnerships because it could even be another source of revenues for them or a way of reducing certain cost or streamlining their cash flow.

5.      Distribution Model: one of the 4Ps of marketing is Place and this refers to where customers buy your product and the means of distributing that product to the location. One of the key things here is that the product must be available at the right place, at the right time and at the right quantity. One of the problems micro-businesses face is having the right distribution networks for their products and this automatically affect availability, which ultimately translates into revenue loss. Most big businesses like Telcos understand the importance of quality distribution networks, because it is the secret link to product availability for the final customer on the street.

6.      Customer Retention: to a typical small business, losing one customer doesn’t sound like a big deal, but every big corporation know this simple marketing truth, that customer acquisition is more expensive than retention, i.e. It is cheaper to market to existing customers, hence customer retention is very important. When a customer leaves a Telco network, it is said that the customer has “churned”. In order to prevent a growth in churn rate, Telcos use predictive analytics tools to understand customer behaviour and prevent churn before the customer finally makes up his mind to leave. SME’s and micro-business should take a cue from this idea, by creating a customer database, studying their user behaviour and then be able to counter churn by looking at reasons why the customer may likely leave and proffering the right solutions.

7.      Service before Profits: in this part of the world, people go into business first because they want to make money or they want to survive and not because they have a service or solution to a need. It’s like putting the cart before the horse. In order to guarantee present and future profitability, businesses must put services or solutions to customer needs before profits. In most cases, these SMEs do not have proper financial or tax records and do not even know if they are making actual profits. Business owners must also desist from dipping their hands into the company’s purse and keep a good financial statement in order to know the true state of profitability while delivering quality service to customers.

8.      Embrace the BIG Picture: the ability to visualize the destination is very critical to you getting there. A common saying sums up my preceding statement “if you don’t know where you are going, anywhere will look like your destination. Growing up on the streets of Lagos, Nigeria, I saw so many micro businesses startup and after 25yrs, these businesses are still where they are, no growth, expansion or signs of profitability. It shouldn’t only be acceptable that only corporate organization or big businesses, should have a mission and vision. SMEs and micro-businesses should also have their vision and mission statement, boldly written for everyone to see, so we can have a glimpse of where the business wants to see itself in the future. Like Steven Covey said in his book, 7 habits of highly effective people, “begin with the end in mind”.

9.      Resource Control: the telco business is a game of numbers and economics of scale play a huge role in profitability. In essence, there is a fixed amount of resources you can use in serving a group of customers and if you try to stretch it, you will create a bad experience. The ability to plan the resources you need to take care of your present and future customer base matters a lot. Also, as the customer base grows, there should be proper projection on the level of resources that would be needed to satisfy the future expectations. This closely relates to the point on the BIG picture, and most SMEs make a lot of mistakes in this area because they fail to manage their resources to deliver on the business expectations

10.  Business Plan: having a business plan is very important to any business. As much as this point is emphasized in most SME seminars, most micro businesses and SMEs still do not have a proper business plan that would guide the affairs of that business for a minimum of 5years. It is important to have a plan but what’s more important is sticking to the plan and allowing a little room for flexibility when required. A business plan will give you an idea of the level of financial inflow to your business annually and project where you will be in 5 to 10years time, in order to help you plan your resources properly.

In conclusion, these are just some of my initial thoughts on these topic, there is still so much more micro-businesses and SMEs can learn from Telcos.

SOURCE: https://brandspurng.com/10-things-smes-can-learn-from-a-telco-business-model/

The entrepreneurial ability in women in the world has witnessed steady and increasing economic standing in the society. India is recognized as one of the largest demographics in the world with over 360 million in the age group of 15-64. A Recent study found nearly half of the Indian entrepreneurs are women.

Generally, expertise, understanding the domain, risk-taking ability and flexibility are the major reasons that drive women to undertake a business venture. An aspiring woman entrepreneur always wants to do something fruitful and positive in the business besides bestowing values to family and social life.

Here we put 27 chosen, low-cost business ideas for women entrepreneur.

Watch and enjoy!


https://www.youtube.com/watch?v=DHlS9QTekJQ

Like, Share, Comment and Subscribe…



SOURCE : https://brandspurng.com/27-low-cost-business-ideas-for-women-entrepreneur/

Please don’t call it New Year Resolutions – because that tag seems to have been jinxed with many never being able to achieve their resolutions. Instead, call it your 2018 commitment to self.

