Abbey Mortgage Bank Appoints Substantive MD and 3 New Directors

Esan Bolaji
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Abbey Mortgage Bank Appoints Substantive MD and 3 New Directors
The Central Bank of Nigeria has approved the appointment of Mr. Madu Hamman as the substantive Managing Director/CEO of Abbey Mortgage Bank Plc.

Before his present role, Mr. Madu Hamman was the Executive Director in charge of Finance and Administration a position he held for twelve years.

madu Abbey Mortgage Bank Appoints Substantive MD and 3 New Directors Brandspurng
Mr. Madu Hamman

He has over 35 years of banking experience spread across Commercial, Merchant and Mortgage Banking. His competencies include strategic leadership, risk management, asset and liability management and credit administration. He is an alumnus of IMD Lausanne and holds a B.Sc. in Geography and MBA in Technology and Strategy.

The Central Bank of Nigeria has also approved the following appointments:

Mr. Mobolaii Adewumi (Executive Director)

He is an experienced professional with a deep knowledge of the financial services industry. He possesses extensive working knowledge of sub-Saharan Africa. He obtained his MBA (specializing in Finance) from Judge Business School, University of Cambridge, UK and his BSc in Management and Accounting from the Obafemi Awolowo University, lle-lfe. He became a Chartered Accountant (ACCA) in 2007.

He worked for KPMG as Audit Senior between 2006 to 2009 before joining UBA in 2009 to 2011 where he worked in various capacities. During his MBA course at Cambridge, he interned with Africa Finance Corporation, Egon Zehnder International London Office and Fairtrade International. Mr. Adewumi had a stint at Aso Savings and Loan Plc as Special Adviser to the MD/CEO & Head, Strategy between 2o12to 2015.

He later moved to First Bank of Nigeria Limited where he was Special Assistant to the MD/CEO between 2016 to 2019. 2.2 Mr. Oladipupo Ayodele Adeoye (Executive Director) He is a graduate of Civil Engineering from the Federal University of Technology, Akure. He has participated in various training and professional courses in Nigeria and overseas and he is a member of Chartered Global Investment Analysts institute (CGIA).

His competencies include treasury management, banking operations, fixed income trading, private equity and impact investing. His banking career spans over fourteen years with stints at Access Bank, Heirs Holdings, United Bank for Africa and VFD Group Plc. Prior to joining Abbey, he was the Group Chief Operating Officer and Group Treasurer of VFD Group Plc. Mr. Nonso Okpala (Non-Executive Director).

He is a visionary entrepreneur and the Group Managing Director of the VFD Group PIc – a financial services holding company with interests in foreign exchange, debt investment, international remittances, and payment businesses. His competencies include corporate finance, business strategy, project management and financial reporting, credit management and budgeting/ budgeting control.

He is a Chartered Accountant. He obtained his BSc in Marketing from the University of Nigeria. He started his career with KPMG as Senior Auditor between 2oo4 to 2oo8. He joined BGL PLC as Special Assistant to the ED, Capital Markets between 20008 to 2010 where he was till he moved to Heirs Holdings Limited as CFO between 2010 to 2015.

Professor Marius N. Umego (Non-Executive Director)

He is a Professor of Geophysics. He is a graduate of the University of Ibadan where he
obtained a BSc in Physics. He bagged his MSc and PhD in Geophysics in Ahmadu Bello
University. He is a prolific academic and author of many books and articles published in
reputable journals.

He is a member of many professional bodies both locally and
internationally including Fellow of international Programme in Physical Sciences, Uppsala,
Sweden and Fellow of the Nigerian Institute of Physics.

Brigadier-General John Obasa (rtd) (Non-Executive Director)

He is a retired Army Officer who has held many command positions. He was an instructor at the Nigeria Military School, Zaria. He rose to the position of Director, Nigerian Army Archives, and Director, Research and Development Defence Industries Corporation, Kaduna, among others.

He obtained his MSC in Geographic Information System from the University of Ibadan and his BSC in Biochemistry from the University of Ilorin. Brigadier-General Qbasa (rtd) is a frequent public speaker and major influencer on the improvement of education in the Nigerian Army and Nigeria at large.

Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3

Esan Bolaji
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0
Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3

Xiaomi Corporation, an internet company with a smartphone and smart hardware connected by an Internet of Things (“IoT”) platform at its core, today announced its unaudited consolidated results for the three months and nine months ended 30 September 2020.

Xiaomi’s stellar Q3 2020 performance sets 15 records:

  • Total revenue was RMB72.2 billion, YoY growth 34.5%
  • Adjusted net profit was RMB4.1 billion, YoY growth 18.9%
  • Smartphone revenues were RMB47.6 billion, YoY growth 47.5%
  • Smartphone shipments were 46.6 million units, YoY growth 45.3%
  • Overseas markets revenues
  • Overseas IoT and lifestyle products revenues
  • Overseas internet services revenues
  • Overseas MIUI MAU (monthly active users)
  • Internet services advertising revenues
  • Global MIUI MAU
  • Smart TVs and Mi Box MAU
  • The number of connected IoT devices (excluding smartphones and laptops) on the AIoT platform
  • The number of users who have five or more devices connected to Xiaomi’s AIoT platform (excluding smartphones and laptops)
  • Mi Home App MAU
  • AI Assistant MAU

Xiaomi Corporation said,

“The Group maintained its strong growth momentum in the third quarter of 2020 and posted record-high quarterly revenue and net profit. During the quarter, we achieved sustained growth across various business segments and the Group continues to pursue its core ‘Smartphone x AIoT’ strategy.”

“We have the world’s leading smartphone business and consumer IoT platform with the former continuing to grow despite headwinds. Leveraging our dual-brand advantages and unremitting technological inputs as well as our ‘three guiding principles’ – never cease to explore and innovate, continue to offer products with strong price-to-performance ratio, and seek to make the coolest products – we successfully upheld our position in the premium market and smartphone shipments ranked among the top 3 in the world once more.

Coupled with the diversified business ecosystem and Internet services, our AIoT terminals continue to attract traffic and its monetization capability continues to strengthen forming a strong value chain worthy of notice.”

Xiaomi Beats Estimates with Record Quarterly Revenue and Net Profit in Q3 Brandspurng

In Q3 2020, Xiaomi’s smartphone business grew significantly – both revenue and shipments achieved record-high levels – and kept the momentum for growth in both mainland China and in overseas markets. Smartphone revenue amounted to RMB47.6 billion in the quarter representing an increase of 47.5% YoY while smartphone shipments totalled 46.6 million units, an increase of 45.3% YoY.

According to Canalys, Xiaomi ranked 3rd globally in terms of smartphone shipments with a market share of 13.5% in Q3 2020. In the first 10 months of 2020, the Group sold more than 8 million units of smartphones globally with retail price points at or above RMB3,000 in mainland China and EUR300, or equivalent, in overseas markets.

The Group insisted on implementing a dual-brand strategy and yielded significant results in mainland China, achieving growth in both volume and average selling price (“ASP”). It successfully upheld its position in the premium smartphone market spearheading industry advancements in key smartphone features such as camera and fast charging. According to Canalys, Xiaomi’s smartphone shipments market share in mainland China climbed to 12.6% in the third quarter of 2020 from 9.0% in the same period of 2019, maintaining a top-four position.

Meanwhile, the ASP of Xiaomi’s smartphones in mainland China increased by 14.7% YoY driven by a higher percentage of sales from premium smartphones.

During the Singles’ Day shopping festival in 2020, Xiaomi ranked 1st in sales volume among Android smartphones on Tmall.com, JD.com and Suning.com. According to Canalys, Redmi accounted for 3 of the world’s top 10 best-selling smartphones in the third quarter of 2020.

Continued leadership in smart living as “Smartphone × AIoT” strategy begins to bear fruit

Leveraging on the large user base and new retail channel capabilities bolstered by the “Smartphone AIoT” strategy, the Group’s revenue from IoT and lifestyle products segment amounted to RMB18.1 billion in Q3 2020, representing an increase of 16.1% YoY. Revenue from IoT and lifestyle products in overseas markets increased by 56.2% YoY, reaching a historical high.

