Prospa Helps Nigerian Brands to Own Corporate Bank Accounts

Prospa is a Fintech app that makes it easy for businesses (both small and big) to create bank accounts from home for free. It is a current account for Nigerian businesses that comes with a NUBAN account number in your business name and permits the business to receive from and make transfers to all Nigerian banks. Users can also pay bills and make international transfers to Ghana & Kenya.

 

 

In the average bank today, the process to open a corporate bank account for a business is a very long one and the documents requested are numerous. These documents include the Corporate Affairs Commission (CAC) documents, Power Supply Bill and identification documents. For some banks, much more information is  requested.

Created by Nigerians, the platform is totally free to use and has extra features such as Invoicing which allows you to basically request money from anyone or create invoices to pay your employees. With human support 365 days a year, businesses can later upgrade to enjoy premium features and gain access to additional benefits.

Prospa is a Safe platform with its company, Prospa Technology Limited, duly registered under the Laws of the Federal Republic of Nigeria with RC Number: 1594615. Account numbers to all bank accounts opened on the platform are provided by WEMA Bank and Parkway Ready Cash Bank Plc, a company also duly registered under the Laws of the Federal Republic of Nigeria and licensed by the Central Bank of Nigeria. This puts insurance on all accounts on Prospa up to the NDIC limit. Prospa works with NDIC-insured banks  to store deposits. Prospa also requires https on all pages, and use HSTS to ensure browsers only ever connect to its servers over a secure connection. The platform never stores or logs user passwords and transactional PIN data in plaintext. It also does not send authentication codes via insecure channels like SMS, encrypts its database and all uploaded images, and employ additional encryption for sensitive data, like transaction pins. One way it does all these is by allowing all members to enable time-based, One Time Passwords, for two-factor authentication on their account.

Unlike local banks, Prospa does not have a physical branch but an office situate at 7b ibiyinka Olorunbe close, Victoria island, Lagos, Nigeria. On average it takes 20 minutes for an account to be approved once you’ve submitted your application. However it can take up to 48 hours if  more information is needed from you. Any Nigerian company registered with the Corporate Affairs Commission can open an account with Prospa. Charities and NGOs can open an account too.
You can also apply from outside Nigeria as long as you have a BVN (Bank Verification Number), a registered Nigerian company and all the required KYC information, you can apply from anywhere in the world. If you are in the UK or US with the required documents and need additional assistance you can send an email to [email protected]

It is totally free to open a Prospa account. Businesses are not charged an account opening fee and there's no required monthly minimum balance too maintain. The only charges GetProspa receives per business are in transfer fees. The amount sending Cost of transfer
₦5,000.00    ₦10.00
₦5,000.01 - ₦50,000.00    ₦25.00
₦50,000.01    ₦50.00
Service usage fees *based on the amount of inflow into your account monthly.
Inflow amount Service Fee
₦0.00 - ₦100,000.00    FREE
₦100,000.01 - ₦500,000.00    ₦3,000.00
₦500,000.01 - ₦10,000,000.00    ₦5,000.00
>₦10,000,000.00    Contact billing
What if my business does more than ₦10,000,000.00 ?
Account upgrades
 

Prospa Thrive

The company's Prospa thrive is a premium service which gives users additional features and benefits for a monthly subscription fee. Although subject to terms and conditions, the Prospa thrive package offers unlimited sub-accounts, unlimited team members, unlimited additional businesses, seven free transfers per month, access to legal support (T&C’s apply), access to accounting support and priority support. Prospa Thrive costs ₦2,000 for its Micro package and ₦3,700 for its standard package.
 

What documents do you need for a Functional GetProspa Account?

For its KYC (Know Your Customer) documents, every company account on GetProspa requires its account holder's BVN (Bank Verification Number), Certificate of Incorporation or Business Registration Ducument, CAC (Corporate Affairs Commission) registration forms, a valid government issued ID for directors (International Passport, Drivers licence, Voters card, National I.D card), TIN number (We can help with this), proof of address (Utility bill), board resolution (you can generate from your Prospa dashboard) and 2 references (You’ll have extended time to provide this)

As regards BVN, GetProspa uses your BVN to verify your identity. When you enter your BVN, the only data retrieved is your name, date of birth and the mobile phone number attached to your BVN. We do not have access to any of your bank accounts, transaction history or other sensitive financial data. If the last 4 digits of my BVN says not matching and you are sure you are entering the correct 4 digits, you will need to go to the bank branch where you registered your BVN and ask for assistance as we have no control over the data returned from your BVN. If you have forgotten the number connected to your BVN, you will need to go to the bank branch where you registered your BVN and ask for assistance.

