The Nation Newspaper

Category: Shopping

  • Why Kote, Panla fish are scarce 

    Some frozen seafood have been scarce in the market. Affected are (Kote) and (Panla) fish, commonly consumed by buyers due to its affordability.

    Fish sellers in Lagos markets have attributed the sudden scarcity of these fishes to the fact that the seafood which used to come in small, medium and big sizes, is now only available in big sizes.

    Mr. Joseph Nwite, a cold room owner at Bariga, saw-mill market, in Lagossaid the unavailability of small-sized fishes is the reason for the scarcity, as petty traders who buy  from fish depot to sell in bit are lamenting that their customers cannot afford to buy the big sizes because they are more expensive.

    “Kote and Panla come in big sizes of between N600 and N700 per one. Poor power supply is another reason the item is scarce and expensive,’’ he said.

    Kote and panla like every other fish thaws easily and when this happens, the customer will not purchase them. Instead they lay complains that it has spoilt and above all, there is no money in the country.

    A fish seller said: ‘’In each carton of the big size, we have between 25 and 28 pieces of fish. It used to be 30 pieces. We buy at the rate of N6, 000 or N5, 000 and sell between N300 and N400 per kilogramme. A carton of kote now goes forbetween N8, 500 and N9, 000;  panla is now  N5, 400.’’  “With this increase, some sellers have withdrawn from the trade completely or start selling other types,’’ one fish seller at Iyana Ip[aja, a Lagos suburb, said.

    A  cold room attendant at Time Fishery, Anthony Lagos, who preferred not to be named,  blamed the scarcity on government’s policy.

    ‘’From 2012, government revoked the license of those that import fish from other countries, leaving us with the little quantity that we can provide locally.

    ”They even went to the extent of banning croaker (a type of fish) totally, reason being that it is scaly; we normally convey the fish to our cold room with a big bus which can accommodate up to 300 cartons from a bigger fish depot and we offload three of those buses per day.

    “But now, it has reduced to two which means we are now having 600 cartons per day. That is to say that the quantity has reduced and has affected its distribution in the general market.”

  • How affordable is fuel to the average Nigerian?

    How affordable is fuel to the average Nigerian?

    Global consumer demand for petrol has steadily grown thanks to low oil prices combined with economic growth, according to the International Energy Agency (IEA).

    Last year, global oil demand was 92.6 million barrels per day, and demand for 2015 is expected to increase by 1.4 million barrels each day, to a total of 94 million. This phenomenon truly spans the globe; gas prices have decreased from the pumps in Pakistan to stations in Senegal. But while most countries have seen savings, the price of gas differs wildly across the globe.

    Carmudi, the leading online car platform, examined the fuel price and general affordability of petrol in eighteen emerging markets. In Africa, it comes as no surprise that fuel prices in Nigeria, the biggest oil producer in the region, are among the cheapest standing at $0.46 per litre or 5.6% of the national average income per day. Fuel prices look different for those East African countries with significantly lower average incomes. In Rwanda, where fuel costs $1.17, the average person makes only $1.55 per day. One liter accounts for over 75% of a typical daily income, almost a full day’s work.

    In Indonesia, where fuel subsidies have been cut by the government since early 2015, most people are forced to spend over 30% of their daily earnings to buy a single litre of petrol. In Sri Lanka a single litre of fuel costs $0.96, taking up to nearly 45% of the national average daily.

    Carmudi created an infographic using Q2 2015 prices and 2014 average income data compiled from sources including Nigeria National Bureau Statistics, Philippines Bureau of Labor and Employment Statistics, The Pan African Bank, Crédit Agricole, Trading Economics, Global Petrol Prices, and World Vision. 2014 income data were used for all countries except Vietnam (2015) and Sri Lanka (GDP per capita). Petrol price for Myanmar is Q2 2014.

