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eCommerce and the Nigerian Amazon

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For long muted on Wall Street, the signal is now clear.

Amazon, global e-commerce giant, is on the verge of not only overtaking Apple as the world’s most valuable company but the first company worldwide to hit the $1 trillion mark.

 

Bullish projections indicate that this could happen in late August 2018 if Amazon’s stock, which has surged 83 percent over the past one year, continues its impressive revenue growth.

 

Aided by an astronomical increase in online shopping and growing patronage of cloud computing by businesses, an area in which Amazon Web Services dominates, Amazon has continued a remarkable run which saw it dislodge Microsoft Corp. as the No. 3 U.S. company by market capitalization in February 2018.

 

A few analysts have, however, attempted to douse the enthusiasm, citing the fact that stock gains are not a reliable predictor of future performance and also in view of the fact that Amazon’s recent streak has been quite outstanding.

 

For these, the expectation is that Amazon’s stock will rise 10 percent within the next year to reach $1,700, which would give it a market value of $823 billion.

 

Furthermore, data from Thomson Reuters shows that Apple’s stock price will expectedly rise 11 percent and reach $195 within the next 12 months, which would put its market capitalization at $989 billion, keeping it just ahead of Amazon.

 

The overwhelming view though remains: should Amazon’s stock keep up the exceptional growth trajectory seen over the past year, the company’s market capitalization would hit $1 trillion in late August while Apple would reach $1 trillion around a week later if its stock price continued to rise at the same pace seen over the past year.

 

There is no denying the fact that Jeff Bezos, founder and owner of Amazon, has shown the world just how far ecommerce and a disruptive approach can go in leading a business to record-shattering heights.

 

To a smaller extent, a certain Jack Ma who failed repeatedly in school and now the brains behind Alibaba, another e-commerce giant making waves in Asia, has also shown what can happen when e-commerce meets opportunity and a conducive/supportive business environment.

 

To put Amazon’s mind-blowing strides into sharp relief, it is worth considering a few facts.

 

Nigeria’s 2018 fiscal budget, which was recently passed by the National Assembly is about N9.1 trillion. This figure, which covers the country’s entire spending for the year, is just about $25b – a paltry 2.5 percent of Amazon’s projected $1 trillion worth.

 

Also worth considering is the identity of the first five most valuable companies in the world.

 

Of all the most similar attributes displayed, one thing binds Apple, Amazon, Microsoft, Alphabet (Google) and Facebook: they are first and foremost technology companies, all of whom, as described by Forbes in its recent valuation, have successfully consolidated their power in recent years by leveraging cutting-edge technology, driving huge profits and soaring market values.

 

There is indeed no doubting the power of technology as a leveler and game-changer. Technology can produce power-houses, global conglomerates with market capitalization figures that can make the annual budget of several nations pale into insignificance.

 

What has remained perplexing is the inability or refusal of the Nigerian government to see/appreciate the power of technology as perhaps the country’s best chance of closing the ever-widening gap between it and the advanced countries of the world.

 

Why is there hardly any meaningful form of government support for tech start-ups and other players in Nigeria’s technology sector?

 

Entrepreneurship in Nigeria is not a task for the faint-hearted.

The Nigerian business terrain/economy, blessed as it is with an overwhelmingly youthful population and the potential to catapult a business overnight sadly, still remains a very tough and challenging one. Start-ups here face a herculean fight staying afloat.

 

A recent survey showed that over 70% of start-ups in Nigeria go down under before reaching their fourth anniversary. Many of these go unannounced due to the stigma associated with failure in these parts. Indeed, one of the biggest fears of an entrepreneur in Nigeria is the fear of failure.

 

This is opposed to the case in advanced climes where business failure is treated as a cathartic process, one that is chronicled and encouraged as a learning curve for the person involved and others.

It is worse when you are a start-up entrepreneur in Nigeria’s technology sector, an industry in which the government has so far shown little more than a passing interest in and no demonstrable commitment; a battle of attrition for many.

 

It is a conundrum that has defied all forms of rigorous introspection, especially considering the seeming willingness of the government to commit sizeable funding and support to agriculture.

