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PwC Forecasts Lower Revenue, Higher Operation Costs for Nigerian Businesses Due to Subsidy and FX Reforms

By
Samuel Nwite
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0

PricewaterhouseCoopers Nigeria (PWC) has projected increased challenges for Nigerian businesses due to recent fuel subsidy and forex reforms by the government.

In its 2023 economic report dubbed ‘Nigeria Economic Outlook’, analysts at the multinational financial firm said businesses should brace up for higher costs of operation and lower revenue as the impact of fuel subsidy removal and floating of the forex market takes a toll on consumer spending.

“Consumer spending may be adversely impacted by the elevated inflation rate (food 25.3% and core inflation 20.3% rates) and fuel price (140% increase after subsidy removal), the report said.

“Business revenues may decline in the short-term mainly due to direct impact input costs and reduction in disposable incomes.

“Rise in energy, food, transportation, and import costs may dampen consumer spending on non-discretionary items.”

The firm highlighted areas where the increase is expected, driven by the jump in FX rates as well as rising transportation costs.

Naira floating is expected to drive up the cost of imported raw materials. The naira value since the implementation of the policy has ranged between N472-N771/$ from an average of N463/$ in May before the policy announcement, it said.

PwC further noted that the general rise in prices due to the removal of [fuel] subsidy may have a trickledown effect on the various SG&A expenses such as marketing, logistics, utilities, etc.

Also, given the increase in the MPR rate to 18.5% in July 2023 by 25 basis points, the cost of borrowing naira is expected to remain elevated.

“Finance costs [are] to increase due to exchange rate losses from higher interest payments incurred on exposure to foreign currency denominated loans,” the report said. “These losses are on account of the currency devaluation.”

PwC noted that although the increases may have a negative impact, they could provide incentives to corporates to explore local sourcing or backward integration in the medium term.

The report said that economic reforms, including FX market liberalization, have the potential to attract foreign investments and drive capital inflows in the long term.

However, in the short run, investors may take a cautious “wait-and-see” stance, possibly due to the lack of additional reforms aimed at bolstering business and economic fundamentals.

Furthermore, the report predicts that an increase in inflation could lead to a reduction in real yields or returns on investments.

Conclusively, PwC said to achieve growth, organizations need to do these three basic things: Optimize customer growth proposition, Review cost across the value chain, secure talent, and improve ways of working.

Optimizing customer growth proposition:
To achieve customer growth optimization, corporate organizations should implement the following strategies: adjust pricing and pack architecture using Revenue Growth Management (RGM) analysis to cater to shifting consumer habits, adapt products to accommodate changing demand dynamics by substituting expensive raw materials, leverage post-event analytics for promotion decision-making, renegotiate contracts for better terms, and expand distribution through discounters and online platforms to align with evolving consumer buying patterns

Reviewing cost across the value chain:
To optimize costs across value chains, companies should conduct thorough analyses across the value chain. For overhead costs, they should examine benefits versus pay and consider greater segmentation of rewards, implement a hiring freeze, and improve the visibility of non-payroll expenses.

Streamlining organization design to eliminate duplication and reprioritizing non-core work are also crucial. In brand marketing, a marketing audit should be conducted to enhance cost transparency, and marketing campaigns with high ROI should be prioritized while managing supply issues by reducing promotion frequency without compromising depth.

Lastly, in total supply chains, identifying alternative sourcing locations to minimize risk and cost, aligning procurement across business divisions, and optimizing spending through global and local deals are essential actions.

Securing talent and improving ways of working:
To secure the key talent required to win, CEOs need to explore the following strategies: 

i.) Realign their Employer Value Proposition with emerging realities.
Answer the question: why should key talent want to work with your organization?

 ii.) Explore alternative resourcing models and ways of work. What legacy policies need to change in response to the needs of the new ways of working (hybrid, cross-border talent, etc)? 

iii) Review recognition and reward programmes to compensate for differentiated capabilities and performance 

iv.) Deploy enterprise-wide upskilling to build the capabilities required for the new world of work (digital, data, green skills, etc).

Godwin Emefiele; How the Mighty Had Fallen: Deep Lesson For Political Office Holders

By
Stanley Alieke
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0

The image of Mr Godwin Emefiele, the suspended governor of the Central Bank of Nigeria looking all pathetic; holding a king-size King James Version Bible like an RCCG pastor and wearing a white jalabiya like an Imam and been supported and hand-led to the court by a woman who we later identified to be the court registrar so he won’t fall off the last time he was arraigned in court is yet to leave my head, I doubt if it will ever leave my memory. 