Xiaomi continued its leadership in the mainland China smart TVs market and introduced a number of flagship products within the Mi TV Master Series in Q3 2020, further solidifying its position in the premium market. Global shipments of Xiaomi’s Smart TVs reached 3.1 million units. According to All View Cloud (“AVC”), Xiaomi ranked No.1 in mainland China for TV shipments for the seventh consecutive quarter and maintained a top five position globally.

Xiaomi also maintained a leading position in a wide array of IoT products and continuously broadened its product portfolio and brought innovative technologies to users in the quarter. According to IDC, Xiaomi ranked among the top 3 in terms of shipments last quarter in various categories in mainland China, including smart door locks, air purifiers, robot vacuum cleaners, TWS earbuds and wearable bands etc.

As of September 30, 2020, the number of connected IoT devices (excluding smartphones and laptops) on Xiaomi’s AIoT platform reached 289.5 million units, representing an increase of 35.8% YoY. The number of users who have five or more devices connected to Xiaomi’s AIoT platform (excluding smartphones and laptops) reached 5.6 million, representing a YoY growth of 59.0%. AI assistant “小愛同學” had 78.4 million MAU in September 2020 representing a YoY increase of 35.5%. At the same time, the MAUs of Mi Home App reached 43.1 million, representing a YoY increase of 34.2%.

Strengthened monetization capability of internet services

Revenue from internet services segment increased by 8.7% from Q3 2019 to RMB5.8 billion in Q3 2020. Overseas internet services revenue increased by 75.6% YoY to RMB0.7 billion, accounting for 12.0% of the total internet services revenue.

Driven by the strong growth of smartphone shipments, MIUI MAU increased by 26.3% to 368.2 million in September 2020 while the mainland China MAU of MIUI reached 109.4 million.

In Q3 2020, advertising revenue reached a record high of RMB3.3 billion, representing an increase of 13.7% YoY primarily attributable to the enhancement of the Group’s monetization efficiency and the strong growth in overseas advertising revenue. Meanwhile, revenue from gaming in Q3 2020 was RMB800 million.

In September 2020, MAU of smart TVs and Mi Box reached 35.8 million, representing an increase of 49.9% YoY. As of September 30, 2020, the number of paid subscribers increased by 28.2% YoY to 4.2 million.

Over half of the total revenue from overseas markets for the first time

In Q3 2020, Xiaomi’s revenue from overseas markets increased 52.1% YoY to RMB39.8 billion, accounting for 55.1% of total revenue, which marked record-high quarterly overseas revenue and overseas revenue contribution to total revenue.

According to Canalys, Xiaomi’s smartphone shipments in Western Europe increased 107.3% YoY this quarter achieving a market share of 13.3% and ranking among the top 3 in the region for the first time. In particular, Xiaomi retained the top spot in Spain in smartphone shipments for the 3rd consecutive quarter with a 33.9% market share. Besides, Xiaomi also realized rapid growth in various other markets such as Latin America, Middle East and Africa.

Xiaomi strengthened existing channel networks and made significant progress in cellular carrier channels. As of September 30, 2020, Xiaomi established partnerships with more than 50 telecoms carriers covering over 100 sub-networks in 50 countries. In the first 9 months of the year, Xiaomi shipped over 10 million smartphones to overseas markets excluding India via e-commerce channels.

R&D he investment continues to increase   

Xiaomi is dedicated to advanced technology; the Group took strides across an array of research and development programs to further enhance the user experience.

During the Period, Xiaomi introduced revolutionary ultra-wideband (UWB) technology. With this technology, a user’s smartphone will be able to perceive signals from smart devices in its surroundings and control them by simply pointing towards them. In addition, Xiaomi unveiled the 3rd Generation Under-screen Camera Technology and debuted 80W Mi Wireless Charging Technology.

At the annual Mi Developer Conference (MIDC 2020) held in November 2020, the Group launched Xiaomi Vela, an IoT software platform built on the Nuttx open-source embedded operating system. This platform aims to enhance the interconnectivity across all everyday scenarios to build out a thriving IoT ecosystem. At this event, Xiaomi also introduced the next-generation AI Assistant “Xiaomi AI Assistant 5.0” offering functions such as full-scenario intelligent collaboration, conversational active intelligence and customized voice.

