WizKid and Burna Boy are the most streamed artists on Spotify in Nigeria

March 31, 2021: On February 23rdmore than 70 million songs, 2.2 million podcast titles, and over 4 billion playlists became officially available to Spotify listeners in Nigeria for free. Spotify launched with a tailored music experience for Africa with more than 100 expertly curated playlists across some of the most popular genres in the continent. But what got the fans listening? 

The first 30 days demonstrated how much Nigerian listeners love their home-grown artists.

WizKid and Burna Boy are the most streamed artists on Spotify in Nigeria

Four out of the top five most-streamed artists are from Nigeria. Topping the list are the country’s beloved superstars:  WizKidBurna BoyDaVido, and Rema. 

Local hits are also resonating the most with Nigerian listeners. The most-streamed track in Nigeria over the past month is “Bounce” by Rema, followed by Wizkid and Burna Boy’s “Ginger” and DaVido and Teni’s “FOR YOU”.

With a strong appetite for local sounds, it comes as no surprise that Hot Hits Naija is one of the top-streamed playlists among users. Spotify’s Africa to the world playlist African Heat comes in second reflecting listeners’ keenness to discover music from all over the continent.

Podcast listening may be a relatively new trend in Nigeria, but it is fast gaining momentum among Nigerians. In the last month, the most popular podcast on Spotify is “I Said What I Said,” with “Kwality Kontent” coming in second. “TED Talks Daily” came in third, followed by “Articulate One” and “The Daily Show With Trevor Noah: Ears Edition” in fourth and fifth position respectively.

Residents of Lagos, Suleja, Abuja, Port Harcourt and Benin City account for the most Spotify streams in Nigeria. 

So how did the first month of Spotify in Nigeria sound? 

Top-streamed artists:  

  1. WizKid
  2. Burna Boy
  3. DaVido
  4. Drake
  5. Rema

Top-streamed songs: 

  • Rema – Bounce
  • WizKid feat. Burna Boy – Ginger
  • DaVido, Teni – FOR YOU
  • Olamide, Omah Lay – Infinity
  • DaVido, Focalistic, Virgo Deep – Ke Star – Remix

Most popular playlists:

  • Hot Hits Naija
  • African Heat
  • Today’s Top Hits
  • RapCaviar
  • Gbedu

Top podcasts: 

  • I Said What I Said
  • Kwality Kontent
  • TED Talks Daily
  • Articulate One
  • The Daily Show With Trevor Noah: Ears Edition

Cities with most streams on Spotify: 

  1. Lagos
  2. Suleja
  3. Abuja
  4. Port Harcourt
  5. Benin City

Data based on Spotify user consumption between February 23 and March 22, 2021.

Kantar and Ipsos Win Dutch Audience Measurement

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Kantar and Ipsos have been awarded the contracts to deliver the world’s first true cross-media total audience measurement solution in the Netherlands. Working in partnership with Nationaal Media Onderzoek (NMO), representing the interests of the Dutch Media Industry this cross-media measurement solution is the world’s first truly integrated audience measurement programme.

In combining audience viewing, listening, browsing and reading through a single, integrated system, will deliver deeper insights to understand Dutch audiences and enable richer trading currencies for each media. The new approach will enable advertisers and agencies to optimise the performance of media channels – both in isolation and when combined in a cross-media campaign.

Kantar and Ipsos Win Dutch Audience Measurement

Kantar and Ipsos were appointed following a competitive tender process to collaborate and design a single integrated measurement system. The total media audience measurement solution will be the world’s most advanced service when it launches this year. It marks the biggest step-change towards a total view of audience media consumption, enabling advertisers to better understand their consumers, improve the targeting of brand messages and determine how media triggers consumer purchase decisions – together maximising ROI and delivering the building blocks for cross-media planning and evaluation.

Commenting on the announcement, Johan Smit, Director, Nationaal Media Onderzoek (NMO), said:

“Today’s announcement marks an exciting new chapter in audience research in The Netherlands. Kantar and Ipsos proposed a strong and efficient approach with a design that will enable us to deliver total media audience measurement to the Dutch market. Together we have realised our vision for a cross-media solution that delivers deeper insights into the media behaviour of the Dutch population.”

The announcement has drawn a positive reaction from the Dutch advertising industry:

Harry Dekker, Media Director, Unilever:

“We are convinced that developments in media consumption combined with rapid changes of the media industry create an urgent need for a paradigm shift in the way media is being planned and evaluated. This joined-up approach in The Netherlands will allow us to plan and optimise our media investments holistically based on trusted and relevant datasets.”

Serge Lupas, President, Media Division, Kantar, said:

“Today’s announcement is a giant step closer to realising one true cross-media currency. We are proud to be co-leading the development of this advanced solution that leverages world-leading technology and data science capabilities. We will deliver an integrated measurement solution that provides the building blocks for cross-media planning, buying and evaluation of content and advertising.”

Liz Landy, Global Head of Audience Measurement at Ipsos, added:

“People have talked about cross-media measurement for a long time. But up to now the talk has been far louder than the walk. The Dutch JICs have succeeded where so many have failed in overcoming the many barriers to delivering this vision, which will measure media the way consumers and advertisers see and use it – regardless of platforms or media types. We very much look forward to delivering the first results; this project will be a real game-changer.”

