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N100 Naira Flip – Why Below $1 Is Sweet Pricing Spot for Most Consumer Products in Nigeria

By
Ndubuisi Ekekwe
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1

You have launched that service/product in Nigeria, and all the models are falling off. Just because of extra N100 ($0.30), no one cares to experience that great service you are bringing. Yes, for many, saving $0.30  is exceedingly important because times are hard. In my model, I expect just about 32 million to be earning income in Nigeria. These 32 million will support the other 170 million people. Because the incomes most of these 32 million earn are severely out of livable wage variance, they have no room for extracurricular living styles. Your premium, comfort, etc experiences are nonsense: man (woman) wants to just survive today.

In Nigeria, only 17 million people were paying taxes when I first put my piece [it is now 19 million using latest data]. I believe the informal sector players do earn income even though most do not pay taxes to government – I estimated the non-paying tax number to be 13 million to arrive at 30 million. Also, if you look at the number of bank accounts in Nigeria using the bank verification number (BVN), you will be in the neighborhood of 35 million. While not everyone that has a bank account earns wage, there is a very huge overlap that the 30 million makes sense.

[…]

Yet, my model is not really about the number of people on paid employment, rather the cohort within the addressable market for mostly non essential items. So, food and medicine will always have the full population of 200 million as target market while non-essentials like movie streaming can only attract from the 30 million. With government bringing extra 2 million people into the tax-fold, I can update that 30 million to 32 million people now.

Pricing is everything in Nigeria. And if you get it right like Bigi Cola and Indomie noodles, you will find market glory. Any mass consumer product that costs more than $1 in Nigeria would struggle to thrive because if most people earn $3 daily, it does not make sense to put $1 in one product (our minimum wage for federal workers is $2.7 per day). Check Indomie, Bigi Cola, Ariel, and many successful brands, you can always get them with less than $1 in one way or the other.

So, how do you do it? You break the package, making it easier to reach more people. In transport, eating mama put, and practically anything, do not neglect the delta of $0.30. It is this mass challenge that makes lending startups coming up well; people need their services irrespective of the rates (see this nice table from Techcabal)

During the Tekedia Mini-MBA, our experts would be explaining how to win in markets through efficiency on pricing and other elements. Register today.

Lending Rates in Nigeria (source: TechCabal)

The Catastrophic Consequences of Daily Post’s Use of Chief Bisi Akande’s Picture in a Rape Case Report

By
Mutiu Iyanda
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0

“A Magistrates’ Court sitting in Iyaganku, Ibadan, on Thursday, remanded a 35-year-old man, Sulaimon Akande, accused of defiling a 13-year-old girl. Akande of Osungbade area, Sanyo, Ibadan, was in court on a lone count charge of defilement.” That was how the journalist and editor of the story started the story that has changed Nigerians’ line of thoughts on responsible and irresponsible journalism in the last few hours on the virtual and offline spheres.

Exhibit 1: News Snippet

Source: Google, 2020

Our checks indicate that the story has been pulled down by the medium. It was discovered that the page in which the story was earlier domiciled has changed to “Error 404”, a popular phrase that usually came up when a post has been deleted by the owners from the backend of websites. Further check after the initial check in a space of 2 hours, a statement on the top of the medium website’s main menu reads “This page (https://dailypost.ng/2020/01/23/akande-allegedly-rapes-13-year-old-girl-gives-her-n100/) is currently offline. However, because the site uses Cloudflare’s Always Online™ technology you can continue to surf a snapshot of the site. We will keep checking in the background and, as soon as the site comes back, you will automatically be served the live version.”

Exhibit 2: Daily Post’s Gain

Source: Google Trends, 2020; Infoprations Analysis, 2020

While conducting the checks, we discovered that the medium sought the report through the News Agency of Nigeria. Further verification shows that the report is not on the agency’s website as at the time of writing this analysis. Since the report was published with the picture (as feature image) of Chief Bisi Akande, a prominent politician in Nigeria, particularly in the South West region, professionals and public analysts have continued to discuss the medium’s action within amateurism, negligence and incompetence that have corrupted the Nigerian media space in the last decade.

On Nairaland, Nigerian social medium, a concerned citizen, says “That’s a grave error in journalism and the height of sensationalism. Using his name in the headline is bad enough, why put his picture.”

Our analyst observes that the medium’s action has further emphasised why the public would continue to lose interest in news reports as journalists and media owners linger on fielding the public information and expect them (readers) to fill in the details from their imagination. The public now have another good reason to describe Nigerian media as gutter press, media event, yellow journalism and flash & trash.

