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  •  The Chartered Institute of Bankers of Nigeria CIBN has called on banks managements to stop setting unreasonable targets for their staff The Institute made the call in Abuja on Wednesday while presenting a research report with title The Analysis of Human Capital Attrition in an Evolving Glocal Context A Case Study of the Nigerian Banking Industry The research was presented at the 15th Annual Banking and Finance Conference of the institute with title Repositioning the Financial Services Industry for an Evolving Glocal Context Dr Grace Makinde the Coordinator of the research said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry She said that employees attrition impacted negatively on the economic performance of any organisation or industry Makinde a Senior Lecturer at Babcock University said that work load job recognition and work environment be given due attention by managers in the industry She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector According to her the banking industry was bleeding people are leaving and it is affecting all of us If we can work on these push factors things that are pushing people out of the work place then many workers will prefer to stay They will stay when the environment is conducive and culture acceptable she said Dr Ken Opara the of CIBN said that the recommendations from the research and the event would be disseminated to policy makers and participants As a pivotal sector of the economy we are not oblivious of the brain drain or Japa syndrome affecting the workforce in our country This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry We are in the digital age where technology has made a significant impact on every industry including the financial services industry he said Opara said that technology had transformed financial services with the latest fintech solutions and modern trends As a result the financial services industry would need to adapt to this much faster pace of change Services products and technologies that were new and useful yesterday will not necessarily be so soon This year s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world he said The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country NewsSourceCredit NAN
    Bankers’ institute wants banks to cease unreasonable target setting for staff
     The Chartered Institute of Bankers of Nigeria CIBN has called on banks managements to stop setting unreasonable targets for their staff The Institute made the call in Abuja on Wednesday while presenting a research report with title The Analysis of Human Capital Attrition in an Evolving Glocal Context A Case Study of the Nigerian Banking Industry The research was presented at the 15th Annual Banking and Finance Conference of the institute with title Repositioning the Financial Services Industry for an Evolving Glocal Context Dr Grace Makinde the Coordinator of the research said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry She said that employees attrition impacted negatively on the economic performance of any organisation or industry Makinde a Senior Lecturer at Babcock University said that work load job recognition and work environment be given due attention by managers in the industry She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector According to her the banking industry was bleeding people are leaving and it is affecting all of us If we can work on these push factors things that are pushing people out of the work place then many workers will prefer to stay They will stay when the environment is conducive and culture acceptable she said Dr Ken Opara the of CIBN said that the recommendations from the research and the event would be disseminated to policy makers and participants As a pivotal sector of the economy we are not oblivious of the brain drain or Japa syndrome affecting the workforce in our country This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry We are in the digital age where technology has made a significant impact on every industry including the financial services industry he said Opara said that technology had transformed financial services with the latest fintech solutions and modern trends As a result the financial services industry would need to adapt to this much faster pace of change Services products and technologies that were new and useful yesterday will not necessarily be so soon This year s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world he said The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country NewsSourceCredit NAN
    Bankers’ institute wants banks to cease unreasonable target setting for staff
    Economy3 weeks ago

    Bankers’ institute wants banks to cease unreasonable target setting for staff

    The Chartered Institute of Bankers of Nigeria (CIBN) has called on banks’ managements to stop setting unreasonable targets for their staff.

    The Institute made the call in Abuja on Wednesday while presenting a research report with title ‘The Analysis of Human Capital Attrition in an Evolving Glocal Context: A Case Study of the Nigerian Banking Industry.

    ’The research was presented at the 15th Annual Banking and Finance Conference of the institute with title ‘Repositioning the Financial Services Industry for an Evolving Glocal Context.

    ’Dr Grace Makinde, the Coordinator of the research, said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry.

    She said that employees’ attrition impacted negatively on the economic performance of any organisation or industry.

    Makinde, a Senior Lecturer at Babcock University, said that work load, job recognition and work environment be given due attention by managers in the industry.

    She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector.

    According to her, the banking industry ”was bleeding, people are leaving and it is affecting all of us.

    ”If we can work on these push factors, things that are pushing people out of the work place then, many workers will prefer to stay.

    ”They will stay when the environment is conducive and culture acceptable,” she said.

    Dr Ken Opara, the of CIBN, said that the recommendations from the research and the event would be disseminated to policy makers and participants.

    ”As a pivotal sector of the economy, we are not oblivious of the “brain drain or Japa syndrome affecting the workforce in our country.

    ”This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry.

    ”We are in the digital age where technology has made a significant impact on every industry, including the financial services industry,” he said.

    Opara said that technology had transformed financial services with the latest fintech solutions and modern trends.

    ”As a result, the financial services industry would need to adapt to this much faster pace of change.

    ”Services, products and technologies that were new and useful yesterday will not necessarily be so soon.

    ”This year’s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world,” he said.

    The News Agency of Nigeria reports that the conference attracted various stakeholders from the financial services industry across the country.


    NewsSourceCredit: NAN

  •  The Vice Chancellor of Igbinedion University Okada Edo Prof Lawrence Ezemonye has described the industry academia interface as a route to Nigeria s economic development and stability Ezemonye made the assertion on Saturday in a communique from the Differentiate Nigeria High level Stakeholders Meeting in Lagos He noted that research and development results from educational institutions were the springboards of solutions necessary for industrial growth and development This he explained would in turn lead to increased productivity and enhanced national Gross Domestic Product GDP interface is the beginning of growth because the industry has their demand and the academia provides their philosophy There is this issue that the graduates from the academia do not ordinarily meet the demand of the industry For this reason it became necessary to find a way to bridge this gap And this gave birth to the partnership between the University of Benin and Lancaster University 10 years ago propelled by Prof Kirk Semple Dr Akanimo Odon CEO Envirofly Consulting UK Limited and myself I can authoritatively say that industry academia interface is beginning to gain grounds and it has spread to University of Lagos Babcock University and others he said Prof Kirk Semple Director Lancaster Environment Centre Lancaster University England said the partnership was to stimulate sustainable entrepreneurial thinking for scientists He added that 1 5 billion pounds was earmarked for the project by the Global Challenges Research Fund He noted that the overall aim of it was to share learning of place based entrepreneurship in African Universities and explore the barriers and opportunities of place based entrepreneurship in African Universities He added that the partnership was also to showcase the Stimulating Entrepreneurial Thinking Tool Kits for Scientists and Students SETSS Lancaster University co designed co developed and have co delivered two multi organisational projects with African partners Recirculate seven million Pound Capacity Building Project with five African organisational partners from Nigeria Ghana Malawi Kenya and Botswana Actuate 700 000 Pound Waste to Energy Demonstrator Plant Development Project with over 10 organizational partners from Nigeria and Ghana launched in CSIR FRI Ghana and delivered in partnership with African partners Then Lancaster University won a British Council funding under the Digital Universities Africa programme to develop SETSS further All these in partnership with University of Benin and Igbinedion University Nigeria Lancaster University Ghana Kenyatta University Kenya and CSIR Ghana he said Dr Akanimo Odon CEO Envirofly Consulting UK Limited stated that the project became important as Nigeria and African universities had been bedeviled with research challenges Odon pointed out that the project was to make researchers entrepreneurial in their thinking adding that it was to change researchers narrative of publish or perish to research for earning money According to him the British Council understands that for Africa to grow universities must be solid and robust So we developed an innovation in African Universities Program called DIFFERENTIATE which is why Lancaster University partners some of these African universities In 2013 Africa s gross expenditure on research and development was about 0 45 per cent of GDP compared with 2 71 per cent in North America 2 10 per cent in Southeast Asia 1 75 per cent in Europe 1 62 per cent in Asia and 1 03 per cent in Latin America and the Caribbean Africa was home to just 2 4 per cent of the world s researchers 1 1 per cent for Sub Saharan Africa and 1 4 per cent in North Africa This is compared with 42 8 per cent in Asia 31 0 per cent in Europe 18 5 per cent for North America and 3 6 per cent for Latin America and the Caribbean The share of researchers in Germany 4 6 per cent the Republic of Korea 4 1 per cent and France 3 4 per cent is larger than that of the African continent as a whole he said Also Dr Chima Igwe Director Department of Chemical Fibre and Environmental Technology Federal Institute of Industrial Research FIIRO stated that what most scientists needed was the twin area of entrepreneurial and kinetic thinking Igwe also a stakeholder in the programme said this would enable scientists create the much talked about wealth and generate employment using their various fields engagements NewsSourceCredit NAN
    Industry, academia interface; route to economic development – VC, Igbenedion University
     The Vice Chancellor of Igbinedion University Okada Edo Prof Lawrence Ezemonye has described the industry academia interface as a route to Nigeria s economic development and stability Ezemonye made the assertion on Saturday in a communique from the Differentiate Nigeria High level Stakeholders Meeting in Lagos He noted that research and development results from educational institutions were the springboards of solutions necessary for industrial growth and development This he explained would in turn lead to increased productivity and enhanced national Gross Domestic Product GDP interface is the beginning of growth because the industry has their demand and the academia provides their philosophy There is this issue that the graduates from the academia do not ordinarily meet the demand of the industry For this reason it became necessary to find a way to bridge this gap And this gave birth to the partnership between the University of Benin and Lancaster University 10 years ago propelled by Prof Kirk Semple Dr Akanimo Odon CEO Envirofly Consulting UK Limited and myself I can authoritatively say that industry academia interface is beginning to gain grounds and it has spread to University of Lagos Babcock University and others he said Prof Kirk Semple Director Lancaster Environment Centre Lancaster University England said the partnership was to stimulate sustainable entrepreneurial thinking for scientists He added that 1 5 billion pounds was earmarked for the project by the Global Challenges Research Fund He noted that the overall aim of it was to share learning of place based entrepreneurship in African Universities and explore the barriers and opportunities of place based entrepreneurship in African Universities He added that the partnership was also to showcase the Stimulating Entrepreneurial Thinking Tool Kits for Scientists and Students SETSS Lancaster University co designed co developed and have co delivered two multi organisational projects with African partners Recirculate seven million Pound Capacity Building Project with five African organisational partners from Nigeria Ghana Malawi Kenya and Botswana Actuate 700 000 Pound Waste to Energy Demonstrator Plant Development Project with over 10 organizational partners from Nigeria and Ghana launched in CSIR FRI Ghana and delivered in partnership with African partners Then Lancaster University won a British Council funding under the Digital Universities Africa programme to develop SETSS further All these in partnership with University of Benin and Igbinedion University Nigeria Lancaster University Ghana Kenyatta University Kenya and CSIR Ghana he said Dr Akanimo Odon CEO Envirofly Consulting UK Limited stated that the project became important as Nigeria and African universities had been bedeviled with research challenges Odon pointed out that the project was to make researchers entrepreneurial in their thinking adding that it was to change researchers narrative of publish or perish to research for earning money According to him the British Council understands that for Africa to grow universities must be solid and robust So we developed an innovation in African Universities Program called DIFFERENTIATE which is why Lancaster University partners some of these African universities In 2013 Africa s gross expenditure on research and development was about 0 45 per cent of GDP compared with 2 71 per cent in North America 2 10 per cent in Southeast Asia 1 75 per cent in Europe 1 62 per cent in Asia and 1 03 per cent in Latin America and the Caribbean Africa was home to just 2 4 per cent of the world s researchers 1 1 per cent for Sub Saharan Africa and 1 4 per cent in North Africa This is compared with 42 8 per cent in Asia 31 0 per cent in Europe 18 5 per cent for North America and 3 6 per cent for Latin America and the Caribbean The share of researchers in Germany 4 6 per cent the Republic of Korea 4 1 per cent and France 3 4 per cent is larger than that of the African continent as a whole he said Also Dr Chima Igwe Director Department of Chemical Fibre and Environmental Technology Federal Institute of Industrial Research FIIRO stated that what most scientists needed was the twin area of entrepreneurial and kinetic thinking Igwe also a stakeholder in the programme said this would enable scientists create the much talked about wealth and generate employment using their various fields engagements NewsSourceCredit NAN
    Industry, academia interface; route to economic development – VC, Igbenedion University
    Economy2 months ago

    Industry, academia interface; route to economic development – VC, Igbenedion University

    The Vice Chancellor of Igbinedion University, Okada, Edo, Prof. Lawrence Ezemonye, has described the industry- academia interface as a route to Nigeria’s economic development and stability.

