₦airaland Forum

Looks like Joeboy is going to be the first mainstream artist to drop an album this year. Joeboy has announced his debut album, Somewhere Between Beauty & Magic, with a video for new song “Lonely.”

The video was shot in Lagos by Nigerian director Adetula “KingTula” Adebowale. The album is due out February 4 via Banku/emPawa Africa. Somewhere Between Beauty & Magic follows his 2019 EP Love and Light.


https://www.youtube.com/watch?v=WvWFVW4lRVU

SOURCE: https://brandspurng.com/2021/01/23/joeboy-announces-debut-album-somewhere-between-beauty-magic/

President Joe Biden has been sworn into office, ushering in a new administration, new foreign policy and a new approach to US trade and investment in Africa.

Advocating for natural gas abroad

The African natural gas value chain represents a critical avenue for foreign investment and export opportunities, including the creation of onshore US manufacturing jobs.

The Total-operated Mozambique liquified natural gas (LNG) project, for example, secured its largest share of senior debt financing from the US Export-Import Bank, which aims to support the country's exports for the development and construction of the LNG plant and create an estimated 16,700 American jobs over its five-year construction period.

In terms of US LNG exports, the relative proximity of certain sub-Saharan markets to North America renders the cost of transporting US LNG to the continent as 20-40% less than transporting it to North Asia.

As a result, the export market potential for US companies looking to sell excess LNG supply to Africa – as a result of the country’s recent major investments in new liquefaction capacity – is substantial, coupled with Africa’s own large-scale energy needs.

As part of the Democratic Party platform, Biden has targetted the elimination of billion-dollar oil and gas subsidies in the US and called on other developed countries to do the same.

While the proposition is unlikely to pass US Congress, it suggests that the Biden administration may follow the likes of Europe, in terms of restricting fossil fuel investment and signalling its commitment to climate change action.

To date, US oil majors (ExxonMobil, Chevron) have been less radical in their commitment to reducing carbon emissions and retooling investment strategies than their European counterparts (Total, Shell).

If the US can continue to lend support to gas development abroad – particularly in Africa, in which gas is positioned as a relatively clean-burning fossil fuel able to deliver energy to scale – then it can cement its role as a leading provider of finance, infrastructure and technology to Africa’s energy transition.

Facilitating a mutual energy transition

Biden has been expectedly liberal in his stance toward a US energy transition: in addition to once again committing the country to the Paris Agreement, he has pledged to transition the national economy to net-zero emissions by 2050, utilising the revenues retained from subsidy cuts to fund a $2trn climate action plan. That said, US support of renewables should not be limited to the domestic market, and if the country plans to increase its fund allocation toward stimulating green business, then Africa represents a worthwhile recipient. The energy sector is already considered an investment priority by the International Development Finance Corporation (DFC), attracting $10bn in commitments to date.

In sub-Saharan Africa, total investment in power project development available to US companies is estimated by Power Africa at $175m.

Meanwhile, universal electricity access by 2030 will require the construction of more than 210,000 mini-grids, mostly solar hybrids, connecting 490-million people at an investment cost of almost $22bn, according to the World Bank’s Energy Sector Management Assistance Programme.

US renewable-focused firms are well-equipped to meet African demand for renewable investment, offering an influx of technology, flexible capital and technical expertise, coupled with a free-market competition approach and reduced barriers to entry.

In addition to attracting external investment to reach continent-wide clean electrification goals, Africa is rich in minerals needed to fast-track the US along with its own energy transition.

The Democratic Republic of the Congo, for example, is estimated to contain one million tons of lithium resources and is a global leader in the production of cobalt, copper, tantalum and tin.

Such minerals are required to meet growing market demand for ‘green’ batteries that have the capacity to fuel US clean energy by powering carbon-free grids, electric vehicles and green technologies.

Countering Chinese influence

In terms of foreign policy, enhanced US presence in Africa represents a strategic counter to Chinese influence, in the midst of an ongoing trade war between the two economic superpowers.

The DFC offers a dynamic alternative to China’s Belt and Road Initiative, which has faced criticism due to its debt-heavy approach targeting government-to-government financing, along with its procurement to Chinese – and not African – firms and state-owned enterprises for the development of large-scale infrastructure projects.

Criticism aside, China has been able to successfully extend its influence across the Global South because of the financial backing it receives from its government. Public sector support serves to alleviate perceived risk by providing a governmental vote of confidence – which the DFC has sought to do through reinsurance models that boost underwriting capacities and guarantees on behalf of American exports and contractors.

Political risk insurance also seeks to protect US investments against the risk associated with currency exchange, expropriation, foreign government interference and breach of contract.

As it stands, bilateral trade between the US and Africa is – for lack of a better word – underwhelming, decreasing from $31.3bn in the first six months of 2019 to a paltry $12.7bn over the same period in 2020.

Last July, the US began negotiations with Kenya over a free trade agreement targetting duty-free access for Kenyan goods to the US market. If an agreement is reached – and it appears unlikely, given Biden’s proclivity for multilateralism and his anticipated prioritisation of the African Continental Free Trade Area – it could serve as a trading model for other sub-Saharan countries and to enhance commercial engagements.

In short, the pieces of the puzzle for US private sector-led growth in Africa are there; it is now up to the Biden administration to put them together.

SOURCE: https://brandspurng.com/2021/01/22/keeping-an-eye-on-bidens-plans-for-africa/

Promasidor Nigeria Limited has appointed Bruno Gruwez as it’s Chief Executive Officer (CEO) effective January 1st 2021. Bruno succeeds Anders Einarsson, who will assume regional responsibilities within the Promasidor Group.

Bruno joins Promasidor from PepsiCo, where he was Senior Director, Food Categories Sub-Saharan Africa. Prior to that, he was Senior Commercial Director for PepsiCo South Africa.

Before moving to Africa, Bruno was Marketing Director for PepsiCo UK Beverages and GM for PLI Western Europe (Pepsi Lipton International is a PepsiCo Unilever JV).

A strategic business leader with deep operating expertise in driving revenue and profit growth, Bruno has the record of proven success in consumer and customer-focused businesses across developed (Europe) and developing (Africa) markets. He also has a passion to grow people and inspire them towards excellence.

Bruno, a Belgian has a Masters Degree in Business Engineering from the Universite Libre de Bruxelles and is married with children.

Promasidor was founded in 1979 by Robert Rose, who left the United Kingdom in 1957 for Zimbabwe to pursue his African dream. It has since grown with presence in several African countries. Promasidor Nigeria has achieved tremendous growth since it commenced operations in 1993.

Promasidor Nigeria Limited, a manufacturer and a fast-moving consumer goods (FMCG) company are the makers of a quality range of products such as Cowbell Milk, Loya Milk, Miksi Milk, Kremela, SunVita Cereal, Cowbell Chocolate, Cowbell Evaporated Milk, Cowbell Coffee, Cowbell Strawberry, Top Tea and Onga food Seasoning across the country bringing nutrition to millions of consumers.

It is an organisation that demonstrates a high standard of corporate governance and corporate social responsibility. It has a clear obligation to consumers, suppliers, its employees and to the communities. These obligations are respect, integrity and openness.

SOURCE: https://brandspurng.com/2021/01/22/promasidor-nigeria-appoints-new-ceo/

The latest data released by the National Bureau of Statistics (NBS) revealed that ‎the average fare paid by commuters for bus journey intercity increased by 4.98% month-on-month and by 41.14% year-on-year to N2,532.19 in December 2020 from N2,240.66 in November 2020.

The Transport Fare Watch report for December 2020 covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, the charge per person; airfare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and waterway passenger transport.

The NBS further reported that in the period under review states with highest bus journey fare intercity were Abuja FCT (N4,415.73), Sokoto (N3,255.20), and Lagos (N3,250.60) while States with lowest bus journey fare within city were Bayelsa (N1,550.73), Bauchi (N1,600.70), and Akwa Ibom (N1,700.54).

A breakdown of the figures in the data shows that average fare paid by commuters for bus journey within the city increased by 6.18% month-on-month and by 78.50% year-on-year to N354.49 in December 2020 from N333.86 in November 2020.

States with the highest bus journey fare within city were Zamfara (N600.50), Bauchi (N526.30), and Cross River (N458.07) while States with lowest bus journey fare within city were Abia (N200.50), Anambra (N242.23), and Borno (N243.12).

