CEO, MTN Nigeria, Honoured with NSE Digital Closing Gong Ceremony

Esan Bolaji
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CEO, MTN Nigeria, Honoured with NSE Digital Closing Gong Ceremony

The Chief Executive Officer of MTN Nigeria Communications Plc, Mr. Karl Toriola, engaged with the capital market community on Monday, 1 March 2021, and was honoured with the NSE digital Closing Gong.

Speaking at the event, the CEO, NSE, Mr. Oscar N. Onyema, OON stated,

“On behalf of the National Council and Management of the NSE, I congratulate Mr. Karl Toriola on his appointment as the CEO of MTN Nigeria. Mr. Toriola is a versatile leader who comes with vast knowledge and relevant experience spanning over 25 years, and we are delighted to host him on his first day on the job.

CEO, MTN Nigeria, Honoured with NSE Digital Closing Gong Ceremony Brandspurng

At the NSE, we continue to provide a platform to support our clients in meeting their strategic business objectives and we are pleased to see listed companies take full advantage of the NSE’s products and services.

I, therefore, use this opportunity to invite MTN Nigeria Plc and other stakeholders to partner with The Exchange across the various themes of capital formation, capacity building, sustainability, and many others.”

On his part, Mr. Toriola commented thus:

“I would like to thank the NSE in its entirety for offering me this distinguished honour of ringing the closing bell on the first day of my tenure as CEO of MTN Nigeria. I must also thank the Board, shareholders and staff of MTN Nigeria even as I reflect on the responsibility on my shoulder to lead what is the largest corporate by revenue outside the oil industry and the second-largest corporate listed on the NSE as of today.

I am committed to leading MTN Nigeria to deliver on our responsibility to the over 70 million Nigerian customers that use our services to ensure they stay connected and can access increasing value and better services through our network; our role as a corporate citizen in the recovery and growth of the Nigerian economy; and our need to deliver value and drive share price for the good of our shareholders.”

The NSE has continued to remain resilient leveraging various digital platforms and innovative technology to ensure business continuity and uninterrupted dissemination of information to the market.

The investments made by The Exchange in this regard have indeed proven to be worthwhile given the extraordinary times we now live and work. In April last year, NSE launched the digital Closing Gong Ceremony and since then, it has hosted several webinars, virtual events and interactive sessions with esteemed stakeholder groups.

The World Federation of Exchanges Honours Ms Awe

Esan Bolaji
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The World Federation of Exchanges Honours Ms Awe

The World Federation of Exchanges (The WFE), the global industry group for exchanges and Central Counterparty Clearing Houses (CCPs), today published its inaugural annual Women Leaders List. Notable among the selected women leaders is the Executive Director, Regulation, The Nigerian Stock Exchange (NSE), Ms. Tinuade Awe. 

Her story was published in the March 2021 edition of The WFE’s Focus Magazine accessible via https://focus.world-exchanges.org/articles/women-leaders-awe.​

The World Federation of Exchanges Honours Ms Awe

The WFE’s Women Leaders initiative aims to shine the spotlight on some of the talented and gifted women in our industry. The industry initiative drew almost 60 nominations from every corner of the world as the WFE’s global membership put forward their talented existing, and future, leaders.

From the total pool of nominations, 21 women were awarded a place on the list in a very competitive process run by 9 distinguished judges.

Nandini Sukumar, Chief Executive Officer of the WFE said:

“This year, the list reads like the stories of many of our leaders who are on the frontline of the market infrastructure’s response to the pandemic.

The challenges of the past year have been extraordinary, but their determination to keep the system robust and resilient, while ensuring the safety of their staff should make us all believe again in the power and potential of regulated, public markets as we collectively seek to form the world that will emerge from the lessons of this crisis.”

Recognised alongside Ms. Awe are:

  • Beatriz Alonso – Head of BME Exchange, BME Spanish Exchanges;
  • Bethany Netzel – Managing Director, Global Head of Business Continuity and Security, CME Group;
  • Bonnie Chan – Head of Listing, HKEX; Edith Lee – Managing Director & CEO, Taipei Exchange;
  • Gay Huey Evans – Chairman, London Metal Exchange;
  • Heba Serafi – Assistant Chairman and Head of Disclosure Sector, The Egyptian Exchange;
  • Helen Lofthouse – Executive General Manager, Derivatives & OTC Markets, ASX Ltd;
  • Jill Griebenow – Senior Vice President, Chief Accounting Officer, Cboe;
  • Keisha Bell – Head of Diverse Talent Management and Advancement, The DTCC; Leila Fourie – Group Chief Executive Officer, Johannesburg Stock Exchange;
  • Lynn Martin – President, Fixed Income & Data Services, Intercontinental Exchange; Maha Mohammed Albesher – Chief Human Resources Officer, Tadawul;
  • Marion Leslie – Head Financial Information, SIX Group; Mary Stephen Mniwasa – Chief Legal Counsel & Board Secretary, Dar es Salaam Stock Exchange;
  • Natalya Khoroshevskaya – Deputy Chairwoman, Kazakhstan Stock Exchange;
  • Paula Redondo Pereira – Head of Regulatory Affairs, Luxembourg Stock Exchange;
  • Priya Subbaraman – Chief Regulatory Officer, National Stock Exchange of India;
  • Rasha Dayyat – Director of Planning and Institutional Development, Amman Stock Exchange;
  • Tinku Gupta – Senior Managing Director, Chief Technology Officer, SGX; and
  • Yan Sha – President & CEO, Shenzhen Stock Exchange.

NSE Launches e-Filing Portal, X-Filing, to Enhance Securities Listing

Esan Bolaji
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NSE Launches e-Filing Portal, X-Filing, to Enhance Securities Listing

The Nigerian Stock Exchange (NSE) is pleased to announce the launch of its e-Filing Portal, X-Filing, on Tuesday, 2 March 2021. 

X-Filing, which comes on the back of the recent upgrade to the NSE Issuers’ Portal, X-Issuer, is a fully integrated, secure web interface designed to enable the submission and processing of securities listing applications online.

NSE, PRI Collaborate to Host Webinar on Responsible Investing

The Portal provides Dealing Member Firms (DMFs) and other accredited sponsors with a simple, efficient and convenient way to submit securities listing applications on behalf of issuers as well as enable The Exchange to process the applications online, saving time and resources.

Accessible via, https://efiling.nse.com.ng​, the Portal is equipped with features that allow the submission, review, and approval of securities listing applications; generation of listing and application reports; and easy tracking of application status. Users of the Portal will also be able to check estimated listing and application fees and make payment online.

Speaking on the development, the Executive Director, Regulation, NSE, Ms. Tinuade Awe noted thus,

“The launch of X-Filing accords with The Exchange’s commitment to leverage technology to drive regulatory objectives and ease compliance for stakeholders. Automating the securities listing process of the NSE is, therefore, a major milestone for us in our quest to ease the burden of listing for applicants and to attract new listings.

As an agile Exchange, we continue to review our processes to ensure quick time to market as required by all our stakeholders. We have adopted an integrated approach to ensure a seamless end-to-end process that will allow Issuers to manage their securities listings and other applications from anywhere they choose at any time.”

X-Filing is expected to facilitate a timely review process from The Exchange, ultimately improving the quality of its service delivery.

“The Portal has been designed to enhance our securities listing application processes, thereby improving Issuers’ experience. We are, therefore, confident that the features we have incorporated will enhance the competitiveness of the Nigerian capital market as a global listing destination,” Ms. Awe further stated.

The Exchange remains committed to delivering products and services that meet the needs of its stakeholders, especially as we transition to a world of increased digital interactions. X-Filing is one of The Exchange’s dedicated efforts to remain globally competitive while enhancing its service delivery to stakeholders.

Fulani The Potential Harbingers Of Industrial Revolution: The Requirements For A Modern Livestock Industry

Ayo Akinfe
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Fulani The Potential Harbingers Of Industrial Revolution: The Requirements For A Modern Livestock Industry

Having reached a consensus on the need to establish cattle ranches across Nigeria, the debate should now move on to the industrial requirements of a modern livestock industry.

Let us all hope that when our mega cattle ranches are fully operational, we dramatically increase the number of cows in Nigeria from the current 20m to say the 189m produced in India today.

This expansion in output will automatically present a new set of challenges that will need to be addressed. Will the Fulani be the harbingers of Nigeria’s industrial revolution?

10 Ingredients Needed For Boosting The Radical Livestock Husbandry Program BRANDSPURNG
Photo by Juliana Amorim

First of all, we need to process the proceeds of this livestock, so there has to be a dramatic increase in the number of dairy plants, leather factories, abattoirs, meat cold storage facilities, refrigerated lorries, etc. We have to step up our manufacturing capability big time over the next two years.