How about that?

Commit to making these six changes in 2018 for a better year:

Be more positive

There is so much negativity everywhere, but when you choose to see the positive in every situation, you’ll be shocked how your life seems filled with joy and happiness. Be intentional about your state of mind and what you dwell on in 2018.

Be realistic

Don’t allow yourself to live in a fool’s paradise. Realize that life is filled with good and bad. Choose to dwell on thoughts of the good but be realistic enough to make plans in case the scales tip and a little bit of bad happens.

Save and invest more

When there is a will, there is always a way. You can still earn the same amount and save a little more. It starts with a decision and a commitment to make it happen. A direct debit mandate can help you further stick firmly to that decision so that you don’t have to worry about forgetting to put aside that money. Let the future you envision for yourself and your loved ones be the motivation to save and invest more in 2018.

Love more

Have you noticed how emotionally liberating it is when you love more instead of hating? Life becomes more promising, people become more fun to stay around and your heart becomes lighter just by giving a lot more love.

Fight more

Giving up is the easiest thing in the world to do. How many times have you found yourself giving up on people, dreams, and goals in the past? In 2018, dare to fight more. Don’t let the fear of failing stop you. Let the fear of not trying fuel your fire.

Live more

You only live once, and you may as well make your life a masterpiece. Give your children the best education, live in the house of your dreams, invest in the dreams you care about, take vacations to destinations you love and enjoy life the best way possible.

Bottom-line: You can live life on your terms and make sure those you care about have a better lifestyle because of you. But you need a plan to make this possible. Now is the perfect time to draw up your blueprint for 2018.

 
SOURCE : https://brandspurng.com/six-changes-you-should-consider-making-in-2018/

National Bureau of Statistics (NBS) released the Premium Motor Spirit (petrol) Price Watch for the month of November 2017 detailing average prices paid by consumers across states, Brand Spur Nigeria reports.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale and made available to BrandSpur Nigeria, the bureau said the average price paid by consumers for premium motor spirit (petrol) decreased by -0.7% year-on-year and – 0.3% month-on-month to N 145.6 in November 2017 from N146 in October 2017.

States with the highest average price of premium motor spirit (petrol) were Bayelsa (N150.5), Akwa Ibom (N 150.33) & Ebonyi (N148.57).

States with the lowest average price of premium motor spirit (petrol) were Plateau (N143.6), Abuja FCT and Nasarawa (N144) & Katsina (N144.08).

Click here to download the report…


https://brandspurng.com/bayelsa-akwa-ibom-ebonyi-are-states-with-the-highest-average-price-per-gallon-of-petrol-nbs/

Expanding and deepening financial markets across Africa is a central condition for the next stage of the continent’s development.

That is a key conclusion of the Africa Financial Markets Index launched Wednesday by think tank Official Monetary and Financial Institute Forum (OMFIF) and sponsored by Barclays Africa Group Limited (BAGL).

Africa’s large and dynamic markets present above-average opportunities for growth, yet investment prospects – for both international and local investors – are hampered by underdeveloped financial markets and unclear legal and regulatory frameworks.


The Index ranks the maturity, openness, and accessibility of 17 financial markets in Africa, based on both qualitative and quantitative criteria.

Development of local investor capacity and ability to attract foreign capital are key points of focus.

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), said: “Through expert analysis of the African financial markets, the Africa Financial Markets Index draws global attention to the considerable investment opportunities and uncovers the untapped market potential.”

The Index focuses on six fundamental pillars for financial market performance: Market depth, Access to foreign exchange, Market transparency and regulation, Capacity of local investors, Macroeconomic opportunity and Enforceability of international financial agreements.

The 17 markets surveyed are, Botswana, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Seychelles, South Africa, Tanzania, Uganda, and Zambia.

The Index intends to track progress annually, supplying a toolkit for countries wishing to build financial infrastructure.

African countries are implementing a growing number of national policy frameworks for market development.

One of the greatest constraints on growth-enhancing investment is the low capacity of local investors, partly linked to limitations on the range of assets for local investors.

Given its size and historical position, South Africa tops the 2017 list, despite poor recent macroeconomic performance, based on the strength of its financial markets as well as its relative openness and transparency for transactions. Others are closing the gap.

Mauritius and Botswana have strengths in tax and regulation and access to foreign exchange.

