Tekedia Institute welcomes staff of Demyhealth Clinic and Genomic Medicine – DCGM to Tekedia Institute. DCGM works in the domains of life science research, pharmaceutical, food and beverage industries providing services in the following areas: setting up of molecular laboratories for clinics, hospitals, medium and complex laboratories, schools, food & beverage industries, and governmental/non-governmental organizations.
We look forward to next month as we co-share and co-learn on the mechanics of businesses systems. Welcome to Africa’s largest business school.
Big corporations across Africa have continued to get involved in the fight against COVID-19. Beyond helping governments through provision of palliatives and medical equipment, some businesses are taking a step further.
In a unique public/private partnership, MTN, Africa’s leading mobile network, has announced a donation of $25 million to support the African Union’s COVID-19 vaccination programme.
The donation will help secure up to seven million doses of the COVID-19 vaccine for health workers across the continent, which will contribute to the vaccination initiative of the Africa Centres for Disease Control and Prevention (Africa CDC).
“The devastating impact of COVID-19 has been unprecedented and profound. Public and private partnerships are needed if we are to succeed in the fight against the pandemic and restore social and economic norms for our continent and our communities,” says Ralph Mupita, President and Chief Executive Officer of MTN Group.
On 14 January 2021, President Cyril Ramaphosa, Chairperson of the African Union, announced that the African Union had secured a provisional 270 million COVID-19 vaccine doses on behalf of its Member States, through advance procurement commitment guarantees of up to $2 billion to the manufacturers by the African Export-Import Bank.
This was a remarkable milestone in efforts to ensure equitable access to the COVID-19 vaccine for Africa’s people. However, with a population of about 1.3 billion, Africa requires many more doses to achieve at least 60 percent herd immunity. Contributions by private organizations, like MTN, are therefore essential to help the continent reach its target.
“Our goal is to ensure that all those who need the COVID-19 vaccine have access to it very quickly, but the biggest hurdle in Africa has been financing of the vaccines, and the logistics of vaccinating at scale. We therefore welcome the right partnerships, like the one with MTN, to achieve our minimum 60 percent vaccination target,” says Dr John Nkengasong, Director of Africa CDC.
Since the beginning of the pandemic, MTN has made significant contributions to help limit the spread of COVID-19 and save lives and livelihoods within its African market. This donation is another example of MTN’s efforts to help find lasting solutions to the challenges facing the continent and to guarantee a healthy Africa, for all Africans.
“We believe ongoing collaborations with key stakeholders across sectors are essential as vaccines are deployed in all our markets, with communication tools, technology and digital services being vital support infrastructure for a successful mass vaccination programme,” concludes Mupita. “In the coming months, MTN Group will look at similar support commitments for the markets in which we operate in the Middle East.
As of Jan. 28, Africa has recorded 3,494,117 COVID-19 cases, resulting in 87,937 deaths according to data from Africa CDC. The rising figures as well as the economic impact of the pandemic on the continent are propelling the push to secure as much vaccine as possible.
But compared to the rest of the world, Africa has so far had a more manageable situation, and many believe that overhauling the continent’s health sector should be prioritized.
Bill Gates, Microsoft founder and Chairman of Bill and Melinda Gates Foundation, a charity organization with focus in Africa, urged the most populous nation in the continent, Nigeria, who among others has been making efforts to secure Pfizer vaccines, to focus more on rehabilitating its debilitated health sector.
Nigeria’s health minister, Osagie Ehanire, had in December, told the Senate that the country will require N156 billion in 2021, and N200 billion in 2022 for vaccination. But Gates said the fund should be channeled into making the healthcare system work.
“There is no doubt that the impact of putting money into the health system particularly the primary healthcare system will be very high in terms of saving children’s lives.
“Nigeria should not divert the very limited money that it has for health into trying to pay a high price for COVID-19 vaccines.