The chosen design for the Total Media Audience Measurement solution will be unveiled during webinars to be held on 14 April.

My BMW App: New Features And Tech Insights For March 2021

BMW is forging ahead with the development and rollout of the My BMW app.

This key interface between smartphone and vehicle made its debut in July 2020. Having already been launched in 30 European markets, China and Korea, it will now also be available with further expanded functionality in Japan, Australia and 10 other countries.

The My BMW app will also be rolled out in the USA and Canada from mid-April, making it available on five continents. Underpinning the rapid expansion of the My BMW app’s content and its fast-paced rollout is scalable and universal software architecture.

This has been fully developed in-house by BMW using Flutter, an open-source UI development kit from Google for the Dart programming language. The BMW Group’s Flutter/Dart development team is one of the world’s largest after Google’s, bringing together a total of 300 employees.

My BMW app: new features for March 2021.

The My BMW app runs on both iOS and Android operating systems and can be downloaded free of charge from the Apple App Store or Google Play Store. It acts as a new universal interface with the car, providing information on the vehicle’s status at any time. Depending on the equipment fitted, it also enables remote operation of functions, such as vehicle locating, locking and unlocking the doors, and monitoring the car’s immediate vicinity (Remote 3D View).

Functions also include the ability to send destination addresses from a smartphone to the vehicle’s navigation system. Services from Amazon Alexa can be integrated via the My BMW app, too, while the range of functions for electrified vehicles has likewise been extended, including even clearer display of electric range.

The My BMW app makes it even easier for customers to log in to any current BMW model with their personal BMW ID. For example, the user information and settings stored in the BMW ID can now also be imported into the vehicle extremely conveniently by scanning a QR code displayed on the central screen. Last but not least, the My BMW app also allows the customer to contact their BMW Service Partner directly and provides them with a more detailed overview of their vehicle’s servicing requirements.

The My BMW app’s most important new functions from March 2021:

  • In addition to the integration of Amazon Alexa into models with BMW Operating System 7.0, the voice service is also now available for vehicles with BMW Operating System 5.0 and 6.0.
  • The Climate Timer allows pre-conditioning of vehicles with electrified drive systems – by heating the interior in winter and cooling it in summer, for example. This comfort-enhancing function has now been extended to diesel and petrol models too, meaning that their auxiliary heating and ventilation systems can also be programmed.
My BMW App: New Features And Tech Insights For March 2021-Brand Spur Nigeria
My BMW App-Brand Spur Nigeria
  • The Charging Plan provides owners of electrified BMW models with a clear, at-a-glance overview of all information on the current charging process (charging status, start time and duration, current range, pre-conditioning, time slot for charging and other relevant vehicle settings). In future, customers will additionally be able to benefit from push notifications informing them of the current charging status.
  • The filter function for charging station search makes it easy to find suitable charging facilities during a journey by quickly adding or removing various search parameters (provider, compatibility, charge speed, etc.).
  • Featuring a redesigned menu that is even more intuitive to use and further improvements to route calculation, BMW Maps now offers greater ease of use and enhanced performance.

The My BMW app: in-house development makes consistent use of cutting-edge technologies and componentry from big tech players.

The My BMW app is a new development that will fully replace the BMW Connected app from July 2021, and provide a technologically future-proof foundation. Its scalable universal architecture will support future requirements and is a crucial factor here, allowing new functions and customer requests to be implemented easily.

This will additionally pave the way for constant advances, with multiple updates every year allowing functionality to be continually expanded. The modular approach to the app has other benefits, too; e.g. the app platform can be readily used for other BMW Group brands while also making it compatible with a broad spectrum of language and infrastructure variants, and vehicle and on-board network generations.

“The new app platform is built on three pillars: user-friendliness, safety, and reliability,” explains Dr. Nicolai Krämer, Vice President Offboard Platform BMW Group. “It provides a consistently designed set of functions spanning all brands on the basis of feedback and our customers’ usage behaviour. Targeted application of industry standards and their integration into the global software community allows us to focus on the core technical issues that bring about a worthwhile enhancement of our products and services.”

The software platform for the My BMW app is known within the BMW Group by the name Mobile 2.0 App Core. Developed 100% in-house, it embraces the very latest technologies and features a broad technology stack, i.e. a data ecosystem with a variety of components from big tech players.

Thanks to its Flutter framework – an open-source UI development kit created by Google – and cross-platform design written in the Dart language, the My BMW app supports the iOS and Android operating systems using a single code base. At the same time, MS Azure from Microsoft was used to integrate a development environment with a full continuous integration (CI) and continuous delivery/deployment (CD) pipeline in order to automate the app’s ongoing development process.

The app’s backend for frontend architectural pattern for superior ease of use builds on platforms as a service (PaaS) that likewise originate from Microsoft. The term ‘backend for frontend’ means, for instance, that the app’s functionality can be expanded or potential error sources eliminated without the customer having to download a new version of the app after the modifications have been carried out.

Cloudification also plays an essential role, because the app basically offers all functions, these can be displayed dynamically cloud-controlled depending on the vehicle equipment and market characteristics. Many of the My BMW app’s backend components, meanwhile, run on the Amazon Web Services (AWS) cloud infrastructure.