Nigeria, Kenya, and Ghana provide signs of progress as Nigeria ranks sixth. Ivory Coast, with a low overall score, is home to a growing regional bourse, pointing to future improvement.

Ethiopia shows the highest GDP growth prospects of the 17 countries – even though it comes bottom of the list in terms of financial market prowess.

“The Index provides countries with valuable insights and tools to improve the state of their financial markets,” says Maria Ramos, Chief Executive, BAGL.

“By broadening and deepening their understanding of the requirements of local and international investors, Africa’s leaders can develop robust markets – a prime condition for sustainable, inclusive growth.”

David Marsh, Managing Director of OMFIF, said: “Liquidity, regulation, foreign exchange restrictions, and policy choices are among the chief concerns for investors considering their African engagement.”

“Our survey highlights the areas where specific countries need to make genuine advances to forge strong positions in the competition for sustainable investment.”

In addition to statistical analysis, OMFIF gained additional insights by surveying 60 top executives from financial institutions operating across the 17 countries, including banks, investors, securities exchanges, regulators, audit and accounting firms, and international financial and development institutions.

About OMFIF

The Official Monetary and Financial Institutions Forum is an independent think tank for central banking, economic policy, and public investment – a non-lobbying network for best practice in worldwide public-private sector exchanges. At its heart are Global Public Investors – central banks, sovereign funds and public pension funds – with investable assets of $33.8tn, equivalent to 45% of world GDP. With offices in both London and Singapore, OMFIF focuses on global policy and investment themes – particularly in asset management, capital markets, and financial supervision/regulation – relating to central banks, sovereign funds, pension funds, regulators, and treasuries. OMFIF promotes higher standards, performance-enhancing exchanges between public and private sectors and a better understanding of the world economy, in an atmosphere of mutual trust.

SOURCE: https://brandspurng.com/nigeria-places-6th-on-africas-financial-markets-index/

For a nation of nearly 200 million people, not many Nigerians pay taxes. Indeed, as of May 2017, only 14 million—or one in five—of Nigeria’s estimated 70 million economically active citizens were paying taxes. As such, Nigeria’s government has typically earned much less than it could have from taxes.

Back in June, Nigeria’s finance minister revealed only 214 people in the country pay more than 20 million naira ($55,600) in taxes.

Like several other African countries, Nigeria has seen its economy slow down due to the drop off in commodity prices over the last two years. Africa’s largest economy is under pressure from multilateral organizations like IMF and World Bank to diversify its revenue base away from an over-reliance on oil and gas export revenue. The IMF suggests “better balancing income taxes and indirect taxes, and broadening the tax base to improve the resilience of tax revenues.”

When it comes to taxes in Nigeria, the problem is less about raising taxes but more of a focus on improving collection rates. This is easier said than done in an economy which is dominated by its cash-led informal sector.

Earlier this year, as part of a planned increased tax collection drive, the government introduced a Voluntary Assets and Income Declaration Scheme (VAIDS) to try to plug the gap. The idea of the scheme was simple: within an amnesty period (July 2017 to March 2018), the government would allow anyone who hadn’t paid taxes or had under-declared their income to pay what they owe without being prosecuted or paying penalties. After the deadline, tax evaders could face criminal prosecution.

The hope for the tax amnesty period was to widen the tax base by registering more individuals and businesses that previously didn’t pay taxes and, so far, it appears to be paying off. Babatunde Fowler, head of Nigeria’s internal revenue service, says the country has collected nearly $47 million from former tax evaders through the scheme in the past six months. Increasing its tax base means Nigeria can also improve its tax to GDP ratio which currently ranks among the lowest globally.

Beyond an amnesty program, Nigeria could also remarkably boost its tax base if the government can crack how to tax its vast informal sector. For much informal employment, taxes are typically deducted from monthly salaries making tax evasion more tricky. But for many local businesses owners or artisans, with the government unable to track their income, tax evasion is possible and likely rampant.

In the short-term, generating more revenue via taxes is essential to Nigeria as the government is looking to finance a record budget in 2018.Even though oil production, Nigeria’s primary source of revenue, is making a rebound, it remains around 200,000 barrels per day short of the oil production benchmark needed to fund the record budget.

SOURCE: https://brandspurng.com/nigeria-is-getting-more-people-to-pay-taxes-by-not-punishing-them-for-tax-evasion/

Respite comes to Nigerians as prices of some staple food items decrease steadily in key markets across the country. Food prices had remained high in previous months impacting consumers’ already shrunk disposable income and contributing to the daily woes they experience based on the state of the economy.

