Central Bank of Nigeria Announces Strict Guidelines for Bank Accounts: BVN and NIN Requirements
Implementation and Account Holders’ Responsibilities:
The Oppenheimer family, known as South Africa’s second richest, has secured controlling stakes in GZ Industries Ltd., a prominent beverage can manufacturer in Nigeria.
Jonathan Oppenheimer, son of the family patriarch Nicky Oppenheimer, orchestrated the full acquisition of GZ Industries, signaling a strategic bet on the potential revitalization of Nigeria’s economy. The acquisition involved securing the remaining shares from Affirma Capital, previously known as Standard Chartered Private Equity.
While the specific financial details of the transaction remain undisclosed, it’s notable that Affirma Capital held a substantial 37.5% stake in GZ Industries. The can manufacturer is a crucial supplier to major entities like Coca-Cola Co., having commenced operations in Nigeria in 2019 under the leadership of Executive Director Ayodeji Adelakun.
This strategic move empowers Jonathan Oppenheimer to steer GZ Industries’ expansion’s trajectory within sub-Saharan Africa, a region identified as a pivotal market for sugary drinks consumption. Research indicates that urban, educated adults in this region have the highest consumption globally, averaging 12.4 servings per week.
Oppenheimer Partners initially entered the GZI venture in 2018, coinciding with the building of a GZI factory in South Africa. Currently holding a 20% market share in South Africa, GZI competes with Nampak Ltd., which is undergoing asset sales and debt restructuring.
GZ Industries boasts significant production capacity, producing 3 billion aluminum cans annually in Africa. Out of this, a substantial 1.8 billion cans are manufactured in Nigeria, highlighting the company’s pivotal role in the local market.
The Oppenheimer family’s move aligns with Nigerian President, Bola Tinubu’s ambitious 2024 spending plans of N27.5 trillion naira ($34 billion). These plans aim to foster job-rich economic growth and create a favorable investment environment, reflecting the broader economic landscape in which GZI is strategically positioned.
With a combined net worth of $9.4 billion, the Oppenheimer family’s wealth primarily stems from the 2012 sale of their stake in De Beers for approximately $5 billion. This latest move underscores the family’s commitment to shaping industries that align with Africa’s growth potential.
AnaedoOnline
Kene Mkparu, a Nigerian-born entrepreneur and entertainment industry expert, has made significant contributions to the global cinema industry over his 29-year career. He is widely recognized as a leading figure in African cinema, particularly for founding Filmhouse Cinemas, the largest cinema chain in West Africa.
Currently serving as the CEO of KomWorld, Mkparu is about to open the biggest entertainment center in South Eastern Nigeria. Komworld will feature a cinema house with an impressive 27 screens, making it the largest in Africa. Additionally, the center will include film production and distribution studios, four restaurants, four lounges, two cafes, a Chinese restaurant, arcades, indoor games, and an art gallery, providing a wide range of entertainment activities. This development is set to elevate the hospitality and entertainment scene in Nnewi, Anambra, and even beyond, creating opportunities for local creatives and contributing to job creation and economic growth.
Mkparu’s journey began in Nigeria but he later moved to the UK during his early years. He pursued a degree in Psychology at the University of London and started his career working for various cinema chains in the UK. In 2007, he returned to Nigeria and launched Filmhouse Cinemas. Under his leadership, Filmhouse Cinemas has grown to become the largest cinema chain in West Africa, with an impressive presence of 34 cinemas across Nigeria, Ghana, and Liberia. The company has embraced innovation by offering state-of-the-art IMAX screens, luxury VIP lounges, and gaming arcades, expanding its offerings beyond traditional cinema experiences.
Notably, Mkparu has also made substantial contributions to the African entertainment industry. He served as the Chairman of the Cinema Exhibitors Association of Nigeria (CEAN) and played a pivotal role in introducing digital cinema technology to the country. His dedication and achievements have been recognized through several awards, including the African Achievers Award for Excellence in Entertainment and the prestigious BusinessDay Nigeria Outstanding CEO Award.
In recent years, Mkparu has diversified his business ventures. He launched FilmOne Distribution, a digital content distribution platform, and has also invested in real estate development projects across Africa. These endeavors demonstrate his commitment to expanding his influence within the entertainment industry and further developing the African entertainment landscape.
