DD
MM
YYYY

PAGES

DD
MM
YYYY

spot_img

PAGES

Home Blog Page 6688

The Need To Bring Onitsha Main Market Into The Digital World

1

Has anyone ever thought what it will feel like turning Onitsha Main Market into a mega online wholesale and retail outlet? Has anyone ever tried to bring in Onitsha Main Market traders into the digital world? Anyone ever tried telling our OMATA (Onitsha market amalgamated traders association) men that they can sit down in their shops and sell things to people in different parts of the world by just a click?

Well, I met a young man who nurtures that dream. But it seems to me that his dream is gradually fading away because he believes it wouldn’t be an easy feat to achieve. As he said, it will take more than a young corper, who grew up in Enugu, to get any of those business moguls to change their traditional ways of buying and selling.

“Who is this young man?”, a lot of people will ask. Well, I didn’t get his name. And I didn’t get his contact too. We had the opportunity to talk because of the very bad Enugu-Onitsha Express way. The journey that would have taken just an hour ended up taking three solid hours. And since my boys (whom I was taking to Awkuzu to see grandma for some days) were occupied by other children, I had to hit off a very insightful conversation with this young man (an NYSC member currently serving in Onitsha). He gave me a deep insight into his journey trying to convince a trader (who happened to be a friend’s father) to allow him to market his wares digitally. His challenges, discoveries and strategies are the things I will present here.

“Why is this piece important?” you may ask. Well, I believe that if you are an ‘outsider’ and you want to penetrate Onitsha Main Market to hit off a business, you may want to know what you will encounter. I equally believe you may want to look into the strategies this corper suggested, which he believed he couldn’t achieve alone because he is an ‘outsider’.

So, here are the obstacles and the challenges you may face while proposing a business venture to an Onitsha Main Market trader:

1. Trust for Strangers: According to this young man, he couldn’t get this trader to allow him market his wares digitally because he is an ‘outsider’. That he is a friend and course mate to this man’s son isn’t enough (and his friend isn’t at home to convince his father). From what he said, the man told him bluntly that he won’t entrust him with such an ‘expedition’ because he doesn’t know what his motives are.

When I asked him to find another shop, he told me it is not as easy as it looks. According to him, you have to be one of them to be allowed in. Since the only person he knows wouldn’t let him in, no one else in that ‘line’ will (the trader is into cameras and related materials). I hope you know these traders have a strong network?

2. Fear of Loss: According to this young man, it is difficult for these traders to leave their shops to be managed by someone else. This is the reason they are always present in there. They don’t want to take any chances with their businesses. Even holidays and vacations are not welcomed (their families can go to wherever they want but they, the traders, don’t go anywhere). I believe this is true because I noticed that in every shop I enter, the oga is there as if he is monitoring the ‘umu boy’. So, OMATA man doesn’t believe in entrusting his business to anyone because something could go wrong in his absence.

3. Recruitment of Financial Experts: The oga is also the chief accounting officer. If he couldn’t do that, the chief apprentice will do the job. If the chief apprentice is not available, then the banks will have it. No offence, but I believe the staff of the banks in Onitsha are truly enjoying this job. The thing is that almost all those shops you see in Onitsha do not have any trained accountants to manage their finances. This is one area this people need to do something about.

4. Slow to Change and Innovations: This came up when I told the young man to explain the benefits of digital marketing and digital shops to the trader. According to him, this trader said that he doesn’t trust all those computer stuffs because fraudsters can get to him through them. In fact, he said the man told him they don’t need the help of a computer to make their millions. Well, that’s true, to some extent, but they need to think of making billions this time.

5. Preference for Cash over E-Payment: Onitsha man prefers being paid in cash to e-payments. For example, POS is not common in Onitsha Main Market despite the volume of sales going on there. It is either you pay cash, or you do a bank transfer, which means you have to wait for the credit SMS alert to get to them before they release whatever you paid for to you (if the bank decides not to send their alert at all, you are on your own). Besides, not all of them will even release their account details to unknown buyers. So, paying cash is always the best option.

