ECONOMY | SECURITY | HEALTH & WELLNESS
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2020
Vibes & Insha Allah
Money Heist
Twice As Tall
Good Morning Nigeria
- Dami
- Jojo
- P4
- Kaycee
Nigeria, we hail thee. Our own dear native land. Though economic slumps shake us, in brotherhood, we stand. Though oil prices drop, insurgency rife. Nigerians all, are proud to serve our sovereign motherland.
Though Ebola scares, Lassa fever outbreaks, or the almighty Covik One Nine, O Lord of creation, we remain steadfast that there will always be peace and plenty.
I opened with a mix of prayer and admiration because, despite the failures of our country, it has not degenerated in the way many others in this situation have. The reason is simple, our people are resilient. In this edition, we show you how local markets provide governance that ensures the society is moving and the economy is growing; how honestly, in this life I can't kee myself, we must take wellness seriouslythey say prevention is better than cure but more importantly, lets us not put an extra burden on the fragile health infrastructure.
The real tea though, is in the information about hush mummy and sons - we must be always guiding on our bank accounts.
Happy 60th birthday Nigeria o, we thank you for all you have taught us. In your honour, we will relazz our navs and get taken care of this public holiday.
Madam/Oga, I know say market don open. Make una still wear una mask o!
Madam commot road. No let this he goat injure you!
If you like kill yourself. You dey breathe well so? Better take fresh air!
Taxes?
Vibes & Insha Allah
- Dami
Wakanda year is this?
"By 2020, Nigeria will be one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena."1999 In 1999, we assumed that all would be well in 2020, that we would be celebrating the country's achievement of becoming one of the world's 20 best economies. At the beginning of the year, oil prices were great, businesses were booming, inflation was at single-digit, but den NEPA took the light.
N Precessional Hymns "As a result of the coronavirus," our house of cards is falling, and we need to answer Sunny because we are taking a hit. It feels like we are on a free fall, and God, please, we need someone, something, anything to catch us. The drop in global oil demand has affected government revenue and the general balance of trade. Our foreign debt keeps growing, and with an unsteady exchange rate and growing unemployment, only God can save us.
Beyond this unfulfilled dream, we could never have imagined the current 2020 reality. While we aren't one of the 20 largest economies yet, the IMF informed us in 2019 that we were the 28th largest economy in the world. At least we are a global leader in terms of music and movies (African Giant ).
Like the rest of the world, our economy has contracted, ours by -6.1%— for the first time since 2016 due to the pandemic. Our exchange rate seems to be moving mad, and inflation is now at 13.2%. Uncle Yemi told us recently that foreign investment into Nigeria dropped by 77%, and even our national treasure—rice in Kano—seems to have been affected. We are sure that things aren't going as planned. But like Vee, we meeove!
Since the beginning of the year, the government has set out to increase its revenue by introducing new taxes. If you are in Nigeria now, be ready to perform your civic duty by paying more and more in taxes. With all the indices going down, its all but certain that we might be going into a slight recession; don't worry, it won't be long.
Long-Distance Relationship
We faint not There is lot of negative gist out there, but today we celebrate an independent Nigeria at 60. While some have fainted when things got tough, Nigeria is still standing despite all the hurdles in our path. Well, apart from winning the World Cup and a particular artist giving us a Grammy. After 60 years, one could wonder why a country with such great potential still struggles.
We hear of impending hostilities between Nigeria and Ghana. Jollof wars shouldn't escalate in this way; we hope both countries find an amicable solution and fem it. Since international flights have resumed, abroad news has also become our business. We hear word of vaccines, and we hope that we can defeat COVID together. We are closer to the US Elections, and after the debate and the troubles of the global power, it will be interesting to see who trumps. We also like to famz and congratulate our "flamboyant" banker, and we hope that the AFDB will accomplish more goals in the coming years.
Lastly on long distance relationships, we congratulate Laycon; the 60% man and the icons, 30 million in a Sterling account won’t be a bad idea
There is a lot of work to be done, we ask you not to give up hope in Nigeria. At least Colonel Sanders of KFC didn't start till he was 65, and we are sure that Morgan Freeman was born at 60. Nigeria will rise again, but Nigeria must do more than providing rice.
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My Lord, May I? For our story to change, we must make some crucial decisions. While our misery this year is similar to the rest of the world's, our solution is peculiar. Baba needs to take drastic action in the coming months to address the trio of local production, government spending, and revenue to solve our economic palaver. We need to increase local production to reduce the demand for obodo oyibo goods.
This will require providing all the necessary infrastructure; we hear that the Siemens deal could be useful here. We all know oil cannot sustain us much longer, so growing organically is key. Oil sales and prices have dropped below our budget threshold. This means that the government at all levels is generating way less revenue and having to meet the economy's needs with increasingly limited resources.