Overall, Kene Mkparu’s background, extensive experience, and numerous accomplishments illustrate his expertise in the global cinema industry and his unwavering dedication to elevating African entertainment.
During a recent meeting at the Moonshine Royalty Apartments launching in Nnewi, Mr Mkparu shared his motivation behind this ambitious endeavor. As a proud Nnewi indigene, he strongly believes in the concept of “Akụ rụọ ụlọ,” which translates to “wealth has come home”. His endeavor is driven by a desire to foster development and innovation within his community through local investment.
Contrary to simply creating bragging rights, Mr. Mkparu emphasizes the commercial viability of Komworld. He recognizes the untapped demand for entertainment options such as cinemas and arcades in the region and seeks to bridge this gap. Many individuals desire these experiences but lack convenient access to them. By bringing Komworld to Nnewi, Mr Mkparu aims to fulfill these desires and provide a world-class entertainment venue.
When questioned about the preparedness of Nnewi for such high-level hospitality, Mr Mkparu confidently asserts that the town has always been ready for innovations. He highlights the historical mindset of south-easterners, who tended to establish ventures outside of their base. However, in the present era where many have succeeded elsewhere, it becomes wise and pertinent to bring these side attractions back home. Thus, Komworld’s emergence marks a significant shift in mindset and opportunity for Nnewi’s growth.
Described as a multi-leisure dining entertainment complex, Komworld offers a plethora of leisure activities, dining options, and entertainment services all in one location. Visitors can enjoy shopping, a diverse culinary experience, captivating movies, and live performances. This concept aligns with the transformational goals of turning Nnewi into an entertainment hub.
Mr Mkparu envisions Komworld as a place where visitors become so enchanted by the experience that they won’t want to leave the same day. It is in support of this vision and to accommodate Komworld’s visitors that he fully supports and compliments the Moonshine Royalty Apartments. Most of the patrons of Komworld will require accommodation, making the collaboration between the two establishments synergistic.
Through the creation of Komworld, Mr Mkparu aims to revolutionize entertainment in Nnewi and solidify its position as an entertainment hub comparable to renowned establishments worldwide. With his unwavering commitment to bringing prosperity back home, Nnewi and its residents are set to enjoy a transformative journey.
Komworld is not only a catalyst for transforming Nnewi into an entertainment hub but also a significant contributor to the local economy. The project is expected to generate a substantial number of job opportunities, providing employment to individuals residing in Nnewi, Anambra, and beyond. The diverse range of leisure activities, dining options, and entertainment services offered by Komworld will require a dedicated workforce, including managers, technicians, customer service representatives, performers, and many more.
This influx of job opportunities will have a direct impact on reducing unemployment rates and improving the financial well-being of the local community. With steady income streams, individuals can support their families and invest in other sectors, creating a positive ripple effect throughout the region.
Furthermore, the establishment of Komworld will give rise to a thriving creative industry in Nnewi and its surrounding areas. Artistic talents such as musicians, actors, dancers, and performers will have a platform to showcase their skills, attracting enthusiasts and promoting cultural exchange. Local artisans will have opportunities to collaborate with Komworld, showcasing their craftsmanship through products and services offered within the complex.
As Komworld gains recognition and becomes a sought-after destination, it will attract tourists from far and wide. This influx of visitors will not only patronize Komworld but also contribute to the local economy through spending on accommodation, transportation, dining, and shopping. The growth of tourism in Nnewi will benefit various sectors, including hospitality, transportation, retail, and food and beverage industries.
Moreover, Komworld’s presence will encourage entrepreneurship and small business development in the region. Entrepreneurs will have the chance to establish complementary businesses, such as souvenir shops, boutique stores, cafes, and restaurants, to cater to the needs of Komworld’s visitors. This ecosystem of supporting businesses will further stimulate economic growth and create a vibrant commercial environment.
In the long run, the economic boost brought about by Komworld will attract investments from other sectors, leading to overall economic development in Nnewi and Anambra State. The project has the potential to position Nnewi as a renowned tourist destination, attracting not just domestic but also international visitors. This increased visibility will open doors to partnerships, collaborations, and investment opportunities, propelling the region’s economic growth to new heights.
The grand opening of Komworld is on the horizon, and its potential for transforming entertainment in South Eastern Nigeria is truly visionary. The project initiator’s commitment to bringing this ambitious venture to life demonstrates their passion for elevating the region’s entertainment industry to new heights.