 

 

You may also be asked for more information about your business as part of its KYC. This helps Getprospa to know as much detail as possible about your business and the products and services you offer. Once theses details are confirmed, your account opening application will be approved.

GetProspa's Corporate Account Features

Individuals, brands and corporates who are interested in partnering with Prospa based on similar mission objectives must understand that Prospa, a fintech start-up founded in Nigeria, has long-term plans to serve the diaspora of African entrepreneurs globally. The company went live in September 2019, and has since been operating on a limited release, onboarding members only. In stealth since its initial launch, Prospa is still growing in Nigeria, where it plans to launch fully “soon”. The start-up’s sweet-spot customers are entrepreneurs and micro-SMEs

According to its co-founder and CEO, Frederik Obasi, Prospa provides the platform, not the bank. As such, the start-up is in partnership with WEMA Bank and ReadyCash to fill in for third-party banking. Obasi says Prospa is in the process of getting its own license. This isn’t to compete with banks – but to expand the scope of its partnerships.

 

Read: Making a Computer Virus is not against the Law - Surya Aezowie
 

 

Prospa has members in the UK, the US and Canada – all regions it eventually plans to expand into to serve African entrepreneurs. The start-up has already raised a pre-seed round and is back by New York-based investor, Musha Ventures – which also backs Flutterwave, one of Nigeria’s fintech darlings. Angel investors include David Mortamias, the man behind Mava Ventures, and Danu Temelie. Obasi says that there’s so much talk about products and money raised. Everyone is hell-bent on creating a new brand, but the company wants to focus on spurring prosperity in the wider African community. This is why GetProspa is specific on the investors being authentic and mission-driven.

 

Alongside London-born Obasi, Prospa was also co-founded by Chioma Ugo, its head of growth who previously served as parliamentary advisor for UK Labour MP Harriet Harman. As well as its chief technology officer, Rodney Jackson-Cole, who has spent the last ten years building products for start-ups across Africa.

 

Prospa set out to build a platform for African entrepreneurs which manages everything finance-related. The start-up began building out its offering in May 2019.

 

Getting a business account in five minutes sounds straightforward in Europe, but in Africa it’s still done largely in paper-form,” explains Obasi. Rather than replicate an offline bank online, Prospa decided to build out an entire operating system. “ Operating a ‘business hub-as-a-service’, the hub looks beyond simply making a payment, which it has already taken internationally to more than ten countries including the UK, China, the US, and Kenya. The fintech also offers a marketplace to find suppliers, transaction reconciliation, and visualisation on customer transaction histories to analyse best-selling products and the highest spending customers. The start-up’s sweet-spot customers are entrepreneurs and micro-SMEs which do around a million a year. These businesses can be anything from large machinery importers to make-up artists.
 

GetProspa's Competition

Since its launch in Nigeria, Prospa has analysed the split of female and male customers. Around 65-70% of its customer base to date is women. Whilst a lot of the highlighted success is male, women are also incredibly hard-working and very entrepreneurial. Some 40% of Nigerian women are entrepreneurs, according to a BBC Africa report in 2017. This makes sense, considering areas of sub-Saharan Africa have the highest female entrepreneurship rate globally. Mastercard’s 2017 Index of Women Entrepreneurs (MIWE) report found Uganda has the highest percentage (34.8%) of women business owners in the world. The East African country also has the highest percentage (90.5%) of female entrepreneurs in the world borrowing and saving money to start a business.

Because Prospa partners with incumbent banks, this means its competition isn’t quite like the competition challengers in Europe or the US face. The competition really lies in the Big Techs, the mega platforms. This is because they have micro-sellers using them for marketing. According to her Growth head, Ugo, Prospa is focused on the business community, whilst a lot of other fintechs in countries like Nigeria and Kenya are still focusing on consumers.

