Serious Magazine, New Year Edition, 2020.

ECONOMY

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LIFE |

EDUCATION

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AGRICULTURE

#BlingNaija! - Lush Lash

Detty December - Opelope Anointing

Nwanyi Oma - Jojo Pawon

Women A-Rice - Verastic

Welcome to 2020.

Happy new year, dear readers. We hope that the festivities brought you the joy and peace you deserve.

In this edition, there are no tips on how to relocate, but on how to be a Diva. BeyoncÊ tells us that a Diva is the female version of a hustler. Ok ladies, let's get in formation‌ I've been waiting years to use that line in an editor's note!

Obviously, Serious men can pick up some ideas too, because let's face it - hustle no know man or woman. May 2020 be good to us all. Amen!

#BlingNaija!

- Lush Lash

others offer their services as a contribution to the event. Nigerian weddings are also the most meticulously planned parties of all; sometimes, you pick a date which could be one whole year away and liaise with vendors ahead of time to create what is now much more than a simple event: a cultural experience.

Billionaire Experience By budget, weddings fall into three broad categories; the Middle class - local man - who spend anywhere between N5 million and N10 million, and are usually funded by the couple; next is the Upper Middle class the boujee - who spend between N10 million and N50 million, these ones usually have support from family and friends who are also interested in putting on a show because team work makes the dream work. The last category is my fave because “money stops nonsense”, they are the Upper class/ultra-wealthy a.k.a. OBO's - the 1% of the 1%! They spend upwards of a N100 million on weddings and the general brief for vendors is money is not an issue.

Damoo, one of my very few Yoruba demon friends, called me to inform me that he was finally settling down. Guess who will spend over N60,000 in February, thanks to Damoo and my tailor (Oga)–yours truly. He sent me the asoebi, with a bill of N40,000 and now I am about to transfer N20,000 to Oga! Clearly, I deserve a peng dress for the event, with makeup and hair on fleek — I can already hear my pocket screaming. Evidently, wedding guests like me, bear some of the costs of a wedding, but of all the many parties Nigerians love to throw, we have the least reservations about putting them together.

Billion-Dollar Gang Let me give you some insight; in Nigeria, once something is referred to as an “industry”, see ehn, money is flowing danu danu in that space. If you don't believe me, take a look at the Wedding Expo event —only the Lagos International Trade Fair could rival it.

Once there's an expo, there's a market.

According to the New York Times, on a typical Saturday in Lagos, more than a 100 weddings occur in Lagos, and these figures go up towards the end of the year—The God of Shiloh does answer. When I attend Nigerian weddings, in the midst of all the fanfare and excitement, one of things I observe is the money that exchanges hands. Nigerian weddings have become such elaborate projects that one can build a decent house with wedding budgets.

The rise of lavish weddings in the country has created new professions, which have gone a long way to create jobs and numerous business opportunities.

From craftsmen like carpenters, tailors and make-up artists, to bloggers and content creators. People like Uche Eze of Bella Naija have made a career from covering the industry over the years.

Bella Naija is known for tensioning us back-to-back on Saturdays and has encouraged stronger Western and Arabian influences in white weddings, thus the variety of styles associated with today's couples. The value chain of weddings also includes the guests who pay for various services to be at the event (please dears, support my side hustle check out my IG page @lashglammed). In short, weddings provide a wide range of economic benefits because of the sheer number of people involved.

Blow Agenda The newest trend in Nigerian weddings these days are pre-wedding events.

According to CNN, the wedding business in Nigeria has created a million-dollar industry, which is now the envy of the continent. The intending couple chip in, parents chip in, uncles and aunties send in cash, cows and just about any other thing on the to-buy list, while

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Nowadays, pre-wedding activities include the proposal, introduction, pre-wedding photoshoot, bridal shower, sometimes bachelor's party and finally the traditional wedding known as the engagement ceremony. All these activities have made weddings a money spinner for those in the business.

Detty December - Opelope Anointing

For those of us who believe in the Nigerian dream of “blowing” and are wondering what I have been going on about, this is a list of business opportunities within the wedding industry which still have the capacity to scale; if you get in on them now, you just might cash out too: hall rentals and decoration, dress-making, make-up artistry, wedding planning, photography and videography, cake making, event hosting and Alaga's (Yoruba hype-women), DJ-ing, aso-oke designing and asoebi sales.

