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Jumia/MTN 1st Megathon ‎Week Attracts Global Mobile Devices OEMs

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Jumia, Nigeria’s leading online shop and in a few days will be unveiling one of its biggest sale of the year, dubbed ‘the Biggest Mobile Sales Ever’ of the retail industry in Nigeria.

Supported by MTN and Mediatek, the Jumia Mobile Week Megathon will last for a week, starting on May 31st at midnight and lasting until Sunday the 7th of June at midnight, the company announced during a media barley in Lagos.

Jumia has collaborated with all the major international mobile brands to offer deals and amazing discounts on all mobile phones available on the website throughout the week.

Original Equipment Manufacturers like Archos, Blackberry, FLY, Huawei, iMose, Itel, Oraimo and Wiko are amongst the brands that Jumia has partnered with to bring to its customers the highest value for their money.

But the most noteworthy collaboration is undoubtedly the one Jumia stroke with the 7 biggest international mobile brands in Nigeria: InnJoo, Infinix, Tecno, Samsung, Apple, Lenovo and LG.

In addition to discounts on all the mobile phones of the brands, Jumia will offer its customers special “Hero” deals on all 7 brands. 

InnJoo will be unveiling in exclusivity its new InnJoo Fire and the best-seller InnJoo One.

Infinix, the highest selling mobile brand in Nigeria in March will have exclusive hero deals on the Infinix Hot X507 and the Infinix Hot Note.

Tecno will showcase its Tecno Y5 and L7 while Samsung will provide Jumia customers with an amazing hero deal on the Star Plus 2.

Apple, through Istore, the authorized retailer of Apple in Nigeria, comes with incredible hero deals on its two latest phones: the Iphone 6 and the Iphone 6+.

Lenovo will amaze us with hero deals on the A328 and A6000 and LG will close the show on Sunday with hero deals on the L60a and LG Magna.
 
Additional flash sales with discounts of 50% will also take place all through mobile week on hero deals and other new product launches…

New hero deals will be revealed every day of the week, starting at 5am on the Jumia App and at 9am on the desktop version.

With the Mobile week Megathon, Jumia contributes to the formidable growth of mobile penetration in Nigeria and supported by MTN, makes internet penetration easier: every phone bought on Jumia during the Mobile Week will be coming with a free 1 month Gigabyte data as well as a free music stream for 1 month with free SIM cards!
 
What is MTN Bringing?
MTN offers the widest data network in Nigeria with 61 million subscribers in Nigeria and unbeatable data prices.

MTN is supporting the Jumia Mobile week and offer on all purchase of mobile phone 1 month free 3GB data on every device bought during mobile.

MTN is a sponsor of the Jumia Mobile week.

On the other hand, MediaTek is a pioneering fabless semiconductor company and a market leader in cutting-edge systems on a chip for wireless communications, HDTV, DVD and Blu-ray.

MediaTek created the world’s first octa-core smartphone platform with LTE and our CorePilot technology released the full power of multi-core mobile processors headquartered in Taiwan.

Mediatek is also a sponsor of the Jumia Mobile week.

The OEMs
INFINIX
The INFINIX brand represents quality, affordable and premium lifestyle which it promotes encourages and sustains through its variety of products and services. With the brand spirit of challenging the norms, Infinix smart devices are designed specifically for young people who want to stand out, reach out and in sync with the world.

It inspires your daily life, with access to key features that young people look for, such as social networking, access to thousands of free apps and entertainment.

Since its creation in 2009, Infinix has become a major player in the mobile phones and tablets market.

Avant –garde designs, innovative functions and impeccable quality are just some of the reasons why millions of consumers are seduced by our products.

Infinix defines norms and opens the doors to the future, based on it slogan: The future is now!

Jumia mobile week affords us the opportunity to partner with a major player in the e-commerce industry in Nigeria to showcase our unique products and services.

The rapid growth of Jumia.com has seen it emerge as arguably the country’s number one online shopping portal, with over 1000 members of staff after just a short time in operation.

This is also similar to the growth achieved by the Infinix brand in the Nigerian market. Jumia is poised to maintain leadership in Nigeria’s online retail market.

The site controls 70% of the online retail market in the country and has serviced over a million customers, in addition to being independently ranked as second only to Google for preferred online shopping in Nigeria.