6. Lack of Trust: To the Onitsha trader, everybody is a potential fraudster. This is one reason they find it hard to trust people. Even their children and wives are not really treated with much trust. And come to think of it, some of these traders don’t allow their family members into their businesses. If their wives or any of their children declare interest in the business, they will open another outlet for them. I don’t really know anyway, more research should be done here.

We have seen some of the challenges someone that wants to ‘do’ business with an Onitsha man will face. But then, there is need to harvest a lot of potentials from that market. Anyway, here are some of the insights I gathered from the young corps member on how to win over these OMATA men:

a. Be honest to them. Of course you know you are trying to build a reputation, so don’t give them a reason to be suspicious. Tell them the whole truth, and nothing but the truth.

b. Don’t push them; give them time to adjust to whatever change you are bringing. Pushing them could make them suspicious, which in turn will only make them turn off their antennas. But you still have to follow them up, only do so in a subtle way.

c. If you are an ‘outsider’, get closer to them through a member. In other words, find someone that can bring you into their circle. You can’t just jump in on your own. As for this corper, he is trying to get in through one of the man’s children who has shown interest in digital marketing but in a different section.

d. Be ready to invest your money first. I think this is another area this young man is having a problem. He told me that he is raising money to start buying some of the things he will market (of course he will buy them from this trader’s shop). He strongly believes that when he starts this way, the trader will be assured of his seriousness and then bring him closer.

e. Give them real life instances of how the business works and how it will favour them. For example, if you want to go into an online shop, they need to see how and where it is used and who used it to make more sales. So, do you homework well.

f. Speak their language. Yes, language is a mark of identity and solidarity. You need to learn the variety of language they use in the market so you can easily be accepted. Sounding off will label you an ‘outsider’ and create room for mistrust. So, learn their colloquial and slang and make use of them while interacting with them. You are trying to mingle with them, right? Then, sound like them.

Well, this is the much I can give here. I believe experts will know how to take it from here. I still believe that someone, or an organisation, needs to go into the big markets in Onitsha (they cover almost the whole of Onitsha, Nkpor, Obosi and the environs) and carry out an intensive research on their business challenges and strategies. Africa, and indeed the world, needs to know what makes Onitsha what it is today.

If you have interest in bringing in new techs into this market, do deeper work before venturing in. Best of luck to you.

First-Class Graduates – What Can You do?

3

It hurts anytime I see First Class graduates reach out to me, in search of a job, and I can’t help them. Here are the questions I ask myself:

  • ”What else does a graduate need to succeed?”
  • ”Are certificates not enough?”

My former colleague in school, Ajewole Samson, told me, ”Forget First Class. In fact, some of them are just bookish. They actually cram to pass in school. Only a few could actually defend their certificates.”

He continued, ”The First Class on paper is different from First Class in the brain. Interview some of these so-called First Class graduates, they have nothing meaningful to offer. This is the 21st century, the future belongs to those who can use their brains.”

 I paused and reflected on this. Indeed, the future belongs to those who can solve problems. Those who can replicate their academic success in real life. But here is the question – as a First Class graduate, what can you do?

You have excelled academically, but how can you navigate your way through?

 You can sit at home and brag about your academic achievement, it still boils down to what you can do with your head.

 Finding a job takes the grace of God in a country like Nigeria. While you sit and lament about life not being fair, be intentional about your life. Take actions. Learn something new. You never know what lies in store for you. If you can excel in school, you should be able to replicate that in real life.

The similarity between life and school is – both require hard work and dedication to be successful. Your success in school shows that you are hardworking and dedicated.

Now, get up and show the world you can do it. Don’t give up! Fight for what is yours. The world is ready for you, but are you ready for the world?

 Think about it.

Tribunal Dismisses Atiku, PDP’s Petitions

0

It was a sad and a good day for PDP and APC and their supporters on Wednesday, as the Presidential Election Petition Tribunal (PEPT), delivered its judgement on the petition brought to it by the PDP and its presidential aspirant in the past presidential election, Atiku Abubakar, against the reelection of president Muhammadu Buhari, and the general conduct of the presidential election.