 

Perhaps, we are better reminded that we live in the 21st Century, one in which knowledge has become a right; where new technologies such as Robotics, Artificial Intelligence, Big Data and Machine Learning, among others, is redefining the scope of work, business and human engagement; where electric, driver-less or flying cars could soon see fossil-fueled ones become an anachronistic relic; where the power of technology and industrialization has made China, once derided as a paper tiger, a major world power giving the United States of America a good run for its money and where technology has transformed the four (actual) Asian Tigers of Hong Kong, Singapore, South Korea and Taiwan to global hubs of innovation and manufacturing excellence.

 

Today, Amazon has created jobs for over half a million people in America – a figure that is still rising. And in recognition of the company’s contribution to the United States’ economy, the e-commerce giant paid zero federal taxes in 2017. It is also being rewarded with further tax breaks at the state and local level.

 

How many potential Amazons would emerge from the Nigerian tech sector, should the Nigerian government toe the path its United States’ counterpart did with Amazon? Possibly enough to place our technology narrative and Nigerian tech companies/start-ups on the path of global reckoning.

Mr. Leo-Stan Ekeh, chairman of Zinox GroupLeo Stan Ekeh

Here in Nigeria, the country can boast of Leo Stan Ekeh, founder and Chairman of the Zinox Group – a technology conglomerate that has empowered thousands of Nigerians and through which he has created direct and indirect employment opportunities for millions – the closest entrepreneur in Jeff Bezos’ terms in these parts. It is instructive to note that he has also remained true to his chosen field of technology in spite of the considerable lure of quicker returns or existence of more institutional support in other sectors such as banking and the once-mighty oil/gas industry.

 

In Konga, one of Nigeria’s most prominent e-commerce pioneers which Ekeh acquired from erstwhile investors Naspers and AB Kinetic and which recently merged forces with another bold entrant Yudala, the country can also count on a business that has clear designs on improving the lot of Nigerians through a suite of creative avenues and expansionary moves.

 

One of these is a well-publicized impressive retail roll-out plan which is bound to see Konga establish a presence in Nigeria’s 774 local governments, a cost-intensive feat that will create tons of employment opportunities for residents in these various locations.

 

Renowned for its uncompromising stance on quality, a tradition that Yudala, which it merged it, was well-known for; the new Konga that emerged in May 2018 is now widely recognized as the best source for genuine products in Nigeria’s e-commerce space – a burden that has also reportedly seen the owners of the business invest in massive warehouses nationwide to enable it scale inventory/stocking, another investment that is bound to throw up additional jobs for Nigeria’s teeming unemployed youths.

 

But can an Ekeh, for instance, count on the government for tax breaks, tax holidays or any other form of incentives to encourage him to do more?

 

Your guess is as good as mine…

 

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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How to Choose the Best Site to Convert BTC to Naira: The Key Features to Consider

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Converting Bitcoin (BTC) to Naira has become increasingly popular in Nigeria, and choosing the right platform for this task can make a big difference in maximising your returns while keeping your funds secure.

With numerous options available, it’s essential to know which features set a great BTC-to-Naira conversion site apart from the rest. This guide breaks down the key features you should look for and includes a trusted recommendation: Breet.

Key Features to Consider When Choosing a Site to Convert BTC to Naira

1. Security and Trustworthiness

Security should be the top priority when choosing a BTC-to-Naira conversion platform. A reputable site should have strict security measures, such as SSL encryption, two-factor authentication (2FA), and continuous monitoring for suspicious activity. To ensure the platform’s legitimacy, verify that it’s licensed or regulated.

2. Conversion Rates

Getting the best possible conversion rate means more Naira in your pocket. Rates can vary across platforms, so it’s worth comparing them to get the most value for your BTC. However, be mindful of platforms that advertise unusually high rates, as they may come with hidden fees or tricky terms.

Quick Tip: Pay attention to the platform’s fee structure. Some may charge a flat fee, while others take a percentage, which can significantly impact your earnings.

3. Transaction Speed

In the fast-paced world of cryptocurrency, timing is crucial. A platform that offers quick processing times can help you secure the rate you want and avoid delays due to market fluctuations. Some platforms offer instant transactions, which is ideal if you need immediate access to your funds.

Pro Tip: If speed is a priority, look for platforms with a reputation for quick confirmation times and real-time processing.

