As a result, 80% of new small businesses fail in 3 years. Most of the failures are due to numerous challenges facing the sector which are the parameters that determine the sustainability of small businesses.

Small and medium scale (SMEs) businesses are companies with a workforce of fewer than 300 individuals.

Small business enterprises are a sector of the economy that needs the attention of the  Nigerian government and other developing nations due to the role it plays in job creation and economic growth in the nation’s economy.

The Nigerian Economy like other African countries has been facing a fight against unemployment since Independence.

The Nigerian government through its economy regulatory agencies have recognized the importance of small business in the provision of employment to the citizen.

Because of the importance of small businesses in the Nigerian economy local, state, and federal government recognized the need of stimulating small businesses to provide employment, reduce poverty rate, and improve economic growth.

However, while small business is being acknowledged for its development contribution, it still faces many obstacles that limit their long-term survival and development.

Some of the common challenges facing small business owners in Nigeria and recommendations are

1. Access to finance:

Limited access to capital:

Many small business struggle to secure loans or venture capital due to high interest rates, lack of collateral, and stringent landing requirements.

High interest rate:

Nigerian banks often charge high interest rates on loan, making borrowing expensive and reducing profitability for small businesses.

Recommendation:

Financial literacy programs:

Educating SME owners on financial management, accounting practices, and alternative funding options can help them navigate the financial landscape effectively.

2. Infrastructure Development:

Inadequate infrastructure, including unstable power supply, poor road networks, and limited technology access, hampers the productivity and efficiency of SMEs, leading to increased costs and operational challenges.

Recommendation:

Government investment:

Prioritizing infrastructure investments to improve power generations, upgrade transportation networks, and expand reliable internet connectivity is essential.

3. Inadequate skills and capacity:

The unavailability of skilled labour, including technical expertise, management capabilities, and entrepreneurial skills, poses a significant challenge for SMEs in Nigeria. The lack of a skilled workforce can hamper growth and innovation.

Recommendation:

Vocational training and skill development programs:

Collaborating with government and private sectors entities to provide training programs that equip individuals with the skills required by SMEs is crucial.

4. Regulatory and administrative burdens:

Complex regulatory frameworks, excessive bureaucracy, and corruption create barriers for SMEs in Nigeria. Cumbersome business registration processes, obtaining permits, and complying with tax regulations to the administrative burden faced by SMEs. Navigating the regulatory landscape can be challenging and time consuming for small business owners.

Recommendation:

Digitalization of government policies:

Implementing e-government initiatives and online platforms for business registration, tax filing, and other administrative processes can enhance efficiency, and transparency, and reduce corruption risks.

5. Other challenges:

Time management:

Balancing the demands of running a business with personal life can be difficult.

Market fluctuation:

Economic downturns and changing consumer preferences can significantly impact small businesses.          

Conclusions

Small business enterprises are seen as an important sector of a nation`s economy which should be adequately given attention. Small business owners face a complex web of challenges, from securing funding and managing cash flow to building strong teams and adapting to market shifts. While these hurdles are significant, they also present opportunities for growth and innovation. Through strategic planning, effective management, and a commitment to continuous learning, small businesses can not only survive but thrive in today’s competitive landscape.

The writer:

Maintaining a suitable economy for all Nigerians cannot be far-fetched. Every citizen needs a thriving economy that that sets the pace for opportunities to be converted in creating sustainable ventures.

Despite different measures, that were mapped out to figure out how to tackle the dangling nature of Nigeria’s economy, the sustainability of Nigeria’s economy needs a concerted effort from the private, public and academic institutions.

But there is one sector of Nigeria’s economy that has always stood the test of economic pressure. The adaptability nature of the informal sector, has been a pillar of support that contributes to Nigeria’s growth.

Although, often referred to as undocumented business sector in Nigeria, this sector have been able to contribute a  percentage of its income, to the Gross Domestic Profit profile of Nigeria.

In this article, our focus will be on how the informal sector can be a pacemaker for Nigeria’s economic sustainability.

Who are the Informal Sector?

The informal sector are the underdogs of the Nigeria economy. They are unregulated and mostly unregistered businesses that depend on daily income for their survival.