“I’m an advocate for the government to have more resources and prioritize health. Obviously I’m not a voter in Nigeria, so Nigeria can decide that independently.
“So my advice is that the primary healthcare system is what is super important and that with those finite resources, you have to prioritize expenditure,” Gates said.
Gates urged Nigeria to wait on GAVI, the Vaccine Alliance, a public-private global health partnership to increase access to immunization in poor countries, where she is a beneficiary.
“And in that case, waiting for the GAVI vaccines would be the best thing and to put into other areas so that vaccine coverage rates, that are as low as 20 per cent in some areas, get up to 80/90 per cent to save children’s lives,” he added.
The dram of the SpaceX founder and CEO, Elon Musk, to run a commercial transport service to space is becoming truer with each day passed. Last year, SpaceX recorded a historic feat with twosuccessful missions to space, paving the way for everyone who can afford the cost to jump the rockets.
Now, a trio of American real estate investors, a Canadian investor, and a former Israeli Air Force pilot are teaming up to pay $55 million each to be part of the first fully private astronaut crew journey to the International Space Station (ISS). The Verge reported that the trio will hitch a ride on SpaceX’s Crew Dragon capsule early next year, with a veteran NASA astronaut as the commander.
The trip, named Ax-1 mission is being organized by Texas-based space tourism company Axiom Space, and will underscore a milestone in the quest to make space travel accessible to private customers.
“As the first fully private mission to go the ISS, we feel an enormous responsibility to do it well. We realize that this is the trend-setter, the bar-setter for the future, and so our goal is to really exceed all expectations,” Michael Lopez-Alegria, the mission commander told The Verge.
The SpaceX Crew Dragon capsule, with seven seats capacity was approved last year by NASA under its Commercial Crew Program to fly humans to the space station.
The Crew Dragon was first tested in March 2019, when SpaceX performed an uncrewed test flight to the ISS. But the progress suffered setbacks in April, when the spacecraft disappointedly exploded following a valve malfunction while in a routine test back on earth.
Musk and his team turned things around the next year, and the trip to the ISS became a success.
The Verge reported that Larry Connor, an entrepreneur and non-profit activist investor, Mark Pathy, the Canadian investor and Philanthropist, Eytan Stibbe, the former Israeli fighter pilot and an impact investor, were made known on Tuesday morning by Axiom as the company’s inaugural crew. And Connor, 71, would become the second oldest person to fly to space after John Gleen, who flew the US space shuttle Discovery at 77 years old.
SpaceX show
The report reveals some details of the trip including a breakdown of the $55 million expense. The Crew’s flight to the space station, an orbital laboratory some 250 miles above Earth, will take two days. They’ll then spend about eight days aboard the station’s US segment, where they’ll take part “in research and philanthropic projects,” Axiom said in a statement.
However, the Crew will have to find a sleeping space for themselves somewhere in the ISS as US, Russia and German astronauts will take the only sleeping quarters there.
“There aren’t any astronaut crew quarters for us, which is fine. Sleeping in Zero-G is pretty much the same wherever you are once you close your eyes,” said Lopez-Alegria.
As the dream of running commercial trips to the ISS and beyond got closer to reality, NASA, which previously prohibited private visits to the ISS on US spacecraft, reviewed its policy to allow private astronauts flights to the ISS. The trip will mark the first since 2000 when seven private citizens flew to the station as wealthy tourists on separate missions via Russia’s Soyuz.
A breakdown of the trip’s bill published in the 2019 NASA’s policy update reveals a hefty price tag. Using the toilet and life support systems will cost $11,250 per astronaut, all necessary crew supplies, including food, air; medical supplies etc. will cost $22,500, and $42 per kilowatt-hour for power. It thus sums the bill to about $35,000 a night person, which for the crew members on the Ax-1 mission, there is $1.1 million to pay for eight nights.
But Axiom says those nightly costs are included in the $55 million price private astronauts are already paying.