4. Ease of Use

Not everyone using a BTC-to-Naira service is a crypto expert, so an intuitive interface can make the process stress-free. A clean, user-friendly layout ensures you can navigate the site or app with ease, regardless of your crypto experience.

Bonus Tip: A mobile app can be a game-changer, allowing you to convert BTC to Naira from anywhere, anytime. Don’t forget to check for accessible and responsive customer support, as they’ll be crucial if you have questions or run into issues.

5. Payment Methods Available

The best BTC-to-Naira platforms offer direct Naira bank transfers, which allow you to receive your funds without hassle. Verify if the platform has daily or weekly withdrawal limits that fit your intended transaction size. This ensures you won’t run into unwanted restrictions when it’s time to withdraw your funds.

6. Transaction Fees and Limits

Be sure to check each platform’s transaction fees. A flat fee might be more beneficial for smaller transactions, while a percentage-based fee might be better for larger transfers. Additionally, make sure the withdrawal and daily limits meet your needs.

7. Reputation and Community Trust

Word of mouth and community endorsement go a long way in the crypto world. Platforms with high ratings from seasoned users in forums or social media groups are often reliable. Look for transparency in their terms and policies, and be cautious of any red flags, such as rates that seem too good to be true or a lack of user reviews.

Recommended Site to Convert BTC to Naira: The Breet App

After reviewing several options, Breet stands out as a highly recommended site to convert 1btc to naira today. Here’s why:

  • Competitive Rates: Breet offers competitive conversion rates with no hidden fees, so you know exactly what you’re getting.
  • Zero Trading Fees: Breet doesn’t charge a transaction fee, so you can perform as many transactions as you want, all at no cost to you.
  • Instant Naira Payouts: The platform ensures fast, direct payouts to your Nigerian bank account, making it ideal for those who need immediate access to their funds.
  • User-Friendly Experience: Breet’s interface is intuitive and designed with all users in mind. It’s simple enough for beginners and robust enough for advanced users.
  • Community Trust: Known for transparency and reliability, Breet is well-regarded in the Nigerian crypto community and is backed by excellent customer support.

How to Convert BTC to Naira on the Breet App

Ready to convert your BTC to Naira on Breet? Here’s a simple step-by-step guide to get you started:

  1. Register & Verify: Download the Breet app, sign up, and complete verification for secure access.
  2. Check Rate & Confirm: View the btc to naira rate. If satisfied, proceed with your sale.
  3. Deposit Bitcoin: Transfer your Bitcoin to your unique Breet wallet address by copying it or scanning the QR code.
  4. Transaction Processing: Breet will detect and automatically process your transaction once it’s confirmed on the blockchain.
  5. Receive Naira: Your Naira balance updates instantly, ready for quick withdrawal—no delays or extra steps.

Conclusion

Selecting the best platform for converting BTC to Naira requires careful consideration of essential features, such as security, conversion rates, transaction speed, ease of use, and payment options. Breet is a trusted option for those who value simplicity, speed, and competitive rates.

For those new to converting BTC or seasoned traders looking for reliability, Breet offers a comprehensive solution that’s secure, convenient, and transparent. Try Breet today, or use our checklist above to find the platform that best suits your needs.

 


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Firm Identifies Key Signs of AI Usage in Phishing Attacks

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Cybercriminals are increasingly using Large Language Models (LLMs) to generate content for large-scale phishing and scam attacks, Kaspersky’s AI Research Center experts have discovered.

As threat actors attempt to generate fraudulent websites in high volumes, they often leave behind distinctive artifacts – such as AI-specific phrases – that set these sites apart from those created manually. So far, most phishing examples observed by Kaspersky target users of cryptocurrency exchanges and wallets.

Kaspersky experts analysed a sample of resources, identifying key characteristics that help distinguish and detect cases where AI was used to generate content or even entire phishing and scam websites.

One of the prominent signs of LLM-generated text is the presence of disclaimers and refusals to execute commands, including phrases such as “As an AI language model…”. For instance, two phishing pages targeting KuCoin users contain this type of wording.

Another distinctive indicator of language model usage is the presence of concessive clauses, such as: ‘While I can’t do exactly what you want, I can try something similar.” In other examples targeting Gemini and Exodus users, the LLM declines to provide detailed login instructions.