Komworld is not merely a leisure complex; it is a catalyst for economic growth and development in Nnewi and its surrounding areas. The impact it will have on the local economy is significant, with the creation of numerous job opportunities across various sectors. From technicians to performers, managers to customer service representatives, the workforce required by Komworld will benefit individuals residing in Nnewi, Anambra, and beyond.
The visionary nature of the project extends beyond entertainment. Komworld has the potential to position Nnewi as a renowned destination, attracting investments and collaborations from other sectors. Its presence will open doors to partnerships and opportunities, propelling the economic growth of Nnewi and Anambra state to new heights.
So, stay tuned for the grand opening of Komworld! The positive changes it will bring to Nnewi and its surrounding areas are bound to be extraordinary. We encourage readers to join this transformative venture by sharing their thoughts on the upcoming project, following updates on social media, and expressing interest in potential opportunities that may arise.
Together, we can witness the visionary transformation of entertainment in South Eastern Nigeria with Komworld at the forefront.
When it comes to economic development, investments in the automotive industry can have far-reaching effects. Nigeria, with its vast potential, is no exception. Innoson Vehicle Manufacturing (IVM), as a leading indigenous automobile manufacturer, has the power to drive not only sales and job creation but also attract an engine manufacturing plant to Nigeria. This blog will explore the potential benefits and opportunities that arise from Nigerians choosing to buy IVM vehicles.
One of the primary factors for the establishment of an engine manufacturing plant in Nigeria is a strong demand for domestically manufactured vehicles. However, IVM has faced challenges in selling its vehicles to many Nigerians. The company initially aimed to eliminate the reliance on imported second-hand cars, but they have encountered obstacles such as unfavorable government policies and fluctuating forex rates. To overcome these hurdles, the Nigerian government can learn from successful models in Japan and China, where local car brands receive subsidies to enhance affordability for citizens. By implementing similar measures, more Nigerians would be inclined to support local brands like IVM, leading to increased demand and encouraging sustainable production, ultimately boosting the country’s economy.
Through government interventions, locally manufactured vehicles like IVM can become more affordable and accessible to a wider range of Nigerians. This affordability factor is crucial in attracting more customers and driving up demand for IVM vehicles. Increased patronage would create a sustainable market, encouraging investments in local manufacturing and ultimately leading to partnerships with engine manufacturers. Such collaborations would fuel technological advancements, skills development, and growth within the automotive industry.
The establishment of an engine manufacturing plant in Nigeria by Innoson Vehicle Manufacturing, would not only reinforce the local automotive sector but also attract foreign direct investment. A robust engine manufacturing capability would signify Nigeria’s commitment to developing its automotive industry, thereby making it an appealing destination for international companies seeking to invest. This influx of investment would generate further job opportunities, create a knowledge-sharing environment, and strengthen Nigeria’s overall industrial capabilities.
Job creation and economic impact are key factors that cannot be overlooked when considering the establishment of an engine manufacturing plant in Nigeria. The potential for employment opportunities across different sectors is immense and far-reaching.
The direct impact of an engine manufacturing plant, such as the one envisioned by IVM, would be the creation of jobs within the plant itself. Skilled engineers and technicians would be needed to design and develop engines, while skilled laborers would be employed for manufacturing and assembly processes. Additionally, support staff in areas such as administration, logistics, and quality control would be required to ensure smooth operations.
However, the positive effects do not end with direct employment. The establishment of an engine manufacturing plant would also necessitate the development of a strong local supply chain. This would include sourcing raw materials, components, and various support services from local businesses. As a result, the demand for goods and services created by the engine manufacturing plant would generate additional employment opportunities within the supporting industries.
The indirect job creation stimulated by the engine manufacturing plant extends beyond the automotive sector. It would have a ripple effect throughout the economy, increasing demand for goods and services in related industries. For example, transportation and logistics companies would experience an upswing in activity due to the increased movement of raw materials and finished products. Additionally, industries such as steel, aluminum, plastics, and electronics would benefit from the growing demand for components used in engine manufacturing.
The influx of new jobs created by the engine manufacturing plant would have a significant impact on the local economy. Individuals employed in these positions would have stable incomes, allowing them to support their families and contribute to their communities. Furthermore, the increased economic activity generated by the plant and its supply chain would stimulate spending, leading to further economic growth across various sectors.
