Nigeria has a new President!

Howdy?

Tinubu to inherit Buhari’s lost years

There is a change. Nigeria has a new president. Asiwaju Bola Ahmed Tinubu has been sworn in as the 16th President of the Federal Republic of Nigeria. This morning, General (Rtd) Muhammadu Buhari, the former president is in his home in Daura, Katsina State.

But as African Business reports, this change of baton has no funfair. The man coming in knows that. Perhaps you know that Nigeria might slide into bankruptcy anytime soon. Its huge debt which is worth some tidy 77 trillion naira ($172 billion) is enough to give the incoming president a migraine.

Too many problems to grapple with. Unemployment, dangling around 22%, the persistent upheavals in the north central between farmers and herders, and the radical Islamic Jihadist agitations dominated by two main groups namely Boko Haram and ISWAP are throwing up blinding smoke.

Without totally dumping the blame on the foot mat of the outgoing president, Nigerians might label his legacy “lost years”. But one might argue that between the time he was military head of state in the mid-eighties and his last eight-year stint as president, nothing has really changed.

Looked like he stuck to the same dogged, inflexible, hobbled and dated policy script. Border closure, import control, currency restrictions and whatnot.?His currency swap was perhaps his valedictory Greek gift. Policymakers said the currency swap was meant to discourage money laundering, fight inflation, discourage the use of cash and then curb vote buying. But we know, politicians pivoted from using cash to “cashless vote-buying”.

Real trouble for Jagaban

President Muhammadu Buhari is leaving only a paltry growth of 2.6%, his best record was 3.6% in 2021 after COVID. ?I am sure Nigerians are waiting to see how Asiwaju would be able to discontinue the subsidy regime without throwing the economy into frenetic chaos. His inaugural speech made it clear subsidy might be out the window. For good reasons, it is costing the country $ 10 billion annually.

As I stated above, Buhari is not the cause of Nigeria’s obstinate problems – collapsing infrastructure, endemic corruption, persistent insecurity, crippling oil industry etc. They predate him.

Nigerians would hope that Asiwaju will bring his wealth of experience to the table and turn the fortunes of the 200 million strong Nigerians around. Quickly. He should know that 63% of Nigerians, the population of Japan, who live in abject poverty are expecting a bailout as fast as possible.?He should have thought through how he would provide jobs for 14 million Nigerian young people. Which is like finding meaningful jobs for the citizens of Zimbabwe. ?

As governor of Lagos State in the 2000s, he was able to muster foreign direct investment which fueled the economic growth of the state. How he would be able to do that at the national level is a question that is probably hanging in the minds of Nigerians. Rightfully so. His health challenges are there for all to see. His performance on the campaign trail was far from brilliant. I hope he would be fit enough to fix Nigeria. ?

5 Things you should know about Generation cohorts

Away from politics, what do generation cohorts namely Gen Z, Millennials, and Baby Boomers really mean? Are they tricks to get people to click on a website or blog on the list of Google’s Search Engine Result Page (SERP)? A Pew Research article gives some tips on how to read between the lines when you encounter generation-cohort-capsuled headlines.

a.?Generational categories are not cast in stone

The boundaries that researchers use to classify different generations are imprecise. That is, the choice to put one person in Gen X and then put another person in Gen Y is not definite or commonly agreed on. In other words, one research organization might label Gen Z, those born between 1990 and early 2010, the Centennials, Zoomers or Generation Alpha. The point is, generational labels are for easier classification, nothing more.

b.?Categorization might create stereotypes and oversimplification

Sure. Not all Nigerians are the same. Just like all Muslims aren’t the same. In like vein, people who belong to the same generation cohort are not necessarily the same. So, be careful when you come across articles that paint everyone in the group with the same brush. The point is, classification is good but to the extent that it allows some individuality.?

c.?Conversations on generations stress differences more than similarities.

Perhaps people value conflict over consensus. ?In other words, many articles speak to what separates the different generational cohorts. Rather than itemize those factors that unite them. But you should know. That despite being a millennial, you still have your parents, and grandparents who are very adorable. So, be mindful of the content that gives differences between the group's major headline attention rather than a footnote.

d.?Mainstream views of generations often have some upper-class vibe

In the US, history recalls that many Baby Boomers opposed the war in Vietnam. Reports of student protests on campuses flooded the media space. But many surveys also showed that younger people who were not attending colleges actually supported the war. The implication is that people should also question news about generations to know if they are stereotypes – which just represent the views of some elites. ?