Examples of the informal sectors are; street vendors, street hawkers, road side mechanics, barrow pushers, keke and okada riders etc.

Unlike the formal sector that can be easily taxed or reachable for any business incentives, these group of businesses don’t have the opportunity to benefit from them. They heavily rely on one another for micro benefits.

It may interest you to know that the informal sector, actually have a structural layout for investment plans. They pay levies to these associations daily, weekly or monthly.

These unions registers them and guides the pricing decisions on their goods based on the economic situation. They also save their profits with unregistered contribution groups. The informal sector makes up half of today’s indirect and direct employment.

The informal sector, have been able to easily build up an entrepreneurial spirit amongst the unemployed youths through  informal apprenticeship empowerment programs. It is a very huge sector and many Nigerians rely heavily on their services.

Every corner of Nigeria rural and urban community breeds these set of businesses.

The informal sector is managed and operated by a cash funded economy. Most of its members, deal on cash for all their daily business transactions.

Factors That Affects The Informal Sector

They are not formalised: The businesses under the informal sector, are not registered businesses. This has made it difficult for them to receive grants, micro loans and other investment funds from financial institutions and government agencies.

Lack of adequate funds: The informal sector is basically a cash strapped economy. These daily income business men and women must rely on cash to buy their products.

Their meagre profits is usually not enough to sustain their business and so the inadequate cash flow and lack of financial support, usually makes them to close down their businesses.

Lack of basic social amenities: The informal sector business owners transport their goods by road and sometimes they have to bring these goods from remote areas. If there is an easy road network, they can transport their goods without hassles.

How Can The Informal Sector Be A Pacemaker Tool for Nigeria Economy

Financial inclusion: Financial institutions should be at the forefront of including these business owners into their customer base.

They should be able to partner with agencies to help these businesses register their businesses, open accounts with them and then give them grants, seed funds or micro loans to run their businesses. Also, the government should be able to speak to them before bringing in financial policies that could affect this sector.

Integrate their policies into the economy: The informal apprenticeship system can be integrated and turned into graduate internships and skill acquisition workshops for unemployed youths.

Also, they should encourage more unregistered contribution groups to register as thrift cooperative societies by providing them accessibility and the educating them on how to run it as a well established entity.

Introduce them to technological tools: Technological tools such as point of sale machines, digital banking, mobile apps for tracking of goods and also promotion of their businesses on social media platforms can help this sector have a good market reach.

Conclusion

The informal sector is a sustainable economy due to its adaptable and flexible nature. The lack of attention by government agencies, has not deterred it from developing its own structures that can be used to maintain it at all times.

It has contributed about 40% of GDP since 2020 and it will continue to pull more weight as time goes by.

It faces a daily struggle of survival and if all factors are put in place, it will be an easy target for Nigeria’s economic sustainability.

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Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, NNPC, Oriental Energy, Eko Electricity, FCT-IRS, Nigerian Navy and NITDA. He is the Chief Executive Officer at Abuja Data School.

What is intellectual property?

Intellectual property is the original creative tools developed by a business. They are mostly intangible assets such as literary works, brand names, logos or designs, and invented products and services.

Every original brand of products and services brought into limelight by a business owner into a marketplace falls under the intellectual property  of the business.

Intellectual property helps to set apart a business from its competitors. Therefore, it is very important for every business to protect these intangible assets in order not to always encounter legal problems.

What is Intellectual Property Rights?

Intellectual property rights refers to the legally approved rights that protects the intangible assets of the business.

Intellectual property rights is the catalyst tool for innovation sustainability, strategic growth, revenue influx, and partnerships.

Types of Intellectual property rights of a business

1. Trademark Registration: This is the most popular type of intellectual property rights. It is the registration that helps to distinguish a brand of products and services from other similar brandsin the business environment.

Trademark helps the brand of a business to gain a brand identity in the marketplace. One can easily identify a fake product from the original product because of the distinctive registered mark.

2. Patent Registration: Patent registration is the protection of business inventions. This invention must be unique and exclusive to the originator otherwise, there will be no registration.