BrandSpur Ng’s current food market index, an analysis of market prices in Lagos, Oyo, Delta, Enugu and Kano – a representation of the 6 geo-political zones in the country was compiled from the 9th of November 2017 to the 9th of December 2017.

Key Highlights

Price of rice decreased slightly in the South West (-3%) and North (-1) but increased marginally in the South South (+5%) and South East (+2%).The market in Oyo State has the most stable price range among the markets visited all over the country.The price of onion decreased in all markets asides Lagos – with Kano having the least price, however, 100kg of onion in Oyo State sells for almost 3 times the Kano price, and about 2 times the Kano price in Lagos and Delta.The price of palm remains on the high especially in Enugu and Lagos, as it index 110% in the current period

 

..Garri (White)Maize (White)Palm oil (Red)Sorghum (Red)9095100105110

CommodityNovember IndexDecember IndexDrum Beans (Olotu)10197Garri (White)9998Groundnut (Edible)10596Maize (White)10094Onion (Violet)97Palm oil (Red)101110Rice (Imported)105104Sorghum (Red)95102Soya Beans108104

Source: https://brandspurng.com/food-prices-crash-to-give-nigerians-a-december-to-remember/

Foremost African financial institution;Guaranty Trust Bank plc reaffirmed its position as a leading global brand with its recent recognition as the “Best Bank in Nigeria” and the “Best Bank for CSR in Africa.” The Bank’s Managing Director and Chief Executive Office, Segun Agbaje, also won the award for the CEO of the Year, which he won in 2013, thus becoming the first ever repeat winner in the history of the awards.

EMEA Finance is a leading bimonthly global industry publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East, and Africa. The award celebrates Africa’s most innovative bank taking into consideration its market strength, profitability, growth and earnings, potential and quality of management of the financial institutions.

According to Christopher Moore, Publisher and Chief Executive of EMEA Finance Magazine: “In recent years, GTBank has attracted laudable accolades for its efforts in growing local communities through key interventions for SMEs in the Fashion and Food industry. This novel initiative of the Bank, has enabled it create free platforms for budding entrepreneurs across Africa to grow their businesses. In recognition of the bank’s effort in impacting local communities across Africa, GTBank is the proud winner of the 2017 Best Bank for CSR in Africa.”

He further stated that “GTBank’s emergence as “Best Bank in Nigeria”demonstrates its ability to continuously deliver notable success by leveraging cutting edge technology to deliver excellent services to a diverse African community and bolster efforts towards on-boarding the unbanked”

Receiving the award on behalf of the Bank, Segun Agbaje, Managing Director/CEO of GTBank said: “We are honored to be recognized as the Best Bank in Nigeria and Africa’s Best Bank for Corporate Social Responsibility. These awards reflect our progress in building strong, value-adding relationships with our customers and demonstrates that of far greater importance to us, beyond providing first class service, is the role we play in our host communities.”

He further stated that, “I am humbled to be recognized as CEO of the Year for the second time; this award is a testament to the hard work and dedication of the amazing team of people at GTBank. We will continue to differentiate ourselves by aggressively pursuing innovative solutions that create sustainable value for all our customers and stakeholders whilst championing high impact CSR initiatives to support the economic growth and social progress of our communities.

GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world-class corporate governance standards, excellent service delivery, and innovation. The Bank operates from over 238 branches within the country and has banking subsidiaries in Kenya, Rwanda, Uganda, Cote D’Ivoire, Gambia, Ghana, Liberia, Sierra Leone and the United Kingdom.

SOURCE: https://brandspurng.com/gtbank-wins-nigerias-best-bank-africas-best-bank-for-csr-at-emea-finance-awards-md-named-ceo-of-the-year/

Ok

Bitcoin trading expanded faster this year in emerging markets than developed ones — and quickest of all in places where authorities tried to crack down. Somewhere, Satoshi Nakamotois smiling.

After all, avoiding bank and government oversight, and sidestepping the eroding effects of inflation, was what Nakamotohad in mind when he (or she, or they) created bitcoin in 2008.

Google Trends data also hints at growing interest from emerging-market users, according to Bogart. Five out of the six countries where “bitcoin” has the most search interest are developing nations, he says.