    Ezemonye made the assertion on Saturday in a communique from the Differentiate Nigeria High –level Stakeholders Meeting in Lagos.

    He noted that research and development results from educational institutions were the springboards of solutions necessary for industrial growth and development.

    This, he explained, would in turn lead to increased productivity and enhanced national Gross Domestic Product (GDP).

    “ interface is the beginning of growth because the industry has their demand and the academia provides their philosophy.

    “There is this issue that the graduates from the academia do not ordinarily meet the demand of the industry.

    “For this reason, it became necessary to find a way to bridge this gap.

    “And this gave birth to the partnership between the University of Benin and Lancaster University 10 years ago, propelled by Prof. Kirk Semple; Dr Akanimo Odon, CEO, Envirofly Consulting UK Limited and myself.

    “I can authoritatively say that industry- academia interface is beginning to gain grounds, and it has spread to University of Lagos, Babcock University and others,” he said.

    Prof. Kirk Semple, Director, Lancaster, Environment Centre, Lancaster University, England, said the partnership was to stimulate sustainable entrepreneurial thinking for scientists.

    He added that 1.5 billion pounds was earmarked for the project by the Global Challenges Research Fund. He noted that the overall aim of it was to share learning of place-based entrepreneurship in African Universities and explore the barriers and opportunities of place-based entrepreneurship in African Universities.

    He added that the partnership was also to showcase the Stimulating Entrepreneurial Thinking Tool Kits for Scientists and Students (SETSS).

    “Lancaster University co-designed, co-developed and have co-delivered two multi-organisational projects with African partners: Recirculate (seven million Pound Capacity Building Project with five African organisational partners from Nigeria, Ghana, Malawi, Kenya and Botswana).

    “Actuate (700,000 Pound Waste to Energy Demonstrator Plant Development Project with over 10 organizational partners from Nigeria and Ghana), launched in CSIR-FRI Ghana and delivered in partnership with African partners.

    “Then Lancaster University won a British Council funding under the Digital Universities Africa programme to develop SETSS further.

    “All these, in partnership with University of Benin and Igbinedion University Nigeria, Lancaster University Ghana, Kenyatta University Kenya and CSIR Ghana,” he said.

    Dr Akanimo Odon, CEO, Envirofly Consulting UK Limited, stated that the project became important as Nigeria and African universities had been bedeviled with research challenges.

    Odon pointed out that the project was to make researchers entrepreneurial in their thinking, adding that it was to change researchers narrative of publish or perish to research for earning money.

    According to him, the British Council understands that for Africa to grow, universities must be solid and robust.

    “So, we developed an innovation in African Universities Program called DIFFERENTIATE, which is why Lancaster University partners some of these African universities.

    “In 2013 Africa’s gross expenditure on research and development was about 0.45 per cent of GDP, compared with 2.71 per cent in North America, 2.10 per cent in Southeast Asia, 1.75 per cent in Europe, 1.62 per cent in Asia, and 1.03 per cent in Latin America and the Caribbean.

    ““Africa was home to just 2.4 per cent of the world’s researchers (1.1 per cent for Sub-Saharan Africa and 1.4 per cent in North Africa).

    “This is compared with 42.8 per cent in Asia, 31.0 per cent in Europe, 18.5 per cent for North America, and 3.6 per cent for Latin America and the Caribbean.

    “The share of researchers in Germany (4.6 per cent), the Republic of Korea (4.1 per cent), and France (3.4 per cent) is larger than that of the African continent as a whole,” he said.

    Also, Dr Chima Igwe, Director, Department of Chemical, Fibre and Environmental Technology, Federal Institute of Industrial Research, (FIIRO), stated that what most scientists needed was the twin area of entrepreneurial and kinetic thinking.

    Igwe, also a stakeholder in the programme, said this would enable scientists create the much talked about wealth and generate employment using their various fields engagements.


    NewsSourceCredit: NAN

  •  Dr Taiwo Afolabi Chairman SIFAX Group has urged graduating students of Babcock University in Ogun to adopt solution oriented mindset to help them attain success Afolabi gave the advice in a statement made available to newsmen in Lagos on Wednesday He also identified courage self belief and determination as some of the factors necessary in achieving success Afolabi said this at an interactive session with the 2022 graduating students of the Babcock University Ilishan Remo Ogun State The chairman who was represented by Mr Bode Ojeniyi Group Executive Director SIFAX Group advised the students not to be deterred or intimidated by challenges that life would throw their way Challenges are part of life and it is practically impossible to avoid them You can t avoid challenges if your ultimate goal is to succeed either in career marriage or business You need to believe in yourself because you are endowed with all you require to excel You must also take self development seriously Don t be comfortable with the level of knowledge you have Keep seeking for more The more you know the more likely you are to succeed he said Afolabi said that having a solution oriented mindset was also critical According to him when you encounter a difficulty or problem ability to generate solutions rather than lamentations set people apart When you are reputed for this kind of thinking achieving success will be easier as colleagues bosses and clients would trust you more and avail you greater responsibilities that will account for your rise he said Afolabi commended the university authorities for organising the event where the graduating students interacted with successful professionals and captains of industries Other speakers at the event include Mr Kunle Elebute Chairman KPMG Africa Dr Babatunde Ipaye former Consultant World Bank Dr Mrs Abimbola Abolarinwa of Lagos State University Teaching Hospital Prof Pat Utomi and Mr Ademola Adebise Managing Director Wema Bank amongst others NewsSourceCredit NAN
    SIFAX Group tasks Babcock University graduates on solution-oriented mindset
     Dr Taiwo Afolabi Chairman SIFAX Group has urged graduating students of Babcock University in Ogun to adopt solution oriented mindset to help them attain success Afolabi gave the advice in a statement made available to newsmen in Lagos on Wednesday He also identified courage self belief and determination as some of the factors necessary in achieving success Afolabi said this at an interactive session with the 2022 graduating students of the Babcock University Ilishan Remo Ogun State The chairman who was represented by Mr Bode Ojeniyi Group Executive Director SIFAX Group advised the students not to be deterred or intimidated by challenges that life would throw their way Challenges are part of life and it is practically impossible to avoid them You can t avoid challenges if your ultimate goal is to succeed either in career marriage or business You need to believe in yourself because you are endowed with all you require to excel You must also take self development seriously Don t be comfortable with the level of knowledge you have Keep seeking for more The more you know the more likely you are to succeed he said Afolabi said that having a solution oriented mindset was also critical According to him when you encounter a difficulty or problem ability to generate solutions rather than lamentations set people apart When you are reputed for this kind of thinking achieving success will be easier as colleagues bosses and clients would trust you more and avail you greater responsibilities that will account for your rise he said Afolabi commended the university authorities for organising the event where the graduating students interacted with successful professionals and captains of industries Other speakers at the event include Mr Kunle Elebute Chairman KPMG Africa Dr Babatunde Ipaye former Consultant World Bank Dr Mrs Abimbola Abolarinwa of Lagos State University Teaching Hospital Prof Pat Utomi and Mr Ademola Adebise Managing Director Wema Bank amongst others NewsSourceCredit NAN
    SIFAX Group tasks Babcock University graduates on solution-oriented mindset
    Economy2 months ago

    SIFAX Group tasks Babcock University graduates on solution-oriented mindset

    Dr Taiwo Afolabi, Chairman, SIFAX Group, has urged graduating students of Babcock University in Ogun to adopt solution-oriented mindset to help them attain success.

    Afolabi gave the advice in a statement made available to newsmen in Lagos on Wednesday.

    He also identified courage, self-belief and determination as some of the factors necessary in achieving success.

    Afolabi said this at an interactive session with the 2022 graduating students of the Babcock University, Ilishan Remo, Ogun State.

    The chairman who was represented by Mr Bode Ojeniyi, Group Executive Director, SIFAX Group, advised the students not to be deterred or intimidated by challenges that life would throw their way.

    “Challenges are part of life and it is practically impossible to avoid them.

    You can’t avoid challenges if your ultimate goal is to succeed, either in career, marriage or business.

    “You need to believe in yourself because you are endowed with all you require to excel.

    You must also take self-development seriously.

    “Don’t be comfortable with the level of knowledge you have; Keep seeking for more.

    The more you know, the more likely you are to succeed,” he said.

    Afolabi said that having a solution-oriented mindset was also critical.

    According to him, when you encounter a difficulty or problem, ability to generate solutions, rather than lamentations, set people apart.

    “When you are reputed for this kind of thinking, achieving success will be easier, as colleagues, bosses and clients would trust you more and avail you greater responsibilities that will account for your rise,” he said.

    Afolabi commended the university authorities for organising the event where the graduating students interacted with successful professionals and captains of industries.

    Other speakers at the event include, Mr Kunle Elebute, Chairman, KPMG Africa; Dr Babatunde Ipaye, former Consultant, World Bank; Dr (Mrs) Abimbola Abolarinwa of Lagos State University Teaching Hospital; Prof. Pat Utomi and Mr Ademola Adebise, Managing Director, Wema Bank, amongst others.