Dr. Jonathan Doerr, MD of Jumia Nigeria, said, ‎”Jumia mobile week affords us the opportunity to interact with other brands and compare products and services and also introduce latest trends in the industry.

“As is our commitment to our users and fans, in the near future, Infinix hopes to keep improving on our products and services to reflect the lifestyle of our users. We plan to tailor our devices to meet each individuals need according to their lifestyle and demands.

“Already evident are several improvements to our customer service delivery in terms of creating several avenues for our users to interact with our brand. One of the key elements of this is our Infinix forum which affords users the opportunity to tell us their challenges, offer user feedback and suggest product and service improvements. Another avenue is our Infinix community of users where we interact one on one with the Infinix users.

“Also customers can also keep expecting regular updates via OTA updates which will always offer product and service improvements.”

TECNO
Mr Chidi Okonkwo, Deputy Country Manager of TECNO Mobile said the Tech giant is keen on setting the pace on first high quality professional music phone BOOM J7 delivered to mobile users’ ears through this collaboration with Jumia and that’s one of the driving force behind the Mobile week partnership.

He stated that in 2014 Tecno mobile shipped in tens of millions of devices into the Nigerian market and this year we would increase that figure by a lot more and to be able to deliver our devices to the Nigerian market we should be able to drive strong offline and online partnership and distribution networks to meet the demand of our customers.

Tecno Mobile being one of the biggest mobile players in the Nigerian market strive to have very good service in the ecommerce space in the Nigeria market, and this service will aid the delivery of devices to numerous customers across Nigeria.

“Nigerians love music and we have designed the RIGHT phone that will give our Nigerian customers value and great experience for their money both on mobile services and entertainment and with our multi-channel off and online service we’ll continue to push our strategy of delivering the right product to our customers” Chidi informed.

He also  added that Tecno mobile as a brand is committed to innovation and customer experience and customers should expect to experience more in the area of entertainment with a special focus on music.

Chidi, on his part said that the Mobile Week would focus on how best to harness and promote mobile penetration and inclusion in Nigeria. He highlighted that, as more people spend more time each day on their mobile devices, the mobile platform is fast replacing traditional TVs and PCs in delivering primary entertainment in music, gaming and movies to consumers.

The DCM Tecno Nigeria boss holds the view that the Mobile Week will better showcase the online store’s strategy that has made Jumia Nigeria one of Africa’s most innovative stores in using Mobile platforms to bring the right products more closely to customers via refined mobile advertising toolkits.

SAMSUNG
Samsung and Jumia have partnered with World Reader, a non-profit organisation, in an initiative that will promote literacy and education by pre-installing 15,000 free e-books in Samsung entry level smartphones.

The select smartphones include, Ace 4 Lite, Ace 3, Trend Lite, J1, Star 2 Plus and Ace 4 Neo.

Customers can download about 15,000 e-books for free, thus reducing the cost and stress of having to seek for their hard copies.

The selected smartphones are imbued with the latest Android software, powerful processor with long lasting battery life as well as large memory of 4GB on board which is expandable to as much as 64 GB.

These devices are also provided with an additional 50GB Dropbox cloud memory to download and save books.

The Samsung smartphones pre-installed with the World Reader app are available on Jumia, Nigeria’s leading online retailer and as such can be purchased online and delivered to you anywhere in Nigeria.

The icing on the cake is that these phones will be available at unbelievably discounted prices during the Jumia Mobile Week which takes place from the 1st of June till the 7th of June.

“At Samsung, we believe mobile devices have the power to move people from where they are to where they want to be, which is why we have partnered with World Reader and Jumia on this. We have retailed over 250,000 devices, priced below N25,000 each, mostly to young Nigerians and believe these numbers will be dwarfed, both in terms of retailed units and price, by what is to come during the Jumia Mobile Week”, said Brovo Kim, Managing Director of Samsung Electronics West Africa.

According to Kim, it takes only about 4MB to download 1000 pages, making it easy for consumers to download and read as much as they want without expending so much data. The World Reader app also features books that are suitable for every taste from over 100 African writers, including notable African authors.

“We are proud to be associated with Samsung and World Reader on this project. We have always been passionate about child literacy, with our long running involvement in the 1 book 1 child project a good example. Every child has a right to education and we are delighted to be part of the solution to the challenge in the education sector. We believe this partnership will help promote literacy and education among Nigerians”, said Jonathan Doerr, MD Marketing, Jumia Nigeria.