How the mighty had fallen. Who would ever believe that Godwin Emefiele will ever find himself in this situation; even the best of the seers could never have predicted this. 

Godwin Emefiele was one of Nigeria’s most powerful men just a few weeks back. In fact, he was the most powerful man in the financial sector in Nigeria. That made him power drunk and to some greater extent, he abused his power; took some arbitrary decision that suffered the masses, froze numerous bank accounts, and crippled some startups. I can still remember him while he was in his prime boasting and threatening AbokiFx CEO to come and fight him just a few months back. What was Aboki Fx’s offense? Aboki FX was posting and updating foreign exchange values and rates on the black market. Should we mention that Emefiele harassing and crippling Aboki Fx did not solve the foreign exchange disparity in prices problem.

This is one of the things that come with power, politics and governance, once your tenure elapses, you are stripped of every immunity that was shielding you and the people that have been lining up to deal with you will activate their furry against you in full scale and those that were egging you on while you were in your prime will all disappear. Now they have reduced Mr Emefiele to a mere local tout, he is a shadow of himself now and you can only recognize him by his bald head.

Interestingly, nobody unless his immediate friends and family are really speaking up against his ordeal because he was a public enemy through some of the policies he initiated while he was at the helm of power at the CBN.

Godwin Emefiele really abused his power as the CBN governor and at best his ordeal can be seen as his recompense. Despite that, this is just a political witch hunt as he committed no crime, he was only discharging his duties as the governor of the apex bank, although he went to the extreme, but he was still within the bounds of his statutory duties hence why the State Security Services after over a month of detaining him found nothing on him to charge him with other than illegal possession of firearms, now they want to add funding terrorism charges to his crime. I can wish that the law takes its due course and also wish the former governor well. 

The lesson in this is that Godwin Emefiele’s case should be an awakening to political officeholders and a reminder that power is but temporary; so be careful of what you do and the toes you step on while you wield that power, people may come after you when you leave power and no longer have an immunity to shield you.

Msport Nigeria Apps Review – Smash or Pass?

By
TI Partners
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0

Description: Are you hunting for a trustworthy website to place your bets but not sure what features should be taken into consideration? Hunting only for the topmost sign up bonuses available? In need of something that comes with an advanced mobile application as well? Our piece of writing provides all the relevant info regarding Msport apk and app!

Introduction to Msport Nigeria Apps

Msport Nigeria Apps have gained immense popularity among online gaming enthusiasts in the country. These apps offer a wide range of exciting features and opportunities that keep players engaged and entertained. With a user-friendly interface and a vast selection of games, Msport Nigeria Apps have become the go-to platform for those seeking a thrilling gaming experience.

Overview of Msport Nigeria Apps

The Msport Nigeria Apps provide an extensive overview of the gaming options available to players. From sports betting to online casino games, players have access to a diverse range of options to suit their preferences. The apps offer a seamless and immersive experience, allowing players to navigate through various sections effortlessly. Whether you are a fan of cricket, football, or any other sport, Msport Nigeria Apps provide a comprehensive sportsbook that covers a wide range of events and markets.

What Makes Msport Nigeria So Attractive?

What makes Msport Nigeria Apps so attractive is the plethora of features and benefits they offer. With a user-friendly interface, players can easily navigate through the app and find their favorite games or place bets on their preferred sports events. The apps also offer a secure and reliable platform, ensuring that players’ personal and financial information is protected. Additionally, Msport apk provide a variety of payment options, making it convenient for players to deposit and withdraw funds.

Moreover, Msport apk offer enticing bonuses and promotions to enhance the gaming experience. From welcome bonuses to loyalty programs, players are rewarded for their loyalty and engagement on the platform. These bonuses provide players with extra funds to explore different games or place additional bets, increasing their chances of winning.

In conclusion, Msport Nigeria Apps provide a comprehensive and thrilling online gaming experience. With a wide range of games, a user-friendly interface, secure transactions, and attractive bonuses, these apps have become a favorite among players in Nigeria. Whether you are a sports enthusiast or a casino lover, Msport Nigeria Apps have something to offer for everyone. So, download the app today and embark on an exciting gaming journey filled with endless opportunities and rewards.

Msport App Registration Process

Creating an account with Msport Nigeria Apps is a simple and straightforward process. To get started, follow these easy steps:

  1. Visit the Msport Nigeria website or download the app from your preferred app store.
  2. Click on the “Register” or “Sign-Up” button to initiate the registration process.
  3. Fill in the required information, including your name, email address, phone number, and password.
  4. Choose your preferred currency for transactions.
  5. Agree to the terms and conditions, and confirm that you are of legal age to participate in online gambling activities.
  6. Complete the registration process by clicking on the “Create Account” button.