“The BMW Group’s Flutter software development team is one of the largest in the world after Google’s own,” says Dr. Krämer. “As well as working on internal projects, our experts also offer software components externally as members of the Flutter community.”

KIFC Reveals New Vision On Path To Becoming A Preferred Financial Centre In Africa

Rwanda Finance Limited (RFL) has unveiled the brand for the Kigali International Financial Centre (KIFC). 

The Kigali International Financial Centre is poised to become one of the leading international financial centres on the continent, and has developed a comprehensive legal and regulatory framework, robust infrastructure, and a skilled and dynamic workforce that will help investors develop their interests across Africa. Rwanda Finance is the agency mandated to promote the Centre.

Nick Barigye, CEO of Rwanda Finance, noted: “our brand launch today brings bold ambitions to life and signals an important step in the journey of Kigali International Financial Centre. We want KIFC to be a new destination for pan-African investment. We want to be the jurisdiction of choice for consolidating capital efficiently and deploying it effectively across the continent.

We want to connect international investors with opportunities across Africa, we want to connect African entrepreneurs with global capital, we want to connect the people of Rwanda with the world”.

A brand is a promise, and this launch marks a pivotal moment in KIFC’s journey. The new brand intends to represent KIFC to the world, highlighting its authentic identity and strengthening its image regionally and internationally. It reflects the values of the people of Rwanda: a culture of integrity and innovation, an economy that drives development and inclusion, and infrastructure that unleashes creativity. It also underpins KIFC’s mission to connect investors and entrepreneurs with opportunities across Africa and beyond. 

KIFC has already attracted a number of high profile companies, investors and service providers and is already a member of the World Alliance of International Financial Centres (WAIFC), as well as an Associate Centre in the Global Financial Centres Index (GFCI).

KIFC has also welcomed a new Board of Directors with extensive global expertise in both the public and private spheres, including the recently appointed Chair, Tidjane Thiam, Executive Chairman of Freedom Acquisition I Corp and African Union Special Envoy for Covid 19.

The new brand reflects the vision of KIFC which is to build a bright future for Rwanda and for Africa, by creating jobs, education and professional opportunities for the Rwandan people and by transforming the investment landscape across the continent. 

About Kigali International Financial Centre (KIFC)

Kigali International Financial Centre facilitates international investments and cross border transactions in Africa. KIFC seeks to position Rwanda as a preferred financial jurisdiction for investments into Africa and creating alternatives for mobilising capital thus reducing over-reliance on traditional avenues.

It will facilitate pan-African investment by providing an attractive destination for international investors with a legal and regulatory framework fully compliant with international best practices.

About Rwanda Finance Limited (RFL)

Rwanda Finance Limited is a private company mandated to promote and develop Rwanda as a leading destination for international investment and cross-border transactions in Africa. RFL works with key stakeholders to develop and promote the Kigali International Financial Centre through investment promotion, policy advocacy and sector upskilling. It works to establish a regulatory framework for KIFC to become a leading international financial centre.

South East LGAs Set To Enjoy High-Speed Internet, Courtesy Zinox

Zinox Technologies Ltd, Nigeria’s foremost indigenous Information Technology powerhouse, is set to connect the entire South East region to the information super-highway, with the rollout of broadband connectivity in the 95 local government areas in the region.

The foregoing was disclosed by Executive Vice-Chairman, Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta.

The NCC boss made this known on Tuesday while speaking at the Anambra State Broadband Infrastructure Development Stakeholders Forum.

Zinox, a globally-renowned tech giant, is one of the infrastructure companies (InfraCos) licensed by the Federal Government to roll out metropolitan fibre-optic infrastructure across Nigeria. The InfraCos are expected to fill critical infrastructure gaps and enable high-speed broadband service in the various geopolitical zones, with Zinox licensed to deploy the services in the South East region as part of the soon-to-evolve broadband revolution in the country.

Speaking at the stakeholders’ forum, Danbatta reiterated the role of Zinox in the emerging digital revolution in the South East. Further, he hailed the Anambra State Governor, Willie Obiano for waiving the contentious Right of Way charges.

South East LGAs Set To Enjoy High-Speed Internet, Courtesy Zinox-Brand Spur Nigeria
zinox whizkid logo-Brand Spur Nigeria

Right of Way charge is a levy paid by telecommunication companies to state governments, permitting telecommunication companies to dig up the roads and install telecommunications hardware such as optic fibre cables that carry internet traffic.

Danbatta said: “Under this initiative, the South-East Infraco licensee (Messrs. Zinox Technologies Ltd.) will be required to provide at least one Point-of-Access (PoA) in each of the 95 LGA’s that constitute the region and interconnect them with 1,314m of Optic Fibre Cable (OFC).

“Right-of-Way (RoW) charges is a major limiting factor to the provision of broadband services in Nigeria, as it slows down network deployment with the cost of the limited capacities ultimately passed to the subscribers. I must applaud His Excellency and Anambra state, who is one of the two states that have not just reduced the Right of Way charges offered to operators, but waived it completely. For this, we are eternally grateful. This action, is sure, to put Anambra State on the global map of Digital Economy.’’

The multi-billion Naira project by Zinox has been hailed by economy watchers and other analysts as a potential game-changer, with the capacity to create jobs and other employment opportunities for millions, place the South East on the path of rapid development and unleash the sheer latent capacities of the youths and budding human capital in the region – a fact acknowledged by the NCC EVC.