    NewsSourceCredit: NAN

  •  The Coronavirus COVID 19 pandemic as well as the economic turbulence have had significant impacts on businesses manufacturers and households including individual lifestyle and well being in recent times The direct consequence of these impacts has been a very large increase in inflation numbers in the country and it is currently having serious implications Globally no country is immune to inflation Around the world inflationary pressure has been experienced in the USA the UK and many other developed and developing nations But in Nigeria the peculiarity is that inflation has been getting higher steadily for the last two years Nigeria is one of the countries where inflation has grown the fastest and it has been a concern for many businesses and the government due to its severe impact post COVID 19 Lately we have witnessed continued and unexplainable increases in the price of practically every known item and service across the country The troubling trend is that most of these basic and essential necessities are increasingly out of reach for the majority of people Indicating that the country s cost of living has risen at an alarming rate That is the rise in household spending required to maintain a consistent and decent quality of life has been a source of anxiety for many The National Bureau of Statistics NBS says Nigeria s headline inflation rate increased to 18 24 percent on a year on year basis as at June 2022 The percentage change is the highest in the last five years according to the records Though academic literature has pointed out that once inflation exceeds a certain level on average above 15 it starts to have a negative impact on the economy principally on economic stability growth employment and investment attractiveness Even so the author thinks that the real inflation in an economy is shown by the rise in prices of food groceries and other goods and services that people use every day Without a doubt the food inflation trend over the last two years has been overwhelming The proportion of the majority s income that is spent on food has remained ridiculously high The persistent rise in inflation results in a decline in the buying power of Nigerians who are therefore getting poorer Because they will be forced to prioritise significant spending and the affordability of essentials will continue to decrease The consequences of high inflation are a spike in unemployment numbers a rise in poverty rates declining savings a high number of jobless youths crimes and unrest A report by Aljazeera titled Inflation rises in Nigeria amid fuel scarcity and insecurity indicated that four 4 out of ten 10 Nigerians are living below the poverty line So with this trend the author has noticed a spike and sharp rise in the demand for substituted products and services by the majority of the citizenry in the country The substitution effect usually happens when consumers replace very expensive items with cheaper ones due to price changes or when their financial conditions regress and vice versa However the point is about the decline in purchasing power due to inflation and its attendant consequences The cost of purchasing products and services required to maintain a given quality of life continues to be a major worry for many families and individuals in the country According to the substitution effect people switch from more expensive products and services to less expensive alternatives when prices rise or income declines For the majority of businesses the persistent inflation in the country has made the high cost of running and maintaining independently generated power unbearable particularly the cost of diesel This has resulted in a high cost of running businesses However this cost is passed on to the consumers without notice When this cost is passed and consumers find it intolerable then a change in demand by switching to substitute products and services prevails The propensity for this trend is high and it has been the order of the day Substitute products or goods are alternative goods that could be used for the same purpose Therefore in the presence of inflation substituting means that consumers seek out alternatives that are frequently low in price most of the time low in quality inferior and largely unregulated The demand for substitutes continues to rise because the masses need to survive at all cost so who has the blame The consumers or the businesses So long as the price of goods and products continues to increase demand for their substitutes will continue to rise Consequently business operators need to be aware of this For instance numerous salary earners have been forced to reduce the quality of the food they purchase and business owners continue to replace family food basket staples with any affordable alternative Meanwhile the expenses of transportation school fees electricity cooking gas and rent are equally on the rise adding to the burden From a business perspective substitute products create rivalry loss of revenue weak sales loss of potential customers or consumers low or no patronage and threats to business survival The main absurdity is that businesses cannot even identify the providers of these alternatives because they remain largely in the dark For instance canned and jarred Sardine Titus is expensive but Sardine Estus an alternative is available and affordable but the producers are faceless and unknown Many of such competitors are available in the Nigerian market with a huge market share and competitive pressure However the quality of these readily available cheap alternatives is significantly compromised and market leading companies and products could even suffer business continuity issues if the lower priced alternative continues to gain market share and interest of the masses As a response it is a time for businesses to re strategise engage in high marketing and promotional campaigns innovate in line with customer expectations and patronage improving products and lower prices Again businesses can review their pricing model at this time to accommodate consumers and customers with waning purchasing power It is also important for the government to play a bigger role in regulating substandard inferior and bad products especially those that are dumped on the Nigerian market Right now it s important to look at and understand how substitution can affect the economy businesses and environment in order to stop high death rates and illnesses Businesses can fail entirely as a result of substitute effects and substitution products outperforming the original In a market where there are fewer substitute products there is a higher probability of businesses earning greater profits but the reverse is the case with inflation and the current realities So entrepreneurs business owners and SME operators need to clearly understand that their businesses may just suffer from a substitution effect which can weaken the sales of their products and may be attributed to consumers switching to cheaper alternatives just because they no longer have affordability or the price hike is unbearable In the view of the author consumers largely make their choices based on their available spending power and make constant adjustments based on price changes most of the time on impulse So in a time of high inflation and low consumer spending cheaper substitutes and second hand used items are the alternatives that are available Observation of the surroundings reveals every accessible space or place for micro businesses to operate its an avenue to trade in second hand items which the majority now prefer as alternatives owing to dwindling income and affordability at this time due to inflation This can make it harder for well known brands or established businesses to get patronage and remain in business if differentiation or other business strategies are ignored to stay cost competitive Many are unaware that the high inflation rate in the country is one of the major reasons why the Naira is losing value Therefore the authors recommend that the government should make a deliberate effort to tackle the key issues in the country insecurity incessant power issues continued exchange rate instability and non availability of forex to genuine business operators and exporting companies Inflation could remain an issue unless these issues are given headlong attention Good luck How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others nbsp
    Amid Inflationary Pressures: The growing threat of substitutes and second-hand goods
     The Coronavirus COVID 19 pandemic as well as the economic turbulence have had significant impacts on businesses manufacturers and households including individual lifestyle and well being in recent times The direct consequence of these impacts has been a very large increase in inflation numbers in the country and it is currently having serious implications Globally no country is immune to inflation Around the world inflationary pressure has been experienced in the USA the UK and many other developed and developing nations But in Nigeria the peculiarity is that inflation has been getting higher steadily for the last two years Nigeria is one of the countries where inflation has grown the fastest and it has been a concern for many businesses and the government due to its severe impact post COVID 19 Lately we have witnessed continued and unexplainable increases in the price of practically every known item and service across the country The troubling trend is that most of these basic and essential necessities are increasingly out of reach for the majority of people Indicating that the country s cost of living has risen at an alarming rate That is the rise in household spending required to maintain a consistent and decent quality of life has been a source of anxiety for many The National Bureau of Statistics NBS says Nigeria s headline inflation rate increased to 18 24 percent on a year on year basis as at June 2022 The percentage change is the highest in the last five years according to the records Though academic literature has pointed out that once inflation exceeds a certain level on average above 15 it starts to have a negative impact on the economy principally on economic stability growth employment and investment attractiveness Even so the author thinks that the real inflation in an economy is shown by the rise in prices of food groceries and other goods and services that people use every day Without a doubt the food inflation trend over the last two years has been overwhelming The proportion of the majority s income that is spent on food has remained ridiculously high The persistent rise in inflation results in a decline in the buying power of Nigerians who are therefore getting poorer Because they will be forced to prioritise significant spending and the affordability of essentials will continue to decrease The consequences of high inflation are a spike in unemployment numbers a rise in poverty rates declining savings a high number of jobless youths crimes and unrest A report by Aljazeera titled Inflation rises in Nigeria amid fuel scarcity and insecurity indicated that four 4 out of ten 10 Nigerians are living below the poverty line So with this trend the author has noticed a spike and sharp rise in the demand for substituted products and services by the majority of the citizenry in the country The substitution effect usually happens when consumers replace very expensive items with cheaper ones due to price changes or when their financial conditions regress and vice versa However the point is about the decline in purchasing power due to inflation and its attendant consequences The cost of purchasing products and services required to maintain a given quality of life continues to be a major worry for many families and individuals in the country According to the substitution effect people switch from more expensive products and services to less expensive alternatives when prices rise or income declines For the majority of businesses the persistent inflation in the country has made the high cost of running and maintaining independently generated power unbearable particularly the cost of diesel This has resulted in a high cost of running businesses However this cost is passed on to the consumers without notice When this cost is passed and consumers find it intolerable then a change in demand by switching to substitute products and services prevails The propensity for this trend is high and it has been the order of the day Substitute products or goods are alternative goods that could be used for the same purpose Therefore in the presence of inflation substituting means that consumers seek out alternatives that are frequently low in price most of the time low in quality inferior and largely unregulated The demand for substitutes continues to rise because the masses need to survive at all cost so who has the blame The consumers or the businesses So long as the price of goods and products continues to increase demand for their substitutes will continue to rise Consequently business operators need to be aware of this For instance numerous salary earners have been forced to reduce the quality of the food they purchase and business owners continue to replace family food basket staples with any affordable alternative Meanwhile the expenses of transportation school fees electricity cooking gas and rent are equally on the rise adding to the burden From a business perspective substitute products create rivalry loss of revenue weak sales loss of potential customers or consumers low or no patronage and threats to business survival The main absurdity is that businesses cannot even identify the providers of these alternatives because they remain largely in the dark For instance canned and jarred Sardine Titus is expensive but Sardine Estus an alternative is available and affordable but the producers are faceless and unknown Many of such competitors are available in the Nigerian market with a huge market share and competitive pressure However the quality of these readily available cheap alternatives is significantly compromised and market leading companies and products could even suffer business continuity issues if the lower priced alternative continues to gain market share and interest of the masses As a response it is a time for businesses to re strategise engage in high marketing and promotional campaigns innovate in line with customer expectations and patronage improving products and lower prices Again businesses can review their pricing model at this time to accommodate consumers and customers with waning purchasing power It is also important for the government to play a bigger role in regulating substandard inferior and bad products especially those that are dumped on the Nigerian market Right now it s important to look at and understand how substitution can affect the economy businesses and environment in order to stop high death rates and illnesses Businesses can fail entirely as a result of substitute effects and substitution products outperforming the original In a market where there are fewer substitute products there is a higher probability of businesses earning greater profits but the reverse is the case with inflation and the current realities So entrepreneurs business owners and SME operators need to clearly understand that their businesses may just suffer from a substitution effect which can weaken the sales of their products and may be attributed to consumers switching to cheaper alternatives just because they no longer have affordability or the price hike is unbearable In the view of the author consumers largely make their choices based on their available spending power and make constant adjustments based on price changes most of the time on impulse So in a time of high inflation and low consumer spending cheaper substitutes and second hand used items are the alternatives that are available Observation of the surroundings reveals every accessible space or place for micro businesses to operate its an avenue to trade in second hand items which the majority now prefer as alternatives owing to dwindling income and affordability at this time due to inflation This can make it harder for well known brands or established businesses to get patronage and remain in business if differentiation or other business strategies are ignored to stay cost competitive Many are unaware that the high inflation rate in the country is one of the major reasons why the Naira is losing value Therefore the authors recommend that the government should make a deliberate effort to tackle the key issues in the country insecurity incessant power issues continued exchange rate instability and non availability of forex to genuine business operators and exporting companies Inflation could remain an issue unless these issues are given headlong attention Good luck How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others nbsp
    Amid Inflationary Pressures: The growing threat of substitutes and second-hand goods
    Features3 months ago

    Amid Inflationary Pressures: The growing threat of substitutes and second-hand goods

