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Social Toxicity and Its Impact on Nigerians

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Can a person excel under toxicity? I doubt that. One thing that is certain is that people find it hard to be creative and progressive under toxic environments. Children that grow up in homes or neighbourhoods, where they are constantly harassed and abused (whether physically or verbally) usually turn out wrong. Women, and even men, that endure toxic marriages do not perform well in their careers or businesses. People that make friends and enter relationships with toxic people also end up toxic and destructive. This is just to tell you how bad it is to be around and/or within harmful and negatively-minded people that can influence you negatively.

The problem here is that toxicity is affecting a lot of Nigerians and it is stopping them from harnessing the opportunities around them. If you want to find out how toxic the Nigerian social environment is, engage people in simple conversations and be ready to endure their complaints and accusations, even when the things they complain about were caused by them. 

Another good way you can get this experience is on the Nigerian roads, where drivers throw insults and threats at one another as their way of showing displeasure at the other persons’ driving skills or style. How about engaging in an argument, where you hold an opinion different from that of the majority? Believe me, someone from the other side will not only insult you but threaten to deal with you. The least they can do is rain curses on you and promise you hail and hell. These are just some of the scenarios that can show how deep in trouble we are.

If you are wondering why the nation is filled with negatively-minded persons, I’ll suggest you look at the agents of socialisation. Consider the type of children that will be raised in families, where parents tell their children they have enemies in the villages or that their neighbours are witches and wizards. Look at the type of persons our religious leaders are pushing into the society after telling them that people from other religious organisations are heading to hellfire or that they are not meant to be related with because they are “sinners” or “infidels”. Imagine the type of students our schools produce after teaching them how to look down on the weak students. How about peers that influence members negatively? Do I need to talk about the press, where negative news sells faster than positive ones? The truth is, it is difficult to live in Nigeria without becoming toxic.

The impact of the toxicity this country is enmeshed in is taking its toll on everyone but the youths feel its brunt the more. It is becoming more difficult these days to find Nigerian youths that know what they want except to make money and “live large”. Ask them how they plan to do so and they will come out empty, except for those that have guides. But many of us are here accusing our youths of being lazy and greedy without understanding what they are passing through. I am not saying we should excuse those that go into crime, but I think we should try to understand why many youths in Nigeria cannot plan their lives ahead of time.

As I mentioned earlier, it is difficult to be creative and progressive under toxic conditions. Nobody thinks straight when he’s angry or when he believes everybody around him is dangerous and wants to kill him. People do not progress when they are divided and in enmity. It is also almost impossible for people to believe in themselves when they are made to see only the negative sides of life. This is the bane of Nigeria, where negativity clouds people’s reasoning and robs them of the good things of life.

Can we change the Nigerian social environment from being toxic? Of course, it is possible. But then, those that reap out of it will do all within their power to maintain the status quo. It is only left for individuals to find ways to block out the toxic people around them. But then, that could be another mission impossible.

Abundance in Nigeria’s FUTURE – Best Companies NOT Yet Founded

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Simply, the best companies in Nigeria have not been founded. And if anyone tells you that all the opportunities are gone, respectfully ignore him or her. If Nigeria is operating at its optimal productivity level, its GDP should be $3 trillion (well above the current  $500 billion). If you do the math, it means Nigeria needs 6X multiples to attain equilibrium. 

About 90% of the companies in Nigeria today are not wired for that type of unbounded, unconstrained, and compounding  leverageable growth with accelerating returns. Yes, even if they try, the anchored elements upon which they are built cannot enable them to experience  that redesign.

Only new species will provide that growth under new tenets, driven by new business models, energized by new policies. Hope you get the point why our insurance sector has less than 2% penetration, electricity companies deliver darkness to more customers than light, potable clean water nonexistent, using 65% of workers to produce hunger, [add your list], and banks serving less than 50 million unique customers in a nation of about 210 million citizens.

People, the best companies for Nigeria have not been founded. So, begin to #BUILD.

Ndubuisi Ekekwe To Deliver Keynote At Association of Nigerian Scholars in America (ANSA) Event

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Excited to share that on Saturday, I will keynote this year’s gathering of the Association of Nigerian Scholars in America. The theme of the event is “Translating Academic Research into Industrial Processes and Products: Benefits, Challenges, and Opportunities”  and I will speak on a topic I have titled “The Knowledge of Nations and Translation into Innovation Societies”. It would be a huge dose of economic history, technology roadmap and playbook for the future.

