DD
MM
YYYY

CATEGORIES

PAGES

DD
MM
YYYY

spot_img

CATEGORIES

PAGES

Home Blog Page 6408

All Hail AfDB – The $10 Billion Message

By
Ndubuisi Ekekwe
-
0
AfDB president Akinwumi Adesina
Akinwumi Adesina

All hail the big bank:  African Development Bank plots $10 billion fund to governments and the private sector on Covid-19. Of this, $1.35 billion will be devoted to private sector operations.

AfDB Press Release

The African Development Bank Group  on Wednesday announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the pandemic.

The Facility is the latest measure taken by the Bank to respond to the pandemic and will be the institution’s primary channel for its efforts to address the crisis. It provides up to $10 billion to governments and the private sector.

Akinwumi Adesina, President of the African Development Bank Group, said the package took into account the fiscal challenges that many African countries are facing.

“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Adesina said, commending the Board of Directors for its unwavering support.

The Facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group’s concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations.

Commenting on the Facility, Acting Senior Vice-President Swazi Tshabalala said: “The setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders.”

Two weeks ago, the Bank launched a record-breaking $3 billion Fight COVID-19 Social Bond, the world’s largest US dollar-denominated social bond ever on the international capital market. Last week, the Board of Directors also approved a $2 million grant for the World Health Organization for its efforts on the continent.

“These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind,” Adesina said.

The Coming World War 3.0

By
Hilary Unachukwu
-
0

The virus that slowed the war has taken lives, destroyed markets, smashed several ideologies and mindsets. The global pandemic has shaken and called into question so many relationships and structures and we are getting into a situation that begs the questions what happens when this crisis recedes.  I doubt things will get calmer, much less go back to normal.

Since the crisis hit America, much of the mainstream media has heaped blame and accusation on the President of the United States, Donald J. Trump. But, this finger pointing would not be enough to dissuade a small but, I suspect, growing faction of people who have developed much more antipathy towards China. The virus was called the Wuhan virus by much of the mainstream media until suddenly in March 2020; it was regarded as a racist slur. This is curious considering that terms such as Zika or Ebola virus were not considered racist. Even though they were named because of the region of origin. The WHO has stated the appropriate appellation should be COVID-19. This annotation leads to the question “why 19 and not 20?” We will have on the WHO and appropriateness later. Its suffix indicates the outbreak was in 2019. But who knew about it in 2019 and why was this not well known?

In 2019, two Chinese doctors found patients had SARS-like symptoms and were not responding to the regular treatment leading to a very quick and high rate of fatalities. The two doctors’ names were Dr. Ai Fen and Dr. Li Wenliang. Both doctors were both suppressed and harassed by the Chinese authorities but their problems only got worse. Dr. Li Wenliang is now dead and Dr. Ai Fen is now missing. Whereabouts unknown and Chinese officials stating they have never heard of here. If you think this troubling, it only gets worse. Most countries, including the US, were not informed on this development. I am not sure why countries did not take action regardless. Intelligence agencies should have had information warning of the danger of the virus. In December, Twitter had videos showing the deaths caused by the virus and the precautions taken against by the Chinese government.  So, they could not have been a total surprise. However, people were still unsure or taken unawares.

In January, several personalities called attention to the alarming implications and effects of the virus. People such as Steve Bannon, Mike Cernovich, and Scott Adams called for a moratorium of flights and travel. Cernovich even went as far as saying that preparations should be made for massive disruptions of global supply chains of food, medicine and other essential needs. Many mainstream media pundits dismissed them as right-wing extremists spreading alarmist conspiracy theories but how often were they wrong? They have been right on trade, politics, media and hardly have been wrong on issues. But, strangely enough even Trump did not heed their warnings early. So, on January 29th, Trump convened a taskforce on the threat and by the end of January had placed restrictions on travel to ‘China and other countries.  The rest is history.