“Result of study has shown that for every 10 percent increase in Broadband penetration, there is a corresponding 1.38% increase in GDP,’’ said Danbatta.

‘‘This RoW waiver, will also make Anambra State more attractive to network operators and attract investment in the infrastructure needed to support economic wellbeing of your Excellency’s economic jurisdiction. Giving up the RoW fees today is like separating seed that you will sow to guaranty a prosperous future (Digital foundation) in numerous thematic areas: Commerce, Education, Agriculture, Finance and Trade Education Health and Social, Business and Industry, Transport and energy, Safety and Security etc.,’’ he concluded.

Zinox was licensed based on the NCC’s Open Access Model (OAM) in line with the National Broadband Plan (NBP) of (2013 – 2018) now revised to (2020 – 2025).

By the provisions of the NBP, Nigeria is expected to attain significantly improved data download speeds: a minimum of 25Mbps in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90% of the population by 2025 at a price not more than N390 per 1GB of data (2% of median income or 1% of minimum wage).

Brand Spur Nigeria Partners Gerety Awards, Hosts 2021 Jury Panel In Lagos

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Gerety Awards has been billed to honour Nigerian creatives and in its usual practice, the organizer of the awards has selected a set of jurors who are big names in the Nigerian advertising and marketing communications landscape to judge the entries for 2021 and is also partnering with Brand Spur Nigeria as its main media partner in Nigeria.

The Gerety award is an event that rewards the highest and purest of creative excellence in advertising and communications; created to redefine Advertising and Communications by setting a new benchmark in global creative awards with its all-female power jury.

This award has taken place in notable cities such as Paris, Singapore, Toronto, Budapest, Santiago, Los Angeles (L.A), London, Milan, Berlin to name a few and it is finally happening in Lagos.

The Grand Jury and Executive Jury for this year’s award consists of some of the best creatives, strategists, and media planners in the world of advertising and marketing Communications. The Executive Jury boasts of leading Nigerian women with years of experience building brands across different sectors.

Brand Spur Partners Gerety Awards, Hosts 2021 Jury Panel In Lagos-Brand Spur Nigeria
Brand Spur Partners Gerety Awards, Hosts 2021 Jury Panel In Lagos-Brand Spur Nigeria

Brand Spur Nigeria will partner with Gerety awards to host the Lagos jury panel, an event which is scheduled to hold in the second week of June after the judging has taken place to enable everyone to understand the factors that influenced the choice of the selected winners of the awards and what is expected to produce award-winning creatives from the lens of the jury.

This partnership comes off Brand Spur’s capability as an enabler for brands and communication activities across Nigeria and globally and the team is excited to be part of this global movement which #choosetochallenge the status quo and see creatives from the balanced view of the female.

In the words of Bolaji Esan, the Editorial Director at Brand Spur Nigeria,

“We are excited to be the media partner for the Gerety Awards, an award set out to recognize the impact of female voices in the creative industry while celebrating creativity, talent, innovation and resilience. We see this as a global movement to enable the conversation and further use our platform to build opportunities for women.”

According to Banji Ade-Ajayi, Brand Spur’s Marketing Lead,

“The partnership with Gerety Awards is a testament to Brand Spur’s desire to oppose gender-based bias and discrimination against women as this award will further show the intelligence, power and ability of women and how creative they are.”

Co-Founder of the Awards Joe Brooks says

“We are thrilled to spotlight Nigerian creativity with this panel, the work discussed will set a benchmark for the industry through the female vision, and will be a great predictor for all other award taking place later this year”

These Gerety categories are called Cuts (like a diamond) all types of media can be entered to be judged by Innovation, Media, Craft, Communication, Works for Good, Health, Pharma, Entertainment, and Experience. Specifically, for Nigerian Agencies, there is a category called the Portfolio CUT which is where the Nigerian Agency of the year will be chosen from by the Nigerian jury.

About the Gerety Awards

The Gerety Awards is named after Frances Gerety, the copywriter who coined the slogan “A diamond is forever” in 1948. The Gerety Awards marks the first time that a jury has been brought together to select the best in advertising — all advertising, not just advertising made for women — through the female lens, creating a benchmark that is relevant to the market reality, all while redefining the standard to which advertising has traditionally been held.

Open for entries until April 2, enter your most creative work at geretyawards.com

About Brand Spur

Brand Spur Media and Marketing Services is an award-winning and leading media, marketing, and training services provider in Nigeria. We are a team of storytellers, content creators, scriptwriters, media managers, strategists as well as brand and marketing solutions providers. Brand Spur delivers quality marketing solutions that help generate leads, convert, and retain customers and achieve maximum ROI.

Our capabilities are steeped deeply in insights and creativity with a focus on ensuring adherence to the values of our client’s brand or business. We deliver a stellar customer experience and engagements across all platforms for our clients whether online or offline. Our focus is on providing solutions that will aid your business growth through consistency.

Coscharis Motors Announces Easter Special Offer

Coscharis Motors Plc has announced exclusive offers for its range of auto products for the entire period of Easter.

These offers range from favourable pricing, giveaways, complementary insurance, registration, and services.