Salvation
ivin Put Your Money
Where It Counts!
We take a final moment to remember all the lives that have been lost, the businesses, and the front-line health workers (You can support our heroes at giving.ng/covid19)
Its another Independence Day and time for serious reflections. In the words of our fallen king (T'challa), "In Times Of Crisis The Wise Build Bridges, While The Foolish Build Barriers" we need to take bolder steps as a people for the next 60 years, so we don't suffer for 600years.
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Money Heist
- P4
Always Guiding
Cybercrime has become widespread in our society. It's like a face mask, we all have it but most people keep it hidden except they are required to use it. From benefit boys to media celebrities and giveaway overlords; spending amounts that make you think about your life. Since the days of yahoo yahoo, cybercrime tools and techniques have evolved. In 2018 alone, Nigerian banks lost more than 15bn to cybercrimes, a 539% increase from the 2.37bn lost in 2017. 2018's numbers included electronic fraud on over 17,000 bank account holders. This is why financial institutions have spent a lot of money on protecting customer data and enforcing security measures. But while systems are at alert, customers and users also have a responsibility to protect their data because in the words of my grandma; na eyes crab dey take guard body. Hushmoney
Social engineering is probably the most common form of fraud. You are tricked into giving important information like your BVN, date of birth, and even your mother's maiden name (all security questions). Most times, you get a message asking you to change or update your card details; COVID palliative is available. The minute you give your details, your funds would go for vanishing. You have just revealed confidential personal information given enables fraudsters to access your finances. Since the pandemic began, there has been a rise in the use of social engineering to commit fraud. A survey carried out by the Association of Certified Fraud Examiners (that's actually a thing) showed that 80% of anti-fraud professionals believe that the likelihood of fraud significantly increases in times of economic crisis/pandemic. You probably know someone who got a message from "NCDC" to claim some money. Please protect your information to reduce shalaye. As a customer, there must be a shared effort in safeguarding your funds. As such, my broda, my sista, don't disclose sensitive information.
You may also need to check your relationships with free wifi and hotspots. Many fraudsters mimic legitimate hotspots and on luring persons into the network, inject malware into their devices. Now I know data is expensive, and there is nothing wrong with using free WIFI. You can even visit Adebola House, Opebi, Lagos or Café One, Lekki and use ours for free. But when you use free wifi, ensure that you trust the network and avoid opening sensitive apps like OneBank and your email inbox.
Carry your own power bank and USB cords for use, and when you don't have, only connect to ports labeled “charge only". Please, Nigeria is hard, don't let them use straw to suck the small juice you are keeping for rainy days. Let's-Go-A-Phishing
You know that mail you received from your bank telling you to click a link below to verify your bank details, and it's from Sterling.ng - na cruise! It is called phishing. Phishing is definitely an old-but-gold method for fraudsters, which involves sending emails purporting to be from reputable companies to induce individuals to reveal personal information. They send links that redirect you to a malicious website that harvests your details; talk about fishing. Once you click on the link, they can find out everything! I mean, they now know that the PIN to your online banking is still your ex-girlfriend's birthday (you really should change it, you know, hackers and all, just saying). Bella Ciao
So please, always cross-check all received communication, whether through emails or texts, to ensure that they are from the bank's authorized addresses and platform. When in doubt, confirm from our customer care team on (+234) 07008220000 or customercare@sterling.ng, we will answer you, it's our work oh. We can help address your other concerns, and as a bank, you know we've got you covered. So, stay happy, se jeje, and transact with peace of mind knowing that your details are protected.
Nigerian Juice
Watch where you plug your devices to avoid 'Juice Jacking.' Juice jacking involves using USB charging ports as data connection ports to access devices. Many public USB ports double as data connection ports and provide sensitive data on your devices either through installing malicious software on your device or subtly copying out sensitive data like your passwords. If you think this is impossible because you are in Nigeria, you are still living in ignorance.
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Twice As Tall
- Jojo
Way Too Big
The pandemic has really been hard on all of us; shoutout to our health workers, they continue to be our real MVPs. As tough as dealing with the COVID-19 pandemic has been, it has given us the gift of working remotely. Besides the "Can you hear me" and “Prof, mute your mic," it's been pretty much exciting to level up.
I have outgrown all my work clothes, only my sweat pants and pajamas fit now. I write this with confidence—you can't shame the shameless—but I am not the only person sleeping and waking up on this table. In the last six months, we have come to realize the full impact of the pandemic on our lives. For some, our clothes don't fit anymore, while a number of us have developed an inseparable relationship with our couch.