3. Copyrights: This is the protection of the original literary works of a business. These literary works could be originally developed advert, lyrics and songs or movies, journal and articles  on social media platforms that solely belong to the business.

The importance of Leveraging Intellectual Property for Business Growth

1. Brand Identity: Building a unique brand of products and services that can serve the needs of customers or a percentage of customers, helps it to stand out from other general products and services in a saturated market. The business will have to carve out a brand name or design that can be used to differentiate the brand from other products.

Customers would always want to deal with a trusted brand rather than imitations if they are able to spot the difference.

2. Trust: Protection of intangible assets will always lead to trust of the business by customers. It shows the product or services are  authentic.

It will lead to the removal of product imitations from the marketplace:

We all know that most products or services always have adulterated product packages waiting in line to be sold to buyers. These fake products are sold way more cheaper than the original products and without the protection of the trademarks that covers these products, the business may run into financial losses.

3. Franchising: Intellectual property rights can allow the sale of the same model of business to another person. This type of business operation is called a Franchise.

A franchiser simply sells his or her business to a franchisee who in turn must follow every detail of the existing business inclusive of the intangible assets the business owns in exchange for a fee.

4. It helps to keep the business out of court cases: When businesses fail to protect their intangible assets on time, they may not get the opportunity to use the same name or logo when a competitor in a similar line of business decides to use the same trade name as its trademark. So, it’s always important for a business to seek the services of an intellectual property expert for proper advice.

Conclusion

Intellectual property is part and parcel of a business. Trade secrets must be fully protected in order not to get exposed to competitors.

The protection of intangible assets of a business will always improve the brand reputation and increase revenue inflow.

Only a handful of business owners seek the protection of their original brands and literary works. Therefore, it is always important for all stakeholders to always seek expert advice from an intellectual property practitioner.

Also, enforcement of these intellectual property rights through the institution of legal actions can lead to the removal of mischief makers of fake products and services from the market.

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This technique improves the efficiency of governance practices and encourages greater judgment, accountability, and openness. Meanwhile, corporate governance pertains to the framework of regulations, methodologies, and procedures through which a company is guided and supervised.

It encompasses the interconnections among diverse stakeholders, including shareholders, management, employees, and the board of directors, with the objective of fostering transparency, accountability, and ethical conduct in decision-making and overall business activities.

In the context of corporate governance, data harmonization encompasses the merging and alignment of data originating from various sources, including financial systems, human resources databases, customer relationship management platforms, and other pertinent outlets.

Through this process, data is organized, formatted, and standardized in a consistent manner, facilitating simplified analysis, comparison, and interpretation.

Benefits of Data Harmonization in Corporate Governance:

1. Enhanced Openness and Accountability: 

Through ensuring that all stakeholders have access to reliable and consistent information, data harmonization helps to foster trust in moral corporate governance. By making data more easily accessible, such as through the disclosure of standardized financial data for simpler company comparisons, transparency is increased.

2. Improved Decision-making: 

Data harmonization empowers decision-makers by providing a comprehensive view of organizational activities, financial performance, and risks, leading to improved decision-making for both strategic planning and daily operations.

It enables companies to identify risks and opportunities in new markets by combining data from various departments, gaining valuable insights into costs, revenue, and customer behavior, enabling informed decisions regarding pricing, marketing, and product development.

3. Simplified Compliance: 

Data harmonization facilitates regulatory compliance by ensuring consistent data across systems, enabling companies to streamline financial reporting, accounting standards, and taxation processes. It enhances accuracy and simplifies the preparation of compliant financial statements, regulatory filings, and other necessary documentation.

4. Effective Risk Management: 

Data harmonization aids companies in identifying and mitigating risks by consolidating data from different sources to provide a comprehensive view of financial, operational, and compliance risks.

This enables organizations to proactively manage risks by identifying discrepancies and addressing potential issues with internal controls or processes.

5. Boosting Shareholder Value: 

By boosting productivity and efficiency, data harmonization improves corporate governance, which benefits shareholders by lowering costs, fostering better decision-making, and fostering greater compliance. Data harmonization simplifies procedures by removing duplications and inconsistencies, increasing operational efficiency through automated data integration and lowering manual errors.