The Samsung devices will also receive free regular updates of the World Reader app, enhancing the relevance of the content.

LENOVO
Recognising the transformative potential of mobile technology for economic growth, job creation, businesses and wider digital inclusion of Nigeria’s citizens, global leader in mobile communications, Lenovo, the world’s number one PC company and Nigeria’s largest online retail store, Jumia, have combined their resources and expertise to enhance the mobile experience of Nigerians with the country’s biggest mobile sale yet.

The sale is a part of the ongoing Jumia Mobile Week, an initiative geared at enhancing levels of mobile awareness and increasing access to mobile devices among Nigerians.

Describing the move as a demonstration of Lenovo’s commitment to creating and broadening key partnerships that deliver rich mobile experiences to Nigerians, Mr Shashank Sharma, ‎executive director, Mobile Business Group at Lenovo, Middle East and Africa (MEA), expressed the company’s pleasure at being able to deepen its long-standing relationship with Jumia.

“We are very excited to work with Jumia towards increasing Nigerians’ access to mobile technologies. This initiative will help us drive access to affordable and ubiquitous mobile services amongst consumers. It also empowers us to provide a larger set of consumers with increased awareness on mobile as well as access to our superior technology. We believe that every Nigerian should have access to the exciting world of smartphones and Jumia Mobile Week provides another platform through which we can achieve this goal,” he said.

Besides creating a channel for consumers to purchase authentic Lenovo products at affordable prices, the Jumia Mobile Week Megathon also provides Nigerians with access to the latest entrants into Lenovo’s smartphone portfolio.

These include the Lenovo S90, a perfect selfie companion with an 8-megapixel front-facing camera and front LED flash; the ergonomically designed Lenovo S60 that showcases users’ fun and social sides as well as the revolutionary dual-SIM Lenovo A6000 smartphone, the first and only budget device in the market to support 4G LTE networks for the fastest data connectivity.

On his part, Jeremy Doutte, CEO of Jumia Nigeria said: “Jumia is committed to fostering digital inclusion by bringing mobile products closer to the doorstep of Nigerians. Our ongoing Jumia Mobile Week is another step in this direction. Customer experience remains central to the services that we provide and this has ensured a strong partnership between ourselves and Lenovo.”

Doutte urged Nigerians to visit Jumia’s online store on www.jumia.com.ng/megathon and discover for themselves the ease and benefits of online shopping.

INNJOO
InnJoo is a technical startup born with internet DNA. We’re not only providing smart devices but also software services in the MEA area.

– InnJoo listens and does the localisation from the user’s perspective. – InnJoo insists good products need not to be labeled with a high price tag.

– InnJoo strives to continue an Internet Journey with more users and more fun. Born for new generation, we are young, we are change makers!

Amidst the tides of Internet, Jumia Mobile Week opens a wider door to the public and provides every brand a platform to show their style. InnJoo won’t want to miss it, we are born here.

As the biggest mobile sales event in Nigeria, it’s offering the best prices online for the world’s hottest phone brands, consumers can benefit from Internet Joy and start their own Internet Journey.

Jumia Mobile Week also offers every phone with 3GB Data and 6 months of free whatsApp instantly as an extra offer; this is something different and beneficial to the bands and consumer.

Mobile Week has the potential to be a yearly mobile online event, which is a kind of “Oscar Ceremony” in technology industry. Consumers have the right to choose their own favourite brand and mobile model, while brands will improve themselves for the market to the better and better.

As the official gold partner, InnJoo will have an exclusive sales day at the first day of June.

From June 1st to 7th, InnJoo products including smartphone, tablet and accessory are at up to 30% discount as the best price ever compared to the market average price with the same specifications.

Looking at the product line, all of InnJoo phones are equipped with 2GB Ram for better user experience, low price but not low-end. Smartphone InnJoo Fire – 5.0 inch | 2GB Ram | 4 textures shell (Natural Bamboo optional) InnJoo ONE – 5.0 inch | 2GB Ram | Octa-core | 5+13 MP InnJoo Note Pro – 5.5 inch | 2GB Ram | 8+13 MP | 3000 mAh; ‎ Tablet InnJoo F1 – 7.0 inch | Dual SIM; InnJoo F2 – 10.1 inch | Dual SIM; InnJoo Leap 4 – Intel inside | 4500 mAh | 3G&Wifi; Power Bank; InnJoo E1 10,000 mAh and
InnJoo E5 15,000 mAh‎.