Once you have completed these steps, you will receive a confirmation email or SMS containing a verification link or code. Click on the link or enter the code to verify your account and activate it.

Security Measures Adopted by Msport Nigeria Apps

Msport Nigeria Apps prioritize the security and privacy of their players. They have implemented robust security measures to ensure a safe gaming environment. These measures include:

  • SSL Encryption: Msport Nigeria Apps utilize SSL (Secure Socket Layer) encryption technology to protect sensitive data during transmission. This ensures that all personal and financial information shared during the registration process remains secure and confidential.
  • Account Verification: To prevent fraudulent activities and ensure the integrity of the platform, Msport Nigeria Apps require players to verify their accounts. This process may involve providing additional identification documents or proof of address. Account verification adds an extra layer of security and helps maintain a trustworthy gaming community.
  • Responsible Gaming Measures: Msport Nigeria Apps promote responsible gambling practices. They provide tools and resources for players to set limits on their deposits, losses, and playing time. These measures aim to prevent excessive gambling and promote a safe and enjoyable gaming experience.

In conclusion, creating an account with Msport Nigeria Apps is a quick and secure process. With strict security measures in place, players can have peace of mind knowing that their personal and financial information is protected. So, sign up today and enjoy a safe and thrilling gaming experience on Msport Nigeria Apps.

Payment Options Available on the Platform

When it comes to online platforms, having a variety of payment options is crucial to cater to the diverse needs and preferences of users. Msport Nigeria understands this importance and offers a wide range of payment methods to ensure a seamless and convenient experience for its users.

Popular Payment Methods on Msport Nigeria Apps

One of the popular payment methods on Msport Nigeria apps is through e-wallets. E-wallets have gained immense popularity due to their convenience and security. Users can easily link their bank accounts or credit cards to their e-wallets and make payments with just a few clicks. Msport Nigeria supports popular e-wallets such as Skrill, Neteller, and Paytm, providing users with a hassle-free payment option.

Variety of Withdrawal and Deposit Methods on the Platform

In addition to e-wallets, Msport Nigeria also offers traditional payment methods such as bank transfers and credit/debit cards. These methods are widely used and trusted by many users. By providing these options, Msport Nigeria ensures that users who prefer traditional payment methods can still enjoy the platform without any inconvenience.

Furthermore, Msport Nigeria understands the importance of quick and easy withdrawals. Therefore, they offer a variety of withdrawal methods to cater to the needs of their users. Users can choose to withdraw their winnings through e-wallets, bank transfers, or even cryptocurrencies such as Bitcoin. This variety of withdrawal methods ensures that users have the flexibility to decide the most suitable option for them.

To ensure the security of transactions, Msport Nigeria employs advanced encryption technology. This ensures that all financial information provided by users is protected and kept confidential. Users can have peace of mind knowing that their payment details are secure when using the platform.

In conclusion, Msport Nigeria offers a wide range of payment options to cater to the diverse needs of its users. From popular e-wallets to traditional payment methods, users have the flexibility to decide the option that suits them best. With a variety of withdrawal methods and advanced security measures in place, Msport Nigeria ensures a seamless and secure payment experience for its users.

Msport Betting Markets & Odds

When it comes to sports betting, having a wide range of markets and competitive odds is essential for a thrilling and rewarding experience. Msport Nigeria understands this and offers an extensive selection of sports betting markets and top-notch odds to cater to the preferences of its users.

Popular Sports Betting Markets on Msport Nigeria Apps

Msport Nigeria apps provide users with access to popular sports betting markets. Whether you are a fan of football, cricket, basketball, tennis, or any other sport, you will find a wide range of markets to choose from. From pre-match bets to live betting options, Msport Nigeria ensures that users have a variety of choices to make their wagers on their favorite sports.

Top Odds Offered by the Platform

Furthermore, Msport Nigeria offers top odds to enhance the potential winnings for its users. The platform strives to provide competitive odds that are in line with the industry standards. This means that users can enjoy higher potential returns on their bets compared to other platforms. Msport Nigeria understands the importance of offering attractive odds to attract and retain its users.

In addition to popular sports, Msport Nigeria also covers niche sports and events. This allows users to explore and bet on sports that may not be as mainstream but still offer exciting opportunities. Whether it’s esports, darts, or even virtual sports, Msport Nigeria ensures that users have a diverse range of options to explore and bet on.

To ensure transparency and fairness, Msport Nigeria uses advanced algorithms and technology to calculate odds. This ensures that odds are accurate and reflective of the current market conditions. Users can have confidence in the odds provided by Msport Nigeria and make informed decisions when placing their bets.