In his words, the General Manager, Marketing and Corporate Communications, Coscharis Group, Abiona Babarinde, “existing customers and new customers now have the opportunity to drive away either the Jaguar, Land Rover, BMW, Ford or Renault variants with ad-on during this Easter period.

This is another way of appreciating our numerous loyal customers who have been consistent with their patronage over the years to enjoy this special offering to celebrate the Easter festive season. Also, as a way of cultivating new customers, we are equally extending this package to accommodate all our hot prospects alike to own any of our iconic brands with ease”.

Price offers range from 5% upwards across the brands, every Renault (Kwid & Koleos) purchase comes with a free Abro generator while Jaguar Land Rover offers a complimentary 5 years warranty and 5 years free service including special pricing for the Jaguar E Pace.

It is important to note that these offers are only valid while stocks last. Major price slashes are offered for the Ford Escape, BMW X4, 4 and 3 series amongst others.

According to Babarinde, the value for money that the Coscharis brand brings to the market at this point is the product mix that gives the opportunity to customers to own different products within the group for a lesser amount like getting an Abro generator with a vehicle purchase.

Coscharis Motors is the sole franchisee of Jaguar Land Rover, BMW, Ford and Renault brands in Nigeria and boasts of a wide dealership – sales and service network across the country with a well-trained and effective team. It currently stocks these brands across all the geo-political zones in Nigeria.

British Airways Aims Zero Emissions Aircraft, Announces Investment In Tech Innovator Zeroavia

British Airways has invested in ZeroAvia a leading innovator in decarbonizing commercial aviation – in an effort to accelerate the development of 50+ seater aircraft capable of running on zero-emissions hydrogen-electric power.

British Airways and a group of investors including Horizons Ventures, Breakthrough Energy Ventures, Ecosystem Integrity Fund, Summa Equity, Shell Ventures, and SYSTEMIQ have invested a total of $24.3m USD, which will enable ZeroAvia to launch a new development programme to further demonstrate the credibility of its technology and accelerate the development of a larger hydrogen-electric engine, capable of flying further and using larger aircraft as soon as 2026.

ZeroAvia says it could achieve commercialization for its hydrogen-electric power as early as 2024, with flights of up to 500-miles in up to 20-seater aircraft. With this new investment, ZeroAvia expects to have 50+ seat commercial aircraft in operation in five years’ time and it accelerates the company’s vision of powering a 100-seat single-aisle aircraft by 2030.

This new investment reflects the importance British Airways is placing on sustainability and supports the airline’s commitment to achieving net-zero carbon emissions by 2050 through a series of short, medium, and long-term initiatives.

British Airways Aims Zero Emissions Aircraft, Announces Investment In Tech Innovator Zeroavia-Brand Spur Nigeria
British Airways Aims Zero Emissions Aircraft, Announces Investment In Tech Innovator Zeroavia-Brand Spur Nigeria

In addition to exploring and investing in the growth of these new longer-term technologies, the airline is also investing in the development of sustainable aviation fuels, flying more fuel-efficient aircraft and exploring the use of carbon capture technology.

Sean Doyle, British Airways’ CEO said: “Innovative zero-emissions technology is advancing fast and we support the development of hydrogen as an alternative fuel source because we believe it has the potential to enable us to reach true zero emissions on short-haul routes by 2050.

“There is a huge amount of energy and excitement building around the possibilities of a zero-emissions future for aviation and while there is no single solution to this challenge, we acknowledge the need for urgent action to tackle the impact flying currently has on our planet and are making progress on our journey to net zero.”

Val Miftakhov, CEO and founder of ZeroAvia said: “This new funding, in conjunction with our other recent milestones, will significantly accelerate our path to zero-emission solutions for larger regional aircraft at a commercial scale. With the airline industry lining up and ready to shift to zero-emissions, we expect to see wide-scale adoption of this technology.

“We are extremely grateful to British Airways and our other investors, who are helping speed up our progress and ultimately the aviation industry’s adoption of zero-emission flight.”

British Airways Aims Zero Emissions Aircraft, Announces Investment In Tech Innovator Zeroavia-Brand Spur Nigeria
British Airways Aims Zero Emissions Aircraft, Announces Investment In Tech Innovator Zeroavia-Brand Spur Nigeria

In September 2020, ZeroAvia achieved the world’s first hydrogen-electric flight of a commercial-grade aircraft. Additionally, the company just completed a ground simulation of the complete power profile for its upcoming first cross-country flight.

The ground test demonstrated a full battery shutdown in-flight using the company’s unique fuel cell powertrain configuration, allowing for complete removal of the battery system in the next configuration of the powertrain.

British Airways’ investment in ZeroAvia follows a recent partnership between the two companies announced at the end of last year. The airline teamed up with ZeroAvia through its parent company International Airlines Group’s (IAG) Hangar 51 accelerator programme in a project to explore how hydrogen-powered aircraft can play a leading role in the future of sustainable flying. The project identified economic, network and consumer appeal advantages as well as clear environmental benefits.

GTBank Strong Balance Sheet Management And FX Revaluation Gains Drive Earnings

GTBank Plc delivered a relatively impressive earnings performance in FY’2020. The Group’s gross earnings grew by 5% YoY, driven by a 2% YoY growth in interest income and an 11% YoY growth in non-interest income. Operating income grew by 6% YoY, while profit before tax grew by 3% YoY.