LG
LG Electronics (LG) unveiled its eagerly anticipated LG G4 smartphone on the 29th of April, at launch events in New York, London, Paris, Singapore, Istanbul and Seoul.

Approximately 1,000 guests around the world gathered to view the new LG G4, the successor to the G3, which exceeded all expectations in terms of sales and industry awards.

Among the first users of the LG G4 will be 4,000 lucky customers who will receive the new smartphone as part of the company’s largest-ever consumer experience campaign.

With the G4, LG focused on delivering comfortable elegance, a great visual experience and a human-centric user experience.

The LG G4 camera features a rare-in-smartphones F1.8 aperture lens which allows 80 percent more light to hit the image sensor than in the LG G3.

The innovative camera module is paired with the new IPS Quantum Display that is better in every way than the innovative Quad HD display introduced to the world in the LG G3.

The LG G4 embodies human sensibility that is clearly visible in its Slim Arc exterior design and graphical user interface.

“We are living up to our promise of Innovation for a Better Life with a fashionable, premium smartphone that is more focused on delivering a balanced user experience that can compete with the best of the best,” said Juno Cho, president and CEO of the LG Electronics Mobile Communications Company. “We wanted to give consumers a truly human-centric device that combined the analog sensibilities with technologies that delivered real world performance. From the design to the camera to the display to the UX, this is the most ambitious phone we’ve ever created.”

Comfortable & Elegant Design
LG paid special attention to the materials utilized in its newest flagship.

The LG G4 is available in handcrafted, genuine full grain leather in six beautiful colors.

The vegetable tanning process employed is an age old tradition that requires skilled craftsmen to produce and dye the leather.

Most importantly, vegetable tanned leather is environmentally friendly and can be recycled easily, since no harsh chemicals are used. Other material options for the G4 rear cover include pure Ceramic White with 3D patterns, artisan-forged Metallic Gray as well lustrous, Shiny Gold.

The fashionable elegance of the LG G4 is a refreshing change from the uniformly flat, full metal designs that have been become standard across the industry. The LG G4’s design is defined by the Slim Arc, which runs along its entire body, highlighted by a display with a subtle curvature.

More than just a design accent, Slim Arc offers 20 percent better durability than a flat smartphone in face-down drops and gives the smartphone a more comfortable and secure feel in the hand.
Great Visual Experience

LG designed the 16MP camera in the LG G4 to capture beautiful images, even under less than ideal lighting conditions, among other interesting features and devices.

APPLE
iStore and iStore Online is an Apple Authorized Reseller (AAR), providing a dedicated hub for for consumers to purchase Apple products and accessories.

With a recent partnership with Jumia to take the Apple experience online, iStore and iStore Online is the most reliable Apple Authorised Reseller in Nigeria.

iStore Online aims to maximise customer value offerings by providing an authentic Apple experience and offering online customers exclusive offline services such as in-store complimentary training, technical support, and technical set-up.

As Apple Authorized Resellers, buying from iStore and iStore Online gives customers the peace of mind that they are buying the real thing and not buying fake, stolen or grey Apple products.

This means, ‎customers will get the most out of their investment; ‎customers are helping in the fight against fraud and criminal activity; ‎all authentic Apple devices carry the 1-year Apple warranty and ‎customers will receive free in-store training and technical support.

iStore and iStore Online share Jumia’s vision of offering customers premium devices at great savings.

Jumia Mobile Week offers consumers the opportunity to share the Apple experience with via a fantastic online platform.


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Stakeholders @PIAFo Identify Obstacles to FG’s 90,000km Fibre Project

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Stakeholders in the telecommunications industry have said the Federal Government’s plan to deploy 90,000 kilometers of fibre optic cables across the country will face several obstacles, especially from state governments, that might truncate the project.  

L—R: Executive Director, Broadbased Communications Limited, Chidi Ibisi; National Chairman, Association of Licensed Telecoms Operators of Nigeria, Engr. Gbenga Adebayo; Chief Operating Officer, WTES Projects Limited, Chidi Ajuzie; Chief Executive Officer, Skymax Integrated Networks Limited, Engr. Chidi Charles Agukwe; Deputy Director, Policy, Competition and Economic Analyses, Nigerian Communications Commission, Mrs. Freda Bruce-Bennett; the Convener of Policy Implementation Assisted Forum (PIAFo), Mr. Omobayo Azeez; Lucky Anumaka, Manager, Managed Services and Operations, Zora Communications Limited; Co-founder/Executive Director, Infratel Africa, Dr. Tola Yusuf; and the Chief Executive Officer, Open Access Data Centre, Dr. Atotunde Coker at the sixth edition of PIAFo on Digital Economy held on Wednesday in Lagos.

