SEPTEMBER 2019 RECAP
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NIGERIAN CONSUMER MARKET:
Understanding Consumer Behaviour.
Understanding the average consumer in Nigeria is often a tough task for a business because it’s hard to pinpoint who an “average Nigerian” really is. It’s not an easy challenge to search out commonalities and trends among the customers in a culturally diverse pool of citizens in a country of nearly 200 million citizens. However, in spite of the numerous cultural and socio-economic variations among the country, there certain things that are relevant to every business when it involves understanding how Nigerians make their buying selections. This understanding can help you build a good strategy for your business, as you plan to target your ideal consumer in the Nigerian market. Below are a number of factors that affect the purchasing decisions of the average Nigerian Consumer.
…READ MORE, SEPT. 4TH, 2019
BEFORE YOU BUY A PHONE:
BASICS THINGS TO KNOW BEFORE YOU BUY YOUR NEW OR USED PHONE.
The Nigerian market is flooded with assorted types of phones. It is very important you have the right information before you pay for your next phone. To buy a smartphone in Nigeria you need extra care. The markets are full of fake phones and refurbished phones. With the ever increasing demand for smart phones you will not jettison the activities of desperate businessmen who try to short change ignorant buyers in order to make cheap gains. The number of smartphone users in Nigeria, Africa’s biggest economy and most populous country, is forecast to grow to more than 140 million by 2025. Currently, estimates from different sources put the number of smartphone users in Nigeria at roughly 25 and 40 million. The exact number of users is hard to pin down. However, the data found shows a strong growth outlook for the Nigerian smartphone market with user numbers to at least triple within the next five to six years. Mobile phones have come a long way from a humble beginning in 2008.
I will take you through an easy guide on things to look out for when you want to purchase a phone. To get the best smartphone that will serve the purpose for which you bought it, you have to pay a close attention to the specification. Phones come in various specifications, but I will take you through the basics ones you need to look out for.
…READ MORE, SEPT. 7TH, 2019
WATER SUPPLY IN NIGERIA:
Poor access to improved water and sanitation in Nigeria remains a major contributing factor to high morbidity and mortality rates among children as well as adults in Nigeria. The use of contaminated drinking water and poor sanitary conditions result in increased vulnerability to water-borne diseases, including diarrhoea which leads to deaths of more than 70,000 children under five annually.
According to UNICEF Seventy-three per cent (73%) of the diarrhoea and enteric diseases Nigerians suffer is associated with poor access to adequate water, sanitation and hygiene and is this worse among the rural communities. Below 60% of the population use improved drinking water sources and sanitation facilities. Also, 23.5 per cent of the population defecates in the open.
…READ MORE, SEPT. 9TH, 2019
HOW TO MAKE MONEY SELLING DOGS.
PET FARMING 1.
A dog breeding business can be both fun and challenging. You can make a lot of money breeding dogs. Here I tried to put together a simple guide on essential information to help you decide if this business is a good match for you. . Learn about the day-to-day activities of a dog breeding business owner, the typical target market, growth potential, startup costs, legal considerations, and more!
You can build a brand name in dog breeding. With a good business strategy one can turn dog breeding from a side hustle to an enterprise. While dog breeding businesses usually have only one location where dogs are bred, you can sell dogs locally, regionally or nationally. A business may breed hundreds (possibly thousands) of puppies and sell them throughout the country.
…READ MORE, SEPT. 11TH, 2019
TOYOTA CAR PRICES IN NIGERIA 2019
Brand New, Foreign Used (Tokunbo), and Nigerian Used.
Toyota cars are generally strong and classy. Toyota has dominated the automobile market in recent years. For every ten cars you see on the road 5-6 is a brand of Toyota. This is how well they have penetrated the market and stamped their feet. Toyota spare parts are readily available and quite affordable. Over the years, Toyota products have proven to be dependable, cheap to maintain and rugged for any kind of road. In Nigeria Toyota cars are the most in demand and almost every house has a Toyota car parked at the garage. Toyota has been consistent with awesome designs and models while also evolving to meet up with new technologies. Another important advantage of Toyota vehicles is that local mechanics understand the operations and functionality of Toyota cars;
they can easily detect faults and fix them irrespective of the model. Toyota products guarantee amazing driving experience and luxury. If you want a car with minimal fuel of diesel consumption, available spare parts, reliable features, good life span and very affordable you might want to consider Toyota models.
…READ MORE, SEPT. 13TH, 2019
NEW VAT INCREASE TO 7.2% IN NIGERIA:
Implications on Nigerians and Businesses.