    Fuel prices in Mexico, the world’s seventh largest oil producer, are similar to prices in several Asian countries such as Vietnam, where a litre is priced at $0.92 and $0.97, respectively. Despite the similar prices, the average daily income in Mexico is almost three times more than Vietnam. It takes 7.8% of a day’s wage in Mexico to buy a litre; whereas, in Vietnam it costs more than 25% of the average daily income.

    Fuel prices in the oil­wealthy Middle East are incredibly low, and that, coupled with the high average daily income, makes it the best place to own a gas guzzler. Prices range from $0.15 per liter in Saudi Arabia, OPEC’s largest oil producer (average daily income $143.60), to $0.26 in Qatar, the world’s third largest oil producer (average daily income $382.60), to $0.47 in the United Arab Emirates, the world’s eighth largest oil producer (average daily income $170.00).

  • Retailers urge Buhari, Ambode, Amosun on infrastructure

    Retailers urge Buhari, Ambode, Amosun on infrastructure

    Some market leaders in the Lagos metropolis have urged Governor  Akinwumi Ambode and his Ogun State counterpart, Ibikunle Amosun, to address their challenges.

    The Nation Shopping met with the leaders of Ibafo Market in Ogun State and Saw Mill market in Lagos, among other markets as well as retailers in shopping malls and super stores across the states.

    Alhaja Fawusatu Ikumapami, the leader of Ibafo market in Ogun State, urged President Muhammadu Buhari to prioritise electricity supply, adding that when there is adequate generation into the national grid, Ogun State government will ensure power supply to the market. “We need steady power supply for our businesses. If electricity supply is steady here, the market will attract investors from far and near and will be more developed than what it is today,” she said, adding that the governor should help reconstruct the bad road leading to the market.

    She said these would help traders spend less on transporting their produce to the market and would make their customers visit again and again.

    “We want our governor to give Ibafo market in Ogun State a face-lift. The market is small, and we want it rebuilt to accommodate all of us. We are facing the challenge of free movement and some of us are left with no choice but to display our wares on the walkway and on the road and outside the market.

    “We have a land that is wasting away; part of it has been turned to trailer park, we beg the new government to help us utilise it and build a bigger market for us. We also need a local government of our own and want close monitoring on those that will be working on this project, some contractors sometimes do not carry out their duties diligently,” she added.

    Like Ikumapami, the leader of Saw-Mill market in Bariga-Lagos, Mrs. Abibatu Amusa  also wants steady power supply,   good road network and pipe-borne water in the market. Most importantly, she wants the electric pole in the market that has fallen erected to avoid any tragegy, saying the pole has been in that position for eight years.

    Mrs Abimbola Adeyemi Sumola representing the Iyaloga of Oyingbo Market, said their hopes were high that soon, the face of the market would change. ‘’We expect that the new government ensures good welfare for us. We always want to be part of ultra modern markets when they are built. We no longer want to be erased from the  picture and forgotten. We beg the government to build low priced shops and stalls that are affordable to the common man,’’ she said.

    Alhaja Mufuliat Abimbola Adebumi the Iyaloja General of Mushin Ojuwoye Market, said much was expected from the new administration as they have promised change for the better. ‘’The issue of security should be looked into and adequate security in our market to be provided. Sometimes, when we leave our goods outside for those who do not have shops, we don’t find them the next day,’’ she said.

    Mr Abdulrasheed Ariji, a representative of Office Everything store at the Silverbird Galleria said he expects that with the new government, exchange rate of the naira would be stabilised to favour  traders who sell imported goods.

    For Mr. George Nwokocha of Mega Plaza, his expectations are numerous. He said: “The main issue here is electricity. For many years,  millions of dollars have been pumped into the power sector but, there is little or nothing to show for it. Most times, we pay electricity bills that we do not use. But, if power is stable businesses will thrive because that is the backbone of businesses in Nigeria.”

