Economy
70% Nigerians Prefer Cash on Delivery to Online Payment—Jumia Boss
**As Mobile Phone Penetration Hits 84%
By Modupe Gbadeyanka
A report released by Africa’s leading e-commerce company, Jumia, on the Nigerian Mobile Sector has revealed that in 2017, 70 percent of Nigerians preferred the cash on delivery option to other forms of payment like the credit/debit cards, which accounted for 18 percent, and the mobile money option, which had 12 percent.
Also in the report, there was 11 percent rise in the number of Nigerians who visited the Jumia website via their mobile phones, 79 percent in 2017 versus 71 percent in 2016.
Meanwhile, those who used their desktop computers or laptops dipped to 18 percent in 2017 compared with 29 percent in 2016.
Speaking at the launch of the Mobile Report in Lagos, CEO of Jumia Nigeria, Ms Juliet Anammah, described the upward shift from desktop to mobile as a positive development. She attributed the increase in the number of mobile phone users to the multiplicity of affordable smartphones, especially the Asian mobile brands which continue to build on their Africa-specific strategy by introducing lower price points’ smartphones adapted to the profiles of African users.
She also listed a growing market for second-hand devices and the increasing use of social media sites (active social media users) as contributing factors.
Ms Anammah further hinted that “the mobile industry continues to play an increasingly important role in the socio-economic development of the African region. As Nigeria swiftly becomes a mobile first country, with mobile phone penetration currently at 84% of the population, Jumia is doing its bit to close the gap with sales initiatives such as Jumia Mobile Week.”
This year, the stage is set once again for the biggest sale of mobile phones, beginning March 19th through 25th. This is a mobile-phone-only one-week-long sales event dedicated to opening up our customers to a wide range of mobile devices at half the normal prices.
“We believe that, by end of 2018, at least every Nigerian will have access to a mobile phone,” added Ms Anammah.
In his remark, the Chief Transformation Officer of MTN Nigeria, Olubayo Adekambi identified “the expansion of E-commerce into a dual business model that blends the physical and the digital to create an ecosystem between brands and consumers across the two worlds”, as among the major factors fuelling the increase in adoption of smartphones.
In order to ensure rural dwellers have increased access to ICT devices such as smartphones, the National Information Technology Development Agency (NITDA) has created an IT Innovation hub, which has the capacity to produce e-literate groups from low skilled or low paid workers, unemployed people, and those with disabilities who do not have access to these ICTs.
“NITDA has seen in ICT the potential to change new and old forms of economic activity. We’ve created e-Learning Centres to further enrich the rural communities’ quest for learning and for continuous after-school reading and learning by both the students and teachers, among other initiatives,” noted the Government’s Agency Director General – Dr. Isa Ali Pantami.
The 2018 Mobile Report launch also had other Telecom & IT experts in attendance; as well as a host of Jumia brand partners, such as Techno, Infinix, Samsung etc.
By Adedapo Adesanya
The federal government is offering two new savings bonds with interest rates between 17 and 18 per cent through the Debt Management Office (DMO).
In a statement by the agency, the country said retail investors can purchase the two-year bond maturing in January 2027 at 17.23 per cent interest, while the three-year paper maturing in January 2028 at a coupon rate of 18.23 per cent.
Bonds are very safe financial instrument that serve as investments because they are backed by the federal government, which promises to pay back the money.
According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025, with allotment expected on January 22, 2025, and the interest to be paid to investors every three months – in April, July, October, and January.
These bonds have some special features. They are tax-free under both company and personal tax laws.
Big investors like pension funds and trustees are allowed to buy them and each bond costs N1,000 each.
However, interested investor can only buy at least N5,000 worth, and can’t buy more than N50 million.
This comes after the Ms Patience Oniha-led debt office said the Nigerian government was offering three bonds worth N150 billion in September 2024.
By Aduragbemi Omiyale
The House of Representatives has said it would make efforts to pass the controversial tax reform bills forwarded to the National Assembly by President Bola Tinubu last year.
Mr Tinubu, in a bid to improve revenue of the government, asked the parliament to pass the bills, but this has been resisted mostly by northern lawmakers and others.
At the resumption of plenary session on Tuesday in Abuja, the Speaker of the House of Representatives, Mr Abbas Tajudeen, assured that the green chamber of the legislative arm of government would prioritise the tax reform bills.
“The legislative agenda of the House for 2025 prioritises the passage of the Appropriation Bill and the Tax Reform Bills, both of which are pivotal to economic recovery and fiscal stability.
“These reforms are essential for broadening the tax base, improving compliance and reducing dependency on external borrowing.
“The House will ensure that these reforms are equitable and considerate of the needs of all Nigerians, particularly the most vulnerable,” Mr Abbas said through the Deputy Speaker, Mr Ben Kalu, who presided over the session.
He also expressed grief over the loss of lives in stampedes in Ibadan, Abuja and Anambra State last month due to hardship in the country.
Several Nigerians died in the stampedes while trying to receive palliatives given to alleviate their sufferings.
“Tragic events, such as the stampedes in Ibadan, Abuja and Okija, during the distribution of palliative aid, underline the urgent need for improved planning and safety protocols in humanitarian efforts. On behalf of the House, I extend our deepest sympathies to the families and communities affected.
“These incidents serve as a stark reminder of the socio-economic hardships facing our citizens and the imperative for policies that tackle hunger and poverty at their roots.
“Turning to the economy, 2024 presented both difficulties and opportunities. While inflation remains a pressing concern, progress in GDP growth and the positive trajectory of economic reforms provide hope for a more stable and prosperous 2025,” the Speaker said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.69 per cent appreciation on Monday, January 13, as investors showed renewed interests in unlisted securities.
During the trading session, the NASD Unlisted Security Index (NSI) increased by 21.07 points to wrap the session at 3,095.00 points compared with the 3,073.93 points recorded in the previous session.
In the same vein, the value of the local alternative stock exchange went up by N7.22 billion to close at N1.061 trillion compared with last Friday’s N1.051 trillion.
Yesterday, FrieslandCampina Wamco Nigeria Plc recorded a growth of N3.78 to close at N42.00 per share versus N38.22 per share, Mixta Real Estate Plc improved by 20 Kobo to end at N2.35 per unit versus the preceding closing rate of N2.15 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to finish at 25 Kobo per share compared with the previous session’s 24 Kobo per share.
Conversely, Geo-Fluids Plc lost 29 Kobo to quote at N4.56 per unit compared with the preceding day’s N4.85 per unit, and Afriland Properties Plc slid by 75 kobo to end the session at N15.50 per share versus the preceding closing rate of N16.25 per share.
During the session, the volume of securities traded decreased by 27.2 per cent to 3.1 million units from 4.3 million units, the value of securities slumped by 81.5 per cent to N3.2 million from N17.2 million, and the number of deals expanded by 57.9 per cent to 30 deals from 19 deals.
At the close of trades, FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and IGI Plc with 10.7 million units sold for N2.1 million.
Also, IGI Plc remained the most traded stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
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