Starting point for a new era of brand experience: customized content for B2B target groups meets space for personal exchange
A complete success: around 222,000 visitors have already explored GROHE X since the launch
GROHE Wins Coveted Red Dot Award 2021 For Its Interactive Platform GROHE X
Only a few months after the launch of the digital experience hub GROHE X, the internationally renowned Red Dot Award Brands & Communication Design 2021 in the category “Digital Solutions” has now been awarded to GROHE, a leading global brand for holistic bathroom solutions and kitchen faucets.
Prof. Dr. Peter Zec, initiator and CEO of Red Dot, emphasized the importance of digital solutions for the success of brands and companies – especially today: “As an award winner, GROHE has proven that they think ‘outside the box’. The brand knows how to act quickly in times of crisis and use upheavals for new design approaches. In this way, they master important challenges and also make a valuable contribution to the further development of society.”
With GROHE X, LIXIL in EMENA has developed the first digital platform of its kind in the industry for its GROHE sanitary brand together with strong partners VOK DAMS, IBM and D’art. As a content hub tailored to the interests of B2B target groups for product presentation, inspiration and know-how transfer combined with exchange opportunities with experts as well as service-oriented offers such as tutorials and specialist events, GROHE X allows visitors to experience the brand individually. Since its launch in mid-March this year, GROHE X has quickly proven to be a success.
The outstanding visitor numbers – currently 2,500 daily – prove that GROHE X is a spot-on creative solution for the communications challenges both of today and the future. GROHE X is thus seen as a driver of innovation in its own right, serving not as a replacement for traditional communication, but as a starting point for a new era of brand presentation and communication in the B2B world: GROHE X already presents itself as an alternative that is flexible enough to keep pace with the rapid developments in communication.
“GROHE X is much more than a digital trade show replacement and the 35,000 visitors and 70,000 views in the first week alone have proven us right,” commented Jonas Brennwald, Leader LIXIL EMENA and Co-CEO Grohe AG. “The platform is designed to perfectly position our communication for the future. We are delighted that with the Red Dot award we have now also received international confirmation that we have created something that is not only well designed, but also an extremely successful brand communication tool.”
With around 20,000 entries, the annual Red Dot Award is one of the largest design competitions in the world. Its origins date back to 1955 and the famous Red Dot award has long since established itself as one of the most coveted seals of quality for good design. From products, brand communication and creative projects to design concepts and prototypes, the Red Dot Award documents the most important trends worldwide.
+++ Discover further information about the GROHE X platform by visiting the following link or browse the digital experience hub at grohe-x.com +++
PageRank is a patent Google introduced, which used links to help determine websites rankings in the SERPs. The algorithm was named after Google founder Larry Page.
The original patent has not been renewed and has since been updated by other algorithms, which work to achieve the same goal. However, by understanding the fundamental principles, we can better understand how to position our ecommerce sites to drive traffic and revenue.
PageRank key concepts
PageRank is passed between websites through links and can be distributed through a single website with internal links.
Some pages have a higher PageRank than others and thus can pass on more PageRank to pages they link to. When a page links to another, a dampening factor is applied. The original patent set this as 0.85 – so a page with a PageRank of one, linking to another page would pass 0.85 PageRank.
Key update: the Reasonable Surfer Model
Google’s Reasonable Surfer Model indicates that a link that is more likely to be clicked on will pass more PageRank than a link that is less likely to be clicked on. This is determined by a whole host of factors, including font size, color, and anchor text. However, the position of a link on a page is also something that we often have control over as SEOs and that we can, therefore, leverage.
Here is a simple, rather crude representation of how certain links will pass more/less PageRank based on the prominence of a link and how likely it is to be clicked on.
How to use PageRank for ecommerce websites
Build external links through to key pages
As linking pages pass PageRank, it stands to reason that we want to generate backlinks to key pages that we want to rank. For most ecommerce sites, the pages that rank for the highest volume and most revenue-driving keywords are category pages.
Wherever possible, we should therefore look to use tactics that support link building through to the pages that drive revenue, which for most sites looks something like:
Category pages
Product pages
Homepage
Blog posts
This is obviously easier said than done. Practicing these tactics with an overall aim to drive PageRank to your key pages. This reduces the dampening factors at play.