Livestock transportation facilities also need to be upgraded. Is there one functional cattle railway wagon in Nigeria today?

If we were to open six mega ranches in say Niger, Borno, Taraba, Yobe, Bauchi and Kaduna states, all of them need to be linked by a commercial railway network. This network then needs to extend to major marketers like Lagos, Abuja, Kano, Kaduna, Enugu, Benin, Port Harcourt, Ibadan, etc.

All this requires a massive industrialisation programme as we have to manufacture railway wagons, rail tracks, refrigerated trucks, leather processing equipment, milking machines, etc.

Personally, what excites me the most are these mega livestock ships, specifically manufactured to ferry cattle, sheep, goats etc across oceans. I look forward to Nigeria becoming the manufacturing capital of such vessels. Just imagine how many jobs we would create in Nigeria if everyone in the world ordered their livestock ships from us.

As is always the case with shipping, you locate your shipyard on the coast, so I long to see the world’s largest livestock shipbuilding yard in the Niger Delta. Nigerians need to set themselves the goal of achieving this in the next 10 years.

I am perplexed as to why Innoson Motors has not stepped into this debate yet. By now, the company should have delivered a prototype of a unique refrigerated trailer or truck that can serve as a mobile abattoir. Such vehicles should be electric-powered, with maybe solar panels on their roofs.

As part of an ambitious and unprecedented drive to fight protein deficiency in Nigeria, we should step up meat consumption too. To cut costs, I would like to see railway abattoirs whereby livestock are slaughtered as they leave ranches and then butchered on trains en route to markets. By the time a train arrived at Abuja from Mokwa for instance, the cattle should be in small pieces ready to be distributed to say restaurants.

Nigerians need to learn how to be innovative. For instance, is there any livestock-specific shipping container anywhere in the world today? Why don’t we show the world how it can be done? As people, we simply need to elevate our level of thinking.

Written by:
Ayo Akinfe, born in Salford, Manchester, is a London-based journalist who has worked as a magazine and newspaper editor for the last 20 years. Ayo attended Federal Government College Kaduna and obtained his first degree in history from the University of Ibadan.

Nigerian Breweries Plc FY’20 – A Good Pace Of Recovery

Vetiva Research
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Nigerian Breweries Plc FY’20 – A Good Pace Of Recovery

Nigerian Breweries Plc released its FY’20 Financial Statements where although topline performance was an impressive surprise, the strength could not filter through to profits due to an already weakened bottom-line. However, should the company maintain this pace, we expect a relatively quick recovery in profits.

Frothing Revenue despite early setbacks

Given the disruptions to activity in October and the ensuing vandalism to several wholesale and retail outlets (domestic trade contracted by 3% in Q4’20), we remained cautious on our revenue projections for the final quarter and expected a modest ₦96.1 billion in turnover (a 10% y/y growth expectation).

Thus, the company’s performance of ₦103.0 billion (+17% y/y) represents a 7% beat to our expectation. Whilst we believe that the revenue beat was as a result of the usual high demand from the festive season, we highlight some other potential undercurrents.

Noble Igwe, ShowDemCamp, Teddy A and Waye Uncage Tiger’s New 33cl Sleek Can Brandspur 1

Firstly, we believe that Guinness Nigeria’s de-prioritization of its Lager business (Guinness has the third-largest market share in the lager space) added to NB’s push of its Goldberg and Tiger brands and may have expanded market share for the company.

Furthermore, we believe that the volume increase from the company’s recent commission of its ₦5 billion ultra-modern PET factory (Polyethylene terephthalate is a strong and lightweight plastic used in packaging foods and beverages), which has the capacity to produce 24,000 plastic bottles per hour boosted its malt numbers as malt is a typical favourite during the festive period.

Nigerian Breweries Plc FY'20 - A Good Pace Of Recovery Brandspurng

Another tailwind, albeit probably mildly, may have been its recent launch of another premium segment drink, Desperados, a tequila-flavoured drink that could appeal to millennials who are more spirit-inclined but could also favour a beer.

That said, after a devastating year to the brewery sector (as observed among other major players as well) and despite the weak performance in Q2’20 which bore the brunt of the lockdown, FY’20 topline grew 4% y/y to ₦337.0 billion (Vetiva estimate: ₦330.1 billion).

