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The $163bn Invoice to China as Compensation for Covid-19 Pandemic in Germany

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On Friday 18, former World Bank Vice President Dr. Obiageli Ezekwesili shared her article published on the Washington Post, where she made the case for China to forgive Africa of its debt as compensation for the ravages of coronavirus on the continent. The logic behind the case is based on the assertion that the pandemic has set Africa 10 years back by eliminating all the economic progress it has made within the period.

It was more to the voices calling to hold China accountable for the economic consequences of COVID-19, which almost every country in the world has had a bite of.

China has been at the center stage of the outbreak that originated in the city Wuhan late last year, and spread like wildfire across continents and countries with devastating impacts. It appears that the controversy is about to take a new dimension. Among many conspiracy theories that have trailed the outbreak is the suspicion that it may have been created in a Chinese lab.

On Saturday, the U.S. President Donald Trump warned that China would face consequences if the suspicion is true, though China has vehemently refuted the claim.

“It could have been stopped in China before it started and it wasn’t, and the whole world is suffering because of it,” Trump told reporters. “If it was a mistake, a mistake is a mistake. But if they were knowingly responsible, then there should be consequences.”

The United States like every other country has watched its economy plunged helplessly, businesses shutting down and people getting thrown out of work.

It is in this vein that the call to hold China to account is being consolidated and the volume is getting on the increase as many more countries join.

The UK and France have been co-advocates of “holding China responsible” for the outbreak of coronavirus – The main reason being the perceived dishonesty of China in handling matters relating to the virus. The UK has joined the U.S. intelligence officials in investigating if the virus originated from a Wuhan lab, setting off a new wave of anger from Western nations.

A story published by DailyMail said Wuhan Institute of Virology was conducting a coronavirus experiment on bats with a $3.7 million U.S. grant, according to documents obtained by the English tabloid. The mammals were captured 1,000 miles away in Yunnan and sequencing of the COVID-19 genome has traced it to bats found in Yunnan caves. It is believed that an accident may have happened exposing the scientists working in the lab {that has now become the center of investigation}, to the virus when they were sprayed by the blood of the animal containing the virus.

The whole world gradually believes that China has something to hide in all these and should be made to pay. The birth of the hashtag #ChinaLiedAndPeopleDied on Twitter reinforces the narrative that there is more that the South Asian country is not telling the rest of the world.

As the hashtag trend last week Friday, China upped the figure of cases in Wuhan, including the diseased by 50%, suggesting that the impact of the virus must have been downplayed through government’s cover ups.

Ryan Fournier, the founder and co-chairman of Turning Point Action said China must be held accountable.

“Unfortunately we will probably never really know how many perished in China. They will continue to lie about this, and blame the United States. We must hold them accountable,” he said.

In her piece, Ezekwesili said that China acted irresponsibly and it collapsed not only the economies of African nations, but also that of the rest of the world. And for that reason, she should be held accountable.

“In short, what Africa must first be accorded in this particular crisis are damages and liability compensation from China – the rich and powerful country that reportedly failed to transparently and effectively manage this global catastrophe,” she said.

While other nations are still talking, contemplating on how to approach the “China must pay” mantra, Germany has sent an invoice. Germany’s largest newspaper tabloid Bild, had last week drawn up an itemized invoice of €149 billion under the title, “China owe us”, as expected compensation from China. They can use an invoice maker & receipt generator for that. Lol.

The tabloid made the calculation based on the economic losses incurred by Germany as a result of the COVID-19 pandemic. The charges include €27 billion tourism revenue, €7.2 billion euros for the German film industry, a million an hour for German airline Lufthansa and €50 billion for German small businesses.

The invoice was drawn based on the calculation of €1,784 per person if Germany’s GDP falls by 4.2%.

In response, China says the invoice is xenophobic and stirs nationalism. It is expected that many more countries will follow suit in no time.

Information Gap: Now Nigeria’s Obstacle in the Fight Against Coronavirus

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Don’t boast about tomorrow, since you don’t know what the day will bring, these are the words of King Solomon in the twenty-seventh chapter of Proverbs and verse one. The truth is, when you wake up every morning you have no idea what will happen to you that day. You hope for a wahala-free day where your expectations and dreams will be a reality. China is fast becoming a superpower; they want to be world power one day but I don’t know if they boast about it like some celebrities in Nigeria. But, whatever, they wanted to become didn’t matter again when the Coronavirus hit Wuhan in late December 2019. The outcome is a further spread resulting in over 2.38 million infections confirmed in at least 185 countries and territories, death toll currently over 165,000. In the last three months, there has been a major shutdown of human activities globally due to this pandemic. 

