ECONOMY | HEALTH | TECHNOLOGY
Stocks and Silhouettes - Pascolo
Ajala Chronicles
- Kaycee
Borrow Me MB - Delah
This is a really difficult edition because we spent so long reflecting on our journey. It's been 2 years since you opened your inboxes to our news and we feel like the economy hasn't changed much. If Eedris Abdulkareem released his song about Nigeria now, it would still bang based on our current logistics. This made us sad but we are hopeful that everything good will come. The impact of covid and its scar is now being felt - unemployment higher, inflation higher, oil prices higher... Well what goes up must come down and in this edition, we travel round to promote buy Naija to grow the Naira and bring you all the economic info you need to make sound financial decisions. Most importantly, we help you check whether MAG9 are really drinking your money or they're actually contributing to wellbeing by connecting us to the world.
Thank you for keeping our lights on by reading edition after edition. I leave you with my inspiration for the moment and I hope it propels you too 'You don't have to worry and don't you be afraid, Joy comes in the morning, troubles they don't last always'. Love always,
Lizzy,
You won't believe that all what my husband sends to me from abroad now comes with extra money added by Sterling bank... Na the money I just go withdraw come now..Madam
Madame Titi,
This is interesting oo..I need to go and remind my younger brother living abroad about the Money he promised me oo.. I cannot come and carry last.
Stocks and Silhouettes
- Pascolo I See, I Saw
It has been over a year since we recorded our first case of COVID-19. Over 161,000 cases later, we remember the lives lost, the businesses affected and the millions of lives that will never be the same again. We have adapted, masks have become an essential fashion statement (side-eyeing the people with black masks feeling like they are better than everyone else) and looking back, we are grateful for the little things. We came out of recession (growing at 0.11%; small but mighty), got ourselves a Madam DG and our strawberries in Jos blossomed. However, it's not like everywhere stew because tomato paste is still ₦150, sardine is now ₦400, onion is turninoniown, and even refuel no dey fuel. Let's not even talk about fuel price because we are not sure of the pump price anymore. We have seen inflation hit 17.33% and Prof has told us we are still going to reach 20% if things don't change (Oluwa epp). Inflation at 20% means if your salary or any form of earning does not follow the trend, well…let's all just bless God, we are sha alive.
The Book of Job
Two weeks ago, Bros. Yemo of NBS told us that our joblessness rate of 33% was the second highest in the world, only behind Namibia by 0.1%. So are the yoot really lazy, or work no dey because?? With our joblessness rate already running on nitro, there is no doubt that COVID-19 only made matters worse. Even though oil prices passed the $65 per barrel mark, it's not enough to cover our high debts and government expenses—side eyeing NASS and their salaries. We hear that we are owing ₦31 trillion as a country (Davido thinks he is BG, TG is bigger) and more loans are coming. These are trying times, you sef can borrow, there is no shame in credit especially when you can get it in less than five minutes
Speaking of dollars, na stocks dey reign. Financial freedom is essential, especially with the small waso you are managing to save. With i-invest you can own stocks in some of Nigeria’s biggest companies. The best part, you only neeed shikini money. We know saving is hard considering high expenses and sapa, but because man must spend, go to PayWithSpecta. You will be able to spend and still live the baby boy life.
Wars goin on?
VS
The most extensive vaccination campaign is underway globally, and th Nigeria is not carrying last. On the 4 of March, we received 3.92 million doses of the Oxford-AstraZeneca vaccines with a plan to vaccinate 20% of the population (Oluwa count us worthy). We will probably get another 42 million doses soon; we are glad that we are slowly and steadily winning the war on COVID-19. We at Serious have already received the first dose of the vaccine, seeing as we are frontline workers giving you much needed information. Please get vaccinated, it is safe and free—don't dull.
With no jobs available, all of us have now become vendors. Please buy what we are selling at AltMall. Our entrepreneurial spirit has had no choice but to ginger and having a side-hustle is beginning to look like a necessary hustle, make e no go spoil.
Put Your Hands on Your Dollars
Dollar bonanza! The Emperor, Sir GodwinE, recently announced the 4dollar scheme that allows you to get ₦5 for every dollar sent to your account. So, for those with diaspora friends, now is the time to do bambiala without shame (*winks*), foreign currency exchange rates are still at an all-time high. We are also using this opportunity to thank the god of fintechs, the one who has blessed us with foreign remittance in high places. Flutterwave, TrybeOne and Paystack are showing us how to make cool dollars and address unemployment. The way forward now is to learn coding, do dada and wear turtleneck; maga no need pay.