Fortunately, a lot of these businesses require skills that can be learned, so make a note this new year to develop a commercial skill for your side hustle. You may be surprised—your side hustle could become your major bag!

Diverse Divas If there is anything Nigerians are favourably disposed to, it is celebrations of love. If there is anything Nigerians will support women to do, it is the celebration of love. My dear Serians, in this 2020, if you're a woman looking for work that will sustain you and your family, I introduce to you, the wedding industry.

It was a pretty eventful 2019 for everybody and December was indeed detty with parté after parté! As organisations, governments and even individuals close for the year (except your bank, we had leather shop showrooms in December), let's take one final look at the economy in 2019.

There's definitely still an abundance of rice in Kano, as the elected government decided to close our land borders to reduce smuggling while intensifying local production.

This move resulted in price hikes in food, high inflation - 11.85% as at the end of November - and a rumoured lack of chicken in a certain republic. Despite the closed land borders, our creative industry grew beyond borders and we got a Grammy nomination - shout out to the African Giant and we received our Oscar rejection with our lion heart.

War of Nations 2019 was also a year of many wars and conflicts; from cold wars, (China–US, Iran–US, TachaNation vs MercyNation, Ronaldo vs Messi) to protests around the world (Hong Kong, Chile, Bolivia, Venezuela). Despite the year of instabilities, the global economy grew by 3.1%, 2% more than population growth.

However, the Nigerian economy remains fragile; it's growing at a slower rate than our population. Oil price volatility continues to influence Nigeria's growth performance and despite the efforts to diversify, living standards haven't improved much.

The government has however assured us of moving 100 million Nigerians out of poverty in five years through its Social Investment Programs, so don't worry— the FG got us.

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Signs and Wonders

Tax is Coming!

It was a year of many partnerships and deals necessary for crucial sectors. This year we signed the AFCTA (African Free Continental Trade Agreement) to improve opportunities for trade across Africa. We also signed a partnership with Siemens to expand power production and a Finance Bill to improve revenue.

At home, CBN released new charges for ATM usage and mobile transfer. Serians you can now transfer N10 for transfers below N5,000, N25 for electronic transfers between N5,000 and N50,000 and N35 for ATM usage from traditional N65. To be fair, your bank thought of this first through our GoMoney platform —we are really smart sha.We also expect the government to be aggressive with revenue generation policies.

The federal budget was signed in May, the earliest we have done in more than five years as our focus on revenue generation is steering many government policies. There's that tricky issue of N37 billion for renovating the National Assembly, but making laws is expensive, right? With all the partnerships we have signed, we expect to see the results in the coming years. Despite the closed borders, our total trade grew by 6.8% in Q3; we are hustlers, we always find a way.

Quid Pro Code It has been a really long year for everybody, but nobody has had a longer year than President Trump, who has had a long-standing fight with well, almost everybody, except @doks_arts (shout out to our Nigerian creatives). From Chinese cold war, North Korea and Iran to Aunty Nancy finally impeaching him, he had a full year.

With high inflation, low yield on T-bills, mutual funds, potential fuel price increase, devaluation and a widened tax base, the government would intensify revenue generation to sustain the economy. For instance, VAT is now at 7.5%. There is also the issue of compulsory Tax Identification Numbers (TIN), without which you won't be able to operate your account from Nigeria - get your TIN please.

According to the World Bank, about 365 different taxes are levied across the country (one for each day of the year, we believe), yet only four (Petroleum Profit Tax, Company Income Tax, Value Added Tax, Nigeria Custom Services duties, Value Added Tax) are responsible for 80% of tax receipts. Yet, the Buhari government plans to extend levies. Fellow Serians, brace yourself for more taxes!

Your Favorite Bank

Despite the fact that we expect the trade wars to reduce since Trump announced a settlement package with China, there is still some bit of macroeconomic volatility to be expected in the build-up to the 2020 elections in the United States.

Although the final removal lies with the Senate, It would also be interesting to see how that plays out going into the election year and what happens with Brexit as the UK tries to avoid recession in 2020 with Boris Johnson's Brexit plan, an event that could affect Nigeria since the UK is our largest source of Foreign Direct Investment.