The Emerging Risks

One of the greatest risks of publishing news such as the one examined is easy consumption of falsehood and misleading information by the public, which has the tendency of fueling crisis in the society. If not because the majority of Nigerians know that Chief Bisi Akande would never involve in such act, the level of interest had about him between 1:24pm on January 23 and 6:20am on January 24, 2020 should have been enormous than what was discovered by our analyst. Throughout the world, poor reporting and bad journalism have had and still have irreversible damages in forms of reputation loss and killing of innocent.

Revisiting the Processes and Upskilling People

From the insights, it is clear that there is a need for revisiting processes being used by journalists and news media owners for news production and publication. It is also imperative to ensure adequate training for reporters and their editors towards responsible news production that left no one behind in working for mutual social and political goods in Nigeria. Teachers in universities and other higher institutions, where Mass Communication is being offered as a course, should take the advantage of the recent unbundling of the course and develop appropriate course contents capable of redirecting many journalists to responsible journalism path.

It is high time that stakeholders should use the same prism being adopted for understanding Medicines, Engineering, Law and other related courses seen as critical to society in all ramifications for Journalism and Media Studies. Students and practitioners need to acquire a broad knowledge of activities and emerging trends in journalism and media world.

African Startups Raised US$1.34 Billion in 2019

By
Ndubuisi Ekekwe
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0

How much did African startups raise via venture funding in 2019? Very challenging question.  Disrupt Africa has US$491.6 million while WeeTracker has US$1.34 billion. Yes different reports with two different amounts. That is typical in our continent. I have shared both for you to decide which one is closer to reality.

Yet, the reports are not wrong.  What happens is largely how the data people classify the companies. A report can include a firm founded in America as an African company because it does most of its businesses in Africa. Another report would exclude such a firm because even though it is operating in Africa, it is not African. Because I am a Nigerian, and we like big suits, cars and only-in-number big GDP, I will go with the higher number! Not doing that will make people feel bad here.

But some things converged well: Nigeria and Kenya are the action countries, and fintech remains the sector of choice.

Disrupt Africa  – US$491.6 million

The year 2019 was a record-breaking one for African tech startups, with 311 companies securing US$491.6 million worth of investment.

For the fifth consecutive year, Disrupt Africa is releasing data on the tech investment ecosystem across Africa, contained in the “African Tech Startups Funding Report 2019”.

The report details how Kenya and Nigeria emerged as the premier investment destinations on the continent in 2019, attracting US$149 million and US$122 million in funding respectively. Egypt continued its development into a major continental tech hub, with more startups from the North African country securing investment than anywhere else. South Africa’s growth slowed, according to the report, which also contains in-depth data on the investment landscapes in Ghana and Uganda, as well as an overview of activity in 13 other countries.

The number of investors in African tech startups jumped by 61 per cent to reach 261.

Sector-specific research shows the fintech sector remained the most popular among investors, though its share of total funding fell to 21.8 per cent as other sectors, notably logistics, transport, e-commerce, agri-tech and e-health, enjoyed bumper years.

WeeTracker – US$1.34 billion

African startups attracted a record high of $1.34 billion in venture capital during 2019, with fintech seeing $678.73 million alone, according to WeeTracker.

Its Decoding Venture Investments In Africa 2019 Report found that 427 startups raised funding throughout the year, and a mere 6% of these accounted for 83% of the total investments.

Over 75% of the deals were in Nigeria, Kenya and South Africa, the report found, with fintech continuing as the sector that attracted the most funding.

Nigeria led the investments with $663.24 million, followed by Kenya and South Africa.

Kenya had 283.64% growth over the previous year’s funding amount, WeeTracker found. Nigeria and Kenya accounted for $1.09 billion or “a whopping 81.49% of the total VC money raised in Africa”.

In 2018 African startups raised $725.6 million, and $203 million in 2017.

7 Proven Ways to kickstart Your Copywriting Career Quickly

By
Adewale Adeyemi
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0

“I don’t know how to write.”

Above is one big reason why a lot of people are yet to start making money from writing.

If you can narrate a story…

If you can post on social media…

If you can send an email…

Then you can write. Nobody was born with the ability to write.

They all learnt and mastered it.

You don’t need a degree or anything.

People who hire writers need someone who writes quality articles.

All it takes is a constant practice, creativity, determination and a positive mindset.

You don’t have to overthink it. Just get started!

Advantage of Writing

If you decide to choose writing as a career, there are numerous advantages.

Imagine being able to work from the comfort of your home or anywhere you like.