What we had in March included accusations by Chinese officials that the US military were behind the spread of the virus. This was strange and some mainstream outlets did not question this accusation. Trump, in his Trumpian fashion, hit back and called the virus “ The Chinese Virus.” Things have not gotten better as many cities in the United States have seen high rates from the virus and major supply shortages. The US has taken a massive hit and unemployment rates have hit levels never seen before. 

But what happens next comes with anticipation and trepidation. The Chinese government has withheld information and resources for itself in a global crisis. As much as many big players and Chinese representatives are coming out to support people there is a growing suspicion of the Chinese and their involvement with the spread of the disease. The WHO praises China but many people think that considering the antecedents this praise is unwarranted. Also, the WHO has given assurance that proved untrue since the start of the crisis. It even stated that face masks were not needed for regular people and only healthcare workers were only in need of them. This advice has been proved inaccurate and was even counter common sense from the start. Combining all these actions leads me to believe that would be retaliation in the near future.

I expect a renewed escalation of the trade war and probably sanctions against China not just from the US, but also from other countries such as Italy. Many US companies would have to reconsider their relationship with China and most likely bring the production back to the US or consider countries such as India and Vietnam for deep partnership. The tensions among nations would expectedly rise, considering that death toll that results could have been reduced if not avoided. 

Over decades there has been rising concerns about China’s influence and acts of espionage against the United States. Even many media companies and personalities either kowtow to China’s demands or avoid mentioning them. These incidents occur not just in news reporting but other media such as sports. The increase of the infiltration into academia and the spying facilitated by American academics has seen arrests in high-profile institutions such as Harvard. More politicians and media personalities open accuse corporations of supporting or at the very least being very accommodating to Chinese interests. This may eventually lead to a cold war that would see the relationship between the US and China strained to a heightened degree.

  The global pandemic has hurt countries such as Iran and Yemen who are still undergoing sanctions despite the pandemic. We are seeing other countries getting more hostile and this trend would likely reach a boiling point. China may have to find a way for some countries to get redress against it. Many countries see China as a threat and soon there may be more antagonistic attitudes towards the nation. China holds a lot of US debt but even that is not immune from “haircuts” or non-payment. Consider this a form of reparation that is common with the ending of wars. These and other things are just concerns of mine and being a pedestrian, I am sure there are many things I have misunderstood in the global village. However, even in this global village one can easily become very lonely.

COVID-19 Is Forcing Some Positive Changes And Reforms In Nigeria

By
Samuel Nwite
-
0
GMD Kyari mele nnpc

COVID-19 pandemic continues to force many changes in governments around the world. Social and economic changes altering the status quo have remarkably been part of everyday doings of governance across governments. Some of these changes are long overdue, others are bitter pills needed to quell the surge of the pandemic.

In Nigeria, the Nigerian National Petroleum Commission (NNPC) has announced an end to the fuel subsidy regime, a fight that has lasted for years without end. Fuel subsidy gulped millions of dollars in public funds yearly; creating infrastructure decay as such funds would have been directed toward much needed facilities.

While it is believed to be a way to alleviate economic hardship in Nigeria, as many businesses and households depend daily on fuel to power electricity, it is also believed to be a cartel, a major source of illicit funds among politicians and petroleum marketers in the country.

In 2019 alone, Nigerian government spent N780 billion on oil subsidy, an enormous sum sizable enough to revamp the health sector or other infrastructural projects lying in decay.

Nevertheless, calls by concerned individuals and organizations to remove the subsidy had sounded on deaf ears. The World Bank and the International Monetary Fund (IMF), repeatedly urged the Nigerian government to yield to the clamor to remove fuel subsidy totally, but it was as good as the rest.

So it came as a surprise when the NNPC announced on monday that fuel subsidy is no longer a part of government’s business from now going forward. Though in response to the plummeting oil prices, the government has reduced petrol pump price to N125, and subsequently, N123, the free fall of oil price brought the inevitable to bear. The impact of Coronavirus brought oil prices down below $20, basically removing the subsidy without further debate.