To date, Xiaomi has established a large engineering team consisting of over 10,000 talented engineers. In 2021, the Group will continue to advance investment and recruit more engineers to strengthen its R&D capabilities. The Group looks to further broaden Xiaomi’s technological frontier capabilities across key areas including camera imaging, screen display, fast charging/wireless charging, audio, IoT platform and connectivity, AI and voice interaction, 5G/6G, Big Data and cloud-based services, digitalization and workflow management system, and smart manufacturing.

Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core.

Mutual Benefits Assurance Changes the Venue for Extra-Ordinary General Meeting

Esan Bolaji
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0
Mutual Benefits Assurance Changes the Venue for Extra-Ordinary General Meeting

Mutual Benefits Assurance Plc wishes to notify its valued shareholders and stakeholders that the venue of the Company’s Extra-Ordinary General Meeting (EGM) scheduled to hold on Thursday, 3 December 2020 has been changed from “The Providence”, 12a, Oba Akinjobi Way GRA Ikeja Lagos to SHEBA CENTRE, 20 Mobolaji Bank Anthony Way, Ikeja Lagos.

All other details about the EGM remain unchanged.

Apologies for any inconveniences caused.

Mutual Benefits Assurance Changes the Venue for Extra-Ordinary General Meeting

Mutual Benefits Assurance Plc is a general and life insurance company in Nigeria providing services for underwriting and risk management as well as retail and microfinance banking. General insurance covers the protection of assets and indemnification of other parties; and Life insurance covers the risk of premature death, disability, critical illness and other accidents.

The company also offers property insurance, fire and special perils insurance, professional indemnity, liability/bond insurance, goods-in-transit insurance, personal insurance, keyman assurance and mortgage protection.

Mutual Benefits Assurance has business interests in real estate development and management and operates a Microfinance Bank which provides retail and microfinance banking services at a community level. The company’s head office is in Lagos, Nigeria.

PZ Cussons Nigeria postpones its 72nd AGM

Esan Bolaji
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0
PZ Cussons Nigeria postpones its 72nd AGM

The Board of Directors of PZ Cussons Nigeria Plc, hereby announces the postponement of its 72nd Annual General Meeting earlier scheduled to hold on the 26th of November 2020 at 11 am at The Command Centre, PZ Cussons Nigeria Plc, Ilupeju due to unforeseen circumstances.

A new date will be communicated shortly.

PZ Cussons Nigeria postpones its 72nd AGM

PZ Cussons Nigeria Plc manufactures and sells a range of consumer products and home appliances in Nigeria. Personal care products include Premier Cool Deo antiseptic soaps, Carex hand hygiene products, Cussons baby products, Venus Gold fragrances and a Morning Fresh dishwashing product.

PZ Cussons Nigeria Plc sells milk products under the Coast, Nunu and Olympic brands, refined palm oil and red palm oil under the Mamador and Devon King’s brans, and YO! Yoghurt drinks. Household appliances sold under the Haier Thermocool brand include computers, televisions, DVD players, home entertainment systems, refrigerators, freezers, air conditioners, generators, inverters, stabilisers, automatic voltage regulators, fans and air coolers, washing machines, water dispensers, water heaters, gas cookers and microwaves.

The company sells its electrical appliances through its own CoolWorld retail stores located in the major towns and cities of Nigeria. It also exports products to Angola, Benin, Côte d’Ivoire, DR Congo, Gabon, Ghana, Liberia, Mali, Niger, Senegal, Sierra Leone, Sudan, and Togo. Established in 1899 and formerly known as Paterson Zochonis Industries Plc, the company changed its name to PZ Cussons Nigeria Plc in 2006. The company is a subsidiary of PZ Cussons Plc. Its head office is in Ikeja, Nigeria.

