On Monday (23/11/2020), the equities market witnessed panic selling amid knee-jack reactions to the negative GDP report published by the NBS over the weekend. Surprisingly, the selloff occurred despite the rather impressive 9-month earnings announced by the top banks on Friday (20/11/2020) as well as an obvious improvement in economic performance based on the GDP report.
Interestingly, share prices rebounded on Tuesday, as buyers returned to the market. Accordingly, the market pulled back from the panic selling observed on Monday.
Sources: NBS, United Capital Research
Despite the rather depressing state of the domestic macroeconomic environment, we maintain that the investment case for Nigerian equities remains compelling. Our position is supported by the persistent low yield environment and the elevated liquidity in the financial system.
These factors, coupled with the more competitive dividend yields as well as the earnings stability of operators in the Banking, Cement and Food processing sectors, are expected to considerably support demand for equities by risk-tolerant investors in the interim.
Notably, The Monetary Policy Committee voted unanimously to keep the policy rates unchanged, a move expected to sustain demand for equities. Looking forward, treasury bills maturities worth N150.0bn are due on 26th November.
In addition, the CBN is holding a PMA auction, with N131.0bn worth of bills expected to be rolled over. On the back of the foregoing, we opine that interest in the equities market will be sustained due to a potential decline in stop rates at the NTB auction.
The 2021 Toyota Sienna is now the Family Green Car of the Year thanks to winning that category in the 2021 Green Car Awards™. With a standard hybrid powertrain across all trims and an array of new tech and amenities, the 2021 Toyota Sienna raises the bar for style, safety, comfort, versatility and fuel efficiency in its segment.
“The fuel efficiency of this all-new 2021 Sienna makes it a cut above the rest,” said Bob Carter, Toyota Motor North America’s (TMNA) executive vice president of sales. “This award just further highlights our dedication to hybrids in North America and we’re humbly honored to have the new Sienna be recognized as the Family Green Car of the Year for 2021.”
2021 Toyota Sienna Wins Family Green Car of the Year™ – www.brandspurng.com
The fourth-gen Sienna, designed by the combined effort of CALTY’s Newport Beach, CA and Ann Arbor, MI studios, delivers a combination of room, comfort, convenience, fuel efficiency and versatility. The 2021 Sienna’s Toyota Hybrid System II delivers 245 total horsepower and an EPA-estimated 36 combined MPG fuel economy, the latter setting a benchmark for the segment, all while operating seamlessly and transparently.
The 2021 Green Car of the Year® award winners were selected by a highly-respected jury comprised of energy and environmental leaders including Mindy Lubber, president of CERES; Jean-Michel Cousteau, president of Ocean Futures Society; Dr. Alan Lloyd, president emeritus of the International Council on Clean Transportation and senior research fellow at the Energy Institute, University of Texas at Austin; Clay Nesler, interim president of the Alliance to Save Energy; and Matt Petersen, president and CEO of Los Angeles Cleantech Incubator and advisory board chair of Climate Mayors. Celebrity auto enthusiast Jay Leno and Green Car Journal editors rounded out the Green Car of the Year® jury.
According to the data released by the National Bureau of Statistics (NBS), the Nigerian economy contracted by 3.62% YoY in Q3’2020. Consequent to the two consecutive quarterly decline in economic output, the Nigerian economy slumped into a recession for the second time in five years. As expected, the continued impact of the lockdown directive and lower economic activities continued to weigh negatively on economic output. However, the economic decline in Q3’2020 reflected an improvement relative to Q2’2020 due to the relaxation of lockdown and gradual reopening of the economy.
In Q3’2020, the oil and gas sector and trade sector were the two major laggards that drove the decline in real GDP. The trade sector contracted by 12% YoY in Q3’2020, while the oil sector contracted by 14% YoY in Q3’2020. Other major sectors that recorded a material decline include real estate (-13% YoY), professional, scientific, and technical services (-35% YoY), construction sector (-32% YoY), and other services (-73% YoY).
On the other hand, the bright sectors during the period were telecommunications & information services (+17% YoY), crop production (+1% YoY), cement (+279% YoY).
Lower Oil Output Amid OPEC Regulations
Total crude oil output stood at 1.67 million barrels per day (mbpd) in Q3’2020, relative to 2.04mbd average daily production in Q3’2019, thus implying an 18% YoY decline in production levels. The output levels in Q3’2020 was also 7% lower than daily 1.80mbpd output in Q2’2020. We attribute the Q3’2020 decline in oil production to the impact of OPEC’s oil cut agreement among oil-producing members. Nigeria’s daily production is estimated at 1.4mbpd; however, an additional estimated 300kbpd from condensates supports total production levels. The excess output in previous periods was offset by further cuts in Q3’2020, thus resulting in lower production levels during the period.
Increased Industrial Activities on the Back of Economic Reopening
The industrial sector recorded a significant improvement in Q3’2020. Although the industrial sector was still in the negative territory in Q3’2020, as it declined by 6.12%; the sectorial performance was much improved relative to a 12.05% decline in Q2’2020 when the coronavirus pandemic peaked in the Nigerian economy. Some notable sectorial improvements were recorded in the food, beverage & tobacco, cement, and construction sectors.
Sectoral Contribution to GDP
Trade Sector Still in a Decline
The trade sector improved in Q3’2020, although it declined by 12% YoY. In Q2’2020, the trade sector declined by 17% YoY. The challenges of the trade sector remain evident. Weak household consumption, foreign exchange illiquidity, the negative impact of COVID19 pandemic, and land border closure were some of the factors responsible for the decline in the trade sector.
Telecommunications: The Brightest Spot
The telecommunications & information services sector sustained its strong momentum in Q3’2020, reflected in the 17% YoY output growth in Q3’2020. The output growth in Q3’2020 was, however, lower than the 18% YoY output growth in Q2’2020. We attribute the slower growth in Q3’2020 to a normalisation of production activities, given the gradual reopening of the economy. We note that the lockdown directive by the national authorities resulted in a significant shift in the traffic patterns and demand for digital services, as households carried out their various activities through digital means.
Poor Harvest Dampens Agricultural Sector Output
The agricultural sector growth slowed to 1.39% YoY in Q3’2020, from 1.44% YoY in Q2’2020. We attribute the slow growth in the agricultural sector to a poor harvest, logistics challenges, and climatic factors (such as flooding) during the period. Overall, on a nine-month basis, the economy real GDP growth contracted by 2.69% YoY.
What are the Economic Prospects?
