Thrifto Goes Public: Nigeria’s trusted digital platform for group savings launches nationwide - ITREALMS

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Thrifto, a Nigerian financial technology platform reinventing traditional group savings, has officially launched to the public, offering safeguarded group savings with guaranteed payouts for salary earners and traders.

After a successful soft launch to family and friends, Thrifto is now opening access to the wider public, providing a secure, transparent, and bank-backed alternative to informal savings schemes such as ajo and esusu, built specifically to eliminate the trust failures that have plagued informal group savings for decades by combining structured savings, verified membership, and technology-driven safeguards to ensure contributors save together with confidence.

Konga unveils Naija shopping festival to power festive season savings nationwide - ITREALMS

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Nigeria’s leading composite e-commerce giant, Konga, has officially flagged off the Konga Naija Shopping Festival, a nationwide end-of-year shopping campaign designed to bring unmatched value, convenience, and festive cheer to millions of households.

Running from December 7 to 31, the campaign aims to empower shoppers with massive discounts, special offers, and unique gifting opportunities as the country counts down to Christmas and New Year celebrations.

3rd Konga mid-year shopping festival comes with savings, rewards – ITREALMS

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Nigeria's leading e-commerce giant, Konga is thrilled with the third edition of its highly anticipated Mid-Year Shopping Festival. 

This epic sales campaign, which runs from June 1st through July 31st, 2024, offers two months of intense price slashes across all product categories. It promises to be the biggest discount sale in the first half of the year, rivaled only by Konga's legendary Black Friday extravaganza, Yakata. 

Festive season shopping: Konga Jara offers more savings - ITREALMS

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Konga, foremost composite e-commerce giant has raised the curtains on its final sales promotion of the year – Konga Jara, which offers shoppers massive discounts and huge savings on their festive season shopping.

Through the promotion, the management of the e-commerce giant promises her teeming customers best prices in Nigeria this season.

Savings! Savings!! Savings!!! That's all we hear from Peter Obi

Commentary@ITREALMS:

Savings ! savings !! savings !!! Thats all I hear. Saving in a state that lacks every imaginable basic amenities.

Yes , it is absolutely stupid to save money when basic infrastructures are lacking. It is the same naive thinking that made Peter Obi made ndi Anambra to believe that borrowing is a sin, and alas, most people bought into it. 

Biko tell me how much Lagos which is the 5th largest economy in Africa saved within the same period? 

They have largest debt profile in Nigeria. Ironically people  who should know actually key into this drag our state back. 

Obiano shied away from borrowing massively because of this same nonsense, they will say that Peter saved and hes borrowing. Yet we all are the loosers because instead of borrowing heavily to improve the infrastructural base of the state, which in turn will help the improve the economy and make it viable, we're busy waiting tiny IGR and paltry FAAC allocations to develop the state. 

Onowu has said it all. The other write up did justice to it. Biko there are no sentiments here. It was so wrong to save money the time he did. It might look like it was the right thing to do, but was it the best thing for the state at that particular moment? 

The answer is a capital NO. Besides the money in question is not Peters money, it belongs to ndi Anambra. People voted Obiano to pilot the affairs of this state  and that includes overseeing the saved money. 

He has every right to make use of the said money for the benefit of the state. I have not said that Peter Obi didn't do his best for the state. That will not be right because he did, but this penchant of certain people believing that it's either Peters  way or no other way begs the issue. He made some big mistakes while administering Anambra part of which is the savings issue at a time the state lacked basic amenities. 

The so called savings by Peter Obi was not a smart move. Modern economics abhor that. We are better educated here  to be debating this on this forum.

*Chief Oguguo Osakwe
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Nigeria and Oil: Looking beyond price collapse towards post recovery savings (1)

Opinion@ITRealms:

The recurrent mistake we keep making as a Nation is failing to anticipate and plan for our oil windfalls. There have been many boom opportunities since Nigeria joined the Organisation of Petroleum Exporting Countries (OPEC) in 1971; Oil prices increased by 400% in six short months after the Yom Kippur War following the Arab Oil Embargo. Crude prices doubled from $14 in 1978 to $35 per barrel in 1981 following the Iran/Iraq war. The price of crude oil spiked in 1990 with the uncertainties associated the Iraqi invasion of Kuwait and the ensuring Gulf War – the so called ‘Gulf War windfall’ under then Head of State Ibrahim Babangida. Data from the U.S. Energy Information Administration shows that the latest windfall happened between February 2011 and August 2014, under the Goodluck Jonathan presidency, when oil prices were much in excess of $100 per barrel. Another golden opportunity was squandered, characterised by organised kleptocracy of epic proportions as has now come to light.

