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Everything Has Potentials Today – Do It Well and Be Different

By
Ndubuisi Ekekwe
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2

I have this mindset that every sector in Africa is still largely at infancy. Yes, I do not believe anyone has won anything except in areas Dangote operates in Nigeria! Our application and utilization of the factors of production are still extremely inefficient. This means that you can attack any sector and find your moments. Yet, the reason why most are at infancy levels could also be the reason why you need to examine the business battles you choose to fight.

I like to motivate and inspire young people to understand that despite everything they read, Nigeria offers opportunities. Let me take my blog, Tekedia.com, as an illustration.

When I began blogging about two years ago, I decided that it must be useful to people that visit Tekedia.com. We need to bring originality, predictability and authenticity. But it won’t cost me money since I am already spending resources via my time. I put 90 minutes of everyday on LinkedIn and Tekedia.com. But it is part of my business since Tekedia anchors most things we do. Without it, we cannot operate effectively on our works with startups and also our broad advisory services. Simply, Tekedia is our oasis in the One Oasis Strategy.

To be at that expense parity, my team added payment section for exclusive contents. I had told them that they must find a way to ensure we cover all costs. Then subscriptions took off. Most of the subscribers are actually corporations who pay for their staff. Largely, they like what we have here and want their staff to come and read, about Nigeria and Africa.

About 70% of Tekedia readers come from typing Tekedia.com, using Alexa. We do not pay attention to Twitter and Facebook. Rather, we focus only on LinkedIn where we think we have our audience. Yet, LinkedIn brings less than 10% of the traffic. What happens is that once people come from LinkedIn, they now begin coming directly. Tekedia enjoys average visit of 14 mins; yes, visitors spend at least 14 mins per visit on average.

Today, I will use one customer that permitted us to share his transaction. He has paid for the next five years on Tekedia. Yes, he locked the subscription because he thinks we will raise price soon. Yes, someone is subscribing to a blog and paying for five years ahead. We have a Japanese company that paid for three years for its staff; the same for a Virginia company.

Why would they do that in the age when everyone thinks media cannot sell contents? Simply, being different! Yes, if you are different, the society will reward you. Do not go and copy Punch, Forbes, etc and hope you can create a product people will pay. But if you have your uniqueness, you will get that payment. We have thousands of subscribers in this blog and certainly do not care for those intruding Google ads everywhere.

Here is the link to subscribe. If you subscribe, we offer one more thing:  I will personally respond to any professional question you send to my team.

I hope this is of value. This is a hobby but I have learnt these days that society can also pay for your hobbies if you do them well.  Be unique and offer value in whatever you do, society will reward.

General Subscription

This is my comment to an analyst who wrote about Tekedia

Great insight but it seems you missed key parts of Tekedia. People spend 14 mins per visit on Tekedia according to Alexa you quoted. Techcabal for example is 2 mins. Nairametrics is 5 mins. If a site can retain people for 14 mins per visit, it means you can sell things to them. It is no more a news site but a mini-portal.

Also, you flipped and muddled the sources: 70% of users visit Tekedia directly through tekedia.com. For us, that is better than Google search. You are making it look like having a visit from Google search is better – that is not true. We do not even care if Google finds us because our business is not built on traffic but subscriptions.

Tekedia is not built for traffic – we have no Facebook, Twitter etc strategy; we want only quality visits which we found LinkedIn offers. Even LinkedIn where I am active contributes less than 13% of our traffic. Once people visit, they become fans and visit directly via typing tekedia. Google is 15%. FB is less than 1%. If you run it, 70% come to the site because they have paid and subscribed. Or want to read.

We are one of few blogs in Nigeria people pay to read exclusive contents. If you add ecommerce to Tekedia, you will make sales. I am hoping for a proposal in that space from people.