Profit after tax advanced by 2% YoY, and the Group declared a final dividend of N2.70 for FY’2020, having declared and paid an N0.30 interim dividend during the financial year. Thus, the total dividend for FY’2020 stood at N3.00, representing an 11% increase from the N2.70 total dividend declared in FY’2019.

The dividend qualification date is on March 31, 2021, while the payment date is on April 9, 2021.

Efficient Balance Sheet Management Spurs Earnings Growth

Given the financial system liquidity induced by the Central Bank of Nigeria (CBN) in FY’2020, the Group expanded its funding base, reflected in the Group’s 39% YoY growth in customers’ deposits from N2.53trn as of FY’2019 to N3.51trn in FY’2020.

Specifically, current and savings account (CASA) grew by 45% YoY, thereby driving up the Group’s CASA ratio to 89% (the highest ever thus far). The implication of an 89% CASA is that a significant portion of customer deposits was low-cost, and the impact of that reflected in the Group’s cost of funds.

On the strength of an increase in funding base, the Group’s interest-yielding assets rose by 18% YoY from N2.99trn as of FY’2019 to N3.52trn as of FY’2020. The growth in interest- 45.00 yielding assets was largely on account of an increase in the Group’s loan book (+11% YoY) and 35.00 investment portfolio (+28% YoY). On loan book, the growth driver came from increased credit 30.00 flows to corporate manufacturing, telecoms, oil & gas, and retail sectors.

Regulatory risks heightened during the period, as restricted deposits increased by 112% YoY from N522.43bn as of FY’2019 to N1.23trn as of FY’2020. The increase in restricted deposits limited the ability of the grow interest-yielding assets during the period.

Interest income grew by 2% YoY from N296.21bn in FY’2019 to N300.74bn in FY’2020. According to the management, asset yield declined from 11.90% in FY’2019 to 11.00% in FY’2020. The marginal decline in the Group’s asset yield, despite a material decline in interest rates in the economy, reflected the group’s solid investment strategy. Also, the growth in the Group’s loan book offset the negative impact of asset yield decline.

The Group’s cost of funds declined from 2.90% in FY’2019 to 1.19% in FY’2020. As stated earlier above, the growth in the Group’s CASA implied a well-diversified funding base, and the optimal low-cost deposit mix led to the improvement in the cost of the fund. Accordingly, the Group’s interest expense declined by 27% YoY from N64.84bn in FY’2019 to N47.07bn in FY’2020. As a result, net interest income recorded double-digit growth (+10% YoY from N231.36bn in FY’2019 to N253.67bn in FY’2020).

Dealing Room and Treasury Activities Support Bottomline Growth

Non-interest income rose by 11% YoY, from N139.10bn in FY’2019 to N154.49bn in FY’2020. The non-interest income growth drivers were ‘net trading gains on financial instruments‘ (+17% YoY from N20.89bn to N24.49bn), and ‘foreign exchange revaluation gains’ (+232% YoY from N17.07bn to N56.64bn).

The optimization of the Group’s long position on its investment portfolio and the realised benefit of its long US$1.15bn FX position (ex-US$613mn swap position), spurred the Group’s non-interest earnings. Net fee and commission income declined by 21% YoY from N59.44bn in FY’2019 to N46.94bn in FY’2020, largely attributed to the impact of reduced fees and a COVID-induced decline in economic activities.

However, the Group’s trading activities and long FX position mitigated the net fees and commission decline. During the financial year, the contribution of non-interest income to the gross earnings stood at 34% (FY’2019: 32%).

Operating income advanced by 6% YoY, from N362.68bn in FY’2019 to N385.53bn in FY’2020. Meanwhile, operating expense increased by 13% YoY from N130.97bn in FY’2019 to N147.44bn in FY’2020. The cost drivers in FY’2020 were depreciation charges (+28% YoY), asset-based regulatory charges (+11% YoY), administrative expenses (+40% YoY), technology communications expenses (+50% YoY), and customer services-related expenses (+76% YoY).

In consequence of the higher growth in operating expense, relative to operating income, the Group’s cost-to-income rose by 200 basis points from 36% in FY’2019 to 38% in FY’2020. Therefore, profit before tax growth stood at 3% YoY from N231.71bn in FY’2019 to N238.09bn in FY’2020. Profit after tax grew by 2% YoY from N196.87bn to N201.44bn.

Asset Quality

The Group’s non-performing loan (NPL) ratio marginally improved from 6.53% in FY’2019 to 6.39% in FY’2020. Some efforts implemented by the Group to manage risk assets quality include the institution of hedges against exposures in the oil & gas sector, reduction of interest rate in the retail segment, and deferral repayment for SMEs. In addition, the Group implemented the CBN’s directive on a moratorium of one-year reduction in interest rate granted on all intervention funds.

The Group’s impairment charge on loans grew by 70% in FY’2020 due to the Group’s decision to increase the level of provisioning on one of its obligors due to worsening macroeconomic conditions on the obligor’s operating and financial conditions. Also, the exchange rate devaluation in the economy resulted in an uptick in impairment recognized on stage two and local currency loans.