    The Coronavirus (COVID-19) pandemic, as well as the economic turbulence, have had significant impacts on businesses, manufacturers and households, including individual lifestyle and well-being in recent times. The direct consequence of these impacts has been a very large increase in inflation numbers in the country, and it is currently having serious implications. Globally, no country is immune to inflation. Around the world, inflationary pressure has been experienced in the USA, the UK, and many other developed and developing nations. But in Nigeria, the peculiarity is that inflation has been getting higher steadily for the last two years.Nigeria is one of the countries where inflation has grown the fastest, and it has been a concern for many businesses, and the government due to its severe impact post -COVID-19. Lately, we have witnessed continued and unexplainable increases in the price of practically every known item and service across the country. The troubling trend is that most of these basic and essential necessities are increasingly out of reach for the majority of people. Indicating that the country's cost of living has risen at an alarming rate. That is, the rise in household spending required to maintain a consistent and decent quality of life has been a source of anxiety for many. The National Bureau of Statistics (NBS) says Nigeria's headline inflation rate increased to 18.24 percent on a year-on-year basis as at June 2022. The percentage change is the highest in the last five years, according to the records. Though academic literature has pointed out that once inflation exceeds a certain level, on average above 15%, it starts to have a negative impact on the economy, principally on economic stability, growth, employment, and investment attractiveness. Even so, the author thinks that the real inflation in an economy is shown by the rise in prices of food, groceries, and other goods and services that people use every day.Without a doubt, the food inflation trend over the last two years has been overwhelming. The proportion of the majority's income that is spent on food has remained ridiculously high. The persistent rise in inflation results in a decline in the buying power of Nigerians, who are therefore getting poorer. Because they will be forced to prioritise significant spending and the affordability of essentials will continue to decrease. The consequences of high inflation are a spike in unemployment numbers, a rise in poverty rates, declining savings, a high number of jobless youths, crimes, and unrest. A report by Aljazeera titled "Inflation rises in Nigeria amid fuel scarcity and insecurity" indicated that four (4) out of ten (10) Nigerians are living below the poverty line. So, with this trend, the author has noticed a spike and sharp rise in the demand for substituted products and services by the majority of the citizenry in the country. The substitution effect usually happens when consumers replace very expensive items with cheaper ones due to price changes or when their financial conditions regress, and vice-versa. However, the point is about the decline in purchasing power due to inflation and its attendant consequences. The cost of purchasing products and services required to maintain a given quality of life continues to be a major worry for many families and individuals in the country. According to the substitution effect, people switch from more expensive products and services to less expensive alternatives when prices rise or income declines.For the majority of businesses, the persistent inflation in the country has made the high cost of running and maintaining independently generated power unbearable, particularly the cost of diesel. This has resulted in a high cost of running businesses. However, this cost is passed on to the consumers without notice. When this cost is passed and consumers find it intolerable, then a change in demand by switching to substitute products and services prevails. The propensity for this trend is high and it has been the order of the day. Substitute products or goods are alternative goods that could be used for the same purpose. Therefore, in the presence of inflation, substituting means that consumers seek out alternatives that are frequently low in price, most of the time low in quality, inferior, and largely unregulated. The demand for substitutes continues to rise, because the masses need to survive at all cost, so who has the blame? The consumers or the businesses? So long as the price of goods and products continues to increase, demand for their substitutes will continue to rise. Consequently, business operators need to be aware of this. For instance, numerous salary earners have been forced to reduce the quality of the food they purchase, and business owners continue to replace family food basket staples with any affordable alternative. Meanwhile, the expenses of transportation, school fees, electricity, cooking gas, and rent are equally on the rise, adding to the burden.From a business perspective, substitute products create rivalry, loss of revenue, weak sales, loss of potential customers or consumers, low or no patronage, and threats to business survival. The main absurdity is that businesses cannot even identify the providers of these alternatives, because they remain largely in the dark. For instance, canned and jarred Sardine Titus is expensive, but Sardine Estus an alternative is available and affordable but the producers are faceless and unknown. Many of such competitors are available in the Nigerian market with a huge market share and competitive pressure. However, the quality of these readily available cheap alternatives is significantly compromised, and market leading companies and products could even suffer business continuity issues if the lower-priced alternative continues to gain market share and interest of the masses.As a response, it is a time for businesses to re-strategise, engage in high marketing and promotional campaigns, innovate in line with customer expectations and patronage-improving products, and lower prices. Again, businesses can review their pricing model at this time to accommodate consumers and customers with waning purchasing power. It is also important for the government to play a bigger role in regulating substandard, inferior, and bad products, especially those that are dumped on the Nigerian market. Right now, it's important to look at and understand how substitution can affect the economy, businesses, and environment in order to stop high death rates and illnesses.Businesses can fail entirely as a result of substitute effects and substitution products outperforming the original. In a market where there are fewer substitute products, there is a higher probability of businesses earning greater profits, but the reverse is the case, with inflation and the current realities. So, entrepreneurs, business owners, and SME operators need to clearly understand that their businesses may just suffer from a substitution effect, which can weaken the sales of their products and may be attributed to consumers switching to cheaper alternatives just because they no longer have affordability or the price hike is unbearable. In the view of the author, consumers largely make their choices based on their available spending power and make constant adjustments based on price changes, most of the time on impulse. So, in a time of high inflation and low consumer spending, cheaper substitutes and second hand (used) items) are the alternatives that are available. Observation of the surroundings reveals every accessible space or place for micro businesses to operate, its an avenue to trade in second-hand items which the majority now prefer as alternatives owing to dwindling income and affordability at this time due to inflation. This can make it harder for well-known brands or established businesses to get patronage and remain in business, if differentiation or other business strategies are ignored to stay cost competitive.Many are unaware that the high inflation rate in the country is one of the major reasons why the Naira is losing value. Therefore, the authors recommend that the government should make a deliberate effort to tackle the key issues in the country: insecurity, incessant power issues, continued exchange rate instability, and non-availability of forex to genuine business operators and exporting companies. Inflation could remain an issue unless these issues are given headlong attention. Good luck!How may you obtain advice or further information on the article? Dr. Timi Olubiyi, an Entrepreneurship & Business Management expert with a Ph.D. in Business Administration from Babcock University Nigeria. A prolific investment coach, author, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments .The opinions expressed in this article are that of the author- Dr Timi Olubiyi and do not necessarily reflect the views of others. 

  •  The Center for Democracy and Development CDD says that data from its Electoral Analysis Center EAC shows that 97 percent of the electoral staff of the Independent National Electoral Commission INEC arrived at the voting units in Osun at 8 30 am Dr Ayomola Oluranti Analyst at CDD EAC and Senior Lecturer at Babcock University Ogun made the disclosure in Abuja in the center s first interim statement on the Osun Governor election on Saturday According to Oluranti CDD EAC deployed 300 trained and accr NewsSourceCredit NAN
    Osun election: 97% of INEC workers arrived at the polling stations at 8:30 am – CDD
     The Center for Democracy and Development CDD says that data from its Electoral Analysis Center EAC shows that 97 percent of the electoral staff of the Independent National Electoral Commission INEC arrived at the voting units in Osun at 8 30 am Dr Ayomola Oluranti Analyst at CDD EAC and Senior Lecturer at Babcock University Ogun made the disclosure in Abuja in the center s first interim statement on the Osun Governor election on Saturday According to Oluranti CDD EAC deployed 300 trained and accr NewsSourceCredit NAN
    Osun election: 97% of INEC workers arrived at the polling stations at 8:30 am – CDD
    General news3 months ago

    Osun election: 97% of INEC workers arrived at the polling stations at 8:30 am – CDD

    The Center for Democracy and Development (CDD) says that data from its Electoral Analysis Center (EAC) shows that 97 percent of the electoral staff of the Independent National Electoral Commission (INEC) arrived at the voting units in Osun at 8:30 am Dr. Ayomola Oluranti, Analyst at CDD-EAC and Senior Lecturer at Babcock University, Ogun, made the disclosure in Abuja in the center's first interim statement on the Osun Governor election on Saturday.

    According to Oluranti, CDD-EAC deployed 300 trained and accr

    NewsSourceCredit: NAN

  •  Eleven persons lost their lives to a multiple auto crash near Isara Bridge Ogere off the Lagos Ibadan Expressway on Saturday night Seven other persons sustained varying degrees of injuries in the inferno that resulted from the accident Federal Road Safety Corps FRSC Sector Commander in Ogun Mr Ahmed Umar confirmed the figures of the accident victims to the News Agency of Nigeria on Sunday in Abeokuta Umar stated that the accident which occurred at 10 35 p m involved two Mazda buses and a car and was caused by excessive speeding He added that the affected vehicles and the dead were burnt beyond identification and recognition Six of the seven injured persons were taken to a hospital at Ogere for treatment while the seventh person was taken to Babcock University Teaching Hospital Ilisan also in Ogun for treatment Umaru said the injured are five male adults one female adult and a male child Motorists are advised to drive cautiously obey traffic rules and regulations and also cooperate with traffic managers he admonished NewsSourceCredit NAN
    11 die in incinerated vehicles on Lagos-Ibadan Expressway
     Eleven persons lost their lives to a multiple auto crash near Isara Bridge Ogere off the Lagos Ibadan Expressway on Saturday night Seven other persons sustained varying degrees of injuries in the inferno that resulted from the accident Federal Road Safety Corps FRSC Sector Commander in Ogun Mr Ahmed Umar confirmed the figures of the accident victims to the News Agency of Nigeria on Sunday in Abeokuta Umar stated that the accident which occurred at 10 35 p m involved two Mazda buses and a car and was caused by excessive speeding He added that the affected vehicles and the dead were burnt beyond identification and recognition Six of the seven injured persons were taken to a hospital at Ogere for treatment while the seventh person was taken to Babcock University Teaching Hospital Ilisan also in Ogun for treatment Umaru said the injured are five male adults one female adult and a male child Motorists are advised to drive cautiously obey traffic rules and regulations and also cooperate with traffic managers he admonished NewsSourceCredit NAN
    11 die in incinerated vehicles on Lagos-Ibadan Expressway
    General news3 months ago

    11 die in incinerated vehicles on Lagos-Ibadan Expressway

    Eleven persons lost their lives to a  multiple auto crash near Isara Bridge, Ogere, off the Lagos-Ibadan Expressway on Saturday night.

    Seven other persons sustained varying degrees of injuries in the inferno that resulted from the accident.

    Federal Road Safety Corps (FRSC) Sector Commander in Ogun, Mr Ahmed Umar, confirmed the figures of the accident victims to the News Agency of Nigeria on Sunday in Abeokuta.

    Umar stated that the accident, which occurred at 10.35 p.m. involved two Mazda buses and a car and was caused by excessive speeding.

    He added that the affected vehicles and the dead were burnt beyond identification and recognition.

    Six of the seven injured persons were taken to a hospital at Ogere for treatment, while the seventh person was taken to Babcock University Teaching Hospital, Ilisan, also in Ogun for treatment.

    Umaru said the injured are five male adults, one female adult and a male child.

    “Motorists are advised to drive cautiously, obey traffic rules and regulations and also cooperate with traffic managers,’’ he admonished.