    Oluwaseun Lasisi of Spar super store, said: “I think the government should address the issue of foreigners who are here to do business and use young Nigerians to build their brands and later lay them off without benefits. Most of us are suffering in silence.“

    The management of Leisure mall in Surulere agrees no less with the others. To them, the starting point is fixing the power sector. ‘’Electricity should be made available for use because lack of it has led to the closure of some businesses that we know of. Also, there should be a tax review. It should be reduced or better amenities provided,” he added.

  • Natural hair products exhibition holds in Lagos

    Natural hair products exhibition holds in Lagos

    The ambience was fun yet educational, and attendees were given the opportunity to relax, mingle, shop, but most importantly, learn, before heading off with a generous goody bag.

    It was the fifth anniversary of Kinky Apothecary where it launched the Nigerian Natural Hair & Beauty Show at the Federal Palace Hotel in Victoria Island, Lagos. It was a culmination of all their workshops and events over the prior years.

    There was an exhibition featuring The Kinky Apothecary’s pop-up shop where guests were able to browse and purchase hair products and accessories. Also, brands showcased their wares, ranging from body products such as R and R Luxury and Ajali, to florists Prime Flowers and Horticulture, who keyed in to the healthy lifestyle aspect of the event by providing fresh vegetables in addition to flowers, candles and home wares. Some new Nigerian brands such as Uwa Earth Foods and Bubble Tii Nigeria chose the event as an opportunity to launch.

    Established in May 2010 by Nibi Lawson, The Kinky Apothecary is Nigeria’s first one-stop natural hair shop. The main aim was to bring superior hair products and informationwithin the reach of women in Nigeria concerned about the health of their hair.

    Founder, The Kinky Apothecary and organiser of The Nigerian Natural Hair & Beauty Show, Nibi Lawson, who chaired a panel, consisting of Hollywood celebrity stylist Felicia Leatherwood, NgoziOpara, founder, The Heat Free Hair Movement natural hair weaves, ObiaEwah, Founder and Formulating Chemist of Obia Natural Haircare, WunmiAkinlagun of Woman In The Jungle, IjeomaEboh of Klassy Kinks and Cassidy Blackwell of naturalselectionblog.com.

    After the panel, each speaker headed a workshop giving in depth information and advice on their individual speciality.

    The attendance at the event showed that the natural hair revolution, first set in motion in Nigeria by The Kinky Apothecary in 2010, is not imagined, and that standards of beauty are slowly beginning to shift.

    Lawson said she was ”overwhelmed’’ with how the show went. ‘’I had such high expectations and I was so happy that they were met. We can’t wait to bring something even bigger and better next year! This event involved a lot of hard work, disappointment, tears sometimes for several months, but ultimately it is worth it,’’ Lawson said.

    The show targeted mainly natural hair, where people could come and gain all the information they needed.

    On the challenges of putting the show together, and others, Lawson said: “Dealing with infrastructural deficiencies, slow internet, power failure, putting together a dedicated and committed team was an issue.

    She added that in the natural hair industry, the main problem is that the market is still not 100 per cent where it should be. Most people unfortunately still see natural hair as unkempt and unattractive. Yes, women can look beautiful in straight and weaves hair but natural hair is amazing, and it has come to stay.”

    She said the next event would hold next May.

  • For fruit sellers, Ramadan is boom time

    For fruit sellers, Ramadan is boom time

    Fruits are essential commodities during the holy month of Ramadan. This is because Muslims use them to break their fast in the evenings. Fruit sellers across the Lagos metropolis say this is boom time for them as they now make bountiful sales. In spite of an appreciable increase in the prices of fruits, they say demand for them is on the rise too, TONIA ‘DIYAN reports.

    Last week, Nigerian Muslims joined their counterparts across the world to start observing this year’s Ramadan fast. When it is not Ramadan, some of them do not see the nutritional benefit of adding fruits to their daily meals. Some say they patronise fruit sellers only during Ramadan when they have to break their fast first with fruits and then, their meals.

