Economy
QNET Assists Entrepreneurs in Tanzania
By Modupe Gbadeyanka
A company of Asian heritage and a part of the US $200 billion global direct selling industry, QNET, is entering the buoyant direct selling sector in Eastern Africa, and expects to offer world class quality consumer products and to elevate standards of living by garnering the spirit of entrepreneurship to all individuals, even those with little business background.
QNET’s product offering include a wide range of world-acclaimed lifestyle and wellness products such as personal care, nutrition, cosmetics, home care and body, water energies, jewellery and watches as well as holiday packages.
QNET, optimizing its existing e-commerce platform currently has three easily accessible local agents in West Africa, namely Mali, Cote d’Ivoire and Burkina Faso. These agents serve as the liaison between QNET, its Independent Representatives (IRs) and customers with their enquiries, delivery of products and the display of product range so as to enable people to view for themselves some of the products sold online. QNET is planning to engage a local agency in Tanzania soon to provide the best customer service in the country.
“QNET is proud to be in Tanzania and is committed to working closely with the local government officials and authorities to create more entrepreneurial opportunities for the local community. Direct selling which is the marketing and selling of products directly to consumers away from a fixed retail location, provides people a great alternative platform to join entrepreneurship” said Mr. David K Sharma, Advisor to QNET Board of Directors.
In addition to offering quality consumer products, ranging from health and home care to online education courses, and more, QNET firmly believes that there is nothing more empowering to individuals than the financial freedom that a career in the direct selling industry provides, and believes that the people of Tanzania, with their ambition and strong sense of entrepreneurship, will appreciate the quality consumer products that QNET offers and the business opportunities for self-development.
QNET started getting online purchases for its products from Africa since 2007. Today there are thousands of Tanzanian citizens who have also registered to market and promote QNET online products as IRs. The top selling products for QNET in Tanzania are Wellness products, household items such as water filtration systems, health and wellness products, online education learning (such as business courses, marketing courses and business English courses) as well as luxury products like watches and jewellery.
“Our best selling Products include HomePure, a water filtration system as well as AirPure, our air purifier, addresses a real need for clean water and clean air in many developing countries. In developed markets QVI Holidays, a vacation membership and holiday getaway product, tends to be quite popular with those wanting to take rejuvenating breaks. For busy professionals who are interested in continuing their education but have no time, we offer e-learning courses on a number of topics. We also have an expert selection of lifestyle-friendly food supplements for long life and vitality called LifeQode which we recently introduced in Tanzania” explained Mr Sharma.
“QNET is always respectful of the local laws and is fully obliged to the commercial laws and consumer laws of Tanzania. QNET also has policies and procedures that all its IRs must strictly adhere to its code of marketing and promotion of QNET products ethically,” noted, Mr. Sharma.
Mr Sharma assured potential entrepreneurs in Tanzania of QNET’s continued support through training and education of IRs with a view to developing their professional skills with special focus on personal growth and development.
“We believe that financial success alone is not enough. In order for us to make an impact, we need to develop people to be better human beings so that they can use their success to contribute to their local communities”, he added.
Globally, the World Federation of Direct Selling Associations (WFDSA), which QNET is affiliated through the Direct Selling Associations of Singapore, Malaysia, the Philippines and Indonesia, reported unprecedented sales and engagement with 6.4% growth generating close to US$ 200 billion in 2015. WFDSA said that in the past three years, the industry has seen a compound annual growth rate of 6.5 percent. It also noted that behind direct selling’s positive growth trend are millions of entrepreneurs marketing an array of products and services.
With direct selling gaining popularity, Tanzania is seen to have huge potential to become a leading market in the African region.
By Adedapo Adesanya
Pressure on the Naira eased on Wednesday, July 15, as it appreciated against the United States Dollar by 90 Kobo or 0.07 per cent on Tuesday, July 15, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to close at N1,382.18/$1 compared with the previous day’s N1,383.08/$1.
Also, the local currency gained a further N4.07 against the Euro in the official market to sell at N1,576.69/€1 versus Tuesday’s rate of N1,583.76/€1, but depreciated against the Pound Sterling by N1.71 to quote at N1,856.69/£1, in contrast to the preceding session’s N1,854.98/£1.
At the GTBank forex counter, the Naira lost N1 against the greenback at midweek to close at N1,389/$1 compared with the preceding day’s N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover moderated as trading activities among financial institutions and market makers declined sharply.
Daily FX data released showed that NFEM interbank FX turnover closed the day at $121.727 million, about 50 per cent below the previous record of $243.095 million set on Tuesday.