We expect the economy to contract by 2.50% in Q4’2020, on the back of the high-base effect on key sectors such as agriculture, financial institutions, and notably oil and gas. We expect the oil sector to contract by 14% – 15% due to our expectations of lower oil production. We also expect to see a sustained decline in the trade sector in Q4’2020; however, we believe that the decline will be moderated relative to Q3’2020 levels. Overall, we expect the Nigerian economy to contract by 3.16% YoY by FY’2020 (previous: -2.02%). Our revision was based on expectations of a deeper recession in the oil & gas sector, as well as sustained output decline in trade, real estate, and other services sectors.
Implications for the Financial Markets
In recent times, the monetary policy authorities have favoured a pro-growth stance. The monetary policy authorities implemented policies aimed at supporting households and businesses affected by the coronavirus pandemic. The pro-growth stance by the monetary policy authorities resulted in a low-yield environment, which induced a stock market rally.
However, the rising inflationary trend poses a downside risk. The headline inflation as of October 2020 rose to 14.23%, driven by higher food prices, as structural challenges around food prices persisted. The low-yield environment and the rising inflationary trend are inconsistent, in our view. While we remain curious and cautious about macroeconomic stability being threatened due to the rising inflationary trend, we think that the accommodative stance of the CBN will remain, to pull the economy out of recession.
A proven expert for various trades, commerce and services: the success of the Mercedes-Benz Metris is based on strengths such as versatility, flexibility and a balanced price to performance ratio. Now extensively updated, the new version is even more attractive. Highlights for the facelift include new products and features in infotainment, driver assistance systems as well as enhancements to the design. The new generation Metris will arrive in U.S. dealerships the first half of 2021.
Since its U.S. launch in 2015, the Mercedes-Benz Metris represents the epitome of a versatile mid-size van. The Mercedes-Benz Metris features advantages such as – top service at dealerships, top levels of safety and ergonomics, and exemplary Total Cost of Ownership (TCO). This mid-size van can easily fit into a parking garage in metropolitan areas, and can also meet the needs of those who utilize a van for daily driving or their professional trade. In addition, it carries many of the rugged characteristics of the Sprinter allowing it to take on various terrains.
Maximum comfort with exemplary efficiency: the 9G-TRONIC automatic transmission
For the first time the 9G-TRONIC automatic transmission is now available for all Metris variants. The comfortable and efficient automatic transmission with torque converter replaces the 7G-TRONIC that was previously offered on the Metris. Drivers can use the DYNAMIC SELECT switch to select drive programs “Comfort” and “Sport”, and thus tailor the shifting behavior to their driving requirements. Alternatively, they can shift manually in “M” mode using DIRECT SELECT steering wheel gearshift paddles.
Diversity for success
The Metris demonstrates its versatility by offering two wheelbases, including the 126″ standard wheelbase and 135″ long wheelbase for the cargo variants, and a 126″ standard wheelbase for the passenger variant. The range of variants make it ideal for a large variety of trades: as a cargo van it reliably meets all requirements in goods and freight transportation, or as a mobile parts store and service vehicle. While the passenger variant is used predominantly to transport people and goods.
Because of its varied use as a commercial vehicle, the optional equipment of the Metris is particularly diverse with myriad options for door and window variants along with roof rails. The load compartment comes standard with a wooden floor and the option for plastic flooring, a rail system for load anchoring, lashing rails on the sidewall and interior paneling which provides maximum functionality. In the cargo van a new, optional and durable yet lightweight- construction floor made of plastic, plays fully to its strengths.
Active Brake Assist and Active Distance Assist DISTRONIC
The new Active Brake Assist can detect the risk of a collision with a vehicle driving ahead, and first initiates a visual and audible warning. If the driver responds, the assistant builds up brake pressure appropriate to the situation. If there is no reaction the system provides support with active braking maneuvers. In city traffic, Active Brake Assist can also react to stationary obstacles and crossing pedestrians.
Active Distance Assist DISTRONIC is also available for the Metris for the first time. Active Distance Assist can maintain the distance to the vehicle traveling ahead set by the driver and helps to relieve the driver, when driving on the highway or in stop-and-go traffic. The system accelerates the vehicle by itself and brakes with a maximum of half the vehicle’s braking power in order to maintain a safe distance. If the system recognizes that stronger braking is necessary, drivers are visually and acoustically warned, so that they – if necessary – can slow down the vehicle. In the package with DISTRONIC the Metris also includes the HOLD function.
A tire pressure loss detection system is standard equipment for the Metris. In addition, the Metris can be individually equipped with numerous other assistance systems, such as Active Parking Assist, Blind Spot Assist and Lane Keeping Assist.
Digital rearview mirror: clear visibility to the rear in all conditions
The digital interior rearview mirror is a special highlight in the segment. It transmits the image from the HDR camera in the rear window to the mirror’s display, which can be used in the same way as a conventional, visual inside rearview mirror – even if the trunk or load compartment are full to the roof. The advantage: the view of what is happening behind the vehicle is not restricted by head restraints, passengers or other obstacles. The camera mounted on the inside of the rear window conveys a field of vision which is twice as wide as a conventional inside rearview mirror, which is limited due to the window area. A clear safety advantage for the digital inside rearview mirror.
The digital inside rearview mirror also provides great benefit when visibility is poor: the camera also copes perfectly with multi-story parking decks and in the rain, transmitting a sharp image to the screen. The digital inside rearview mirror’s image processing ensures that dark and light image sections are displayed in a balanced way.
Through the familiar anti-dazzle switch the digital inside rearview mirror can be switched from the camera image to the analogue view. As an optical mirror it facilitates a rearward view of the vehicle interior.
Fully networked and with a new look
The new Audio 30 and Audio 40 infotainment systems meet many customer requirements. They have a 7-inch touchscreen with Smartphone Integration via Apple CarPlay™ and Android Auto™. The integrated navigation system can also be controlled via the screen on the Audio 40 system.
In conjunction with Mercedes PRO connect this means that navigation with Live Traffic Information is possible in the Metris for the first time. Information and displays in the navigation system with 3D city and landmark views are intuitively comprehensible. The screen has a further function: on the Audio 30 and Audio 40 it also serves as a display if the 180° reversing camera has been selected, in order to show the traffic area behind the Metris. Because the image signals from the reversing camera are now conveyed digitally, the image is sharper than ever.
The Bluetooth® interface has been significantly improved with audio streaming, hands-free functionality for distraction- free calling while driving and USB interfaces for charging mobile devices.