    However, the last two months have seen price-sensitive markets across Lagos suffer from higher food costs. This higher prices have not affected the demand for fruits  in Lagos.

    Visits to some fruits market in Lagos showed that the holy month  has turned into boom time for fruit sellers who are enjoying high demand. Every year, there is a surge in spending before, during and after Ramadan, with increase in prices of food items and fruits in the traditional markets across the country. Market survey showed that demand for fruits tend to increase by around 60 per cent during Ramadan compared to other months.

    Fruit traders have revealed that demand for fruit is up this Ramadan despite significantly higher prices compared to last year’s regardless of price hikes.

    Market sources say the supply of fruits to the metropolis has risen by between 35 and 40 per cent in wholesale fruit markets particularly in Ketu fruit market. However, they have said it will go up further in the course of the 30-day fasting period.

    It was also discovered that demand for fruits such as apple, citrus fruits such as oranges and tangerine, water melon, pineapple and banana have considerably increased but sellers say patronage remains high.

    Speaking on the development, Ketu fruit Market Association President, Madam Adebayo Balogun said: “There is increase in the supply of fruits in this market because we are aware that this is a major market for all kinds of fruit in mainland apart from Idi Oro market at Mushin. We have stock of varieties of fruits and we are seeing huge patronage from customers. We are selling more oranges, water melon, pineapple and apple now. We get apple from Cotonou and other fruits from the north.”

    For Adebayo Bello, a fruit shop owner in Agege, Ramadan  has been a boom time. Bello neatly packed fruits in different basket sizes and displayed them as ‘fruit hampers’. According to him, before the Ramadan, his shop usually sells about 10 baskets of fruit per day. Sales have jumped up to about 50 baskets over the past few days because of Ramadan .

    “I have reached my best sales this week. I am busier than I used to be since Ramadan  began. Most times now,  it is hard to find a good time to eat lunch. I think people are more enlightened about the importance of fruits to the body and they have decided to take advantage of the season.”

    Bello’s story is not alone in this holy month of bountiful harvest. His colleague, Aruna Muritala, said prices have gone up thanks to the rising demand. With an average shopper spending N15, 000 or more to buy fruits that will last his household for two weeks, it is really a boom time.

    “The fact that prices of fruits have gone up and their quantity reduced doesn’t make patronage low for us. There are few people however  who have reduced the amount and quantity of fruits. At weekends, the Christians who buy to eat and traders who buy to resell in bits, also buy in smaller quantities. But our Muslim customer’s, particularly the traders, buy more than they did at this time last year.”

    Kafayat Jimoh, a roadside fruit seller who operates at the retails end of the business along Awolowo Way, Ikeja, agrees no less with Muritala. She said:  “By yesterday, a basket of small-sized oranges increased from N300 to N600 per basket. Prices for lime has however remained the same, standing at N150 per paint container. “I believe that fruit prices will return to normal after the Ramadan.  This is the usual change in price that occurs yearly and we are used to it,” Jimoh said.

    At Mile 12 market in Kosofe, demand for fruits as well as other food items has risen from 20 to 25 per cent.  A source also told The Nation Shopping that Ramadan  is also a great boom for some companies specialising in beverages, saying more than half of beverages annual sales happen during the month of Ramadan.

    A farmer who transports fruits from the north, Abubakar Sanni, said last year, he and his team brought 20 trailers of fruits to Ketu fruit market in Lagos. This year, the number of trailers increased to 40 loads because of demand for fruits. “We are receiving many more orders for Ramadan this year than last year; people are making very good profits selling fruits during Ramadan.Dates, apples, orange, pears, grapes and bananas are the most popular fruits consumed  during Ramadan,” he said

    Several other market fruit vendor The Nation Shopping spoke to reported similar increases in business.

