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Home Blog Page 5115

Uber Reaches One Billion Trips In Africa, Records Milestone

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The global technology company, Uber has reportedly facilitated one billion trips in Africa since entering the market less than 10 years ago.

It’s noteworthy Uber Technologies Inc., simply called Uber, is an American Mobility as a service provider. It is based in San Francisco with operations in approximately 72 countries and 10,500 cities across the world.

Its services include ride-hailing, food delivery (Uber Eats and Postmates), package delivery. Couriers, freight transportation, electric bicycle and motorized scooter rental via a partnership with Lime and ferry transport in partnership with local operators.

Since inception, Uber does not own any vehicles; instead, it receives a commission from each booking. Fares are quoted to the customer in advance but vary using a dynamic pricing model based on the local supply and demand at the time of the booking

Uber offers many different types of ride options. UberX is the most popular and the standard service of the company. UberXL, Uber Comfort, and Uber Black are other options offered by the company. UberXL is usually a SUV sided vehicle and can accommodate up to 6 people.

Uber’s premium service is Uber Black. Uber Black drivers have to be highly rated and drive more luxurious vehicles, then UberX and UberXL. Uber Comfort guarantees a newer vehicle with more leg room. The different types of options gives customers more flexibility when choosing a ride

According to the company, over 10 billion kilometres of trips had been completed, and “this is equivalent to travelling to the moon and back over 5500 times.”

The company adds that Uber and Uber Eats had collectively reached over 30 million riders and eaters in Sub-Saharan Africa during the same period.

The Head of Communications for East and West Africa at Uber, Lorraine Onduru, said, “Since entering the market in 2013, we have created over 6 million economic opportunities in over 50 cities across SSA that we are present in. We pride ourselves in building locally using global expertise. Each country’s needs are unique, so we take the time to understand each of the market needs so we can be responsive and adapt accordingly.

“We have expanded our offerings in markets where we currently operate, innovating with new business models to serve changing needs. The focus for Uber in Africa as it embarks on the next one billion trips is to continue unlocking opportunities through movement and changing how people, food, and things move through cities.

“While each country offers its own unique opportunities, we have found the region to be defined by agility, creativity and adaptability. This provides Uber with the perfect conditions to launch and nurture our on-demand economy in collaboration with the local partners to adapt a global business model into an African environment with diverse political, business and socio-economic dynamics.”

On what the public should know, Onduru further disclosed, “In the past year, Uber has expanded to over 21 cities in South Africa, two cities in Ghana (Cape Coast and Takoradi) and four cities/areas for delivery in Kenya (Nakuru, Ongata Rongai, Syokimau and Kitengela), with plans to launch in more regional towns and cities this year.

“This month, Uber in Nigeria expanded to four new cities, including Uyo, Warri, Enugu and Kano. In June, Uber will officially mark six years in Ghana, another testament to the role Uber plays as a partner to the cities it operates in”

Uber has indeed been of help to the general public on various occasions, and their services could be testified by anyone who had been following them in recent times.

Though other entities have recently keyed into similar services as offered by Uber, many others are urged to follow suit in a bid to boost competitiveness, which encourages quality and reliability.

Nigerians are equally charged to ensure they set up such kind of service-based ventures, so the country can boast of various indigenous firms in that line of business.

Dangote Urges State Governments On The Need To Create An Enabling Environment To Boost Investment

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President of the Dangote Group, Aliko Dangote has urged state governments on the need to create an enabling environment to attract more private sector investment. He stated that no state in Nigeria is not blessed with mineral resources, which could serve as a potential for industrial growth.

He further disclosed that there is a strong need for the states to look inward and put in place favorable economic policies that would promote investment generation within States.

In his words, “When states provide an enabling environment, it will incentive the private sector to invest and it will be a win-win situation for both the state and the private sector”.

He gave an instance of Lagos state and the Lekki free trade zone, stating that the ease of doing business created by the state government had motivated private sector operators to establish companies within the area, thereby adding value to both the state and the nation’s economy.

He pointed out that the Nasarawa state government was able to attract the Dangote sugar plc multi-million dollar investment into the state due to its efforts to transform the state into an investment-friendly region.

Indeed an enabling environment is a key to boosting foreign investment in the country, which will no doubt positively affect the economy. The federal government must see the need to partner with private sectors to attract both local and foreign investors.

Asides from the effort of the federal government, there need to be all hands on deck from state governments to create an enabling environment in their states, to boost investment. Looking at the state of Nigeria’s economy, it demands that there is a need for economic diversification of mineral resources, which is present in all states in the country to deliver economic growth.

There is also the need for massive creation of industries, as well as expansion of existing industries to attract foreign investors. To achieve this feat, there must be the presence of focused and visionary leaders, and a well-thought-out institutional framework that will enable the creation of a sustainable conducive business and investment climate.

