Report on the growing online shopping sector in Nigeria.
Al-Jazeera report focusing on the economies of three African countries: Nigeria, South Africa and Zimbabwe.
Although Nigeria’s economy is typecast one-dimensionally about oil, Nigeria’s agriculture sector accounts for 40% of GDP. It also spends a whopping one-third of Nigeria’s federal budget on food imports.
Blackberry is facing fierce competition in Europe and America from smartphones like Android and iPhone. While Apple has been making headlines in Europe and America, Research in Motion (Blackberry’s Canadian owner), is looking to gain market share in Nigeria. There are four million people using smartphones in Nigeria, and half of those phones are Blackberries. In the next four years, that number is expected to hit 25 million.
Sub-Saharan Africa will be home to seven of the world’s ten fastest growing economies in the next five years. At a recent Thomson Reuters event, U.S. Sen. Christopher Coons joins top African investment managers and business leaders before a live audience to identify key opportunities and ways to address risks, in a panel moderated by Reuters Editor-at-Large Sir Harold Evans. The video features local investors such as Yemi Lalude of Adlevo Capital and Bismark Rewane of Financial Derivatives Company Limited as well as a number of Africa focused foreign investors. Watch the video below.
Good article in the Guardian about how Nigeria’s rising middle class are outnumbering most foreign shoppers in London.
*Nigeria has 142,000 visitors to the UK per year.
*US supermarket giant Wal-Mart sees space for 50 stores in Nigeria.
*Other big name brands like Apple see potential in Nigeria’s expanding economy and rising middle class.
Good report in the UK’s Guardian newspaper about the explosion of the internet in Africa. Goof focus on the economic benefits it has brought to African businesses and how it has changed Africans’ communication habits.
A few stats:
*In 2001, a sim card cost approximately $100 and local calls cost 33 cents per minute.
*By 2009, a SIM card could be bought for $1.33 (a 98.6% reduction) and calls had reduced to 24 cents per minute.
*There are more than 100 million mobile phone lines in Nigeria.
*In 2009, more than 31 million Nigerians accessed the web, with 30% or more doing so via mobile phones.
Is the new 5000 Naira note a good or bad thing? Some at the lower end of the income scale say a 5000 Naira note is superfluous since many Nigerians do not have enough money to make frequent use of it. Others argue that as Nigeria has a rapidly expanding middle class and upper class, the note will be of use to the higher income strata and will reduce bank costs of handling smaller denominations.
Good piece by Al-Jazeera on Google helping young entrepreneurs in Nigeria expand their businesses by putting them online. While many legitimate ventures are launching websites and thriving as a result, the country’s reputation for internet fraud remains an obstacle.
Nigeria is developing a number of new golf courses. The Cross River State government is investing over $200 million in constructing a new golf course, with the aim of growing its popularity and giving tourists something to do!
Golf is a sport/hobby that requires expensive equipment to play. In a country with many high net worth individuals, golf could potentially boom…