Jumia Goes Fresh, Gets Its Own Whole Foods (Yes, So Fresh) Through Partnership

By
Ndubuisi Ekekwe
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1

Jumia is firing on all cylinders these days. There is a new level of intensity that comes when you are a public company. If Amazon did it – yes, getting Whole Foods, a grocery chain in-house – we will explore our options. An option is here: Jumia is partnering with So Fresh, a Nigeria-based fresh food chain, to deepen its competitiveness in the restaurants service nexus.

Jumia Food Nigeria has added So Fresh, Nigeria’s leading fresh food chain, to its ever-growing catalogue of restaurants on its platform. This is in a bid to promote healthy living among Nigerians.

Guy Futi, the Managing Director of Jumia Food said the company’s commitment to promoting and encouraging a healthy lifestyle among Nigerians necessitated the partnership.

“As a business, we are always looking for new ways to serve our customers, such as through a partnership like this. I am particularly excited with So Fresh because this is an opportunity for us to support and sustain healthy lifestyle among Nigerians through the consumption of fresh foods which customers can now order from So Fresh on Jumia Food. 

If you look carefully, Jumia is using its brand equity and visibility to become an aggregator. That is a winning model any day. So Fresh is in, and the journey to flip Africa from atoms to bytes in commerce continues!

In the aggregation-integration construct, more values accrue to the entity that controls demand, not supply, since supply is largely unbounded and unconstrained. For example, the number of news sources (i.e. the suppliers) is large while the entities that host users and control their experiences like Twitter, Facebook, and Google (i.e. the aggregators) are limited. These aggregators accumulate most gains and also hold more power over the suppliers of news like newspapers.

The True Value of a Nigerian Life

By
Miracle Roch
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2

By Miracle Roch

What does it mean to be Nigerian? What is the Nigerian dream? As more of the best Nigerian minds continue to despise their country and seek greener pastures outside its shores, it’s time to get introspective and ask if being Nigerian is a blessing. Are you better off being born in Nigeria than say Ghana or Rwanda?

What is a Nigerian life worth? The life of an African Giant, borrowing the words of a famous Coachella rebel. Statistically, this type of thing is measured by GDP per capita, which is the Gross Domestic Product (GDP) of a Nation divided by the population of that country. GDP measures the total output of a country, so you can see why dividing total output by population, even if unevenly skewed, gives you an idea of how rich the citizens of that country are.

Let me add the caveat that I have a problem with using the GDP per Capita as a measure of the wealth of citizens because for very small countries with vast amount of natural resources like Oil, their GDP per capital numbers would be astronomically high, but this rarely translates into economic growth for its citizens given that the Oil would most likely be drilled by foreign companies who would pay royalties to the Government who, seeing as this is Africa, would most likely siphon most of that money into offshore accounts and personal pockets. Proponents of this metric however say that indirectly, a higher GDP always translates to better lives for citizens, this is true if you were dealing with countries not riddled with bad governance and crippling theft like we have in Africa.

Back to Nigeria, according to stats, a Nigerian would be the 13th richest person if all Africans were lined up in hall. That’s because Nigeria’s GDP per capita is ranked 13th (so much for being the richest African economy but this is offset by being the most populous Country as well, so way too many zeros to divide by). The stats say a Nigerian life is worth $1,968 (roughly N700,000). Let’s hold on on how laughable this figure is in a country where minimum wage is $50 (recently increased to $83). This presumes that in a year, a basic Nigerian would have earned (or accrue a GMV) of about N700,000. You’re laughing, I’m not.

Most Nigerians would tell you they don’t feel their life is worth almost $2,000. Mothers sell their babies for as low as $100 and even less, people commit heinous crimes for as little as $50, these people don’t think their life is worth anything more. This great disparity between what the Economists say and what the average Nigerian says is largely down to how poor and corrupt our Government is at the expense of the Nigerian life and not necessarily because the Economists are far off in their estimates. Even if we were to stick with the stats, is a Nigerian life worth that much? I sincerely doubt it because the power brokers do nothing to show that a Nigerian life is the 13th most expensive in Africa.