During this same period Saudi Arabia has amassed a whopping $593b in foreign exchange reserves and has recently announced that it is creating a $2 trillion mega-sovereign wealth fund, funded by sales of current petroleum industry assets, to prepare itself for an age when oil no longer dominates the global economy. Coming closer home, Algeria, the second biggest African oil producer, with 1.9mbpd has accumulated foreign reserves of $156b and a sovereign wealth fund of $50b. Nigeria, by far the biggest producer in Africa with 2.5mbpd has only managed foreign reserves of $28b and a sovereign wealth fund of a paltry $2.9b – about 5% that of Algeria. The major difference being that while the Algerians saved for a rainy day during the boom years, Nigeria was busy squandering her wealth, with nothing to show by way of infrastructure or any solid investments.

Yet Nigeria was able to balance her budget, pay off her debts and save over $62b in foreign reserves during the Obasanjo presidency from 1999 to 2007, even though the price of crude was mostly under $40 per barrel, except for the two years between 2005 and 2007 when it hovered between $50 and $75 dollars per barrel. It is bothersome that with the same level of oil price, Nigeria today is struggling to balance her budget and has resorted to aggressive borrowing to finance the deficit, inadvertently driving us back to where we were before escaping from the huge burden of sovereign debt and the attendant debilitating impact of debt servicing.

I believe that Nigeria can save as much as $36.5b in the coming year if oil prices recover towards the end of 2016 and through 2017 to the projected $80 per barrel. This assumes we have all agreed that the current crises is much too painful and too precious to waste. It can actually be a blessing in disguise, affording us the much needed leverage to deliberately diversify our economy away from the over dependence on oil, and attempt to become self-sufficient in every low hanging opportunity such as feeding ourselves. There is a reason why the Chinese use the same word for challenge and opportunity; behind every challenge is an opportunity. We must seize this golden opportunity with both hands and make the structural changes that will lead us to true prosperity as a nation. Almost every third Nigerian businessman you come across claims to be into Oil and Gas; usually, briefcase contractors who manage to have their ‘papers’ stamped, and proceed to collect money from the treasury of our commonwealth. Yet oil contributed only 6.4% to GDP growth in 2015.

An often overlooked area for rapid economic growth is telecoms, entertainment and media. At a recent event in Lagos, Dr. Doyin Salami, lecturer at Lagos Business School, remarked that ‘The telecommunication sector grew Nigeria’s GDP by 8.7% in 2015, generating spill overs, with uptakes in financial transactions technology and payment systems, e-commerce facilitation and proliferation of transport services, while making the offering of the burgeoning entertainment industry ubiquitous’. 

Quite simply, if each of the 34 million MSME’s in Nigeria could be supported with technology to improve their businesses through online presence and seamless bookkeeping to the point of employing one more staff, they would create an additional 34 million jobs, much more than the government can ever provide. I totally agree with Dr. Salami that Nigeria’s economy has systematically and strategically diversified along the lines of technology and other services sector without Nigerians noticing.  The services sector today contributes as much as 52% of Nigeria’s GDP.

Agriculture is also another sector that could do with special attention. If we strive to produce what we eat, we will not only be saving a whopping $6b from our import bill, but also provide the opportunity for inclusive growth, with the spill over effects down the value chain, from logistics and transportation to light manufacturing. But we need to make the right investments in infrastructure such as roads and rail transport linking farms with their food processors and markets.

The change that will make all this happen is not the ‘outsourced variety’ where we believe that we can carry on with business as usual, or sit back and fold our arms while only the President delivers the promised change. All hands must be on deck, and we each have to be the change we desire.

The elephant in the room question is; who says oil prices will reach $80 per barrel?

*Austin Okere is the Founder CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. He also serves on the World Economic Forum Business Council on Innovation and Intrapreneurship.

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