Challenges of Data Harmonization in Corporate Governance:

●     Size of Data: Managing a large volume of data can be overwhelming, and data harmonization itself can be a costly and time-consuming process.

The expenses and duration of data harmonization are influenced by factors such as the organization’s size and complexity.

●     Quality of the Data: Data quality is crucial for accurate and reliable outcomes in data harmonization. However, it poses a significant challenge as data can be inaccurate, incomplete, or inconsistent when combining from various sources.

Ensuring high-quality data is essential to overcome these challenges and achieve reliable results.

●     Data Security: Data protection and the presence of data silos are challenges in data harmonization.

Unauthorized access to data must be prevented, and data silos, which store data in isolated proprietary formats, hinder the access and sharing of data across systems. Additionally, data must be handled in compliance with relevant privacy laws. 

Conclusion

Data harmonization simplifies corporate governance by merging diverse data sources into a uniform format, enabling organizations to make informed decisions, achieve compliance, and manage risks effectively. However, it requires investments in data management systems, governance frameworks, and data quality assurance measures to ensure optimal utilization and align business strategies with valuable insights.

About the writer:

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Technology advancement has increased the value of data, and many businesses are willing to invest in it. These data are obtained from customers directly or indirectly.

When data is directly gathered, customers are often asked for their consent, and they typically provide it.

In contrast, information that is gained inadvertently may be gathered through tracking or linkages to sources that already have the consumers’ data. Businesses use this strategy to improve their products and for research purposes.

To prevent unauthorized access, disclosure, or misuse of user’s personal information, data privacy and data protection policies are in effect. The right of people to decide how their personal information is gathered, utilized, and shared is referred to as data privacy.

It involves making sure that people are informed about the information being collected on them, how it is being used, and with whom it is shared.

Data protection policies, on the other hand, are protocols set up to safeguard private data against exploitation or unauthorized access. They require putting technical and organizational mechanisms in place to safeguard the privacy, usability, and authenticity of user data and also to prevent its loss, destruction, or alteration.

Data protection policies usually include instructions for the collection, processing, storage, and disposal of data. They also include safeguards for personal data security, such as encryption, access restrictions, and regular backups. Data privacy and protection regulations are crucial in the contemporary digital age, as personal data is captured, processed, and exchanged more frequently than at any time before.

User Data Protection in Nigeria

The Nigerian Data Protection Regulation (NDPR) was decreed in 2019 with the aim to ensure that individuals have control over their personal data and that it is processed fairly and legally.

The NDPR mandates that businesses processing personal data get the individual’s consent before processing their information. Additionally, they must take the necessary security precautions to safeguard the personal data against theft, loss, and unauthorized access.

Nigeria has established the National Information Technology Development Agency (NITDA) in addition to the NDPR to handle issues with data privacy and cybersecurity.

The NITDA is in charge of enforcing the NDPR and ensuring that businesses abide by the data protection laws. Moreover, the NITDA has created frameworks and recommendations to offer firms advice on how to put in place reliable cybersecurity and data protection buffers. These rules address subjects like privacy notices, effect analyses of data protection, and breach reporting.

In accordance with the NDPR, businesses must acquire consent from people before collecting their personal data and have strong security measures in place to safeguard it. Businesses must appoint a Data Protection Officer (DPO) as part of the NDPR, who is responsible for ensuring that the law is upheld.

Other laws in Nigeria, in addition to the NDPR, that deal with data protection are the Freedom of Information Act of 2011 and the Cybercrimes (Prohibition, Prevention, etc.) Act of 2015.These laws strengthen the protection of personal information while also outlining the consequences of data protection laws infractions.

With a focus on safeguarding customer personal information and ensuring that businesses are held accountable for any violations by these laws, Nigeria’s dataprotection regulations are continuously improving.

About the Author

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

There is a need to digitalise businesses for a wider reach and global influence. Service providers have come up with strategies to enhance internet access. 3G, 4G, and 5G are now the standard levels of internet connectivity.