Many people have lost their jobs; more have lost their loved ones. Now I know as Nigerians, we like to form hard guy and just move with the flow; still, there is only so much our bodies and minds can take. Things are hard, the economy is tasting like Ghana Jollof and our prospects are not comforting. That's why we need to pay close attention to our general health and mental well-being because las las health is wealth.
Naughty By Nature
Before you continue reading, take a quick look at your stomach, are you happy with the size? Then ask yourself, can I climb my bathroom scale with my full chest? If your answers are in the negative: you have two options you can continue eating, or you can stop what you are doing right now and start "running" for your life. Regular jogging and power walks, yoga and abdominal workouts are essential. Apart from promoting weight loss, exercising releases hormones called endorphins, which relieves stress. But please, when you go jogging, carry money just in case you need to Uber it back home or reward yourself with Mummy Joy's akara. After all, you are taking actual steps in being active.
Real Life
Take a break and celebrate the little things in your life. At the risk of sounding like aspire to perspire, there is a joy that comes with achieving the goals you set for yourself. This joy is caused by serotonin, the happiness hormone. It elevates the mood and triggers the feeling of confidence and success that you get when you smash your goals. There is a sense of satisfaction that comes with looking back at your day and knowing that you have progressed in one way or the other. It doesn't matter what you did; whether you finished a
new book, enrolled in an online course, or simply got out of bed that morning.
To the workaholics and “I-like-working-under-pressure merchants," take a break once in a while. Check out Tunde Ednut's IG page, Bella Naija's page, watch BBNaija or join a fun challenge on TikTok (or Reel if you are in the US; that's on Trump). This life is not warfare.
Wonderful
Music is therapeutic. We will always be grateful to the artists who kept giving us mad music despite the lock-down. We would never have made it through the lock-down without the bomb songs by local and foreign artists. They preserved our sanities during the crazy times. From lay-lay-lay's “Betty Butter” to “no stress”, pre and post lock-down, these songs keep you upbeat and elate your mood. Special shout-out to the African Giant for not giving up on us after we dragged him on Twitter, but took the high road and blessed us with a “tall” album. Personally, I developed a bias for evergreen music of Sunny Ade, Ebenezer Obey, Haruna Ishola, and I renewed my love for Yinka Aiyefele during the lock-down. This music made me dance my sorrows away during the lock-down and helped me to be grateful for life. So, the next time you feel down, indulge yourself and your neighbors by blasting your speakers to any of these great songs, and you will be better for it. Bank On It
A quick reminder that it's 2020 and malaria is not the only disease. Please dears, stop taking Lonart and Panadol at the first sign of illness. Speak to a doctor first—African mothers, please take note. If going to the hospital is stressful, download Tremendoc on Play Store and App Store and get medical advice from licensed doctors. If you are now a Sterling customer, you can access Tremendoc for free for the first sixty days at sterling.ng/doc
For the sake of our Serians, we have decided to shout-out some brands who have kept us twice as tall in this Otedola economy on page 9.
A big hug, or a simple conversation will make you feel better—you can bank on that. A wise man once said, "Save money o, but once in a while practice if I perish, I perish. As for me, I'm finally getting the iPhone 11 and Air Pods pro I've always wanted. Happiness is key to growing above the situation 2020 has placed us in. Corona is still outside, and the Naira is 470 to a dollar, therefore we cannot relocate to Canada yet (except you are OBO or Kiddwaya). What we can do is stay happy and se jeje, drink water and bank with Sterling.
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Brands Who Have Kept Us Twice As Tall Spa Melori Spa Estate Phase 2, 5A Residence Road, Gbagada, Lagos 08187118170 @spamelori
Dermaspace Esthetic & Wellness Centre Health 9 Agbeke Rotinwa Close, Dolphin Extension Estate, Ikoyi, Lagos 0901313 4945 @dermaspace
The Henna Place Spa Pade Odanye Close, Harmony Enclave Estate, Adeniyi Jones, Ikeja, Lagos 08061585828 @thehennaplace
Bodyworks Nigeria Gym Victoria Island, Lagos 08067784977 @bodyworksnigeria
Wallys Fitness And Spa Spa No 11 Chuba Okadigbo Street, Apo Legislative Quarters Zone B, 900001, Abuja 09080161863 @wallysfitnessandspa
Extra Orbit Rangers Fitness Club Gym 45 Rev Sam Chuku Street Off ALCON Port Harcourt 08063281486 @extra_orbitRFC
Healthbanc Health Gbagada-Oworonshoki Expy, Pedro, Lagos 09087198168 @healthplus_pharmacy
Waffles Stop Food 145 Sultan Rd, Nassarawa, Kano 07086303968 @wafflestopkano
Ifitness Gym Lagos @ifitnessng
So Freshng Food 71, Opebi Road, Ikeja, Lagos/Abuja 08062868430 @SoFreshng
Clarkson Healthy Foods Limited Food 20 Omotayo Banwo Street Ori Oke, Lagos 09033771401 clarksononyedumekwu@hotmail.com
Beyond Fitnessng Gym Lagos @beyondfitnessng
sterling.ng/moneyrun
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Good Morning Nigeria
- Kaycee
When the traders require a loan, they can reach out to the Alajos, who provide low-interest loans and use their daily contributions as repayment(simple financial intermediation). This is the Ajo/Esusu system. Iya Biola and many of her friends have probably used these loans to expand their businesses, pay their childrens' school fees and perform Hajj. With the Ajo system up and running, many traders are not active bank users—EFINA (Enhancing Financial Inclusion and Access), an agency that supports financial inclusion in Nigeria confirms that there are well over 40m financially excluded adults in Nigeria. The informal financial system in these markets is superb and there is a lot we can learn from these personalised financial services.