Partnering with an engine manufacturing plant would not only bring advanced technology to Nigeria but would also facilitate knowledge transfer and skills development. Local technicians and engineers would have the opportunity to work alongside international experts, gaining valuable expertise in engine production processes. This knowledge transfer is crucial for building a skilled workforce and nurturing technological innovation within the country.
By collaborating with international experts in the field, local technicians and engineers would have the chance to work alongside them, learning and acquiring valuable knowledge about engine production processes. This hands-on experience would enable them to gain a deep understanding of modern manufacturing techniques, quality control standards, and industry best practices.
The transfer of technological know-how goes beyond theoretical learning and classroom training. The practical exposure to cutting-edge machinery, equipment, and manufacturing systems would equip Nigerian workers with the necessary skills to operate and maintain such sophisticated technologies. Moreover, they would become proficient in troubleshooting and problem-solving, ensuring smooth operations and efficient production processes.
Furthermore, the knowledge transfer from international experts would extend beyond the immediate workforce. As these skilled individuals gain expertise and experience, they would become valuable resources and trainers themselves. They can pass on their learnings and expertise to other employees, creating a cascading effect of skills development throughout the organization.
The establishment of an engine manufacturing plant in Nigeria presents tremendous opportunities for foreign direct investment (FDI) and the enhancement of the country’s industrial capabilities. By partnering with international companies in this endeavor, Nigeria can position itself as an attractive investment destination in the automotive sector.
The presence of a state-of-the-art engine manufacturing plant would signal Nigeria’s commitment to developing its automotive industry. This commitment, combined with a favorable business environment, would encourage foreign companies to invest in Nigeria. The potential for FDI would not only bring in capital but also facilitate technology transfer, knowledge exchange, and the creation of employment opportunities.
Furthermore, the establishment of an engine manufacturing plant would significantly enhance Nigeria’s industrial capabilities. Currently, the country relies heavily on imported engines for its automotive sector. By developing local manufacturing capabilities, Nigeria can reduce its dependence on imports, thereby promoting self-sufficiency and strengthening its industrial base.
Choosing to buy IVM vehicles can have a profound impact on Nigeria’s automotive industry and overall economic growth. By supporting a domestic brand and stimulating local demand, Nigerians can pave the way for an engine manufacturing plant in the country. Job creation, skills development, increased FDI, and enhanced industrial capabilities are just some of the potential benefits that such an investment would bring. Together, let’s drive the Nigerian economy forward by investing in the future of our automotive industry through our choice of vehicles.
In today’s highly competitive business environment, ISO certification has become a prerequisite for success and sustainability. Recently, Innoson Vehicle Manufacturing Company, Nigeria’s leading indigenous vehicle manufacturer, achieved a significant milestone by receiving the ISO 9001:2015 certificate from the Standards Organization of Nigeria (SON). In this blog post, we will explore the profound impact of this innovative ISO certification on Innoson and the Nigerian automotive industry.
ISO 9001:2015, the globally recognized standard for quality management systems, plays a pivotal role in driving organizations towards achieving excellence and customer satisfaction. This standard establishes a framework that emphasizes a systematic approach to quality, enabling companies to consistently meet or exceed customer expectations.
At its core, ISO 9001:2015 revolves around several key principles. The first principle is customer focus, encouraging organizations to understand and meet customer needs effectively. By adopting customer-centric strategies, companies can gain valuable insights into their target market and provide products and services that align with customer expectations.
The second principle is continuous improvement, promoting a culture of learning and innovation within the organization. This involves constantly assessing and analyzing processes, identifying areas for improvement, and implementing changes to enhance efficiency, productivity, and overall performance. Innoson Vehicle Manufacturing Company understands the importance of continuous improvement and actively seeks ways to refine its operations, ensuring that it remains at the forefront of the automotive industry in Nigeria.
Risk-based thinking is another crucial aspect of ISO 9001:2015. Organizations are encouraged to assess and address potential risks and opportunities that may affect the achievement of their quality objectives. This proactive approach allows businesses to identify and mitigate risks proactively, ensuring smooth operations and minimizing disruptions that may negatively impact customer satisfaction.
Ultimately, ISO 9001:2015 certification empowers Innoson Vehicle Manufacturing Company to continually refine its operations and deliver products of the highest quality. By aligning with international standards and embracing a customer-centric approach, Innoson sets an example for other Nigerian businesses, inspiring them to pursue excellence and drive positive change in their respective industries.