Digital services under the Mercedes PRO connect
The new Metris equipped with a communication Module (LTE) features increased awareness of efficiency, economy and monitoring of the vehicle fleet for small and medium-sized companies. The products from Mercedes
PRO connect help increase efficiency, lower operating costs, improve the availability of your vehicles while also facilitating communication between the entire fleet and lessening the driver’s workload. For more information, please visit www.mercedes.pro.
Rapid assistance following an accident or a breakdown
The Metris is optimally equipped to deal with emergencies thanks to the Mercedes-Benz emergency call system and the Breakdown Management function available from vehicle handover. The emergency call system comes as standard. Through the crash sensors, accidents can be registered immediately and rescue services can be automatically notified if the passengers do not react through an immediately established voice call. Alternatively, the emergency call can also be initiated manually using the SOS button in the overhead control panel. The system establishes a voice call with the Mercedes-Benz emergency call center. The precise location is then transmitted along with further information which is needed for the rescue and recovery operation.
In the event of a breakdown, the driver can receive technical assistance via the Accident and Breakdown Management function. To activate, they must utilize the breakdown button in the overhead control panel. Contact with the Customer Assistance Center (CAC) is established and the current location, together with relevant vehicle data is automatically transmitted. The CAC informs the nearest Mercedes-Benz Service partner who can then either provide assistance on- location or have the vehicle towed to the nearest Mercedes-Benz partner workshop. Downtime can thus be reduced and the subsequent continuation of operations with the vehicle can be ensured more quickly.
New radiator grille and enhancements in the vehicle interior
The designers have further refined the distinctive and dynamic design of the Mercedes-Benz Metris. For instance, the new Metris can be identified by the restyled radiator grille, which is coupled with the special equipment items DISTRONIC, Active Brake Assist or painted bumpers. The Mercedes star is centrally positioned in the radiator grille and surrounded by three black grained louvers. A radiator grille in a chrome design is also available as an option for all Metris models – with the louvers also designed with a chrome finish.
The designers have also updated the Metris in the interior. The robust and elegant “Caluma” fabric replaces the previous “Tunja” fabric. The facelift brings new air vents in a sporty turbine look on the left- and right-hand edge of the instrument panel. In conjunction with the optional Chrome Package the central dashboard is now framed by an element in a high- quality piano-lacquer look. With this option the frames of the new air vents are also in chrome.
Expanded range of colors
As of last year, customers now also have a whole host of new configuration options for the exterior of all Metris models. The color palette for metallic paint finishes was extended to include Graphite Grey and Selenite Grey. Plus, the well- loved Hyacinth Red metallic familiar from Mercedes-Benz passenger cars was also added to the selection list for all models. Equally new is the optional Steel Blue paint finish.
The New Mercedes-Benz Metris: Attractive Upgrade for the Mercedes-Benz Van – www.brandspurng.com
To showcase societal decadence and the ruthless use of force by uniformed men, “With our Uniform” a satirical stage drama written by Olutayo Irantiola came alive at the just concluded Lagos Fringe Festival. The play was staged between 20th and 22nd November at Freedom Park, Lagos Island.
The drama directed by Lanre Quadri tells the story of how uniformed men extort innocent and unsuspecting citizens of their hard-earned income, just to augment their poor remuneration.
Speaking on the inspiration behind the production, Olutayo Irantiola, revealed his passion for using art to reform society and instilling quality value.
He said, “With our Uniform is a satire about the law enforcement agency – Police force, fused with comedy and witty dialogue. The response of the law enforcement officers to the spate of protests in Nigeria is quite disturbing. My concerns are particularly about the injustice experienced by majority of our young and vibrant youths in the country.
“I am committed to telling the Nigerian story through plays. My art seeks to explore topical issues that affects the everyday Nigerian. The drama is an imitation of life and I am thrilled that it captures important facts in a subtle but entertaining way.”
Commenting on the play, Lanre Quadri, who directed the drama, said, “I am delighted we were able to bring our ideas to life and people were able to connect to the play. We were able to get talented crew and so rehearsals were done within a short time. I have always wanted to work on a project that addresses societal issues and I believe this drama would spur the change we desire. It also serves as a reminder of what was and what could be.”
The cast includes Damilola Adebayo; Ismaila Adeshina; Agnes Olayemi; Ogunse Tosin; Akintunde Tosin and Osho Olowu Micheal. Others are Adeniyi Oluwafemi; Christiana Ndukwe; Friday Onyenankeya; Lawrence Babatunde and Damilola Adeyinka.
Olutayo Irantiola is renowned within the Art and Literary Circles. He is the convener of the Literary Reading Group; Atokun of Yoruba Lakotun and Public Relations Professional. This production is his debut and he promises to tell more stories that will lead to the desired attitudinal change in the society.
For decades, the Nigeria Police Force has acquired an egregious reputation for recurrent brutality primarily through one of its units, the now-defunct Special Anti-Robbery Squad (SARS), created in 1992. Indeed, the thrust of everyday public discourse and media reports has been mainly on the atrocious activities of the disbanded squad (Ayodele and Aderinto, 2014; Osumah, 2019).
Recently, in October, massive protests rocked the streets of many states across Nigeria over the atrocious activities of some harmful elements of the defunct SARS. The #EndSARS protests, as it is tagged, even resonated at the international level. Incontrovertibly, the fact that the Police, ordinarily required to restore law and order and offer protection to citizens, was the thrust of the protests resulted in a complete erosion of public confidence. This is a wakeup call to regenerate public confidence in the Police.
Police man arrests a Demonstrator and supporter of the convener of “#Revolution Now”, Omoyele Sowore, reacts in a police van in Lagos, Nigeria on August 5, 2020. – Omoyele Sowore, The protesters are protesting concerning the bad governance in the Country, Everything in the country is not going on well calling on the government to do the needful in correcting the level of poverty in the country and reversing the level of penury in the country. (Photo by Olukayode Jaiyeola/NurPhoto via AP)
Amid the ubiquity of the protests, the Nigerian government undertook specific reforms to restore public confidence in the Force, which have been greeted with scepticism. For this reason, alternative or complementary strategic measures are required to regenerate public confidence in the Police. This essay outlines the realities of police brutality and initiatives undertaken to regenerate public confidence. It also proposes alternative strategic solution options to restore public confidence.