Air transport fare?

According to the transport fare report, the average fare paid by air passengers for specified routes single journey increased by 0.42% month-on-month and by 18.54% year-on-year to N36,454.59 in December 2020 from N36,301.74 in November 2020.

States with highest air fare were Anambra (N38,700.00), Lagos (N38,550.00), Cross River (N38,500.00) while States with lowest air fare were Akwa Ibom (N32,600.00), Sokoto (N33,500.00), and Gombe (N34,750.00).

How about Motocycle (Okada) fare?

Also, average fare paid by commuters for journey by motorcycle per drop increased by 6.14% month-on-month and by 124.73% year-on-year to N293.36 in December 2020 from N276.38 in November 2020.

States with highest journey fare by motorcycle per drop were Niger (N1,575.70), Yobe (N397.45) and Imo (N397.42) while states with lowest journey fare by motorcycle per drop were Adamawa (N80.40), Katsina (N130.25) and Kebbi (N146.25).

Waterway passenger transport

Average fare paid by passengers for water way passenger transport increased by 0.19% month-on-month and by 33.56% year-on-year to N758.27 in December 2020 from N756.84 in November 2020.

States with the highest fare by waterway passenger transport were Delta (N2,300.35), Bayelsa (N2,240.00) and Rivers (N2,200.00) while states with the lowest fare by waterway passenger transport were Borno (N240.73), Gombe (N293.24) and Kebbi (N349.64).

SOURCE: https://brandspurng.com/2021/01/21/average-bus-journey-intercity-fare-rose-by-41-14-yoy-in-december-nbs/

The COVID-19 pandemic left a significant mark on the entire football ecosystem, facing clubs with considerable drops in revenue and market value, and German football clubs are no exception.

According to data presented by Safe Betting Sites, the market value of FC Bayern Munich, Borussia Dortmund, and RB Leipzig, as the top three Bundesliga clubs, plunged by €105 million year-over-year to around €2bn in 2021.

Borussia Dortmund`s Value Plunged by $75.8M

Before the COVID-19 pandemic, Germany had the best-supported league in Europe, with an average of over 43 thousand fans flocking to the stadiums to watch the live-action every weekend.

The WeltFussball data show Bayern Munich had the largest attendance in the Bundesliga, with an average of 57,353 spectators attending their home league games during the 2019/20 season. However, these figures were significantly lower than in previous seasons as the final eight rounds of fixtures were played behind closed doors due to the COVID-19 lockdown.

As the leading Bundesliga club, Bayern Munich was valued at €911.7 million last season, revealed TransferMarkt data. However, this figure plunged by €20.3 million to €891.4 million in 2021.

Statistics show that Borussia Dortmund lost nearly €76 million in market value amid the COVID-19 crisis, the most significant drop among the top three Bundesliga clubs. Germany’s second most-valuable football club was valued at €691 million last season. This figure plunged to €615.2 million in 2021.

The market value of RB Leipzig, the third-largest football club in Germany, dropped by €9.2 million in a year landing at €552.6 million in the season 2020/2021.

Erling Haaland`s Market Value Jumped by €40B in 2020, the Biggest Increase Among Top Players

Erling Haaland ranked as the most expensive Bundesliga footballer with a valuation of €100 million as of November 2020. The TransferMarkt data revealed the market value of Borussia Dortmund`s centre-forward player jumped by €40 million last year, the biggest increase among the top Bundesliga players.

His team-mate Jadon Sancho also hit €100 million in market value in November, €30 million less than in March last year.

FC Bayern Munich’s right-winger Serge Gnabry, as the third most expensive footballer in Bundesliga, was valued at €90 million in November, the same as at the beginning of 2020.

The TransferMarkt data also showed Leroy Sané`s €45 million worth transfer to Bayern Munich was the highest expenditure of the German Bundesliga in the season 2020/2021. Patrick Schick`s transfer to Bayer Leverkusen and Emre Can`s transfer to Borussia Dortmund ranked second and third, with €26.5 million and €25 million values, respectively.

SOURCE: https://brandspurng.com/2021/01/20/value-of-top-three-bundesliga-football-clubs-plunged-by-e105m-in-a-year/

Olympique Lyonnais and FC Bayern München players dominate fans’ vote
After over a month of voting during which almost 6 million votes were cast, the UEFA.com women’s and men’s Fans’ Teams of the Year 2020 can now be revealed.

For the 20th year running, football supporters around the world were invited to select their teams from shortlists of 50 elite players playing for clubs in UEFA’s 55 member associations in 2020. As well as the men’s poll, fans were also given the chance to select their women’s Team of the Year for the first time, reflecting the ever-increasing appeal of the women’s game.

The UEFA.com Fans’ Women’s Team of the Year 2020:

- Sarah Bouhaddi (Olympique Lyonnais & France)
- Lucy Bronze (Olympique Lyonnais/Manchester City FC & England)
- Kadeisha Buchanan (Olympique Lyonnais & Canada)
- Wendie Renard (Olympique Lyonnais & France)
- Magdalena Eriksson (Chelsea FC & Sweden)
- Kheira Hamraoui (FC Barcelona & France)
- Amandine Henry (Olympique Lyonnais & France)
- Delphine Cascarino (Olympique Lyonnais & France)
- Sara Björk Gunnarsdóttir (VfL Wolfsburg/Olympique Lyonnais & Iceland)
- Daniëlle van de Donk (Arsenal FC & Netherlands)
- Pernille Harder (VfL Wolfsburg/Chelsea FC & Denmark)

The inaugural UEFA.com Fans’ Women’s Team of the Year includes six of Olympique Lyonnais’ UEFA Women’s Champions League title-winning squad. The eleven selected players represent six different clubs and seven countries, with France (five players) being the most represented nation.

The team features the 2020 UEFA’s Women’s Player of the Year Pernille Harder, who inspired VfL Wolfsburg to another German double and UEFA Women’s Champions League final before moving to Chelsea FC later in the year. She also helped Denmark qualify for UEFA Women’s EURO 2022 in impressive fashion.

The UEFA.com Fans' Men’s Team of the Year 2020:

- Manuel Neuer (FC Bayern München & Germany)
- Joshua Kimmich (FC Bayern München & Germany)
- Sergio Ramos (Real Madrid CF & Spain)
- Virgil van Dijk (Liverpool FC & Netherlands)
- Alphonso Davies (FC Bayern München & Canada)
- Thiago Alcántara (FC Bayern München/Liverpool FC & Spain)
- Kevin De Bruyne (Manchester City FC & Belgium)
- Cristiano Ronaldo (Juventus & Portugal)
- Lionel Messi (FC Barcelona & Argentina)
- Neymar (Paris Saint-Germain & Brazil)
- Robert Lewandowski (FC Bayern München & Poland)

Here are some key facts about the 20th annual selection of the UEFA.com Fans’ Men’s Team of the Year:

- Three players make their debut in the team – Kimmich, Thiago Alcántara and Davies, who is the first-ever Canadian to make the UEFA.com Fans’ Team of the Year.

- The 11 players represent seven clubs and nine countries, Germany and Spain both being represented by two players.

- The team features five players from 2019/20 UEFA Champions League winners FC Bayern München, including UEFA’s Men’s Player of the Year Robert Lewandowski. The Polish striker also won the domestic league and cup double with his club.

- Cristiano Ronaldo was selected for the 15th time and has been in every Fans’ Team of the Year since 2007.

- Lionel Messi, who scored 26 goals for FC Barcelona in UEFA and domestic competitions in 2020, features for the 12th time.
Nominees and Winning Team

- The 50 nominees for the women’s and men’s edition were selected by the UEFA editorial team, based on the players' performances in UEFA competitions and domestic competitions within UEFA member associations from January to December 2020.

- Fans had from 30 November 2020 until 6 January 2021 to select their favourite XIs from two shortlists of 50 elite players – five goalkeepers, 15 defenders, 15 midfielders and 15 forwards – all of whom appeared for clubs or national teams in one of UEFA's 55 member associations in 2020.

- The two winning sides reflect the votes of the fans in parallel with players’ achievements over the course of the calendar year and were validated based on input from a UEFA technical observer panel throughout the course of the year.

All users who submitted a team will now be entered into a prize draw to win a VIP trip to both the men's and women's UEFA Champions League finals.