Nigeria, which sits atop the Trends’ list, saw peer-to-peer transactions rise almost 1,500 percent this year, as the country went through a foreign exchange market overhaul that led the naira to weaken 12.4 percent this year. An almost 1,000 percent rise came in Venezuela, where bitcoin provided a way to skirt the government’s tightening controls on access to U.S. dollars and spiraling inflation that slashes the value of the bolivar.



Peer-to-peer bitcoin trading in major developing nations outpaced the U.S., the world’s biggest market, according to data from LocalBitcoins. Demand surged in China and Russia, where central banks put a stop to local exchange trading; in Venezuela, where authorities cracked down on bitcoin mining even as hyperinflation drove up demand; and in Brazil and Colombia, where citizens heard dire warnings of cryptocurrencies’ risks.

“The strong interest from emerging-market countries could be reflective of relatively less stable local currencies or a byproduct of greater exposure to financial and economic crises that makes an alternative system like bitcoin relatively appealing,” Spencer Bogart, head of research at Blockchain Capital LLC in San Francisco said.

Cryptocurrencies don’t rely on central banks or financial institutions and are traded on online exchanges and transferred anywhere in the world, allowing holders to skirt currency controls. Bitcoin’s creators also set a limit to the amount of currency that could be created to avoid the inflation that ensues when central banks print money.

 

Trading volume in such places remains a fraction of larger markets, even after such explosive growth, amounting to about $115 million in Nigeria and $50 million in Venezuela. Global trading stood at $1.9 billion last year, according to LocalBitcoins.

Emerging markets’ share of total trading volume in LocalBitcoins is increasing. China and Russia combined account for about 40 percent of the market.

Room for arbitrage?

Surging demand has created price discrepancies. One bitcoin in NairaEx, a local Nigerian exchange, cost 7,230,098 nairas as of Dec. 12. Converted to dollars, the cryptocurrency was more than 15 percent more expensive than a bitcoin in the U.S.

Prices were also higher at local exchanges in Russia and Argentina than in the U.S., while they were cheaper in Colombia, Singapore and Brazil.

Regulation

While not all central banks in emerging markets addressed cryptocurrency markets with regulations, several have issued warnings.

Brazil’s central bank last month said in a statement, “they are neither issued nor guaranteed by any monetary authority” and therefore, “there is no guarantee that they can be converted to a sovereign currency and they are not backed by any kind of real asset.” Peer-to-peer trading in Latin America’s largest economy rose 450 percent this year.

While Colombia’s central bank has also said virtual currencies aren’t recognized by authorities and bring risks to financial stability, the peso has weakened more than 3 percent in the past three months, increasing cryptocurrencies’ allure. Turkey and India have also cautioned bitcoin users.

Of course, it’s not necessarily true that strict regulation is driving demand for cryptocurrencies. It could be the demand came first, thanks to high inflation or long-standing limits on taking cash abroad, and that motivated people to buy bitcoin. Then came the crackdown.

The surge in bitcoin demand “should at least raise some eyebrows,” given that it doesn’t have the backing of a state and isn’t legal tender, said Agustin Carstens, a general manager at the Bank for International Settlements, and former governor of Mexico’s central bank.

Simon Quijano-Evans, an emerging-market strategist at Legal & General Investment Management Ltd., wrote in a note in early December that emerging-market central banks must quickly deal with the rise of virtual currencies.

“Cryptocurrencies stand as a potential challenge to the millennia of confidence-building measures that have gone into the construction of fiat currency,” he wrote.

 

SOURCE: https://brandspurng.com/nigeria-is-the-2nd-most-active-country-where-bitcoin-is-traded-globally-after-china/

TELECOM & IT

The National Bureau of Statistics on Wednesday, Dec 13, 2017, released the Selected Banking Sector Data: Sectorial Breakdown of Credit,
ePayment Channels, Deposits & Domestic Credit Breakdown and Staff Strength report for the third quarter of this year, Brandspur Nigeria reports.

A total volume of 213,693,964 transactions valued at N19.33 trn was recorded in Q3 2017 as data on Electronic Payment Channels in the Nigeria Banking Sector revealed.

In the report signed by the Statistician General of the Federation and Chief Executive, NBS, Dr. Yemi Kale and made available to BrandSpur Nigeria, the bureau said NIBSS Instant Payment (NIP) transactions dominated the volume of transactions recorded. 97,530,856 volume of NIP transactions valued at N13,963 bln were recorded in Q3 2017.

