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Home Blog Page 6424

The Nigeria’s Bread Scramble [Video]

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The biggest irony: you lock down a nation because of coronavirus, implementing social distancing. Then, because of hunger, all protocols are broken as people fight for bread. Of course, the government is working – some contractors contracted to transfer cash to the poor in some states have been sacked for delay. 

The federal government says it has terminated two contracts for cash transfers to Nigerians in four states.

The project was called off after a breach of agreement by the affected contractors, Sadiya Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, said in a statement Tuesday.

The “payment service providers” were contracted by the federal government to make payments to vulnerable persons in Bayelsa, Akwa Ibom, Abia and Zamfara States.

“The termination is with the procurement process launched using World Bank procurement guidelines to ensure that payments commence in the affected states on or before April 28, 2020,” the statement signed by Salisu Dambatta, the minister’s spokesperson.

The minister said the federal government cannot accept delays in the current payment round of N20,000 to beneficiaries in poor and vulnerable households under any excuses in the four states or any other states of the federation

I do not envy those contractors because if you ask me to find the poor in Nigeria, I am not even sure there is a standard quantifiable  mechanism to do that. Yes, if you think you are transferring cash via any bank to the poor in Nigeria, you are wasting your time. Poor people in Nigeria do not have bank accounts! Of course, you can transfer via air, sea, party leader, … [add your magic].

You have less than 40 million unique bank accounts in a nation with at least 80 million adults. Magic transfer, none has ever reached my village since 1999! This video, on click, shows the state of things: scramble for bread.

https://youtu.be/IFDoaur3264

 

 

TrustBanc Daily Stock Market Scorecard, 14th April 2020

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Since close of trade on 6th April 2020, the market has now gained over 5.80% in four consecutive trade days and recovered over N630 billion for Investors, the last time the market enjoyed this streak was January 2020.

The All-Share Index (ASI) appreciated by 
2.32% today to abate the year-to-date loss of the Market to 18.49%.

Market Breadth: The breadth of the market remained strong today as the Bulls maintained their hold on the market for the fifth day running, 28 stocks appreciated as against 12 that depreciated. NB and CONOIL led the gainers’ chart, while PZ and REDSTAREX led the losers chart. See the list of top gainers or losers below:

Market Turnover: ZENITH and GTB led the most traded stocks chart in volume and value. See top 10 traded stocks below:

Have a good evening.

 

Innovation Lessons from 12 Companies

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The 12 firms

Next week, we will be examining these companies, focusing on the innovation lessons we can learn from them. The broad theme dwells on the state of the tech nation, and the emerging opportunities which are coming up. Our goal is to discover the leverageable factors which are cushioning the scalable advantages in the firms – and in the process, we can learn, and apply in our firms. 

You can join the second edition of Tekedia Mini-MBA here.

Tekedia Academic Programs

Nigeria in a Dilemma

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Nigeria is in a state of dilemma. She is currently in a position that placed her between the devil and the deep blue sea. Any direction she takes now spells disaster for her. So she needs to choose the lesser evil; though none of the options seems less disastrous.

The moment it became obvious that restriction of movement order will be enacted to minimize and contain the spread of COVID-19, people became afraid. People knew that the lockdown was the best option but they couldn’t imagine what their lives would be like during the period. They hoped against all odds that the order wouldn’t be put in place. But alas, they were disappointed to find out that there is no running away from a lockdown.

Then people were only afraid of not being able to find daily meals. Those that survive on daily income were the most concerned. The people that could afford to stock up necessary supplies in their houses did so while those that couldn’t, trusted on providence to provide for them. That was the state of the nation when state and federal governments began issuing lockdown orders and started placing security personnel in place to enforce them. Then, the only worries of every average Nigerian was hunger. Today, the worries have surpassed fear of starvation.

The COVID-19 induced lockdown has woken up a lot of sleeping demons. These, in addition to hunger, include inflation, extortion, bullying and armed robbery.