“With LLMs, attackers can automate the creation of dozens or even hundreds of phishing and scam web pages with unique, high-quality content,” explains Vladislav Tushkanov, Research Development Group Manager at Kaspersky. “Previously, this required manual effort, but now AI can help threat actors generate such content automatically.”

LLMs can be used to create not just text blocks but entire web pages, with artifacts appearing both in the text itself and in areas like meta tags: snippets of text that describe a web page’s content and appear in its HTML code.

There are other indicators of AI usage in creating fraudulent sites. Some models, for instance, tend to use specific phrases like “delve”, “in the ever-evolving landscape”, and “in the ever-changing world”. While these terms are not considered strong indicators of AI-generated content, they may still be viewed as signs.

Another feature of text generated by a language model is the indication up to which the model’s knowledge of the world extends. The model typically articulates this limitation using phrases such as “according to my last update in January 2023”.

LLM-generated text is often combined with tactics that make phishing page detection more complicated for cybersecurity tools. For instance, attackers may use non-standard Unicode symbols, such as those with diacritics or from mathematical notation, to obfuscate text and prevent matching by rule-based detection systems.

“Large language models are improving, and cybercriminals are exploring ways to apply this technology for nefarious purposes. However, occasional errors provide insights into their use of such tools, particularly into the growing extent of automation. With future advancements, distinguishing AI-generated content from human-written text may become more challenging, making it crucial to use advanced security solutions that analyse textual information along with metadata, and other fraud indicators,” said Vladislav Tushkanov.


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Jumia Nigeria Expands E-commerce Access Nationwide as it Kicks Off 2024 Black Friday Campaign

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Jumia, Nigeria’s leading e-commerce platform, has launched its highly anticipated Black Friday campaign, running from November 1st to November 30th.

L-R: Robert Awodu, Regional Head of Public Relations and Communications (Sub-Saharan Africa); Richmond Otu, Chief Supply Chain Officer, Jumia Nigeria; and Sunil Natraj, CEO, Jumia Nigeria, at the recent Jumia’s Black Friday roundtable.

This year’s theme, “No Too Calculate,” highlights Jumia’s commitment to creating a simpler, stress-free shopping experience for Nigerians amid economic challenges, allowing consumers to enjoy great savings without budgetary worries.

This year’s Black Friday campaign is supported by Xiaomi as the platinum partner, alongside renowned brands such as Oraimo, Nivea, Infinix, Tecno, Itel, Haier Thermocool, Binatone, Pernod Ricard, Diageo, Bacardi, Hikers, Ecoflow, Skyrun, Glamstar, Ledrop, Unilever, Macallan, LG, and others.

“We are excited to launch another Jumia Black Friday. For us, this campaign is about making e-commerce more accessible to consumers in Nigeria.

“We recognize the current economic situation and have worked closely with our brand partners to offer the best possible deals to consumers during this period.

“Additionally, our expanding network of Pickup Stations ensures that even more consumers, regardless of their location, can benefit from the convenience of online shopping.

“As we grow, our focus remains on creating real value for both our consumers and sellers through our extensive ecosystem,” said Sunil Natraj, CEO, Jumia Nigeria.

The Black Friday campaign serves as a powerful platform for international and local brands as well as SMEs to expand their reach and boost sales.

Furthermore, with Jumia’s extensive logistics network, which partners with hundreds of local logistics service providers, delivery to all corners of Nigeria, including smaller towns and rural areas is guaranteed.

“At Xiaomi, we believe that everyone deserves access to the latest cutting-edge technology. Jumia Black Friday is the perfect opportunity for consumers to experience our innovative products at unbeatable prices.

“Our Black Friday deals reflect our commitment to making advanced, high-quality technology accessible to all.

“Whether you’re upgrading your smartphone or enhancing your smart home, Xiaomi offers products that are not only powerful but also beautifully designed, helping you stay connected in smarter, more efficient ways,” said Xingyu Yang, Country Manager, Xiaomi Nigeria.

Since Jumia introduced Black Friday to Nigeria in 2014, the company has continued to unlock new opportunities for both consumers and businesses. With online shopping in Africa projected to reach $75 billion by 2025, Nigeria will play a pivotal role in this e-commerce growth.

Shoppers can visit Jumia’s website or app starting November 1st to take advantage of these exclusive Black Friday deals.


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