 

Prospa makes its money through a monthly subscription. Each account comes with different services. The start-up also generates revenue on remittances. Membership fees are based on turnover, and Prospa doesn’t charge a membership fee to businesses turning over less than $200 a month.

 

Finally, Prospa does not offer loans, international transfers (outside the Naira -₦), POS terminals and cards at the moment, but we will in the near future. Also, you cannot deposit cash currently as Prospa accounts suit businesses that collect and make payments through transfers. 

 

 

Opinion: Oil- The Niger Delta Tale

It was a cold night. Mama and Papa had returned late from work that day for they had to finish up the leftover works of the previous week. They had come in tired and needed a shower, dinner and rest. I however went to do the cooking.
It was almost fifteen minutes gone. Dad and mum were done with the shower and were seated at the dining. Then I saw a thing...

The two hands of the car's wiper sway in the likes of a mass choir waving halleluyah on the windscreen which was punctuated with rain drops and had the tires rolling as a remote controlled toy. The vehicle made almost no noise and it carried no vehicle number. It was a new vehicle, a peugeot model.
It was just another few metres when he pulled the brakes. He was at his destination. I wondered what this son of man needed at this time- the cold, rain and time of night considered. He had possibly come on a visit. He hopped out of the vehicle with his movement ordered to make sure his traces were covered. "Was the car stolen?, What does he want?", I queried in thought.

I saw him. The young man in the black hoodie. He moved towards the high building opposite the street with my eyes following his silhouette. Thereafter, I saw nothing... No traces.

I turned back and left for the dining room with the food plates in my hand when I heard a bang. It portrayed someone trying to break a safe. Silence followed and I kept calm. For the next few minutes,

I heard nothing and so resumed my move towards the dining. I could hear papa and mama giggle
over coffee, my brothers seated patiently in wait for me.

That evening, I served dinner. I had a feeling that it was to be "The Last Supper", but my feelings could not be so true as I thought. "Did dad and mum not hear a thing?", I wondered...

I served silently and was done in no time. I moved on to sit when the bang came again. This time, louder than before. I looked at Dad, mum and my brothers and I saw indifference in them. They continued their chat as though nothing sounded...

Just then, the door went off, revealing him- the guy in a black hoodie who had concealed almost everything. His arsenal had only one hatchet. He marched in and filled an empty seat beside me. Then I saw trouble...

I had watched the start of the event unfold in one quick progression- the return from work, myself in the kitchen, the hoodie guy scene and my family having dinner. He had no reason whatsoever to come in that way. If he truly was the man I saw earlier, then our home was probably a mistake. I felt like getting on my feet but it was cold. I became frightened.

"I've got your names on my list, paid in full," he said, revealing the hatchet he had concealed under his jacket. He stood up and walked the table round. I looked at my father. He looked so helpless. My mother helped no issue, she was weeping already. He lined the family up and starting from father, he bludgeoned and hacked them- father, mum and my innocent brothers.
It was soon my turn. He stared hard into my face for long just before he turned around and left leaving me with the remains of my lovely little family of five.
I never forgot his face.

Overtime, I grew wondering what psychopath he was, why he murdered them and who paid in full. I wondered why my peaceful family of a father who worked with the Government Oil Regulation Agency, my mother who was a teacher in Agbabi Riverine area and my two promising siblings were murdered in cold blood. It was the beginning of the end.

I remember the stories of woe I read in primary school, years before the murder of my family and I conclude that we never feel the tragedy of loss by reading it. A tragic book is interesting when imagery is used to analyse suffering but it's awful when suffering is experienced in reality. No matter how well, the author can not fit the shoes of description if he has not experienced same.

  The hot slap landed on my cheeks as though I were another Jesus, taking the sins of the world. Caressing those cheeks turned another mistake as the full series of spontaneous slaps followed. Mami Kene as she was called is wife to my uncle who adopted me weeks after the cruelsome incident I suffered. However, she had not for once look with pity and count me as human.