Snapshot, Nigeria’s Labor Market, Q4 2020 Q2 2020
27.1% Q4 2020
Employment Rate
33.3%
Q4 Unemployment Figures 2016 - 2020
Q2 2020
Q4 2020
58.5M
46.48M
Total Employed
21.76M
23.18M
Total Unemployed
116.9M
122.04M
Working Age
80.5M
69.67M
Labor Force
12.57M 10.61M
20.92M
2017
2016
23.18M
17.67M
Unemployment by Gender
2018
2020
11.54M
Source: RipplesNigeria
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Still on wars, we are at a standoff with NCC and the NIMC. They have shifted the deadline at least twice now for SIM registration and five days from now, those who haven't linked their NINs to their phone number risk disconnection. Please don't choose violence, go and register. Banks and Telcos also attempted a mini-war but ogas at the top intervened, pe if it's joke, let's all stop it. Anyway, just add like ₦7 to your expenditure so the Telcos can be happy. Now that I'm thinking sha, may I only be a recipient of alert and not a sender because water don pass garri.
The US, Twitter and the rest of the world are dealing with the postTrump presidency (content has reduced); Uncle Biden, however, has continued to do his work. We hear of the stimulus package for every US household to deal with the impact of COVID-19 on their incomes, just something light of about $1400. We're not even jealous. It's Time to Explore Despite the high price of foodstuff and rice, we have had cause to celebrate the younger generation and the entertainment industry in Nigeria. Gramophones here and there for Machala and Odogwu, some others sang in a Hollywood movie; all wins. Clearly, talks of rebasing the economy couldn't have come at a better time. You see, before now, when GDP was calculated by Uncle Kale, it used the categorization from 2010 based on the most viable components then.
A rebasing would mean that more viable components would be put into account and others will be removed. We expect more government focus-driven programs especially for the informal sector as rebasing will show the strength of the sector. If this is done, it could help reposition the economy and show the strength of the informal industry.
The year is in full gear, and despite the challenges, we are surviving. Regardless of the size of the difficulties we face, we will always find ways to thrive, with hard work, determination, memes and vibes.
Nobody is really sure of how things will turn out at the end of the year but like in past editions, we are here to tell you that you will be fine. In the words of Charles Dickens, “reflect upon your present blessings—of which every man has many; not on your past misfortunes of which all men have some. So we choose to reflect on the good things...”
Ajala Chronicles
- Kaycee
Local Man
My name is Kaycee, the Sophisticated Market Man and over the next few editions, I will be doing a trade tour with the very awesome Rural Rangers to help you guys find money making ventures through our discoveries.
At Serious, we are on a mission to make Buy Naija great again—if we don't look inwards, our economy will not develop. We are pro-Nigeria here. Are you with me? (While our anthem is still “Japa Japa” and Canada is still the Nigerian dream, my brethren, we're happy for opportunities to spend in Naira and earn in Dollars). Adamawa Sun is Not Your Mate!
Whether you're travelling to Adamawa in the chilly harmattan breeze of February or in the full wrath of the rainy season in April, keep in mind that every day is a SUNday in the Land of Beauty. 41°C is a cold day in Yola. While average sunshine time in most Nigerian cities is between eight to ten hours, Adamawa has a minimum of 10 hours. Even with the high sun intensity, only 27% of the population have access to electricity, and even less (16%) own generators.
Well, sunlight isn't the only wonder of the state. With arable land of over 16,000 sq-km, there is plenty of rice, cattle, and of course, dry fish, thanks to our brothers from Cameroon. We visited the Mayo Balwa Cattle Market, about 30 km from Yola town. We were amazed at how affordable cattle is. We were even told that they could be bought at cheaper prices in Mubi on a market day. As a parting gift from the cattle market, we got suya worth 4k for free! Is God not a good God? We have some meat cooking for you, which we will share soon!
As we travelled from Yola to Numan and to Mubi, all that kept playing in my head was Imperium! Imperium!! Imperium!!! With that amount of sun, power supply should be a constant K. We left after about a week sha; security is still a challenge, but the business opportunities there are great.