There is a global threat to human existence and international networks, decline in physical interaction, falling stock and oil prices for as low as $20 per barrel – the lowest in a long time. Life-threatening cases will include the rising number of deaths, hunger, closure of businesses due to lockdown, massive loss of jobs, high unemployment rate, amplified domestic violence emanating from the sit-at-home, etc. While large corporations have encouraged their workers to work remotely, there is a major setback for small businesses that require the physical presence of workers who depend on daily profits to keep body and soul together. The mantra, #stayhome, #staysafe seems the most advertised phrase in the world.

Amid this pandemic, both developed and developing economies are striving to minimize the health and economic risks associated with the outbreak. African and Asian countries like Nigeria and India when compared to their European counterparts are striving to ensure that the best tactics are used to curb the devastating impacts of the epidemic as observed in the US, Spain, and Italy, where hundreds of thousands of people die daily. While the US lockdown strategy seems to be effective due to an effective data management system, the US government is making a huge financial investment in research, testing facilities and social welfare of her citizens, giving over $1000 as a social welfare package, while modifying its strategy every day. 

But Nigeria with over 200 million people is yet to make a reasonable case or even find a path for herself. The Government efforts so far remain; lockdown, emphases on social distancing, contact tracing, testing, isolation and social welfare as paraded by the media. There is a strong case by experts that Nigeria may be at great risk if the virus knocks-out communities with millions of people living next to each other – places like Okokomaiko, Iyana Ipaja, Ajegunle, Mushin may trigger community transmission. And, without a doubt, it can rip through the population, unless something is done urgently to arrest the situation, for which there is no vaccine but prevention and isolation. 

While the government claims to keep COVID 19 transmission at stage 1 and 2 i.e. the stage where transmission is nominal, everyone affected can easily be contained, their sources traced, and less or no transmission with family, close friends, co-workers, etc., occurs. But how can we do contact tracing? Do we have an effective database system for Nigerians? Have we ever gotten our national census, right? Should we not talk about the National ID card from the National Identity Commission or leave for another day the data from BVN registration for banking transactions, INEC voter registration, International Passport from NIS, FRSC driver’s license and vehicle registration, SIM card registration by NCC to mention a few cases. Data is collected and stored everywhere, making it difficult to collect information across multiple government parastatal databases that house these data.

We have so much data yet we can’t do effective economic planning, make robust national budgets, control crime, provide social welfare/insurance systems, or even manage emergencies such as the COVID 19 situation. Every year our appropriation bills are usually a bunch of guesses that are unforgivable by data. Regrettably, in Nigerian, we are bulldogs at collecting data and toothless in putting them to use.  As of this time, we can’t boast of an updated and detailed central data management system that can account for the profile information of every citizen – from birth to death. The reason for this ambiguity is simple — every government agency and parastatals have their own IT structures with no common synchronization, the result will be inaccuracies in the records. 

Arguably, with the realities of politicking on the part of Federal and State governments, inefficient strategy and weak enforcement, Nigeria seems to be moving into the third stage of COVID 19 – community transmission. As at the time, of the first occurrence in Nigeria, the government was relatively proactive. Even basic information on the virus wasn’t clear especially in local languages, such that people who experienced similar symptoms associated with the epidemic – headache, coughing, fever, and/or living with co-morbidities, feared to have the virus. The position of the government in informing the public was puny, hence, allowing the proliferation of fake information on COVID 19 as observed in several WhatsApp or Facebook forums. 

Plenty Nigerians became doctors, herbalists I beg your pardon – they recommended for people to drink dry gin, take garlic with honey, drink hot water morning, afternoon and night as the virus cannot withstand high temperature. Although, there is no evidence that the temperature and the humidity of a place slow down the virus, as what the herbalist postulated in Africa. Amongst other challenges, is that Nigeria has a really weak surveillance system for reporting diseases, with no regard to diseases outbreaks. While the cities cannot be adequately covered, figures for rural communities will always be compromised. Do we have a credible record of deaths in Nigeria? While we can manipulate figures for urban areas, death rates are hardly reported for rural areas. Undeniably, lack of adequate monitoring and statistics records is a major challenge for Nigeria before now. 