The proposed increase to the VAT (Value Added Tax) rate has been previously considered by the federal government, the VAT rate had increased to 10% in 2007, but the rate was returned to the 5% rate following opposition by certain sectors. Some believe that the government needs to consider this as an opportunity for a broader VAT reform in Nigeria, beyond merely increasing the VAT rate. One of the reasons the government gave in support of a VAT rate increase is that Nigeria’s 5% VAT rate is the lowest in Africa. However, those arguments do not acknowledge the difference between the VAT regimes in the other countries and Nigeria. For a government that has increasingly financed its fiscal deficit and major infrastructure from borrowings, there is no doubt that it needs more innovative approaches to scaling up its revenue capacities to meet its growing funding commitments. These commitments amongst others include payment of the new minimum wage and funding of the 2020 budget. It was against this background that on September 11, 2019 the Federal Executive Council agreed to a federal government to undertake this increment.
…READ MORE, SEPT. 16TH, 2019
NIGERIA HOUSING DEFICIT:
WELCOME TO EMERALD GARDEN CITY
Developer: Merit Abode Nigeria Limited
Demand for affordable housing in Nigeria is large and growing in the face of a sizable deficit and there is a lack of existing interventions to support closing this gap. The housing deficit has been estimated at up to 17 to 20 million, and is growing at about 20 percent a year. Estimates of output from government and the formal housing sector range from no more than 100,000 units per year to an optimistic 200,000 units per year, which covers only a fraction of the at least 700,000 units required per year to keep up with growing population and urban migration. Further, most new housing production caters to upper income households, leaving an acute housing shortage for middle and lower income households. The greatest need for affordable housing is lower income households in urban areas. Almost 50% of the Nigerian population lives in cities and about 80% of this urban population lives in substandard conditions.
Private investment will be critical to transforming the affordable housing sector in Nigeria. The government has not shown adequate willingness in closing the monumental deficit of affordable housing. Property developers cite the need for public support to address the demand and supply market failures before private capital will come in. Demonstrating a successful (and profitable) model to the private sector will be critical to unlock private investment. One of the few developers that have shown concern and clear outline for the low income earners to access affordable houses is.
…READ MORE, SEPT. 18TH, 2019
DOES HERBAL MEDICINE WORK?
Traditional medicine had in the past been seen as a fetish way of curing diseases. It is believed that poor and illiterate individuals are the ones that patronize traditional medicine. This thought is buttressed by the point that most of its practitioners were regarded as witch doctors who took care of their patient with occultic powers. Practitioners of traditional medicine were not in any way seen as doctors; even the western trained doctors saw them as a threat to the wellbeing of their patient. It should be however be noted that before now, quacks bedeviled the Nigerian traditional medicine practice. This was largely due to lack of necessary legislations to control and regulate the practice. But regulation of herbal medicines was introduced in Nigeria in 1993 in Decree No.15 and was revised in 1999. Under this decree herbal medicines are regulated as dietary supplements, health foods, functional foods and as an independent regulatory category.
…READ MORE…SEPT. 20TH, 2019
Trade fairs you shouldn’t miss in Lagos from September, 2019.
The Lagos International Trade Fair (LITF) is the largest international exhibition in West Africa. The Trade Fair is the premier International Trade Fair in Nigeria with the spectacular 10-day event usually starting on the first Friday of November, annually. About 1000 Chinese companies are expected to participate in the 2019 edition of the Lagos International Trade Fair coming up in November. The four exhibitions to be co-located inside the trade fair will focus on: the International Automotive Parts, Equipment and Services Trade Fair (AutoEquip), the Nigeria International Textile Industry Fair (NGTEX), the Home Show Nigeria; and Premium Mechatronics Brand China (PBC). The Managing Director of MD Perspective Limited, Mrs. Morenike Dele-Alimi, who disclosed this in Lagos, at a media briefing, said the 2019 Lagos International Trade Fair would hold for 10 days; at the Tafawa Balewa Square, Onikan, Lagos Island, from November 1s.
…READ MORE, SEPT. 23TH, 2019
BEWARE OF INTERNET SCAM!
ALWAYS BUY OR SELL ONLINE WITH ESCROW.ERONONLINE.COM
WHAT IS ESCROW?
Escrow is a legal concept describing a financial instrument whereby an asset is held by a third party on behalf of two other parties that are in the process of completing a transaction. The escrow agent holds the funds or assets until it receives appropriate instructions or until predetermined contractual obligations are fulfilled. Money, securities, funds, and other assets can all be held in escrow. Internet escrow has been around since the beginning of Internet auctions and commerce. It was one of the many developments that allowed for trust to be established in the online sphere. Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point there is a dispute between the parties in the transaction, the process moves along to dispute resolution. The outcome of the dispute resolution process will decide what happens to money in escrow. With the growth of both business and individual commerce on the internet it is wise to transact with Escrow.erononline.com services.
…READ MORE, SEPT. 25TH, 2019
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