Regarded as one of the fastest growing sectors in Nigeria, the contribution of the Information and Communication Technology (ICT) sector to the gross domestic product (GDP), grew by 9.76 percent in 2022, from 6.55 percent reported in 2021.
According to the executive secretary of the association of telecommunication companies of Nigeria (ATCON) Ajibola Olude, he stated that the ICT sector is reported to have grown significantly due to several factors. One of the reasons he mentioned is the steady awareness to move all services rendered by both the government and private sector online, which he believed led to an increased usage of more data by the organization.
In his words,
“With the central bank of Nigeria on the quest to promote a cashless policy economy, more individuals and organizations are gradually embracing the use of USSD, mobile, and internet banking, and many others, this also tends to improve the ICT sector.
“More money coming into the country via foreign direct investment in capital importation in the ICT sector, this also accounts for the growth in the Nigerian economy”.
According to Data reported by the industry, it indicates that the telecommunication and information sector reported the highest growth rate compared to other ICT sectors in the economy. On a year-on-year basis, the sector growth rate increased by 10.72 percent in 2022, higher than the 7.28 reported in 2021.
The ICT sector has provided 3 unprecedented contributions to the Gross Domestic Product (GDP) of the country in the last three years, which are 14.07 percent in Q1 2020, 17.92 percent in Q2 2021, and 18.44 percent in Q2 2022. It is interesting to note that each time, that has been the highest-ever contribution of the ICT sector to Nigeria’s GDP.
The growth recorded in the industry in the fourth quarter (Q4) of 2020, made it the fastest-growing sector of the Nigerian economy and the only sector to have grown by double digits. It was reported to have played a critical role in enabling Nigeria to exit the recession.
Operators in the ICT Industry disclose that the sector growth can be attributed to the increasing number of internet service subscribers, mobile service subscribers, and the growth in broadband penetration.
In 2020, while speaking at the Digital Nigeria Day (DND) with the theme “Digital Transformation: A Path To Sustainable Digital Economy”, Nigeria’s Minister of Communication and Digital Economy, Prof. Isa Ali Pantami emphasized that the implementation of a digital economy policy accelerates digitalization and this, in turn, enhances the digital economy.
The minister highlighted that digital platforms have engendered the digitization of business processes and led to significant savings. He, therefore, tasked stakeholders to persist in supporting the ministry to further accelerate the development of the digital economy sector.
Looking ahead into 2023, increased adoption of cloud computing is one of the potential trends that may shape the development of ICT. As businesses in Nigeria find means to reduce costs and improve efficiency, many citizens will turn to cloud computing solutions to store and process data.
Yesterday, a learner in Tekedia Mini-MBA program asked me to provide an example where a Nigerian company implemented the One Oasis and Double Play Business Strategy which I had postulated in Harvard Business Review. In my response, I used Tekedia Institute, the home of Tekedia Mini-MBA.
My thesis is that in the digital age where supply is unbounded and unconstrained, you cannot win via just supply (there is no business-focused video you cannot find a substitute free on YouTube or somewhere online). If that is the case, focusing on influencing demand becomes strategic. Tekedia.com is the one oasis while school.tekedia.com is our double play!
What is your one oasis? And what is your double play? Shine ya eyes because where people make money may not come from their most popular or visible products. Ask Amazon (ecommerce is popular, but money comes from AWS); Samsung (Galaxy is popular, but money comes from chip business); etc. If you focus on copying that visible and popular product without the supporting double play elements, success may not come.
In the past, business was about controlling supply to move prices. Manufacturers had control of supply but they had limited direct control on the consumers [you can control how many newspapers you produce but you have no definite control on how many people would buy]. So, winning markets was really about managing and controlling distribution as most businesses were bounded and constrained by geography, creating advantages which were largely localized [the largest newspaper in a region controlled the top news of the day].
But today, the game has shifted from control of supply to control of demand for web-anchored consumer firms. And only companies with capabilities to control demand are going to win big. Indeed, most of the greatest internet companies are simply controlling demand and that means controlling how supplies reach users and consumers.
If you plan to run an internet business, think about how you can control demand. You have already lost the power and capacity to control supply. Through tekedia.com, we influence demand which now opens the doors for the school.tekedia.com supplies.