    NewsSourceCredit: NAN

  •  Nigerians and Nigeria Happy Democracy Day Democracy Day is observed to commemorate the country s restoration of democracy in 1999 and it has become an annual event since True democracy on the other hand comes when the environment encompasses safety ample economic benefits a free fair and trustworthy voting system as well as the decrease of the hydra headed difficulties most notably the ravaging poverty and unemployment in the country Electronic governance is one of the methods that may be used to achieve full and true democracy The World Bank defines electronic governance as the government s use of information technologies including Wide Area Networks the internet software applications cloud infrastructure and mobile computing to transform relations safety and communication with citizens businesses and other government agencies It may seem overwhelming but if the nation is genuinely dedicated e governance may improve public access to government services information dependable security adequate oversight roles accountability and regulations To name a few the scope of e governance may include simple citizen identification e registrations e voting e courts e policing e licensing e taxation e mobilization e education e service delivery e feedback intelligence collection and the analysis of public financial records Passionately governments around the world are taking steps to incorporate technology into all governmental processes which is a seamless service option as well as a way to achieve a meaningful data driven decision making system at a low cost and with fewer human interactions which ordinarily aids corruption and bribery What is the significance of this e governance For example the government cannot fully provide social infrastructure unless it knows the nation s population or how many people live in the country and it cannot adequately provide educational infrastructure until it has data on children More so the number of automobiles road users unemployed youngsters and even the country s unbanked and illiterate rates must be known for adequate and meaningful planning purposes Citizen data in my view is a development infrastructure and a real asset that the government may employ to increase economic well being Because it could tell us a lot about how people act what they do and how that affects society as a whole It is long past time for all levels of government to think about how to use technology through e governance in running the country No doubt Nigeria has the fastest growing information and communication technology market in Africa particularly in financial technology FinTech according to reliable records However the country still ranks low in terms of providing e governance services to its citizens So it is only necessary for the Nigerian government to adopt digital innovation and fall in line with other countries where technology greatly supports governance via e governance Many countries and government agencies around the world rely more and more on electronic methods and technology to keep records provide services and communicate with their citizens Nigeria should not be an exception especially because of the constant security issues With no doubt Nigeria has a large population which is projected to be 400 million by 2050 It is clear that digital applications in national planning are critical and unavoidable for the country to achieve the needed growth and stability Because current infrastructures are more likely to be overstressed in the absence of a reliable data driven decision making system and adequate scientific projections So e governance and the use of information and communications technology ICT in government operations are needed to make government services more available to the public Therefore if e governance is fully implemented it can help in the areas of security defense judiciary economic monitoring social and national planning as it relates to demographics electioneering and even tax administration Furthermore if implemented data such as offenders criminals and violators lists may simply be shared and made available where necessary This will aid in not having people with dubious characteristics or criminals in areas they should not be It is important to stress that no meaningful government can improve the lives and livelihoods of its citizens without reliable citizen data and a national database portal As it stands a large number of Nigerians are still without government regulated identification and this is a huge risk to national development security and planning In rural locations and some areas people are generally born grow reach maturity retire age and die without the government knowing or being aware of their existence This should not be the case birth data is crucial and should serve as the foundation for other types of registrations and records in the country As things stand we may have all kinds of foreigners pretending and claiming to be Nigerians Therefore it is a clear and indisputable fact that to be able to govern with any degree of meaningful impact the government needs to be able to know and be able to identify not only its citizens but all other people living within its borders It appears national identification number registration alone cannot adequately achieve this without formally having a national census and resident survey The government should think about e governance policies especially the e citizen portal which will make it easy for people and businesses to use all government services in the country Thus it is beyond doubt that the implementation of e governance and a national database portal is imperative and crucial for national development More so e governance can smoothen the working procedures of the government and also reduce crime and insecurity in the country due to the availability of intelligence and information for the government to use from time to time If well managed it will be extremely useful in administrative legislative and judicial agencies including both federal and local governments Besides e governance when implemented it will help in developmental policies to fix or alleviate social issues help with inequality social intervention improvement and determine the rate of unemployment in the country meaningfully among others To summarise the e governance system is long overdue in Nigerian ministries police forces prisons courts ports and many other places Thus if widely implemented it will reduce the perennially suffocating administrative costs and regulatory burdens on citizens and businesses It will also promote good governance by increasing the effectiveness and efficiency of the public sector which will encourage more public private partnerships foreign direct investments FDI s and an open government ecosystem Citizens attitudes toward government will invariably change as a result of increased trust and public value Although e government requires a significant initial investment in hardware software and expertise it yields significant long term benefits when compared to bureaucratic ones Once again happy Democracy Day and best wishes to Nigeria and Nigerians How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others
    Happy Democracy Day Nigeria! 
     Nigerians and Nigeria Happy Democracy Day Democracy Day is observed to commemorate the country s restoration of democracy in 1999 and it has become an annual event since True democracy on the other hand comes when the environment encompasses safety ample economic benefits a free fair and trustworthy voting system as well as the decrease of the hydra headed difficulties most notably the ravaging poverty and unemployment in the country Electronic governance is one of the methods that may be used to achieve full and true democracy The World Bank defines electronic governance as the government s use of information technologies including Wide Area Networks the internet software applications cloud infrastructure and mobile computing to transform relations safety and communication with citizens businesses and other government agencies It may seem overwhelming but if the nation is genuinely dedicated e governance may improve public access to government services information dependable security adequate oversight roles accountability and regulations To name a few the scope of e governance may include simple citizen identification e registrations e voting e courts e policing e licensing e taxation e mobilization e education e service delivery e feedback intelligence collection and the analysis of public financial records Passionately governments around the world are taking steps to incorporate technology into all governmental processes which is a seamless service option as well as a way to achieve a meaningful data driven decision making system at a low cost and with fewer human interactions which ordinarily aids corruption and bribery What is the significance of this e governance For example the government cannot fully provide social infrastructure unless it knows the nation s population or how many people live in the country and it cannot adequately provide educational infrastructure until it has data on children More so the number of automobiles road users unemployed youngsters and even the country s unbanked and illiterate rates must be known for adequate and meaningful planning purposes Citizen data in my view is a development infrastructure and a real asset that the government may employ to increase economic well being Because it could tell us a lot about how people act what they do and how that affects society as a whole It is long past time for all levels of government to think about how to use technology through e governance in running the country No doubt Nigeria has the fastest growing information and communication technology market in Africa particularly in financial technology FinTech according to reliable records However the country still ranks low in terms of providing e governance services to its citizens So it is only necessary for the Nigerian government to adopt digital innovation and fall in line with other countries where technology greatly supports governance via e governance Many countries and government agencies around the world rely more and more on electronic methods and technology to keep records provide services and communicate with their citizens Nigeria should not be an exception especially because of the constant security issues With no doubt Nigeria has a large population which is projected to be 400 million by 2050 It is clear that digital applications in national planning are critical and unavoidable for the country to achieve the needed growth and stability Because current infrastructures are more likely to be overstressed in the absence of a reliable data driven decision making system and adequate scientific projections So e governance and the use of information and communications technology ICT in government operations are needed to make government services more available to the public Therefore if e governance is fully implemented it can help in the areas of security defense judiciary economic monitoring social and national planning as it relates to demographics electioneering and even tax administration Furthermore if implemented data such as offenders criminals and violators lists may simply be shared and made available where necessary This will aid in not having people with dubious characteristics or criminals in areas they should not be It is important to stress that no meaningful government can improve the lives and livelihoods of its citizens without reliable citizen data and a national database portal As it stands a large number of Nigerians are still without government regulated identification and this is a huge risk to national development security and planning In rural locations and some areas people are generally born grow reach maturity retire age and die without the government knowing or being aware of their existence This should not be the case birth data is crucial and should serve as the foundation for other types of registrations and records in the country As things stand we may have all kinds of foreigners pretending and claiming to be Nigerians Therefore it is a clear and indisputable fact that to be able to govern with any degree of meaningful impact the government needs to be able to know and be able to identify not only its citizens but all other people living within its borders It appears national identification number registration alone cannot adequately achieve this without formally having a national census and resident survey The government should think about e governance policies especially the e citizen portal which will make it easy for people and businesses to use all government services in the country Thus it is beyond doubt that the implementation of e governance and a national database portal is imperative and crucial for national development More so e governance can smoothen the working procedures of the government and also reduce crime and insecurity in the country due to the availability of intelligence and information for the government to use from time to time If well managed it will be extremely useful in administrative legislative and judicial agencies including both federal and local governments Besides e governance when implemented it will help in developmental policies to fix or alleviate social issues help with inequality social intervention improvement and determine the rate of unemployment in the country meaningfully among others To summarise the e governance system is long overdue in Nigerian ministries police forces prisons courts ports and many other places Thus if widely implemented it will reduce the perennially suffocating administrative costs and regulatory burdens on citizens and businesses It will also promote good governance by increasing the effectiveness and efficiency of the public sector which will encourage more public private partnerships foreign direct investments FDI s and an open government ecosystem Citizens attitudes toward government will invariably change as a result of increased trust and public value Although e government requires a significant initial investment in hardware software and expertise it yields significant long term benefits when compared to bureaucratic ones Once again happy Democracy Day and best wishes to Nigeria and Nigerians How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others
    Happy Democracy Day Nigeria! 
    Opinion4 months ago

    Happy Democracy Day Nigeria! 

    Nigerians and Nigeria, Happy Democracy Day! Democracy Day is observed to commemorate the country's restoration of democracy in 1999, and it has become an annual event since. True democracy, on the other hand, comes when the environment encompasses safety, ample economic benefits, a free, fair, and trustworthy voting system, as well as the decrease of the hydra-headed difficulties, most notably the ravaging poverty and unemployment in the country. Electronic governance is one of the methods that may be used to achieve full and true democracy. The World Bank defines electronic governance as "the government's use of information technologies (including Wide Area Networks, the internet, software applications, cloud infrastructure, and mobile computing) to transform relations, safety and communication with citizens, businesses, and other government agencies." It may seem overwhelming, but if the nation is genuinely dedicated, e-governance may improve public access to government services, information, dependable security, adequate oversight roles, accountability, and regulations. To name a few, the scope of e-governance may include simple citizen identification; e-registrations; e-voting; e-courts; e-policing; e-licensing; e-taxation; e-mobilization; e-education; e-service delivery; e-feedback; intelligence collection; and the analysis of public financial records. Passionately, governments around the world are taking steps to incorporate technology into all governmental processes, which is a seamless service option as well as a way to achieve a meaningful data-driven decision-making system at a low cost and with fewer human interactions, which ordinarily aids corruption and bribery. What is the significance of this e-governance? For example, the government cannot fully provide social infrastructure unless it knows the nation's population or how many people live in the country, and it cannot adequately provide educational infrastructure until it has data on children. More so, the number of automobiles, road users, unemployed youngsters, and even the country's unbanked and illiterate rates must be known for adequate and meaningful planning purposes. Citizen data, in my view, is a development infrastructure and a real asset that the government may employ to increase economic well-being. Because it could tell us a lot about how people act, what they do, and how that affects society as a whole. It is long past time for all levels of government to think about how to use technology through e-governance in running the country.No doubt, Nigeria has the fastest growing information and communication technology market in Africa, particularly in financial technology (FinTech), according to reliable records. However, the country still ranks low in terms of providing e-governance services to its citizens. So, it is only necessary for the Nigerian government to adopt digital innovation and fall in line, with other countries where technology greatly supports governance via e-governance. Many countries and government agencies around the world rely more and more on electronic methods and technology to keep records, provide services, and communicate with their citizens. Nigeria should not be an exception, especially because of the constant security issues.With no doubt, Nigeria has a large population, which is projected to be 400 million by 2050. It is clear that digital applications in national planning are critical and unavoidable for the country to achieve the needed growth and stability. Because current infrastructures are more likely to be overstressed in the absence of a reliable data-driven decision-making system and adequate scientific projections. So, e-governance and the use of information and communications technology (ICT) in government operations are needed to make government services more available to the public.Therefore, if e-governance is fully implemented, it can help in the areas of security, defense, judiciary, economic monitoring, social and national planning as it relates to demographics, electioneering, and even tax administration. Furthermore, if implemented, data such as offenders, criminals, and violators' lists may simply be shared and made available where necessary. This will aid in not having people with dubious characteristics or criminals in areas they should not be.It is important to stress that no meaningful government can improve the lives and livelihoods of its citizens without reliable citizen data and a national database portal. As it stands, a large number of Nigerians are still without government-regulated identification, and this is a huge risk to national development, security, and planning. In rural locations and some areas, people are generally born, grow, reach maturity, retire, age, and die without the government knowing or being aware of their existence. This should not be the case; birth data is crucial and should serve as the foundation for other types of registrations and records in the country. As things stand, we may have all kinds of foreigners pretending and claiming to be Nigerians.Therefore, it is a clear and indisputable fact that to be able to govern with any degree of meaningful impact, the government needs to be able to know and be able to identify not only its citizens but all other people living within its borders. It appears national identification number registration alone cannot adequately achieve this without formally having a national census and resident survey. The government should think about e-governance policies, especially the e-citizen portal, which will make it easy for people and businesses to use all government services in the country.Thus, it is beyond doubt that the implementation of e-governance and a national database portal is imperative and crucial for national development. More so, e-governance can smoothen the working procedures of the government and also reduce crime and insecurity in the country, due to the availability of intelligence and information for the government to use from time to time. If well managed, it will be extremely useful in administrative, legislative, and judicial agencies (including both federal and local governments). Besides e-governance when implemented, it will help in developmental policies to fix or alleviate social issues, help with inequality social intervention improvement, and determine the rate of unemployment in the country meaningfully, among others.To summarise, the e-governance system is long overdue in Nigerian ministries, police forces, prisons, courts, ports, and many other places. Thus, if widely implemented, it will reduce the perennially suffocating administrative costs and regulatory burdens on citizens and businesses. It will also promote good governance by increasing the effectiveness and efficiency of the public sector, which will encourage more public-private partnerships, foreign direct investments (FDI's), and an open government ecosystem. Citizens' attitudes toward government will invariably change as a result of increased trust and public value. Although e-government requires a significant initial investment in hardware, software, and expertise, it yields significant long-term benefits when compared to bureaucratic ones. Once again, happy Democracy Day and best wishes to Nigeria and Nigerians!How may you obtain advice or further information on the article? Dr. Timi Olubiyi, an Entrepreneurship & Business Management expert with a Ph.D. in Business Administration from Babcock University Nigeria. A prolific investment coach, author, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments. The opinions expressed in this article are that of the author- Dr. Timi Olubiyi and do not necessarily reflect the views of others.