81% of SMEs in Nigeria are optimistic about the next 12 months – Mastercard

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  • 81% of SMEs in Nigeria are optimistic about the next 12 months compared to a regional Sub-Saharan average of 74% SME Confidence Index
  • Research identified key areas with the greatest potential for growth with 1 in 2 SMEs projecting an increase in revenues in the next 12 months

After facing unprecedented changes in the wake of the COVID-19 pandemic, Small and Medium Enterprise (SME) confidence in Nigeria is on the rise, according to the latest research by payments technology leader Mastercard.

The inaugural Mastercard Middle East and Africa (MEA) SME Confidence Index found 81% of SMEs in Nigeria are optimistic about the next 12 months, compared to the regional average of 74% in Sub-Saharan Africa. Looking ahead, 78% of SMEs in Nigeria are projecting revenues that will either grow or hold steady. Over half (56%) are projecting an increase.

Access to credit, and acceptance of digital payments for future growth

As many regional economies gradually enter the normalization and growth phase, and social restrictions continue to ease, small and medium sized businesses in Nigeria have identified accepting digital payments (75%), easier access to credit (72%), and doing business internationally and digitizing business operations (72%) as the top three drivers for growth.  This highlights the opportunities for small businesses that arise from both internal transformation as well as industry regulations and trends.

Making sure that SMEs have all the support they need to go digital and grow digital is a key focus for Mastercard. The company works closely with various stakeholders including the government and banking institutions to create opportunities for Nigeria’s 41 million MSMEs. Collectively, they contribute about 50% to the national GDP, although this share could grow given that only 23% of females operate formal SME businesses in Nigeria.

Mastercard has pledged $250 million and committed to connect 50 million micro, small and medium size businesses to the digital economy by 2025 using its technology, network, expertise and resources in support of the company’s goal of building a more sustainable and inclusive digital economy. As part of these efforts, Mastercard is focused on connecting 25 million women entrepreneurs. For many small businesses, reducing their dependence on cash through digital payments acceptance, has played a major factor in being able to get paid and maintain revenues.

“Small businesses have faced big challenges over the past year, but one of the most important things they can do for their own growth and in terms of future-proofing their business, is to prioritize digital payments acceptance. It is extremely encouraging to see that Nigerian businesses are recognizing this and understanding the role that safe, secure and simple digital payments can play as they tackle the year and decade ahead with renewed optimism. At Mastercard, we are committed to keep SMEs connected to the tools they need to create new connections and sustainably grow commerce,” said Ebehijie Momoh, Area Business Head, West Africa, Mastercard.

The cost of business a key concern, whilst public and private partnerships seen as engine for growth

When asked about the main thing that keeps them up at night, 54% of SMEs in Nigeria mentioned the challenge to maintain and grow their business was their top issue. Looking at concerns over the next 12 months, 55% identified the rising cost of doing business, while 53% cited the need for easier access to capital and funding. Private sector partnerships (50%) and government-led initiatives (52%) were identified as having the biggest potential to positively impact SMEs and the wider Nigerian.

As consumer trends evolve in a post-pandemic world, businesses must adapt and prepare for the future. Mastercard’s Economic Outlook 2021 estimated that 20-30% of the Covid-19 related surge in e-commerce would be a permanent trend in share of overall retail spending globally. Furthermore, recent studies from Mastercard showed that over three in four Nigerian consumers (84%) say that they would shop at small businesses, if they offered more payment options, and 81% noted being more excited to shop at retailers that can offer the latest payment methods, and an equal proportion (81%) said they would be more loyal to retailers who offered multiple payment options.

The Man Who Does Not Believe In Advertising!

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I have the best products (Tekedia Mini-MBA, our portfolio firms, etc) in the world. If I do not tell people about them, that makes me a really uncaring person. So, I do not advertise things, and when you see my posts trumpeting my products, understand that my global obligation to be fair and caring to you is a requirement that I let you know they exist. It would be pure wickedness from a service angle if you do not know that my products exist. So, to avoid that, you get to be learning about them!

I never advertise. My promotion of my products is a social good. I do not want to deny people their rights to use the best products in the world.

See sales differently and flip the motivation in the minds of your team. Why deny the world the best product if you think you have it? At Tekedia Institute, we are changing how people think about business and the path to success!