  1. Inflation: The 30th of March, 2020 is a day that marked the peak of inflation in many parts of Nigeria. The prices of goods in the market escalated beyond imagination. For no reason whatsoever, traders increased the prices of essential goods such as food stuffs and toiletries. They knew that people must buy things they will use during the lockdown and decided to use that day to extort buyers of their hard earned money. This hike in prices continued into the lockdown. Right now, the reasons traders give for the price hike is that the lockdown made it difficult and expensive to “import” food stuffs from their producing states.
  2. Extortion: Officers of the Nigerian Police Force, as usual, are using this period to make money. In fact, the traders claimed that policemen are part of the reasons why food stuffs are expensive nowadays. It is said that police mounted roadblocks days before the lockdown commenced and started from that period to extort motorists that want to “cross the border”. Speculation has it that lockdown only works for those that don’t have money to settle the police. However, it is quite unfair that members of NPF should disturb the movement of foodstuffs despite knowing that lockdown should not affect flow of food. Extorting from motorists, especially from traders that bought food ingredients to sell is wrong and should therefore be checked.
  3. Bullying: Several disheartening videos of members of the NPF and the NA bullying people they met on the road have emerged. Some health workers and other people in essential services have narrated their ordeals in the hands of security agents who manhandled them when they, the workers, were on their way to work. These security agents did not bother to verify these people’s given reasons for leaving their homes but rather decided to abuse the power given to them. There are also cases of sick people going to hospitals that were forced to go back home by these security agents. Most of us must have heard of the Warri incident, where a civilian and a soldier lost their lives all in the name of maintaining lockdown order. These attitudes are threats to the maintenance of the lockdown policy.
  4. Robbery: Several cases of harassment, intimidation, extortion, robbery and shoplifting filtered into the news on Saturday, 11th April, 2020. An eye witness of the Abule Egba robbery took to Twitter to narrate how a group of young boys took to the street in broad daylight, shot sporadically, harassed and stole from residents and broke into shops. These people had their field day and later left undisturbed. Some people have linked these robbers to miscreants operating in those areas while some others linked them to people pushed over the edges by lockdown-related hunger. No one can categorically state what caused these young men to go into such an occupation, but what we all are sure of is that in a matter of time, such an act will spread to other parts of the country unless something is done to hold it at bay.

The dilemma Nigeria is facing now is whether the lockdown order should be lifted or if it should be sustained. Lifting the restriction means that COVID-19 will become epidemic in the country and claim as many lives as it could before it becomes contained. But maintaining the restriction means that hunger, inflation, intimidation, extortion, robbery, and many other social vices may go berserk. Put differently, Nigerian government is faced between losing the citizens to death by COVID-19 and losing them to death by the lockdown demons.

The only hope Nigeria has is that it can control the second option while the first one is out of anybody’s control until a vaccine is found. This is just to let the concerned authorities know that they still have a lot of things to do so that the lockdown will not become a nightmare.

Rethinking Covid-19 Lockdowns

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According to Worldometer, every year, an estimated 290,000 to 650,000 people die globally as a result of complications from seasonal influenza (flu) viruses. The viruses causing flu have been around for thousands of years,  and every year different strains appear as a result of slight mutations taking place in them.They are constantly evolving taking forms slightly different from older pre-existing ones. 

According to the  United States CDC, around 61200  people died as a result of this in the 2018-2019 flu season which runs roughly from November to April in the United States alone. About 42.9 million people were infected between this same period. The flu(COMMON COLD)  is caused by over 200 different viruses including the Human Coronavirus. 

In all of this, nothing was shut down as a result as life moved on as usual. Of course there is an obvious difference between SARS-COV-2 ,the virus which causes Covid-19 and other Coronaviruses including the ones causing SARS, MERS and the seasonal flu. Nobody is disputing that as the case reproduction number R0 which ranges from 1.5 – 2.5 according to WHO for Covid 19, clearly shows ,whereas common flu is 1.3. Don’t forget that chicken pox has got a case reproduction number of about 10 .Still it is important to consider what exactly we are sacrificing and why for COVID-19.

Counting the Cost

Proponents of the lockdown say that doing so saves a lot of lives. These people are professionals and I have no intention to doubt their observations. Still it is important to run a multivariate analysis on how people are affected across different layers of existence so as to ascertain what exactly is going on and who is really affected. 

Consider this for a moment, that COVID-19 has got a 98% survival rate among those tested. Consider also that the majority of those who have the virus are asymptomatic, and as a result never get tested. Factor this in and the survival rate goes up to around 99.5%.