Towards the end of last year, we celebrated the success of our leather exhibitions at some of our branches, expect to hear more from us this year. We will be rolling out our energy and asset finance solutions (Imperium and AltMall) this year. Your bank is focused on improving shopping experience and revolutionising the e-commerce space through our novel alternative financing model, hence the cool name “AltMall”.

Bode Thomas The year was a fruitful one and with all the concerts and events from December, no matter where you go this January, no matter how much you spent, please remember the road to Specta.ng. (our own Bode Thomas for you). Able God will assist us especially in the broke season in January.

E go be!

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Nwanyi-Oma - Jojo Pawon According to the Ministry of Finance, “Nigeria is as developed as its informal sector; it is crucial in its growth and necessary for its sustenance”. Indeed, the informal economy has been a major catalyst for growth and development, as it has allowed markets provide for the most vulnerable in the society while ensuring employment, healthcare, feeding and entertainment - life in general.

The Nigerian Bureau of Statistics describes "informal sector” as a term used to describe people who are selfemployed or those who work for small unorganized sectors and are usually not on payrolls or taxed. In simpler terms, the informal sector describes hustlers in Nigeria.

At this point, permit me to give a big shout out to all hustlers out there. These guys make up more than 65% of our workforce.

The informal sector includes Mummy Tolani, who sells food (the heavenly beans) at WAEC junction in Yaba; Mr. Uzondu with his five children helping him arrange fabrics on a cold morning at Uselu market in Benin city; Sade who never stops supplying us oku-eko (Titus) and Sodiq the bus conductor in Obalende who is owing me change.

Due to their market reach and approach to services, they affect the common Nigerian.

In spite of these fantastic contributions, the informal sector is generally avoided as it is believed to be “troublesome and unmanageable”.

I mean, Sodiq—the alaye with a husky voice—dey fight sha, so maybe there's some truth to that.

Tested and Trusted.

Interestingly, women drive the informal sector, as we account for more than 60% of the informal sector in Nigeria. I like to think of women as saviours - good at everything and providers of everything. According to the Ministry of Agriculture, we dominate the marketplace and farms, and in the words of the famous philosopher Beyoncé “we run the world”. The success of women in the informal sector does not underplay the challenges faced in the informal space due to the lack of legal protection; little wonder women remain the most vulnerable in our society despite their contributions.

We looked at two areas where women thrive – the marketplace and health care.

These two move hundreds of billions in cash and provide at least 2,000 jobs daily. From the sellers of fabric to the tailors, alabarus, caterers and beer parlours, to the chemists, midwives, alagbo, who ensure that the marketplace is healthy, and people are kept alive. The market is huge, it needs to be more and its participants need to be protected.

Laced in Glory A few years ago, there was a fire in Balogun market and a large fabric merchant lost about N20 million in cash and hundreds of millions in goods. She wasn't insured and had to start over.

Starting over could have meant many things for her: her kids could have stopped going to school, she could have borrowed money from loan sharks, endangering her life if she is unable to pay back. The fictional character Eniola Salami in Kemi Adetiba's King of Boys depicts what happens to women in the underground world - she was a fabric merchant only after she had gone through a phase of prostitution and controlling a band of criminals. The cycle never ends.

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We heard that fashion trade is second only to agricultural trade for women in the informal sector. To prevent another loss like that from the Balogun incident, there needs to be better accountability and involvement of financial service providers. Shout out to Sterling Bank for giving us some formal cover through the micro banking proposition.

Mama Doctor Some children are familiar with the phrase “go and meet your mother” when sick or hungry. This is because women are considered good caregivers not only in the home, but also in their contribution to the health sector. From the alagbo at the bus stop, to midwives, the popular chemist down the street, doctors and nurses - these women attend to the health of the masses through alternative and conventional medicinal practices. Many people who patronise the alagbos, midwives and chemists - bus drivers, construction site workers, traders, market women, agberos etc - cannot afford to visit hospitals.

These alternative services cater to the bottom of the pyramid, which form a valuable market especially for health insurance and a sizeable tax base for government. According to the Nigerian Health Watch, more than 30 million Nigerians patronize informal health care providers despite the risks of fake diagnosis. Imagine the market!