Earlier this day, she had asked me to mop the floor which I had earlier done. I looked at the surface and saw barely no stain on it and wondered the need to do the mop again. It was then she hit me hard on the face. I could trace the map of Africa, intimately iinscribed by her palm on my face.

That was the least of punishments I received in that home. The only thing I however put in mind is the fact that one day, I would uncover the mystery of the person who paid in full, the price for the murder of my family. It was in this home that I finished my senior secondary school when my battles started in full...

The story in this article has replaced real names of persons and places. Any resemblance is not on purpose, should be taken lightly and the message should remain undistorted.

How Ajo Money is Digitizing Thrifts and Local Saving Communities

AjoMoney is building an operating system that will make it possible for people to do rotating savings and credit seamlessly: "AjoMoney, a financial technology company digitizing ROSCA (rotating savings and credit association) to build a neo-banking platform for consumers and neo-banking SaaS platform for cooperatives and thrift contribution agents has raised an undisclosed funding from Tekedia Capital."

So the centuries-old ROSCA (ajo/esusu/adashe) which helps you save money, make early investments and access credit to buy now pay later, simply at no interest, is gone digital.

Tekedia Capital welcomes Chineye Ochem ACA, CFE, MBA, Ibrahim Adepoju and the whole team to the Tekedia Capital family.

You call it ajo, esusu, etc; with AjoMoney, you have a formalized platform to contribute with your co-workers, friends, associates, making sure that everyone wins as the contribution rotates. Create an account here and invite your network https://ajo.money/

The Law of Value - For or Against The Naira?

When you meet some handicapped begging, you would be quick to contain the realities of his physical state and give him whatever your good mind can. On the other hand, when you see a full grown, body abled man, begging for money, what happens? 

 

I dipped my hands into my wallet and got the worst, tattered Naira notes and gave it out to them. You know what? They accepted it with great ecstascy. Right there, they taught me value!

 

Water is free (except you choose to buy packed water) and can be gotten almost everywhere but Coca Cola is expensive. At the same time, Air is free but Air Conditioner is expensive. A heart is free but a kidney transplant is costly, and so I have noticed that the most precious things in life are either free or cheap. The Salvation of Jesus is free but to get a herbalist to work for you isn't free. Tim Berners-Lee invented the world wide web (www) and made it free for everyone but Bill Gate's windows softwares aren't free. Android OS is free for all but Apple OS isn't. Newspapers aren't free but reading news online is free. These are just few...
The Law of Value says that "If you want to create an awesome value born out of a great vision, CONSIDER the PRICE, make it cheap so that even a fool can afford it and gain wisdom."

Anything that is much more smaller has value; whatsoever we feel has no value, has much more value than we can ever imagine

How Piggyvest Is Helping Nigerians Grow Financially

No matter the amount you earn from your job, businesses, investments or anything else you do, saving could come easy or hard for you, especially because of its required features of discipline and consistency. One thing is certain: saving is just as important as, say, eating. This is because, either in  short-term or long-term, there are a lot of needs, wants, and responsibilities one could (and should) save for. These range from bills, vacation, rent, school fees, investment, health, and even unforeseen events as the case may be. As such, these, and many more become reasons why people save.

Saving involves the battles of choice, denial and tightened self will. Unless you’ve mastered the art of financial discipline or there’s a force that prompts you to save, you may never really save. This is why PiggyVest, which formerly launched as Piggybank NG has evolved in the fin-tech space to help over 250,000 users save over $20million in about three years of operations. In 2021 alone, Piggyvest made payouts in total of 200 Billion Naira. In the next few lines, I will share my encounter with PiggyVest and how you can explore the platform for best returns in your financial and savings life.

To sign up, visit the PiggyVest website by clicking here. After this, simply launch the application after installation (from Playstore or Appstore) and tap the “Create an Account” button to set up your PiggyVest account. If you already have an account, tap the “Login” button and enter your account credentials (phone number and password) to login to your account.
 
When you select “Create an Account”, you will be requested to supply personal details (full name) and contact details (email address and phone number) to register a new account. You will also need to create a password which will be used for subsequent log-in. You can also input a referral code if someone referred you to register. The account creation process is pretty much easy and takes less than 3-5 minutes.
 