It's a Long Walk to Freedom Funtua.
You know how you get up from your bed in Lagos and decide to stroll into Ibadan or Abeokuta casually? Well, it's OYO when travelling in the North. While there is no traffic, the distance is long oh, walahi, it is not a small something. As a word of advice, mind what you eat before embarking on such trips oh! To avoid stories that touch. Our amebo set us on course to the headquarters of cotton production—Funtua, Katsina state. Our guide kept telling us how close it was from Katsina until we had done almost three hours—no traffic, just desert land, Camels and vibes.
Apparently, we were lucky, going from Jalingo to Gembu (both within Taraba state) is a nine-hour journey. When we finally arrived in Funtua, we were not disappointed. We saw cotton in all its glory and visited the companies that process cotton end-to-end. Cotton production is huge in Funtua, which is the bedrock for local cotton production in Nigeria. Yes! Cotton in Nigeria. Well, you now know your plug for original Nigerian Cotton—reach out to us Fair Mall for a great deal. Every Day is Not “Market Day”
Dear City People, every day is not a market day. We learnt this the hard way when we visited the markets. On a non-market day, it's an empty alley, but it's OLIC at Agege stadium on a market day. Apart from the typical sights of long 911 trailers that come to pick up farm produce and other commodities, another wonderful thing is the massive volume of cash that exchanges hands on a market day. Money no dey Lagos, it's in the North.
On market days, products are incredibly cheap. This is because farmers travel from far distances to market areas to sell and have to return to their homes at the end of the day; they have little or no storage and need the returns. It is usually a beautiful sight to behold, with significant bumper-to-bumper and high cash volume.
The Thursday Irish potato market in Bokkos, Plateau state, is a good example. Can you guess how much we bought a bag of Irish potatoes? Meet me privately with your consultation fee on Fairmall.
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Everything Grows on the Plateau!
While we are waiting for Canada and imagining drinking warm tea on a cold morning in London, we decided to rehearse with the unique Jos weather, sipping on a cup of fine-black local coffee. For anybody that has been to J-town, you know there is no place like Jos. That's why it is called the Home of Peace and Tourism. From the warmth and hospitality, the beautiful weather, the fantastic view; Jos is the go-to place for cruise. We visited Vom, where we saw the famous fresh red juicy strawberries that Bashir bragged about, the beautiful plantations and hardworking farmers. We also visited Barkin Ladi and Bokkos.
We are convinced that Jos is home to the most exotic of fruits. From broccoli, cucumber, carrot and celery, to green peas, Irish potatoes and cauliflower—all you need for your stir-fry pasta. The good news is that you can enjoy the best of Jos without going to Jos through Fairmall It All Begins and Ends with “Sanu.”
Kano is one of the most ancient cities in Nigeria. It is famous for many things, including its beautiful architecture and cultural heritage (visit the Emir's palace or a Durbar festival; I beg of you). It is called the centre of commerce due to its ancient markets. Kurmi market, for example, existed before Nigeria's amalgamation, and today, the sixteen-hectare market is still one of the largest markets in the country. Your fastest trick for navigation is to learn “sanu” in Kano, or else you will find yourself in OYO. Kurmi market is reputed to have everything money can buy, from strong perfumes (who is Creed?), incense, gold, original leather bags, mats, sculptures, local textiles, raffia, spices and traditional medicine—Kurmi has it all!
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It looks like we've covered a lot, but we haven't even scratched the surface of opportunities in Nigeria. Nigeria is beautiful, na Boko wan spoil am. But we are glad to show that Nigeria is very viable for business, even in the most remote of locales. It's not all of us that can go to Canada, so do with this information what you will (*winks*).
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Borrow Me MB
- Delah
Internet of Nothing
Nothing is as frustrating as getting a text that your data has been exhausted. In Nigeria, it could be 4GB that was supposed to last a whole month but finished after streaming Namaste Wahala or 10GB that cost you ₦5,000. Either way, as in a case of what I ordered vs. what I got, MB seems to be finishing faster than the connection speed suggests.