“The company bills itself as a turnkey, full-service mission provider that interfaces with all other parties (e.g NASA) for the astronauts. Any and all necessary costs are part of Axiom’s ticket price,” Axiom’s spokesman said.
However, The Verge reported that the Ax-1 mission will have to be approved by the Multilateral Crew Operations Panel, the space station’s managing body of partner countries that include the US, Russia, Canada, Japan and others. But Lopez said the process has already kicked off.
“I don’t think that there’s any doubt that the background and qualifications of the crew are more than adequate to be accepted by the MCOP, so I feel good about that,” he said.
Elon Musk, CEO SpaceX
The $55 million bill for the trip might seem expensive but it’s quite cheaper than the $90 million American astronauts used to pay per seat to Russia to board its Soyuz. But that changed through the US government’s partnership with private spaceflight companies to build private spacecraft to replace the defunct.
In 2010, under president Obama, a program called the Commercial Crew Development (CCDev) began to replace the existing space shuttle going on retirement. The aim was to replace the shuttle with a privately built spacecraft. Two US companies, SpaceX and Boeing were contracted with $2.6 billion and $4.2 billion funding respectively to build a new spaceflight for the National Aeronautics and Space Administration.
But Musk has a bigger plan to put people on the moon using a Starship vehicle, a larger spacecraft he is building to accommodate more private travelers.
The Starship vehicle is expected to accommodate up to 100 passengers. SpaceX is planning to include it with two other vehicles in its Artemis program billed to commence Moon trips in 2024. The Ax-1 mission is part of SpaceX’s contract with NASA, which requires it to continue to deliver astronauts to the ISS increasing the number of passengers up to four.
This morning I saw a LinkedIn notification reminding me to write a post for my audience on the professional network. I began to ponder on the aspect of poverty to write about this morning as poverty eradication lies in my passion and is my ultimate career goal. Then it dawned on me that I could write on the worsening poverty situation in Nigeria- which continues to grow over the nation like unchecked cancer. Considering the rampaging nature of poverty in the country, I also thought of analyzing the crisis in the light of Newton’s law of motion.
Newton’s first law of motion states that an object will continue in its state of motion or rest unless acted upon by an external force. Given that poverty has largely increased in Nigeria in the years, I propose that poverty will continue to accelerate and cover several more millions people in the country unless some strong intervention is implemented. And yes this is obvious especially for people in the policy space. A social crisis is bound to continue unless it is appropriately approached by a policy intervention.
Figures show that Between 1980 and 2010 poverty rose by 153.6 % which in absolute figures implies an increase from 39.2 million to 112.47 million (Nigerian Bureau of Statistics). The World Poverty clock reveals that the number of Nigerians living in extreme poverty rose from an estimated 70 million in 2016 to 90 million in 2021.
External Forces that can Check poverty
In its current state of acceleration, poverty can be arrested by three things; deliberate policy intervention from the government (or private sector and international organisations) , a positive shock in poor communities, and institutional innovation among the poor communities.
Deliberate Policy intervention
A deliberate policy intervention could come from the Nigerian government, international organisations and the private sector. At the moment, the Nigerian government is committed to social protection programmes targeted at poor people in selected communities. These programmes include the Social Safety net Programme, Home grown School Feeding Programme and N-Power. Among the many reasons while these efforts may not challenge the rising poverty numbers is poor funding and consequently coverage. Too many poor people are not included in these programmes.
The international community has been very benevolent to the country. A good number of international organisations such as the United Nations Development Programme, Danish Council, OXFAM, and others are currently working in poor communities and are providing several empowerment schemes to poor communities.
Private sector organisations such as the Tony Elumelu Foundation have given annual grants of 5,000 dollars to more than 9,000 entrepreneurs in Africa- more than 2000 Nigerians are among this number. A growing private sector will create jobs and new markets that cut across poor communities thereby improving the living conditions of the poor.