In terms of credit to private sector, a total of N15.83 trn worth of credit was allocated by the banks in Q3 2017. Oil & Gas and Manufacturing sectors got credit allocation of N3.54trn and N2.27 trn to record the highest credit allocation in the period under review.

As at Q3, 2017, the total number of banks staffs increased by 9.16% from 75,607 in Q2 2017 to 82,531.


SOURCE: https://brandspurng.com/banking-sector-reports-213-69-million-transactions-valued-at-n19-33-trillion-in-q3-2017/

In what could be best described as a major boost to local rice production in the country’s quest to attain self-sufficiency in rice production and reduce importation of the commodity to the barest minimum, a new 288 metric tonnes per day capacity Amarawa Rice Mill has been inaugurated.

As part of activities marking his official visit to Kano State, President Muhammadu Buhari (GCFR), on Thursday, December 7, 2017, inaugurated a new state-of-the-art Rice Mill factory located at Amarawa Village, in Gezawa Local Government Area of Kano State.

Owned and operated by Amarava Agro Processors Limited, a subsidiary of Fullmark Group, the new factory is the first made in Nigeria Rice Mill with all fabrications and installations of the factory made in Kano with almost 100 percent local content.

Speaking during the inauguration of the factory, President Muhammadu Buhari commended the management of Fullmark Group for its effort, which he noted is in line with the agricultural revolution of his government to reduce importation of rice by encouraging local farmers and investors.

President Muhammadu Buhari noted that investment in Rice Mills would encourage and boost the confidence of the local rice farmers and a right step in the right direction in moving Nigeria closer to complete independence from the importation of rice and improve food security across the country.

He explained that, “Nigeria’s continued dependence on rice importation has put a strain on the economy as well as the nation’s food flow as a substantial amount of our foreign exchange goes into rice importation yearly. With this mill in operation, Nigeria would continue to progress towards food self-sufficiency.”

Also speaking at the inauguration of the factory, the chairman of Fullmark Group Mr. Sriram Venkateswaran revealed that the entire idea of the project was conceived, designed, manufactured, executed from start-to-finish in Kano, Nigeria.

Explaining the production capacity of the factory, Mr. Sriram disclosed that Amarava Agro Processors Limited has the capacity to produce up to 288 metric tonnes of top quality per-boiled rice per day when operating in full capacity but its currently producing 250 metric tonnes per day.

While commenting on the quality of the Rice produced from the mill, Sriram said, “Our rice is best in class in terms of quality which is comparable to the best available anywhere in the world and is often compared to Thai Rice.”

He further revealed that beyond being the first made in Nigeria Rice Mill facility, the Amarava Agro Processors Limited Rice Mill is the first to be fully equipped with the capacity to convert waste to energy.

“We use the steam from the mill to drive steam turbines which generates about 500 KVA of electricity which is used in powering the factory and this is why we say that at Amarava, we believe in producing more and conserving more” he added.

Mr. Sriram then commended President Buhari’s led Government for its sustained efforts in empowering farmers and enriching the nation through well thought-out agricultural developmental policies. He assured the President that the company would continue to support the effort of the government to enhance and stabilize food production in the country.

In his own remarks at the occasion the Governor of Kano State, Alhaji Abdullahi Umar Ganduje also expressed delight over the new Rice Mill, applauding the management of the company for locating and selecting Kano for such a strategic agriculture project. “It is very laudable for Amarava Agro Processors Limited to have picked the Amarawa Village, in Gezawa Local Government Area for this project. This shows that the company places high importance on social development as well as industrial growth.” 

SOURCE: https://brandspurng.com/boost-for-local-rice-production-as-buhari-commissions-kano-mill/

The National Coordinator of Nigerian Farmers Group and Cooperative Society (NFG-CS), Retson Tedheke has revealed that his group is making preparations to bring down the price of maize by 50 percent provided the Federal Government maintains the steady supply of farm inputs to support the production of the crop across the country.

The current price of a tonne of maize ranges from N80, 000 to N95, 000 and N120, 000.

Tedheke affirmed that so long as the government helps in removing obstacles that farmers go through in accessing necessary facilities, the price of locally produced maize will keep falling and discourage importation.

He disclosed that aside more than 2,000 hectares of maize being currently harvested by his group in the on-going dry season, there is the likelihood of producing up to 5,000 hectares of the crop in the next season.