Official trading records released by the central bank revealed that interbank FX deals among market makers went down from the previous day to 115 from 140.
Inflation news also eased pressure, even if the print dropped marginally to 15.91 per cent in June, a 0.2 per cent reduction from the 15.93 per cent recorded in the preceding month. The month-on-month headline inflation rate in June 2026 was 1.66 per cent, which was 0.09 per cent lower than the rate recorded in May 2026, which came in at 1.75 per cent.
In the crypto market, prices were mixed as some traders banked on softer-than-expected US inflation reports for June, while others say the inflation data is obsolete, given the renewed strength in oil prices, which sparked after fresh fighting in the Middle East.
US inflation had earlier cooled more than expected, sharply reducing market odds of a near-term Federal Reserve rate hike.
Ethereum (ETH) rose by 1.9 per cent to $1,921.62, Ripple (XRP) appreciated by 0.4 per cent to $1.11, and Binance Coin (BNB) also increased by 0.4 per cent to $582.42.
However, Solana (SOL) dropped 1.3 per cent to finish at $77.29, TRON (TRX) slumped by 0.8 per cent to $0.3240, Dogecoin (DOGE) shrank by 0.6 per cent to $0.0741, Bitcoin (BTC) declined by 0.3 per cent to $64,762.28, and Cardano (ADA) lost 0.2 per cent to end at $0.1640, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
A 0.21 per cent loss was suffered by the Nigerian Exchange (NGX) Limited on Wednesday, as investor chew on the contraction in Nigeria’s June 2026 inflation rate to 15.91 per cent, according to data released during the session by the National Bureau of Statistics (NBS).
It was observed that the consumer goods sector lost 1.24 per cent, the industrial goods space shed 0.23 per cent, and the energy index crashed by 0.10 per cent, with these losses offsetting the gains recorded by the financial services sector, as the banking segment rose by 4.53 per cent, and the insurance counter chalked up 1.23 per cent.
Consequently, the All-Share Index (ASI) retreated by 503.69 points to 242,366.75 points from 242,870.44 points, but the market capitalisation added N390 billion to close at N156.239 trillion compared with the previous session’s N155.849 trillion.
During the trading day, Trans-Nationwide Express shed 9.85 per cent to end at N3.02, International Breweries moderated by 6.12 per cent to N13.05, Haldane McCall slipped by 5.95 per cent to N3.32, DAAR Communications declined by 5.68 per cent to N1.66, and NGX Group lost 4.38 per cent to finish at N28.12.
On the flip side, First Holdco improved by 9.98 per cent to N79.35, Thomas Wyatt expanded by 9.29 per cent to N2.94, Legend Internet gained 8.99 per cent to settle at N4.85, Tripple Gee grew by 8.96 per cent to N3.89, and Coronation Insurance increased by 6.61 per cent to N2.42.
Yesterday, market participants transacted 476.3 million stocks worth N29.6 billion in 40,992 deals compared with the 634.8 million stocks valued at N53.3 billion traded in 42,494 deals, showing a decline in the trading volume, value, and number of deals by 24.97 per cent, 44.47 per cent, and 3.54 per cent, respectively.
First Holdco was the busiest equity with 78.7 million units sold for N6.2 billion, Sterling Holdings transacted 56.7 million units worth N439.2 million, Zenith Bank traded 30.0 million units valued at N3.3 billion, Fidelity Bank exchanged 27.3 million units for N563.9 million, and Stanbic IBTC traded 22.8 million units valued at N3.8 billion.
**Tinubu Says Economy on Steady Growth
By Modupe Gbadeyanka
President Bola Tinubu has been praised for the ongoing financial and fiscal reforms in the country and encouraged to pursue a stronger partnership that supports investments, youth training, and employment.
The chief executive of Deloitte Africa, Ms Ruwayda Redfearn, who led a delegation to visit Mr Tinubu in Abuja on Wednesday, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa, adding that her accountancy firm’s revenue was $74 billion in 2025.
“We are here before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country,” she said.
Also, the chief executive of Deloitte West Africa, Mr Yomi Olugbenro, assured President Tinubu of the firm’s support for the reforms.
“We do what we do because of the philosophy that our African CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.
“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have use cases, examples, and experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.
“So, that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,” he stated.
In his remarks, Mr Tinubu informed his guests that his administration’s reforms have steadily stabilised the economy over three years, with growing plaudits for positive development and growth indicators.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress,” he stated.
The President said the reforms had stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive, urging Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that,” he added.