These are not my figures, these are figures from experts from around the world. The significance of this figure is that it helps us to compare how fatal this pandemic is when matched  against other life taking incidents or diseases. 

Let’s for a moment consider the first death recorded in Nigeria as a result of COVID-19 , a man in his sixties who had cancer and was receiving chemotherapy. He also had chronic diabetes. It’s very difficult to say how much of his demise was as a result of SARS-COV-2 or as a consequence of a combination of factors. 

Away from that.Take for instance in Africa, 3000 children die every single day as a result of malaria. 

In Nigeria, an average of 12 persons were killed every day as a result of road accidents in 2019 alone according to data from the Federal Road Safety Corps. 

So then, should we shut down the country or continent until every single mosquito is killed?  or should transportation by road be banned until our roads are safe for humans to ply? 

The chances of a Nigerian or by extension an African dying of COVID19 is far lower than the chances of dying from Malaria ,HIV /AIDS or hunger related complications, and is likely to remain so. Research has shown that there is a direct correlation between poverty and malaria deaths. Poverty makes people  more vulnerable to a lot of things ranging from Malaria, to Maternal mortality to death by malnutrition to AIDS and a lot of other pitiable things. And an obvious fact is that prolonging the lock down will lead to more poverty and hunger both of which are killers in their own clime. 

It would be a very unforgivable mistake for Africa to copy the Chinese/American/European templates in tackling the COVID19 crises for a number of reasons which includes but not limited to the fact that Europe and the rest has got a better social security system and a more effective way of dealing with hunger and that Africa has got a very young population, with a median age of 19.7 years and  60% of the population being aged below 25 years according to the Wikipedia .Then also factor in the fact that the average life expectancy in Africa is far lower than what obtains in the developed nations. All these add up to make Africa Very unlikely to suffer the same complexities the rest of the world has been hit with. 

This isn’t my opinion, this is a fact. The chances of any one dying as a result of COVID-19 diminishes as the age reduces.  

The figures below are from a Worldometer showing the COVID-19 mortality rate as it relates to age.

(80+ years old)14.8% , (70-79) 8.0%, ( 60-69 years) 3.6% ,(50-59 years) 1.3% , (40-49 years) 0.4% ,(40-49 years) 0.4% ,(30-39 years) 0.2%, (20-29 years) 0.2% ,(10-19 years) 0.2% , (0-9 years) no fatalities. 

*Death Rate = (number of deaths / number of cases) = probability of dying if infected by the virus (%). 

Looking at these figures, and then relating it to the fact that the median African age is 19.7 years and that 60% of the populace is below 25 diminishes further the possible severity of the pandemic in Africa. 

Most of the casualties of the lock down induced hunger are going to be children in very poor communities, the same group that has the least likelihood of dying as a result of COVID-19(0% mortality rate between ages 0-9) and these numbers are going to exceed by far any fatalities from COVID-19. 

What matters at the moment ?Is it how many lives saved in general  or how many from COVID-19? 

This is a paradox Africa must solve moving forward. 

Should they sacrifice the youth and children who are likely not going to die of COVID-19 to save the old and aged who are more predisposed to it? 

Could there be anything worse for Africa than 3000 child malaria deaths daily or the possibility of this figure rising due to hunger? 

Hardly! 

Recommendations

  1. Since going by available data children (0-9 years)  are theoretically safe from COVID-19 complications, it could be advised that they go back to school to be taught by  mostly young teachers.
  2. Since young people have between 0.2-0.4% probability of dying from COVID-19 complications, it could be recommended to send them back to work with adequate sanitary measures followed, PPE’s and social distancing techniques, while the elderly are advised to stay back. 
  3. People in categories 1 and 2 with any pre-existing health condition should not be included as COVID-19 hardly kills any healthy individual.This does not imply that pockets of deaths have not been recorded amongst healthy people.
  1. Since going by available statistics, women are less likely to be victims than men, a modality should be worked out temporarily to get more of them involved in essential services back to work. 
  2.  Sanitizers should be available in all public places, and social distancing should be maintained.

In the end it boils down to doing whatever it takes to save more lives as the emphasis should be on numbers.