How to get past this
One common way to bypass this difficulty in building links to category pages is internally linking to key category pages we want to push from blog posts/Digital PR pieces that then get links themselves.
Although the PageRank passed to the page we ideally want to rank will undergo a dampening factor, this can still be more beneficial than failing to get any links at all to your target page.
It is worth considering how relevant the category page is to the blog/PR piece it is being included on, as well as where the links are placed on the page, being mindful of the impact the Reasonable Surfer dampening effect can have.
1. Build links from pages with high PageRank
As any Digital PR will know, high authority pages or pages that have lots of PageRank to pass onto your own site are some of the most sought-after links to attain.
Most of the time, this is actually viewed at a domain level, however as is demonstrated in this great review of how PageRank works by Majestic, a domain that should theoretically have a high PageRank can actually be significantly decreased at a page level by its own internal linking.
One caveat for Digital PR teams in this regard is not being too reliant on domain-level metrics as a proxy for links that pass a lot of PageRank and are thus good for ranking. Exactly which pages have high PageRank is nigh-on impossible to know, and although an over-reliance on third-party tools is never optimal, they may be the closest we can get to figuring out PageRank passed by a specific page, rather than a domain.
2. Build links from relevant sites
As part of the Reasonable Surfer Model, it suggests that a link is less likely to be followed if the links are unrelated to the document:
“This reasonable surfer model reflects the fact that not all of the links associated with a document are equally likely to be followed. Examples of unlikely followed links may include “Terms of Service” links, banner advertisements, and links unrelated to the document.” (Source)
As a result, building links from sites that are of higher relevance to your own site, is likely to pass more PageRank.
3. Remember it is not just about the number of links
Due to how PageRank is calculated, the PageRank value passed by one site can be drastically higher than the PageRank passed by the culmination of 1000s of others combined.
This is why the reliance on the overall number of links can be misleading.
Use internal linking to spread PageRank
We need to consider a few different methods while identifying pages that will benefit the most from ranking and how you pass PageRank around an ecommerce site:
Link to pages you want to rank from pages that have high PageRank themselves
Link to pages you want to rank more frequently throughout the site
Give links to pages you want more prominently ranked
1. Link to pages you want to rank from pages that have high PageRank themselves
Pages that have high PageRank, from which we can assume to be the pages most linked to from external sites, can be used to pass PageRank to –
Homepage linking
The best example of how you can do this is through the homepage. The homepage for most websites tends to be one of the most, if not the most externally linked to page on a site.
This means that in terms of PageRank, the homepage has the most to pass on to other internal pages.
By carefully selecting which pages you link to from the homepage, and therefore pass the high levels of PageRank to the key pages you want to rank.
2. Link to pages you want to rank more frequently throughout the site
Another method to consider is how frequently you link to the most important pages you want to rank.
Considering that each page can pass PageRank on – this stands to reason that if a page is internally linked to more frequently, it is likely to pass on more as compared to a page less internally linked to (although obviously influenced by the PageRank of the linking pages).
Therefore, you should be considering where you can add internal links to ensure that important pages are linked to more frequently, including:
Global navigation
Due to being outside of the main body content of the page, we can reasonably assume there is a dampening factor applied to links in the menu. However, given its role in navigation, this is likely to be far less than in the footer.
Therefore, since the global navigation is, as the name suggests, linked globally from every page on the site, the sheer number of links that will be passing PageRank is likely to funnel to those pages included in the navigation. These should therefore be the key pages you want to be ranking.
Breadcrumbs
As long-time fans of breadcrumbs at NOVOS, their benefit of passing PageRank to key pages should not be underestimated, due to the frequency with which different levels of pages are linked to.
The benefit of breadcrumbs on ecommerce sites (outside of usability benefits for the customers) is that they pass PageRank up to the core pages that generally rank for competitive keywords. They are typically helpful to rank the categories.
Most ecommerce websites have a pyramid structure with the homepage at the top, followed by some core categories, an increasing number of subcategories, and lots of product pages. By implementing breadcrumbs on the site, you use the pyramid structure to your advantage (both SEO and CX wise). Since every product page will link up to its relevant subcategories and category, and every subcategory will link through to its relevant category.