The toll on profits

Like many companies last year, NB also had to face challenges with FX and by extension, raw materials and packaging sourcing, especially as it had earlier revamped the look on several of its brands and had introduced some new Store Keeping Units (SKUs) in cans.

Dragged by inflationary pressures and the factors above, the spend on raw materials and consumables jumped 17% y/y to ₦143.4 billion, while the total cost of sales climbed 14% y/y to ₦218.3 billion in the year. As a result, gross margin depreciated 5ppts y/y to 35%.

However, we recall NB’s investment in a distribution company – 234 Stores, in the past year. We believe that this investment is responsible for the ₦7 billion cost savings in distribution expense.

Also, combined with a milder 0.7ppt shave in administrative expenses, Opex declined 7% to ₦90.0 billion. This minimized the harsh impact of the inflated cost of sales on EBIT, although the line item declined 16% y/y to ₦29.6 billion.

Furthermore, its increased CP and bond issuances during the year drove Finance costs 51% higher y/y to ₦18.3 billion, way above our ₦15.7 billion estimates. This effectively wiped the gains on EBIT from optimizing distribution costs and led to a PBT of ₦11.6 billion (a 50% y/y decline).

Thus after-tax, earnings for the full year underperformed our expectation by 28% to print at ₦7.4 billion (54% less than FY’19).

A brewing future

NB has made several strides in the past quarter and year that we expect to monitor over this year. We believe that the continued push of its Tiger, Goldberg and now Desperados brands – which are premium brands – will support Revenues and Margins.

Furthermore, the adaptation of most of its SKUs to plastic and can packaging and the possible market share gain from Guinness Nigeria could sustain this momentum. Thus, we expect an 8% y/y growth in turnover for 2021 to ₦ 364.0 billion, driven mainly by a return to normal volumes.

Whilst we expect the liquidity in the FX market to improve, we believe that margins in the next year will remain low given the current exchange rate as well as the already weakened levels this year. We expect a decline in commercial paper issuances this year especially as yields start to rise in the broader fixed income market.

That said, we expect finance expense to largely remain at pre-2020 levels (FY’21E: ₦11.7 billion) and project a PBT of ₦21.4 billion (+85% y/y). Finally, we project a PAT of ₦14.6 billion (+98% y/y) in FY’21. We project a TP of ₦55.03 and place a HOLD rating on the stock.

Kwik Delivery expands its delivery service to 4-wheels vehicles, becomes first full-stack last-mile delivery platform in Nigeria

Esan Bolaji
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Kwik Delivery expands its delivery service to 4-wheels vehicles, becomes first full-stack last-mile delivery platform in Nigeria

March 2, 2021 – Kwik Delivery announces today that it is expanding its app-based breakthrough delivery service to 4-wheels delivery vehicles. This includes vehicles such as hatchbacks, pick-ups, SUV, vans and small trucks up to 5 tons.

Kwik Delivery is a B2B delivery platform focusing on providing reliable delivery services inside large Nigerian cities by connecting riders and customers. The service currently covers Lagos and Abuja.

Kwik Delivery expands its delivery service to 4-wheels vehicles, becomes first full-stack last-mile delivery platform in Nigeria

“Many of our customers have expressed the need to use our platform to deliver large items or merchandises that do not fit in a bike’s cargo box” explains Romain POIROT-LELLIG, Founder & CEO of Kwik Delivery. “By enlarging its platform to these new larger types of vehicles, the Kwik platform becomes the first full-stack last-mile delivery platform in Nigeria.”

Using the Kwik Delivery app, customers can request a delivery vehicle to track their shipment in real-time and benefit from many additional vehicles. The 4-wheels vehicle can be booked for same-day delivery or for any future date and loaders can be requested as well. Kwik Delivery is vetting the vehicles and drivers and ensures consistent quality of service. It also provides goods in transit insurance.

Launched in 2019, Kwik Delivery is an on-demand, last-mile delivery platform that connects African businesses to independent delivery riders, dubbed Kwiksters. The Kwik platform is currently open to Kwiksters operating in Lagos State and Abuja. The Kwik Delivery app is available on iOS and Android. Kwik Delivery is the trading name of Africa Delivery Technologies SAS.

YouTube Ad Revenues Surge 46% in Q4 2020 to Nearly $7 Billion

Esan Bolaji
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YouTube Ad Revenues Surge 46% in Q4 2020 to Nearly $7 Billion

Google parent company Alphabet had a blockbuster Q4 2020, thanks in part to YouTube ad revenue.