Demand Chain Is Key
Rachel Dove provided the summary of yesterday’s lecture, in a comment: “Yessss, Sir!! My golden takeaway from yesterday’s class with Ndubuisi Ekekwe, ? It is not a matter of perfecting the supply only, we must also influence the demand!?” Indeed, most times, we invest all efforts to perfect the supply chain, while we neglect the demand chain. Yes, it cannot be only the supply chain, we need to work on the demand chain! Lol.
Later in the program, I will explain how demand chain efficiency improves marginal cost and unit economics, and advances the capacity of firms to grow and thrive. The fundamental thing is to find the mechanics on how to build category-king companies through innovation, growth and top-grade operational execution.
I run the largest business school in Africa. More learners will graduate here in 2023 than any university in Africa. We have learners from 41 countries. From CEOs to catholic priests, from professors to carpenters, from engineers to medical doctors, and beyond, we continue to thrive on how we can help people understand the physics of business.
Our learners out of Lagos, Nairobi, etc have gotten jobs in Microsoft, Google, and leading companies in the world. I am humbled when executives from global companies openly share their feedback. This is a public service and we will keep improving.
Comment: “I was taken aback with that answer last night. Considering that in focusing on demand you undermined the importance of the content of the course over visibility of the school.”
My Response: We have the best content and our program quality is the best. I hope I can make that point before you. Yet, even if we have the best content and no one knows about it, we will fail. There is no topic in business that someone has not provided FREE on YouTube. The deal now is How Do You Break Through for people to pay attention? That is where the strategy comes in because in digital, supply of quality content is unbounded (many of them) and if you do not help demand narrow down, you fail.
If you need a paytech fintech, there are more than 200 companies that can help you collect money online in Nigeria. The one which influences you will get your attention. You will not have enrolled in Tekedia if not that you have read a post I wrote or watched my video. By doing that, I am influencing you, giving you confidence to go ahead and pay, trusting that quality will be high. That is influencing demand.
Open your mind because Tekedia is structured to bring new perspectives to our learners.
Of course as that happens, we expect questions/exploratories from our learners. But our goal is not to just teach the boring standard things. That is why we work hard to develop new frameworks. More than 15 companies have cloned Tekedia Mini-MBA, but all failed. Why? They do not have tekedia.com which makes it very hard for them to even tell people what they have.
But tekedia.com is not required in all businesses; my point is that you need to understand what drives your strategy. Elon Musk’s reputation is more than 50% of Tesla’s value. If he resigns from Tesla, the company will lose more than 50% of its value in 5 days. So, he has used his genius perception to influence demand even though other car companies may be closing on on Tesla car quality.
Comment 2: Unbounded opportunities abound to those who can look deeper beyond what is visible.
Like I said yesterday afternoon that for every lecture at Tekedia Institute one will not want to miss the next one. It was an awesome experience yesterday at the lecture.
Comment 3: I started thinking deeply after last night meeting, on how to implement such efficacious strategy in my space. Another good example of the one Oasis and double play is McDonald’s fast food.
While its restaurant serve food and is popular, they make most of their earning in real estate.
Thanks alot Prof.
Comment 4: How about MTN? Its key products have to decide amongst themselves which should be the oasis: voice, data, mobile mobile? They are on a march to reach an unbeatable self reinforcing equilibrium. Something to watch out for…
My Response: Yes, the greatest of companies can have many oases, not just an oasis. Microsoft has Windows, Office Suite as oases as those are money-makers.
It’s been an interesting time in our legal system. For the past week since the conduct of the presidential election on the 25th of February, a lot of events have opened up the legal loopholes which lawyers are currently in courts of law trying to figure out amongst themselves.
During and after the elections, there were clear indications of electoral malpractice and broad daylight election rigging. (I personally believe that it was the worst election that has ever been conducted in the history of Nigeria), but INEC threw caution to the wind and went ahead to declare a winner of the election despite the protests and grievances from the nooks and crannies of the nation.
Firstly, six states of the federation including; Adamawa, Akwa-Ibom, Bayelsa, Delta, Edo and Sokoto which are all PDP states dragged the federal government and INEC before the Supreme Court of Nigeria over the conduct, collation and announcement of the February 25, 2023, presidential and National Assembly elections. They asked the court to void the announcement of Bola Tinubu as the president-elect by the INEC on the ground that the process by which he was purportedly elected was questionable. Although they have withdrawn the case, maybe because it’s now a post-election matter and they want to bring it before a proper court that has jurisdiction over the matter which is the election tribunal and not the supreme court.