Innoson recognized the importance of aligning its operations with ISO standards to ensure consistency and improve customer satisfaction. They understood that certification would not only enhance their reputation but also provide a solid framework for continuous improvement and risk management.
In the pursuit of ISO certification, Innoson implemented a comprehensive quality management system that encompassed every aspect of its operations. They started by conducting a thorough analysis of their existing processes and identifying areas that required improvement. This process involved engaging employees from different departments, and fostering a culture of collaboration and shared responsibility.
Regular internal audits were conducted to monitor compliance and identify opportunities for improvement. This systematic approach allowed Innoson to proactively address any deviations or non-conformances, reducing the risk of potential issues in the future.
Through their relentless pursuit of excellence, Innoson successfully obtained ISO 9001:2015 certification. This achievement validated their commitment to delivering exceptional quality and positioned them as a leading player in the automotive industry in Nigeria.
However, Innoson’s commitment to quality did not end with the attainment of ISO certification. They continue to refine their processes address customer feedback and invest in research and development to stay ahead of industry trends and deliver innovative products that exceed customer expectations. This commitment to excellence resulted in a substantial increase in their annual production, soaring from 10,000 vehicles to an impressive 60,000.
Innoson’s ISO certification has far-reaching implications for the Nigerian automotive industry. It signifies a paradigm shift, propelling the industry towards higher levels of professionalism and international competitiveness.
Acquiring ISO 9001:2015 certification brings numerous benefits for businesses, and Innoson Vehicle Manufacturing Company is no exception. The certification not only enhances customer satisfaction but also provides several other advantages that contribute to sustained success.
One of the significant benefits of ISO certification is improved operational efficiency. By implementing a quality management system aligned with ISO standards, Innoson streamlines its processes and eliminates any redundancies or inefficiencies. This leads to increased productivity, reduced waste, and optimized resource utilization. As a result, Innoson can deliver products to its customers in a more timely and efficient manner.
The credibility of Innoson is significantly enhanced through ISO certification. The certification showcases the company’s commitment to meeting globally recognized quality standards. These builds trust among customers, partners, and stakeholders, both domestically and internationally. It demonstrates that Innoson has undergone rigorous evaluation and meets the necessary requirements for delivering superior-quality products.
The recognition of ISO certification also opens new opportunities for Innoson, such as expanding into new markets and attracting global clients. Many organizations prefer to work with ISO-certified partners, as it assures them of the partner’s adherence to international quality benchmarks. This gives Innoson a competitive edge over non-certified competitors and further strengthens its market position.
Innoson Vehicle Manufacturing Company’s recent ISO 9001:2015 certification marks a groundbreaking achievement for the company and the Nigerian automotive industry. Through this blog post, we have unraveled the significance of ISO certification, highlighted Innoson’s unwavering commitment to quality, explored the wide-ranging benefits of certification, discussed industry-wide implications, and addressed the challenges faced along the way. This milestone heralds a new era for Innoson and paves the way for other Nigerian businesses to strive for excellence through ISO certification.
Before starting an automobile spare parts business in Southeast Nigeria, it is crucial to identify your niche of specialization. By selecting a specific auto parts category and undergoing a proper understudy, you can lay a strong foundation for your business. In the auto market, there are two main sections: motor parts and motorcycle parts. To prevent over-diversification, it is advisable to narrow down your focus from the start. For instance, if you decide to specialize in motorcycle parts, honing in specifically on engine parts can provide a solid starting point.
While learning from your mentor, focus on building a customer base and understanding market trends. Pay close attention to how fluctuations in forex rates impact the industry. This knowledge will enable you to gauge the right time to import goods, ensuring optimal profitability. Though the early days may come with challenges, they are vital for establishing a strong foundation for future growth.
Approach your understudy with humility, as a good attitude toward work will encourage your mentor to reveal their business secrets. Take inspiration from the success stories of entrepreneurs like Mr. Innocent Chukwuma, who started his journey in the auto spare parts market before becoming a renowned vehicle manufacturer. By learning from the experiences of others, you can gain valuable insights and chart your own path to success.