According to the research data analyzed and published by Comprar Acciones, there was an increase of 23.5% in revenue during the period to $56.9 billion. Earnings per share (EPS) soared by 45.3% to $22.30, against an expected $15.90.

Based on data from Statista, YouTube’s global advertising revenue in the quarter totalled $6.89 billion, up by 46% year-over-year (YoY). In that period, Google search and other ad revenue sources rose from $27.2 billion in Q4 2019 to $31.9 billion in Q4 2020.

Worldwide Advertising Revenue of Youtube from Q4 2018 to Q4 2020

YouTube Ad Revenues Surge 46% in Q4 2020 to Nearly $7 Billion Brandspurng
Source: YouTube, Alphabet

During the first half of 2020, the early stages of the pandemic negatively impacted YouTube’s business. But it staged an impressive recovery in the second half as business and consumer activity regained adapted to the new normal.

Its ad revenue in Q1 2020 amounted to $4.04 billion, up from $3.03 billion in Q1 2019. But it was a significant decline from Q4 2019’s total of $4.72 billion. The figure fell further in Q2 2020 to $3.81 billion, before a remarkable rebound to $5.04 billion in Q3 2020.

On an annual basis, YouTube’s ad revenue for 2020 amounted to $19.78 billion, up from $15.15 billion in 2019. The figure accounted for roughly 10% of Google’s annual revenue, which was $181.69 billion.

YouTube Ad Revenues Surge 46% in Q4 2020 to Nearly $7 Billion
Photo by Alexander Shatov

YouTube’s ad revenue for 2020 was roughly a quarter of Facebook’s. According to Statista, Facebook’s ad revenue in 2020 totaled $84.17 billion, accounting for 97.9% of the platform’s global revenue. Together, YouTube and Facebook accounted for 49% of online video ad revenue in 2020. The duopoly’s share of the market is expected to surge to 51% by 2024.

Courtesy of the COVID-related online video consumption surge, Omdia estimates that video accounted for 47% of online display ad revenue in 2020. It projects that the share will increase to 52% by 2024 seeing as the trend is here to stay.

YouTube’s Creators Have Earned More Than $30 Billion Over Past Three Years

Content creators are among the key beneficiaries of YouTube’s overall performance. According to a letter by the platform’s CEO Susan Wojcicki, YouTube has paid out over $30 billion over the past three years. Besides creators, other recipients of the payment include artists and media organizations.

Almost all YouTubers earn most of their income from the ad revenue that their videos generate. In the period between June 2019 and June 2020, the highest-earning YouTube star raked in $29.5 million. Ryan Kaji, who had 41.7 million subscribers at the time, accumulated 12.2 billion views on his channel.

Highest Earning Youtube Stars from June 2019 to June 2020

YouTube Ad Revenues Surge 46% in Q4 2020 to Nearly $7 Billion Brandspurng1
Source: YouTube, Alphabet

Mr. Beast (Jimmy Donaldson) came in second, with $24 million from 3 billion views and 47.8 million subscribers. The five brothers who make up Dude Perfect ranked third with $23 million in earnings. They had 2.77 billion views and 57.5 million subscribers.

YouTube Generated $992 Million Globally in 2020 from Mobile Consumer Spending

Illustrating its massive popularity in 2020, YouTube was the top mobile app by subscriber spending during the year. According to data from Sensor Tower, it grossed $991.7 million from its worldwide user base and $562 million from the US alone.

Additionally, it was the highest earning subscription app on the Apple App Store. But on Google Play Store, Google One clinched the top spot, generating $445 million globally and $255.7 million in the US.

Consumers have in recent years started spending more on subscription apps than they did in the past. Between Q1 2019 and Q4 2020, every successive quarter has seen an increase in total spending on these apps. During Q4 2020, this group of apps posted a 31% increase in consumer spending, from $1.3 billion in Q1 to $1.7 billion.

For the full year 2020, global consumer spending on the top 100 non-game subscription apps soared by 34% YoY, going from $9.7 billion to $13 billion. The total revenue from these apps accounted for an 11.7% share of the $111 billion spent on in-app purchases during the year.

In the US, consumer spending on these apps rose by 26% YoY from $4.6 billion in 2019 to $5.9 billion in 2020. They accounted for a 17.6% share of the total $33 billion that consumers spent on in-app purchases.