Not long after, President Muhammadu Buhari approved the temporary employment of 774,000 people who will engage in sweeping of streets, markets and clearing of gutters for a period of three months. This is part of the Special Work Programme (SWP), announced by the federal government back in February, but has been elaborated to accommodate more states and workers in the country.

According to the announcement made by the federal government on Tuesday, the SWP will require no certificate or skills from applicants.

“The SWP beneficiaries have been engaged to carry out clearing, cleaning of streets, markets, schools, drains etc. and also maintenance of rural feeder roads. No skills or formal education are required for the SWP programme,” government’s statement said

The pilot states according to the announcement are: Edo, Ebonyi, Ekiti, Adamawa, Kwara, Katsina and Jigawa. And the scheme is targeted at unemployed Nigerians, and will kick off during the dry season in rural areas.

But the recent update by the special adviser to the president on media, Tolu Ogunlesi disclosed that the scheme has been extended to every state in Nigeria.

“President Buhari has now approved that this programme be extended to all 36 states and the FCT from October to December 2020. It will result in the employment of 774,000 Nigerians, (1,000 per a LGA) Funding will come from the new COVID-19 Crisis Intervention Fund,” the statement said.

Though the job is billed to last for three months, it will offer many people the chance they never had for long. Moreover, the sudden expansion of the programme to 36 states of the federation is as a result of donations in support of COVID-19 intervention programme.

There is also a move by the government to address the health sector challenges by upgrading hospitals to meet current health crisis demands.

As the impact of coronavirus rattles the government to wake from its leniency, forcing changes advocated for long to take effect, many Nigerians are expressing optimism that the wind of change will blow toward another critical area – restructuring.

The need to practice true federalism has been on the table of debate for some time now. In 2014, former president Goodluck Jonathan heeded the call for a national conference called Confab. The objective was to reach a consensus on how to move the nation forward from ideas shared by representatives of every region in the country.

In the end, the most talked about ‘way forward’ is regionalism or true federalism. Jonathan lost his reelection bid, and his chance to implement the reports of the Confab.

Ever since then, there have been talks to restructure Nigeria and allow each state to develop with its resources while paying taxes to the federal government.

The possibility of restructuring has appeared impossible until now, but it seems, with the oil revenue in jeopardy, many believed that a broke federal government would have no choice than to let each state generate its own revenue.

Funke Akindele, COVID-19 And The Intrigues Of Celebrity Endorsement

By
Rasheed Adebiyi
-
0

The global jailer is symbolized in the Coronavirus. The pandemic takes all and leaves  no one. The disease globally tagged the novel virus is no respecter of any indices – colour, age, geographical boundaries or even economic status. There are a variety of prisons into which it clad people. For some, the sentence is isolation. For others, quarantine is their punishment. And some have even gone to the great beyond. Their crime has always been a contact with the virus. The latest victim is Funke Akindele-Bello. She was caught violating the law of lockdown and the law had come down heavily on the Nollywood star and her husband. The focus of this piece is to examine the pros and cons of the whole scenario and piece together important lessons for celebrities, brands and other organizations that might want to benefit from celeb popularity to promote either their brands or a social cause.

Celebrity Endorsement/Role Modelling: the accrued benefits, the risks involved

Celebrities are people who enjoy specific public recognition by a large number of certain groups of people. They have some characteristic attributes like attractiveness, extraordinary lifestyle or special skills that are not commonly observed. They could be individuals or characters who are known to a large portion of the general population primarily because of the publicity associated with their lives. There are very good examples in football, music, movies and other genres of entertainment. With the kind of public attention they attract to themselves, celebrities are considered a major force in society who could influence and control behaviour. For this characteristic, they are usually the best bet to endorse a brand or role model certain behaviour in society.