“Everything you see here today; from the dam, the irrigation components, the production unit and all others are not driven by government but by Nigerians who believe in the diversification idea.

As a country, we should think of how to best utilize what we have in abundance, which is the natural and human resources we are endowed with.

If Buhari wants to save this country, he should mobilize thousands of bulldozers and tractors to the farms across the entire geopolitical zones of the country. This will take away 30 percent of the cost of production for farmers and it will as well help reduce the bureaucratic bottleneck in assessing loan facilities,” he stated.

Tedheke commended President Muhammadu Buhari for his ongoing agriculture revolution, confirming that the Ministry of Agriculture has been supportive by subsidizing some of the farmers’ prosecution costs.

He said the country is making steady progress in the agriculture sector but the government must not relent in its efforts.

SOURCE: https://brandspurng.com/farmers-move-to-slash-price-of-maize-by-50/

Nigeria has reportedly imported up to 4,760,000 tonnes of palm oil worth about N11.5 trillion in the last ten years. This occurred between 2007 and November 2017.

Palm oil, which used to be one of the nation’s major sources of foreign exchange in the early 1960s is massively imported from Malaysia and Indonesia. Nigeria currently has a global share of 2.9 percent, with Indonesia leading by 33 million metric tonnes, Malaysia with 19.8 million metric tonnes, Thailand having 2 million tonnes and Colombia with 1.1 million metric tonnes.

With gross domestic production estimated at 970,000 metric tonnes, Nigeria requires an annual 2.7 million tonnes to make up for a 1.73 million tonne deficit. Despite a high exchange rate and price, shipment of the produce was increased by 12 percent as its global price hit $718 per metric tonne.

The price of the commodity was $663 per metric tonne in July this year but rose to $718 per metric tonne in November based on high demand by indigenous manufacturers.

Details gathered reveal that in 2007, the country imported 451,000 metric tonnes of palm oil and 410,000 metric tonnes in 2008. 425,000 tonnes, 435,000 tonnes and 440,000 tonnes were imported in 2009, 2010 and 2011 respectively.

In 2012, up to 470,000 metric tonnes of the products were brought into the country with about 518,000 tonnes imported in 2013. The country also imported 506,000 tonnes in 2014, 263,000 tonnes in 2015,  400,000 tonnes in 2016 and up to 450,000 tonnes in November this year.

A total import of 4.7 million metric tonnes at the rate of $663 per tonne implies that Nigeria had, within the ten year period, spent as much as N11.5 trillion on imported palm oil, which could have been produced locally.

Following Nigeria and Ghana’s high demand for the commodity this year, a shipping line; CMA CGM; in August, imposed a new cargo protection service for shipments into the country.


SOURCE: https://brandspurng.com/nigeria-imports-palm-oil-worth-n11-5-tn-in-10-years/

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heard dat before...

NEWS NEWS

Chi Limited, Nigeria’s undisputed market leader in juices, dairy products, and snacks was recently honored at the Guardian Manufacturing Excellence Award 2017 for its commitment to excellence driven by consumer focus, creativity, superior product innovation and strategic marketing. The company through its Chivita Juices once again reaffirmed its consumer preference and leadership position by clinching the Beverage Manufacturing Company of the Year Award, Brand Spur Nigeria Reports.

With a passion for nurturing and the development of new ideas and products, Chi Limited offers some of the most innovative fruit juice brands on the market shelf like Chivita 100%, Chivita Active, Chi Exotic, Happy Hour by Chivita, Chi Ice Tea and Capri-Sonne. Chivita Juices aren’t just great tasting drinks that refresh the body; they are also the choice of the health-conscious.

Chi Limited’s world class, state of the art manufacturing facility deploys the most advanced processing and packaging technology available anywhere in the world. The company also dedicates resources to research and development to ensure that its products provide the essential vitamins and nutrients that the consumer requires healthy living.

For instance, Chivita 100% is made from real natural fruits with no added sugar, no artificial colours and no preservatives, while Chivita Active Vegetable and Fruit Nectar is an innovative product that offers consumers in Nigeria for the first time, choices in fruit juices made from the goodness of vegetable with the lip-smacking goodness of fruit.

While Chi Exotic Nectar is the definitive standard in its category in terms of its unique fruit mixes and taste offerings, Happy Hour by Chivita is rated the fastest growing juice brand in Nigeria, with innovative variants that keeps consumers refreshed.