In conclusion, Msport Nigeria offers a wide range of sports betting markets and top odds to provide users with an exciting and rewarding betting experience. From popular sports to niche events, users have a plethora of options to choose from. With competitive odds and advanced technology, Msport Nigeria ensures transparency and fairness in its sports betting offerings.

Casino Games Available on the App

Msport Nigeria understands the thrill and excitement of casino games, and that’s why they offer a wide variety of options to cater to the preferences of their users. Whether you’re a fan of classic table games or prefer the excitement of slots, Msport Nigeria has something to offer for everyone.

Variety of Casino Games Offered by Msport Nigeria Apps

The platform provides users with access to a diverse range of casino games, including popular options such as blackjack, roulette, baccarat, and poker. These classic table games are known for their strategic gameplay and have been enjoyed by casino enthusiasts for decades. With Msport Nigeria, users can experience the thrill of these games right from the comfort of their own homes.

In addition to traditional table games, Msport Nigeria also offers a vast selection of slot games. Slots are known for their vibrant graphics, immersive themes, and exciting bonus features. Whether you prefer classic fruit machines or modern video slots with multiple paylines, Msport Nigeria has a wide range of options to choose from.

Exciting Bonuses and Promotions at the Casino

To make the gaming experience even more enticing, Msport Nigeria offers exciting bonuses and promotions at the casino. These bonuses can include free spins, deposit matches, and even cashback offers. These promotions not only enhance the gameplay but also provide users with additional chances to win big.

Furthermore, Msport Nigeria ensures that the casino games are fair and transparent. The platform uses certified random number generators to ensure that the outcomes of the games are completely random and unbiased. This ensures a level playing field for all users and instills confidence in the fairness of the games.

In conclusion, Msport Nigeria offers a variety of casino games to cater to the preferences of its users. From classic table games to exciting slots, users have a wide range of options to decide from. With enticing bonuses and promotions, Msport Nigeria enhances the gaming experience and provides users with additional chances to win. With fair and transparent gameplay, Msport Nigeria ensures a thrilling and enjoyable casino experience for all users.

House Financial Services Committee Approves Fit Act and Blockchain Regulatory Certainty Act

By
Paul Ugbede Godwin
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0

The House Financial Services Committee has recently approved two bills that aim to foster innovation and regulatory clarity in the blockchain and fintech sectors. The bills are the Financial Technology Protection Act (FIT Act) and the Blockchain Regulatory Certainty Act.

The FIT Act, introduced by Rep. Ted Budd, would establish an independent Financial Technology Leadership Council to combat the use of fintech for illicit purposes, such as money laundering and terrorism financing.

The council would also provide rewards for whistleblowers who report such activities. Additionally, the FIT Act would create a Fintech Innovation Fund to support the development of tools and programs to protect U.S. consumers and businesses from fintech-related threats.

The Blockchain Regulatory Certainty Act, introduced by Rep. Tom Emmer, would provide a safe harbor for blockchain service providers who do not take control of consumer funds, such as node operators and miners. The bill would prevent such entities from being subject to state money transmitter laws, which are often inconsistent and burdensome for the emerging industry.

The bill would also clarify that blockchain service providers are not money transmitters under the Bank Secrecy Act, unless they conduct transactions on behalf of another person.

Both bills have received bipartisan support and endorsement from various industry groups, such as the Chamber of Digital Commerce, Coin Center, and the Blockchain Association. The bills are expected to advance to the House floor for a vote, and then move to the Senate for further consideration.

The approval of these bills by the House Financial Services Committee is a positive sign for the blockchain and fintech sectors, as it shows that lawmakers are willing to work together to create a conducive environment for innovation and growth.

The bills also demonstrate that Congress recognizes the potential benefits of blockchain technology for enhancing security, efficiency, and transparency in various domains, such as finance, trade, health care, and governance.

By providing regulatory certainty and protection for blockchain service providers and fintech innovators, the bills could foster more investment, research, development, and adoption of these technologies in the U.S. and beyond.

Suku Outpaces Twitter with Its Crypto Payments Application

By
Paul Ugbede Godwin
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0

Suku, a blockchain-based platform that connects brands and consumers, has recently launched a new feature that allows users to send and receive payments in cryptocurrency. This feature, called Suku Pay, is integrated with Suku’s existing social media app, which lets users create and share content, earn rewards, and access exclusive deals from participating brands.

Suku Pay is powered by the Stellar network, a fast and low-cost blockchain that supports various types of digital assets. Users can choose from a range of supported cryptocurrencies, such as Bitcoin, Ethereum, USDC, and XLM, to send and receive payments within the app. Users can also exchange their crypto for fiat currency or vice versa, using Suku’s partner service providers.