More so, the Labour Party joining as a co-plaintiff to Mr Peter Gregory Obi has taken INEC, Bola Ahmed Tinubu and the APC to court over electoral malpractices. The Labour party strongly believes that they won the presidential election conducted on the 25/26 of February 2023 but only came third through electoral malpractices hence why the court should look into it and rectify the anomalies.
Also, some lawyers and social interest groups have gone to court asking the court to mandate INEC under the Freedom of information act 2011 to make public how the 305 billion nairas that were appropriated to them for the execution of the 2023 election has been expended so far and also for them to account for all the expenses they have incurred for the preparation of the election since 2019 up till date.
Finally, the fact that the APC did not win the FCT is currently a subject of controversy in the court of law. Some lawyers have approached the court to declare that the APC has not met the constitutional threshold to be declared the winner of the 2023 election due to the fact that they did not win the FCT.
On the good side, the Supreme Court while reversing the directives of the CBN/ presidency has declared that the validity of the old naira notes still subsists and should be brought back into circulation by the CBN and should still be in use till the 31st December 2023. The Supreme court agreed with the plaintiffs that the presidency never consulted with the state governors and other relevant stakeholders in the council of state before taking the unilateral decision for currency redesign and that act has caused a lot of unimaginable hardship for the masses.
It has so far been an interesting legal year already for every Nigerian and many Nigerians have been transfixed on knowing what the laws say and what the courts will do. I suggest that at this point, Nigerian judges should consider permitting video recording gadgets in their courtrooms to transmit live court sessions for interested persons to stream from their homes, especially this ongoing election appeal trial since it appears that the whole Nigeria is interested.
Be sure that I will always come back with updates as the events unfold and you will always get to read them first here on Tekedia.
Yesterday, I watched on Instagram a video of (inarguably) the greatest footballer on earth, Cristiano Ronaldo playing a Nigerian song “Calm Down” by Rema” in his home. Seeing him vibe along to the song and merrily dance to its tune with his children I can not help but grin from ear to ear. Same yesterday, James Harden, one of the greatest basketball players was caught on camera singing to Burna boy’s “Shayo”. He was singing it word for word as if he was in the studio with Burna Boy when the song was recorded.
After seeing both videos coincidentally almost at the same time, I sat down and imagined how far afro beats and in general, African sounds have come. It grew from a local sound into territorial sound then into a regional tune and now it’s a worldwide tune, globally accepted with Nigerian artistes winning Grammy awards which is the world’s highest award in music honour and recognition; with Nigerian stars featuring and doing live performances for worldwide events; like Davido and Kizz Daniel performing for the World Cup 2022 with the whole world as their audience.
African songs have really travelled across the continents, you may not believe that Nigerian artistes are doing sold-out music concerts in non-English speaking and Caribbean countries, that is how deep African sounds have penetrated deep down the earth.
An American client once told me that African sounds are addictive and I think I will have to believe her.
Hollywood movie makers and other International movie producers now acquire copyrights to Nigerian music to be synced as soundtracks into their movie projects. For instance, Last November, I was contacted by Amazon prime through an intermediary about their intention to acquire a license to a song made by a Nigerian Artiste (Keasungs) whom I represent for them to use the music for the launch of the famous Savage x Fenty 2022 edition; Rihana’s popular brand. I could not contain my joy because of the thought that big International brands like Amazon prime and Fenty Fashion now acquire licenses and copyrights and pay good money for it for them to play African sounds in their events.
Also, in January this year, producers of BET reached out to me as well expressing their intention to acquire the rights to at least ten pieces of African music to be synced as a soundtrack into a movie project they are working on which was starred by the famous and beautiful Gabrielle Union.
These and many more are my personal examples and testimonies of how much the African sounds; the euphonious Nigerian Afrobeats, the mellifluous South African Amapiano, the melodious Congolese Makossa etc are doing at the international music market.
This is a wake-up call to Venture capitalist firms, Investment bankers, money individuals and commercial banks to start looking into investing in African music; I’m not talking about investing in discovering and nurturing upcoming artistes or investing in record labels; they are part of it but I’m specifically talking about investing in the acquisition of music rights and music catalogues of some legendary African musicians who have made a name for themselves in music as that is the liquid gold. This I have come to find out through my recent dealings with international Media firms who have shown interest in the usage of African sounds in their projects; I can categorically tell you that African sounds are of high value in the world music market.