The auto spare parts industry presents unique challenges that entrepreneurs must navigate to ensure the long-term success and sustainability of their businesses and investments. One common hurdle is sourcing reliable suppliers who can consistently provide high-quality parts at competitive prices. By establishing strong relationships with trusted suppliers and conducting thorough research, you can mitigate this challenge and ensure a steady supply chain for your business.
Unfortunately, there have been instances where entrepreneurs have fallen victim to untrustworthy suppliers who provide subpar or incorrect goods, even refusing to issue refunds. To mitigate this risk, it is essential to establish a robust legal structure for business and investment transactions. Implementing contracts with clearly defined terms and conditions, witnessed by impartial parties, can help ensure all parties uphold their obligations and protect your rights.
Inventory management is another critical aspect of running a successful auto spare parts business. It involves efficiently tracking, storing, and selling your inventory. A curated inventory allows storekeepers to monitor stock levels, identify when items are running low, and determine when to restock. Additionally, a well-managed inventory provides valuable insights into market trends and consumer behavior. While traditional inventory management methods may be useful, embracing modern and technological solutions is key to staying ahead in a dynamic market. For instance, implementing an automated inventory management system using simple Excel software can streamline processes, providing real-time information on stock levels, popular items, and purchasing patterns.
* ANAMBRA IS BECOMING THE MOST COMPETITIVE STATE IN NIGERIA, OBIANO
* Challenges Mount for Nigerian Manufacturers as Unsold Inventory Soars to N272B
Moreover, staying up-to-date with technological advancements and industry trends is essential in this rapidly evolving market. Embracing digital platforms and e-commerce solutions can enhance your reach and accessibility, allowing you to tap into a larger customer base and remain competitive in the ever-growing online marketplace.
In addition to these operational challenges, entrepreneurs in the auto spare parts industry also need to be mindful of external factors that can impact their business. Fluctuations in foreign exchange rates, for example, can significantly affect the cost of importing parts. It is important to closely monitor currency trends, plan importation strategically, and explore hedging options to mitigate the risks associated with forex fluctuations.
Lastly, building and maintaining strong customer relationships is paramount. Providing excellent customer service, competitive pricing, and timely deliveries will help you differentiate your business from competitors and foster customer loyalty. Additionally, actively seeking and responding to customer feedback will allow you to identify areas for improvement and tailor your offerings to meet their evolving needs.
By proactively addressing these challenges and employing effective strategies, you can position your auto spare parts business for long-term success, growth, and sustainability in the dynamic and competitive marketplace.
The National Association of Telecoms Subscribers, NATCOMS, has urged the Nigerian Communications Commission (NCC) to intervene and prevent MTN from acquiring 9Mobile. The association expresses concerns that such a move could lead to the creation of an oligopoly, potentially stifling competition in the industry.
Deolu Ogunbanjo, the President of NATCOMS, argued that with MTN already holding close to 50% of the country’s telecom market, allowing the acquisition of 9Mobile would consolidate an unprecedented level of control in the hands of one company. The call for regulatory intervention raises questions about the balance of power and competitiveness within Nigeria’s telecom sector.
Despite the concerns raised by NATCOMS, reports suggest that MTN Nigeria’s strategic acquisition of 9Mobile is progressing to an advanced stage. This move brings to light the complex dynamics at play in the telecom industry and the intricacies involved in business transactions of this magnitude.
To understand why 9Mobile is willing to be acquired, we need to look back to 2017 when the company faced financial challenges following the departure of its primary technical partner and investor, Mubadala of the United Arab Emirates (UAE). Struggling with a loan repayment scheme of $1.2 billion, 9Mobile decided to sell its spectrum to mitigate its financial woes. The company cited an economic downturn and a drop in the valuation of the naira as contributing factors to its inability to meet its financial obligations.
Interestingly, this isn’t the first attempt by MTN to acquire 9Mobile. A similar effort was made in 2017, highlighting the persistent interest of MTN in expanding its presence in the Nigerian telecom market.
The big question now is the fate of this acquisition bid. Will the telecoms regulator heed the call from NATCOMS and intervene, or will the deal proceed as planned? The industry and stakeholders eagerly await the decision of the NCC, as it holds the key to shaping the future landscape of telecommunications in Nigeria. As the saga unfolds, all eyes are on the regulatory authorities to determine whether the acquisition aligns with the principles of fair competition and consumer welfare or if measures need to be taken to safeguard the industry’s dynamics. The unfolding chapters will undoubtedly provide valuable insights into the trajectory of Nigeria’s telecom sector.