Outside of the market, it shows a need for improving education in the country. Women are most disadvantaged for learning and given the huge number contributing to healthcare, we must start the conversation about providing formal education to these “doctors”, “pharmacists” and “surgeons”.

Unsung Heroes When compared to the formal sector, the informal sector is unprotected, unregulated and unstructured despite the crucial role it plays. While this grey market has contributed significantly to meeting the demands of the vulnerable, it is still perceived as unsafe and patronage is only high due to the poverty level of the citizens of the country who find formal services unaffordable.

Sade Eleja can be here today, maimed tomorrow or dead from childbirth because she couldn't get affordable and appropriate healthcare services. The informal sector desperately needs better protection, better access to credit facilities for purchase of goods, school fees for their children etc. It is up to us all to demand that better for them.

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Seriously A-Maized

Women A-Rice - Verastic

Here at Serious, if there is one thing we don't joke with, it is food. We are SERIOUS about food . It is in this vein that we have decided to write a piece that is for food only #FFO. Food is serious business; agriculture alone contributes about 22% of the total GDP of Nigeria. So, for every N100 this country makes, over N20 comes from food. As you probably know, the average household in the country also spends more than half of their income on food. In short, we are all foodies.

If you have also read any of the articles in this edition of Serious, you would have realized by now that we are not sleeping on the impact of Nigerian women. This is simply because we have discovered that in many cases, men are important, but women are ‘importanter’.

This is especially true in agriculture where women account for about 75% of the farming population - yes, you read correctly, almost all our farmers are women.

Basically, women feed us in this country, and it is not just because Nigerian women have the best culinary skills.

I will also drop a few more stats from the Federal Ministry of Agriculture & Rural Development (FMARD for short) just to let you know I am SERIOUS. Women account for; 70% of agricultural labor 50% of animal husbandry related activities 60% of food processing

Serious Corn-dition However, here is the problem, despite these incredible stats, women in agriculture do not get the commensurate recognition and support, as they have access to only 20% of the available agricultural resources.

The Swedish International Development Cooperation Agency (SIDA) noted that in developing countries like Nigeria, women are estimated to own less than 20% of farmland. A 2014 study by Sahel Capital also recorded that women have access to only about 10% of the entire credit available to agriculture In Nigeria. What all these smart people are telling us is that, we are biting the ďŹ ngers that feed us.

But if with only 20% of the resources, women have achieved all these incredible stats, imagine what they can do with more. Clearly, we need to do more to give these amazing women the requisite support.

Several private and developmental organizations have already begun to take the lead to bridge these gaps. Financial service providers are increasingly devoting capital to empowering women in agriculture.

Not to brag, but Sterling Bank has earmarked over N10 billion to boost agriculture in Nigeria with a focus on women. These are the things we do to reiterate our commitment to enriching lives.

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In Corn-clusion If you did not know, now you know; when it comes to agriculture in Nigeria, ironically, women do most of the work, but do not make most of the money. We like to think this is primarily because the segments of the value chain where the real money is, are male dominated.

Women are largely involved in primary labour but the big money is in other aspects of the value chain such as agro-processing, storage, distribution, research etc. (I think I just laid a premise for a hard work vs smart work debate). It is high time more women stepped into the juicier parts of the value chain and began to reverse this trend. 2020 should be the year we see more women-led businesses, dominating the richer segments of the agriculture value chain. If you are a woman reading this, and you are willing to take up the challenge, give us a call; you already know you are our ONE customer.

F i n a l l y, t o a l l t h e w o m e n currently “killin' it” in the agrospace - Bukola Awosanya, Ndidi Nwuneli, Zainab Usman, Ada Osakwe, Vera (I had to add myself now for this informatic article) - this is our little love letter to you.

They say a hungry man is an angry man, with all the stress and anger already existent in this country, imagine if we all did not have food to eat… I guess it is safe to say, you women are the ones keeping our country from chaos; we salute your hard work.

On behalf of all the different communities of foodies; vegetarians, non-vegetarians, fitfam, I can't comman kill myself and everybody else, we say a big THANK YOU! Your company will not burn!

Thank you!

I hope you enjoyed being serious!