The #endsars protest in Nigeria is also a good reference. Young people hit the street in their thousands to protest the brutality of the police against young people. If a survey is conducted, for example, people in their 40s and above might not necessarily support the protests. Hence, the report might be skewed towards the older people who did not support the protest. The point is, to always scrutinize information and spot generational bias.

e.?Don’t forget, people change

Gen Zers won’t always wear dreads or earrings. In many cases, they outgrow certain behaviours. So, you should be mindful of this. That is, a millennial who once said she will never get married might get married five years later when she meets her Prince Charming, and have plenty of children.

So, yes, it’s okay to be sceptical when you encounter any story that carries generational vibes. But the reason for the article is to help you hold the media and researchers to a very high standard. That being said, it is important to note that generation thinking helps us to understand how societies are changing over time. Events such as the 911 terrorist attacks, Russia’s war in Ukraine, the Sudanese civil war and the earthquake in Turkey are such that would change and shape the mindsets of people across generations.

At other times, some forward-moving events such as the desegregation, suffrage rights of women, the internet and whatnots are defining moments that can fundamentally change how people live and the youngest generations are usually the ones leading the charge. However, some events alter society in great ways that the change influence across many generations.

That being said, it is appropriate to see generational categories as markers and reference points instead of scientific facts.

Winners of BCA Book Awards

On May 19, 2023, Business Council Africa (BCA) concluded its African Business Book Awards. The overall winner was Dr Deanne De Vries for her book, Africa: Open for Business. Dr Vries is a Mozambique-based logistic expert who has spent most of her career travelling the nooks and crannies of the continent. Her clear, concise and insightful narrative provided an overview of the African business environment. ?

The Time-Travelled Economist written by Charlie Robertson came second. The author is an economist who has become an authority on emerging and frontier markets. According to the judges, Robertson’s book was well-researched, evidence-based and provided good learning for policymakers.

The second runner-up was Russell Southwood for his book, Africa 2.0: ?Inside a Communications Revolution. The judges commended the book for exploring a sector which has played a pivotal role in charting progress for the continent over the last two decades.

The BCA African Book of the Year Awards got over 30 entries from different authors across Africa. The Award Committee selected eight, from which the winners emerged. The event was attended by authors, business leaders, Africa watchers and literary enthusiasts to celebrate winners of the literary award in the business and economy category. It shows the power of business literature in driving positive change within Africa.

The Business Council Africa organized the Award.

Startup rundown

Tires busting at Swvl

Oh, too bad! The tire of the Egypt-owned mobility startup Swvl – based in UAE has busted. Nasdaq just handed it a stern warning for flouting its rules – not filing its 2022 annual report. The company failed to comply with Nasdaq Listing Rule 5250(c)(1), which requires that it files all its periodic financial reports with the Securities and Exchange Commission.

It doesn’t take a rocket scientist to decode, the company has fallen on hard times.

Hmmm. Wonder never ends. Just two short years ago, the company was basking in the moon when it became the “Middle East’s first $1.5B unicorn to list on the Nasdaq”. But in no time, like a phoenix, the company crashed from glory and landed amongst the grass. It is currently valued at $6 million.

Nasdaq has served the company three notices since last year November. Swvl attributed its problem to the ongoing uncertainties in the global economic landscape and the volatility in capital markets. These two forces have undermined its ability to generate cash to fund its operations.

It’s a nightmare for a Nigerian Neobank

Eyowo, a Nigerian neobank has been served a wicked curved ball. It made the list of the 46 financial institutions the Central Bank of Nigeria stripped of their operating licences. The list was published on May 23. The revocation exercise affected another 132 Microfinance Banks, Finance Companies and Mortgage Banks.

Unfortunately, Eyowos’s customers are bearing the brunt. They can’t transact on the platform, raising serious concerns among users of fintech platforms who have recently broken the trust barrier that was once associated with fintech companies.

It is believed that Eyowo might have halted transactions on its platform deliberately to buy time and prevent a bank run – a situation where a bank’s depositors rush to withdraw their money at the same time and hence cause the bank to fold.

Dawl Clinic draws $8M

The largest chain of outpatient clinics in Egypt, Dawl raised $8 million to fund the opening of 30 new branches. The round was led by Al Ahly Capital Holding (ACH), which is the investment arm of the National Bank of Egypt.

Children’s publishing firm closed $700K deal

Kunda Kids, a children’s media publisher and creative studio closed a $700K pre-seed funding round. Zrosk Investment Management alongside Voltron Capital, Argentil Capital, HoaQ and Kaleo ventures. The company launched Kunda & Friends YouTube series.