On the App Store, consumers spent a total of $10.3 billion on the top 100 subscription apps. That marked a 32% increase from the 2019 total of $7.8 billion. Play Store posted higher growth at 42%, going from $1.9 billion in 2019 to $2.7 billion in 2020.

KFC Owner Yum Brands Reports Digital Sales of $17 Billion in 2020, Up By 45% YoY

Esan Bolaji
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KFC Owner Yum Brands Reports Digital Sales of $17 Billion in 2020, Up By 45% YoY

Despite the blow of pandemic restrictions in 2020, Yum Brands’ earnings for the year topped analysts’ estimates.

According to the research data analyzed and published by Stock Apps, the company’s Q4 2020 revenue amounted to $1.74 billion against an expected $1.72 billion. Compared to the previous one-year period, it marked a 3% year-over-year (YoY) increase.

KFC Owner Yum Brands Reports Digital Sales of $17 Billion in 2020, Up By 45% YoY Brandspurng
Photo by Aleks Dorohovich

Earnings per share (adjusted) were $1.15 compared to an estimated $1.01 per Refinitiv analysts. Q4 2020 net income totalled $332 million, equivalent to $1.08 per share, a 32% decline from $488 million ($1.58 per share) in Q4 2019. For the full-year 2020, EPS plummeted by 29% from $4.14 to $2.94.

Same-store sales worldwide dropped by 1% in Q4 2020 due to declines in its KFC and Pizza Hut Brands. Taco Bell was the only brand to post same-store sales growth, rising by 1% YoY. The reason for this is that most of the outlets are in the US where the fast-food business has recovered considerably.

For KFC, international same-store sales plummeted by 2% in spite of an 8% increase in the US. With the exception of the US, its international locations posted a 4% sales decline during the quarter.

Notably, only 18% of KFC sales come from the US. Interestingly, China accounts for a higher share than the home market, holding a 27% share of Q4 2020 sales.

Similarly, for Pizza Hut, US same-store sales rose by 8% while internationally, there was a 7% decline. As a result, its overall same-store sales were down by 1% for the period.

Digital Investments Yield 18% Growth for Pizza Hut Off-Premise Sales

For the full year 2020, Yum Brands reported record digital sales amounting to $17 billion, up by 45% YoY. Among the features contributing to the growth were a series of moves aimed at speeding up the company’s digitalization process.

The launch of the KFC US eCommerce ecosystem streamlined order handling for third-party delivery as well as pickups. KFC saw transaction times at the window decrease by 16 seconds compared to Q4 2019.

The Habit, which joined Yum Brands in 2020, worked to shift its dine-in focus to an off-premise business. It added curbside pickup and pop-up drive-thrus. As a result, curbside accounted for 10% of all sales and 50% of mobile sales.

Taco Bell unveiled Go Mobile, a synchronized digital experience. It incorporates multiple drive-thru lanes, bellhops that handle orders via tablets and curbside pickup. Its average drive-thru transaction time dropped below four minutes, setting a new record. As of August 2020, the brand had a 50% increase in the number of drive-thru customers since the start of the pandemic.

In Q4 2020, the digital investments that Pizza Hut made yielded 18% growth in same-store sales from off-premise channels. Taco Bell had a digital sales mix of 12% while The Habit’s digital ordering platform posted a sales mix of more than 40%.

US Digital Restaurant Market Sales Rose by 124% in 2020 to $45 Billion

Yum was not the only brand to benefit from a shift to digital. For McDonalds, digital sales raked in over $10 billion in 2020 across the brand’s top six markets. That translated to about 20% of its total sales for the year. To aid in the digitalization process, McDonalds as well as its franchisees invested $1 billion in various tech initiatives.

According to The NPD Group, restaurant digital orders in the US shot up by 145% YoY in the month of December 2020 alone. In January 2020, the share of restaurant traffic that was sourced to digital was a paltry 5%. By June 2020, it had shot up to 13%.

By the end of 2020, carry-out accounted for 46% of off-premises orders while drive-thru had a 44% share. Per research published by PYMNTS, US consumers spent $434 billion in 2020 on food orders. That was a whopping 89% of the total $486 billion that consumers spent on food eaten at home.

As a result of the shift, digital restaurant market sales rose by 123.8%, going from $20.08 billion in 2019 to $44.94 billion in 2020 according to eMarketer. The figure is expected to keep rising, albeit at a relatively muted pace.

In 2021, it is projected to increase by 22.3% to $54.97 billion and in 2022, by 16.3% to $63.93 billion.

According to a report by Incisiv, digital sales are expected to account for 54% of the limited and quick-service restaurant businesses by 2025. That would be an increase of 70% over pre-pandemic estimates.

Nursing and Midwifery Council of Nigeria Accreditation Team Visits LASUTH

Esan Bolaji
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Nursing and Midwifery Council of Nigeria Accreditation Team Visits LASUTH

As part of the activities of the accreditation exercise of the Lagos State College of Nursing, Igando, the Nursing and Midwifery Council of Nigeria (MNCN) paid a visit to the Management of Lagos State University Teaching Hospital (LASUTH) recently.

In his remarks, the Chief Medical Director, LASUTH, Prof Adetokunbo O. Fabamwo said the hospital indeed needs accreditation as nursing students are now being sent from private universities to LASUTH for training.

LASUTH- Nursing Council-brandspurng-Nursing and Midwifery Council of Nigeria Accreditation Team Visits LASUTH

He added that nursing education is critical in the medical sector and cannot be overemphasized stressing that the younger nurses are not as committed as the older ones; this is seen from the rate of resignation and migration of nurses abroad. However, he included, “Special thanks to the Governor of Lagos State, Mr. Babajide Sanwo-Olu who graciously approved the provision of exit replacement.”

Professor Fabamwo charged the team to strive in continuing to upgrade the nursing education as he expresses that the management of the hospital is highly committed to maintaining a happy and progressive environment of service being a forward-looking and highly progressive hospital.

In her remarks, the Provost, Lagos State College of Nursing Igando, Mrs. Oyefunso Orenuga thanked the Chief Medical Director for receiving and training their students in the hospital and stated the purpose of the accreditation visit as a step in charting a way forward for the nursing profession.

The leader of the accreditation team, Director, Nursing Services, Ministry of Health, Ondo State, Mrs. Alice Ogundele affirmed that the hospital staff was in sync with its mission of delivering services in a friendly environment as she observed the nurses discharging their duties in a friendly manner and at par with the nursing services standards.

Mrs. Ogundele thanked the hospital for her support while admonishing the nurses to keep up the tempo as she charged them to provide directional signs, caution ramps, colour codes for some units and segregation ramps.

Mrs. Dorcas Shonibare, rounded off the visit by appreciating the Management of LASUTH and the representatives of the different institution present.

The Local Bourse Opened The Week on a Positive Note…ASI up by 33bps

PFI Capital
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0
The Local Bourse Opened The Week on a Positive Note…ASI up by 33bps

The Nigerian equities market closed positive today amid bargain hunting in Banking and Industrial shares. Notably, the benchmark All Share Index (ASI) appreciated by 33bps to close at 39,931.63 while market capitalization gained N68.93bn to settle at N20.89tn. In summary, the year-to-date performance moderated to -0.84%.

Performance across sectors was broadly bearish as 3 of the 5 sectors under coverage closed in the red zone. The Insurance, Consumer Goods and Oil & Gas indices went down by 1.10%, 0.48% and 0.10% respectively due to negative sentiments in LASACO(-0.11%), CHAMPION(-9.92%) and JAPAULGOLD(-5.80%).

The Local Bourse Opened The Week on a Positive Note...ASI up by 33bps

On the other hand, the Banking and the Industrial indices advanced by 0.25% and 1.47% as a result of buy interest in ZENITHBANK (+1.38%) and BUACEMENT(+3.82%).

Investor’ sentiments measured by market breadth remained bearish as only 12 stocks advanced while 29 stocks declined. Market activity level however improves with the volume of transactions advancing by 7.24% while value declined by 22.70%.

Fixed Income Market

The bond market traded on a quiet note with yields advancing on shorter instruments while those on the longer end of the curve remain stable. Notably, the yields on the FGN-APR-2023 advanced by 2bps to 6.89%.

The Treasury bills market also traded on a muted note as yields remain stable across different tenors. Yields on the 91-day, 182-day and 364-day maturities stabilized at 1.19%, 2.02% and 2.07% respectively.

Market Snapshot

  • The Local Bourse Opened The Week on a Positive Note…ASI up by 33bps
  • Local Bond Yields Advanced Across Shorter Maturities
  • U.S. Stocks Rally Amid Drop in Treasury Yields
  • Oil Steadies with OPEC+ Meeting Looming Over Tightening Market
  • Naira remain stable against the USD at the parallel market to close at N482/$
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