In this sense, you distribute internal links as an inverse pyramid, concentrating the highest number (if we disregard the homepage) on the core categories that are the pages generally targeted for high volume keywords. In this sense, your ecommerce site stands a great chance of receiving large amounts of PageRank from internal links.
Product pages also generally are easier to build links to and also naturally generate them. The higher PageRank product pages can distribute upwards, the greater is the relevance – which implies lesser chances of suffering significantly from dampening factors.
How to use PageRank for ecommerce websites
Based on the Reasonable Surfer Model we can assume that the PageRank passed by footer links is significantly impacted by dampening factors. However, the fact that these links are site-wide may mean that there is some benefit to including important pages in the footer for the accumulation of PageRank.
3. Give links to pages you want more prominently ranked
As the Reasonable Surfer Model applied to the likelihood of a link being clicked on a page, it is therefore worth considering whereabouts on a page. This could also mean considering page templates in general links.
For example, in a content strategy, where multiple blogs are being written on a given relevant topic to support a category page, linking to the category page early in the article, with clearly related anchor text, is likely to drive more PageRank than right at the end of an article. On a case-by-case basis, this distinction may appear trivial, however, on an ecommerce site with hundreds and thousands of blogs, the PageRank passed in total may be significant.
Following the NCAA’s landmark ruling earlier this year allowing collegiate athletes to benefit from their own name, image, and likeness, Nielsen (NYSE: NLSN) has launched a new solution, the Nielsen Impact Score (NIS), which will help universities recruit student-athletes by demonstrating the marketing value of each athletic program.
The Duke University men’s basketball team, five-time national champions and 16-time Final Four participants, is the first collegiate program to sign on and use the Nielsen Impact Score.
Nielsen Sports, a global leader in sports media valuation, data intelligence, strategy and insights, developed the NIS to help showcase the marketing impact a collegiate sports team can deliver to potential student-athletes. By tapping into Nielsen’s industry-leading TV measurement tools, along with its local market research data from Nielsen Scarborough, the NIS is a first-of-its-kind solution that only Nielsen is able to deliver.
The NIS database is designed to help a university team’s staff showcase the impact its program can have on prospective players. This database allows universities to quantify the inherent value a program can provide to prospective student-athletes using metrics similar to those a brand would consider when evaluating sports marketing partnerships. Now, coaches can pull their program’s rankings at the local or national level to help recruiting efforts, showcasing strengths in their own program as well as advantages over other programs. This allows programs that use the NIS to personalize recruiting pitches based on factors that may help a student-athlete benefit from the NCAA’s new name, image, likeness rules.
The Nielsen Impact Score is a marketing value index that compares programs across three key inputs:
National Exposure – The basis for any marketing deal, this metric accounts for how much national television exposure the collegiate program provides its student-athletes. This metric is based on proprietary Nielsen TV Ratings data.
Local Market Impact – College sports marketing relies heavily on state and local market advertisers, and this metric quantifies how a program’s local market fanbase engages with its local marketing activations. This component is provided using local market research data from Nielsen Scarborough.
Social Media Engagement – This calculates the engagement value of a program’s social media audience through metrics including followers, engagement rates, and more.
The Nielsen Impact Score is initially available for nearly 100 NCAA Division I men’s college basketball programs – including all schools from the Atlantic Coast Conference (ACC), American Athletic Conference (AAC), Big 12, Big East, Pac-12, Southeastern Conference (SEC), and more – with plans to roll out broader across more collegiate sports.
“We had an opportunity to tap into exclusive and trusted Nielsen audience measurement and consumer data and bring a new solution to aid college coaches with the new NCAA name, image, likeness legislation,” said Nielsen Sports Managing Director Jon Stainer. “By adding the Nielsen Impact Score to our other Nielsen Sports solutions such as Nielsen Fan Insights, Return on Sponsorship Investment and Sports Connect, we continue to raise the bar on the value we can bring to sports properties and brands through a data-driven approach. No other company is able to offer this type of solution since Nielsen has the largest breadth of TV data, and its own local market consumer research in Nielsen Scarborough.”