Like every patriotic Nigerian, I am worried about the COVID 19 situation. Each day I am praying for this nation and hoping that the pandemic will be under control. As of yesterday April 19, we have 627 confirmed cases, 21 deaths, and 170 discharged persons. The NCDC claimed to have tested 7000 persons but this number is far below countries like India and South Africa. India has tested over 100,000 people and is setting 5000 tests per day. Similarly, South Africa has also tested 50,000 people to date. It is observed that the COVID-19 infection rate in Nigeria remains low relative to its population size. This may be because of the genetic composition or high immunity to the virus. Another valid point could be that many infected persons are yet to be tested. I wonder what it will be in the coming weeks. Looking at the number of new cases each day leaves me with no choice but to keep hope alive. But what hope exactly? Hope in a weak strategy or its implementation? 

While the government has promised to make food available for its citizens at this time, it is not clear how this food will get to the people. Despite the good plan, it is only logical to state that the execution can be challenging – including a million bottlenecks along the chain. I must commend the Lagos state government in their approach to contain the virus as well as alleviate the suffering of Lagosian. But what good is a plan if the execution is poor. You are only multiplying the problem. I have seen several media clips on how the sharing of relief materials has bridged the social distancing technique. Regrettably, this is chaired by government officials. Rules in Nigeria will always have exceptions. Why? As deadly as this virus is, we observed how social distancing and the NCDC procedures were flawed at the burial of Mr. Abba Kyari, Buhari’s Chief of Staff. He was such a good man. May his soul rest in peace. But as a matter of life and death, I don’t think we are taking COVID 19 as seriously as we ought to. I wish the government means business as it does on ink and paper, even if it is copied.

The reality today is that Nigeria’s strategy to contain COVID19 isn’t effective as expected because it focuses more on lockdown, contact tracing, testing, and isolation. This model will be as good as those it was copied from – the Europeans. These nations already have basic social issues solved before the outbreak. They can boast of a reliable database of its citizens, constant electricity, government social welfare, good and affordable health care, low poverty and unemployment rate, transparent government, etc. Hence, it is easy to implement a lockdown. Unfortunately, this is not our story. Our story is that we don’t have an effective data management system, no social welfare scheme, no good healthcare system, no social security system, inefficient telecommunication systems, unemployment and poverty rate are high, corrupt systems, and zero security for lives and properties. 

Copying an approach is not an issue. But if we do without factoring in our local realities it will amount to a waste of time and resources.  But nawa oh! Naija we smart pass like this naa.  Our reality is that less than 40% of Nigeria’s population is employed and two-third of the remaining depend on daily jobs to survive and to feed their families. Presenting a lockdown without social welfare package to citizens is like presenting two evils to choose from – to die of hunger or to be infected and killed by the virus. You don’t need to be told that an average Nigerian will choose survival, hence, making lockdown enforcement almost impossible. But is there a lockdown? Most videos I have seen and the places I have visited shows people going about their normal businesses. 

What do you expect? We are all looking for means to survive, hence, caring less what the government is saying. The government has done well by allowing markets and other essential services to run. Have you been to the market in recent times, you fear my brother! Zero social distancing, body contact is like one-to-one mapping. I missed my further math’s days in Festac Grammar School. What is the government saying again? You know Nigerians don’t believe the government anymore. Imposing a lockdown is good but of what good is it when people are moving around, the enforcement is weak. The NCDC is doing its best and testing has increased in April as compared to March but that’s not enough. Solving problems related to this pandemic is not all about medical science but has a lot to do with social issues, thus, it requires the expertise of social scientists too. 

I will suggest the government reviews its strategy immediately and come up with an effective strategy that considers the reality of the Nigerian people. This time, social scientists need to be involved to create effective social programs to help contain further spread in the coming weeks. For example, a sociologist can provide the best social distancing abi physical distancing plans for the kind people wey dey for Naija. While economists can advise the government on better economic policies to assuage the suffering of the masses especially the extended hunger revival which is now triggering other social problems including insecurity and theft. Don’t tell me you have not heard about the 1 million gangs; I won’t believe you if you don’t. Most households in Lagos have become responsible for their security – burning tyres in the streets and keeping vigil to scare criminals instead of waiting for the government. But the Police says there is no cause for alarm, all is well. I am not a social scientist but an Engineer of Epidemionics. I believe in allowing the specialist to do their job but certainly not a politician in this regard except if you are a pro in that area. I have heard that corporate individuals and institutions are donating money to the government to fight COVID 19. That is a good initiative but they should also look at other channels too that will impact the hungry masses.