United Nations
Traders also have a firm understanding of economics, even without reading Harvard Business Review. They understand inflation, pricing and market forces, exchange rates, trade policies and how these factors affect them. They also have regulators and associations that ensure price stability and uniformity like Uncle Godwin does to the bank. Traders understand competition and how to handle it. The strength of the market is in its unity and support that the traders offers one another. For example, Iya Biola, a strong member of the Fashion Retailers association in the market catered to her colleagues who travelled far to attend her son's wedding.
One Customer
There is no place more exciting place in Nigeria than a market—the streets of twitter are learners compared to market people. The market is the hub of gist and the home of all survival kits. Every visit to the market is an adventure; the long walks through winding streets, the various odours and aromas, the sometimes-sweet market fights, and chants from traders seeking to lure passersby into buying. The market governs itself. Over the years, it has built reliable structures that have evolved with the times. It provides a healthcare system through medicine men and women who prepare local herb-based remedies for holistic wellness. There's a news circulation system, robust advertising and a traditional third-party authentication system (3PA). Evidently, markets hold valuable lessons for individuals and the formal sector.
There's an established system of leadership and control within the market. You can't just open a shop and start selling without going through the right people (who you?). In Alaba, there is a secretariat where all market associations from across Lagos state attend regular meetings and settle disputes—talk about the UN. The leadership coordinates the market's affairs, from allocating stalls to collecting revenue for the local government. They also work to prevent katakata and ensure that the market runs well. Na dem be government! In fact, these associations and their leadership also influence the government's decisions and policies. If market union no support you, my brother Oyo is your case.
FORTUNE
Real Goldmines of Nigeria
500 business lessons
The markets are no joke; my people, SERIOUS business goes on there! From pepper and tomatoes sellers to electronics dealers, traders contribute majorly to the economy's growth. The IMF revealed that the informal sector, which houses these markets, accounted for 65% of the nation's GDP in 2017. E shock you? In Lagos state alone, the industry employs about 5.5 million people—about 75% of the state's 7.5 million labour force. Markets like Balogun, Araria and Alaba are economic goldmines. According to local gist, Onitsha market receives an average of five million annual visits and an excess of $3billion annual trade volume. In Aba, an average trader brings in between 6-10 consignments annually. This business is Fortune 500. It is interesting how people we consider “lowly" traders have built business empires of this magnitude. Most are widely regarded as "uneducated" and "unexposed" but have successfully created a system that generates consistent revenue; in fact, this system has produced more millionaires than most business schools in the country.
That informal market is Iya Biola, who runs five different shops in Balogun and has successfully trained her three children in the abroad. She has a workforce comprising ten assistants, and recently acquired a new
AJO/ESUSU
LEARNING FROM AN
INFORMAL FINANCIAL
SYSTEM Page 10
Jara
The traditional marketplace has sustained Iya Biola and millions like her across the country. It's not just about leadership and finance, it encapsulates their full lifestyle. The market is an integral part of our society and the people who make up the market hold some of the keys to our development. As we celebrate 60 years of independence, join us to celebrate these unsung heroes; what would we do without them?
shop in the market. She probably has a bank account for her customers who
want to use the POS machine or transfer directly, but a lot of her business is still
not captured by the financial sector. She prefers to make esusu contributions
and belongs to the market cooperative as well. She is just another example of
thousands of market men and women who prefer community financing
options to credit facilities from banks.
Alajo Shomolu
As at the end of every market day, an Alajo, a cash collector goes from store to
store, collecting money from traders based on agreed daily contribution.
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I hope you enjoyed being ‘Serious.’ Never share your personal details. Keep your money safe!
Wash your hands frequently with soap and running water
Avoid touching your eyes, nose and mouth with your hands
sterling.ng/coronavirus
Seek medical help early if you show the symptoms