Also, there must also be friendly policies that will play an active role in attracting investors to invest in the country. What attracts investors is the enabling environment that the country provides which in the long run allows a business to thrive effortlessly.

Nigeria is richly blessed with 44 identified mineral resources across the 36 States, yet for many years, oil has remained the country’s top foreign exchange, while it imports some of these mineral resources present here in the country, which is not ideal.

Every state in Nigeria has exploitable solid minerals, yet it remains untapped. A look at Nigeria’s neighbor, Ghana, its mining industry provides 41 percent of its exports. Therefore, proper mining of these resources present in Nigeria can serve as a potential for industrial growth which will no doubt attract foreign investors.

There is a strong need for federal and state governments in the country to look inwardly and utilize these resources to develop the region, as well as attract foreign investors that will no doubt boost the nation’s economy.

As Chinese and Russian bombers fly jointly around Japan

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A Chinese H-6 bomber flies over East China Sea in this handout picture taken by Japan Air Self-Defence Force and released by the Joint Staff Office of the Defense Ministry of Japan May 24, 2022. Joint Staff Office of the Defense Ministry of Japan/HANDOUT via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.

The world is now broken into three: the West, China/Russia and the Un-allied. Today, according to CNN, “Chinese and Russian bombers jointly flew around Japan, Japanese Defense Minister Nobuo Kishi told reporters Tuesday, adding that the country’s Air Self Defense Force had to scramble its fighter jets and conducted surveillance…China’s Ministry of Defense confirmed that China and Russia’s air forces conducted joint strategic air patrols over the Sea of Japan, the East China Sea and the Western Pacific Ocean on Tuesday”.

 This is a turning point and what that means is that everyone is affected. People, Russia and China are forming their own version of NATO and they have become bold to make that known. President Joe Biden’s statement that the US will go to war to defend Taiwan means China has to shift on many things. It is no more hypothetical: the US will fight for Taiwan and because China truly wants to bring Taiwan home, alliances must be formed!

If the US goes to war, NATO follows. China sees a shift here; it needs an ally. For all nations in the world, only about 6 make useful military gear: – US, UK, “EU”, Japan, China, and Russia. The first four are entwined and the last two are coming together. 

If US/NATO wins in Ukraine and pushes Russia and China together, I am not sure that will be super-great for Europe. For all its recent shortcomings, Russia remaining aligned with Europe is better for the region, compared to having a strong Chinese military ally within Europe.

The Un-allied include Africa, Arab world and Latin America. They are in very complicated positions here: if you annoy US/NATO, they will stop selling you weapons. And if you annoy Russia, the same fate comes. 

So, Africa, for example, is going back to Dr. Kwame Nkrumah theory: no west, no east, just forward. In other words, Africa must not fight US “wars”, or “Russia ”wars”, but focus on moving forward as a continent – and that means America’s or Russia’s interests must not automatically become Africa’s interests. That is the current playbook in the continent.

If the state of the world now is not managed well, the world will break economically. I do not expect any military conflict at a global level but I expect a severe economic paralysis.

Many bad things could happen…I am concerned.

Japan scrambled jets after Russian and Chinese warplanes neared its airspace on Tuesday, when Tokyo was hosting the leaders of the Quad grouping of countries that includes the United States, Defence Minister Nobuo Kishi said.

Tokyo conveyed “grave concerns” to both Russia and China through diplomatic channels, Kishi said at a news conference that was broadcast online.

He characterised the incident as a likely provocation by both Beijing and Moscow on a day when U.S. President Joe Biden, Indian Prime Minister Narendra Modi and Australia’s newly elected leader, Anthony Albanese, were meeting in Tokyo.

Nigeria’s Economy Recorded 3.11% Growth in Q1 2022 – NBS

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The Nigerian Bureau of Statistics (NBS) revealed in its latest report published on Monday that Nigeria’s economy recorded 3.11% growth in the first quarter of 2022.

According to the figures published by the bureau, there’s sustained positive growth for the sixth consecutive quarter since the recession witnessed in 2020, when negative growth rates were recorded in quarters two and three of that year.

“The first quarter 2022 growth rate further represents an improvement in economic performance,” the report said. “The observed trend since Q4 2020 is an indication of gradual economic stability.

“The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60 per cent points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.”

The agency explained that in the quarter under review, the aggregate GDP stood at N45,317,823.33 million in nominal terms – a performance that was higher when compared to the Q1 2021 which recorded an aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

It added that the nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in Q1 2021, and higher compared to the 13.11% growth recorded in the preceding quarter.

While broadly classifying the Nigerian economy into the oil and non-oil sectors, the NBS revealed that the nation recorded an average daily oil production of 1.49 million barrels per day (mbpd) in Q1 2022.