SOURCE: https://brandspurng.com/2021/01/20/uefa-com-fans-teams-of-the-year-2020-announced/

African Game “The Endless Wyrd” is the first to qualify for The Nordic Game Discovery Contest 2021!

January 19, 2021 - In this dice-based, deck-building, roguelike adventure, scavenge the Wyrd and escape the approaching Thing of the Dark. Load your dice with powerful augments to create your own synergies and combos and stack the odds in your favour. In the rabbit hole of the Wyrd, the only way back up is down.

Produced in South Africa, “The Endless Wyrd” recently won the first qualification round of the NGDC Season V, which took place during Africa Games Week in Cape Town in early December and have therefore qualified for the big Nordic Game Discovery Contest this coming summer in Sweden!

"To us, The Endless Wyrd is the quest for the stupidly overpowered and we can't wait for players to uncover the ridiculously overpowered synergies and combinations that we have in store", says Janke van Jaarsveld, CEO of Design Imps, "We are also very proud of the game's South African roots, boasting the unique comic art style of Willem Samuel, who's band, SkreeAlleen, incidentally also lent their talents to the soundtrack."

“The Endless Wyrd” is scheduled for Early Access release in Q3 of 2021 and an early Alpha demo is currently available on Steam.

“At Design Imps we are committed to the concept of "Together we can make it better”. It was the reason we implemented an easy to use the modding system for Fhtagn! - Tales of the Creeping Madness and the reason we want to have Early Access. We believe that with the input of players we can make this game amazing!”, says Janke.

Check out the reveal trailer here:


https://www.youtube.com/watch?v=6roy7syGfQc

One Minute gameplay trailer:


https://www.youtube.com/watch?v=6roy7syGfQc

The Endless Wyrd is available as an Early Alpha Demo on Steam here: https://store.steampowered.com/app/1227330/The_Endless_Wyrd/

SOURCE: https://brandspurng.com/2021/01/19/african-game-the-endless-wyrd-is-the-first-to-qualify-for-the-nordic-game-discovery-contest-2021/

About 300,000 metric tonnes of maize are soon to be released into the Nigerian market from strategic anchors under the Anchor Borrowers' Programme (ABP) of the Central Bank of Nigeria (CBN), which watchers believe will reduce the current price of maize from N155,000 per metric tonne.

The anticipated release follows moves made by the CBN, working with the Nigeria Customs Service (NCS), in the last quarter of 2020, to facilitate import waivers to four agro-processing companies to import 262,000 tonnes of maize to bridge the shortfall in production and augment local production.

With the release of 300,000 metric tonnes in February 2021, it is expected that the prices of maize in the Nigerian market will drop significantly, thereby increasing demand for the crop and ultimately enhancing the gains of maize farmers.

Prior to the CBN-NCS collaboration, President Muhammadu Buhari had approved the release of 30,000 tonnes of maize from the National Strategic Grain Reserve to support the Poultry Association of Nigeria (PAN) at a subsidized rate.

In a chat with newsmen in Abuja, the National President of the Maize Association of Nigeria (MAAN) Alhaji Bello Abubakar, attributed the current shortfall in the quantity of maize available in the market, to include insecurity around the major maize producing belt of Niger, Kaduna, Katsina, Zamfara and part of Kano states. Alhaji Bello also identified the activities of hoarders and middlemen who engage in the hoarding of the grain.

Also speaking the same vein, a prime anchor under the maize production, Dr. Edwin Uche, noted that banditry, drought in some parts of the country in 2020 and activities of middlemen are responsible for the current high price.

He, however, opined that the planned dry season farming which is first of its kind in the country, timely distribution of inputs to farmers and improved security, would go a long way to enhance production and ensure stability in price. He expressed optimism about the price crashing to N120,000 per metric tonne in the next couple of days.

Another major stakeholder in the maize production, Mr. Ayodeji Balogun of AFEX, attributed the hike in price to the cash-flow problem of farmers which has to compel farmers to resort to collecting cash from buyers ahead of production and resort to side-selling, especially across the borders of neighbouring countries due to higher prices.

It will be recalled that the CBN in 2020 had provided credit facility and seed support to maize farmers, to enable them to increase their yield, particularly due to the challenge posed by the Corona Virus (COVID-19) pandemic.

As part of the Bank's financing framework, the CBN has facilitated the funding of maize farmers and processors through the Anchor Borrowers' Programme (ABP) Commodity Association, Private/Prime Anchors, State Governments, Maize Aggregation Scheme (MAS), and the Commercial Agricultural Credit Scheme (CACS).

Confirming the release of credit to its members by the CBN, the National President of the Maize Association of Nigeria (MAAN), Dr. Bello Abubakar disclosed that over 200,000 farmers targeted to produce more than 25 million metric tonnes of maize in the 2020/2021 planting season.

According to him, the credit secured by the CBN are being distributed to members along the maize value chain, nation-wide. He expressed confidence that the support of the CBN would boost production and ultimately ensure availability as well as stability in the price of the commodity. In spite of cases of insecurity in some parts of the country, he said farmers were committed to meeting the objective of food security.

Abubakar also charged middlemen not to take advantage of the supply gap to hike the price of the grains, even as he assured that farmers would maintain a reasonable price. He equally urged the Federal Government to put in place mechanism to protect farmers from market triggered shocks.

SOURCE: https://brandspurng.com/2021/01/18/price-of-maize-set-to-crash-300000mt-of-maize-for-release-in-february-2021/

January 18, 2021 - FIFA President Gianni Infantino concluded a two-day trip to Cameroon, where he has met with dignitaries of the country and key officials from the Confederation of African Football (CAF) and the Cameroonian Football Association (Fecafoot).

The trip coincided with the start of the African Nations Championship (CHAN), which is being hosted in three Cameroon cities from 16 January until 7 February 2021.

The FIFA President, who was received in a private audience by Paul Biya, the President of the Republic of Cameroon, at the Unity Palace in Yaounde on Friday, subsequently attended a ceremony which conferred the title of CAF Honorary President to Issa Hayatou, who presided over the confederation from 1988 to 2017.

“I had the pleasure of providing President Biya with an update in relation to FIFA’s role in supporting football, not only in Cameroon but also across Africa and globally,” said the FIFA President, who was accompanied at the meeting by CAF President Constant Omari. The FIFA President would also later meet Cameroon Prime Minister Joseph Ngute during the visit to Yaounde.

“Equally, meeting with CAF and Fecafoot officials, it was important to show FIFA’s support to football in Cameroon and across the African continent, especially as the African Nations Championship just kicked off, the first international tournament being played in 2021, and spectators are attending matches according to the safety protocols which have been established,” the FIFA President added.

“It sends an important message to have football restarting in Africa, particularly in an indisputable football country such as Cameroon.”

Prior to leaving the country, Gianni Infantino attended the opening ceremony and the opening match of the CHAN final tournament, where hosts Cameroon narrowly overcame Zimbabwe at the Ahmadou Ahidjo Stadium in Yaounde. In total, 16 African national teams are participating in what is the sixth African Nations Championship, a biennial tournament which involves players from the respective domestic leagues.

The event has also received support from FIFA as, since October 2020, CAF has been using FIFA’s COVID Relief Fund grant (USD 2 million) to restart their competitions, with the medical protocols, flights and accommodation for match officials at CHAN being subsidised through this funding.

SOURCE: https://brandspurng.com/2021/01/18/fifa-president-supports-african-footballs-restart-in-cameroon/

Titan Trust Bank Limited, one of the newest entrants into the banking industry, at the weekend, emerged ‘Best Trade Finance Provider in Nigeria for the year 2020’ in the recently released Global Finance Magazine World’s Best Trade Finance Providers Awards.

The lender clinched the coveted influential international award previously won by only the first-tier banks in Nigeria in just 15 months of its commercial operations.

According to the organisers of the prestigious annual awards, Global Finance Magazine, New York, the awards were created to recognize top performers among banks and other providers of financial services in prominent areas of expertise and excellence.

For the 2020 Trade Finance Providers awards, the organisers added that winners were chosen in more than 102 countries across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.

In selecting its recipients, Global Finance Magazine’s principle was hinged on quantitative and qualitative data, to honour institutions that have brought the highest levels of service, innovation and expertise to their customers.

