Congratulations Terhemen Agabo, a Tekedia Institute columnist, for being selected for Chevening scholarship. Terhemen will be studying MA Development Economics at the University of Sussex. From all of us at the Institute, we want to wish him an amazing future. Yes, he can crack the code for economic equality. He has written on “A Simple Model of Economic Prosperity for All” thus:
“According to economists, the distribution of wealth in society is determined by the ownership of factors of production namely Land, Labour, Capital and Entrepreneurship. So, people who own one or more of the factors use them as sources of income as they engage in economic activities. You pay me rent for using my land, wages for labour, interest for capital and profit goes to the entrepreneur. “
A few hours ago, Iwrote how Nike, the athletics wear brand leader, has improved its financials by working to control demand, over just focusing on the supply of the products. In the last few years, Nike began selling directly to customers, capturing more values over mere reliance on departmental stores like Macy’s. But the biggest element of its redesign was its efforts to build a community around the brand. Yes, with Nike athletics club and training app, Nike has seeded a tribe, and in the process disintermediated many partners, improving margins along the way.
The success of Tekedia Mini-MBA is partly based on the fact that Tekedia has demand. Yes, we have users who come here to read us (Thanks). Without those users, the traction we have would not have been possible. At a larger scale, you can also say the same thing for Facebook which is doing many things (shopping, events, etc) simply because it has the users already. Indeed, if the users are already in-house, getting more from them becomes easier.
On that construct, leading firms are doing everything to bring those users into their ecosystems. Nigeria’s United Bank for Africa (UBA) is executing that playbook with its REDTV. Now, the pan-African bank has launched an online radio channel called RED Radio. You would expect RED Radio to help the bank bring new users and keep them within the UBA ecosystem.
“Creativity and innovation are a powerful combination and every detail in an art piece is important and meaningful. This applies to growing businesses and budding entrepreneurs. You will encounter challenges, like I did, but each experience is a lesson that brings you closer to your goal. That is the beauty of creativity.”
Continuing, Elumelu remarked, “There are many ways to make something beautiful, to make a sound interesting or to bring a story to life. You can define your expression, and today, as UBA’s RED Radio launches, I wish Bola Atta and her enterprising team many successes through this beautiful medium of expression.” Group Chairman of UBA, Tony O. Elumelu
This data below is from the National Bureau of Statistics, Nigeria,according to Nairametrics. I am still trying to understand the possibility of this. How did Covid-19 affect South South more than most parts of the north to have triggered this level of unemployment. With sustained pockets of insecurity in the Northeast, its unemployment was close to 10% better than the South South region. But as this report gets wider distribution, I want to see the raw numbers behind the percentages. So, Tekedia has asked NBS if it could share its raw numbers.
If we make progress, I will update the community here. But as it stands, I do not believe the usually reliable National Bureau of Statistics on this. That Rivers state has the second worst unemployment rate in Nigeria at 43.7%? That is a Nigeria’s tier-1 city in the same league as Lagos, Abuja and maybe Kano.
August 2020 Unemployment Rate (Nigeria)
South-South geopolitical zone (37.0%)
South East (29.1%),
North Central (27.9%),
Northeast (27.9%),
North West (26.3%),
South West (18.0%).
Rivers State is ranked second place, with unemployment in the region at 43.7%, and underemployment at 19.8%. 1,714,189 residents were recorded as unemployed, with a total labour force of 3,921,860.
Yet, I am open to learn. So, if you can help, please help explain how these numbers could be possible under any scenario. I hope to read you.
Their was no total lockdown in the North and many South south had their business locked down , the North went back to the farms while people at the South south where at home with zero productivity . The NBS data is the most accurate data you can get in Nigeria .
My response: This seems to be a really good reason. I think you have a point here: no lockdown in the North while the South had lockdown. Yet, why the exception to SouthWest which I guess was also locked down?
We received one of those nice testimonials today (source, LinkedIn) and I am happy to share. Meanwhile, we have opened early registration for the next edition ofTekedia Mini-MBA here.
Learning can be overwhelming sometimes, especially nowadays with the pursuit of knowledge inorder to standout or fit in as the case may be.
It’ll be great to self check?once in a while, understand your pace and do not over load yourself with the work of learning in order to achieve something or prove something.
Learn for the sake of value addition to yourself and to society, and I must say that the Tekedia Institute has curated a great learning platform through their Mini MBA program for entrepreneurial professionals to learn a lot of value in a very relatable way for the participants.
I think that Ndubuisi Ekekwe and the tekedia team is doing a great job with learning style currently deployed and even as we are rounding of cohort 2. I look forward to joining the live class discussions every Saturday.
Tekedia Mini-MBA next edition will even get better. A dedicated learning management system, and an app (web and mobile) which mimics Facebook Page, are coming to power that next edition. Register today and get our two books – The Dangote System and Africa’s Sankofa Innovation – immediately.
Nigeria has unveiled a N75 billion fund to help the citizens and small businesses get over the Covid-19 impacts;apply via this link if you have not done so. In an interactive session this week, the Vice President of the nation, Prof Yemi Osinbajo,explained how about 1.7 million Nigerians and businesses would be supported and empowered. Already, about 175,000 people have already registered for the fund. Of course, my thesis has been focusing on growing businesses over spreading to millions.
When you want to empower one million traders with $200, instead of focusing on the top promising few with capacity to scale, you end up wasting resources as nothing changes. We have been running that policy for decades and nothing has changed. We can all believe whatever we want to believe. But the fact is that food prices are going up despite some “alternative facts” created by political hitters. That trajectory is very dangerous right now.
Yet, you cannot fault the government as the cardinal mission may not be to fund future companies, but rather, to share goodies to the lucky few, in a nation with limited identity records which could have made tax credits or other support mechanisms easier.
They are the MSME Survival Fund with the payroll support track as the first scheme to rollout (N60 billion); and the Guaranteed Offtake Scheme (N15 billion) to help cushion the impact of the COVID-19 pandemic. The government said the scheme will be implemented over three months. The scheme is part of the N2.3 trillion stimulus package of the Nigerian Economic Sustainability Plan (ESP).
[…]
“We are looking at 1.3 million beneficiaries under the Survival Fund and under the artisans and transporters grants. Then we have a Guaranteed Off-take Scheme. Under this programme, basically, if you manufacture certain items and food products, we will buy them from you. Our target is about 300, 000 of such producers of foods. Both schemes will benefit about 1.7 million individuals and small businesses.”
The core elements:
Free business name registration for about 250,000 persons
Payroll support for about 500,000 qualified beneficiaries.