“We’re always looking for creative ways to elevate our brand and share our story with recruits,” said Duke Men’s Basketball Creative Director David Bradley. “The Nielsen Impact Score and corresponding data is another way to position our basketball program to potential future Blue Devils by sharing the true data points in their own marketability. When we say ‘bright lights, biggest stage’ – we will have comprehensive data to show what that means to a future college basketball player. We are excited to be the first program to use this new solution as we look to bring in the next generation of elite student-athletes.”
Nielsen Sports is the leading source of sports and sponsorship measurement and analytics around the world, with solutions spanning cross-platform media valuation, fan insights, and digital and social analysis. Nielsen Sports provides insight and analysis of over 15,000 teams, leagues and events and for more than 150,000 brands globally. Learn more at nielsensports.com.
The Duke men’s basketball team opens its 2021-22 season on Tuesday, November 9 vs. Kentucky.
The federal government and its partners in the private sector, under the auspices of Family Homes Funds Limited (FHFL), have completed the issuance of a seven-year N10 billion corporate Sukuk , the first-ever in the country.
The Series I Sukuk, expected to fall due in 2028, is the first Securities and Exchange Commission (SEC)-registered corporate bond to be issued in Nigeria and certified by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN).
The transaction, which was more than twice oversubscribed, also represents the company’s debut in the Nigerian debt capital markets.
The transaction, which attracted significant demand from pension funds, ethical funds, fund managers, non-finance Islamic institutions, trustees, corporate and high networth individuals, had a total received value of N21.3 billion of the intended N10 billion and was launched at a rental rate of 13 per cent per annum.
Speaking during the signing of the bond, Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said achieving the feat had been a long and demanding journey, lauding all parties that worked to ensure the success of the issuance.
She described the issuance as historical, adding that it will strengthen the fund’s dedication to its core principles and expand its ability to offer wider opportunities for Nigerians who rely on them to realise their home ownership dreams.
Ahmed said: “As we know, housing is one of the key indices for measuring development in any country. From the onset, housing for Nigerians, especially those on low-income, has been a major priority for President Muhammadu Buhari’s government.
“Social housing is one of the strategic pillars of our economic development programmes and a direct way of improving the lives of Nigerians. This is what has informed the kind of investment we are making across the country through institutions like the Family Homes Funds.”
Ahmed, who was represented by the Permanent Secretary at the ministry, Mr. Aliyu Ahmed, stated that with funding from the federal government, FHFL has so far been able to finance the development of affordable homes in some states, stressing that it is important that it strengthens its capabilities with the issuance.
According to her, sustainable funding remains critical, while the interest the issuance has generated is significant for what the future of funding in the housing sector may look like.
“The kind of results we are seeking can be hastened through efforts like this, where the private and public sectors can blend in through investments and other forms of partnership,” she added.
In his remarks, Chairman of the fund, Mr. Suleiman Barau, stated that the institution has been able to finance the development of 11,700 homes at different levels of completion across the country, with many more in the pipeline.
“With this issuance on a N30 billion Sukuk bond, Family Homes Funds’ commitment to financing the development of affordable housing in Nigeria is further strengthened and presents a great source of hope for average Nigerians seeking a home of their own.
“The impressive rate of subscription and participation by a diverse range of investors demonstrate the high level of investor confidence in Family Homes Funds, particularly, because of the progress it is making in the affordable housing space in Nigeria,” he stated.
In his remarks, Managing Director of FHFL, Mr. Femi Adewole, stated that about 64 per cent of the subscription was from pension funds, adding that the net proceeds from the issue will finance new homes for Nigerians on low income across the nation, contributing to its objective of developing up to 200,000 homes by December 2022.
The World Bank has decried the continued spending by the Nigerian government on petrol subsidy, which it said is on track to gobble up N2.9tn this year.
Its Country Director for Nigeria, Shubham Chaudhuri, who spoke on Monday at a panel session during the 27th National Economic Summit, said the country could channel the money being spent on subsidy to primary healthcare, basic education and rural roads.
“This year, Nigeria is on track to spend N2.9tn on PMS subsidy, which is more than it spends on health,” he said.
Also speaking at the session, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the Federal Government had made provision for petrol subsidy till the end of June next year.