    At Mushin, a fruit seller simply known as Iya Mariam who sells fruits in small sizes of N50, said she makes sales better than she made last year. She said it is common with the Ramadan season. “Sales this Ramadan  is better than what it was last year. I am counting my gains. I have more Muslims patronising me to break their fast daily with fruits before their meal. I think it is better to buy fruits in bit because of its preservation and affordability. Here, you can get fruits worth N50.

    “I make profit of N5,000 daily on all the fruits I sell and I finish selling them before night. I buy from Ketu fruit market and Arena market in Oshodi because I am sure of getting cheap bargains at these markets because they stock fruits in large quantity.”

    Iya Mariam  cannot afford to buy in large quantities, so she buys in dozens. According to her, a dozen of water melon costs N3,500, a dozen of pine apple-N1,200, 30 pieces of orange-N1,300, a medium-size bunch of banana-N3,000 and N4,000 respectively.

    Alhaji Yakubu Mohammed, an orange vendor, attributed the increase to the high cost of transporting the items from where they are supplied.

    “The cost of transporting these fruits is high; therefore, we increase our prices. This is coupled with the security challenges in most parts of the north which has made movements difficult. If you can’t be daring, you can’t be in the business, because soldiers harass us on the road when we go up North to buy the fruits. So we end up spending more money and more days on the road, and you know all these will be eventually included in the final cost of the goods,” he said.

    Also speaking, Suraju Shuabu, a water melon seller, said the high cost could be attributed to the cost of supply.

    According to him, their suppliers in the north have increased their prices. But Malam Oseni, who said he was in the market to buy oranges and water melon, attributed the situation to the “simple economics principle of ‘the higher the demand, the higher the price.”

    According to some Muslims, people consume a lot of fruits during Ramadan  due to the change in the digestive system as well as the spiritual blessings of consuming it before breaking the fast.

    So they believe that when sellers see that the demands are higher, they increase the prices too. However, water melon happens to be the most expensive fruit in the market, as the increased demand keeps raising its prices beyond the N500 and N700.

  • Cussons Baby takes winner, family to Dubai

    Cussons Baby takes winner, family to Dubai

    Following a seven-day trip to Dubai, the United Arab Emirates (UAE’s) commercial city by Morireoluwa Davids and her family for winning the second edition of Cussons Baby Moment, the Brand Manager Cussons Baby, Oluwaseun Ayeni, has said the brand has fulfilled its promise to the winner and is ready to offer more to its customers.

    Describing her experience as interesting, the winner’s mother, Funmilayo David, urged mothers to participate with in the Cussons Baby Moment contest, saying it is life-transforming.

    She said: “It was fun-filled and interesting. We went to Dubai Mall, which is the biggest mall in the world and afterwards to see the dancing fountain, behind it was the tallest building in the world (Burj Khalifa). It was awesome and beautiful.

    “The whole trip has been eventful filled with sweet memories. We are saying thank you to Cussons Baby for this opportunity to explore Dubai, which I heard was a beautiful city and I have confirmed it is really beautiful.

    “It was a fun experience and the family had so much to look forward to anytime around.”

    On the objectives of the competition, Ayeni said it is about rewarding the customers and giving parents the opportunity to showcase their beautiful babies.

    She said: “It is all about giving families an opportunity to showcase their beautiful bundles of joy for a chance to go on an all-expense paid trip. It is also about providing a platform to communicate one on one with our consumers and the opportunity to meet new consumers.

    “We are almost done with preparations for season 3. As such, parents should keep taking pictures and recording videos of their cute babies and they shouldn’t forget to keep visiting the Cussons Baby Facebook page for more information.”

  • Online firm to launch TV show

    Online firm to launch TV show

    Online content provider Ndani TV has announced plan to launch its new online content bouquet ‘The Ndani Series Bouquet’ next month.

    The bouquet is being powered by GTBank Plc.  It contains four new shows: ‘Real Talk’ with Cornelia O’dwyer, ‘Skinny Girl in Transit’, ‘One Chance’ and ‘African Dream’.