Although the lockdown was rushed which possibly was the best at the time. Now, could there have been better planning of the lockdown? Definitely, why not. It is believed that given the densities of Nigeria, issues isolating visitors and citizens who returned from abroad trips should have been strictly implemented with exceptions. More so, instead of being only concerned about payment of salaries for the government, three months exemptions for Market Moni, Trader Moni, Farmer Moni, other soft loans for SMEs, etc., the government should have focused on how to support poor Nigerians.

Indeed, the lockdown decision was hasty to proper planning, but we can’t blame the government totally. There was limited information about the virus, but this is not the first time we are experiencing outbreaks. We have had cases of SARs and Ebola in the past, but didn’t have a long term strategy for managing disease outbreaks. Presumably, we should have learned from those experiences but we didn’t because of corruption. A good way to prevent or minimize future risks remains by setting the Diseases Outbreak Response Scheme (DORS). This scheme will provide a blueprint on how the government and private sector can monitor and manage future disease outbreaks in a more integrated collaborative manner. 

The unified DORS could have managed the situation better addressing issues with data management, social welfare, lockdown, high cost of living, business palliatives, public awareness and sensitization, the sit-at-home or work-from-home conundrums, panic buying, lack of ventilators, test-kits, and PPEs, misinformation and so forth. The DORS is a framework that has multi-level operating guidelines on what needs to be done to prevent and reduce the impact of disease outbreaks. Countries like Singapore and Germany, via their Ministry of Health or related agencies, have mapped detailed and well-documented procedures on disease outbreak managements that are peculiar to their origin and realities. 

As a result, it was easy for Singapore to be without a lockdown despite having a large number of infected cases until April 6, while maintaining a death rate below 11 since the outbreak. The city-state functioned exceedingly well without panic or breakdown of services. The DORS cannot be effective without a central data system. Creating a central system isn’t as easy as it sounds but we can break them into phases, first creating a single unified view of existing records where the cost of the data integration can be a public-private partnership initiative where businesses that require such data from national data center can pay for the cost of maintaining it rather than the government. Secondly, we can fix how we collect data by evolving the process of a single database to create new records that can be updated in the future. Several tools can be used, but this article is not meant for such technical details today. 

Albert Einstein said, “we cannot solve our problems with the same thinking we used when we created them”. There is so much to be said but the government should look beyond paperwork, politics, ethnicity, religion, and do what is in the best interest of the State. Coronavirus doesn’t understand any of these nor does it know the difference between the rich and the poor. If we are to flatten the curve from the sudden increase of infected persons an immediate review is inevitable. Just like King Solomon said, “Don’t boast about tomorrow since you don’t know what the day will bring”, but if you plan well you can predict the future.

For once, make we use our brains for this country. 

TrustBanc Daily Stock Market Scorecard, 20th April 2020

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Oil Price Alert! US WTI futures price is now trading at $0.01, the collapse is scary and unprecedented. As at 7.00 p.m today it was trading 47% down, it’s now trading 99.5% down in less than an hour, its last price before the crash was $18.44. Guess what? It eventually closed in the negative

UK’s Brent is 9% down at $25.62 while Nigeria’s Bonny Light is currently up by 4.5% at $22.32.

WTI traders have been managing serious storage and capacity issues. They are now battling to rid themselves of unwanted US crude. With the current trend, it may close in the negative zone today.

Stock Market Update:

The All-Share Index (ASI) suffered a marginal loss of 0.01% to halt the 7 consecutive days gaining streak of the equities market.


Market Capitalization of listed equities also depreciated by 0.01% to close at 11.94 trillion as against 11.95 trillion recorded at the close of trading on Friday.

FBNH First Quarter Results: Gross earnings up by 8.30%, Interest income down by 4.22% and profit for the period up by 62.74%. See highlights below and details of the financials here.