The PEPT in its ruling, dismissed the petition of the PDP and Atiku Abubakar, and upheld the election that brought President Buhari to power in February. The five-man panel led by Justice Garba Muhammad, in a unanimous decision dismissed the petition on the ground that the petitioners were unable to prove their petition beyond reasonable doubt.

The petition dwells mainly on the qualification of Muhammadu Buhari to contest the election due to his lack of secondary school certificate. There are other issues bordering on election malpractice, disenfranchisement, the use of the military to rig in favor of the APC, etc.

Delivering judgement on the bone of contention (certificate), the Tribunal ruled that the certificate from the Nigerian military is higher than the secondary school certificate which is recognized as the minimum academic requirement for election in the Nigerian constitution.

“Mr. Buhari is not only qualified but is eminently qualified for the election.” He said.

The former vice president Atiku Abubakar, and the PDP had in their petition alleged that Buhari filed false information about his education qualification in the affidavit contained in his INEC form CF001. Therefore, they prayed the court to disqualify him for under-qualification and lying to the Nigerian people.

However, the Appellant Court ruled that certificate is not required for anyone to contest a public office. And considering Buhari’s Cambridge certificate, which the Court considered higher than a WAEC certificate, he is more than qualified to run for the highest office in the land.

“A candidate is not required under the Electoral Act to attach his certificate to his form CF001 before a candidate is adjudged to have the requisite qualification to contest the election.” PEPT says.

The petition involving INEC’s server was also dismissed on the ground that Nigerian electoral laws don’t have provisions for electronic transmission of results. And the petitioner’s witness failed to prove beyond reasonable doubt that there was an electronic transmission of results to INEC servers via card readers.

However, the PDP has rejected the judgement and vowed to reclaim what they called “their stolen mandate” in supreme court. The PDP’s lawyers pointed out many loopholes in the judgement that will increase their chances of winning in the Supreme Court.

They mentioned the dismissal of the Nigerian Army’s “denial of being in possession of Buhari’s certificate” as an evidence. But then the use of some parts of the same statement to support the ruling against the PDP.

Nonetheless, President Buhari has expressed his satisfaction over the judgement, saying that it reflects people’s wish. In appreciation message sent through his Twitter handle he said:

“Today’s ruling is a well-deserved victory for Nigerians who trooped out overwhelmingly to elect us for a second term in office. I was unperturbed all along, because I knew Nigerians freely gave us the mandate. We are now vindicated.”

While some are celebrating with the president, others are expressing their disappointment over the ruling, saying that it only shows that the Judiciary has been compromised. They have also urged Atiku and the PDP not to proceed to the Supreme Court because it is clear that they will never get justice.

The Nigeria’s New 7.5% VAT

1

The Nigerian government has approved the increase of VAT (value added tax) from the current 5% to 7.5%. This has been expected as we have noted in many articles in Tekedia. Our thesis remains that Nigeria will equilibrate at 10% VAT within the next seven years. Please read this piece where we noted that the Government’s only way to fund the national budget would be increasing tax! With the recurrent expenditure exceeding tax receipt, the key roadmap is tax since debt funding may not evidently come easily with our current debt profile.

One positive takeaway was how much work Nigeria is doing in the ease of doing business. While we are yet to get there, a lot of progress has been made; targets top 100 in Global Ease of Doing Business Index.

But I was so worried listening to the two ministers, especially as it relates to the Budget and how to close the Funding.

Gap. Put mildly, “the government is unable to figure out any other way to fund the budget, so be ready to come to their aid”. In other words, expect more taxes!!!

This 7.5% position still needs to be approved according to the nation’s TAX Act. Everyone expects this approval to go through.

The federal executive council (FEC) has approved an increase in value added tax (VAT) rate from 5 percent to 7.5% percent

Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house correspondents at the end of the cabinet meeting on Wednesday.

However, this is subject to an amendment of the VAT act of 1994 by the national assembly.

If approved by the federal lawmakers, the new rate will take effect in 2020.