GDP per Capita hides the reality (Source: World Bank)

If you place Nigeria close to its peers, like the Graph above shows, they are no where near their contemporaries. Nigeria’s GDP figures just do not make sense, and that’s saying something given that most Nigerians already think this figure does not represent their current state. The much heralded benefits of macroeconomic growth that Economists like to tout has not happened in Nigeria yet, our Healthcare remains one of the poorest, road accidents are still high, police brutality and crackdown keeps rising. The supposed dividends of high GDP remains elusive.

As a Nigerian, it’s tough looking at the Graph above, I have carefully selected the comparable Countries for good measure. A Nigerian life is supposedly worth 2x a Beninese but the Government of Benin Republic treats her citizens like they are worth 10x that of a Nigerian life. In Benin Republic, motorcycles have their separate lanes to reduce the risk of accidents on the main road, where having to share the road with cars could prove fatal. Trucks carrying containers out of the Port in Cotonou are well bound to reduce the risk human accidents. Remember, a Beninese is only worth about $800.

Source: Google

Compare this to Nigeria where trucks carrying containers out of ports are not well bound and regularly kill Nigerians and this has happened more than once, with no sufficient response from the Government. Remember, a Nigerian life is worth about $2,000. The action of the Nigerian Government towards the Nigerian people, if anything, is an indication that the Nigerian life is worth close to zero. Rwanda has become a beacon for how to deal with conflict resolution, Nigerians flock to Rwanda during the holiday season because RwandaAir (their National Carrier) offer discounted flight options, the Government issues Visa on Arrival and they have natural parks and well maintained tourist attractions, they even have a spot on Arsenal’s Jersey. Yes, the English football club. How much is a Rwanda life worth you ask? $748 or almost 3x a Nigerian life. Is that a heavy sigh you just heaved? It reverberates round Nigeria, if that makes you feel any better.

Little wonder, the current generation of Nigerians leaving the country are the ones who were promised the “future” but have grown to the realization of being governed by the very people who ruled their parents. Our best brains are leaving, the very best of them across key sectors and professions meant to herald the next phase of Economic growth. The services sector makes up more than 52% of Nigeria’s GDP, guess where those who are currently leaving the country come from? You guessed right, the Services sector. No Nation can become successful if it continues to pay zero attention to its future. The Countries embracing these smart young Nigerians understand the need to secure the future while Nigeria’s Government continue to despise its future with wanton killings orchestrated by the Nation’s Police Force.

The drivers of the Services sector, Power, infrastructure and security, remain poorly addressed. Just the other day, a British Aid worker was kidnapped and killed in the North, next, it was a young man killed by the Police. Every day, there’s sad news infiltrating our polity.

Where are the people meant to protect and govern us, you ask? They are jostling for juicy positions in both the Executive and legislative arms of Government.

Remember, a Nigerian life is worth almost $2,000 or N700,000 per annum if you please.

Stay True.

Negative Publicity and Nigeria’s Economic Progress

By
Sani Nahuche
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0
Nigeria's Addressable Core Market

By Sani Nahuche

After the Boko Haram militant Islamist group abducted over 200 schoolgirls in 2014, this led to lots of negative press for Nigeria all over the globe. For those keeping tabs on the country, they will have seen this abduction alongside bombings, murders, and several kidnappings in the months and years leading to this story. Despite this negativity, and the international concern that has rightly led from such events, there are two outcomes that should never be allowed to occur;

  • Countries shouldn’t turn its back on Nigeria in the coming years
  • The economic progress of Nigeria over the last 15 years shouldn’t be forgotten

While the tragic and terrible stories have been filling news bulletins in many countries, we shouldn’t forget that the McKinsey Global Institute (MGI) suggested that Nigeria has ‘major global economy’ potential over the next ten to fifteen years.

For many years, Nigeria has been the most-populated country in Africa with over 170 million people but they’ve only recently claimed the title of ‘largest economy’. According to new data, their GDP now exceeds $500 billion and this puts them in 26th position on the global stage.