    It features an all-new season two of its popular series, ‘Officer Titus’, which tells the story of a traffic law enforcement officer in  Lagos.

    Ndani TV is excited about the new series as they mark another achievement in online content, highlighting the continuous growth the brand has embarked on in the last three years in terms of promoting contemporary African culture through great online content.

    The goal of Ndani TV is not just to create great online content with spectacular visuals, but also to tell African stories to Africans in Africa, in the Diaspora and to the rest of the world.

    Ndani TV will appeal to a wide audience, as the content  covers various genres from comedy, thriller, drama to inspirational and entertainment talk shows.

    Head of Production, Ndani TV, Agnes Marquis, said: “The stories that we tell on Ndani TV are not just well crafted, but are created from the everyday realities of the average youth, the complexities of everyday living, the comedy of our lives, living in the cosmopolitan city of Lagos, which is especially reflected in the series ‘Officer Titus’.’’

    The Ndani TV is the creator of hit TV shows, Gidi Up, ‘The Juice’ and ‘The Interview’ with Frank Donga.

  • eTranzact to drive mobile banking in Africa

    eTranzact to drive mobile banking in Africa

    eTranzact  International has held a mobile banking Masterclass in London, England. It was titled: “The future of mobile banking masterclass”.

    The event was attended by some heads of e-banking and mobile banking from Nigeria’s top banks.

    Members of eTranzact’s top management, including its CEO, Mr Valentine Obi; ED, Business development, Mr Sullivan Akala; ED, Strategy and Corporate Development, Mr Ike Eze; Group Head, Business development, Mr Adeyemi Adeyemo and other top management staff attended the five-day event.

    The major goal of the Masterclass was to provide a platform to discuss new innovations in mobile banking targeted at making mobile banking more about the customer and launching new innovations to make the customer onboarding process easier.

    Topics discussed ranged from how to improve the mobile banking experience for customers and innovations in providing support for customers, to unveiling eTranzact’s improvements in the onboarding process and mobile architecture of the mobile banking appliacation.

    With over 15 million smartphones  in circulation in Nigeria and with efforts by the OEMs to increase this number by making smartphones even more affordable, mobile banking adoption in Nigeria has also increased, leading to the need to scale up technology resources as well as think up new ways to make the process easy for customers, and eTranzact has been heavily focused on building the infrastructural backbone of what is required to take mobile banking to new heights.

    Participants at the Mobile Banking Masterclass spoke about some trends they had identified among their customers as well as possible ways they could improve the process.

    Speaking on what the banks and their customers should begin to see immediately after the Masterclass, Obi,  said: “To us, every product we build is ultimately about the customer whether at the corporate or individual level, and we want to ensure that we are meeting their needs both locally and globally, pushing ourselves every day. We understand the part we play in the growth of mobile banking and payments as a whole and through constructive feedback from our partners and innovation; we want to continue to play this role now and in the future.

    ‘’At eTranzact, we believe in using the power of technology to build bridges across continents and we will continue to invest in research and build up our capacity to achieve these goals.”

    Mr Adeyemi Adeyemo, Group Head, Business Development, who spoke on the achievements by his company, said:  “We are excited about the steps we have taken to improve the overall experience of our partner banks and for their customers. We have a key role to play in driving innovation and we are ready to embrace it.

    ‘’We come with major improvements in the mobile banking applications for all our partner banks and hope we can begin to roll out the changes as soon as possible. The changes not only cover the user interfaces of the different banks, but also try to merge the user’s lifestyle and improve the signup process for the application.  We are also working with all our partner banks to help them enjoy the full capability of the USSD platform for mobile banking.

    ‘’As mobile banking becomes more segmented, the next step is to achieve greater personalisation, and we want to make the user’s habits and needs focal points of the newly redesigned apps.

    ‘’With our new onboarding process, we want to eliminate visits to bank branches so consumers can begin using mobile banking applications, while still maintaining the security of the platform.

