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H1 2022: Agricultural Sector Topped Exports for Nigeria

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In the first half (H1) of 2022, Nigeria exported agro-food items worth N343.4 billion, an increase of 17.3% from N292.8 billion recorded in the corresponding period of 2021.

It however witnessed a rise of 61.9% compared to N212.1 billion recorded in the second half of 2021.

According to data from the National Bureau Of Statistics (NBS), Nigeria’s agricultural sector accounted for 4.96 percent of Nigeria’s total foreign trade in H1 2022.

On the other hand, Nigeria imported agricultural products worth N907.8 billion in H1 2022. This represents an increase of 11% when compared to the N817.52 billion recorded in the corresponding period of 2021, while it declined by 21% from N1.15 trillion recorded in the second half of 2021.

On the list of top Nigeria’s Agricultural exports for H1 2022, Cocoa beans, Sesame seeds, and cashew nuts topped the list, earning Nigeria an aggregate sum of N262.99 billion.

Check out the list of the top Nigerian agro exports in the first half (H1) of 2022

Cocoa – N114.1 billion

Nigeria exported cocoa worth N114.1 billion in the first half of the year, accounting for 0.8% of the total exports recorded.

It is interesting to note that Nigeria exports about 340,000 tonnes of cocoa yearly, with production estimated at 340,000 tonnes.

Due to the high production rate, the federal government of Nigeria has forecasted cocoa production to rise to 500,000 tonnes annually by 2024.

According to analysts, Nigeria’s cocoa exports appear set to contribute more to the country’s non-oil revenues, as stability in the global market continued to support the growth of its exports.

Sesame seeds – N81.5 billion

Nigeria’s exportation of Sesame seeds in the first half of the year stood at N81.49 billion.

The country has been one of the highest sesame seed-producing countries over the years, making the seed an important component of Nigeria’s agricultural export.

Last year, Nigeria’s Sesame oil and fractions exports improved marginally to $13,877,000, experiencing an increase when compared to previous years.

It is interesting to note that China remains the biggest importer of sesame seeds from Nigeria.

Cashew nuts – N67.39 billion

Nigeria earned a sum of N67.39 billion from the exportation of cashew nuts between January and June in 2022. It accounted for 0.5% of the total export recorded.

According to the National Cashew Association of Nigeria, it stated that the country earned about N14bn from the export of cashew in the last one year and is in the process of doubling the annual production of the commodity to one million metric tonnes per annum.

Desiccated Coconuts – N13.86 Billion

Nigerians exported desiccated coconuts worth N13.86 billion in 2022, which is 0.1% of the total export value recorded in the same period.

With the global coconut market size valued at $13.230 billion last year, there are efforts to explore the space predicted to reach $22 billion in 2028.

Ginger – N12.63 Billion

Ginger recorded an export value of N12.63 in the review period, which accounted for 0.1% of 14.51 trillion Recorded.

According to FAO and quoted by the Nigerian Export Promotion Council (NEPC), Nigeria accounts for 40% of the global ginger production, producing almost 523,000 metric tonnes annually.

From N942 million worth of ginger exports in the first three months of 2018, the value was N8.03 billion in the first three months of this year, growing more than sevenfold within five years.

A report from the National Bureau of Statistics, reveals that ginger is one of Nigeria’s main agricultural export products, and it has ranked steadily as the fourth- or fifth-highest.

Ginger is a highly sought-after commodity in Europe, Asia, and America, which is widely used in food seasonings. The root crop has continued to witness an increase in local and global demands.

As Protest Breaks Out in Russia, Putin Has More Than Ukraine to Fight

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In Moscow, there is currently a growing defiance of the ‘no protest’ political sentiment, signaling a shift from the perceived docility of the people under Vladimir Putin’s rule.

When Russia invaded Ukraine in February, Russians were loudly silent even though it was understood that the majority of them opposed the idea of war. Russia’s invasion of Ukraine is believed to be the greatest undoing of Putin in recent times and may severely mar his leadership. .

In the Kremlin, many of Putin’s allies, who have without choice, supported the war, are gradually finding the mettle to criticize the outcome as the consequences rocket and the war lingers longer than expected. Ukraine has surprised the world by resisting Russia for more than seven months now, an outcome widely considered as a slap on the face of Russian military and a bruise on Putin’s Slavic ego.

Putin’s camp was reportedly pushed into disarray days ago when Ukrainian forces liberated more than 150,000 people and 3,100 square miles of territory in the country’s Kharkiv region from Russian occupation.