ALSO READ: Buhari Claims Starlink Has Given Nigeria 100% Broadband Penetration

Internet penetration as a crucial indicator for the adoption of technologies accesses the usage of the internet in regions as demographics is a factor.

Internet penetration is lower in many developing nations because of poor infrastructure, expensive expenses, and restricted access to technology. As more individuals acquire access to technology and the infrastructure for internet connectivity develops, the rate of internet penetration keeps increasing.

As a result, SpaceX introduced Starlink, an internet satellite service that promises to address the problems of regional internet service providers by using satellites that are sent into orbit.

The Starlink service provides Internet connection to some of the world’s most remote regions using low-orbiting satellites. This is done to spread the internet over the world. The creation of the internet has aided in the advancement of commerce and lifestyles and served as the basis for numerous subsequent innovations.

SMEs are not left out in the vision of Starlink. Starlink makes it possible for SMEs to access the internet with quick and dependable broadband packages. The ongoing expansion of Internet accessibility and affordability will lead to commercial growth for businesses of all sizes. Starlink will result in small enterprises growing sustainably. Low-cost access to the internet and data services enables small businesses to concentrate on what they do best—serve clients and generate income.

In developing nations, access to dependable and fast internet is limited, especially in rural and small towns where conventional broadband services are frequently unavailable or unreliable. By giving them access to dependable and fast internet, Starlink’s satellite-based broadband internet service might have a substantial influence on small and medium-sized businesses (SMEs).

Adoption of improved technologies: A global, enhanced internet service has several positive effects on how businesses are delivered. Adopting new technologies and integrating with advancements made around the world is relatively simple for remote regions.

By allowing SMEs to participate in e-commerce, reach new markets, and utilize cloud-based solutions, the availability of dependable and high-speed broadband can positively affect SME activities. The effect on this is increased productivity of SMEs activities.

Access to wider user base: Increasing the user base already in place is crucial for business expansion. Access to a wider user base can make it easier to expand your customers, increase revenue, and penetrate new markets. 

Low latency: Business activities, communication, and feedback from remote places are not delayed in a low traffic internet environment.

Predictions indicate that there will be a significant impact on how widely SMEs use the internet.

Starlink may be able to offer SMEs high-speed internet access and support big data transmission because of its worldwide coverage and low latency. Business processes will become more productive and efficient with depending on outdated wired internet connections thereby, generating more revenue.

In summary, Starlink has a greater positive impact on SMEs operations than it would cost to purchase it, and the expected expansion of its internet penetration has the potential to greatly aid in the scaling of SMEs activities. SMEs can create income at a reasonable cost if they have access to quick and dependable internet connectivity.

About the writer:

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Unlike an established business with traction, startups are like the way they sound – starting from the scratch.

This business process requires financing from different sources; both internal and external to get it started.

Internal financing includes support from family and friends, personal savings, and other informal giving whereas, external financing can come from crowd funding, angel investors, startup incubator, venture capitalists, grants and donations.

There are two forms of financing a startup; equity financing and debt financing. Equity financing is a form of financing where investors support the business by buying shares in the business.

Capital raised by equity is not repayable because investors purchased a portion of ownership in the business. Equity financing is usually sourced from crowd funding, venture capitalists, angel investors and stock market.

Debt financing entails borrowing money and then repaying it over time with interest and getting a loan is the most typical way to finance debt. Other ways include selling bills, bonds etc.

A loan is any financial arrangement in which one or more individuals, companies, or other entities lend money to another individual, company, or other entity.

The recipient incurs a debt and is often responsible for both paying interest on the debt until it is repaid as well as the principal amount borrowed.

Equity financing may be less risky than debt financing because there is no loan to repay or collateral at stake. Debt also calls for recurring payments, which might hinder a startup cash flow and ability to expand.

Startup business loans are any sort of loan used to start a new firm; they are not a particular kind of loan. Funding for companies that have already begun operations but are still in the very beginning stages might also be included in startup loans.

Loan financing is one option that can be beneficial for some companies, but it is not appropriate for every business.

Bank loans are not usually considered in startup financing as an option due to low or no credit history and collateral to hedge for the startup business. However, there are other types of loan financing to support startups. These loans include Business line of credit, online term loans and other microloans.