Imagine what it would feel like to be your own boss and select clients you’d like to work with.

This is called FREELANCE WRITING.

Many people do this as a full-time career and make more money than they can spend.

As a freelance writer, you’d encounter different forms of writing such as

  • Article writing
  • Copywriting
  • Product descriptions
  • Email newsletters
  • Website copy
  • Ghostwriting
  • And lots more

You can specialize in any one of them.

But this article talks about COPYWRITING.

In the end, you’ll discover what copywriting is and 7 proven ways to kickstart your copywriting career fast.

Let’s dive right in.

 

What is Copywriting?

Copywriting is the art and science of strategically crafting and publishing targeted, reader-focused words (“copy”) online that get people to take some form of action

In layman terms, it’s using words to get people to take IMMEDIATELY take a specific action such as making a purchase, signing up for a free trial, attending an event etc.

It’s also about

  • Persuading people to buy your products or services.
  • Leaving them intrigued by your personal story.
  • Building long-lasting connections with your customers.
  • Getting your prospects to like you, trust you, and believe your product – and only your product – offers the perfect solution to their problem.

 

Why Copywriting?

You want to put your product in front of customers and get them to nod their heads, say yes and bring out their wallets to pay.

You want to convince them your product is the best solution to their problems e.g. weight loss, big tummy, low sexual performance, bad debt etc.

You want to make them believe your product is the perfect way to ensure they get to leave their dream live – buying cars, going on vacations, building houses etc.

But more importantly, you want them to bring out their money and say hey! Give me your solution and take my money.

The goal of any business – is to make money.

How will you make money if your prospects are not interested in what you have to offer?

Small, medium and large companies know the importance of copywriting.

This is why they pay guys like you and me thousands of dollars to write copy that converts strangers into customers.

Copy such as website content, sales copy, product descriptions, email newsletters, video sales letter, Facebook/Instagram ads caption and so on.

This is where you come in.

Many people don’t have time to learn it and that’s why there is a HUGE demand for people who have skills (and they are ready to pay big money as long as it’s profitable to them).

Do you now understand why copywriting is important? Great!

 

7 Proven Ways to kickstart your Copywriting Career Quickly

1. Start reading & learning

I actually started out by reading a lot.

From blog posts to books (never liked reading books), subscribed to copywriting newsletters, downloaded eBooks, watched YouTube videos, read anything that would add to my knowledge and make me better.

I even paid for a course (something I had never done before) just to get more knowledge.

And trust me, I still have a lot of learning to do.

You can never stop reading and learning no matter how good you are!

2. Networking

I call this an “Indirect-Mentorship’.

They say the best way to learn something is to study people who are damn good at it right?

This is where networking comes in.

If you follow people on social media who have nothing to offer, now is time to unfollow them and start following copywriters.

There are lots of them especially on Twitter and LinkedIn.

Don’t just follow them but engage with their posts and offer value.

This way, they’ll notice you.

Also, you can slide into their DM and send a message.

Tell them you are a newbie and you need advice.

Ask questions, schedule a time to call. Be proactive.

They will indirectly be your mentor.

Trust me, it works.

3. Go on forums

Forums like Quora, Medium, Reddit are essential places you can get copywriting knowledge.

Go there and spend a couple of hours each day reading anything and everything you can on copywriting.

You can never go wrong with this.

4. Brush up your copywriting skills

Another thing you can do that can fast track your learning process is by writing legendary copywriting ads hand by hand.

Here’s what you do:

  • Visit http://Swiped.co
  • Look for a piece that has “control” on it.
  • Re-write the copy by hand and assess the various elements that grabbed your attention.
  • It takes about 30 minutes per piece.

Do 1, 2, 3 each day for the next 30 days.

You’ll see the difference.

This will rewire your brain when writing copies.

5. Practice Practice Practice!!!

What shall it profit you to read and read if you don’t practice?

Imagine reading how to drive a car without practising it.

Now take that car to the express. You know how that will end.

After like a week of intense practising, write a sales letter, email newsletter, product description or anything for business.

If you don’t have a business, fine. You can write for your friends or family members or you can even use an imaginary business.

After reading for another week.

Come back to the sales letter and see what you can do to improve it.

After 4 weeks, you’ll see how better you’ve become.

Do this! Practice. It is as important as the air we breathe.

6. Join groups

Another surefire way is to join groups especially on Facebook and LinkedIn.

There are tons of copywriting groups you can join.

You only need to search for them.

Once you join, follow the group religiously.

You’ll definitely learn a thing or two from the gurus there.

7. Choose a niche

I deliberately saved this one for last because you need to first learn how to write copies before you choose a speciality.