“It is pretty embarrassing because his main brand, and the one that he’s been building for the past 20 years, is that he knows what he’s doing. He always gets the job done,” Washington Post Russia reporter Mary Ilyushina tells Today, Explained in an interview. “In this case, we see even people who are extremely pro-Kremlin, extremely pro- this invasion, saying that they don’t like the way Russia has gone about this. We’ve heard from people like the leader of the Russian Communist Party saying that Russia is not really fighting anymore in a “special operation” and this is an actual war.”

The recent victory scored by Ukrainian forces marks a significant shift in the war, which Putin has dubbed “special operation”, and has forced the Kremlin to announce partial mobilization that has not been well-received by the Russian people.

Nationwide protest has broken out as Russians troop out in thousands to kick against the mobilization. Thousands of people are also fleeing Russia to neighboring countries that nearly every flight is fully booked. “I don’t want to go to the war,” Dmitri who flew to Armenia told AFP. “I don’t want to die in this senseless war. This is a fratricidal war.”

Defense Minister Sergei Shoigu said a total of 300,000 Russian reservists are expected to be called up for military service through the draft exercise.

In videos shared on social media, protesters could be seen chanting “No war!” “Send Putin to the trenches!” and “Let our children live!” The demonstration has persisted despite heavy police clampdown. So far, about 1,400 people have been arrested across different cities in Russia, but others have marched on nevertheless.

Moscow Times reported that many of those arrested are being forcefully drafted into the army irrespective of their experience, a direct contrast to what Putin said at the United Nations General Assembly (UNGA).

“Military service will apply only to citizens who are currently in the reserve, especially those who have served in the armed forces, have certain military professions and relevant experience,” he said.

Ilyushina said that apart from shadow mobilization (using mercenaries), the Kremlin has been conscripting prisoners, those convicted for murder and violent crimes, promising them freedom if they fight for six months.

The partial mobilization is seen as an indication that the Russian military is decapacitated and that the Kremlin is desperately seeking to avoid further embarrassment in Ukraine. The desperation is also said to be notable in Putin’s further speech at the UNGA that has drawn condemnation from Western leaders.

“To those who allow themselves such statements regarding Russia, I want to remind you that our country also has various means of destruction, and for separate components and more modern than those of Nato countries and when the territorial integrity of our country is threatened, to protect Russia and our people, we will certainly use all the means at our disposal,” Putin said, adding that “It’s not a bluff.”

Putin’s statement hints at the possibility that he may resort to the use of nuclear weapons to achieve his aim in Ukraine. Part of his aim is to annex some separatist regions in Eastern Ukraine and protect the territories from Kyiv.

The US President Joe Biden, in line with the West’s decision to stand by Ukraine, said Putin’s statement amounts to “irresponsible nuclear threats. He added that the “war is about extinguishing Ukraine’s right to exist as a state” and that “a nuclear war cannot be won, and must never be fought.”

The West has doled out series of sanctions to Russia in response to its invasion of Ukraine, including barring Russians from visiting their countries. Moscow has also retaliated by cutting off gas supply to Europe. The standoff is gradually impacting the lives of Russians as Russia increasingly becomes a pariah state.

The Kremlin has managed to find ways to defy the sanctions, narrowing its bilateral ties to countries outside the West. This and Putin’s speech at the UNGA indicate that the Kremlin is not yet ready to bow to Western pressure and call the war in Ukraine off.

But the current protest across Russia is perhaps a development that Moscow did not put into account. The mobilization is in breach of what Putin has always promised his people; “As long as you stay out of politics, you can have your house, your job, you can, you know, live a normal life.” Russians have clung to this promise for long and only want to lead a normal a life. Thus, forcing them to enlist in the military is believed to be a battle that will not only determine Russia’s fate in Ukraine but also Putin’s fate as a leader.

Entrepreneurs, Let’s Build With You!

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Tekedia Capital invests in technology-anchored early stage startups and companies. At Tekedia Capital, we fund the foundations of the NEXT African economy. Click here and learn what we do, even as we hope we will have the opportunity to discuss your funding needs.

Strategic Notes on Creating a Culture of Data-Driven Business in Nigeria

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Every step in a business setting requires data in order to make the best decisions for growth, especially in terms of gaining a competitive advantage. Carl Anderson defines data-drivenness as “the development of tools and abilities.” “Most importantly, a data-driven culture.” Data-driven businesses have existed in advanced economies for over a decade. From Facebook to Walmart, business activities are carried out using data gathered from various sources. Tesco is one of the most well-known retailers in the world, and it has used data to gain market share. Casinos have also made marketing a science.