According to them, without addressing the current issue of Right of Way charges, multiple taxation, and levies, which are under the control of state governments, the project which is to be implemented through a Special Purpose Vehicle (SPV) would be an exercise in futility.  

The stakeholders, who spoke during the Sixth Edition of the Policy Implementation Assisted Forum (PIAFO) in Lagos on Wednesday, which was a focus on Nigeria’s renewed strategic agenda for digital economy.

They stressed the need to ensure the successful implementation of the project which was announced recently by the Federal Government to complement existing connectivity for universal access to the internet across Nigeria and provide the Nigerian digital economy with the backbone infrastructure it needed.

Addressing the obstacles 

Presenting a paper on the topic, ‘Harmonizing Nigeria’s Fibre Deployment Strategies for Effective Implementation’, Executive Director of Broadbased Communications, Mr. Chidi Ibisi, said while the government’s SPV initiative is a good plan that could help the country bridge its current digital infrastructure gap, the government would need to address current challenges.  

“The issues of high cost of Right of Way (RoW), destruction of fiber by road construction companies and vandals all need to be addressed for this new SPV initiative to be successful,” he said.  

Highlighting some of the challenges telecom operators face when deploying infrastructure, the Group Chief Operating Officer of WTES Projects Limited, Mr. Chidi Ajuzie, said the biggest challenge to fibre cable laying in Nigeria is the informal RoW by hoodlums in states.  

“For states, a formal right of way is set and some states are adopting it but the informal side of the right of way is where the complexity has come today.  

“If I’m trying to lay fibre in some communities here in Lagos, the first thing that happens is the so-called land owners (omo onile) come out and a different set of people will keep coming from one street to another and they charge you. How do we achieve adequate broadband infrastructure in this kind of situation?” he said.  

Role of state governments 

According to the Chairman of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) Engr. Gbenga Adebayo, for the 90,000 kilometres fibre project to succeed, the state governments have to take ownership. 

“For the project to succeed, I think the governments at sub-nationals should take ownership. This issue of state governments seeing right of way as IGR should be a thing of the past. We can’t talk about the digital economy on one side and the government is seeing those who provide the services as sources of revenue.  

“The government has always come up with good policies, but the implantation, particularly when they are tested far afield, is the biggest problem. Governors will go to Abuja and say ‘in my state, I will give the right of way free of charge.’  

“When you go to such a state, they may give you the right of way for zero or one Naira, but they will give you developmental levy, education levy, state impact levy, ecosystem levy. When you add all of these together, it is more than the right of way charges. So, who is playing who?” he said.

Making vital contributions at the forum, Dr. Ayotunde Coker, the Chief Executive Officer of Open Access Data Centre (OADC) stressed the need for the fibre project to be executed by the private sector even as the World Bank is expected to fund it with up to $3 billion.

He said: “the World Bank can put money into the government but it needs private sector partnerships as the execution engine and that’s what we’ve been pushing in Africa.

“The key thing is that when the World Bank puts the money in, it should engage the private sector, figure out the policies that it needs to do and enable the private sector to execute them effectively and make it as open as possible. With that, they can achieve what they are trying to achieve.”

He further stressed that for the success of the project, Nigeria should learn lessons of what didn’t work in the past, to achieve the new broadband penetration targets with the fibre range that is required.

“Meaningful broadband is what we need, rather than just a huge set of megabits per second implementation. We need superhighway fibres. We need the distribution of these backbone that allows us then to fan out.”

He further urged state governors to be part of the project by providing an enabling environment for infrastructure roll-out, adding: “if you are a state governor and didn’t participate in it, the state won’t grow and it’s going to impact your state.”

Earlier in his opening address, the convener of PIAFo, Mr. Omobayo Azeez, said the conference was to create a midpoint dialogue platform for digital economy stakeholders across both the public and private divides to brainstorm, exchange perspectives, clear grey areas, harmonize thoughts and create a sense of collective responsibility towards accelerating our collective prosperity through technical efficiency. 