UN has a goal for NO Poverty
Positive Shocks
Shocks are most of the time unforeseen. A positive shock could entail the discovery of a mineral resource in a community. If such a discovery is followed by a swift agreement between the government and willing private investors, then the host community will benefit from compensation packages from the venture. This occurrence could also lift an entire community out of poverty.
Individual/institutional Innovation
Very often the poor remain poor because they are excluded from market systems. For instance, poor people may most likely not be eligible for loans for lack of collateral, they may not be eligible for health insurance because they have no income to spare and they cannot access credit to engage in income-earning ventures. However, traditional innovations such as daily contributions, village money lenders, and group lending have been developed within communities of low-income earning individuals to serve their needs. There has been some evidence of such platforms leading to the improvement of livelihoods in communities.
In conclusion, the government must take the lead in the fight against poverty. On the other hand, there is also need for a private sector coalition to work towards checking poverty in the country.
How do you price to thrive in Nigeria? Answering that question is the most important job of any effective Board/Executive Management. In a nation under severe economic dislocation, finding a way to get people to choose you, within the expanding competitive supply base, is a serious matter.
They taught us price elasticity in the secondary school, on the assumption that the “economic string” can expand and contract; in Nigeria today, there is no string! Yes, we have about 30 million people with decent income supporting more than 200 million, using tax numbers and informal sector upper estimates.
Flour Mills Nigeria Plc has improved its pricing and the market rewarded it. Nestle is now the queen of sachetization and it is doing amazingly fine. Cadbury is struggling because its products are not that well optimized on pricing. Unilever is also under siege but it has to clean its books first. In these entities, having well priced products, in segments that customers can afford, at their levels, is very important.
Now, you want to do business in the B2C space in Nigeria, the question is “where do you position the company”? You need to go back to this plot (above). It is called the Fortune at the middle of the pyramid: “the most significant opportunity for African B2C startups lies with consumers who earn between $4 — $8 per day … This is largely because that income band holds the highest concentration of discretionary spending power on the continent, as the graph below shows.”
Companies like Bigi Cola and La Casera understand this redesign. You can also make a case that the sachetization in places like Nigeria where everything is now bundled in sachets has a root therein. Simply, there are not many consumers outside that $4-$8 per day segment for any big B2C business (if you focus outside this segment, your business must have a dose of B2B).
Nigeria is a tough market: Accenture ran away from Nigeria because it was out-competed. The local peers were more optimized on pricing and with no free cash anywhere, not having pricing efficiency is a burden for companies.
This is the age of sachetization in Nigeria irrespective of whatever you are selling. We are doing it in Tekedia Mini-MBA with bands for core courses, review of labs, projects supervision, etc. Having broken all into “sachets”, our members have the freedom to pick as they need. If we had lumped all together, resistance to conversion would mount. Pay attention to your pricing playbook – it is a key factor now to success in Nigeria.
It does not really mean making things cheaper, it simply means finding a way to follow people’s purse sizes!
Robinhood Fractional Shares
Fractional shares are pieces, or fractions, of whole shares of a company. With fractional shares, you can trade stocks in pieces of shares, in addition to trading in whole share increments. Imagine a scenario where one can buy 1/1000 of a share, and doing that fractional share trading is real-time. Robinhood offers Fractional Shares feature in America, and that is sachetization in Nigeria (packaging products in sachets…Cowbell Milk). Yes, America now sells company shares in sachets! And that innovation has made Robinhood a really great company. What is your product pricing innovation?
Our mission is to democratize finance for all, and our Fractional Shares feature provides unique investing opportunities to people who might not otherwise be able to participate in the stock market.
With fractional shares, you can invest in stocks and ETFs that cost hundreds or thousands of dollars for a single share with as little as $1. This gives you the flexibility to invest as much as you want in the companies or ETFs you believe in, or get your toes wet without committing to an entire share.
Fractional shares can also help investors manage risk more conveniently. Since you’re not locked into purchasing full shares, you can diversify your portfolio with smaller amounts of money.