40,000 young people in Nigeria to benefit from Young Africa Works-IITA project training program

Esan Bolaji
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40,000 young people in Nigeria to benefit from Young Africa Works-IITA project training program

In May this year, the International Institute of Tropical Agriculture (IITA) partnered with the Mastercard Foundation to start the Young Africa Works-IITA Project, an innovative approach to agribusiness training and start-up for Nigeria’s young people. This project was developed in consultation with young people, policymakers, educators, and entrepreneurs as part of the Mastercard Foundation’s strategy to enable 30 million young people in Africa to access dignified and fulfilling work over the next 10 years.

40,000 young people in Nigeria to benefit from Young Africa Works-IITA project training program

In Nigeria, Young Africa Works aims to see 10 million young people, most of them women, in dignified work opportunities by 2030. In line with this strategy, Young Africa Works IITA-project is designed to advance agribusiness opportunities to over 40,000 Nigerian young women and men with a special focus on skills development, decent employment, and entrepreneurship opportunities to secure work in agri-food value chains for the next five years.

“Agriculture is among the most viable potential source of employment for young people in Africa,” said Chidinma Lawanson, Country Head for Nigeria, Mastercard Foundation. “We are excited to see how our Young Africa Works partnership with IITA will make the agricultural sector more attractive to young people, particularly women by providing skills training in the agriculture value chain for employment and entrepreneurship opportunities.”

To kick off project activities, IITA has launched a call for application to young women and men between the age of 18 and 35 years living in Lagos, Kano, and Kaduna. This training focuses on agribusiness development that will provide young people an opportunity to grow their businesses through coaching and mentoring and learn modern farming and value addition techniques. Young people will also be exposed to agriculture product marketing skills, market linkages, and career orientation through job placements and internship opportunities.

40,000 young people in Nigeria to benefit from Young Africa Works-IITA project training program
40,000 young people in Nigeria to benefit from Young Africa Works-IITA project training program – www.brandspurng.com

These skills can bridge the gap in establishing viable agribusiness enterprises between youth and potential employers in the agricultural sector. It gives young women—70 percent of all participants—a special opportunity to enhance their participation and adopt entrepreneurship. In highlighting women’s participation, the training and the project seek to create productive partnerships between young men and women and apply a gender-based approach to address some of the challenges faced by young women in the agribusiness sector in Nigeria.

Participants will acquire business and soft skills that will facilitate their integration into the professional field and this year’s training will cover the following value chains: maize, soybean, rice, horticulture, orange-fleshed sweet potato, groundnut, aquaculture, and poultry.

“There will be no development in Nigeria without the youth. The best way to end poverty is to create opportunities, and this is what this project is all about. By creating career opportunities and youth-led enterprises, we are planting a seed of change for the next generation. It is in this line that the Young Africa Works-IITA project was developed by the youth, for the youth, and with the youth,” said Aline Mugisho, Executive Manager, Young Africa Works-IITA project.

To start an application, visit www.youthagripreneurs.org/young-africa-works-iita.
Contact: 09062081803, 09062081804, 09020957065 youngafricaworks-iita@cgiar.org
Applications are open from 12 November until 12 December 2020.

10 characteristics of the average Nigerian

Ayo Akinfe
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10 characteristics of the average Nigerian

10 characteristics of the average Nigerian

  1. They are passionate about their religious faiths. An overwhelming number of Nigerians want to go to heaven when they die
  2. Nigerians are closely attached to their ethnic groups and traditional rulers
  3. They love entertainment and merriment
  4. They hate being called just plain Mr or Ms No other people on the world live amassing titles like us
  5. They believe how much material wealth you have is a measure of your worth
  6. They believe that public transport is for the poor and lazy
  7. They believe the government has the capacity to solve all of society’s socio-economic woes
  8. They live high-end products and as we produce none of this ourselves, they are shamelessly happy to import their needs
  9. We are embarrassingly sycophantic. Decades of living under military rule have engrained the Oga-at-the-top mentality into our psyche. Our top-to-bottom mentality makes it impossible for an average Nigerian to refuse in reasonable orders
  10. Nigerians appreciate the value of education. However, this means they disrespect people who did not go to university irrespective of what skills they possess

10 characteristics of the average Nigerian

You simply cannot build a global superpower when your population thinks this way. A higher level of thinking is required.
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.