Nigeria’s Potential and Current Problems

What does MGI predict for Nigeria? According to the statistics, GDP could exceed $1.6 trillion by 2030 with their current average annual growth rate of 6%. If they were to fulfil these predictions, the country would enter the top 20 and poverty would no longer be an issue for 30 million Nigerians (if growth is inclusive, of course!).

Unfortunately, the realistic picture isn’t quite as clear as what the ‘statistics’ and ‘data’ suggest because foreign companies are being put off investing due to outdated assumptions. For one thing, only 14% of GDP comes from the resources sector but there’s still a general belief that Nigeria relies on the world oil market as a ‘petro-economy’. Sure, oil production is an important export for the country but they have a diverse array of products on the global market.

Furthermore, another story told about Nigeria is that the performance of the economy can change wildly from one year to the next. Again, this is nothing but a myth because it has become fiscally and economically stable in recent years. How? In 2004, a budget reform detached public spending plans from oil prices and diversified the whole economy. As a result, having favourable demographics is no longer important because productivity has increased and GDP growth has stabilised at 6-7%.

Thirdly, we should also mention the growing consumer class who will be essential to the economy in the coming years. Though poverty is still common and productivity is still low away from the resources sector (despite improvements), average salary is expected to increase to $7,500 per year which means they’ll have more disposable income than ever before. Affecting 160 million people across nearly 35 million households, this increased spending power is expected to create consumption figures of $1.4 trillion (now just $390 billion).

With all these facts in mind, multinational retailers and producers are starting to see the value of investing in Nigeria. Thanks to a brilliant location in Africa, they also find themselves located centrally to take advantage of the increased demand across all of developing Africa. With experts suggesting an entrepreneurial spirit and large population increases, it’s fair to say Nigeria has incredible potential over the next decade and a half.

How Nigeria Can Ensure Success

Can Nigeria meet the predictions and live up to the hype of the statistics? In order to do so and reduce poverty for all citizens severely, all reforms proposed by Nigerian leaders will need to have the ultimate goal of boosting income, improving productivity, and delivering high-quality and effective education and health care to all.

With productivity in mind, a land title reform in the agricultural sector could allow deforestation to be replaced by farmland. What’s more, it could encourage growing profitable crops while expanding all mechanised and fertiliser equipment. Even after the farming itself, farms could be helped in the marketing and distribution process so they keep a large portion of the profit to reinvest in the industry.

Away from the agricultural sector, urban areas would benefit from a change in stance towards informal employment. Currently, even some major corporations are preventing small and medium-sized ventures to flourish and this is keeping many skilled and talented employees in low-paying jobs. In recent years, there has been a rapid increase in internet startups in Nigeria and this goes to show the entrepreneurial spirit developing in many cities.

Additionally, Nigerian leaders should consider improving the infrastructure through a working relationship with the private sector and aid agencies. By doing this, and making it easier for Nigerians to register a legal business, the right environment is created for individuals to thrive. Of course, corruption is another problem that needs a swift resolution so businesses aren’t taxed unfairly and then forced into giving up.

For all this to be successful, however, Nigeria will need to encourage inclusive growth. To prevent political and social tensions and put an end to human suffering, Nigerians must be offered a better delivery of public services. Despite spending similar amounts on public services to other countries, they have still fallen behind so this needs to improve. Whether it’s immunisation or seed subsidies, all levels of assistance need to reach those in need. For all Nigerian leaders, this should be a commitment regardless of where those in need reside; this can come from transparent government agencies.

As far as the global community goes, Nigerians aren’t looking for sympathy (and they’re trying hard to ignore the outrage). Instead, they need encouragement, motivation, and a helping hand along the way. As inclusive growth is garnered, in a stable way, Nigeria has a chance of proving doubters wrong and not being characterised by the stories of Boko Haram that shock the world.