Realities of Police Brutality and Erosion of Public Confidence
the Nigerian Police, especially the tainted elements of the disbanded SARS unit, have been implicated in widespread human rights violations, extrajudicial killings, torture, arbitrary arrests, unlawful detention and extortion. The officers of the squad had reportedly targeted and detained young men between the ages of 18 and 35 for cybercrime or online fraud, only on the evidence of owning or in possession of laptops or smartphones, and then demanding excessive bail fees before release. During street raids on people watching a football match or drinking at pubs, these unscrupulous security officers also make arrests in an avalanche style and subject the victims to unlawful detention under horrible conditions (Agbiboa, 2013; Osumah, 2019).
Following visits to SARS detention centres in Abuja in 2016, Amnesty International reported that 130 detainees were living in overcrowded cells and regularly subjected to torture including hanging, starvations, beatings, shootings and mock executions. Also, in June 2020, Amnesty International documented at least 82 cases of torture, ill-treatment and extrajudicial killings by the SARS between January 2017 and May 2020. Many of the incidents of ill-treatment stirred frustration and anger, which sparked massive protests by citizens, mainly youths, in several cities across the country in the past weeks.
Efforts to rebuild public confidence
On account of the specific matters which the protests were premised, the Federal Government of Nigeria has given certain undertakings. It dissolved the infamous SARS whose operatives were involved in harassment, intimidation, and violations of human rights of the ordinary citizens. The Inspector-General of Police (IGP) has established a new unit tagged Special Weapon Tactical (SWAT) squad to undertake the duties of the SARS. A training programme has reportedly begun for officers for the new unit. Similarly, as directed by the Federal Government, many state governors have established panels for judicial investigations into incidents of police brutality and ensure that justice is served and fast.
In Lagos State, Governor Sanwo-Olu has named 20 policemen who are to face prosecution for various alleged acts of brutality. Also, each of the 36 State governors and the minister of the Federal Capital Territory, Abuja, has been directed by the Federal Government to put in place Victims Trust Fund to compensate verified victims and casualties of police brutality. In Lagos State, the governor has announced N200 million fund for victims of police brutality. Vice President Yemi Osinbajo, on his social media page, sent a series of tweets to apologise to the protesting youths for not acting fast to address the excesses of the defunct SARS.
However, these initiatives have not significantly improved public confidence, mostly among the protesters. While SARS was dissolved and replaced with SWAT, protesters have said that this initiative is a mere change of name and not real change. This point is arguably valid, because the toxic elements of the disbanded SARS unit, were drawn from the Police where the same set of features that will be utilised in the new squad, SWAT, are to be drawn.
Moreover, the announcement of the dissolution of SARS was being made for the fourth time. Also, scepticism is shown toward the judicial panels of inquiry because reports and recommendations of such panels are rarely implemented. The same reservation is expressed about the proposed Victims Trust Funds and the promise by the Federal Government to improve the police personnel welfare. Indeed, there are antecedents. In 2018, the Federal Government announced an increment in police salaries and since then nothing has changed.
Strategic Alternative Policy Options
In the light of the scepticism which has greeted government initiatives amid protests for police reform, alternative and complementary strategic policy options are imperative to regenerate public confidence in the Police.
Psychological audit: Candidates for enlistment into the Police Force should be made to undergo psychological evaluation or psychiatric test in certified institutions. Officers deployed for a particular operation, like that of the defunct SARS, should at regular intervals be exposed to psychological testing and mental health examination as practised in the USA. Added to this, police personnel should be sent on regular and proper refresher training programmes on useful arms handling and civil engagement rules.
Serving of Justice: Federal Government should muster enough political will to genuinely support serving justice to errant police personnel to serve as deterrence to potential violators of fundamental human rights. This action will help to end the culture of impunity and regenerate public confidence. This process will be achieved when agencies such as the Nigeria Police Service Commission and the National Human Rights Commission effectively supervise and monitor activities of police personnel and take necessary but lawful actions for wrongdoing by an officer. Lessons can be drawn from practices in the U.S.
Digitalisation of policing: Digital policing is required to ensure the accountability of police officers in their engagements with the public. For example, through the use of body cameras by Police, the civility of police-citizen engagements in California has been improved. This model should be adopted in Nigeria.
Testimonial advertorial: Granted that most officers have indulged in human rights abuses, few good officers have been helpful to the public. The Police Force should use members of the public who have had a positive encounter with good police officers for testimonial advertorials. This development would contribute to the regeneration of the much-desired level of public confidence in the Police. For this to be effective, the Police need to forge closer collaboration with the media. Also, direct access of the public to the leadership of the Police is imperative.
Better Welfare for Police Personnel: The government should be genuinely committed to the welfare of the police personnel in terms of increase in their remuneration, provision of reliable insurance scheme, retirement benefits, functional logistical and operational tools as well as good accommodations with modern facilities. Although the Federal Government has repeatedly made promises in this direction, it should back the promises by genuine commitment in real-time.
Compensation of Victims: There should be compensation for victims of police brutality. Although no amount is adequate to compensate for life lost, such compensation could serve as socio-psychological reassurance and reinforcement to them and their families. The Victims Support Fund proposed by the government should be backed by existing commitments rather than being mere platitudes.
Recapitulation
For decades, there is increasing erosion of public confidence in the Nigerian Police Force due to the atrocious conducts of some officers. The loss of confidence in the recent past has found expression in massive youth protests and calls for police reform. Amid the protests, the government announced measures to regenerate public trust, which has been greeted with scepticism. This issue calls for more strategic alternative policy options. Some alternative policy options include a psychological audit of police personnel, digitalisation of policing, testimonial advertorial, better welfare packages for the police personnel, and compensation of victims of police brutality.
The Minister of Petroleum Resources, Chief Timipre Sylva will commission a 5,000 barrels per day (BPD) modular refinery located in Ibigwe, Imo State on 24 November 2020.
Professional roller-skater Nigerian born British Tinuke’s Orbit (aka Tinuke Oyediran), age 27 years has broken the record for most cartwheels on roller skates in one minute with 30 and the most spins on e-skates in one minute with 70 in celebration of Guinness World Records Day 2020.
Polo Avenue, Nigeria’s foremost luxury fashion destination, has received exclusive rights to retail Gucci Ready-to-Wear clothing in Nigeria. Polo Avenue has so far successfully established itself as the gatekeeper for luxury brands in West Africa.
Star Radler premium tasting beer has just unleashed the next best antidote for thirst with its double refreshment offering. The flavoured alcoholic beer unveiled its new look and new red fruit variant this October.
The Ministry of Tourism, Arts and Culture has designed an eligibility form for the 1 billion seed capital released by the Lagos State government in order for interested practitioners to have access to the fund.