Celebrity endorsement is a kind of contract that exists between a celebrity and a brand to promote products of such brand. If the contract involves encouraging a particular behaviour for change, then we have role modelling. Simply put, when a celebrity endorses a brand or is portrayed as using the brand, such celebrity has become a celebrity endorser. On the other hand, when a star models a behaviour towards encouraging their followers, fans and admirers to also engage in such behaviour, then we have role models. Celebrity endorsement happens when the main motive is commercial while the role modelling focuses on social behaviour and change. However, there is a thin line between the two. Sometimes, the line could be as clear as the morning sky. And sometimes in between. For example, when a company engages a celebrity to endorse its products, this has some direct effect on the company’s bottomline. On the other hand, when such a company contracts a celebrity to role model certain behaviour, say COVID 19 preventive measures, then it is pursuing a social cause expected to have implication on its social standing and portraying such company as a socially responsible organization.

Every company that signs up celebs in endorsement deals does that on the TEARS basis. Broken down, this translates into the following variables. Trustworthiness entails honesty, integrity and believability of an endorser. Expertise refers to the level of perceived celebrity expertise. Attractiveness captures physical look, personality, properties, attractive lifestyle. Respect refers to the quality of being admired or esteemed due to the endorser’s overall accomplishments. While similarity represents the extent to which an endorser matches the target audience on characteristics related to the endorsement relationship. This in marketing terms is celebrity/product fit.

What then are the benefits of celebrity endorsement and role modelling? There are a number of benefits attached to the deployment of endorsement and role modelling. Research has revealed that  endorsement contributes to bottom line objectives of the companies who use them. Not only that, it enables clear messaging amidst media clutter. Fans and followers would like to see their loved stars and their attention would be got through that. Then, endorsement aids recall and recognition of the brand or product. Most importantly, endorsement has been found to be effective for consumer behaviour and purchase intention. It is even found that it could change behaviour.

Despite the benefits of celebrity endorsement, there are risks associated with the practice. A number of demerits of celebrity endorsement have been identified. One, celebrities risk fame fluctuation which seems to be a common feature that dog celebrities worldwide. So, when a celebrity endorser’s fame fluctuates, it has a backlash on the brand promoted. The misbehaviour aspect accommodates negating the essence of the product or behaviour they are paid to model. Also, there is a tendency for people to question the credibility of a celebrity endorsed brand because they perceive the celebrity endorser has been paid. In the same vein, celebrities do multiple endorsements thereby creating confusion.

Funke Akindele-Bello in the Celebrity Endorsement/Role Modelling Loop

Funke Akindele-Bello is a celebrity by all standards. She is a Nollywood star who is married  to another musician, AbdulRasheed Bello, popularly known as JJ Skilzz. She is known for movies that have wide following on national television. Movies such as Jenifa, Jenifa’s Diary  and its other series made Funke Akindele-Bello a darling to her fans. With a combination of 11.4 million followers on Twitter and Instagram respectively, she is one of the most sought after Nollywood actresses in Nigeria and beyond. She has  multiple awards to her credits.

She has a high TEARS rating. Her trustworthiness, expertise, attractiveness, respect and similarity has made her in the past to be involved with Lagos state government campaigning for a cleaner Lagos. Her TEARS rating might also have influenced her relationship with Dettol as a brand. Having been signed on as the face of the brand on April 16, 2019 at a colourful event tagged “the Clean Naija Initiative Official Launch in Lagos.

She modelled the COVID 19 protective messaging spread on satellite television and social media on behalf of Dettol. However, one of the risks of celebrity endorsement came to play when she organized a birthday bash for her hubby. JJC Skillz uploaded the photos on social media and all hell was let loose. Nigerians were on her neck because she contradicted the essence of her campaign on television. Both the brand she represents and the National Centre for Disease Control have denied her involvement with them on the fight against COVID 19. She was charged to court and convicted as she pleaded guilty.