This value, it stated, was lower than the daily average production of 1.72mbpd recorded in the same quarter of 2021 by 0.23mbpd, and lower than the Q4 2021 production volume of 1.50mbpd by 0.01mbpd.

“Real growth of the oil sector was –26.04% (year-on-year) in Q1 2022, indicating a decrease of 23.83% points relative to the rate recorded in the corresponding quarter of 2021,” the report said. “Growth decreased by 17.99% points when compared to Q4 2021 which was –8.06%.

“Quarter-on-Quarter, the oil sector recorded a growth rate of 9.11% in Q1 2022. The oil sector contributed 6.63 per cent to the total real GDP in Q1 2022, down from the figures recorded in the corresponding period of 2021 and up compared to the preceding quarter, where it contributed 9.25% and 5.19% respectively.”

According to the data agency, the non-oil sector grew by 6.08% in real terms during the reference quarter (Q1 2022).

It explained that the rate was higher by 5.28% points compared to the rate recorded same quarter of 2021 and 1.34% points higher than the fourth quarter of 2021.

“This sector was driven in the first quarter of 2022 mainly by information and communication (telecommunication); trade; financial and insurance (financial institutions); agriculture (crop production); and manufacturing (food, beverage, and tobacco), accounting for positive GDP growth.

“In real terms, the non-oil sector contributed 93.37% to the nation’s GDP in the first quarter of 2022, higher than the share recorded in the first quarter of 2021 which was 90.75%, and lower than the fourth quarter of 2021 recorded as 94.81%.”

African Development Bank (AFDB) To Help Nigeria Return E-Wallet System In Agriculture

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The African Development Bank (AFDB) has disclosed its plans to help Nigeria to return to the electronic wallet system of input distribution to farmers to boost agricultural production.

According to the President of AFDB, Dr. Akinwunmi Adesina, he disclosed that the system allowed the government to register about 14.5 million farmers and reached them directly with inputs, notably seeds and fertilizers, via electronic coupons on their mobile phones.

He further disclosed that the bank would support Nigeria with about 30 million dollars in reallocated funds to be used for an emergency food plan to produce in the dry season.

While speaking at a meeting, ahead of the Bank’s 2022 annual meetings in Accra Ghana, he had this to say; “Nigeria needs to go back and use the electronic wallet system that I developed when I was a minister to get fertilizers straight to farmers and cut out all the middlemen. We are going to help the government to do that because when farmers have quality seeds and fertilizers, they can rapidly triple food production,” he said.

“In Nigeria, we have provided 540 million dollars for special agro-industrial processing zones in seven states including the Federal Capital Territory. “That will allow Nigeria to have special zones where you can have agro-processing value addition and increased competitiveness of agriculture. “We are not alone, we put in 170 million dollars and others put in money such as the Islamic Development Bank and other partners”.

The use of a wallet system in the Agricultural sector is a very great initiative, and it is ideal for it to be re-introduced because the use of mobile technology in recent times has been very beneficial, especially in the delivery of government inputs and services.

One beautiful thing about the wallet system is that once farmers are registered on it, it enables the government and other institutions to reach them directly, cutting out all the middlemen.

Looking at the high rate of corruption in Nigeria, in the past years, the Nigerian government has on several occasions supported the agricultural sector with funds and through the procurement and distribution of seeds, fertilizers, and other agricultural inputs to farmers in the country. Unfortunately, the middlemen entrusted to distribute such resources to these farmers end up siphoning billions of dollars, as well as selling some of these inputs to farmers which affected farmers’ productivity.

These farmers on countless occasions are only given a small percentage of government support, which has little or no effect on their production output. But with the e-wallet system, through subsidized electronic vouchers, inputs and resources are delivered directly to them. It is interesting to note that the e-wallet system has gained widespread adoption, with over ten million Nigerian farmers having access to it.

The system has no doubt eradicated corruption from middlemen as well as subsidy schemes, which has prompted banks and other institutions to see the agricultural sector as an interesting one, which has made them willing to lend funds into the sector, knowing full well that such funds and resources will get directly to the farmers.

It might interest you to know that the success of the e-wallet system in Nigeria, has impressed Kenya and Uganda, and both countries have decided to collaborate with Nigeria to introduce the wallet system in their country. The African Union on the other hand has encouraged the use of the wallet system implemented throughout Africa.

Nigeria’s aggregate agricultural output remains extremely low relative to other purchase farm inputs and obtains the required quantity at the right time. This is because farmers have been finding it difficult to procure and distribute users and seeds and have been faced with fraudulent
practices.

The poor distribution, as well as procurement of fertilizer, grossly affected farmers’ productivity and income, but with the re-introduction of the wallet system, such fraudulent practices will be drastically reduced which will improve farmers’ output and generate more income for the country.