OPPO Nigeria Set to Kick Off Market Storm with Brand Partner, Laycon

Esan Bolaji
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0
OPPO Nigeria Set to Kick Off Market Storm with Brand Partner, Laycon

Leading smartphone brand, OPPO Mobile Nigeria is set to storm SLOT Ola Ayeni and  SLOT Medical Road with a brand partner, Olamilekan ‘Laycon’ Agbeleshe tomorrow, 25th of November, 2020.

Fans and lovers of the brand will get to enjoy multiple jaw-dropping discounts including an instant N10,000 discount when they buy an OPPO A93 and an Enco W31, N5,000 discount when they buy an OPPO phone with an Enco W31 and a N4,000 discount when they buy an OPPO phone and an Enco W11.

OPPOMarketStorm Brandspurng OPPO Nigeria Set to Kick Off Market Storm with Brand Partner, Laycon

The event will be an opportunity for customers and tech enthusiasts to experience the recently launched OPPO A93 first hand alongside other OPPO smartphones whilst they partake in a meet and greet session with OPPO brand partner, Laycon.

OPPO Mobile Nigeria has also reeled out plans to engage customers and create memorable experiences for fans with performances from Laycon and other artistes.

OPPOMarketStorm Brandspurng OPPO Nigeria Set to Kick Off Market Storm with Brand Partner, Laycon

For more information, connect with OPPO Nigeria on Facebook @opponigeria, Instagram @opponigeria, Twitter @oppomobileng.

OPPO is a leading global smart device brand. Since the launch of its first mobile phone in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find and Reno series.

Beyond devices, OPPO provides its users with the ColorOS operating system and internet services like OPPO Cloud and OPPO+. OPPO operates in more than 40 countries and regions, with 6 Research Institutes and 4 R&D Centers worldwide, as well as an International Design Center in London. More than 40,000 of OPPO’s employees are dedicated to creating a better life for customers around the world.

How many PR tasks will artificial intelligence take over?

Esan Bolaji
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How many PR tasks will artificial intelligence take over?

Let’s think about what PR pros do in a typical day.

We read, analyze and answer email. We answer calls and make calls. We schedule meetings and then re-schedule them. We write press releases or pitches, and we reach out to journalists.

We monitor and analyze media coverage, formulate competitive differentiation, make strategic recommendations on paid/earned/owned media placement and offer a point of view on all aspects of communications strategy.

How many PR tasks will artificial intelligence take over?

How much of our jobs could be done by artificial intelligence (AI)? Are we fooling ourselves when we say no robot could provide the personal, consultative depth we offer when we counsel executives or clients? Or could an AI do better, with a more objective analysis of each situation?

It’s time to ask these questions. We’re seeing AI pop up everywhere, whether it’s Google’s email manager answering your emails for you or x.ai scheduling your appointments, these helpful little pieces of code are ingratiating themselves into our inboxes and calendars—and they can be quite clever.

For example, Google’s AI can identify emails that need a brief reply. After determining whether an email should be answered, the Smart Reply feature provides three suitable responses. You pick the option and off goes your email. The system is designed to get smarter over time as it observes the types of responses you select.

Gartner has predicted that by 2020, some 40 percent of mobile interactions will be facilitated by virtual personal assistants (VPAs). According to Gartner, VPAs will monitor individuals’ content and behaviour to build and maintain data models that can then draw inferences about people, content and context.

Based on this information-gathering and analysis, VPAs will start to predict users’ needs, build trust and, at some point, act autonomously on their behalf. It’s exactly this kind of iterative learning that makes AI so powerful.

It’s one thing to have a digital assistant, but what about having a digital boss? Gartner foresees more than 3 million workers being supervised by a “robo-boss” by 2018. These bosses will monitor worker accomplishment and evaluate performance through measurements tied to output and customer feedback.

Gartner notes that “smart machine managers can consume these measures more effectively and swiftly than humans … and use them to inform staffing decisions and management incentives.”

So, AI can answer my email, schedule appointments and tell me if I’m being productive, but what about creative ventures? After all, we are in a creative industry. Isn’t that something more suitable to humans? Apparently not.