Capital Adequacy Ratio

The Group’s CAR stood at 24.87% in FY’2020 from 28.88% in FY’2019. However, recognizing the full IFRS 9 impact, the Group’s CAR stood at 21.89% in FY’2020 from 22.37% in FY’2019. The slight decline in CAR reflected the impact of higher risk-weighted assets in FY’2020, given an expansion in the Group’s risk assets. The Group’s CAR was above the 15% regulatory minimum in FY’2020. The implication of a strong CAR is that the Group is well capitalised to take on additional risks.

Liquidity Ratio

The Group’s liquidity ratio (LR) closed at 39% in FY’2020 (FY’2019: 49%), above the 30% regulatory requirement. The Group maintained a 41% average LR during the year (FY’2019 average: 44%), despite the negative impact of the coronavirus pandemic and increased CRR debits.

The Route To HoldC

The Group’s management affirmed that it is close to securing final regulatory approvals to establish a HoldCo structure. In our FY’2019 report titled ‘In Search of a New Growth Driver’, we maintained that the Group intends to change its focus and growth story for the next decade by playing the mobile payments, asset management, and pensions industries. According to the management, the Group intends to build an ecosystem where all of its customers’ needs are met. The Group aims to leverage its strong retail footprints to drive customer value. The management expects the Group to run as a HoldCo from H2’2021.

Valuation

We estimate a N37.03 fair value for the stock (previous: N50.03), which effectively implies a 4.98x justified price-to-earnings (P/E) ratio. The downward revision of our fair value estimate, despite an improved outlook of earnings, majorly resulted from a higher discount rate used in our fair value computation. Notably, the risk-free rate has risen from 4% as of the writing of our last earnings update in December 2020, to 11% as of the writing of this report.

We did not incorporate the HoldCo structure in our valuation due to limited information on the technicalities and transaction details of the exercise, amid ongoing efforts to get regulatory approvals. However, based on GTB’s track record and the exciting prospects of the new industries the Group intends to play in, we expect to see an overall improved integration and earnings growth for the Group. At the current market price, we believe that the stock offers a 22% total return (price return: 13%, dividend yield: 9%). Therefore, we maintain our BUY recommendation.

 

Pandemic Pushes Back Gender Parity By A Generation, Report Finds

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Another generation of women will have to wait for gender parity, according to the World Economic Forum’s Global Gender Gap Report 2021.

As the impact of the COVID-19 pandemic continues to be felt, closing the global gender gap has increased by a generation from 99.5 years to 135.6 years.

Progress towards gender parity is stalling in several large economies and industries. This is partly due to women being more frequently employed in sectors hardest hit by lockdowns combined with the additional pressures of providing care at home.

The report, now in its 15th year, benchmarks the evolution of gender-based gaps in four areas: economic participation and opportunity; educational attainment; health and survival; and political empowerment. It also examines the drivers of gender gaps and outlines the policies and practices needed for a gender-inclusive recovery.

The deterioration in 2021 is partly attributed to a widening political gender gap in several large population countries. Despite over half of the 156 indexed countries registering an improvement, women still hold only 26.1% of parliamentary seats and 22.6% of ministerial positions worldwide. On its current trajectory, the political gender gap is expected to take 145.5 years to close, compared to 95 years in the 2020 edition of the report, an increase of over 50%.

The economic gender gap has seen only a marginal improvement since the 2020 edition and is expected to take another 267.6 years to close. The slow progress is due to opposing trends – while the proportion of women among skilled professionals continues to increase, income disparities persist and few women are represented in managerial positions.

Although these findings are sobering, gender gaps in education and health are nearly closed. In education, while 37 countries have reached gender parity, it will take another 14.2 years to completely close this gap due to slowing progress. In health, over 95% of this gender gap has been closed, registering a marginal decline since last year.

“The pandemic has fundamentally impacted gender equality in both the workplace and the home, rolling back years of progress. If we want a dynamic future economy, it is vital for women to be represented in the jobs of tomorrow. Now, more than ever, it is crucial to focus leadership attention, commit to firm targets and mobilize resources. This is the moment to embed gender parity by design into the recovery,” said Saadia Zahidi, Managing Director, World Economic Forum.

COVID-19’s impact on women

The pandemic has had a more negative impact on women than men, with women losing jobs at higher rates (5% vs 3.9% among men, International Labour Organization), partly due to their disproportionate representation in sectors directly disrupted by lockdowns, such as the consumer sector. Data from the United States also indicate that women from historically disadvantaged racial and ethnic groups are worst affected.

Data from an Ipsos survey suggests that when care establishments closed, housework, childcare and eldercare responsibilities fell disproportionately on women, contributing to higher levels of stress and lower levels of productivity.

As the job market recovers, LinkedIn data shows that women are being hired at a slower rate in multiple industries. They are also less likely to be hired for leadership roles, resulting in a reversal of up to two years’ progress.

Women’s representation in emerging jobs

Sectors with historically low representation of women are also those with fast-growing “jobs of tomorrow”. In cloud computing, for example, women make up 14% of the workforce; in engineering, 20%; and in data and artificial intelligence, 32%, and it is more difficult for women to switch into these emerging roles than men. The report offers new metrics for tracking progress on closing gender gaps in the jobs of tomorrow. While care and education roles also offer areas of future growth and women have stronger representation, they are often lower-paid roles than other jobs of tomorrow.

“Women aren’t well represented in the majority of fast-growing roles, which means we are storing up even bigger gender representation problems as we emerge from the pandemic. These roles play a significant part in shaping all aspects of technology and how it is deployed in the world. We simply have to have women’s voices and perspectives represented at this foundational stage, especially as digitization is accelerating. Companies and governments need to build diversity, equity and inclusion into their plans for recovery. Assessing candidates on their skills and potential, and not just their direct work experience and formal qualifications, is central to that. Skills-based hiring is key if we’re going to make our economies and societies more inclusive,” said Sue Duke, Head of Global Public Policy, at LinkedIn.

“The pandemic has exasperated the inequities on household responsibilities, compensation mechanisms and employment opportunities, even more so among specific groups of women including care-givers and those in part-time and inflexible work environments. The challenge for organisations is not just how to recover from the pandemic but to address the long-term systematic issues that create inequity across the workforce”, said Natalie Lacey Chief Operating Officer, Global Affairs, IPSOS.

How to shape a gender-equal recovery

The pandemic’s combined effect of accelerated automation, the growing “double shift” of work and care, in parallel with other labour market dynamics such as occupational segregation, are likely to have a long-term impact on economic opportunities for women, risking inferior re-employment prospects and a persistent drop in income.

The report offers ways for countries to work towards closing their gender gaps. These include further investment in the care sector and equitable access to care leave for working men and women, policies and practices that proactively focus on overcoming occupational segregation by gender, effective mid-career skills-development policies for women, and managerial practices that embed sound, unbiased hiring and promotion practices.

The global gender gap in 2021
For the 12th time, Iceland is once again the most gender-equal country in the world. The top 10 includes:

The five most improved countries in the overall index in 2021 are Lithuania, Serbia, Timor-Leste, Togo and United Arab Emirates, having narrowed their gender gaps by at least 4.4 percentage points or more. Timor-Leste and Togo also managed to close their economic gap by at least 17 full percentage points in the year. Three new countries have been assessed this year for the first time: Afghanistan (156th), Guyana (53rd) and Niger (138th).

Western Europe continues to be the best-performing region and has further improved, with 77.6% of its overall gender gap now closed. At this rate, it will take 52.1 years to close the gender gap. Six of the top 10 countries in the index are from this region and 2021’s improvement is driven by the fact that 17 of the 20 countries in the region have at least marginally improved their performance.

North America (76.4%), comprising Canada and the United States, is the most improved region, with an increase of almost 3.5%. As a result, it will take 61.5 years to close the gender gap here. A significant part of this year’s progress is related to improvements in the political gender gap, having narrowed from 18.4% to 33.4%.

Latin America and the Caribbean (72.1%) has seen 15 of the 25 countries in the region improving their overall scores. Belize, El Salvador and Suriname stand out for closing their gender gap by over 2.3 percentage points in one year. At this rate, it will take the region 68.9 years to close the gap.

Eastern Europe and Central Asia (71.2%) lags behind Western Europe not only on the proportion closed but also on the pace of progress. As such, the estimated time to close the gender gap is 134.7 years, more than twice that of Western Europe (52.1 years). The regional average also masks large disparities between countries on closing the political gender gap. While Serbia, Lithuania, Albania and Latvia have closed at least 30% of this gap, the Russian Federation and Azerbaijan have closed less than 10% of their gaps.

East Asia and the Pacific (68.9%) is one of the three most-improved regions, having narrowed its gender gaps on three of the four sub-indexes (economic, education, health) but regressing on the political gender gap. On its current trajectory, it will take another 165.1 years to completely close the gap, almost 30 years longer than the global average.

Sub-Saharan Africa (67.2%) has made slow progress, such that it will take 121.7 years to close the gender gap. More than half of the countries in the region (20 out of 34) made progress towards gender parity in the past year, though only Namibia and Rwanda have closed at least 80% of their gaps.

South Asia is the second-lowest performer, with 62.3% of its overall gender gap closed and progress going into reverse in the past year. A decline of 3.8 percentage points means that it is now expected to take 195.4 years to close the gender gap. With its large population and poor score, India’s performance has a substantial impact on the region’s overall score.

The Middle East and North Africa region continues to have the largest gender gap (39.1%) yet to be closed. Despite a slight improvement (+0.5 percentage points), progress is slow, and it will take 142.4 years to close the gender gap, due in large part to the wide economic gender gap, with just 31% of women taking part in the labour force.

How the Forum is working on closing the gender gap

The Global Gender Gap Report is a publication of the World Economic Forum’s Centre for Shaping the Future of the New Economy and Society. The centre supplements its research into gender gaps with a growing portfolio of initiatives to drive progress.

Closing the Gender Gap Accelerators work with advanced and developing economies to create public-private collaborations for rapid acceleration to economic parity, focusing on increasing women’s participation in the workforce, closing the gender pay gap and helping more women advance into leadership roles and develop in-demand skills. The Hardwiring Gender Parity in the Future of Work initiative works with businesses to embed parity into the fastest-growing emerging professions.

Working together, stakeholders deepen their understanding of complex issues, shape new models and standards and drive scalable, collaborative action for systemic change. Over 500 of the world’s leading companies, international, civil society and academic organizations, and governments currently work with the centre, aiming to reach 1 billion people with improved economic opportunities.