  •  By Timi Olubiyi Ph D In recent times we have seen more businesses reporting low or no profit and in some cases no revenue The case of business failures is equally high and prevalent which could be attributed to the changing landscape in the aftermath of the coronavirus pandemic high inflation poor supply chains high exchange rate regime and a host of other struggles Despite the coronavirus pandemic radically altering business operations and customer experiences many businesses in Africa particularly Nigeria have stuck to the prevailing old pattern of customer service which frequently involves poor customer convenience and low customer satisfaction Though we have seen more of innovations around technology adoption in businesses to improve performance and retain customers little is noticed in small businesses and large firms in Nigeria Despite changing business models all across different industries around the world to meet current realities and customer expectations Consequently businesses that wish to maintain survival need to adjust to the realities around customer expectations preferences and convenience without further delay If small businesses fail to recognise these changes in customer expectations they may face a business continuity threat rather than just poor performance likewise large firms The majority of business advances in recent times have been inspired by technology noticeably in service businesses and food service sectors particularly restaurants and transportation For instance considering the case of Uber the car hailing business and the likes the business model was driven by changes in consumer behaviour and convenience was the major driver The success of the business model does not rest on a deep emotional connection with customers but the success may be summed up in a single word convenience Also based on my observations around Lagos State the adjudged economic capital of Nigeria I have seen a restaurant with multiple outlets offer a single meal rice with boiled egg for N500 That is less than a dollar for the meal noting that a 1 is around N600 in the country Similarly banks provide mobile banking software applications apps through which accounts may be opened online and transactions can be completed even to borrow funds without having to enter the banking hall Another example is the sudden deployment of point of sale PoS terminals to agents throughout the country with the agents executing some banking transactions nearly everywhere outside banking halls Further to this in Somolu a Lagos State suburb I have also seen that a local caf Amala joint opens on Sundays when competitors are all closed and chooses to close on Mondays to observe the one day off per week With this idea the local cafe operator can give a lot of customers the flexibility and convenience they need on Sundays while also making premium on the business gains All these concepts are intended to capitalise on customer convenience and the current realities nothing more Therefore business owners and SME operators should understand this and know that when it comes to the most crucial aspects of customer needs convenience is supreme Each customer though may have different ideas of what constitutes convenience from pricing to the business location payment options ease of shopping or making transactions business opening days and time flexibility customer experience of ordering delivering and the likes It is important to note that most consumers are price sensitive though and base their purchasing or service decisions on it According to my further observations in Lagos State I noticed that despite a lack of solid business concepts and knowledge the numerous neighbourhood corner shops traffic hawkers and businesses without recognised classification operate on this convenience model Though it may seem to be an insignificant way to operate a business the turnover revenue and profit could be sufficient to sustain the operators The expectation is that customers will hurriedly need items or products and such businesses exist on this premise Whereas I see major enterprises with a brick and mortar retailing strategy still paying exorbitant rent to maintain a physical presence without operating online or adopting technology for convenience Ignoring the digital age that has changed the retail industry and indeed most sectors of the economy where businesses can relate with customers anywhere and at any time As a result it is high time for structured enterprises retail outlets and large businesses to adopt the convenience model in order to improve business sustainability and profitability Convenience is more important to consumers than ever before particularly in terms of pricing i e affordable services or products and location that is easily accessible physical or online What matters to most consumers is the time and effort they have to expend because they are largely impatient the less time the better and the less amount the best Giving an illustration of how convenience can make a business more profitable in a case of a superstore patronage can be increased by having a good and convenient location reducing expensive specialty or high end products and exponentially increasing convenient goods Convenient goods are items or products that customers can easily afford and frequently buy on impulse without much thought Such items are groceries eatables detergents toothpaste paper products and emergency products such as light bulbs and so on The idea is that large volume is likely to be sold within a short period and repeat purchases will happen continually and such business will be active and performing Furthermore technology too can greatly help in this instance that is where e commerce comes in The extra levels of convenience where customers can effectively use their phones with seamless payment platforms or gateways to effect purchases or transactions will help a great deal no matter how small For micro businesses social media platforms and WhatsApp status can equally help with cheap advertisement and keeping customers updated For other forms of businesses particularly large firms a business model can be designed or redesigned around convenient solutions To create convenience firms must find ways to eliminate any friction that may arise when a potential customer interacts with or purchases from their business Such convenience can be designed around packaging delivery usability automation and product variety Let the truth be told convenience can actually increase repeat purchases of any form of business which in turn helps increase and grow the profit margin Any strategy to boost the convenience of customers can also give brand loyalty which will at the end of the day give a competitive edge and market dominance Therefore providing convenience can be the key to business success at this time of high inflation low disposable income and weak purchasing power of the majority who are the masses Because by saving customers time money and energy businesses can also make more income Significantly market survey and customer research may assist in determining which solutions will enhance business service and overall provide a high degree of ease Quite often I have noticed that businesses do not leverage on feedbacks from customers It is good to have present customers submit comments or reviews highlighting instances in which a particular business or rivals businesses failed to meet their convenience expectations and this may be a pointer to what needs to be addressed It takes more than pricing to outperform the competition so consider how to integrate convenience into a designed business model Who says customers cannot order a haircut photoshoot home cooked meals or even a manicure directly from their mobile phones for a convenient home service All that is needed is for the vendors or business owners to think critically and carry out research about the ways things should work In conclusion to effectively engage with today s hyper connected technology savvy and impatient consumers businesses must be preoccupied with offering quick convenient and simple solutions In short nothing pays more for businesses at this time than being more convenience oriented because it could be the shortest path to increasing customer retention loyalty and business profitability Good luck nbsp How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others
    Businesses at this time: What determines huge patronage
     By Timi Olubiyi Ph D In recent times we have seen more businesses reporting low or no profit and in some cases no revenue The case of business failures is equally high and prevalent which could be attributed to the changing landscape in the aftermath of the coronavirus pandemic high inflation poor supply chains high exchange rate regime and a host of other struggles Despite the coronavirus pandemic radically altering business operations and customer experiences many businesses in Africa particularly Nigeria have stuck to the prevailing old pattern of customer service which frequently involves poor customer convenience and low customer satisfaction Though we have seen more of innovations around technology adoption in businesses to improve performance and retain customers little is noticed in small businesses and large firms in Nigeria Despite changing business models all across different industries around the world to meet current realities and customer expectations Consequently businesses that wish to maintain survival need to adjust to the realities around customer expectations preferences and convenience without further delay If small businesses fail to recognise these changes in customer expectations they may face a business continuity threat rather than just poor performance likewise large firms The majority of business advances in recent times have been inspired by technology noticeably in service businesses and food service sectors particularly restaurants and transportation For instance considering the case of Uber the car hailing business and the likes the business model was driven by changes in consumer behaviour and convenience was the major driver The success of the business model does not rest on a deep emotional connection with customers but the success may be summed up in a single word convenience Also based on my observations around Lagos State the adjudged economic capital of Nigeria I have seen a restaurant with multiple outlets offer a single meal rice with boiled egg for N500 That is less than a dollar for the meal noting that a 1 is around N600 in the country Similarly banks provide mobile banking software applications apps through which accounts may be opened online and transactions can be completed even to borrow funds without having to enter the banking hall Another example is the sudden deployment of point of sale PoS terminals to agents throughout the country with the agents executing some banking transactions nearly everywhere outside banking halls Further to this in Somolu a Lagos State suburb I have also seen that a local caf Amala joint opens on Sundays when competitors are all closed and chooses to close on Mondays to observe the one day off per week With this idea the local cafe operator can give a lot of customers the flexibility and convenience they need on Sundays while also making premium on the business gains All these concepts are intended to capitalise on customer convenience and the current realities nothing more Therefore business owners and SME operators should understand this and know that when it comes to the most crucial aspects of customer needs convenience is supreme Each customer though may have different ideas of what constitutes convenience from pricing to the business location payment options ease of shopping or making transactions business opening days and time flexibility customer experience of ordering delivering and the likes It is important to note that most consumers are price sensitive though and base their purchasing or service decisions on it According to my further observations in Lagos State I noticed that despite a lack of solid business concepts and knowledge the numerous neighbourhood corner shops traffic hawkers and businesses without recognised classification operate on this convenience model Though it may seem to be an insignificant way to operate a business the turnover revenue and profit could be sufficient to sustain the operators The expectation is that customers will hurriedly need items or products and such businesses exist on this premise Whereas I see major enterprises with a brick and mortar retailing strategy still paying exorbitant rent to maintain a physical presence without operating online or adopting technology for convenience Ignoring the digital age that has changed the retail industry and indeed most sectors of the economy where businesses can relate with customers anywhere and at any time As a result it is high time for structured enterprises retail outlets and large businesses to adopt the convenience model in order to improve business sustainability and profitability Convenience is more important to consumers than ever before particularly in terms of pricing i e affordable services or products and location that is easily accessible physical or online What matters to most consumers is the time and effort they have to expend because they are largely impatient the less time the better and the less amount the best Giving an illustration of how convenience can make a business more profitable in a case of a superstore patronage can be increased by having a good and convenient location reducing expensive specialty or high end products and exponentially increasing convenient goods Convenient goods are items or products that customers can easily afford and frequently buy on impulse without much thought Such items are groceries eatables detergents toothpaste paper products and emergency products such as light bulbs and so on The idea is that large volume is likely to be sold within a short period and repeat purchases will happen continually and such business will be active and performing Furthermore technology too can greatly help in this instance that is where e commerce comes in The extra levels of convenience where customers can effectively use their phones with seamless payment platforms or gateways to effect purchases or transactions will help a great deal no matter how small For micro businesses social media platforms and WhatsApp status can equally help with cheap advertisement and keeping customers updated For other forms of businesses particularly large firms a business model can be designed or redesigned around convenient solutions To create convenience firms must find ways to eliminate any friction that may arise when a potential customer interacts with or purchases from their business Such convenience can be designed around packaging delivery usability automation and product variety Let the truth be told convenience can actually increase repeat purchases of any form of business which in turn helps increase and grow the profit margin Any strategy to boost the convenience of customers can also give brand loyalty which will at the end of the day give a competitive edge and market dominance Therefore providing convenience can be the key to business success at this time of high inflation low disposable income and weak purchasing power of the majority who are the masses Because by saving customers time money and energy businesses can also make more income Significantly market survey and customer research may assist in determining which solutions will enhance business service and overall provide a high degree of ease Quite often I have noticed that businesses do not leverage on feedbacks from customers It is good to have present customers submit comments or reviews highlighting instances in which a particular business or rivals businesses failed to meet their convenience expectations and this may be a pointer to what needs to be addressed It takes more than pricing to outperform the competition so consider how to integrate convenience into a designed business model Who says customers cannot order a haircut photoshoot home cooked meals or even a manicure directly from their mobile phones for a convenient home service All that is needed is for the vendors or business owners to think critically and carry out research about the ways things should work In conclusion to effectively engage with today s hyper connected technology savvy and impatient consumers businesses must be preoccupied with offering quick convenient and simple solutions In short nothing pays more for businesses at this time than being more convenience oriented because it could be the shortest path to increasing customer retention loyalty and business profitability Good luck nbsp How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach author seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments The opinions expressed in this article are that of the author Dr Timi Olubiyi and do not necessarily reflect the views of others
    Businesses at this time: What determines huge patronage
    Business4 months ago