BVN Verification

Before you proceed to start saving and investing, you should verify your account by supplying your Bank Verification Number (BVN). This is important in using the PiggyVest platform as you would not be able to save money efficiently and transfer funds to and from your savings accounts within the app if you don’t verify your BVN. To verify your BVN, tap the “My Account” settings button at the bottom of the page, navigate to “My BVN Settings” >> Add Your BVN >> Enter your 11-digit BVNnumber >> Validate BVN.

To confirm your BVN, PiggyVest would place a phone call to the number associated with your BVN. During the call, the automated response will call out a 5-digit verification code. Take note of this code and input it into the provided box, enter your PiggyVest password in the next box and tap the “Save BVN” button to compete the BVN verification process.
If everything checks out, a congratulatory message informing you that you can now get the best out of your PiggyVest account will displayed.

SAVING
After creating or logging into your PiggyVest account, the next thing is to start saving, yes? On the PiggyVest app dashboard, select the “Build your savings” card to begin saving. Doing this will prompt you to tap the “Let’s Proceed” button to set up a saving account — Quick Save or Autosave. Before you proceed though, you will be required to add a debit/ATM card to your account by inputting your card details.

What the PiggyVest Autosave does it to automatically put away and help you save a specified amount of money from your bank account on a periodic basis; could be daily, weekly or monthly. The Autosave feature rewards you with 10% of your saving per annum. Basically, PiggyVest is not only making it easier to save but is also promoting the art of saving by rewarding users who save on its platform. One thing to love about PiggyVest is its flexibility. It allows you save anytime and anyhow you want to. PiggyVest's saving features includes.

1. Quick Save

The Quick Save feature of the PiggyVest app can be compared to the traditional way of saving via physical piggybanks. Quick save, as the name denotes, allows you set aside spare funds to your PiggyVest account at any time. With Quick Save, you can save multiple times in a day, a week or a month. To save money with PiggyVest’s Quick Save feature, open the Quick Save menu, enter the amount you want to save from your bank account, select source of funds (bank card), and select where you want the money saved (PiggyBank or PiggyVest account).
NOTE: PiggyBank account is the account where all your main monies are saved while PiggyFlex account is a sub-account where all monetary interest/rewards/points earned on PiggyVest are saved. To further differentiate between the two, you can withdraw from your PiggyFlex account for free at any time while withdrawal from your PiggyBank account can only be made on fixed withdrawal dates (more in this later). Withdrawal from your PiggyBank account outside the fixed withdrawal dates attracts a penalty. As a new user though, you won’t be able to save to your PiggyFlex account immediately as the Flex Limit is set to NGN 0. You must save to the PiggyBank account first to expand your Flex limit.

2. AutoSave

AutoSave is one of the core features of the PiggyVest app. Just like the name implies, the feature automatically sets aside (and saves) money for users. The AutoSave feature is also flexible as you can select the period you want PiggyVest to deduct a specified amount from your bank (preferably on or a day after your salary gets paid). It could also be daily, weekly, monthly or ‘anytime/manual’.
You will also be prompted to specify the amount you want PiggyVest to deduct from your bank account at the set period as well as the exact time you want the set amount deducted. Another interesting thing about the AutoSave feature is the “AutoSave Limit”. This is the maximum amount beyond which your PiggyVest AutoSave savings cannot exceed. Once you have saved up this amount in your PiggyBank account, PiggyVest will no longer deduct funds from your bank account at the set dates — unless, of course, you modify/extend the AutoSave limit.
On the app, you can navigate to “My Account” >> AutoSave Settings to modify the amount and frequency of your AutoSave plan. You can also turn off/deactivate the savings entirely by toggling off the On/Off button.

3. SafeLock

SafeLock is another core saving feature of the PiggyVest app with more stringent saving measures. SafeLock allows you put a fixed amount of money aside for a fixed period of time. Unlike AutoSave that allows you withdraw your savings on multiple dates, SafeLock keeps the fixed amount till the set time is up. This is why it is perfect for saving money dedicated for non-discretionary expenses or expenses you must make e.g. rent, school fees, etc. According to PiggyVest, SafeLock is one step further in curbing the temptation to spend money that you need to save. While it might be a hard thing to do, the fact that SafeLock rewards as high as 13% interest per annum on whatever amount you save should be enough motivation.
 