“In our 2022 budget, we only factored in subsidy for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry,” she said.
The World Bank director, who likened Nigeria to a malnourished individual needing urgent treatment, said some critical decisions need to be made now for the country to realise its potential.
He said, “I think the urgency of doing something now is because the time is going in terms of retaining the hope of young Nigerians in the future and potential of Nigeria. The kinds of things that could be done right away – the petrol subsidy; yes, I hear that six months from now, perhaps with the PIA(Petroleum Industry Act) coming into effect, this will go away.
“But the fact is can Nigeria even afford to wait for those six months? And there is a choice: N3tn to PMS subsidy which is depriving states of much-needed revenues to invest in basic services.”
The Chairman, Presidential Economic Advisory Council, Prof. Doyin Salami, said he had argued for a long time that subsidy really needed to go.
He said, “With the PIA essentially it makes illegal petrol subsidy and yes, there is a period where NNPC and the new regulatory agencies must calibrate themselves, but at the end of this period – and I think it is about six months, which explains why the minister has said for the first half of the year, there is provision.
“My view will be if we could get it done sooner than that, it will be excellent. It releases money. The key point is simply this: we are now, any which way, at the tail end of that conversation, except if we choose not to obey the law. My sense is we will obey the law and subsidy will be gone.”
The disagreement between the Federal Government and the Governors over the Paris Club refund deduction seems to be intensifying as the Chairman of the Nigerian Governors Forum (NGF) Kayode Fayemi, has opposed the Federal Government’s plans to make deductions from the federation account for payment of consultants for the Paris Club Refund.
This is as there are reports of a deadlock at the Federation Account Allocation Committee (FAAC) meeting following the states’ opposition to the commencement of deduction of $418 million to pay private consultants for the Paris Club refund, according to ChannelsTV.
The move by the Federal Government is projected to affect the recurrent expenditure of at least 33 states who may not be able to pay the salary of their workers.
What the Chairman of NGF is saying
Fayemi, who is also the Governor of Ekiti State, made this known while fielding questions from journalists on the sidelines of the 27th Nigerian Economic Summit in Abuja on Tuesday. He said that due to this reason, the state governors are not in support of the decision.
Fayemi criticized a situation where the Federal Government makes arbitrary deductions without the input of state governors adding that they have agreed not to collect any allocation from the Federation Allocation Account (FAAC) until the issues are resolved.
The Governor said, “We are dealing with the issue. We would find a resolution to it. As far as states are concerned, they do not accept that funds belonging to federation account could just be arbitrarily deducted without the input of the states, and that’s why we are insisting that until this is clarified, we would rather leave the money in the pool until we have all agreed on the direction.’’
What you should know
Recall that the Federal Government had in 2006 paid $12 billion to get an $18 billion debt write-off by the Paris Club of international creditors.
After realising that the payment was made directly from the revenue accruing to the entire federation, states and local governments that did not owe the Paris Club demanded a refund.
Some consultants claimed a percentage of the refund as payment for services they said they rendered to the states and local government councils. Some of the contractors also claimed that they executed projects across the country for the Association of Local Governments of Nigeria.
The governors, therefore, insisted on a forensic audit, while the contractors and consultants went to court.
The Attorney-General of the Federation, Abubakar Malami, negotiated an out-of-court settlement with the contractors and consultants with the sum of $418,953,670.59 agreed as the judgment debt.
The Nigeria Governors’ Forum subsequently went to court to stop the payment of the controversial sum to the consultants.
The governors have opposed the Paris Club deduction.
Jise, a food-only delivery platform, has announced that its food service app has raised $100,000 angel funding from investors in Nigeria and Europe. The firm has also started operations in Lagos.
This was disclosed by the company in a statement issued on Tuesday and seen by Brandspur.
Jise is led by 4 co-founders and they are, Marvelous Gbenro as CEO, Tokurah Majid as VP Growth & Operations, Ibukun Olasupo as VP Customer Engagement and Jeremy Osazuwa Agbonze VP Technology.
What Jise is saying about the funding
In a statement released by the startup, it said, “Following the Covid-19 outbreak in 2020, the demand for food and groceries delivery services has increased around the world. This new normal has had consumers demanding a better food delivery service in Nigeria, Jise has seized this opportunity to provide a food delivery platform focusing on providing fast and affordable delivery services starting with Lagos.