The good thing about investing in music is that the music stock will never go low, it is a stable investment; music will always exist till the end of time. Bad economy, war, or government policies will never affect the value of music to drive it down. As a way of taking the lead, my law firm has been acquiring music copyrights from African upcoming and star artistes and we also act as intermediates between the artistes and international moviemakers who want African music to be synced as a soundtrack for the movie, organization who want to get a copyright on African music they are interested in using for jingle and commercials or for any other purpose.
Therefore, let us partner in taking African music to the nooks and crannies of the earth and let us as well help you get a music licence or copyrights for any African song you may be interested in. Also, as a music maker let us help you project your sound by acquiring the copyrights and subleasing them to big boys of the entertainment industry.
A cryptocurrency’s ecosystem opens doors to a new way of receiving, storing, and sharing data. It is important to know that your chosen crypto has a secure ecosystem supported by a strong community that ensures the project’s development. Dogetti (DETI), a new meme coin in the crypto space, offers a powerful ecosystem that has won the hearts of its loyal community.
How does Dogetti’s ecosystem compare to those of live-market coins such as Stellar (XLM) and Aptos (APT)?
Dogetti’s Ecosystem Gives More to the Family
Everyone is talking about Dogetti. Because of its tight-knit family supporting the project and ecosystem, this new revolutionary meme token attracts a lot of investors looking to capitalize on the coin’s presale.
Dogetti has always been about giving back to the family, allowing all coin holders to generate more wealth just by holding DETI in their crypto wallets. Currently, Dogetti is on its presale, which has been successful so far, selling over 4 billion tokens and raising more than $300,000 in just a few weeks.
One of Dogetti’s greatest features is its healthy ecosystem, which includes DogettiDAO and DogettiNFT.
The DogettiDAO allows its family to make decisions together, shaping the future of the project. Everyone is encouraged to participate in votes, giving them a voice and a sense of belonging–each vote is valuable to the project’s growth. Moreover, each family member can earn rewards just by participating in the decision-making process.
Aside from its DAO, Dogetti also offers unique NFTs (non-fungible tokens) or digital assets, which let coin holders adopt their own Dogetti puppy–another additional member of the family!
These NFTs have the potential to breed and grow in future developments. Users can then sell their NFTs in exchange for crypto coins. This possibility can open doors where token holders collect and own these digital assets while generating wealth through them.
Stellar Welcomes New Ecosystem Upgrade
Stellar is known as one of the oldest blockchain protocols in crypto history but has good news about its ecosystem. Although it suffered alongside other coins during the crypto winter, it will make a comeback with a massive bull run after the announcement of its new innovation Soroban.
Soroban is Stellar’s way of getting into the De-Fi (decentralized finance) and smart contract-enabled world. It will allow innovators and developers to create new applications that would be purposeful for both XLM and the digital currency ecosystem all in all.
With Soroban, users can now create NFTs, DEXs (decentralized exchanges), as well as oracles if they can improve Stellar’s ecosystem.
As of March 1st, XLM’s price is at $0.08823, with a market cap of $2 billion.
Aptos Price Unaffected by NFT Ecosystem Upgrade
Aptos witnessed its NFT ecosystem’s growth at the beginning of February, with METAPIXEL announcing its feline NFT collections launch on the Aptos network as well as revealing its official music video.
The spreading fame of their NFTs was even confirmed by Santiment’s chart, showing that the digital asset’s NFT trade counts and volume in USD increased. So far, it looks like good news for APT holders.
However, after the announcements of developments, the coin’s price took a turn for the worse at the beginning of February. From a price of $18.32 on February 2nd, it went down to a price of $13.22 on February 9th. Even though Aptos announced the launch of its v1.2, there was no improvement in its market performance.
The price at the beginning of March seems to be recovering, with the coin currently at the price of $13.33 with a total market cap of $2 billion.
A lot of coins out there boast a healthy ecosystem, which makes or breaks your returns. All of the three tokens mentioned above have a great blockchain ecosystem, but you should still analyze and compare which one you should invest in.
Dogetti is currently on its presale and is offering its family code WISEGUY25, which gives you an extra 25% $DETI on your purchase.
If you want to learn more about Dogetti, click on the links below:
