The Nigerian government has disclosed businesses and sectors that qualify for the  N75 billion Nigeria Youth Investment Fund (NYIF). The sectors which are eligible are as follows:

• Technology/Innovation
• Agriculture and related value chain
• Green Economy and Renewable energy sector
• Manufacturing
• Hospitality/Tourism
• Construction
• Logistics and supply chain
• Healthcare value chain
• Creative sector
• Trading and services
• Others as may be determined by NYIF/CBN from time to time.

Those excluded are captured as follows:

• NIRSAL Microfinance Bank (NMFB) current loan beneficiaries – which includes Targeted Credit Facility (TCF) and Agribusiness/Small and Medium Enterprises Investment Scheme (AgSMEIS) loans, that remains unpaid.
• In addition, beneficiaries of other government loan schemes that remain unpaid are also not eligible to participate in this scheme.

Nairametrics offers more insights on the funds terms.

The CBN, however, states that preference shall be given to enterprises that will support the growth of priority sectors, specifically those identified by the Economic and Recovery Growth Plan (ERGP) and the Nigerian Youth Employment Action Plan.

The Federal Ministry of Youth and Sports Development is expected to collaborate with relevant stakeholders to identify potential youths for training and mentoring. The youths that are duly screened (and undergo the mandatory training where applicable) shall be advised to log on to the portal provided by the NIRSAL Microfinance Bank (NMFB) to apply for the facility.

Here is the link; please apply. It is your money and do not wait. Part of this is structured as a grant which means you may not have to pay for it (that can change though).  Also check this link.

Meanwhile, the government will provide rural communities with clean and affordable energy, through the deployment of Mini-grid systems that will provide power for 5 million homes in 2021; the Minister of Power, Engineer Sale Mamman, has disclosed this via Twitter.

It is virtually impossible to have the National grid covering every geographical point within Nigeria, that is why Government is investing heavily in the deployment of Mini-grid systems which can easily get to the most remote communities and provide clean, affordable energy.

— Engr. Sale Mamman (@EngrSMamman) October 29, 2020

As the federal government was announcing its initiatives to improve the lives of the youth, Lagos state government did its own: an internship programme for 4,000 unemployed graduates at a monthly stipend of N40,000.

As part of efforts to reduce the rate of unemployment in Lagos State, Gov.@jidesanwoolu has approved Internship Programme for 4,000 unemployed graduates in line with the T.H.E.M.E.S Agenda of the present administration and the Youth Development Programme of the State.#LASG pic.twitter.com/HlYwuZjmzm

— The Lagos State Govt (@followlasg) October 29, 2020

Nigerian Publishes Framework for Implementation of N75 Billion Youth Investment Fund

Is your business market-fit or just pandemic fit? Blue Apron, a meal-delivery company, is turning out to be a more pandemic-fit company than one which can thrive during normal times. The stock lost 25% of its value on trading today. Yet the main issue may be the sale sign it took off, according to Barron’s, “Blue Apron Holdings stock has lost more than a quarter of their value on Thursday after the meal-kit provider announced the end of a strategic review launched earlier this year, and that it is not pursuing a sale or other strategic transaction.”

Blue Apron, boosted by Americans eating in amid the pandemic, has become a victim of its own success. The meal-kit delivery company saw customers drop off by 7.5% during the third quarter as it struggled to meet an earlier surge in demand. While it’s expanding fulfillment centers and paring menu options to simplify production lines, those changes won’t be completed until next year. The New York-based startup, which went public in 2017, was one of the early business winners amid the contagion that took hold in March.

The numbers did not give Wall Street confidence and they moved in droves.

Blue Apron reported 357,000 customers in the quarter, down from 386,000 a year ago and 396,000 in the June quarter. Orders were 1.92 million, up from 1.73 million a year ago, but down from 2.2 million in the June quarter. Average order value per customer was $58.56, up from $57.60 a year ago, but off from $60.88 in the June quarter. Average revenue per customer was $314, up from $258 a year ago, but off from $331 in the June quarter.

You cannot afford to be pursuing pandemic-fit opportunities, losing insights on the durable market-fit ones. You need to think long-term even as you take care of today’s opportunities. When pandemic hit, many investors saw this company as a winner as many, locked out at home, ordered their services. But now that the world is open, customers are abandoning the company.  I do think Blue Apron should sell to Amazon and call it a day.

Binging Netflix movies and shows just got more expensive. The streaming giant has raised the price of its standard and premium plans to $13.99 and $17.99 a month, respectively, for new subscribers. Its basic plan stays unchanged at $8.99 a month. Current users will see the new fees over the next few weeks. Netflix last increased fees in January 2019, and the latest jump comes as streaming competition increases and subscription growth slowed following a pandemic boom earlier this year. Netflix says the increase will allow it to invest more heavily in the quality and quantity of its content. (source)

Improve your service delivery to make your consumers become customers. The greatest companies go beyond having customers – they engineer FANS out of customers. When customers are fans, great moments arise and glory awaits. Yes, it is about going beyond Needs and Expectations to Perceptions  of customers.

On that, I note the news that Netflix is raising prices of its products. Yes, this is a company which is under frontal and flank attacks from Disney+, Amazon Prime, and other video on-demand players, which to a large extent, are more affordable. Yet, the company is very confident that it is raising prices. That is the power of understanding that you have quality to keep the fans in your ecosystem.

According to Business Insider, Disney+ “is now available for a monthly price of $6.99 a month, or an annual rate of $69.99 a year. For these prices, subscribers get ad-free access to thousands of movies and TV shows, including programming from Disney, Pixar, Marvel, Star Wars, National Geographic, and 20th Century Fox.” So, the cheapest Disney+ package is $6.99  when compared with the cheapest Netflix which remains $8.99 a month, unchanged.

For Netflix doing this – increasing prices in some categories – it has a lot of confidence in its products; most would have expected it to cut prices to compete with Disney+. And that offers a lesson to everyone of us: winning in a competitive market cannot just happen via the lowest cost denominator. Build your tribe of customers, and have better cost positioning in markets.

It is one of those unfortunate things in the world: those who hired a cosmetic diva and a real estate flipper as trade advisers and negotiators are asking a Harvard graduate and MIT PhD to prove that she is qualified for a job. Reading Ngozi Okonjo-Iweala’s response to the United States on the World Trade Organization blockage is painful. But that is the world we live: you must be twice good to be half-celebrated. What can I say that her main competitor has not come out to endorse her. I mean how would the second in class, Ms  Yoo Myung-hee, feel if she actually gets this job? You lost the match but went home with the gold medal. Tufiakwa!

In the wake of United States’ opposition to the appointment of Dr. Ngozi Okonjo-Iweala, as the director general of World Trade Organization (WTO), on the ground that she lacks trade knowledge, Okonjo Iwela-Ala has responded, refuting the claims with references to her past experiences in trade.

Her response reads below:

“I am a development economist and you cannot do that without looking at trade. Trade is a central part of development. So, I have been doing it. My whole career at the World Bank, I was working on trade policy reform in middle and low-income countries at the bank.

“As a finance minister, the customs service in my country reported to me. And that is all about trade facilitation. I helped my country’s negotiation with my trade minister on the ECOWAS common external tariffs. I don’t know how much more trade you can have than that.

“So those who say I don’t have trade, they are mistaken. I think the qualities I have are even better, because I combine development economics with trade knowledge, along with finance, and you need those combination of skills to lead the WTO. I think I have the skills that are needed. I am a trade person,” Ngozi Okonjo-Iweala said.

Sure – it is about national economic positioning and the U.S. does not care. That should not surprise because in the rise of the REST, someone has to “feel diminished”, even abstractly. The US does not want that to happen and is defending its castle. Yoo’s South Korea belongs to the old club while NOI and Nigeria, along with the emerging world, are hoping. Blunt her and keep the old order. This playbook will not change because the title “superpower” is in the dictionary for a reason.

U.S. concern is clear – we have given so much for others to rise. Possibly, Yoo can reverse that since Ngozi will see things from the angle of the emerging world which seeks more opportunities which, most times, the developed world will have to give out. It is not a zero-sum game: someone has to win or lose in balance of trade because the message of the rise of all, and not few remains globally tribal.

Yet, I still believe that NOI will get this job. The amazing United States will come along because Yoo is already damaged (she came second) to be effective. The only credible contender is sister Ngozi.

Ngozi Okonjo-Iweala’s Response to US’ Objection to Her Appointment As WTO Head