Pros

Capital – Obtaining loans is a smart approach to get the money needed for both the starting and ongoing costs of running the firm. If an entrepreneur is just starting out and doesn’t have enough money, loan financing is a viable choice.

Credit score of startup – Business credit is an advantage to a business if it can fulfill its loan obligation as a startup. Having a good credit history can make way for future financing.

ALSO READ: AFC closes €150 million Syndicated Loan

Ownership and control – Loan financing is a technique to keep control of the business since not every business owner would want to sell their idea to a venture capitalist or angel investor.

Shareholders are given control of a corporation through equity funding, and they make management decisions. As investors must have a role in how the business is run, this can easily lead to the business departing from the original objectives the owner had in mind.

Choice of funds utilization – Unlike with equity financing, a startup entrepreneur can choose how to spend money raised for the company at a pace that would ensure its survival.

Cons

No collateral – Banks are cautious to provide loans for young businesses because of a variety of factors, such as a startup’s lack of collateral and experience managing finances. Those with substantial management experience rarely get the chance too.

Interest repayment – Interest rates and repayment penalties that are part of the loan terms are very costly for a startup. Furthermore, because these payments are stretched out over a lengthy time, it will take longer for the business to stabilize, which has an impact on the startup’s financial records.

Assets are at risk because the business runs the risk of turning over their possessions to the bank in the event of a payment default.

All things considered, startups have access to a variety of funding sources, albeit occasionally it varies depending on the stage of the business. For efficient decision-making, it is also crucial to consider the pros and cons of loans against equity in light of corporate objectives.

About the author:

Emmanuel Otori has over 10 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

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For every company out there, there is an in depth goal to increase her market share in both the local and global market space.

The profit margin of a company is largely dependent on the audience at her disposal. Before now, companies have used various forms of advertising to promote their product in order to reach their target audience, including traditional forms like newspaper publication and radio broadcasts.

These ads methods delivered effective results until the masses moved to social media.

Currently with over 3.7 billion people on different social media platforms engaging their times in ways that makes them happy, every business should definitely have a cut of this mass audience as their potential customers.

With people of different demography, gender, age and behaviors all on the social media space, there is absolutely a guarantee that every company’s audience is represented on this space.

Amongst the various forms of advertising, social media ads have in recent times dominated the advertising sector.

Companies have multiple options in the form of platforms which deliver massive results through the audience at their disposal. With Facebook alone having 2.9 billion active users on monthly intervals.

Also there are over 10 social media platforms for individuals and organizations to choose from, including Facebook, Instagram, Twitter, Pinterest, etc when choosing to promote their brands.

Social media advertising is very effective because of its conversion rate. On average over 28% of users on the internet have agreed to make choices of brands and products when they saw them as ads on the internet.

Over 80% of the United State’s Population is using one or more social media platforms.

This has worked for both sellers and buyers. For the buyer, it has created awareness of new products to choose from and updates on existing ones.

The Promoter or organization gets the most of it, as they get to increase sales conversion, grow  audience reach, help to understudy competitors and boost brand image.

However this result is tied to how engaging the content is, using the right keywords for written contents and clarity for video ads.

Also, deciding the type of content type to create for your ads is a key factor to be considered. Different ads types work differently for different niches and purposes. You could either use ad copy (written text) or use visual contents.

Here are a few tips to consider when deciding which content type to go for: Consider what you’re trying to promote and then determine where on which platform your audience are more likely to be represented; What is the conversion rate of such a platform and then decide which content type would work better there between visuals and ad copy.

How to increase your conversion rate, consider this factors:

• Study and categorize your audience based on their demographics, age, location and psychological factors influencing their behaviors towards brands.
• Decide the type of ads that would deliver the result you seek.
• Create compelling content that targets your desired audience using keywords that users can relate with. Place your ads in positions where they’re seen clearly.
• Create an appealing landing page with a brief description and a call to action icon, to help your visitors make quick decisions. Link this landing page to your ad and once people visit, swiftly collect their data and follow them as they are your prospective customers.