The same Gartner report predicts that 20 percent of business content will be authored by machines by some point in 2018. This includes press releases, market reports, white papers and articles via the machines’ ability to gather and assemble information, automate composition and turn data-based content into natural language writing.

Ad agency MCann in Japan has already hired a robot as creative director. The AI has analyzed and deconstructed Japan’s award-winning ads over the past 10 years to help inform new creative.

Meanwhile, Facebook continues to develop sophisticated bots for its Messenger platform that brands and companies can use to interact with clients, customers and prospects.

So, where does that leave us? Still in our seats—for the time being.

What holds constant is the same market pressure we have always faced in the industry: the commoditization of work such as writing press releases and pitching journalists, challenging us to do more than cookie-cutter PR, to think ahead, become more creative, come up with delightful, unexpected campaigns and employ our own synthetic thinking and points of view to solve problems.

So, let’s welcome artificial intelligence into our industry. Let it relieve us of some busy work and continuously challenge us to be more than robots.

What’s your take on RoboPR? Please leave a comment.

This post first appeared on  PRdaily.

Nigeria’s negative GDP improves to -3.6%

United Capital Research
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Nigeria’s negative GDP improves to -3.6%

Earlier the National Bureau of Statistics (NBS) published the Q3-2020 GDP numbers. Unsurprisingly, economic activities contracted in Q3-2020, making it the second consecutive quarter of negative growth, implying a technical recession.

According to the report, real GDP declined by 3.6% y/y, representing an improvement from the Q2-2020 figure. Clearly, this improvement is attributed to the relaxation of lockdowns across the country, especially the three keys states (Lagos, Abuja, and Ogun).

Notably, of the 19 sectors in the NBS’s classification, 10 recorded contraction (previously: 13 sectors) while 9 sectors recorded expansion.

Nigeria's negative GDP improves to -3.6% Brandspurng
Civic Centre Road, Lagos, Nigeria

The bright spots remain Financial Services, Telecoms, Utilities, and Agric. Clearly, the decision by the MPC to cut rates by 100bps appears to be yielding the desired result. On the contrary, Oil Refining, Road, Air, Rail & Pipelines Transports, Accommodation & Food Services, as well as Construction were the worst hit.

Oil GDP: Still underwhelming amid weaker production

As expected, Oil output contracted -13.9% y/y in real terms in Q3- 2020 (vs +6.5% and -6.6% in Q3-2019 and Q2-2020 respectively). Notably, the y/y contraction was fueled by an 18.1% y/y decline in oil production to 1.67mbpd in Q3-2020 (the lowest level since Q3-2016) amid the country’s compliance to OPEC+ output quota during the period.

In terms of contribution to overall GDP, the oil sector contribution slid to 8.9%, (vs 9.8% and 8.9% in Q3-2019and Q2-2020 respectively).

Non-Oil sector: ICT, Financial services and Agric remain the bright spots

In Q3-2020, the Non-Oil sector declined by -2.5% y/y. Non-oil sector contribution to real GDP remained robust, at 91.2% in Q3-2020. More specifically, Trade sector output declined by – 12.1% (vs 4.4% in Q3-2020), Transportation sector declined by -42.9%, (vs -49.1% and an 18.3% expansion in Q1-2020) as Nationwide wide disruptions along with the closure of schools by the Federal government saw a decline in output levels.

These same factors affected Education sector growth, which stood at -20.7% in Q3- 2020, an improvement from a decline of –21.9% in Q2-2020 but well below an expansion of 1.9% in reported in Q3 2019. As highlighted above, the ICT, financial services as well as the Utility sector remained bright spots buoyed by demand for virtual working services as well as E-banking, Trading and Other non-interest income lines.

Nigeria's negative GDP improves to -3.6% Brandspurng
Sources: National Bureau of Statistics, United Capital Research

Agricultural sector: Weaker still

The agriculture sector expanded by 1.3% in Q3-2020, weaker than 1.58% in Q2-2020 and 2.28%, this is rather disappointing considering the sustained government interventions and favourable policy environment. Crop Production which accounted for over 90% grew by 1.38% in Q3- 2020 from 1.44% in Q2- 2020 and 2.41% in Q3- 2019. Livestock also expanded by

2.2% in Q3- 2020 from 2.2% in Q2 2020. Forestry grew by 2.5% in Q3 2020 from 1.0% in Q2- 2020 and 3.7% in Q3- 2019. Fishing under the agriculture contracted by -2.07% after expanding 5.6% and 1.6% for its first decline in the last 6 quarters.