You may not know where your interests lie but as you constantly practice, you’ll figure out what you like to write on the most.

Then focus solely on it.

It’s easier to identify as a travel copywriter, an IT/tech copywriter, a finance copywriter or a health copywriter than a general copywriter.

Remember, Specificity > Generality.

 

Wrapping it all up

There you have it! 7 proven ways to help you kickstart your copywriting career.

Contrary to what you may have heard, copywriting is easy to learn.

If you do a simple Google search, you’ll see a lot more resources on how to improve your copywriting skills.

But one thing is certain. The more you practice, the better you become.

Imagine what it would feel like if you could live the life you dream of.

Copywriting may just be the key to achieving it.

Novel Coronavirus: Is Nigeria at Risk?

By
Samuel Nwite
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0

It started in the central city of Wahum, in Hebei province of China. It has so far infected over 530 people, leaving about 18 dead. It’s called coronavirus – a contagious kind of pneumonia that has kept Asia and the rest of the world on high alert.

By January 9, two people had died of severe respiratory failure in the city Wahum, prompting an investigation by the Chinese authorities. The symptoms were found to be related to Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS). The symptoms are fever, coughing and sometimes kidney failure. It also includes a runny nose, cough, sore throat, headache or fever that may linger for days.

Chinese scientists have linked the origin of the virus to animals. Leo Poon, a virologist at the School of Public Health at The University of Hong Kong, who was the first to decode the virus said.

“What we know is it causes Pneumonia and then doesn’t respond to antibiotic treatment, which is not surprising, but then in terms of mortality, SARS kills 10% of the individuals.”

Coronaviruses are a large group of viruses that are common among animals. In rare cases, they are what scientists call zoonotic, which means they can be transmitted from animals to humans – US Center for Disease Control and Prevention.

The human to human transmission of the virus happens when someone comes in contact with a carrier’s secretions. So a cough, sneeze or handshake can cause exposure. One can also be infected when he touches something an infected person has touched, then putting the hand into his mouth, nose or eyes..

There is no specific treatment for disease caused by a novel coronavirus. However, many of the symptoms can be treated. But treatment is based on the patient’s clinical condition.

So far, over 17 people have been killed by Coronavirus in China and more than 500 are reported to be infected. There have also been confirmed cases in Hong Kong and the US respectively. The spreading speed of the virus has placed the US and UK authorities on their toes, and they are putting quarantine measures in place at airports to screen people coming into the country from affected areas.

“I do believe that the concern you see both inside China and internationally is a reflection of what we’ve seen in the past. 2003 was SARS, and a number of issues, where the government has been slow to respond out of fear of embarrassment or making things look worse than they are. And that reluctance to respond in a rapid manner doesn’t give the global community a secure feeling for this being managed inside China,” a senior State Department official said.

The UK Foreign Office has issued a warning to people to avoid traveling to Wahum and all affected places. A Foreign Office spokesperson said.

“In light of the latest medical information, including reports of some person-to-person transmission, and the Chinese authorities’ own advice, we are now advising against all but essential travel to Wahun.”

China has a reputation of concealing environmental crises from the public, in an attempt to avoid stirring tension and throwing the people into panic. The rest of the world is worried that it’s going to use the same method in managing this case of coronavirus, even though Beijing has shown willingness to share information with the World Health Organization (WHO) and the US government. There is also report that public transport has been shut in Wahum to curtail the spread of the virus.

The WHO has issued public safety advisory in light of the development, especially at a point when over 400 million Chinese people are expected to travel from around the world for the Chinese New Year celebrations.

Should Nigeria be worried?

In Nigeria, the Nigeria Center for Disease Control (NCDC) has sounded the warning, and the Port Health Services unit of the Federal Ministry of Health in Nigeria has been placed on alert and has heightened screening measures at the points of entry. The screening measures include checking temperature of arriving passengers. The statement from NCDC reads:

“The Port Health Services unit of the Federal Ministry of Nigeria has been placed on alert and has heightened screening measures at the points of entry. In China, exit screening measures have been enhanced for travelers from Wuhan city at the Points of Entry (PoE) since the 14th of January 2020.

“This includes temperature checks combined with provision of information and masks to passengers with fever, as well as directing symptomatic passengers to health facilities for follow up.”

Although coronavirus appears to be spreading currently through temperate borderlines, the origin is linked to the camel, an animal common in Sub-Saharan. Moreover, the number of Chinese nationals who have traveled from Nigeria to China for the Lunar Year holiday presents the tendency of human-to-human infection.

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