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PRB Passage, Economic Policies Limit Courier Sector Growth- Oladapo
Mr. Siyanbola Oladapo, president, Association of Courier Operators of Nigeria (ANCO) has decried the delay in the passage of the Postal Reform Bill (PRB), and said that political, social and economic factors are to blame for the recent challenges faced by operators.
He said that the passage of the bill; and right economic decisions by the government will help restore investors’ confidence.
Oladapo who is also the MD/CEO of Bowill Errands Limited, told Nigeria CommunicationsWeek, that “The courier industry is not immune to the present economic challenges in the country. The economy has witnessed recession. About a year and plus ago when the new government came in, it was politicking; they had to settle and have cabinet in place because the new government is an infusion of many political parties needing to satisfy different groups and party faithful.
“Almost at the same time they came in the price of crude oil was falling and so it has been difficult for them to fulfill their promises. And, Nigeria as a mono-product economy there was a huge challenge. In other words, before they could get their acts together the economy has slid to recession. There are security challenges compounding issues for the country too.
“The implication to the courier is that in places like the North-East it was difficult to do business. Businesses were shutting down. It was difficult for us (the country) to get things together and move forward at the pace the citizens envisioned.
“Also, the advent of e-commerce which is supposed to be a plus, but then most buyers lost the purchasing power; skyrocketing unemployment with companies folding up, these events impacted the courier negatively. The capital market also has its own challenges. Most of our members are key players in the market. Likewise, the cost of doing business was going high. Companies are looking for means to reduce cost. Therefore, in the last one year, all those things made the courier industry to face the challenges as inherent in the economy. In fact, it has not been easy for the players in this industry.
“Those who even want to import are not having it easy because there is shortage of foreign exchange. So, we cannot even assist them to ship things in. At that point people/companies were agitated and were kind of stayed aloof to reassess the capacity of the government to redeem the situation.
“Again, the cost of replacing machinery was there. We have the challenge of buying equipments to replace or rehabilitate damaged ones. Most infrastructure have failed too. The roads are bad. With State Governments owing months of salaries, people are trying to make a living. This has also led to the increased activities of touts who pose as local government officials making lives miserable for dispatch men out there in the street.
“The supposed officials resort to jungle justice; taking laws into their hands and extorting money from operators. When you call to lodge in complaints, nobody will be there to listen, because they have not earned their salaries too. All this has dire effect on the operators. The social, economic and political challenges impacted the industry too”.
Expectations this Year
Speaking further, Oladapo said that the present realities also present the industry players with opportunity to think-out-of-the-box and synergy on how to utilize available resources.
He said, “In times like this (recession) people get smarter; you think outside the box. So, companies will be concerned on how to reduce costs. This is when the concept of synergy will play better. Although, the synergy has its pros and cons. Trust and capacity are required to maintain such relationship in business. Having said that we believe 2017 will be a better one.
“First, the Postal Reform Bill (PRB) is receiving a better attention at the National Assembly. The Postmaster General, we believe, will leverage his political afflictions to get things moved in that direction. It was due to clash of interest in the past that has actually delayed the Bill. The post PMGs seemed foot-dragging on the matter, probably, for personal reasons. But the new PMG has a mandate to change the situation and he would want to score the point. The industry expects that intruders will be shown way out of the industry.
“As government is seeking for new ways to mitigate the forex impasse we expect things we get better; companies should be able to either import or export goods. As the price of crude is coming up Nigeria will have enough dollar (foreign exchange) to back up people’s demands. The courier sector will bounce back also”.
He added that boom in e-commerce space, “once people’s purchasing power is back”, will help the industry blossom to live again.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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