To use SafeLock on PiggyVest, tap the “Create a SafeLock” button on the Lock funds away card in the PiggyVest dashboard. Enter the amount you want to lock away, how long you want to stow the money away, as well as the payback date. You are also required to give your SafeLock a name (could be anything, perhaps the goal you’re saving towards e.g. Laptop SafeLock). You can then proceed to preview your SafeLock details and select the “Tap to SafeLock” button. The longer you lock your cash in your SafeLock, the higher the interest. The best part is that the interest on the funds you SafeLock-ed is paid upfront in your PiggyFlex account.
You should, however, remember that once you SafeLock a specific amount of money, under no circumstance will the funds be made available to you before the payback date.

How to use Target Savings on Piggyvest

If you have a group trip you want to attend by the end of the year, a conference to attend, a new laptop or new car to purchase, then you can create a target saving goal separate from your personal saving. Just like the regular AutoSave, you are entitled to a 10% (per annum) interest on your savings which would be paid into your PiggyFlex account daily.

To create a target saving goal or join other users saving towards a similar goal, tap the “Save towards a goal” card on the app dashboard, tap the “+” icon at the bottom of the display to get started with a personal or group target saving. Unlike your core savings program, you can break or opt out of a target savings plan at anytime without any penalty. The funds will, however, be sent to your core PiggyBank savings account which you will then be able to withdraw only on set withdrawal days. If you have met at least 70% of your target savings, you can withdraw to your Flex account anytime for free.

Withdrawals

Whether you’re withdrawing money you’ve saved for an unplanned emergency or to sort out a planned goal/expense, PiggyVest offers swift and flexible withdrawal options. Before withdrawing funds, however, there’s one important thing to do first: add your bank account details. To do this, My Account >> My Bank Information >> Go to Bank Settings >> Enter account number & Bank name
 
1. Withdrawing from PiggyVest Account
Your PiggyVest account holds funds you save using the “Quick Save” option as well as interests, monetary rewards from core and special savings. Funds in PiggyFlex can be withdrawn at any time to your bank account for FREE. You can also send funds in your PiggyFlex account to your PiggyBank account as well as other users for FREE. To withdraw cash from PiggyFlex, simply tap the “PiggyFlex” card on the app dashboard or navigate to My Account >> Make Withdrawal >> Withdraw from PiggyFlex. You are entitled to only one (1) withdrawal in 24 hours and funds are sent to your bank account within 3 hours. You should also note that nothing happens to your Piggyvest Savings if you don't withdraw on the withdrawal day. You keep getting interests on your money whether or not you withdraw it.

2. Withdrawing from PiggyBank Account

Your PiggyBank account is regarded as the main savings account. Here, money can be saved to your PiggyBank account anytime (via Quick Save) or periodically (via Auto Save) but you can only withdraw money from the account for FREE four times per year. These are known as “Withdrawal Days” and it is, by default, the last day of every quarter (i.e. every 3 months or 90 Days).
 

PiggyVest’s default withdrawal days are every 31st of March, 30th of June, 30th of September, and 31st of December. You can change the withdrawal days to your preferred days/dates by clicking Go to My Account >> My Withdrawal day settings >> Update Withdrawal Day.

 

Another thing to note is that if you decide to set your own convenient FREE withdrawal date, the next available FREE date will be exactly 3 months from the last time you withdrew. On these days, you can withdraw funds from your PiggyBank core savings account for FREE. Withdrawing on days other than your set withdrawals dates attracts a penalty payment of 5% of whatever amount you’re withdrawing. Interestingly, you can choose to pay the 5% penalty fee from your PiggyVest wallet or from the amount being deducted.

This is basically all you need to know to get started with saving on the PiggyVest platform’s app. There’s still a lot more but if you have any questions, simply signup on Piggyvest and visit the Frequently Asked Questions (FAQs) section.