Data-driven companies, according to evidence, have an open attitude toward employee data use. Companies that fail to align with data-driven practices have a tendency to lose competitive advantage, market share, and revenue games. According to a recent PwC survey of business executives, 30% of companies are heavily data-driven, compared to 45% and 53% in the United States of America and China, respectively.

To make a company data-driven, the necessary data must be accessed, collected, and reported to the beneficiaries. These are the appropriate elements of the data value chain. However, the most difficult challenges for most businesses are how to extract data, refine it, and ensure its effective utilization. Despite the challenges, research has shown that many businesses are developing new business models based on extracting, refining, and ultimately capitalizing on data.

This is necessary because models that predict and optimize business outcomes are critical to the long-term sustainability of values created and delivered to consumers. Aside from these, businesses must manage operations, communicate with customers, pay employees and suppliers, and plan for the future, among other things. Apple and Amazon are constantly leveraging big data to present relevant products and services to customers. According to a study conducted by the MIT Center for Digital Business, organizations that rely heavily on data-driven decision making have 4% higher productivity rates and 6% higher profits.

Data Enabled Business: Asking the Right Questions

To enable companies, create data enabled business, the Cambridge Service Alliance in its study came up with the six questions for the facilitation of big data use in today’s competitive business environment. The questions include what do we want to achieve by using big data? What is our desired offering? What data do we require and how are we going to acquire it? In what ways are we going to process and apply this data? How are we going to monetize it?

The answers to these questions, as well as their eventual application, are the responsibility of each employee. According to experts, everyone should be expected to collect, analyze, and learn from data on a regular basis. When employees generate data, it must be shared among them and used for strategic thinking, planning, and reporting in accordance with internal monitoring against goals and objectives for telling the company’s stories.

This phase of developing a data-driven culture is well-known in companies like Google, Apple, and Facebook. The core four strategies for new start-ups who want to use data to serve potential market opportunities include having much hands-on access to data as possible, setting measurable goals using the SMART technique, making data available to everyone, and hiring the right data scientists.

2023 ELECTIONS and Reenactment of Paper-Tiger Women Representation in Nigeria’s Senate

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Women have not really gotten much representation from the local to the state and federal levels since the return to democratic governance in 1999. Social commentators and public affairs experts have described this over time as the persistence of the historically pervasive exclusion of women from public administration. They claim it also means that various initiatives and policies aimed at increasing women’s participation in politics are still just paper tigers.

Few women were senators from the eighth to ninth national assemblies (particularly in the senate section). This was because political parties presented fewer female candidates during the elections that resulted in the composition of the two national assemblies. Apart from this, existing gender bias and cultural issues have been significant factors preventing a significant number of women from serving in the Senate, State Assembly, and House of Representatives.

Our analyst looks at the most recent list of candidates submitted by political parties to the Independent National Electoral Commission as the general elections of 2023 get closer. Similar to the few female senators from previous assemblies, our analyst found that less than 10% of the 1,098 candidates for senate positions submitted by political parties are women. Voters are anticipated to choose 109 senators from among the 1,098 candidates to represent their various constituencies. According to analysis, political parties have fielded 92 female candidates, compared to 1,006 male candidates.

According to a state-by-state analysis, Akwa Ibom (8), Gombe (7), Anambra (6), Lagos (5), and Rivers (5) have the most female senatorial candidates. This does not imply that the states are gender sensitive. According to our analyst, the figures fall short of the percentages predicted by various women-led organizations and existing provisions for women’s representation in Nigerian politics. The states with the most male candidates are Imo (41), Delta (37), Kano (36), Rivers (33), Niger (32) and Zamfara (32). When one considers previous promises and policy thrusts toward adequate women participation in politics, political parties in these states and states where female candidates are not presented remain gender insensitive.

 Exhibit 1: Senate candidates by gender

Source: Independent National Electoral Commission, 2022; Infoprations Analysis, 2022

Which of the Dominant Parties is Gender Sensitive?

The four major political parties have 402 senatorial candidates out of 1,098 total candidates. 94.77% of the 402 candidates are men, 5.22% are women. Analysis shows that the People’s Democratic Party and New Nigeria Peoples Party are more interested in including women than the All Progressives Congress and Labour Party. Our analyst observes that APC doesn’t seem to replicate the impression that women have of it over time. This submission is made in accordance with a recent survey that found that more Nigerian women expressed support for the party than for the PDP.

These insights imply that women’s political marginalization in Nigeria and closing the gender gap in the national assembly will be difficult to achieve in a short period of time. The insights also suggest that the structures for implementing women-focused political participation policies and initiatives should be reconsidered.

Exhibit 2: Dominant political parties and their sensitivity to women representation

Source: Independent National Electoral Commission, 2022; Infoprations Analysis, 2022