“The editorial review board of Global Finance selected the best trade finance providers based on entries from banks and other providers, as well as input from industry analysts, corporate executives and technology experts. Criteria for choosing the winners included: transaction volume, the scope of global coverage, customer service, competitive pricing and innovative technologies,” a statement by the organisers said.

Joseph D. Giarraputo, publisher and editorial director of Global Finance Magazine, New York noted: “The Trade Finance sector was hit particularly hard by the fallout from the COVID-19 pandemic, and providers were forced to respond and adapt to the unforeseen challenges it presented.

“The winners of the 2020 Annual Trade Finance awards are institutions that responded to the unprecedented landscape of the year with new technologies and improved capabilities that helped their clients succeed.”

Commenting on the recognition, Mudassir Amray, Managing Director and Chief Executive Officer of Titan Trust Bank Limited, said:

“The news of the award is overwhelming. We are truly humbled and are grateful to our customers for their unwavering support and trust in us.

“At the heart of the bank are our people, without which this achievement would not have been possible. “The award is also an endorsement of our professional board and well diversified and experienced management team,”

The bank’s chief added that despite the rage of the coronavirus (COVID-19) pandemic, the lender has continued to blaze the trail by delivering superior, convenience and innovative banking solutions to its customers through technology.

“Nigeria is going through a tough time due to the impact of the COVID-19 pandemic coupled with the fall in oil prices. Hence, Titan Trust Bank has had to face a business terrain that has been hit with the onslaught of a global pandemic.

“Despite the odds, the bank has become adept at providing tailored trade finance solutions to meet the needs of its customers. In an industry that is fiercely dominated by banks that have been in existence for decades, Titan Trust bank has been able to establish a formidable market presence in just under a year,” he said.

Titan Trust Bank was established on the 12th of December 2018 and commenced operations on Oct 4th, 2019.

SOURCE: https://brandspurng.com/2021/01/18/titan-trust-bank-emerges-best-trade-finance-provider-in-nigeria/

January 18, 2021 – As part of its commitment to ensuring access to affordable broadband connectivity in Africa’s underserved populations, Tizeti, West Africa’s pioneer solar-based internet service provider is rolling out its 4G LTE network in Edo State, with monthly fixed broadband costs pegged at four thousand Naira ($.

With this move, millions of people in Edo State previously outside the broadband envelope can now take advantage of high-speed broadband internet from Tizeti.

Announcing the rollout of its new low-cost unlimited 4G services in Edo, the Chief Executive Officer of Tizeti, Kendall Ananyi, said that this 4G broadband internet will empower more Nigerians in Edo State, stimulate economic activities and provide unlimited access to affordable and reliable broadband services as well as complement the Edo State Government’s efforts in driving investment promotion and building a robust technology ecosystem in the state.

“Rolling out 4G LTE broadband internet in Edo at the cheapest fixed broadband prices in Nigeria, and possibly Africa is a strategic decision for us. We have been building brand-new, solar-powered, 4G-capable towers in Edo, starting with Benin City, which leverages Edo State’s expansive fibre-network built by some of our partners, MainOne and Facebook.

Edo State has a large population of vibrant, young people and a high number of higher institutions, which provides a foundation for a robust and thriving ecosystem to enable digital leadership.

And the Edo State Governor, Mr. Godwin Obaseki, is implementing reforms in investment promotion and determination to build a robust technology ecosystem in the state, with an agenda that prioritizes Information Communication Technology (ICT)-compliant pedagogy in primary schools, improves digital skills for students and graduates and revamps technical education to increase productivity.

This has created a perfect environment for us to roll out our low-cost broadband service, starting in Edo State, but with plans to expand across the country over the next few months”, Ananyi said.

Corroborating Ananyi, Tizeti’s Chief Operating Officer, Ifeanyi Okonkwo, states,

“The launch in Edo State is personal to us as founders of Tizeti because we are alumni of the University of Benin. At 4,000 Naira monthly costs with a one-off installation cost of 4,000 Naira, we believe the plan is affordable, especially to undergraduate students. This provides a huge opportunity for people in Edo to benefit from unlimited broadband internet for use in online learning, eCommerce and entertainment, especially interactive games, video consumption, and music”.

Interested users in Edo State can pre-sign up at https://WiFi.com.ng/EdoState/; installations are expected to commence in Benin City on April 1st, 2021.

For many countries in Africa, there is still a huge digital divide. This boundary between connected and unconnected translates into clear consequences for employment, education, family and social life, and access to information.

According to the World Wide Web Foundation, ensuring fast internet in Africa will enable billions more to come online, and to take advantage of the life-changing socio-economic opportunities that access to the Internet provides.

Companies like Tizeti are playing a significant role in addressing the digital infrastructure deficits in Africa with innovative technology and capabilities, to improve development outcomes for millions of people.

Tizeti currently has 1.7 million unique users, with broadband services which include a new Skype-like personal and business enterprise communications service — WiFiCall.ng, and access to video streaming sites and services.

SOURCE: https://brandspurng.com/2021/01/18/tizeti-rolls-out-high-speed-4g-lte-in-edo-with-n4000-month-broadband-service/

The National Youth Service Corps (NYSC) and IITA are partnering to open up opportunities to youth in Nigeria. The two organizations signed a memorandum of understanding (MoU) to that effect during a recent visit of the NYSC Director-General, Brigadier General Shuaibu Ibrahim, to IITA Headquarters, Ibadan.

IITA Deputy Director General, Partnerships for Delivery, Kenton Dashiell, welcomed the NYSC delegation at the Akin Adesina building. He gave an overview of IITA’s history, and Kwesi Atta-Krah, IITA Director of Advocacy and Country Alignment Function, explained the Institute’s activities. The visitors saw more of these as they embarked on a tour of IITA research facilities and innovations.

After the tour, Dashiell said that youth have great potential, but they can only realize this when organizations like NYSC and IITA open the doors of opportunities they need.

“While we value our partnership with NYSC, we would like the youth to see and experience greater opportunities in agriculture and develop the skills they need to succeed in this sector. I believe that if IITA works with NYSC on this, it will be a gamechanger,” Dashiell said.

Dashiell appreciated the NYSC team for their service to the nation and their interest in collaborating with IITA. Gen. Ibrahim encouraged the corps members in IITA who are interested to tap into this opportunity and grow this partnership to the next level.

As he signed the MoU, the NYSC DG recommended that both organizations have a desk officer to act as an interface to meet timelines. He appreciated IITA, especially Director General Nteranya Sanginga, for his immense contribution to the youths’ success and assured taking the collaboration between IITA and NYSC to greater heights

.

https://brandspurng.com/2021/01/18/nysc-partners-with-iita-to-create-opportunities-for-nigerian-youth-photos/

An Estimated 10.4 Million Children In Northeast Nigeria, 4 Regions Will Suffer From Acute Malnutrition In 2021 - UNICEF

UNICEF warns numbers could rise further without urgent action

As 2021 approaches, UNICEF is deeply concerned for the health and well-being of 10.4 million children projected to suffer from acute malnutrition next year in the Democratic Republic of the Congo (DRC), northeast Nigeria, the Central Sahel, South Sudan and Yemen.

These are all countries or regions experiencing dire humanitarian crises while also grappling with intensifying food insecurity, a deadly pandemic and – with the exception of the Central Sahel – a looming famine.

UNICEF Executive Director Henrietta Fore says:

“For countries reeling from the consequences of conflicts, disasters and climate change, COVID-19 has turned a nutrition crisis into an imminent catastrophe, Families already struggling to feed their children and themselves are now on the brink of famine. We can’t let them be the forgotten victims of 2020.”

In the Democratic Republic of the Congo, an estimated 3.3 million children under five will suffer from acute malnutrition in 2021, including at least 1 million with severe acute malnutrition. These alarming figures are due to ongoing insecurity, the socioeconomic consequences of the COVID-19 pandemic, and limited access to essential services for vulnerable children and families.

In northeast Nigeria, more than 800,000 children are expected to suffer from acute malnutrition in 2021, including nearly 300,000 with severe acute malnutrition who are at imminent risk of death.

In the northwest of the country, the nutrition situation is even direr. Kebbi State is experiencing a chronic malnutrition rate of 66 per cent, more than 20 per cent higher than Borno State in the northeast. In Sokoto State, also in Nigeria’s northwest, close to 18 per cent of children suffer from wasting and 6.5 per cent suffer from severe wasting.

In South Sudan, The Integrated Food Security Phase Classification (IPC) update released earlier this month indicated a further deterioration of food security, with almost 7.3 million people – 60 per cent of the population – expected to be facing severe acute food insecurity in 2021.

An estimated 1.4 million children are expected to suffer from acute malnutrition in 2021, the highest since 2013. Meanwhile, the number of children suffering from severe acute malnutrition is expected to increase from about 292,000 children this year to over 313,000 children in 2021.

The increase in household food insecurity and acute malnutrition among children is attributed to ongoing conflict and insecurity, and limited access to essential nutrition, health care and water, sanitation and hygiene services. Flooding in some areas in 2020 has exacerbated the already high level of acute malnutrition among children.

In the Central Sahel countries of Burkina Faso, Mali and Niger, intensifying conflict, displacement and climate shocks will leave an estimated 5.4 million people struggling to meet their daily food needs during the next lean season. Acute food insecurity has increased by 167 per cent in Burkina Faso, 34 per cent in Mali and 39 per cent in Niger, compared with the five-year average.

The number of children suffering from acute malnutrition could rise by 21 per cent. This would bring the total number of malnourished children in the three countries to a staggering 2.9 million, including 890,000 children suffering from severe acute malnutrition.

Across Yemen, over 2 million children under five years of age suffer from acute malnutrition, including nearly 358,000 with severe malnutrition – a number that is expected to rise.

In 133 districts in southern Yemen, home to 1.4 million children under five, recent analysis reveals a near 10 per cent increase in children with acute malnutrition between January and October 2020. This includes a more than 15 per cent increase – nearly 100,000 children – in cases of severe acute malnutrition. A similar analysis is being finalized for northern Yemen and alarming results are expected there as well.

In all these countries and beyond, UNICEF is urging humanitarian actors on the ground and the international community to urgently expand access to and support for nutrition, health and water and sanitation services for children and families.

Despite challenges in the context of COVID-19, this year UNICEF and partners have continued to deliver lifesaving assistance to the most vulnerable children and their families in the hardest to reach areas through adjustments on the existing programmes to maintain and increase access.

UNICEF has appealed for more than US$1 billion to support its lifesaving nutrition programmes for children in countries affected by humanitarian crises over 2021.

SOURCE: https://brandspurng.com/2021/01/03/an-estimated-10-4-million-children-in-northeast-nigeria-4-regions-will-suffer-from-acute-malnutrition-in-2021-unicef/

First City Monument Bank (FCMB) has commenced a review and investigation of unethical behaviour levied against its MD/Chief Executive Officer, Adamu Nuru, who allegedly impregnated and fathered two kids with a married staff of the bank, Tunde Thomas.

A group of people (Justice for Tunde Thomas) seeking justice had earlier petitioned the Central Bank of Nigeria (CBN), and the board of FCMB concerning unethical behaviour of Adamu Nuru and former staff of the bank, Moyo Thomas, that led to the death of Tunde Thomas, the husband of Moyo Thomas.

According to FCMB's Corporate Affairs Head, Diran Olojo, FCMB Group, the bank was aware of the allegations making the rounds against its Managing Director.

Olojo revealed that the financial institution had commenced a review into the matter, saying the outcome would be discussed in due course.

The statement reads:

“We are aware of several stories circulating across several media platforms about our bank’s Managing Director, Adam Nuru, a former employee Ms Moyo Thomas and her deceased ex-husband, Mr Tunde Thomas,”

“While this is a personal matter, the tragedy of the death of Mr Tunde Thomas and the allegations of unethical conduct, require the bank’s board to conduct a review of what transpired, any violations of our code of ethics and the adequacy of these code of conduct ethics. This will be done immediately.

“We enjoin all our stakeholders to bear with us as we conduct this review and to please respect the various families involved.

“Our Board of Directors are reviewing all aspects of this report and once they are done with their review, we will revert to you.”

SOURCE: https://brandspurng.com/2021/01/02/marriage-scandal-fcmb-commences-review-into-allegations-against-its-md-adamu-nuru/

The total value of capital importation into Nigeria stood at $1,461.49m in the third quarter of 2020. This represents an increase of 12.86% compared to Q2 2020 and -74.03% decrease compared to the third quarter of 2019.

The largest amount of capital importation by type was received through Other investment, which accounted for 43.75% ($639.44m) of total capital importation, followed by Foreign Direct Investment (FDI), which accounted for 28.38% ($414.79m) of total capital imported and Portfolio Investment which accounted for 27.87% ($407.25m) of total capital imported in Q3 2020.

Sector

Capital importation by Production dominated in Q3 2020 reaching $400.09m of the total capital importation in Q3 2020.

Source of capital investment

The United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2020 with $594.65m. This accounted for 40.69% of the total capital inflow in Q3 2020.

Destination of Investment

Lagos state emerged as the top destination of capital investment in Nigeria in Q3 2020 with $1,208.74m. This accounted for 82.71% of the total capital inflow in Q3 2020.

Bank (capital investment)

Standard Chartered Bank Nigeria Limited emerged at the top of capital investment in Nigeria in Q3 2020 with $438.98m. This accounted for 30.04% of the total capital inflow in Q3 2020

.

https://brandspurng.com/2020/12/15/capital-importation-into-nigeria-up-by-12-86-percent-to-1461-49m-in-q3-2020-nbs/

10 illegal taxes and forms of extortion the government needs to get Nigerians to stop paying in 2021 as they are impoverishing an already stretched people.

1. Police collecting bribes at checkpoints

2. Governors collecting security votes

3. Clergymen extorting 10% of their followers’ wages

4. Kidnappers collecting ransom fees

5. Boko Haram and bandits receiving “protection fees” from state governors

6. Religious leaders selling all sorts of miracle cures to desperate people afflicted with illnesses

7. Civil servants receiving fees before processing forms submitted to government offices

8. Omo Onile’s levying you at every stage of you building your house in Lagos. They take money for foundation, decking, roofing, etc

9. Youths setting up illegal toll gates in communities whenever they need money

10. Women asking men for “transport money”

Given the seriousness of our economic situation right now, drastic action is required. All these taxes need to be reviewed one by one.

Nigeria needs about $100bn invested in her infrastructure but also needs liquidity in the economy to purchase finished goods. Above all, we need to invest in manufacturing.

What makes my heart bleed is that we are not even giving this matter any thought. We naively believe crude oil dollars will keep flowing forever!

SOURCE: https://brandspurng.com/2020/12/15/10-illegal-taxes-and-forms-of-extortion-the-government-needs-to-get-nigerians-to-stop-paying-in-2021/

Anointedclass:
Bros I owe you one bottle of paraga

Just tell me time and venue biko. I will be there shaparly.

10 characteristics of the average Nigerian

1. They are passionate about their religious faiths. An overwhelming number of Nigerians want to go to heaven when they die

2. Nigerians are closely attached to their ethnic groups and traditional rulers

3. They love entertainment and merriment

4. They hate being called just plain Mr or Ms No other people on the world live amassing titles like us

5. They believe how much material wealth you have is a measure of your worth

6. They believe that public transport is for the poor and lazy

7. They believe the government has the capacity to solve all of society’s socio-economic woes

8. They live high-end products and as we produce none of this ourselves, they are shamelessly happy to import their needs

9. We are embarrassingly sycophantic. Decades of living under military rule have engrained the Oga-at-the-top mentality into our psyche. Our top-to-bottom mentality makes it impossible for an average Nigerian to refuse in reasonable orders

10. Nigerians appreciate the value of education. However, this means they disrespect people who did not go to university irrespective of what skills they possess

You simply cannot build a global superpower when your population thinks this way. A higher level of thinking is required.

Written by: Ayo Akinfe, born in Salford, Manchester, is a London-based journalist who has worked as a magazine and newspaper editor for the last 20 years. Ayo attended Federal Government College Kaduna and obtained his first degree in history from the University of Ibadan.

SOURCE: https://brandspurng.com/2020/11/25/10-characteristics-of-the-average-nigerian/

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) of Nigeria concluded its two-day policy meeting which is the last for the year 2020, and has voted to keep the Monetary Policy Rate (MPR), at 11.5%.

This was disclosed by Governor, CBN, Godwin Emefiele while reading the communique at the end of the MPC meeting on Tuesday. Other parameters such as Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.

Committee’s decisions:

- MPR was kept at 11.50%

- The asymmetric corridor of +100/-700 basis points around the MPR

- CRR was retained at 27.5%

- While Liquid Ratio was also kept at 30%

SOURCE: https://brandspurng.com/2020/11/24/cbn-retains-mpr-at-11-5-holds-other-key-parameters-constant/

In partnership with Gameloft, a leader in the development and publishing of mobile games, MTN Nigeria has announced the launch of MTN Gameworld — a new gaming platform for its subscribers. The platform will offer the Nigerian gaming community access to a variety of fun and exciting games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Speaking on the partnership, Chief Digital Officer, MTN Nigeria, Srinivas Rao said,

“We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will provide customers with an extensive choice of games, which they can play at subsidised data rates. Through the MTN Gameworld app, users can stay up-to-date with new titles that can be streamed or downloaded. It is compatible with Android, iOS and Windows phone devices providing access to unlimited fun.

Subscription is available through SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

SOURCE: https://brandspurng.com/2020/11/23/mtn-partners-with-gameloft-on-exciting-new-platform/

Nigerian Army Neutralizes Several Bandits, Arrests Illegal Miners, Recover Arms And Ammunition In North West Zone

Troops of Operation ACCORD have intensified the onslaught against criminal elements in the North West zone with significant successes. The gallant troops on 21 November 2020 while on covert operation at Galadi village in Shinkafi Local Government Area of Zamfara State made contact with bandits.

During the operation, 2 bandits were neutralised while 2 AK 47 rifles were recovered.

Equally, the gallant troops during clearance operation at Sabon Tunga and Tamuske villages neutralised several armed bandits and rescued 3 kidnapped victims. The gallant troops supported by Nigerian Air Force helicopter gunships bombarded bandit’s enclaves at Dutsen Emai in Zamfara State.

In another development, still on same 21 November 2020, troops while on routine patrol at Gobirawa village made contact with armed bandits. During the encounter, 6 armed bandits were neutralised while 4 AK 47 rifles, 3 Dane guns and 2 motorcycles were recovered.

In the same vein, following credible intelligence on activities of illegal miners at Kadauri general area in Maru Local Government Area of Zamfara State, troops swiftly mobilized to the scene and apprehended 11 suspected illegal miners. The suspects have been handed over to the appropriate prosecuting authority for further action.

Additionally, troops of Forward Operating Base Kwatarkwashi arrested one Shafiu Suleman, a wanted bandit’s informant at Kwatarkwashi Market. Preliminary investigation revealed that the suspect was the mastermind of recent kidnapping of some Locals within Kwatarkwashi district of Bungudu Local Government Area of Zamfara State.

Furthermore, following distress call on presence of suspected bandits at Gidan Ruwa along Rukudawa axis of Zurmi Local Government Area of Zamfara State on 22 November 2020, troops swiftly responded and pursued the bandits as they fled on sighting the approaching troops. However, one bandit was neutralised, while one AK 47 rifle and one magazine loaded with 29 rounds of 7.62mm Special ammunition were recovered. Equally, 2 bandits were arrested in the process.

In a similar development, following credible intelligence reports, troops on 22 November 2020, arrested a suspected kidnap kingpin in Kurfi Local Government Area of Katsina State. The suspect who has been on the wanted list is presently in custody for further action.

The Armed Forces of Nigeria and other security agencies will not relent until all enemies of the Nation are neutralised and normalcy is restored to all troubled zones.

SOURCE: https://brandspurng.com/2020/11/23/nigerian-army-neutralizes-several-bandits-arrests-illegal-miners-recover-arms-and-ammunition-in-north-west-zone/

Guaranty Trust Bank PLC (GTB) has announced an impressive earning as gross revenues jumped by 26.29% in Q3-2020, Brandnewsday reports.

This was mainly driven by improved interest income and lower interest expenses despite the surge in impairment charges and drop in net fees and commission income. Notably, net interest income advanced by 9.71% from N172.94bn to N189.74bn buoyed by a 1.80% increase in interest income and a 24.90% reduction in interest expenses.

GTB Surge in impairment charges dragged net interest income

An unsurprising 267.40% surge in loan impairment charges motivated by CBN push on loan to deposit ratios and COVID-19 impacts on the credit quality of businesses reduced Net interest income to 5.53%. Specifically, impairment charges increased from N2.76bn to N10.14bn amid growth in private sector credit among major banks in Nigeria. In a similar fashion, Net fees and commission income waned by 170.38% to N32.725bn from the N46.50bn recorded in Q3-2019 with major drag coming from lower credit-related fees and commissions, corporate finance fees and e-business income even with the slight increase recorded in account maintenance charges.

Declined cost management effectiveness and tax burden pressured bottom-line

Following the drag on fees and commission income, total operating income only advanced by 3.52% tolled by a 12.85% increase in operating expenses, this lead to a 1.93% drop in profit before tax. Notably, Operating income moved from N270.25bn to N279.75bn while profit before tax (PBT) declined from N170.65bn to N167.35bn in the current period. However, tax expenses advanced by 5.95% despite fall in PBT leading to a 3.2% fall in Profit After Tax.

In summary, GTB made N142.28bn PAT compared to the N146.99bn generated in Q3-2020 with earnings per share (EPS) dropping from N5.19 to N5.02 in the current period

SOURCE: https://brandnewsday.com/2020/11/19/gtb-adds-26-29-to-earnings-pat-declined-by-3-20/

The Lagos State coconut value chain, conservatively put in excess of N350 billion yearly, is set to be activated as the State partners the Food and Agriculture Organisation (FAO).

The Deputy Governor, Dr. Kadri Obafemi Hamzat stated this during a courtesy visit by the FAO Country Representative in Nigeria, Mr. Fred Kaferro, in his office at Ikeja, emphasising that the collaboration will ensure the State’s coconut production significantly improves and the attendant value chain bolstered.

He noted that the FAO, being a research-based organisation, will visit coconut sites in the State to take a sample of the soil and coconut, determine the variety and make recommendations to the government on issues such as the replacement strategy and production processes among others.

According to Dr. Hamzat,

“The collaboration will be technical in nature, it will enlighten us on how to plant our produce. It is not only about growing coconut but what you do to process it, how do we make it edible for people in various forms? So FAO will assist with that and even with the production itself. As we all know, there are different varieties of these cash crops. The FAO will also be meeting the local farmers to educate them about planting and harvesting period”.

"The collaboration will not be in a mechanistic model because we have to take locations into consideration. What is applicable in Lagos might not be applicable in Niger State, so FAO will be able to guide us appropriately", he added.

The Deputy Governor urged the citizens to explore the inherent opportunities in the sector, stressing that the coconut value chain presents real opportunities for those who are interested.

Earlier in her remarks, the Commissioner for Agriculture, Ms. Abisola Onasanya stated that harnessing the potentials of the coconut sector across its value chain in Lagos State is a key element in achieving the agenda of making Lagos a 21st Century Economy.

She disclosed that the development of the subsector will ensure sustainable food security, economic development in terms of generating revenue, improving the standard of living and local economy of Lagosians through employment and wealth creation opportunities as well as the overall environmental impact in mitigating against climate change and global warming.

The Country Representative of the Food and Agriculture Organisation in Nigeria, Mr. Fred Kaferro, commended the Lagos State Government on its commitment towards improving the food and agriculture sector.

He disclosed that the organisation will provide the needed technical assistance to tap into the opportunities of employment benefits in production and distribution in the coconut value chain.

Kaferro added that agriculture and its entire value chain require partnerships, especially as coconut produces great opportunities for income generation in different segments of the society.

SOURCE: https://brandspurng.com/2020/11/19/lagos-to-partner-fao-to-enhance-coconut-production/

Nigeria and Bangladesh are both developing countries, each with its challenges. The politics and social fabric in both societies are highly complex with storied and blood-drenched histories. With a population of approximately 200 million and 165 million in Nigeria and Bangladesh respectively, both countries feature among the most highly populated nations in the world.

The challenges posed by a huge population in terms of jobs creation, skills development and empowerment, as well as robust resource mobilization to fund development resonates across both nations. Similarly, the two countries have a shared history marked by a prolonged period of political instability lasting decades post-independence.

Yet, in recent times, Bangladesh has been able to record significant economic progress, making laudable headway around industrialisation, growth, and competitiveness. Nigeria on the other hand remains wallowed in sub-par economic growth, with a business cycle and fiscal position that move in line with ever so volatile global crude oil prices.

Unemployment is stubbornly high and rising, per capita GDP is retrogressing, manufacturing remains lacklustre, and with critical underinvestment in essential infrastructure, Nigeria’s long-term potential remains severely challenged.

A quick Google search would reveal the starkly different economic narrative of the two countries: while headlines across major international press read along the lines of “The Rise and Rise of Bangladesh,” the Nigerian picture is the opposite, reflecting the comatose status of the country as the clichéd ‘Giant of Africa’ that is increasingly finding it hard to trudge along as it remains pulled down by the weight of its problems.

Nigeria’s Fourth Republic: A New Dawn?

The emergence of Nigeria’s Fourth Republic in 1999 was the beginning of a new era. Nigeria had withstood the test of time marked by a rollercoaster of fundamental socio-political and economic problems that had challenged the country’s very existence and was able to segue into a nascent democracy with renewed hopes going into the new millennium.

Following this transition, Nigeria embarked on a series of reforms that yielded tangible improvements in economic outcomes, and significantly improved the macroeconomic environment in the country. More prudent fiscal management encouraged national savings and improved macroeconomic stability.

In setting the fiscal budget, the government jettisoned the market-price of crude-oil approach and adopted the benchmark oil-price approach – where fiscal spending is predicated on a predetermined oil-price and production level for the year – a significant reform which helped put the lid on government expenditure.

Oil receipts above the benchmark were to be saved in the Excess Crude Account (ECA), a contingency fund designed to create a buffer during periods of commodity shock to oil revenues. Nigerian authorities also negotiated a historic debt relief with multilateral lenders, leading to the Paris Club agreement which reduced Nigeria’s overall debt stock by $18 billion in 2005.

The watershed deal provided vital policy space for Nigeria, giving the country much-needed fiscal room to fund long-term development. The Fiscal Responsibility Act enacted in 2007 institutionalised key reforms ensuring sustained fiscal discipline.

The government also pushed ahead with a number of pro-growth reforms which helped diversify the GDP away from crude-oil and gave rise to other vibrant sectors in the economy. One of the most noteworthy being the liberalisation of the telecommunications industry, which paved the way for productive private investments leading to a remarkable transformation in the industry.

The bank consolidation exercise in 2004 equally created a more robust, stronger banking sector, resulting in improved financial intermediation and financial inclusion.

While the political stability achieved alongside strong macroeconomic reforms resulted in high growth rates in the Nigerian economy, with GDP growth averaging 7.1% between the periods of 1999-2010, compared to a paltry 1.7% achieved during military rule between 1983 and 1999, Nigeria was unable to translate these gains in the macroeconomy into substantial improvement in living standards and development outcomes. Poverty remained stagnant, and growth was not inclusive.

Bangladesh: Still a Shaky Political Regime

While Nigeria’s return to democracy at the turn of the century ushered in a new era of political stability – leaving behind the prior decades’ instability of military rule, the shift in Bangladesh to a stable political regime has been patchy.

Following nearly two decades of military rule ending in 1990, a non-elected, non-partisan caretaker government was put in place to manage the transition to democratic rule, and the country subsequently held a general election in 1991, adopting the parliamentary system.

However, since the transition away from authoritarian military rule, consolidation of democracy in Bangladesh remained lacklustre, with the country’s political structure being labelled a hybrid regime – combining elements of both democracy and autocratic rule.

Although the caretaker government was initially intended as a one-off intervention to manage the transition to democratic rule, the system became institutionalised in the mid-1990s as elections were highly fraught, and marked with violence. The caretaker system remained in place up until 2011 when the country devolved into a political crisis involving military interventions in 2006-2008.

In 2015, another political crisis escalated, due to turmoil between the two main political parties, following the controversial 2014 general elections, with the opposing party demanding for a return to the caretaker system. The economic condition in the country over the period of instability remained bleak, and it wasn’t until 2006 that Bangladesh began its economic ascent, which at the time was dismissed as a fluke.

Choices Shaping Reality

Although the structure of the Nigerian economy has evolved over the years, with crude oil currently accounting for under 10% of national output compared to nearly 40% in 2000, diversification away from oil has not trickled down to fiscal revenues and export earnings.

This reliance on the oil sector is the Achilles heel of the Nigerian economy, and key economic indicators in the country largely mirror volatilities in the global oil market.

As oil still accounts for around 62% of government revenues; over 90% of export earnings, and forms the bedrock of the central bank’s foreign exchange reserves, a crash in global crude oil prices is all it takes for the national currency to go on a freefall, inflation to spiral, capital inflows to dry up, and output in other sectors to contract.

A critical challenge for Nigeria is to identify sectors in which the country has a strong comparative advantage, and strategically position these sectors for exports. In Bangladesh, this export-led model is the impetus for the country’s high growth rates and encouraging signs of economic take-off.

Through its garment industry, Bangladesh has been able to strategically place itself as the world’s second-leading exporter of ready-made garments (RMG), while creating broad-based growth. For Nigeria, a key thrust for the government is transforming the agriculture sector to be the leading driver of job creation and export diversification.

While Nigeria’s abundant labour and arable-land make it very much suited to a green revolution, challenges abound which policy has hitherto failed to address in order to unleash the potential of the sector.

Farming practices are largely subsistent, and the agriculture sector in Nigeria is dominated by smallholder farms. Poor farm management practices and lack of sufficient fertilizer drag yields on produce. The yield on a staple like cereal is 1,444kg per hectare in Nigeria, compared to 3,810kg per hectare and 7,114kg per hectare in South Africa and Egypt respectively.

This low productivity in the agriculture sector is made all the more acute by the severe infrastructure gap in the country. While the transport system in Bangladesh remains underdeveloped, the country boasts of a comparatively stronger transport network than Nigeria, having a national railway that connects different parts of the country including special parcel trains for transporting agricultural products.

The lack of extensive road and rail network that links different parts of the country in Nigeria severely limits access to markets for farmers, and poor storage facilities increase postharvest losses. All these challenges have stifled the promise of Nigerian agriculture, ensuring that the contribution of the sector to revenues and exports remains low, and the value-added per capita in the sector has risen by less than 1% annually, over the past 20 years.

Yet the challenges impeding on Nigeria’s agricultural transformation are symptomatic of the broader economic malaise in the country. The country’s underinvestment in critical infrastructure alongside the weakening economic indicators continue to weigh on the potential of key sectors across the economy.

The Bangladeshi Economic Narrative

In Bangladesh, prudent macroeconomic management has ensured a favourable environment for growth and investments while boosting overall economic resilience. The country’s Public Money and Budget Deficit Management Act (2009) stipulates that public debt as a percentage of GDP should be gradually declining.

In line with this legislation, policymakers in Bangladesh have kept the lid on public spending. Although challenged in terms of sufficient revenue mobilisation, the emphasis on spending control has kept the fiscal deficit in the country below the budget target of 5% over the last decade.

This has resulted in a steady trend in the public debt profile of the country, with a historical average in public debt to GDP ratio of 35.2% and has equally helped to keep inflation within the Bank of Bangladesh’s (BB) target of 5.5%. On the back of this macroeconomic stability, Bangladesh has been able to attain the ‘7% magic mark’, the level of GDP growth rate needed for an economy to double its size within a generation.

As the world marches onto the new decade on the pandemic induced bleak note, Bangladesh’s strong fiscal indicators give it the fiscal room to implement counter-cyclical policies to mitigate the worst of the global downturn. The country is set to be an outperformer globally, with forecasts indicating that it will surpass regional giant India in terms of GDP per capita within the decade.

Population: Dividend or Time-bomb?

Nigeria’s current population is approximately 200 million. With a population growth rate of 2.6%, the country is set to become the third most populous nation in the world by 2050 with 400 million people. While there’s certainly a strength to numbers, demographic dividend can very easily devolve into a demographic time-bomb if society fails to create opportunities for its teeming youth population.

As at Q2 2020, Nigeria’s youth unemployment rate came out at 35%. This army of increasingly restive unemployed youth is not sustainable – and Nigeria has long been boggled with rising security challenges, all of which are escalated by the economic realities of the day. British economist Robert Malthus made a bleak prediction that unconstrained population growth rate would spell doom for societies, as agricultural output, will fail to keep pace.