    ‘’Taking a look at the opportunities in mobile, the gap between mobile banking and traditional banking has closed significantly, with Gartner Inc, the world’s leading information technology research and advisory company, predicting that the global mobile transaction market will be worth $721 billion and more than 450 million users by 2017.’’

    eTranzact’s effort in mobile began in 2003 long before mobile banking was introduced in the country. The team believed that mobile would be at the forefront of payment innovation, and had a dedicated team working on research and development. This led to pioneering research that kick-started the mobile banking sector in Nigeria.

    A giant in the sector, eTranzact has deals with over 50 commercial banks and 350 micro finance institutions across Africa. It builds and facilitates mobile banking transactions through its mobile switching platformand has more than 12 years’ experience processing financial transactions in Africa,

  • Our vision is to become biggest travel brand in Africa

    Our vision is to become biggest travel brand in Africa

    Hotels.ng is Nigeria’s biggest online hotel booking portal. It books 7,000 hotels in the country with more people making bookings on its website daily. In this interview with TONIA ‘DIYAN, its founder and Chief Executive Officer,  Mark Essien, said the vision of the platform is to become the biggest travel brand in Africa. He also spoke on the evolving e-commerce sector, among other issues. 

    What is the drive for your choice of business?

    My primary drive has always been technology and I believe that technology is one of the areas that is going to have the biggest impact that we’ve ever seen in the world. The state of technology is like how cars were at the dawn of the century. Before that, everybody had been using a common man’s transportation and then, a new company rapidly developed cars. In the first 20 years of the century, we went from horses moving around everything to advanced cars that have not even changed much. So right now, in the face of technology, we are in the first 20 years of technology.

    A lot of companies will be built that are going to dominate this market and that are basically going to change the way that we do things. I was always very interested in technology and living and studying in Germany at the time, I saw that there were lots of technological innovations happening there that weren’t happening in Nigeria or Africa. So, I thought of analysing the Nigerian market and see what kind of company can be built.

    After looking into various things, I was able to settle for this particular market which is the hotel booking market and it turned out to be a good decision, because from there, we have proceeded to something bigger than what we were two years ago.

    How did you manage to get the idea off the ground?

    It was two years ago, my friend and I in Calabar were there trying to source hotels and trying to sign them unto the platform and within the few months, we were able to gain enough traction and bookings and gathered investment from local entrepreneur like Jason Njoku, who is the owner of Iroko TV. Using this capital, we were able to secure hotels in Calabar, Lagos and almost all the states in Nigeria. We operated successfully for the first year, second year and recently, we have been able to raise $1.2 million from a new set of people and we plan to use the money to expand not just in Nigeria but across Africa.

    In what other ways can this investment help the business?

    The most obvious thing that anybody has to do is to make sure that the right quality things are put in place. Our focus at this time is trying to recruit people who are very smart and determined and really want to achieve a lot in the online space and we have successfully done that by purely building up an all staff team that is turning out to be an impressive one with an impressive kind of work.

    How would you assess the Nigerian hospitality industry in relation to the emergence e-commerce sector?

    The Nigerian hospitality industry is a significant part of the country’s economy. It contributes right now about 3.6 percent of the country’s GDP which is a massive number if you look at how big Nigeria GDP is.

    The country’s GDP is constantly growing and as it grows, the Nigerian hospitality industry grows. E-commerce, which is the online equivalent of trading, would always be a much bigger part of the overall economy because every day people have to buy things and sell things. It is almost the second biggest, and then travels. That is because people need to travel and as business improve, more and more people travel. Generally, you see that in every emerging economy, the first online platform that takes off is e-commerce. The next one that takes off is always the travel. We have seen that in indigenous players like wakanow.com. We have seen it in the hotel booking space where we belong. Comparing e-commerce with travel is a very good idea because as one grows, the other is supported to grow.

    How would you assess local interests in the e-commerce sector as regards investment?