Expect some demonstrations because the little increase on salaries for public workers has been cancelled by this tax increase. VAT affects poor people more as it is a consumption tax: things will cost more since producers will add the VAT on the prices of items which the buyers will pay. Simply, I expect the Nigerian Labour Congress to begin another agitation of minimum wage increase since the yet-to-be fully implemented minimum wage has already been knocked out by this VAT increase. Yes, the vicious circle continues in Nigeria!

She [Minister of Finance] said: “We also reported to council and council has agreed that we start the process towards the increase of the VAT rate. We are proposing and council has agreed increase the VAT rate from five percent to  7.5 percent. This is important because the federal government only retains 15 percent of the VAT — 85 percent is actually for the states and local governments and the states need additional revenue to be able to meet the obligations of the minimum wage.

“This process involves extensive consultations that need to be made across the country at various levels and also it will involve the review of the VAT act. So, it is not going to be implemented immediately until the act is reviewed.”

“Following these assumptions, the total revenue estimate is the sum of N7.5 trillion for the year 2020 and N2.09 trillion that will be accruing to the federation account and VAT respectively,” she said.

“There will, of course, be the distribution to the three tiers of government based on the statutorily revenue sharing formula as defined in the constitution and to this effect, it means the federal government will be receiving proposed aggregate of N4.26 trillion from the federal account and the VAT pool, while the states and the local governments are expected to receive N3.04 trillion and N2.27 trillion respectively.”

By 2025, Nigeria will be at 10% VAT. Whenever you have population growing faster than economic opportunities, governments will resort to tax to normalize disequilibrium in the economy. Nigeria has tough decisions ahead.

Updated – the VAT updated to 7.5%

The proposed increase of the Value-Added Tax (VAT) rate from 5 to 7.5 per cent by the federal government is subject to the review and approval of the National Assembly, the Minister of Finance, Budget and National Planning, Zainab Ahmed, has said.

Also, the minister clarified that the increment will be to 7.5 per cent and not 7.2 per cent she announced on Wednesday at the end of the meeting of the Executive Council of the Federation in Abuja

The New iPhone 11 Series

2
iPhone 11

The much anticipated annual Apple event took place on Tuesday as the tech giant unveiled its 2019 products – iPhone, Apple watch, and iPad made the unveiling.

iPhone 11, iPhone 11 pro and iPhone 11 pro max came as the phone newbies of the year.

The new products are not quite different from the ones introduced last year, though there is camera system upgrade to allow for wide-angle photos. There is also an upgrade in battery capacity, such that it could last a few hours more than the predecessors.

Speed is also another new feature that differentiates the new from the old. A bit of it makes the trio faster than the predecessors.

Then they came with ridiculous prices that beat the expectation of users. iPhone 11 at $699 (N244, 000) is $50 cheaper than its predecessor, the iPhone XR. iPhone 11 pro costs $999 (N364, 000) while iPhone 11 pro max sells for $1, 099 (N 401, 000).

The trio will be available for pre-order starting from September 13, while shipping will commence by September 20. While the three devices appear similar to their predecessors, they possess amazing differences that will make things worthwhile for users.

The iPhone 11 pro and iPhone 11 pro max came on 5.8-inch and 6.5-inch OLED displays. And their colors are green, space gray, silver and gold. The iPhone 11 came with more colors: purple, green, yellow, white, red and black, making it the most multi-colored among them.

And then came the triple lens camera system that features a telephoto camera, wide angle camera that accommodates more lights, up to 40 percent, and the ultra-wide with a 120-degree field of view. These 3 cameras have the ability to shoot 4k resolution videos at 30 frames per second.

The most exciting spec upgrades came with iPhone 11 pro and iPhone 11 pro max. ‘The more speed and less energy” give them an edge that users would toss their predecessors for.

The iPhone 11 features a dual-camera system on the rear panel which contains new lens with wide angles and double optical zoom out. It also features multiscale tone mapping for improved highlights and night vision, enabling photo-brightness in dark environments.

The additional feature that distinguished the iPhone 11 from others is a 12–megapixel TrueDepth camera on the front. That enables the recording of slow motion videos and wide angle selfies.

The new iPhones are amazing.