Shifting the Base of Nigeria's Mono-Product Economy by Adeyeye Eyitayo

In 1958, Nigeria  joined the league of oil producing states in the world. Thereafter, production of crude oil became the major source of government  revenue with average production of 2.5million barrels daily. The economy of Nigeria has since then been moulded around  proceeds from crude oil to maintain about 65 -70% of  government revenue. It generates about 90 per cent of the country's foreign exchange earnings. Thus, the  discovery and production  of oil  pushed agriculture, the traditional mainstay of the economy, right from the early fifties  to the backstage. Alas, Nigeria neglected agriculture because of overnight money gotten from crude oil.

Several years down the line, the oil market  has suffered notable  setbacks, to wit, fall in oil price, fluctuating demand,poor regulatory regime and other market phenomena. It is safe to say that the instability  of oil price has been persistent  for a long while. Recently, the US Energy information Administration (EIA), recorded that Crude oil prices were generally lower in 2018 than in 2019. But with the outbreak of corona virus in 2020, the price of oil hit its lowest level in 17 years, declining from $59 to $28 per barrel within a month. As it stands presently, oil companies globally can no longer produce in full capacity. Nigeria is currently trading below the Federal Government's  benchmark in the oil market. Oil vessels are floating on the sea with no buyer, supply is now more than demand.

It is a public knowledge that the outbreak of Covid19 is such that is crumbling  economies of the world and Nigeria  is not an exception. As a matter of reality, the mono-product economy of Nigeria even makes it worse. Since the spread of the pandemic in Nigeria, the Government  has become restless and short of revenue options. The stay-at-home orders imposed by the government is leading the economy on a slippery-slope as informal businesses and companies have been shut down for weeks. Meanwhile, the most recent estimate puts Nigeria's  debt profile at N33 Trillion, still likely to worsen amid the steep decline in revenue associated with falling oil prices. Foreign Investors are now reluctant to hold naira-dominated assets as Naira would not stop falling against the dollar like the wall of Jericho. It was recorded that the  Nigerian Stock Exchange (NSE) lost ₦2.3 trillion in two weeks after Nigeria's index case. Little wonder the Federal Government had to cut down the 2020 budget from N10.594 trillion to N10.276 trillion.

The failure to diversify the economy  of Nigeria  will forever be a serious indictment on successive governments. It is the major reason why the economy remains so fragile and vulnerable to changes in external conditions, especially oil price fluctuations. Each of the past governments  deserves to be blamed for this. Nigeria is  endowed with several mineral resources and to think that her economy hinges solely on crude oil simply embarrasses logic. Given the present realities, diversifying Nigeria's mono-product economy is the only express way out of the looming recession. Creating several avenues and channels  of income generation for the government  is now a matter of national emergency and not just mere campaign manifesto. It is time, if not before now, to focus on mining and  agriculture. Needful to say that, through agriculture, the three necessities of life – food, clothing and shelter – are made available to man. China, Netherlands and USA remain the  largest producers and exporters of agricultural produce in the world. The truth is, demand for agricultural produce is much stable in the world market, given the ever increasing population of the world. There is a dire need for expand in production to meet this global demand.

 

Read: OAU Final Year Student Sentenced to Jail for Cybercrime

 

Nigeria is Africa's leading consumer of rice, one of the largest producers of rice in the continent and simultaneously one of the largest rice importers in the world. Nigeria ranks the largest producer of cassava in the world, with cassava production of up to 20% of the world. Nigeria also boasts of large scale cultivation of cocoa, peanuts, cotton, palm oil, corn, sorghum, millet,yams, rubber, just to mention a few.

 

Read also: Making a Computer Virus is not against the Law - Surya Aezowie

 

I strongly believe with purposeful  leadership, Nigeria can become the food basket of the world. We have the capacity, we have the population, we have all the resources that is required, which is the human capital and that is  the best that is needed. Only by so doing we can become an economic powerhouse in the coming years.



Adeyeye Eyitayo is a public interests enthusiast and lawyer. You can reach him at [email protected]

What You Should Know About Black Friday

Black Friday is a famous sales weekend that evolved from the Thanksgiving day just after summer. Usually, a significant number of individuals get to purchase items placed on the best deals and at extremely affordable prices. Many retailers and businesses overtime, like the popular Amazon, Konga, Jumia and other e-commerce websites put a cut to their prices over a range of products to allow users to purchase them.

