GRBusiness
Analysis: Nigeria’s economy under Buhari…for better or worse?
Lukman Otunuga, Research Analyst at FXTM, comments on Nigeria’s economy under Buhari…for better or worse?
It is quite thought-provoking how this month marks just over three years since President Muhammadu Buhari secured a historic victory in Nigeria’s state elections.
There was a high degree of optimism over Buhari changing Nigeria for the better by reviving economic growth and fighting corruption &insecurity.
Much has happened over the past few years under the Buhari regime, with the nation going through various trials and tribulations. Confidence over the health of Nigeria’s economy was dealt a painful blow after a currency crisis threatened to cripple the nation. Inflation skyrocketed to worrying levels as the Naira tumbled and economic growth slowedfor the first time in 25 years. While it could be easy to blame the APC for Nigeria’s woes, it must be kept in mind that falling oil prices may have played a leading role.
What remains highly worrying is that the National Assembly has just recently passed a record N9.2 trillion budget for 2018. Such a development could negatively impact confidence over the nation’s political landscape, especially when considering how this budget was the most delayed in 19 years. It is worth noting that the 2017 budget followed a similarly disappointing pattern of delays which could have negatively impacted economic growth.
Speaking about economic growth, for the first time in over two decades Nigeria experienced a recession thanks to the combination of falling oil prices, political uncertainty and a sharply depreciating local currency. A strong suspicion remains that Buhari’s six-month delay to select a cabinet after being sworn in as President on 29 May 2015 weighed heavily on the nation.
His refusal to allow the Central Bank of Nigeria to devalue the Naira when falling oil prices were eroding the nation’s external reserves compounded to Nigeria’s woes. When the CBN eventually de-pegged the Naira in June 2016, the local currency depreciated so badly that the economy and citizens felt the pain.
The ripple effect ultimately created restrictions on international payments while crippling liquidity and repelling foreign investors.
Focusing on the macro economics, Nigeria’s unemployment rate has jumped 18.8% over the past three years, while youth unemployment rate is currently around 33.1%. Inflation rose to gravity-defying levels, from 9.8% in May 2015 to a 12-year high of 18.72% in January 2017.
Although inflation has moderated, dropping to 12.5% April thanks to the CBN’s efforts to promote FX stability, the effects can still be felt on the economy. While the country displayed its resilience againstthe global arena by staging a rebound in 2017 thanks to higher oil prices, the latest GDP report for Q1 of 2018 disappointed, by sliding 0.16%.
The truth is, Nigeria needs to implement more fiscal and monetary measures with a strong focus on agricultural development to boost economic growth.
Today, the nation proudly boasts foreign exchange stability and moderating inflationary pressures;this could be off the back of recovering oil prices.
Painful lessons fromthe past regarding falling oil prices should act as a wake-up call for the nation to break away from oil reliance and diversify into a self-sustaining economy.
The World Bank Group has expressed satisfaction over the performance of the Nigerian economy, while Fitch Ratings has affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at B+ with a negative outlook.
With the implementation of the new Economic Growth and Recovery Plan (EGRP) supporting trade and capital flows, the outlook for Nigeria remains encouraging.
The Central Bank of Nigeria has the ability to boost economic growth by cutting interest rates. With inflationary pressures slowly becoming a theme of the past and economic data improving, it becomes a matter of when, rather than if, interest rates are cut.
President Buhari will be seeking a second term in office in elections next year and it will be interesting to see if he secures another historic victory. Whatever the outcome of the election, the future remains bright for Nigeria.
Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide.
In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP.
Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are.
WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.
Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.
1. Catalog – Showcase Your Products and Services
Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.
How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.
2. Quick Replies – Save Time on Repetitive Questions
Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.
How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat
3. Labels – Stay Organised and Track Conversations
Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.
How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.
4. Away Messages – Engage Customers Even When You’re Away
Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.
How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.
5. Meta Verified – For Enhanced Protection and Account Support
A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand. With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and easily create a professional WhatsApp web page that’s tailored to you.
How to Use It: Go to Settings or Business Tools > tap Meta Verified.
WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.
Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.
The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.
The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.
Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.
This Iftar event was more than just a meal, it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”
Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.
Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”
Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.
Finance
Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer
Reporter: Ikenna Ugwu
Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.
With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.
Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).
“We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEO“At Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”
By establishing this strategic partnership, Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.
Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”
This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.
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