    At the early stage, very few Nigerians were venturing into e-commerce. There were very few African or Nigerian investors investing in African start ups. There were not many people that were even interested in going there. So these people came in and built this business as if it is a Nigerian business to help them. We can now see more competent people who can be coming up and more local investors investing in African start ups. For example, Jason Njoku, who founded Iroko TV, invested in us (Hotels.ng).

    Our second investor, Ehosa is from Echo VC. Today, our company is over 90 percent Nigerian owned. More competent Nigerians are coming up to build this company as opposed to the foreigners that are coming in to make and remit the money abroad and I know that over the next two years, we will see more and more indigenous online businesses come up, as people start realising that they can enter this industry and start making money from it. We can see more interests from the bright young chap instead of thinking of going into oil and gas or banking, they will start thinking of going into technology and look at how technology can help improve circumstance and the life around them such that they can also start using it to make money.

    What advice would you give to a young Nigerian who would want to venture into an online business with a foreigner?    

    There are different types of company with different models. There are companies that invest and believe in you, and they believe in your ideas and give you enough capital to grow your ideas. We have one of such investor, Omidyar Network for example, they do not come in and try to control everything. As the ideal owner, you are maintained as the founder and over 80 percent stake of the company is put in your care. They take small bit, between 8, and 10 percent of the company.

    They give you enough capital that allows you grow the company. They will also do things like fly you out to help you design your strategy and meet people that are further advanced than you, and this is the right type of investors.

    The wrong types of investors are the type that take 98 per cent of the company, make you sign an agreement that they can fire you at anytime. It is important to look at the profile of the person you are about getting into business with. For instance, what is the mode of the work of this particular person you are entering into partnership with? Are they the kind of people that believe in you and in your ideas and are willing to provide capital to fund your expansion? Or are they the kind of people that want to come and take your idea and take over control of the idea? If you see such people you avoid them and know the people that are right and good for your kind of business and partner with them.

    What are your projections or where do you see yourself five years from now?

    In five years, we aim to become the biggest travel brand in Africa, beyond Africa and in other countries. We will be smarter and more determined depending on how the market develops.What we saw three years ago, the models are not as big as what they are today, we have to adapt, we are here waiting for what is going to happen and when it does we will be ready for it.

    What must the new government do to improve the ecommerce sector in the country?

    The government should enable transactions and help people do more business basically. They should find a way of investing in peoples idea in a way that make sense such that more can be contributed to the GDP over a long term, the government will recover its money and more through taxes. This is a potential idea of how the government can invest, instead of giving the money to friends and families.

  • ‘Open market best for baby items‘

    ‘Open market best for baby items‘

    Buying baby items for an expectant mother is an important aspect of pregnancy. Some of these items range from baby wear, bed-cot, dippers, flask, baby carrier, cardigan, cap, socks, baby walker, and feeding bottles.

    Although they are found everywhere, to get cheap bargains, the open market is the best place to visit.

    At the Ikotun market, Lagos, baby items are displayed to attract customers; merchants stand by the road side leading to the market to distribute their business cards to their target – pregnant women-  to enhance patronage.

    Mrs. Shade Ogundigba is a sales representative at Twins Faga, a baby store in the market. She said baby items are sold at cheap prices at the market. “We sell baby items here at wholesale prices for people who want to buy them to resell. We do not only stock cheap items, they are of good quality, so far, and we have been experiencing huge patronage because of our unique selling point which is affordability,” she added.

    However, prices of these items are determined by the brand. Baby wears range from N300 to N1, 000. Socks and caps go for between N200 and N500. A small size baby bed sells for N3, 000, while the big size is N9, 000. A small baby carrier is N3,000 and a big one is N9, 500. Baby wipes and dippers range from N200 to N 1, 000. Baby feeding bottles cost between N1, 000 and N3,000, walker sells for N4, 000 for the small size and N 10,000 for big size. Flasks go for between N1,500 and N 5,000, while a shawl and a blanket cost N 5,000 each