While the International Monetary Fund acknowledges the damaging recession effects of Covid-19 in Africa the economic outlook for the continent remains optimistic, as the introduction of technologies brings with it accessibility and exposure to economic and personal finance possibilities.
The Economist Intelligence Unit’s Worldwide Cost of Living (WCOL) index, which this year reports the prices of 138 goods and services in about 130 major cities as at September 2020, has risen by just 0.3 points on average over the past year.
As part of continued efforts to upskill and empower women across underserved communities in Nigeria, Coca-Cola’s women empowerment programme tagged “Catalyst for Change” has seen the graduation of another set of 1000 women from the third tranche of the programme organized in the Ogijo, Ikorodu area of Lagos State.
Coca-Cola Nigeria Limited in partnership with Karis and Eleos Foundation is on a journey to empowering 5,000 women in Nigeria. With over 2,600 women trained and empowered so far, the Ogijo community in Ikorodu was not left out of the success story of the Catalyst for Change programme.
Building on a unique and diverse product portfolio across HDD and flash, Western Digital (NASDAQ: WDC) today announced a suite of new NVMe SSDs for enabling next-generation, data-centric architectures for data centres, industrial IoT, automotive and client applications.
Renewable energy’s untapped potential on the African continent brings a crucial solution to its energy and development hitches, as it can broaden electricity access, increase investment and allow African countries to become climate leaders through a participatory and people-centred approach.
Despite collective efforts to improve electricity access and supply shortfalls through inclusive and cost-reflective energy avenues, Africa, especially its Sub-Saharan countries, continues to witness an alarming electricity access gap. An electricity supply gap exists when there is a discrepancy between available electricity supply and electricity demand from customers. Several studies predict that in ten years – by 2030 – there will be over 600 million people still without access to electricity. It is estimated that ninety per cent (482 million) of these people will be in the rural parts of Sub-Saharan Africa.[
Renewable Energy in Sub-Saharan Africa: A Cost-Benefit Analysis – www.brandspurng.com
With the urban population alone expected to triple over the next 40 years in Sub-Saharan Africa, electricity demand is projected to be on the rise in tune with the increasing population. This increase magnifies the need for accelerated efforts by all stakeholders to deploy scalable, sustainable power systems across the African continent.
Context of the problem
Electricity generated through conventional sources (fossil fuels) has, in the past, been the only source of electrification in Africa – absent hydropower generation sources. However, there is an urgent need to mitigate climate change; this mitigation for Africa nations means an increase in investments for clean technology.
A vast number of these technologies in Africa must be consolidated through the reduction in the costs of renewable energy equipment. In recent years, a quantum leap has encouraged the influence of environmental movements as well as increasing pressure by Civil Society Organisations (CSOs) on political authorities to plug the energy access gap have led to a surge in demand for renewable energy systems. This leap creates an opportunity to light up Africa without relying on the limited fossil fuel resource. Energy transition describes the step back from fossil fuels and push towards renewable energy.
The 2015 Paris Climate Change Agreement, as a collective international obligation, mandates about 190 signatory countries to commit to the reduction of greenhouse gases through an energy transition away from toxic fossil fuel. The Paris Agreement favours the use of sustainable, clean energy to drive the energy transition that will help decarbonise the global economy via massive deployment and diffusion of renewable energy systems. Reliance on renewable energy resources for clean energy would allow African countries to kill the proverbial two birds with one stone.
African nations can meet their global commitments to climate change mitigation encapsulated in the Paris Agreement and mark the Sustainable Development Goals (SDGs) through closing the electricity access gap that is ramping up poverty and economic inequity in Africa.
Economic inequality stems through to end-user affordability. Naturally, access to electricity generated, transmitted, supplied, and delivered to the end-user as a product comes at a cost. This cost has become a big issue, especially in a continent that relies heavily on importation of electricity generation, transmission, and distribution equipment –and their spare parts –from the global West and South. It is no surprise that there is a significant amount of importation of renewable energy products from counterparts in Asia, Europe, and the Americas into the continent.
For the much-anticipated energy transition to truly benefit the continent, African countries need to brace up to confront the reality of creating efficient renewable energy technologies through digitisation. The International Energy Agency estimates that digitalisation could save around US$ 80 billion per year – 5% of total annual power generation costs – locally to meet the deficient access while taking advantage of the manifold environmental, economic, and social benefits of renewable energy.
Mainstreaming renewable energy into the energy mix of African countries requires target-specific investment, dedicated capacity building, and an enabling business environment promoted by national governments in Africa. In developing countries, the mainstreaming of renewable technology systems must first address the existing liquidity, transparency, and service delivery crisis in the sector. Where an economy is not prepared to address these technicalities towards a path to sustainable and customer-centric clean power systems, it is almost impossible to reap the fruit of their investments.
One of these technicalities in the face of low manufacturing capacity in Africa is that products deployed are heavily reliant on imports, especially from South-East Asia. Currently, Nigeria -Africa’s largest solar market- has a subsisting import duty and Value Added Tax (VAT) of 5% (up to a maximum of 7.5%) on the most tangible renewable energy system component, solar panels. Kenya and other African countries have worked hard and smart to reduce limitations and eliminate disincentives against the massive deployment of renewable energy in the continent.
In 2014, the Kenyan Government lifted a 16% VAT charge on imported solar products marking import duty for solar products in Kenya at 0%. Mali has also demonstrated focus on renewables as its government removed all import duties and taxes on renewable energy components. A similar transition is occurring in Senegal under its One Roof, One Panel programme. The tax duty lifts are attempts at making renewable energy as a source of electricity accessible and affordable.
The medium to long term manifold benefits of producing renewable energy technologies in Africa will not come at a low price. However, the countries that actively harness local content and resources to develop renewable energy solutions locally stand to reap huge rewards from renewable energy at a possibly lower cost, thereby ensuring energy security.
The recent global COVID-19 pandemic exposed the inefficiencies inherent in dependence on renewable energy imports, which has inevitably led to a compromise of the energy security of African countries. In hindsight, if there ever was a time to break the cycle of dependence on importation of renewable energy equipment via local manufacture of sustainable energy alternatives, that time is now. African governments must begin to seek ways to ensure the local renewable energy markets can function optimally.
Solution
The proposition of the solution
The cost of renewable energy lies in the availability of technology and the benefit in the abundance of constant elements needed to fuel the technology. Solar, hydro, wind and biomass identify as the constants for renewable energy technology for Africa across all routes, all with the capacity to generate energy with minimum running costs, mainly due to maintenance.