    Businesses at this time: What determines huge patronage

    By Timi Olubiyi, Ph.D.In recent times, we have seen more businesses reporting low or no profit and, in some cases, no revenue. The case of business failures is equally high and prevalent, which could be attributed to the changing landscape in the aftermath of the coronavirus pandemic, high inflation, poor supply chains, high exchange rate regime, and a host of other struggles. Despite the coronavirus pandemic radically altering business operations and customer experiences, many businesses in Africa, particularly Nigeria, have stuck to the prevailing old pattern of customer service, which frequently involves poor customer convenience and low customer satisfaction.Though we have seen more of innovations around technology adoption in businesses to improve performance and retain customers little is noticed in small businesses and large firms in Nigeria. Despite changing business models all across different industries around the world to meet current realities and customer expectations. Consequently, businesses that wish to maintain survival need to adjust to the realities around customer expectations, preferences, and convenience without further delay. If small businesses fail to recognise these changes in customer expectations, they may face a business continuity threat rather than just poor performance, likewise large firms.The majority of business advances in recent times have been inspired by technology, noticeably in service businesses and food-service sectors, particularly restaurants and transportation. For instance, considering the case of Uber, the car hailing business and the likes, the business model was driven by changes in consumer behaviour and convenience was the major driver. The success of the business model does not rest on a deep emotional connection with customers but the success may be summed up in a single word: convenience.Also, based on my observations around Lagos State, the adjudged economic capital of Nigeria, I have seen a restaurant with multiple outlets offer a single meal, rice with boiled egg, for N500. That is less than a dollar for the meal, noting that a $1 is around N600 in the country. Similarly, banks provide mobile banking software applications (apps) through which accounts may be opened online and transactions can be completed, even to borrow funds, without having to enter the banking hall. Another example is the sudden deployment of point-of-sale (PoS) terminals to agents throughout the country, with the agents executing some banking transactions nearly everywhere outside banking halls.Further to this, in Somolu, a Lagos State suburb, I have also seen that a local café (Amala joint) opens on Sundays when competitors are all closed, and chooses to close on Mondays to observe the one day off per week. With this idea, the local cafe operator can give a lot of customers the flexibility and convenience they need on Sundays while also making premium on the business gains. All these concepts are intended to capitalise on customer convenience and the current realities nothing more.Therefore, business owners and SME operators should understand this and know that when it comes to the most crucial aspects of customer needs, convenience is supreme. Each customer, though, may have different ideas of what constitutes convenience, from pricing to the business location, payment options, ease of shopping or making transactions, business opening days and time flexibility, customer experience of ordering, delivering, and the likes. It is important to note that most consumers are price sensitive though and base their purchasing or service decisions on it.According to my further observations in Lagos State, I noticed that despite a lack of solid business concepts and knowledge, the numerous neighbourhood corner-shops, traffic hawkers, and businesses without recognised classification, operate on this convenience model. Though it may seem to be an insignificant way to operate a business, the turnover, revenue, and profit could be sufficient to sustain the operators.The expectation is that customers will hurriedly need items or products, and such businesses exist on this premise. Whereas I see major enterprises with a brick-and-mortar retailing strategy still paying exorbitant rent to maintain a physical presence without operating online or adopting technology for convenience. Ignoring the digital age that has changed the retail industry, and indeed most sectors of the economy, where businesses can relate with customers anywhere and at any time.As a result, it is high time for structured enterprises, retail outlets, and large businesses to adopt the convenience model in order to improve business sustainability and profitability. Convenience is more important to consumers than ever before, particularly in terms of pricing, (i.e., affordable services or products) and location that is easily accessible (physical or online). What matters to most consumers is the time and effort they have to expend because they are largely impatient – the less time, the better, and the less amount, the best.Giving an illustration of how convenience can make a business more profitable in a case of a superstore, patronage can be increased by having a good and convenient location, reducing expensive, specialty, or high-end products and exponentially increasing convenient goods. Convenient goods are items or products that customers can easily afford and frequently buy on impulse without much thought. Such items are groceries, eatables, detergents, toothpaste, paper products, and emergency products such as light bulbs and so on.The idea is that large volume is likely to be sold within a short period, and repeat purchases will happen continually and such business will be active and performing. Furthermore, technology too can greatly help in this instance, that is where e-commerce comes in. The extra levels of convenience where customers can effectively use their phones with seamless payment platforms or gateways to effect purchases or transactions will help a great deal, no matter how small. For micro businesses social media platforms and WhatsApp status can equally help with cheap advertisement and keeping customers updated.For other forms of businesses, particularly large firms a business model can be designed or redesigned around convenient solutions. To create convenience, firms must find ways to eliminate any "friction" that may arise when a potential customer interacts with or purchases from their business. Such convenience can be designed around, packaging, delivery, usability, automation, and product variety.Let the truth be told, convenience can actually increase repeat purchases of any form of business, which in turn helps increase and grow the profit margin. Any strategy to boost the convenience of customers can also give brand loyalty, which will, at the end of the day, give a competitive edge and market-dominance. Therefore, providing convenience can be the key to business success at this time of high inflation, low disposable income, and weak purchasing power of the majority, who are the masses. Because by saving customers' time, money, and energy, businesses can also make more income.Significantly, market survey and customer research may assist in determining which solutions will enhance business service, and overall provide a high degree of ease. Quite often, I have noticed that businesses do not leverage on feedbacks from customers. It is good to have present customers submit comments or reviews highlighting instances in which a particular business (or rivals' businesses) failed to meet their convenience expectations, and this may be a pointer to what needs to be addressed.It takes more than pricing to outperform the competition, so consider how to integrate convenience into a designed business model. Who says customers cannot order a haircut, photoshoot, home-cooked meals, or even a manicure directly from their mobile phones for a convenient home service? All that is needed is for the vendors or business owners to think critically and carry out research about the ways things should work.In conclusion, to effectively engage with today's hyper-connected, technology-savvy, and impatient consumers, businesses must be preoccupied with offering quick, convenient, and simple' solutions. In short, nothing pays more for businesses at this time than being more convenience-oriented because it could be the shortest path to increasing customer retention, loyalty, and business profitability. Good luck! 

    How may you obtain advice or further information on the article?

    Dr. Timi Olubiyi, an Entrepreneurship & Business Management expert with a Ph.D. in Business Administration from Babcock University Nigeria. A prolific investment coach, author, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments . The opinions expressed in this article are that of the author- Dr. Timi Olubiyi and do not necessarily reflect the views of others.