In today's new reality and with the growth of the global digital economy, access to the internet has become a necessity, unlike a few years ago when it used to be a luxury. Today, we need the internet to do everything; from mobile transfers, social media networking, virtual conferences and even classes for kids. Despite the increased demand, it looks like reliability is still missing in the dictionary of network providers.
estimates that the cost of 1GB of data in Nigeria is the equivalent of 1.7% of the average monthly income in Nigeria, 3.10% in Kenya, and 26.24% of average income in the Democratic Republic of Congo. Imagine if I were Congolese and working from home, Heii God!
So, if pricing isn't our problem and our village people can't access the internet, what is the issue? In truth, the average cost of internet access should be cheaper for Nigerians due to the sheer size of our population, and whatever costs are incurred in providing good internet service can easily be spread across millions of customers (150 million subscriptions at the end of 2020).
Counting the Cost
The high cost of internet access in Nigeria is mainly attributed to the cost of infrastructure. From licensing to equipment, rent and maintenance, ensuring coverage in such a landmass (927,000 sq-km), is such a mega business. Like every other business in Nigeria, you also have to deal with regulators and inconsistent policies. For instance, the National Executive Council (NEC) in 2013 resolved to bring Right of Way (RoW) (something light to pay for passing cable in your area) charges to a uniform price of ₦145 per metre. Seven whole years later, Ekiti State was the first to wake up to review its charges, giving ginger to five other states, which reduced their charges and, in the case of Anambra, completely waived the RoW charge.
This is one of the reasons internet access is expensive. Imagine paying ₦725 million to lay cables over 5,000 km. This does not include the cost of the cables or the workmanship. Sadly, there are still many states like Lagos, Kano, Kaduna, Enugu, Imo, Ondo and Cross River, who instead hiked their charges, with some as high as N6,000 per metre. Did I hear you say Oliver…?
Looking at how much the service providers spend, plus the famous 9,800 km submarine cable from the UK to Nigeria, it is clear why internet access is expensive, na because providing it dey choke.
Shey Na Like This We Go Dey?
In many rural areas, internet connectivity is almost as unavailable as the dollar is to the common man. For over 150 million Nigerian internet subscribers who are mostly in the cities, the average internet speed is about 15Mbps (below the global standard of 35Mbps) according to the Hootsuite; to get faster speeds, you have to pay through your nose. But I started thinking recently,is the cost of a data subscription really too high or na me no too get money?
Is the Internet Racist?
It is commonly believed that access to the internet is most unstable and expensive in Africa. As a lady of the law, I was hoping that I could take some people to court sha as per, no fairness in pricing—I digress. Anyway, I took a mega dive to analyse the cost of the internet around the world. According to research by the Alliance for Affordable Internet (A4AI), the average cost of accessing the internet is $5.04 per GB globally. For North Africa, it's as low as $2.06 and $6.91 per gigabyte (GB) in Sub-Saharan Africa.
A study conducted in 2019 by UK-based broadband research firm, Cable, showed that the giant of Africa ranked 44th globally (out of 230 countries) in cost of internet connectivity at a national average cost of $2.22 /GB. When compared to fellow developing nations like India and Argentina, with $0.09/GB and $1.45/GB, respectively, the situation looks pretty terrible. However, a peep at other developed countries shows that the cost of internet access is even higher, at $12.55/GB in Trudeau's republic and $5.28/GB in Norway. Clearly, the high cost of internet access is not just an African problem.
Contrary to the belief that MB is expensive, Nigeria is actually not doing too badly when compared with many other countries where the grass is “greener”. Current trends worldwide signify that the cost of internet access will continue to rise within the next few years because of the constant upgrades required to provide internet connectivity. But seeing as most of us are broke, we need a solution. What we need to reduce cost is easy: solve power and regulatory constraints, then encourage new competition. On healthy competition, our dear millennials can tell you when SIM cards were almost ₦40,000, but look at us now! In 2019, we heard that service providers were spending ₦180 million per day on generators alone, the power cost alone takes almost 10% off total expense.
For environments like Africa, our governments must play their role to ensure a transparent and progressive regulatory environment with fair rules to encourage more businesses. More favourable policies could see a 25% reduction in expenditure.
On the other hand, data from our continental neighbours shows that Nigeria is doing far better than Chad at $13.6/GB, Equatorial Guinea at $35.47/ GB, and even South Africa at $7.90/GB. Further research
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Thank You!
I hope you enjoyed being ‘Serious.’ Always remember, Never share your personal details with anyone. Be safe!