On a cost-benefit scale, the net benefits of renewable energy can only outweigh the net costs when the energy “trilemma” – affordability, availability, and accessibility – has been sufficiently addressed. National governments in Africa need to be proactive with innovative policy, regulatory, and legislative interventions if Africa would be able to surmount the energy trilemma. This can be achieved by reducing external constraints such as importation duties in the short term.
A medium to long term solution lies in stimulating and incentivising African clean technology innovators to invest in local manufacturing, starting with local assembly of renewable energy equipment. This start primarily involves designing, manufacturing, and distributing these systems for the domestic market by the local cleantech entrepreneurs.
With a larger investment capacity, in 2018, technology giant Seraphim, through a joint venture worth $14 million in South Africa, set up for module assembly of solar products. The continent, through investments like these, can benefit from fully automated production technology. However, this is not close to sufficient as the Sub-Saharan African population is expected to increase by roughly 50% over the next 18 years.
The rationale of the solution
There is no one-answer-fits-all solution on the journey to overcome Africa’s energy trilemma. While renewable energy alternatives alone cannot meet and close the entire energy gap of the continent, African governments can seek to prioritise access to energy by meeting the requirements necessary for cost-reflective renewable electricity. This prioritisation for improving access to energy is especially for low-income earners, and rural inhabitants with renewable energy solutions as economic activities within rural areas are chiefly small and medium scale, therefore, do not require high energy demands.
Taking a chunk of the demand off the national grid by diffusing renewable energy into rural Africa makes for “developmental common sense” necessary for powering rural economies, leading to economic equity and inclusion of the rural economy into the fast-emerging circular economy. This diffusion enables the “main grid” focus supply on other critical sectors of the economy that can foster economic and social development, such as commercial hubs and industrial parks.
Challenges
The number one challenge slowing the massive deployment and diffusion of renewable energy across Africa is access to funding. From anecdotal evidence occasioned by the high cost of doing business in most of the African countries, the African renewable energy developers are saddled with the responsibility to provide initial funding for renewable energy projects.
Financial institutions, especially in Sub-Saharan Africa, are still refining the need to encourage alternative energy businesses. It is estimated that USD 2.8 billion will be spent on renewables projects in Sub-Saharan Africa (excluding South Africa) by 2020 as projects become more complex, local, and risky.
There is also the challenge of the circulation of sub-standard renewable energy equipment in many African countries due to lax enforcement of standards regulation and porous borders that have turned these African countries into “global landfill” of substandard alternative energy products.
Stimulating local manufacturing of renewable energy systems in Sub-Saharan Africa presents another challenge, considering the low investment in research and development by both the government and the private sector. Low capacity building in the sector places a burden on governments to incentivise the African renewable energy business environment with grants. These grants will de-risk renewable energy investment to encourage more investors from within and outside the continent to pull in resources for renewable energy project development.
Another challenge working against local renewable energy equipment manufacturing in Sub-Saharan Africa is the lack of technical capacity. Technical capacity includes training of workforce and availability of skilled, experienced workers who understand the intricacies involved in the planning, execution, and maintenance of renewable energy projects. Adequate capacity for a thriving local renewable energy manufacturing ecosystem in Africa should be all-encompassing, spanning the legal, regulatory, and technical infrastructure spectrum.
Working around the solution
Given the general African market dynamics, especially those manifesting in the renewable energy sector, any solution that balances the costs-benefits equation should be embraced as the sustainable option. As the struggle towards surmounting the African energy trilemma exists as a collective challenge, sub-Saharan African countries can leverage enhanced regional collaboration for Africa’s industrial development. It is possible to harness the net benefits despite the financial cost of renewable energy via optimisation of the development of renewable energy resources and manufacturing capacities across African countries.
An inclusive approach should be flexible enough to be driven by each African country based on their strengths or weaknesses. This approach should also be tailored towards addressing the challenges of in-country manufacture of renewable energy systems with the ultimate goal of thereby making the venture cost-efficient in the medium to long term.
The manifold benefits of a continent-wide collaborative framework for renewable energy development would allow countries facing similar challenges to save on the cost of tackling those challenges individually, leveraging economies of scale. This is already happening with the African Renewable Energy Initiative (AREI).
The AREI is emerging as one of the political solutions to support and expedite Africa’s transformation of its energy systems, riding the crest of the global energy transition anchored on renewable energy. The AREI is an African-owned and African-led initiative that aims to foster sustainable development on the continent by providing universal access to clean energy for the millions of people who are in most need of it. The initiative recognises that the scale of African energy challenges is enormous, but so are the opportunities.
Transformational change is both needed, possible, and must be stimulated by truly collaborative international efforts and goodwill. By fostering partnerships, bringing together existing initiatives, and mobilising new international support for secure, distributed, and people-oriented energy systems of the future, the initiative will help African countries gain access to cleaner energy to drive their development and prosperity. The AREI objectives seem primed to be boosted by cross-border trade (through regional governance and trade like AfCFTA) as well as emerging research and development collaborations such as those encapsulated in the African Development Bank’s New Deal on Energy for Africa.
This deal is built on five inter-related and mutually reinforcing principles: (i) raising aspirations to solve Africa’s energy challenges; ii) establishing a Transformative Partnership on Energy for Africa; (iii) mobilising domestic and international capital for innovative financing in Africa’s energy sector; (iv) supporting African governments in strengthening energy policy, regulation and sector governance; and (v) increasing African Development Bank’s investments in energy and climate financing.
Conclusion
This opinion piece concludes with the President of African Development Bank (AfDB) Dr Akinwumi Adesina’s outcry that “Africa is simply tired of being in the dark. It is time to take decisive action and turn around this narrative: to light up and power Africa – and accelerate the pace of economic transformation, unlock the potential of businesses, and drive much-needed industrialisation to create jobs”.
This could explain Dr Adesina’s commitment to the Light Up and Power Africa as the core of the New Deal On Energy for Africa with an aspirational goal of assisting the energy-starved African continent in achieving universal electricity access by 2025, and a strong focus on encouraging clean and renewable energy solutions.
It will require providing 160 GW of new capacity, 130 million new on-grid connections, 75 million new off-grid connections, and delivering 150 million households with access to clean cooking solutions. To achieve these goals, the estimate of the investment will range between USD 60 billion and USD 90 billion per year.
Akinwumi’s AfDB has committed to investing USD 12 billion of its resources in the energy sector over half a decade. Sub-Sahara Africa presents a unique case of a benefit in an abundance of resources. Still, there needs to be a resolution of the challenge of the initial high cost of the systems required to generate electricity.