With the right environment, Nigerians will have the prosperity and stability of which they’ve dreamed for many years!

 

How To Get A Job – In Nigeria, Africa

By
Ajayi Joel
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9

By Ajayi Joel

So where do we begin? You are a graduate, an undergraduate on break, dropout, or you know someone who knows someone who falls in this category.

If you’ve searched for jobs and you don’t seem to get one. Yes, something is not connecting: I mean with all your degree, they said they would pay you N40,000 per month.

If it’s comfortable for you to the extent that you would have time to build yourself on a skill, then it’s worth considering, but if it would take all your day, and you would end up spending everything without saving, then forget it. There are some basic things you can do, and I would want you to be deliberate about them. I mean success is deliberate. It doesn’t jump on people.

More so, it would also come with pains, and discomfort, but it would help you a great deal and get you to become qualified for a job. There are phases to rise to that mountaintop. Here are things to consider.

First, Sit at Home

Sit your simple self down at home, and make a straight decision with your life. I mean your father’s house, your uncle’s house or any house that you would not be the one to cater for your feeding.

If your uncle’s house is the best place to go to accomplish this or your aunty, then go there. Sit down at home. You probably must have saved some money from NYSC.

If you are a dropout or you didn’t do NYSC, your path is going to be different – go get a job around. A menial job is not a demeaning job. Swallow your pride.

Now let’s analyze this for the straight path that did NYSC. You have a wide range of options while you sit at home.

  1. You can decide to learn a soft skill online for months or a year: 6 days per week of daily dedication to learning would take you somewhere. Entities like Udemy and Coursera are great ecosystems to learn things.
  2. You can decide to learn a skill outside, but it would cost you money. If you have saved from your NYSC, then you can use the money.

The fact is that you would definitely have not to worry about feeding, that one is covered. All you need to do at your uncle’s house is wash his car, wash the dishes, and clean the house.

Doesn’t make sense right? Then forget it! Do it your way.

But sitting at home saves you a whole lot of money and time. I mean learning actively DAILY for 6 days is something huge. But there is a friction somewhere!

Who would pay your data subscription expenses? Because there is definitely no way possible that you will not incur cost on data charges if you really want to learn. So who will pay for your data charges? This is where a good strategy on saving comes into play. Perhaps you had planned during your NYSC for the rainy days. Dip into the saving and spend on productive things. I mean things that would improve your ability to improve your capabilities.

 

Build a Network of Influential People

Connect to the people in the society who have influence and money. You can do this via the church or mosque or anywhere people can make themselves accessible to you.

This is the fact: schools do not emphasize networking, and that is unfortunate. Here are ways to connect to influential people.

  1. Try to get their social media handles. Facebook, twitter, Instagram, etc
  2. Be active on their posts, turn on the notification for the persons post. Once such person makes a post, quickly respond to it based on your knowledge. I mean respond if it’s something relating to what you have an idea about, and not something that would make you appear foolish.
  3. Send a direct message, send an email. I believe emails have more response rates. Mail them; they would respond if they are the ones handling their mails. In most cases they are. Let your message be around wanting to learn more, wanting to stay connected or you can offer your service for free to them.

Sounds crazy right? It has worked for me in many scenarios. Fine, they may have someone working for them in that field, or might not need your offer. Chances are that they would want to reply you to feed their ego or want to help you out.

Be deliberate about almost this. I have the WhatsApp contacts of some successful entrepreneurs and I chat with them via WhatsApp that they reply immediately. I have learned quite a lot from the chats. You can as well.

All Together

Getting a job in Nigeria and broad Africa is hard. Simply, to overcome the hurdles, you need a strategy. It may be better to pass over that poor job to have time to prepare yourself for a better opportunity. But even when you are preparing yourself, make sure you are connecting with the people that could offer you a hand to climb the ladder of careers. In a nutshell, you must have a plan on the points I’ve noted, as that plan and executing it are the critical elements to success. That success is a great job! Good luck.

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