According to the Guardian Newspaper Manufacturing Excellence Awards committee, the maiden edition of The Guardian Manufacturing Excellence Awards recognized deserving sector players in the Nigerian manufacturing industry that outperformed others in 2016 in spite of prevailing economic circumstances

“Despite the prevailing economic circumstances, Chi Limited, through its admired fruit juice brands, was able to spot opportunities and maintain excellence by putting in more effort and resources to further engage the dynamic Nigerian market, address competition, adopt cost-saving measures and step up their drive for innovation and capacity building in order to have done extraordinarily in 2016,” the awards committee noted.

Speaking on the awards, Managing Director of Chi Limited, Mr. Deepanjan Roy stated that as the leading fruit juice manufacturer in Nigeria, Chi Limited understands the opportunity and responsibility the award represents.

“The Beverage Manufacturing Company of the Year award recognition in the Juice category offers us an opportunity to be admired as the number one fruit juice company in Nigeria and the responsibility to ensure that our range of fruit juices continues to deliver superior quality, good nutrition and health standards that consistently surpass consumer expectations,” he noted.

This award joins a growing list of recognition awards for Chi Limited this year which includes most recently, Chivita Active Vegetable Fruit Nectar and Hollandia Choco Malt Drink category wins at the 2017 Marketing World Awards.

“Most Innovative FMCG Company” at the Top 50 Brands Nigeria Award, the Businessday Top 25 Most Innovative Companies and Institutions in Nigeria Awards 2017, as well as the Best Brand Equity Awards in Juice with Chivita and Dairy category with Hollandia at the Best Brand Equity Awards 2016 in Nigeria which recognizes outstanding brands for their equity and consumer preference.

Driven by a passion and commitment to excellence, CHI Limited is one of the most admired companies in the domain of Food & Beverages in Nigeria. While it prides itself on offering products that are themselves benchmarks in their respective categories of Juice, Dairy-based Beverages & Snacks, each CHI offering is admired for its highest quality, nutrition & health standards. Today, CHI Limited is the undisputed market leader in juices, fruit drinks and drinking yogurts in Nigeria. The company attained this status by consistently delivering innovative products that have become household names in Nigeria.

In the fruit juice category, mega-brands like CHIVITA 100%, CHIVITA Active, CHI Exotic, Happy Hour by CHIVITA, CHI Ice Tea and Capri-Sonne occupy leading positions in their respective segments. CHI Limited also takes great pride in its range of dairy products, such as Hollandia Yoghurt, Hollandia Evaporated Milk, Hollandia UHT Milk, Hollandia Malt and Milk to name a few and its range of snack foods like CHI Superbite Premium Beef Sausage Roll, Beefie Beef Roll, Beefie Meatpie and CHI Classic Cake.

SOURCE: https://brandspurng.com/chi-limited-honoured-at-2017-guardian-manufacturing-excellence-awards/

The major player in the nation’s downstream oil and gas sector, Forte Oil Plc, has unveiled its alternative solar energy initiative aimed at bridging the electricity gap in the country.

The Group Chief Executive Officer, Forte Oil, Mr. Akin Akinfemiwa, said at the launch in Lagos that the company decided to invest in solar energy to offer medium-income earners in the country “cost-effective power solutions.”

He said, “The FO solar is out to complement the Federal Government’s power reform, which is aimed at achieving uninterrupted power supply in the country. Once there is the stable power supply, the multiplier effect on the economy is enormous.

“Besides the fact that it brings down the cost of goods and services, consumers conserve more money, which is diverted to other areas of the economy. This will lead to the rise in the nation’s GDP. We also see it as something that supports the economy in terms of poverty alleviation.”

Akinfemiwa added, “Our solar is mobile, very efficient. It is made up of the panel system, customised batteries. This is the solution that meets the needs of the medium-income group who have for so long relied on generators for their energy needs, pending the time the nation is able to solve its power supply problem.”

The Lagos State Commissioner for Energy and Mineral Resources, Mr. Olawale Oluwo, said, “This partnership comes at a time when the Lagos State Government is targeting 3,000 megawatts of electricity off the grid and independent of Niger Delta gas.

“I see this product as complementary to what the state government is doing. We are ready to give support where necessary as we plan our embedded power. We have seen different types of solar power in use before now, including roadside technology that we have been contacting that didn’t work.”

SOURCE: https://brandspurng.com/forte-oil-diversifies-into-solar-power-business/