The Southeast region of Nigeria boasts a vibrant and fast-growing youth population, with Enugu alone housing more than five universities. This influx of youth brings immense potential that, if harnessed effectively, can create a prosperous future for the region. Recent developments, such as Nnewi’s emergence as the home to the largest cinema in Africa, showcase the area’s ability to attract noteworthy investments. However, to truly capitalize on this potential, it is crucial that Southeast-based brands come together to provide greater job opportunities and rewrite the narrative surrounding salary standards in the region.
East Side Ventures, an exemplar of this movement, has taken significant strides in job creation, employing over 37 individuals in Ala Igbo (Igboland). The company proudly claims to offer the highest salaries and compensation packages among brands in the region. Recognizing the importance of valuing and rewarding their employees, they challenge other Southeast-based brands to abandon the traditional 30,000 Naira salary benchmark. By creating larger opportunities that incentivize productivity, brands can unlock the untapped potential within the region’s youth population.
Investment and people tend to gravitate towards areas of development. When cities offer ample job opportunities and foster a nurturing environment, people are more likely to reside there. Therefore, investing in the aesthetics and infrastructure of Southeast cities becomes paramount in attracting both investors and residents. By making cities more eco-friendly and aesthetically pleasing, the Southeast can create an atmosphere conducive to the growth and well-being of its teeming young population.
To maximize the benefits of Southeast Nigeria’s young population, collaboration among Southeast-based brands is imperative. By coming together, these brands can pool resources and expertise, leading to increased investment, job creation, and economic growth. Furthermore, collaboration allows for the sharing of best practices, fostering an environment of innovation and excellence.
With subsidiaries planning to create 1,000 new jobs in the next 12 months, East Side Ventures serves as a shining example of the possibilities that lie ahead. The Southeast region has the potential to become a hub of entrepreneurship, innovation, and opportunity, attracting investments and nurturing a talented young workforce. By empowering the youth and offering them meaningful employment, Southeast-based brands can pave the way for a prosperous future.
Southeast Nigeria’s young population represents a valuable resource that, if properly harnessed, can drive the region’s growth and development. By providing meaningful job opportunities and rewriting outdated salary standards, Southeast-based brands can empower the youth and unlock their full potential. Collaborative efforts and investments in the region’s aesthetics and infrastructure will undoubtedly attract further development and create an environment where the vibrant young population can thrive. Together, we can build a future where Southeast Nigeria becomes a beacon of economic prosperity, driven by its talented and motivated youth.
The Nigerian Information and Communications Technology (ICT) sector contributed 15.97% to the country’s real Gross Domestic Product (GDP) in the third quarter of 2023. The latest figures, released by the National Bureau of Statistics (NBS), showcase a notable increase compared to the 15.35% recorded in the same period last year.
The ICT sector encompasses diverse activities, including Telecommunications and Information Services, Publishing, Motion Picture, Sound Recording, and Music Production, as well as Broadcasting. According to the NBS, the sector demonstrated a robust growth rate of 6.69% in real terms year-on-year for Q3 2023. This growth is attributed to the dynamic activities within the telecommunications sub-sector, which alone contributed 13.50% to the GDP in real terms.
The telecommunications industry, dominated by major players like MTN, Globacom, Airtel, 9mobile, and Internet Service Providers (ISPs), is not only driving its own growth but is also acting as a catalyst for economic activities across various sectors.
On the nominal GDP front, the ICT sector made a substantial contribution, accounting for 11.57% of the total Nominal GDP in the third quarter of 2023. This figure marks a notable increase from the 9.58% recorded in the same quarter of the previous year. However, it is slightly lower than the 14.83% contribution in the preceding quarter.
Examining the quarter-on-quarter performance, the sector exhibited a growth of -10.30% in real terms. Despite this dip, the overall contribution of 15.97% to the total real GDP in Q3 2023 reflects both resilience and significance, outperforming the same quarter of the previous year (15.35%) while slightly trailing the preceding quarter (19.54%).
The growth and contribution of the ICT sector underscore its pivotal role in Nigeria’s economic development. As technology continues to advance and digital transformation becomes increasingly crucial, the ICT sector’s positive trajectory is expected to persist, shaping the nation’s economic landscape for the foreseeable future.