There is also an urgent need for an intra-Africa tech-industrial revolution on the continent to lower renewable energy utilisation costs for residential and small-scale enterprises buckling under the weight of time-consuming and high importation costs. The prioritisation of local manufacturing is hoped to act as interventions of AREI and AfDB, thereby sufficiently enabling Africa in harnessing its abundant renewable energy sources to enthrone the manifold advantages of cost-efficiency of renewable energy.
Smart speaker users are switching increasingly to display-based devices, or Smart Displays, according to the latest research from Strategy Analytics’ Smart Speakers and Screens service. The share of all smart speaker sales incorporating a display was 26% in Q3 2020, compared to 22% a year earlier.
Sales of Smart Displays in Q3 rose year-on-year by 21% to 9.5 million units, while sales of basic smart speakers (without a display) fell by 3% over the same period. This led to an overall increase of 2.6% in smart speaker sales (with or without a display) in Q3 2020 compared to Q3 2019. Amazon and Baidu lead the market for smart displays; the best-selling devices in Q3 were the Amazon Echo Show 5 and the Baidu Xiaodu Zaijia 1c. A growing range of smart display apps and services as well as lower device prices are key factors in their success.
Growing Demand For Smart Displays Drove Global Smart Speaker Sales To 2.6% Growth in Q3 – www.brandspurng.com
In the overall smart speaker market, Amazon retained first place in Q3 with a 28.8% share of global shipments, although its sales fell slightly compared to a year earlier. Amazon’s main rivals all increased sales and market share, with the exception of Xiaomi, which had a disappointing quarter. The 2020 smart speaker market was badly hit in Q1 by pandemic-driven supply issues, but has steadily recovered since then. Q4 is expected to be a strong period following the launch of new models by the three major US vendors and continued improvement in economic and consumer sentiment in many countries.
“Like many sectors, smart speakers have had a difficult year for well-rehearsed reasons,” notes David Watkins, Director, Smart Speakers and Screens. “But the shoots of recovery are beginning to show, and vendor commitment is evident from the many new products and improved technologies now being introduced. Barring any further major economic disruption, we expect 2021 to be marked by further healthy growth in the smart speaker business.”
The Minister of Petroleum Resources, Chief Timipre Sylva will commission a 5,000 barrels per day (BPD) modular refinery located in Ibigwe, Imo State on 24 November 2020.
Professional roller-skater Nigerian born British Tinuke’s Orbit (aka Tinuke Oyediran), age 27 years has broken the record for most cartwheels on roller skates in one minute with 30 and the most spins on e-skates in one minute with 70 in celebration of Guinness World Records Day 2020.
Polo Avenue, Nigeria’s foremost luxury fashion destination, has received exclusive rights to retail Gucci Ready-to-Wear clothing in Nigeria. Polo Avenue has so far successfully established itself as the gatekeeper for luxury brands in West Africa.
Star Radler premium tasting beer has just unleashed the next best antidote for thirst with its double refreshment offering. The flavoured alcoholic beer unveiled its new look and new red fruit variant this October.
The Ministry of Tourism, Arts and Culture has designed an eligibility form for the 1 billion seed capital released by the Lagos State government in order for interested practitioners to have access to the fund.
While the International Monetary Fund acknowledges the damaging recession effects of Covid-19 in Africa the economic outlook for the continent remains optimistic, as the introduction of technologies brings with it accessibility and exposure to economic and personal finance possibilities.
The Economist Intelligence Unit’s Worldwide Cost of Living (WCOL) index, which this year reports the prices of 138 goods and services in about 130 major cities as at September 2020, has risen by just 0.3 points on average over the past year.
As part of continued efforts to upskill and empower women across underserved communities in Nigeria, Coca-Cola’s women empowerment programme tagged “Catalyst for Change” has seen the graduation of another set of 1000 women from the third tranche of the programme organized in the Ogijo, Ikorodu area of Lagos State.
Coca-Cola Nigeria Limited in partnership with Karis and Eleos Foundation is on a journey to empowering 5,000 women in Nigeria. With over 2,600 women trained and empowered so far, the Ogijo community in Ikorodu was not left out of the success story of the Catalyst for Change programme.
Building on a unique and diverse product portfolio across HDD and flash, Western Digital (NASDAQ: WDC) today announced a suite of new NVMe SSDs for enabling next-generation, data-centric architectures for data centres, industrial IoT, automotive and client applications.
Dangote Sugar released its 9M’20 financial statements showing remarkable growth in both topline and bottom-line figures. The company’s Q3 revenue grew 55% y/y to ₦57.3 billion, translating to a 9M’20 figure of ₦160.5 billion and a growth rate of 37% y/y (Vetiva estimate: ₦145.3 billion).
The total value of fintech investments worldwide sank to $12.15 billion in Q3 2020, a 16% drop compared to Q2 2020. The amount was raised across a total of 716 deals, with deal volume growing by 26% quarter-over-quarter (QoQ).
According to the research data analyzed and published by Comprar Acciones, the majority of the total deal value in Q3 2020 came from the US which got a total of 340 deals worth $7.85 billion. It gave the region a 64.7% share of the global total for the quarter.
Europe followed at a considerable distance with a total of 216 deals worth a cumulative $2.90 billion. Asia was third with 133 deals valued at $1.35 billion. It is noteworthy too that during Q3 2020, China did not score any major fintech deals. In fact, Q3 was its third consecutive quarter without any major VC deals.
Fintech Investments Worldwide in Q3 2020
Moreover, based on a CB Insights report, the quarter saw 25 deals worth $100 million+ (mega-rounds), accounting for 60% of total funding value. This was the highest percentage share of mega-rounds since Q2 2018.
For mega-rounds, there was an increase of 64% QoQ to reach $6.4 billion. Non-mega round funding, on the other hand, dipped by 16%.
Early-stage startups bounced back into investors’ purview during the period. Angel/seed rounds had a great quarter, managing not only to reverse a three-quarter contraction but also to register a 20% QoQ increase. Seed deals rose from 90 in Q2 2020 to 147 in Q3 2020.
Payment Industry Deals Soar by 41% to $6.22 Billion
As a result of the continued shift to digital transactions, point-of-sale lending providers were among the top performers.
All in all, payment industry deals totaled $6.22 billion in Q3 2020 according to GlobalData, marking a 41.9% increase QoQ. However, compared to the previous four-quarter average of $7.7 billion, there was a 19.2% decline.