Luckily, many countries across the world have been able to escape the “Malthusian Catastrophe” by investing in technologies that enhanced agricultural productivity and ensured food security, whilst reducing population growth.

Although fertility rates tend to decline with rising per capita GDP levels, Bangladesh was able to expedite its fertility transition at a very low per capita GDP level through an aggressive family planning programme that provided door-step delivery of contraceptives to women in the early 1970s. Between 1971 and 2004, Bangladesh was able to halve its fertility rate.

By effectively managing population growth, the country was able to record a faster rise in per capita GDP. In strategizing for the future, one of the fundamental questions Nigeria needs to ask is the sustainability of the country’s population growth rate.

Looking Ahead

As Nigeria pushes ahead with policies to unlock investments and deliver high economic growth, it is imperative that growth is broad-based and inclusive. The Nigerian economy has long been characterised by periodic bursts of high GDP growth rates – largely following strong global oil prices – with little achievement in terms of poverty eradication and job creation.

A continuous repeat of this so-called jobless growth can only be avoided by ensuring that future growth is driven by highly labour-intensive sectors, and targeted social policies aimed at empowering the populace at the grassroots level are successfully implemented at scale.

One of the most remarkable aspects of Bangladesh’s economic progress has been the country’s ability to translate economic growth into substantial improvement in social outcomes and livelihoods for those at the bottom of the pyramid. Public investment in technology, rural infrastructure and human capital boosted the country’s agricultural productivity.

As a result, Bangladesh made substantial progress toward food security despite its high population density, lack of arable-land, and frequent natural disasters, and agriculture accounted for 90% of the reduction in poverty between 2005 and 2010. Also, the labour-intensive nature of the economy’s key driver of exports – the garment industry –has helped make growth inclusive, with 80% of garment workers being women.

This is further re-enforced by the country’s success in implementing grassroots level, pro-poor policies, with gender at the heart of its development strategy.

In supporting sectors for growth, it is paramount that the Nigerian government identifies the root cause of underperformance so that policies are targeted at addressing fundamental concerns, as opposed to providing palliatives, or in some cases, aggravating existing problems.

Nigeria’s ban of foreign exchange access for key products including agricultural produce and the border closure are prime examples. Whilst many countries have resorted to some form of protectionism in a bid to develop local industry, policymakers must not lose sight of the fact that the key impediment to growth for local producers in Nigeria is the harsh operating environment and critical infrastructure gaps.

Nigeria needs to re-assess its priorities as reflected in the country’s fiscal spending. Government spending is largely channelled towards a burgeoning recurrent expenditure. At the same time, the sluggish improvement in fiscal revenues has failed to catch up with the rapidly increasing fiscal spending. This has resulted in a fast build-up of public debt.

In Q1 2019, debt servicing accumulated 99% of the Federal Government’s retained revenue. This spending pattern is not sustainable, and the economy is reeling from a lack of sufficient capital expenditure to plug critical gaps in healthcare, education and other key sectors. From 2015-2018, Nigeria spent ₦2.3 trillion on petrol subsidies, an amount which if harnessed judiciously could have provided a meaningful contribution to the country’s decayed infrastructure.

Reforms such as reducing spending on subsidies and overheads must be pushed ahead. The recently announced removal of subsidies on petrol points in the right direction. However, more important is that the savings are redirected into productive capital spend.

By pursuing sound macroeconomic policies and investing heavily in social and physical infrastructure, Nigeria can effectively capitalise on its low labour costs like Bangladesh, and status as Africa’s largest economy to position itself as a leading recipient of foreign direct investment (FDI) globally.

However, the proportion of FDIs to total investment flows dropped from 20% in 2016 to a meagre 4% in 2019. The lack of investor interest in committing patient capital, which confers substantially greater benefits to the economy, is a key area of concern.

The underlying challenges associated with poor infrastructure are further aggravated by unfavourable policies such as the multiple exchange rate regime which all act to deter long-term investment inflows.

Echoes from Charles Dickens

 The title for this article borrows from Charles Dickens’ book, A Tale of Two Cities. As an opener, Dickens made the famous expression “It was the best of times, it was the worst of times.” 2020 is most certainly not the best of times for any country on the planet.

However, with a GDP growth forecast of 3.8% for Bangladesh compared to Agusto & Co.’s forecast of a 4.5% contraction for Nigeria, what is today the worst of times for Bangladesh could very easily be Nigeria’s best of times in this decade – should business continue as usual.

Economic transformation is by no means easy to achieve, and important trade-offs have to be made that would inevitably entail some painful structural adjustments. But a change of direction is vital, again inspired by Dickens, to enable Nigeria to leap from the winter of despair to the spring of hope.

While Bangladesh and Nigeria are by no means a homogenous pair, both countries share similar scenarios which make progress challenging to achieve. However, the former has been making significant strides suggestive of a nascent economic transformation building momentum in the country, and the latter can look to it for pointers on how to refocus.

SOURCE: https://brandspurng.com/2020/11/19/nigeria-vs-bangladesh-a-tale-of-two-countries/

MTN Nigeria is pleased to inform The Nigerian Stock Exchange (The Exchange), the investing public and other stakeholders of the appointment of Mr. Karl Toriola as the CEO designate. His appointment is effective 1st March 2021, providing enough time for an orderly handover.

Mr. Toriola is currently the Vice President: West and Central Africa (WECA), excluding Nigeria and Ghana, a position he assumed in 2016. During that period, he has overseen the steady progress of the operating companies in the region, notably the turnaround of MTN Ivory Coast and MTN Cameroon.

Karl Toriola increased his stake in the telecoms provider via the purchase 920,000 ordinary shares, as disclosed on the Nigeria Stock Exchange platform.

A break down of the aggregate information showed Toriola acquired 920,000 ordinary shares at N118 per share on June 25, 2020, in Lagos, Nigeria.

Accordingly, the total purchase stood at 920,000 shares valued at N108,560,000.

Brief Profile

During his tenure, the WECA markets have made significant commercial and strategic strides. These include the improvement of market shares within the region and the development of mobile financial services.

Since joining the Group in 2006, Mr. Toriola has also held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive. Mr. Toriola has at various times in his career in MTN Group, had oversight responsibility of 16 of the Group subsidiaries and serves on various MTN boards, including MTN Nigeria.

Mr. Toriola obtained a Bachelor of Science in Electronic and Electrical Engineering from the University of Ife, a Master of Science degree in Communication Systems from the University of Wales, and attended the General Management Program at Harvard Business School. In addition, he has attended several executive development courses at various institutions including Wharton Business School, Institute of Management Development and London Business School.

SOURCE: https://brandspurng.com/2020/10/26/mtn-nigeria-appoints-karl-toriola-as-ceo/

More

WhatsApp has released the “Always” mute feature for users. The feature is available for Android and iOS users and will allow users to mute the notifications of a WhatsApp chat or a group forever.

Earlier, the messaging platform used to provide three mute options – 8 Hours, 1 Week and 1 Year, but now, instead of a year, one can mute a chat permanently.

WhatsApp has been testing the Always mute option for a long time, and now it has finally released it for its users. It is worth noting that once you mute a chat, you will receive messages sent to the group, but your phone will not vibrate or make noise when they’re received.

So, if you do not wish to receive notifications of a WhatsApp chat or a group, you can choose to mute it. Here check the step-by-step guide.

How to mute WhatsApp chats

Open the WhatsApp chat you wish to mute, then tap the group subject. You can also swipe the group to the left in the Chats tab. Then tap More > Mute. You will get three options – 8 Hours, 1 Week and Always. Select the length of time you would like to mute notifications for. Your WhatsApp chat will be muted.

WhatsApp brings new features quite often to enhance the experience of its users. It had recently rolled out an ability to search for a specific contact, then choose the type of media and add keywords to look through past chats and messages.

In other app-related matters, Facebook, which owns the app, said on Thursday that it will start charging companies for some its WhatsApp Business chat services.

WhatsApp Business allows small and medium businesses to chat with customers, provide support and sell products directly. Facebook said it will soon offer services like hosting to help partners manage chat messages with clients, inventory and more.

WhatsApp Business has more than 50 million business users with 175 million people around the world messaging a business each day.

SOURCE: https://brandspurng.com/2020/10/24/you-can-now-mute-chat-forever-on-whatsapp/