Manufacturing sector: Manufacturing activities improves to -1.5%y/y

The Manufacturing sector contracted by -1.51% in Q3 2020, an improvement from the -8.78% in reported Q2 2020 and 1.1% in Q3 2019. Clearly, the outbreak of COVID almost halted manufacturing activities in the early parts of the pandemic. With reopening of the economy and increased safety measures adopted by manufacturers, manufacturing activity seemed to be picking up as foreshadowed by CBN’s Purchaser Managers Index which climbed above the 50point threshold as of November 2020.

However, one of the headwinds that have come with COVID is weaker export earnings, pressure on customer demand and foreign exchange scarcity, we expect manufacturing output growth to stay muted. Most notably, Cement, Food and Beverage grew by 11.9% and 6.8% (vs 6.8% in 2.9%). Ultimately the sector was dragged down by the oil refining activities which fell by 68.2% following a decline of -67.6% in Q3 2019, and another decline of -30.7% in Q3-2019.

Outlook: Q4-2020 GDP to further improve

For the rest of the year, we maintain that the sharp contraction recorded in Q2-2020 is as worst as it can get for the year considering the marked improvement observed in the Q3- 2020 numbers. If the Purchasing Managers Index is anything to go by, the recent improvement observed in manufacturing and non-manufacturing PMI, which indicated a rebound to the 50point threshold foretells a more optimistic future.

For context, we expect the growth observed in the ICT, Financial services, Agric and Utilities to not only be sustained by further supported by improvement in the Oil & Gas sector considering the announcement of a vaccine for Covid-19.

Although we imagine that compliance to OPEC+ production cut agreement (capped at 1.50mbpd from August-2020 to Dec-2020) and compensation for prior months overproduction with deeper cut may limit production to below pre-COVID-19 levels of above 2.0mbpd, we think the improvement in oil prices will further soften contraction in the oil & gas sector.

Again, the full re-opening of economic activities, as well as end of the year festivities, is expected to buoy consumer demand, thus, enhance output level in the trade and manufacturing sectors.

The above notwithstanding, the worsening state of macro indicators including rising inflation, exchange rate divergence as well as other policy constraints will continue to limit the pace of recovery due to the direct impact on disposable income. Adjusting our model estimates for all the above, we maintain that real GDP growth forecast for FY-2020E to come between -2.5% and -3.14%.

MPC Leaves All Rates Unchanged

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MPC Leaves All Rates Unchanged

In line with our inhouse expectation, the MPC meeting ended today with a neutral outcome as the members of the committee voted unanimously to leave all policy rates unchanged.

Notably, the Monetary Policy Rate (MPR) was left at 11.5% as the equally important asymmetric corridor around the MPR, the Cash Reserve Ration, and Liquidity Ration were left at +100/-700bps, 27.5%, and 30.0%, respectively.

Comments and Outlook

We note that the above stance of the monetary policy committee is in spite of the recent Q3-2020 GDP report where output growth fell by -3.6% YoY but grew by 248bps QoQ from -6.1% in Q2-2020. A growth figure that can be viewed as some positive outcome of the efforts of the Apex bank aimed at limiting the impact of the pandemic on the economy.

mpc leaves all rates unchanged Brandspurng
Governor, CBN, Godwin Emefiele | www.brandspurng.com

Maybe a rate cut could have signalled the apex bank’s willingness to support the economy out of the current crisis. Furthermore, the Apex bank emphasized that the value of Naira is only determined by the forces of demand in the Nigeria Autonomous Foreign Exchange Market as opposed to the forces of demand and supply influenced by speculators in the parallel market.

Given the outcome of the meeting, we expect the low yield environment to persist in the fixed income market with sustained interest for equities as dividend yields on tier 1 banks remain relatively competitive.

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