In conclusion, the result from an ad may not deliver the desired outcome the first time. But certainly it will leave you with clues to help you improve on subsequent ones. Always track your ad performance and measure conversion rate by dividing conversion by number of impressions and then multiply it by 100. Formula is = Conversion/no of Impression 100. This will help you know the ad or platform that delivered the most results.

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About the Author:

This he said is as a result of continuous rise in the inability of banks to control the circulation of Nigeria’s naira notes, which poses as incompetence on the side of the banking sector as well as causative factor to why the naira keeps decreasing in value.

Mr. Emeliefe mentioned that, amongst the many other reasons behind this new policy, the mass hoarding of banknotes by members of the public and an increasing shortage of banknotes that are standard and clean, which has heightened the ease in the production of counterfeit currencies in the country are notable reasons for this development.

Although this new policy has been revolted by some top personalities in the country including the Minister of Finance, Budget and National Planning, Zainab Ahmed, saying that she and the ministry is not aware of any plan by the CBN to redesign new banknotes and also complained that it is ill-timed, however the President has given his support for the plan.

This move by the CBN has been viewed by many to be political, while the institution and others are seeing it from an economical point of view. But the CBN has said that the redesign only applies to denotations like the 200, 500 and 1000 naira note respectively.

The banknotes (old ones) in circulation now are expected to be submitted to the banks on or before the 31th of January, 2023 as after this date, it will be treated as expired currency. 

Political Implications of Redesigning the Naira Notes.

Just as the 2023 general election is around the corner, this new policy of the CBN seems to be politically motivated.

But on the other hand, certain financial and political analysts have come out to say that this move would disrupt the plan of some political party to use cash stored in different individual vaults in the country to buy votes.

Statistics of the bank has it that over 80% of the nation’s currency are stored in private vaults by corrupt politicians who are involved in one crime or the other and who wouldn’t be able to defend the source of such huge funds if brought to the bank.

This group applauds the CBN for coming up with such a strong plan at such a strategic season in the country when new leaders are selected. This policy, if successful, is likely to guarantee a bribery-free election by 2023, where voters and agencies would not be offered money to vote a candidates into power.

Economic Implication of The New Naira Note

For the banking sector, which has reportedly lost control of over 80% of the money in circulation, it will help them regain it. Mr. Emefiele said that, as at September 2022, the CBN had released 3.23trillion naira and 2.73trillion is said to be outside the bank vault. This development is a negative one on the banking sector as it weakens her monetary policy. If control is regained it will go a long way to help curb the inflation rate which is currently over 20%.

Although, between the time of launching the new note which is 15th of December and the expiry date for the old one, after 31th of January, there is likely going to be a lot of money in circulation when those who hoard money will be forced to spend them on purchasing and some would also exchange theirs to foreign currency.

When this happens the naira is likely to fall the most, but however, with time when the CBN takes back control of the money in circulation, the economy will smile again.

Some persons have also expressed concerns on the cost of printing this new currency, going by what it cost them to print the ones printed in 2020.

Questions have been asked if this is really a good time to do this, considering the various crises surrounding the nation’s economy, including debt crisis, poor revenue, underfunded government projects, etc.

On the side of average, alarm has also been raised, concerning the effect of this on the price of commodities in the market especially now that the festive period is around the corner.

People are worried and pleading that adjustments be made or other measures taken to achieve the same thing other than totally clearing the old currency within such a short time and notice.

In conclusion, there is a need to grow and stabilize the nation’s economy and the even distribution of money, properly monitored by our Central Bank, would play a significant role in achieving this. A policy is to make the life of the people and not worsen it. There is need for the CBN to take into consideration the plea of the average Nigerian for this new innovation, although Nigerians have over the years grown hard-skin to circumstances and if swallowing one more pill of suffering during this short time would guarantee a better future, we might as well take it in with a smiling face.

About the author: 

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.

Therefore, safeguarding your business against cyber-attack is a crucial concern. That if not prevented may require a reestablishment of the business.

In the extreme scenarios, it may even force you out of business permanently because you won’t be able to make up the lost revenue and customer loyalty as clients want to feel safe in transactions.