Suku Pay aims to provide a seamless and secure way for users to transact with crypto, without the need for intermediaries or third-party platforms. Users can also benefit from lower fees, faster transactions, and greater transparency compared to traditional payment methods.

Suku Pay is not the first social media app to integrate crypto payments, but it is certainly one of the most advanced and user-friendly ones. In October 2021, Twitter announced that it would enable users to tip each other with Bitcoin using the Lightning Network, a layer-2 solution that facilitates faster and cheaper transactions. However, Twitter’s tipping feature has several limitations, such as requiring users to have a third-party wallet app, supporting only Bitcoin, and being available only in select countries.

Suku Pay, on the other hand, offers a more comprehensive and accessible solution for crypto payments. Users can use any of the supported cryptocurrencies, without the need for an external wallet app. Users can also send and receive payments globally, without any geographical restrictions. Moreover, Suku Pay is not limited to tipping, but can be used for any type of payment within the app, such as purchasing products or services from brands, donating to causes, or rewarding content creators.

Suku Pay is part of Suku’s vision to create a more inclusive and sustainable economy, where brands and consumers can interact directly and transparently. By leveraging blockchain technology, Suku aims to empower users with more control over their data, identity, and finances. Suku also supports social and environmental causes by donating a portion of its revenue to various charities and initiatives.

What is Twitter Payments Application

Twitter Payments Application is a feature that allows Twitter users to send and receive money through the platform. It is powered by Stripe, a leading online payment processor that handles billions of dollars in transactions every year.

Twitter Payments Application is currently available in select countries, including the US, Canada, UK, Australia, and Japan.

To use Twitter Payments Application, you need to have a Stripe account and connect it to your Twitter profile. You can do this by following these steps:

Go to https://twitter.com/settings/payments.

Click on “Connect with Stripe”.

Follow the instructions to create or log in to your Stripe account.

Choose the currency you want to accept payments in.

Agree to the terms and conditions.

Once you have connected your Stripe account to your Twitter profile, you can start accepting payments from your followers. To do this, you need to create a tweet with a payment link. You can do this by following these steps:

Go to https://twitter.com/compose/tweet.

Write your tweet as usual.

Click on the “$” icon at the bottom of the tweet composer.

Choose the amount you want to charge for your tweet.

Click on “Tweet”.

Your tweet will now include a payment link that your followers can click on to pay you. They will be redirected to a secure Stripe checkout page where they can enter their credit card details and complete the payment. You will receive an email notification from Stripe when someone pays you.

Twitter Payments Application can help you monetize your Twitter presence and offer value to your followers. Here are some of the benefits of using it:

You can create exclusive content for your followers and charge them for access. For example, you can offer premium tips, insights, advice, tutorials, or behind-the-scenes content that only paying followers can see.

You can sell your products or services directly on Twitter. For example, you can offer digital downloads, e-books, courses, coaching sessions, or consultations that your followers can buy with a simple click.

You can collect donations or tips from your followers who appreciate your work. For example, you can ask for support for your projects, causes, or goals and receive gratitude from your fans.

You can increase your engagement and loyalty with your followers. By offering valuable content or products that they are willing to pay for, you can build trust and rapport with your audience and encourage them to interact with you more.

Twitter Payments Application can help you grow your business by expanding your reach, increasing your revenue, and enhancing your brand. Here are some tips on how to use it effectively:

Promote your payment link regularly. Don’t be shy about letting your followers know that they can pay you for your content or products. Use catchy headlines, compelling images, and clear calls-to-action to attract attention and drive clicks.

Offer incentives or discounts. To encourage more people to pay you, you can offer incentives or discounts for early adopters, referrals, reviews, or feedback. You can also create limited time offers or bundles to create urgency and scarcity.

Deliver value and quality. Make sure that whatever you are offering is worth paying for. Provide value and quality that exceeds expectations and satisfies your customers. Follow up with them and ask for feedback or testimonials that you can use to improve or promote your offerings.

Experiment and test different strategies. Try different types of content, products, prices, and promotions to see what works best for your audience and niche. Use analytics tools like Stripe Dashboard or Twitter Analytics to track and measure your performance and optimize accordingly.

Twitter Payments Application is a great way for businesses to accept payments from their followers on Twitter. It is easy to set up, convenient to use, and beneficial for both parties. By using it wisely, you can monetize your Twitter presence and grow your business.

Suku Pay is currently in beta testing and will be available to all users in the coming months. Users can sign up for early access on Suku’s website or download the app from the App Store or Google Play.

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