The event focused on Nigeria’s renewed strategic agenda for digital economy. According to him, the new digital economy blueprint of the federal government does not only sustain existing policy directions and targets, “it also challenges us on the possibilities of attaining new frontiers with a view to “Accelerating Our Collective Prosperity through Technical Efficiency” which is the theme of the summit.


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Airtel Launches Smart Router, Offering Smart TV Experience on Regular TVs

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Telecommunications service provider, Airtel Nigeria, has launched a new device called Airtel Smart Router, a 4G router capable of connecting up to 10 devices, with the additional benefit of offering a smart TV experience on a regular television set.

The Airtel Smart Router is programmed to leverage both wireless and ethernet connections to provide users with a smart TV experience directly through their television screens.

With embedded applications, users can effortlessly access popular entertainment streaming platforms such as Netflix, Hulu, and Showmax, dramatically elevating their viewing experience with personalized, immersive, and current content.

Commenting on the launch, Femi Oshinlaja, Chief Commercial Officer, Airtel Nigeria, said the new Smart Router represents a major leap forward in how people experience entertainment at home.

“With the Airtel smart routers, we can now deliver affordable and superior entertainment content from multiple streaming services to the home of many Nigerians without a non-smart TV set. By integrating advanced connectivity and a user-friendly interface, we are offering our customers the ability to unlock a world of digital content directly on their TVs,” he said.

This cutting-edge device will advance home entertainment technology, offering seamless connectivity and access to a wide range of digital content.

In addition to the smart TV advantage, the Smart Router, which is SIM-based and 4G capable, can connect up to 10 other devices concurrently, allowing a mix of entertainment, security, work, or leisure devices all on the same internet subscription.

“Users can connect smart cams, smart doorbells, tablets, smartphones, laptops, and TV at the same time,” Oshinlaja noted.

 


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FG Lauds Moniepoint’s Contributions to the Growth of the Informal Economy

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Vice President of the Federal Republic of Nigeria, Senator Kashim Shettima, has restated the government’s unvarnished commitment to deepening economic and financial inclusion in line with President Bola Tinubu’s Renewed Hope Agenda, noting that financial inclusion is a core component and the government is making a lot of efforts to ensure that the vulnerable in society have safety nets as exemplified by the ASO accord which was signed this year.

L – R Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin; Honorable Minister, Federal Ministry of Industry, Trade and Investment, Doris Uzoka-Anite, and Director General, Small and Medium Enterprise Development Agency of Nigeria, SMEDAN, Charles Odii, at the launch of the Moniepoint Informal Economy Report 2024 in Abuja recently.

He made these comments over the weekend at the Abuja Continental Hotel in Abuja while speaking as principal guest of honour at the launch of the 2024 Nigeria Informal Economy Report powered by Moniepoint in collaboration with the Small and Medium Enterprise Development Agency of Nigeria, SMEDAN and the Federal Ministry of Industry, Trade, and Investment.

The Nigeria’s Informal Economy Report offers fresh insights for individuals and organizations interested in understanding the dynamics of Nigeria’s informal economy and shaping a more inclusive and sustainable economic landscape. Some of the key insights from the report include:

  • The youthful demographic is a critical driving force of Nigeria’s informal economy, with over 57.7% of business owners under 34 years old

  • There is an untapped earning potential that is prevalent in the informal segment, with the average monthly income below ₦250,000 while on the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above N2.5 million monthly

  • Retail and General Trade is the leading industry within the informal economy, making up 24% of all informal businesses

  • The reality that unemployment is the primary driver for starting a business by many players in the informal sector

Sen Shettima, represented by the Technical Adviser to the President on Economic & Financial Inclusion, Dr. Nurudeen Abubakar Zauro, acknowledged and appreciated the role of players in the informal space, especially Moniepoint. “We can all remember during the Covid-19 lockdown and the recent currency changes, there were a lot of challenges and we saw agencies like this come together and save the country at that point. This is because of the flexible initiatives they brought into the space, especially last-mile delivery by providing a platform that allowed people to successfully transact. SMEDAN’s innovative streak has also been very commendable, he said.

In his opening remarks, Managing Director, Moniepoint Microfinance Bank, Babatunde Olofin, praised operators of informal businesses for the high degree of flexibility and innovation they exhibit in adapting quickly to changing market conditions. Highlighting their economic significance, he said that the informal economy contributes substantially to Nigeria’s GDP and can be effectively mobilized to unleash Nigeria’s full economic potential and provide much needed support to the most vulnerable households in our society.

Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, who formally launched the report, reiterated the Federal Government’s commitment to supporting small business operators in the informal sector of the economy. She pointed out that the informal sector, which often appears to be forgotten, would henceforth begin to enjoy government’s interventions and incentives.

She said: “We are really grateful to Moniepoint for conducting this report. It gives us the basis and foundation now to provide targeted intervention as part of the government’s approach to supporting the informal economy. This segment plays a significant role in the Nigerian economy, we can now bring them up to enjoy incentives that the government is providing to the broader economy as well.

Also delivering a goodwill message, the Chairman, House Committee on Small and Medium Enterprises (SMEs), Hon. Mansur Manu Soro, said the House was taking deliberate steps to prioritize women operating in the informal sector and end gender disparity in earnings. He expressed the National Assembly’s commitment to give the report its full attention, subjecting it to the necessary review and internalizing it while lauding Moniepoint for its positive impact in pushing financial inclusion.

“I want to congratulate Moniepoint for achieving such a national penetration as far as the banking industry is concerned within a very short period of time. The story of Moniepoint is the story of how technology can propel a business to unprecedented levels within a short time span. Reports like this one which we’d be releasing today remain a critical tool used in planning by the government and private sector and we in the House of Reps will be internalizing it legislatively.”

Chief Executive Officer, Moniepoint Inc, Tosin Eniolorunda in his foreword provided the rationale for the report, “In just a few years, over 2 million businesses, many within the informal economy, have chosen Moniepoint as their essential growth partner. The commitment we feel to this sector inspired the creation of this report. By quantifying the informal economy’s impacts and nuances, we can better shape policies and programs to empower and uplift the entrepreneurs driving it forward. Their success is inextricably linked to Nigeria’s continued growth and development.”

In a keynote presentation, Director General/CEO SMEDAN, Charles Odii, said that small businesses are the engine of the Nigerian economy and most of Nigeria’s approximately 40 million small businesses reside in the informal sector. He noted that these businesses which are born of both necessity and entrepreneurial zeal, exemplify the famous Nigerian ‘hustling’ while affirming that the agency is working to formalize these businesses and bring them into the formal sector to increase access to important resources such as finance.

“Ensuring their survival and catalyzing their growth is crucial for poverty elimination, rural industrialization, and the enhancement of livelihoods, all three core mandates of SMEDAN. Their formalization will aid the development of brand value and financial history, which indicates creditworthiness and attracts investment.”

Furthermore, Odii articulated SMEDAN’s agenda aimed at accelerating growth and prosperity for small businesses as encapsulated in the acronym ‘GROW’: Guidance, Resources, Opportunities, and Workforce support. According to him, the agency’s focus spans seven priority sectors including agriculture (EAT Nigeria), manufacturing (PRODUCE Nigeria), tourism (VISIT Nigeria), fashion (WEAR Nigeria), creative industries (WATCH AND LISTEN Nigeria), education (TEACH Nigeria), and services (PATRONISE Nigeria). This agenda focuses on expanding local production capacities, improving market access both domestically and internationally, and creating an enabling environment for over 40 million small businesses, collectively providing more than 60 million jobs.

The event featured a panel session which was moderated by Vice President, Corporate Affairs, Moniepoint Inc, Didi Uwemakpan with the theme: Building an inclusive and sustainable informal economy for Nigeria: Hopes and Impediments. The panelists which included Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Head, Financial Inclusion Delivery Unit, Central Bank of Nigeria, Dr Paul Oluikpe; DG, SMEDAN; Founder, She Forum Africa, Inimfon Etuk and MD, Moniepoint Microfinance Bank were unanimous and strident in the call for continued collaboration and concerted efforts to support and elevate Nigeria’s vibrant informal economy towards sustainable growth and development.

Some of the dignitaries who attended the event include Senior Special Assistant to the President on Entrepreneurship in Innovation & Digital Economy, Engr Jennifer Adighije; National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Barr. Dele Kelvin Oye; MD/CEO, Abuja Enterprise Agency, Mr. Chudi Ugwuada-Ezirigwe; Registrar General/CEO, Corporate Affairs Commission, Hussaini Ishaq Magaji, SAN, among others.


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