The good news is that you may take preventative action and safeguard your company before it’s too late by choosing from a selection of cyber insurance alternatives. 

Preventive measures against cyber threats 

1. Installation of Devices and Network Security Software

Verify that your operating system and security applications are set to update automatically. Updates might include vital security upgrades for recent malware and threats. Most updates allow you to schedule them at a time that is more convenient for you, typically after office hours.

It is imperative to consistently follow update prompts since updates frequently fix serious security issues. Install security software to help prevent infection on the business PCs and mobile devices.

To prevent compromise on business laptops, desktops, and mobile devices, the software should have anti-virus, anti-spyware, and anti-spam filters.

Setting up a firewall between your working devices and the internet acts as a gatekeeper for traffic entering and leaving. Maintain a robust firewall by regularly updating to the newest patches.

2. Passphrase use and setting up several authenticators

If possible, take extra precautions to make your security more difficult to access because you do not want to lose your company to hackers. Instead of using passwords, use passphrases to secure your networks and devices that house sensitive company data.

Passphrases are phrases or collections of words that are used as passwords. Humans find them easy to memorize, but computers find them challenging to decipher.

A secure passphrase needs to be at least 14 characters long and include a mix of capital and lowercase letters, digits, and special characters.

For each of your accounts, use a different passphrase. If you are serious about protecting your company, changing passwords to passphrases is insufficient.

To ensure that the legitimate owners are granting access, multi-factor authentication (MFA) is used in this situation.

Before you can access your account, two or more forms of identification must be shown. Additional security for your accounts is provided by two-factor or multi-factor authentication.

3. Protect sensitive information

The data that will be sent into and out of your company system needs to be encrypted after you’ve configured your authenticators. Before sending your data over the internet, encryption transforms it into a hidden code.

Make sure your network encryption is enabled and that all data received or stored online is encrypted.

This lowers the danger of theft, destruction, or tampering by limiting data access to parties that possess the encryption key.

When utilizing a public network, you can enable network encryption by adjusting the settings on your router or by setting up a virtual private network (VPN) program on your computer.

4.  Backup your data

Data backup is one of the cheapest ways to guarantee that your information can be retrieved in the event of a cyber-incident or computer issue. Additionally, it is a less demanding technique to prevent future attacks.

Although firewalls, antivirus software, and other security measures may malfunction, keeping a backup provides you the advantage over attackers.

To assist ensure the protection of your data, use a range of backup techniques, like routine incremental backups to a mobile device or cloud storage.

Include weekly, quarterly, and yearly server backups as well. It should be regularly checked to see if this data is functioning properly and can be recovered. Store several copies of your backup offline, if possible.

5. Your business’s safety is your employees’ safety

Your staff and device operators are responsible for your company’s security. Businesses should have clear cyber security policies that inform staff on what is appropriate while sharing data, using computers and other devices, and visiting websites.

Your personnel should receive internet safety instruction making them aware of the dangers they can encounter and their responsibility for keeping your company safe.

Hackers might have their access restricted by creating a culture of awareness. This is why it is so important to teach them how to recognize, avoid, and handle a cyber-attack, use strong passwords and passphrases.

Keep track of all the computing hardware and applications that your company employs. All the hardware and software that your company employs must be documented.

Any software and hardware that are no longer in use should be disconnected from the network, and sensitive data should be deleted.

Older, inactive hardware and software won’t likely be updated, and they could be exploited as a “backdoor” by thieves to attack companies. In a similar vein, you ought to deny access to former workers and people who have switched roles and no longer need it.

6. Business continuity is based on customers’ safety

It’s crucial that you protect the information about your clients. Your company’s reputation will suffer if you misplace or compromise their information, and you risk legal repercussions.

Make sure your company invests in a safe online transaction environment and protects any stored personal customer data. Find out what your payment gateway provider can do to stop online payment fraud if you accept payments online.

Consider purchasing cyber insurance to safeguard your company. Dealing with a cyber-attack may cost far more than simply replacing computers, enhancing security, or repairing databases. Your company may benefit from the cost savings provided by cyber liability insurance coverage for attack recovery.

 About the author:

Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.