  •  By Timi Olubiyi Ph D The rising cost of living is impacting globally but differently and it is clearly evident that expenses and bills continue to rise steeply The cost of food household consumables and other essentials has skyrocketed in recent times from Cairo to Botswana Delhi Shanghai London Houston Mexico City Johannesburg Mumbai Dublin and Manila name it This price hike has been on the increase as part of the consequences of the novel coronavirus COVID 19 and this continues to shrink the available disposable income of the majority altogether In the Nigerian context a loaf of bread that was N350 in 2020 is now about N700 a 100 increase in two years Similar percentage increases are in the cost of flight tickets health care rents diesel cooking gas bag of rice crate of eggs a kilo of chicken or turkey and many other essentials due to inflation yet income has remained the same or even less Nothing is easily affordable and everything is out of reach of the masses Given the country s current situation and that many people have not seen a growth in their income this has resulted in reduced or no savings increased frustration and dissatisfaction in fulfilling basic demands amongst many There is always the possibility and anxiety of losing jobs or businesses folding up regardless of the length of service put up experience acquired or available connection and these consequences may even be more severe Employers in fact are hesitant to implement any wage increases for economic reasons Inflation continues to have a severe negative impact on man s mental emotional and physical well being as well as on marriages and livelihoods Currently even with a steady regular salary living has become costlier with heightened uncertainty high inflation and weak purchasing power especially for the masses including civil servants entrepreneurs and small business owners As a result one of the ways to have protection is by diversifying sources of income and having multiple streams at this time You have multiple bills why not have multiple streams of income to support the inadequacy Therefore in addition to salary or business income it is important to source other income avenues to satisfy the rising needs poor business performance and inflation Because if financial capacity is weak and daily expenses continue to rise individuals businesses and even households will be threatened with sustainability Therefore there is a need to take action because having multiple streams of income has proven to be priceless According to my observations the majority of people and homes in the country rely solely on earned income be it salary or daily income from a business and they are always hoping that nothing bad happens It is critical to understand that if salary is the sole source of income you are on the verge of financial pressure With the high inflation unemployment crisis and unstable economy having many sources of income may help spread the risk and guarantee that homes and businesses are stable and financially protected We live in a world where one source of income is insufficient and becoming increasingly unsustainable If you ask me having multiple sources of income is no longer a luxury it is a necessity To be safe it is never rational to depend on a single income source full time job or a single market Remember change is the only constant thing in life and this change happens rapidly in this period and is always unpredictable Living on paycheck to paycheck can severely affect mental health increase anxiety depression stress and many are unaware of the implication on their health Consequently having multiple sources of income is the best way to protect yourself your company and your family against drastic financial change The tools for generating these multiple streams of income are readily accessible on the internet or by engaging a professional We have greater access than ever before to information people ideas and opportunities with the social media so tap into this If the average billionaire or millionaires has more than one way to make money it is important for professionals and business owners to think the same way and have stable passive income streams in order to stay on top of financial and economic woes While active income will require your full attention and effort like being available from 8am to 5pm daily passive income is generated with no or insignificant effort and attention it can work while you sleep So to complement active income passive income such as investing can generate income through dividends interest and return on capital Depending on the market and your financial circumstances investing in real estate might provide you with high returns and rental income But if you cannot construct to generate rent acquire a piece of land and protect it no matter how far away it is it will rise in value If you have years of experience in your field you can start giving consultations or guest lectures as a means to earn another stream of income from your regular job or business Another reliable way is by acquiring assets that can generate consistent and steady cash flow Looking inward might just help as well talents abilities and passion can be used to create potentials that can give income streams Clearly research has shown that having multiple streams of income as a plan aids retirement and provides the necessary comfort in old age Hear this if a solid retirement plan is your goal savings alone will be insufficient instead the objective should include developing numerous streams of income sufficient to replace your principal active income salary The main benefit or advantage of having multiple streams of income is that when one stream is challenged or things are very volatile there is a backup for extra income to attain financial stability That can give the necessary hedge against uncertainties in a business as well during illness disability of the entrepreneur In conclusion it is reasonable to live below your means to make room for savings and then investment no matter how little it helps along with side hustle Relying on a salary or daily business income alone is a danger at this time In an environment where job loss and unemployment are chronic the decision to create multiple streams of income and secure a financial stability is expedient However do not let your side income streams put the primary and full time job or business at risk unless you can survive without it Good luck How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments
    Self-employed and the employed: Approach to curb rising inflation
     By Timi Olubiyi Ph D The rising cost of living is impacting globally but differently and it is clearly evident that expenses and bills continue to rise steeply The cost of food household consumables and other essentials has skyrocketed in recent times from Cairo to Botswana Delhi Shanghai London Houston Mexico City Johannesburg Mumbai Dublin and Manila name it This price hike has been on the increase as part of the consequences of the novel coronavirus COVID 19 and this continues to shrink the available disposable income of the majority altogether In the Nigerian context a loaf of bread that was N350 in 2020 is now about N700 a 100 increase in two years Similar percentage increases are in the cost of flight tickets health care rents diesel cooking gas bag of rice crate of eggs a kilo of chicken or turkey and many other essentials due to inflation yet income has remained the same or even less Nothing is easily affordable and everything is out of reach of the masses Given the country s current situation and that many people have not seen a growth in their income this has resulted in reduced or no savings increased frustration and dissatisfaction in fulfilling basic demands amongst many There is always the possibility and anxiety of losing jobs or businesses folding up regardless of the length of service put up experience acquired or available connection and these consequences may even be more severe Employers in fact are hesitant to implement any wage increases for economic reasons Inflation continues to have a severe negative impact on man s mental emotional and physical well being as well as on marriages and livelihoods Currently even with a steady regular salary living has become costlier with heightened uncertainty high inflation and weak purchasing power especially for the masses including civil servants entrepreneurs and small business owners As a result one of the ways to have protection is by diversifying sources of income and having multiple streams at this time You have multiple bills why not have multiple streams of income to support the inadequacy Therefore in addition to salary or business income it is important to source other income avenues to satisfy the rising needs poor business performance and inflation Because if financial capacity is weak and daily expenses continue to rise individuals businesses and even households will be threatened with sustainability Therefore there is a need to take action because having multiple streams of income has proven to be priceless According to my observations the majority of people and homes in the country rely solely on earned income be it salary or daily income from a business and they are always hoping that nothing bad happens It is critical to understand that if salary is the sole source of income you are on the verge of financial pressure With the high inflation unemployment crisis and unstable economy having many sources of income may help spread the risk and guarantee that homes and businesses are stable and financially protected We live in a world where one source of income is insufficient and becoming increasingly unsustainable If you ask me having multiple sources of income is no longer a luxury it is a necessity To be safe it is never rational to depend on a single income source full time job or a single market Remember change is the only constant thing in life and this change happens rapidly in this period and is always unpredictable Living on paycheck to paycheck can severely affect mental health increase anxiety depression stress and many are unaware of the implication on their health Consequently having multiple sources of income is the best way to protect yourself your company and your family against drastic financial change The tools for generating these multiple streams of income are readily accessible on the internet or by engaging a professional We have greater access than ever before to information people ideas and opportunities with the social media so tap into this If the average billionaire or millionaires has more than one way to make money it is important for professionals and business owners to think the same way and have stable passive income streams in order to stay on top of financial and economic woes While active income will require your full attention and effort like being available from 8am to 5pm daily passive income is generated with no or insignificant effort and attention it can work while you sleep So to complement active income passive income such as investing can generate income through dividends interest and return on capital Depending on the market and your financial circumstances investing in real estate might provide you with high returns and rental income But if you cannot construct to generate rent acquire a piece of land and protect it no matter how far away it is it will rise in value If you have years of experience in your field you can start giving consultations or guest lectures as a means to earn another stream of income from your regular job or business Another reliable way is by acquiring assets that can generate consistent and steady cash flow Looking inward might just help as well talents abilities and passion can be used to create potentials that can give income streams Clearly research has shown that having multiple streams of income as a plan aids retirement and provides the necessary comfort in old age Hear this if a solid retirement plan is your goal savings alone will be insufficient instead the objective should include developing numerous streams of income sufficient to replace your principal active income salary The main benefit or advantage of having multiple streams of income is that when one stream is challenged or things are very volatile there is a backup for extra income to attain financial stability That can give the necessary hedge against uncertainties in a business as well during illness disability of the entrepreneur In conclusion it is reasonable to live below your means to make room for savings and then investment no matter how little it helps along with side hustle Relying on a salary or daily business income alone is a danger at this time In an environment where job loss and unemployment are chronic the decision to create multiple streams of income and secure a financial stability is expedient However do not let your side income streams put the primary and full time job or business at risk unless you can survive without it Good luck How may you obtain advice or further information on the article Dr Timi Olubiyi an Entrepreneurship amp Business Management expert with a Ph D in Business Administration from Babcock University Nigeria A prolific investment coach seasoned scholar Chartered Member of the Chartered Institute for Securities amp Investment CISI and Securities amp Exchange Commission SEC registered capital market operator He can be reached on the Twitter handle drtimiolubiyi and via email drtimiolubiyi gmail com for any questions reactions and comments
    Self-employed and the employed: Approach to curb rising inflation
    Features5 months ago

    Self-employed and the employed: Approach to curb rising inflation

    By Timi Olubiyi, Ph.D.The rising cost of living is impacting globally but differently, and it is clearly evident that expenses and bills continue to rise steeply. The cost of food, household consumables, and other essentials has skyrocketed in recent times from Cairo, to Botswana, Delhi, Shanghai, London, Houston, Mexico City, Johannesburg, Mumbai, Dublin and Manila, name it. This price hike has been on the increase as part of the consequences of the novel coronavirus (COVID-19), and this continues to shrink the available disposable income of the majority altogether. In the Nigerian context, a loaf of bread that was N350 in 2020 is now about N700, a 100% increase in two years. Similar percentage increases are in the cost of flight tickets, health care, rents, diesel, cooking gas, bag of rice, crate of eggs, a kilo of chicken or turkey and many other essentials due to inflation, yet income has remained the same or even less. Nothing is easily affordable, and everything is out of reach of the masses. Given the country's current situation and that many people have not seen a growth in their income, this has resulted in reduced or no savings, increased frustration and dissatisfaction in fulfilling basic demands amongst many. There is always the possibility and anxiety of losing jobs or businesses folding up regardless of the length of service put up, experience acquired, or available connection, and these consequences may even be more severe.Employers, in fact, are hesitant to implement any wage increases for economic reasons. Inflation continues to have a severe negative impact on man's mental, emotional, and physical well-being, as well as on marriages and livelihoods. Currently, even with a steady, regular salary, living has become costlier with heightened uncertainty, high inflation, and weak purchasing power, especially for the masses including civil servants, entrepreneurs, and small business owners. As a result, one of the ways to have protection is by diversifying sources of income and having multiple streams at this time. You have multiple bills; why not have multiple streams of income to support the inadequacy.Therefore, in addition to salary or business income, it is important to source other income avenues to satisfy the rising needs, poor business performance and inflation. Because if financial capacity is weak and daily expenses continue to rise, individuals, businesses, and even households will be threatened with sustainability. Therefore, there is a need to take action because having multiple streams of income has proven to be priceless.According to my observations, the majority of people and homes in the country rely solely on earned income, be it salary or daily income from a business, and they are always hoping that nothing bad happens. It is critical to understand that if salary is the sole source of income, you are on the verge of financial pressure. With the high inflation, unemployment crisis, and unstable economy, having many sources of income may help spread the risk and guarantee that homes and businesses are stable and financially protected. We live in a world where one source of income is insufficient and becoming increasingly unsustainable. If you ask me, having multiple sources of income is no longer a luxury; it is a necessity. To be safe, it is never rational to depend on a single income source, full-time job, or a single market. Remember, change is the only constant thing in life, and this change happens rapidly in this period and is always unpredictable. Living on paycheck-to-paycheck, can severely affect mental health, increase anxiety, depression, stress and many are unaware of the implication on their health.Consequently, having multiple sources of income is the best way to protect yourself, your company, and your family against drastic financial change. The tools for generating these multiple streams of income are readily accessible on the internet or by engaging a professional. We have greater access than ever before to information, people, ideas, and opportunities with the social media, so tap into this. If the average billionaire or millionaires has more than one way to make money, it is important for professionals and business owners to think the same way and have stable passive income streams in order to stay on top of financial and economic woes.While active income will require your full attention and effort, like being available from 8am to 5pm daily, passive income is generated with no or insignificant effort and attention; it can work while you sleep. So, to complement active income, passive income such as investing can generate income through dividends, interest, and return on capital. Depending on the market and your financial circumstances, investing in real estate might provide you with high returns and rental income. But if you cannot construct to generate rent, acquire a piece of land and protect it; no matter how far away it is, it will rise in value. If you have years of experience in your field, you can start giving consultations or guest lectures as a means to earn another stream of income from your regular job or business. Another reliable way is by acquiring assets that can generate consistent and steady cash flow. Looking inward might just help as well, talents, abilities, and passion can be used to create potentials that can give income streams.Clearly, research has shown that having multiple streams of income as a plan aids retirement and provides the necessary comfort in old age. Hear this: if a solid retirement plan is your goal, savings alone will be insufficient; instead, the objective should include developing numerous streams of income sufficient to replace your principal active income (salary). The main benefit or advantage of having multiple streams of income is that when one stream is challenged or things are very volatile, there is a backup for extra income to attain financial stability. That can give the necessary hedge against uncertainties in a business as well during illness, disability of the entrepreneur. In conclusion, it is reasonable to live below your means to make room for savings and then investment, no matter how little it helps along with side hustle. Relying on a salary or daily business income alone is a danger at this time. In an environment where job loss and unemployment are chronic, the decision to create multiple streams of income and secure a financial stability is expedient. However, do not let your side-income streams put the primary and full-time job or business at risk, unless you can survive without it. Good luck!How may you obtain advice or further information on the article? Dr. Timi Olubiyi, an Entrepreneurship & Business Management expert with a Ph.D. in Business Administration from Babcock University Nigeria. A prolific investment coach, seasoned scholar, Chartered Member of the Chartered Institute for Securities & Investment (CISI), and Securities & Exchange Commission (SEC) registered capital market operator. He can be reached on the Twitter handle @drtimiolubiyi and via email: drtimiolubiyi@gmail.com, for any questions, reactions, and comments.