GRBusiness
OBG business barometer indicates recovering economy remains oil reliant
Confidence levels remain high among the majority of executives interviewed for the 2018 edition of the Business Barometer: Nigeria CEO Survey carried out by Oxford Business Group (OBG), although accessing credit continues to present problems for many entrepreneurs and risks hampering the country’s efforts to diversify its economy away from a reliance on oil.
As part of its survey on the economy, the global research and consultancy firm asked 124 C-suite executives from across Nigeria’s industries a wide-ranging series of questions on a face-to-face basis aimed at gauging business sentiment.
The results are now available to view in full on OBG’s Editors’ Blog at: https://oxfordbusinessgroup.com/blog/souhir-mzali/obg-business-barometer/nigerian-growth-back-track-can-it-diversify-beyond
When asked, 85% of respondents said they had positive or very positive expectations of local business conditions for the coming 12 months, up marginally from 84% in OBG’s first survey on Nigeria, which was carried out in 2017.
However, 90% of business leaders interviewed – the same proportion as in 2017’s survey –described the ease of access to credit in the country as difficult or very difficult, indicating that borrowing remains a major hurdle for many, especially small and medium-sized enterprises, which account for around 60% of the economy.
Executives were more divided about what they felt to be the biggest challenge to doing business in Nigeria, with equal numbers (31%) citing access to capital and corruption as the main obstacles to smooth-running entrepreneurial activity.
OBG’s survey also highlighted the dominant role that oil continues to play in the economy, despite Nigeria’s diversification plans.
More than four-fifths (82%) of interviewees said they regarded a rise in oil prices as the top external event that could impact the national economy in the short to medium term, perhaps indicating that the recession of 2016, caused by the oil price shock, remains fresh in the minds of many.
However, most business leaders were upbeat about Nigeria’s immediate growth prospects. Some 69% of respondents said they expected the economy to expand by between 1% and 3% over the next 12 months, broadly in line with OBG’s forecasts and those of the IMF, which has predicted growth of 2%.
Commenting on the results in her blog, OBG’s Regional Editor for Africa, Souhir Mzali, said that while Nigeria’s economy grew by 0.8% in 2017, compared to a contraction of 1.6% in 2016, the fact remained that its recovery was driven largely by higher international oil prices and increased domestic output of the commodity.
“Nigeria’s return to positive growth in 2017 is certainly reassuring for both the domestic and international business community, and puts the economy on a surer footing,” she commented. “These improved economic fortunes have brought with them a number of positive developments. However, more remains to be done to achieve economic diversification.”
Mzali added that even though the country possesses several competitive advantages and has announced a record budget of N9.12trn ($25.2bn) for 2018 in a bid to stimulate growth, transforming the structure of its economy will be no easy task.
“Despite attempts to diversify the nation’s revenue base, the non-oil sector grew by a mere 0.8% in the first quarter of 2018, compared to the oil sector’s 14.8%,” she said.
Growth is likely to continue to be driven by oil and subject to potential price fluctuations in the near term, Mzali noted, while medium- to long-term plans to provide for a more diverse economy firm up.
Mzali’s in-depth evaluation of the survey’s results can be found on OBG’s Editor’s Blog,
titled ‘Next Frontier’. All four of OBG’s regional managing editors use the platform to share their expert analysis of the latest developments taking place across the sectors of the 30+ high-growth markets covered by the company’s research.
The OBG Business Barometer: CEO Surveys features in the Group’s extensive portfolio of research tools. The full results of the survey on Nigeria will be made available online and in print. Similar studies are also under way in the other markets in which OBG operates.
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.
Identity Management Day: Sophos Warns Against Data Breaches Linked to Identity Theft
South East Educators Conference (SEEC) 2025 Set to Transform the Future of Education in Nigeria
Samsung Expands Accessibility with Local Language Integration on Galaxy S25, A56, A36, and A26 Devices
LASG Acquires New Outboard Engines For Optimum Boat Performance
Elon Musk builds Hotel in Mars, Sets to launch soon at $5million per night – Photos