The total deal volume shot up by 23.9%, with a total of 135 deals compared to the previous four-quarter average of 109 deals. North America took the lead in the segment with deals worth $2.55 billion.
The top five deals in the segment totaled $3.63 billion, accounting for 58.4% of the total. Top on the list was the FinTech Acquisition III and Paya merger, valued at $1.3 billion. Mitsubishi’s acquisition of Afterpay, valued at $753.06 million was second.
The highest raise in the segment was Klarna Bank’s $650 million. Including its most recent funding round, Klarna has received a total of $2 billion since it was launched in 2005. Following the fundraiser, it was valued at $10.65 billion according to Finextra. It became the first fintech from Europe to have surpassed $10 billion in value-added and the fourth-highest valued private one globally.
The Swedish buy now, pay later direct-to-consumer app had over 12 million monthly active users worldwide as at the end of the quarter. Its daily downloads were about 55,000. In a bid to break out of its home market, Klarna has been burning cash. In 2019, it reported a $93 million loss, down from a $10 million profit in 2018. With the new cash injection, Klarna plans to renew its efforts to break into the US market.
In H1 2020, Klarna added 35,000 new retailers and claimed to have become the partner of choice for the top 100 highest-grossing US merchants. At the time, there were over 9 million consumers using the app in the US. For the first six months of 2020, its overall transaction volume shot up by 44% year-over-year YoY to $22 billion. Similarly, its revenue grew by 36% YoY to $466 million.
Top 6 InsurTech Deals Account for 69% of Segment Funding
Insurtechs also benefitted from business continuity and health concerns. According to Willis Tower Watson, the sector as a whole raised $2.5 billion globally across 104 deals in Q3. It marked a 63% increase in deal value and a 41% rise in deal count.
Overall, the number of mega-round deals in the segment grew by a massive 50% QoQ. There were six mega-rounds driving 69% of total funding in the segment. These included Bright Health’s $500 million and another $500 million by Ki.
Fintech Investments Worldwide in Q3 2020
Funds received in million U.S. dollars (Source: Willis Tower Watson)
SMB insurer Next Insurance raised $250 million while Waterdrop, a health insurtech raised $230 million. Hippo raised $150 million while Policy Bazaar raised $130 million.
Early-stage companies (seed/angel and Series A) in the sector, which had fallen to a record low of 42% in Q2 2020, grew by 57% in Q3. Thanks to this growth, they went back to pre-pandemic levels.
The year 2020 has been the most profitable year for Pokemon Go since its launch in 2016. The mobile game generated $1 billion in revenue between January and October 2020.
According to the research data analyzed and published by Safe Betting Sites, in that 10-month period, players spent 11% more on the game than they did throughout 2019. Moreover, in comparison to the first 10 months of 2019, there was a 30% increase in player spending.
The mobile game was a major sensation in 2016, its year of launch. Within seven days of launch, by July 19, 2016, it got over 10 million downloads. At the time, it was the fastest game in history to reach 10 million downloads. It later lost that title to Super Mario Run which had 10 million downloads in one day.
In its first month, Pokemon Go made it to the Guinness World Records when it generated $207 million, the highest revenue for a mobile game during its first month. At the end of October 2020, it was in the fifth spot on the list of the highest one-month revenue for free-to-play games.
During its launch year, it generated a total of $832 million in only six months. That made 2016 its most profitable year yet.
Pokemon Go Worldwide Player Spending 2016-2020
Total player spending in billion U.S. dollars (Source: Sensor Tower) – www.brandspurng.com
In 2017, its revenue fell by 29% to $589 million. Since then, it has been on an upward trend. In 2018, it grew by 41%, rising to $828 million while in 2019, it rose by 9% to $902 million.
Prior to the outbreak of the global pandemic, playing the game required users to venture outdoors. This is because it is an augmented reality game whereby players encounter various creatures in real-world contexts using their mobile device GPS.
However, in a bid to adapt to stay-home trends, Niantic, the game publisher, implemented relevant features that made it possible for players to keep enjoying it while staying at home.
For the first 10 months of 2020, Pokemon Go was the third highest mobile game by player spending worldwide. The first spot went to PUBG Mobile, while the second went to Honor of Kings, both published by Tencent. Moon Active’s Coin Master was fourth and in fifth place was Monster Strike from Mixi.
US Accounts for 36.3% of Pokemon Go’s Lifetime Revenue
Since its 2016 launch, Pokemon Go has generated $4.2 billion in global player spending. Its top market is the United States, where its lifetime revenue was $1.5 billion at the end of October 2020. That figure accounted for 36.3% of total spending on the game.
Japan is close behind the US, with $1.3 billion, translating to 31.3%. The third most lucrative market, Germany, follows at a distance, with $238.6 million or 5.7%.
Pokemon Go Lifetime Revenue By Region
Player spending in billion U.S. dollars (Source: GamesIndustry.biz) – www.brandspurng.com
Most of the mobile app’s revenue is generated on Google Play Store, as is the majority of downloads. Over $2.2 billion of the total revenue (53.4%) came from the Play Store while $1.9 billion or 46.6% came from the Apple App Store.
From a total of 598 million downloads, Google Play took the lion’s share with 466 million or 78%. On the other hand, 132 million or 22% came from the App Store.
Pokemon Go Total Downloads By Region
Total game downloads in millions (Source: GamesIndustry.biz) – www.brandspurng.com
Once again, the US was the top market in terms of downloads, accounting for 109 million or 18.2% of the total. Brazil was second with 65.2 million or 11% and Mexico was third with 37.3 million, which was equivalent to 6.2%.
Pokemon Mobile App Generates $8.9 Million Revenue in A Single Day
According to SuperData, July was the best month in 2020 for Pokemon Go and its second best in history. During this month, it made 0.4% less than what it generated in August 2016.
The performance was attributed to the annual Pokemon Go Fest. During the two-day event, user spending reached $17.5 million. On July 25, Niantic raked in $8.9 million and on the 26th, it gained $8.6 million. Comparatively, July 24’s revenue was $7.8 million.
July 25 went on record as its best single-day revenue since July 29, 2016 when total player spending reached $13.3 million.
In October 2020, Pokemon Go was the fourth highest-grossing mobile game globally by overall revenue according to Sensor Tower. On the Google Play Store, it ranked third behind Genshin Impact and Coin Master. And on the Apple App Store, it was in the seventh spot.
As a whole, the free-to-play games market is showing no signs of slowing down anytime soon. Based on data from Statista, it is set to reach $67.1 billion in 2020, up from $64.4 billion in 2019 and $58.8 billion in 2018.
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