The entire scenario would make a good case study for marketing communication professionals and researchers. Brands only want the positive feedback on celebrities that represent them. One of the greatest risks of investing in celebrities is the tendency to court scandals and misbehave. Brands would always want to leverage on successful celebrities to generate positive brand association and impact on bottom line objectives. Rising stars are enjoined to pay attention to their fame and reputation so that brands could stay with them for long. A moment of indiscretion led Funke Akindele Bello into trouble. After serving out her terms of two weeks’ community service, the fight to get herself unhooked as an ex-convict begins. She still has the opportunity to appeal the judgement or even seek Lagos state pardon. However, in years to come, the Internet of Things would keep her days in both the court of public opinion and court of law fresh in the public sphere.

COVID-19: How FM Companies Can Overcome Operational Disruption, An Interview with Abdullah Oladipo, Project Team Lead, Green Facilities

By
Mutiu Iyanda
-
1

Editor’s Note:

The thoughts in this piece emerged from the interview conducted with Abdullah Oladipo, Project Team Lead at Green Facilities. Before joining Green Facilities, Abdullah has previously worked with Savvy Capire Partners Limited. At the Green Facilities, he currently leads team managing soft and critical facilities at Egbin Power Plant located in Ikorodu, Lagos State.

Tekedia: Already, Nigeria and her people, including businesses are a facing potential threat to economic growth after exiting recession a few years ago. What is your take on Coronavirus Outbreak in line with economy and industries performance so far?

Abdullah: COVID-19 has affected the entire world, most businesses are suffocating, factories are shut down, hence it makes demands to be more than supply. Human being is a natural social being is now asked to keep social distance. The effect of the pandemic is enormous. Therefore, I am afraid if this go on for another 6 months, the world might experience another great global recession. We do business with people and not animals, and the slogan of the world now is social distancing.

Tekedia: Facilities Management industry is one of the emerging industries. With the lockdown of Lagos, Abuja, Ogun and some parts of the country. How would you describe the future of the industry considering the fact that a significant part of the first quarter has been impacted by the virus?

Abdullah: Yes, the significant part of Q1 has been impacted by the COVID-19, funny enough, it’s only had little effect on FM. Most essential company still works online; wastes are still generated and life keeps running. FM is all about people. Therefore, wherever the people go, Facilities Management follows, some company adopts different strategies in managing their facilities and assets. Some locked down the company and its maintenance team to ensure business continuity. Some operate virtually, when issues arise, they mobilize to the location and fix the issues. This tells us the importance of big data, IoTs, and CAFM in the business operations of the FM. Any company that has deployed those 3, will work seamlessly during this period with high returns on investment. They will also be efficient and meets whatever Key Performance Indicators the clients might give them.  This is the time to really look into that, and turns all buildings to smart ones.

Tekedia:  You are managing a facility that has a lot of people and critical and soft facilities. Can you tell us the strategies and tactics you are deploying for continuous maintenance of the facilities and deliver the needed value?

Abdullah: There is state lock down, which affects people’s movement and enjoys social distancing. FM is half way on site and half way off site. Therefore, we need to have some of our team onsite. We locked them now for all essential services such as management of Power Plant and facilities at hospital. They will operate and live within the facility for the entire period of lock down. Also, for important sub contractors. We can bring them in to fix issues if it’s very important and very urgent. They go directly to the place of work, execute the work then move them out immediately.

Tekedia: Is it imperative for the players in the industry to reengineer their solutions delivery processes and standards in the face of disruption that has affected operational activities?

Abdullah: Of course, this is key, Post covid-19 would change a lot of things. This is the time companies should start looking at real technology integration. Like the use of robots instead of men or women as technicians, use of drown for inspection instead of physical inspection and use of IoT and sensor for energy management will change the dynamic of the business.

 

1...6,4076,4086,409...7,960Page 6,408 of 7,960

© Tekedia. All rights reserved.

Term & Privacy

© Tekedia. All rights reserved.

Term & Privacy