The term "Black Friday" was first associated with financial crisis and not sales shopping. By history, two Wall Street financiers Jim Fisk and Jay Gould, together bought a significant amount of US gold in the hope of the overall price soaring and in turn being able to sell it for huge profits. On Friday, September 24, 1869, in what became referred to as "Black Friday", the US gold market crashed and their actions left Wall Street barons bankrupt.  It was not until later years that the post -Thanksgiving period became associated with the name.

Also, when shops in the US recorded their accounting details by hand, they noted profits in black and losses in red. It is believed that many shops had their accounts read "red" throughout most of the year but they later "went into black" the day after Thanksgiving, when people bought a large amount of discounted goods and products. In more recent years, an inaccurate rumour circulated, suggesting that Southern plantation owners could buy slaves at a discounted price following Thanksgiving in the 1800s.

Police officers in Philadelphia were first to link Black Friday to the post-Thanksgiving period in the 1950s. Many tourists and buyers came to the city after Thanksgiving for the Army-Navy football game, thus creating chaos, traffic jams and shoplifting opportunities. The Police officers in the city were not able to take the day off work and had to work long shifts to control the traffic of people. As such, they used the term "Black Friday" to refer to it. The name soon spread throughout Philadelphia but some city's merchants and boosters disliked the negative connotations and unsuccessfully tried to change it to "Big Friday".

Black Friday later became known in print, after an advertisement was published in The American Philatelist magazine in 1966. By the late 1980s, the term was commonly known across the nation and retailers soon linked it to their post-Thanksgiving sales.

Black Friday today is recognised world over as the biggest shopping event of the year, when many shops cut their prices on a range of products, in order to boost profits and officially kick off the festive season.  Retailers often continue sales throughout the weekend, concluding with online-only offers on Cyber Monday.

By Adobe Analysis, 80 of the top 100 US online retailers, found online spending on Black Friday 2018 at $6.2 billion, with two billion generated from smartphones. Also, in the records of the year 2013, Asda, owned by American retailer Walmart, held its own Black Friday sale which resulted in chaos as customers physically fought for televisions and other gadgets. Following this, Black Friday grew significantly with more retailers choosing to hold sale events.

Black Friday is an important period for many retailers worldwide it is hoprd that offering discounts will boost profits. However, the increase in consumer demand and competition between retailers has led to an overwhelming amount of visitors to online retail sites and chaos in shops. To improve sales and online deliveries, deal with competition and satisfy customers' needs, retailers now choose to run their sales across an extended period, rather than the traditional 24 hours. Many promotions and offers have started in the days building up to Black Friday, a move which has been dubbed "Black Fiveday". Some online retailers nowbstart their sales as early as the first day of November, continuing across the Black Friday weekend, and concluding on Cyber Monday, the first Monday after Thanksgiving which usually falls in December.

Power: Looking Towards Heavens (Solar energy) and Earth (coal &Hydroenergy)

Solar energy, radiation from the Sun capable of producing heat, causing chemical reactions, or generating electricity. The total amount of solar energy incident on Earth is vastly in excess of the world’s current and anticipated energy requirements. In the 21st century solar energy is expected to become increasingly attractive as a renewable energy source because of its inexhaustible supply and its nonpolluting character, in stark contrast to the finite fossil fuels coal, petroleum, and natural gas. 

The history of hydropower dates back thousands of years. For example, the Greeks used water wheels to grind wheat into flour more than 2,000 years ago. The evolution of the modern hydropower turbine began in the mid-1700s when a French hydraulic and military engineer, Bernard Forest de Bélidor, wrote Architecture Hydraulique. Many key developments in hydropower technology occurred during the first half of the 19th century, and more recently, the past century has seen a number of hydroelectric advancements.Hydropower technologies generate power by using the elevation difference,  created by a dam or diversion structure, of water flowing in on one side and out, far below, on the other. 

The benefits of hydropower have been recognized and harnessed for thousands of years. In addition to being a clean and cost-effective form of energy, hydropower plants can provide power to the grid immediately, serving as a flexible and reliable form of backup power during major electricity outages or disruptions. Hydropower also produces a number of benefits outside of electricity generation, such as flood control, irrigation support, and water supply.