Market Breadth:  The market recorded a total of 14 gainers as against 16 losers to close today’s trading session on a negative note. Linkage Assurance and Julius Berger top the gainers chart while Guinness and PZ top the losers chart. See the list of top gainers or losers below:

Market Turnover: NESTLE top the turnover table in value while GUARANTY led in volume. See top 10 traded stocks below:

It’s a wrap!

KEEP STRATEGY: How to Grow Your Business

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I once read a story about three entrepreneurs that approached a hungry man with three different questions. Below is the conversation between each of the entrepreneurs and the hungry man.

  • First entrepreneur to hungry man: What do you want?
  • The hungry man: I want “a sandwich,” 
  • The action: The first entrepreneur opens a sandwich shop. 
  •  Second entrepreneur to hungry man: What is your problem?
  • The hungry man replied: “I am hungry.”
  • The action: The second entrepreneur opened a grocery store 
  • Third entrepreneur to hungry man: “What is your goal’?
  • The hungry man replied: “To feel full and nourished.
  • The action: The third entrepreneur invents a nutritious, filling pill.  

The three entrepreneurs met the hungry man’s need in completely different ways, but the third entrepreneur is the one that had the most impact because of the result he was able to achieve. He asked about the goal, and this question helped him to make the most impact of the three. 

To establish a long-lasting and rewarding relationship with your customers, you must know their goals. This is similar to the concept of beginning with the end in mind. Gone are the days when you only want to sell to your customers, make money, and forget about them. You must learn how to partner with your customers to give them what they want, solve their problems, and help them achieve their business objectives.

Today’s world is outcome-driven. According to Jeb Dasteel, Oracle senior vice president, “The ability to succeed in this new economy will depend on how well you sell and deliver measurable business outcomes to your customers.” 

The question now is, do you know the outcome that your customers want? 

For Amazon – they know that their customers want a one-stop-shop where they can conveniently buy everything they want, right at the comfort of their homes. 

Tesla is capturing the automobile market share because they appeal to customers that care about protecting the environment by offering electric vehicles. 

In the US political landscape today, the Democratic presidential candidate Bernie Sanders has been able to gain so much influence because of the outcome he promises the electorate – Free healthcare, Free College education, and so on. He appealed to the people who believe that it’s the government’s responsibility to meet all those needs. 

Donald Trump won the 2016 US presidential election because of the outcome he sold to the people – to make America great again. He promised to bring jobs back to the United States, reduce government deficits, and provide a path for every American to live the American dream. 

Without knowing the outcome that your customers want, it will be challenging to build a long-lasting relationship with them. You need the KEEP strategy to create a future where you prosper with your customers. Here are four strategic ways to KEEP healthy relationships with your customers and make your business thrive. 

  1. Know your customer:Obviously, the starting point is to get into the room with your customer. You need to understand the customers, know their pain points, empathize with them, and have an in-depth knowledge of a day in the life of your customer. To be successful at this stage, you must have a means of collecting relevant customer information, such as email addresses, current and future projects, and all details that you use to develop a knowledge database about your customer.
  2. Establish relationships with the customer:This is where you need to begin segregating and segmenting the customers. Who are your key customers? Who are the high paying customers? And you must regularly engage with your customers. Let them know about new products or services in the pipeline before they ask. You need to be proactive to be successful at this stage.
  3. Execute for the customer:You will be successful in your relationship with your customer if you also learn how to deliver and execute for them. That includes ensuring that your products and services meet or surpass customer’s expectations, your whole supply chain ecosystem has to be functional to avoid delays or sending defective products to the customer.
  4. Prosper with the customer:The partnership with your customer must be a mutually beneficial one. You are making money from the customer, and at the same time, you are also helping your customer to either reduce cost or make more money. If a customer spends $100k on your product or services, in return, that investment should be able to boost your customer’s bottom line by over $300k.

Every business must be able to provide the outcome that their clients desire to maintain a healthy and prosperous relationship with the clients. It is no longer enough to just ask what the customer wants; you must be able to predict what’s next and figure out how to implement and sell the future to your clients. Apple saw that future, and they make smartphones that we all have come to accept as one of the most crucial gadgets to possess. Amazon saw that future, and they built a behemoth eCommerce platform where millions of customers shop every day. 

Do you want to build that future for your business? Then it would help if you use the KEEP strategy to create outcomes that your customer desires so that you can make your business thrive.