“Jise is similar to Doordash in the US or Deliveroo in Europe with its sole focus on delivering meals within 25 minutes. Jise was birthed due to the inadequacies and the problems caused by delivery partners who are multi-category focused that results in unfulfilled or late food deliveries, which then leads to disappointment that invariably threatens brand integrity of most of our local restaurants.
A solution was therefore created by building a shared logistics platform that enables restaurants to effectively deliver their meals in the fastest possible time leveraging clusters of independent delivery personnel, while simultaneously enabling growth for restaurants via a connected marketplace (integrated solution) – JISE.
“The company seeks to be the game-changer (The DoorDash for Nigeria) in the food delivery sector by providing an effective food ordering and food delivery platform that handles delivery & takeout from the best local restaurants at very affordable costs to its consumers.
“In the wake of starting its operation officially today, Jise has raised $100,000 angel investment from notable investors including Backroom Capital (Nigeria), Winston Capital (Ireland) and also a few angel investors including Jonny Enagwolor, Co-Founder.”
What experts are saying about the new investment
Leonard Lynch investor at Winston Capital said, “At Winston Capital, we are always looking for the best teams to invest in and at Jise, we see it as a great opportunity to invest in a great team. We are delighted to continue to support the start-up ecosystem in Nigeria with our second investment on the continent. The Jise team led by Marvelous is building the Just Eat or Doordash of Nigeria and we are excited to be part of their journey.”
What you should know about Jise
Jise has gone live by signing up more than 40 restaurant menus on their platform, first within the Lekki Phase 1 axis of Lagos.
It hopes to provide meals within 25 minutes to customers in this axis then gradually expand their community-based model starting with bicycle runners across Lagos in preparation for the holiday season.
Naira has gained massively at the black market today, Wednesday, October 27, 2021.
Brand Spur Nigeria reports that Nigeria’s official currency, Naira, gained at the parallel market also known as the black market on Wednesday, October 27, trading at ₦571 per dollar.
According reports the massive gain is coming after the Naira closed at ₦575 per dollar last Tuesday, October 26, 2021.
Also, Brand Spur Nigeria reports that the Naira gained today, Wednesday, October 27, 2021, hitting ₦414.05 per dollar on Tuesday, 26 October 2021, after it closed at ₦415.07 per $1 on Wednesday, 26 October 2021 at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.
The local currency remained flat at the official market as dollar supply rose significantly by 134%. Meanwhile, the International Monetary Fund (IMF) has attributed the decline in diaspora remittances into Nigeria to the uncertainty in the country’s foreign exchange market. Nigeria’s foreign reserve closed at $40.76 billion on Wednesday, 20th October 2021, representing a $377.04 million boost in the reserve position. The nation’s foreign reserve increased by 0.93% on Wednesday from $40.39 billion recorded as of the previous day.
Meanwhile, Brand Spur Nigeria reports that the development is coming a week after Nigeria’s Vice President, Prof. Yemi Osinbajo, called on the Central Bank of Nigeria (CBN) led by Godwin Emefiele to allow the naira reflect the realities of the market.
The Vice President had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.
Naira Gains Massively At Black Market, See Today’s Exchange Rate
“Prof. Osinbajo is not calling for the devaluation of the Naira. He has at all times argued against a willy-nilly devaluation of the Naira,” Laolu Akande, spokesperson to Vice-President had explained in a statement.
“For context, the Vice-President’s point was that currently, the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570.
“This was why the Vice–President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.
“It is a well-known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange.”
“It is stopping this huge arbitrage of over N160 per dollar that the Vice-President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!
Bola Onigbogi, the outgoing president of the National Council of Registered Insurance Brokers, NCRIB has stated that the insurance industry has the capacity to cater for 5,000 graduates yearly.
She said this while delivering a speech during the investiture of Barrister Rotimi Edu, as the 21st President of the council, in Lagos.
Noting that the industry falls short of expectations compared to other countries, she called on the new leadership of the association to make decisions that will take the council to a higher pedestal.
What Onigbogi is saying
Onigbogi said, “Insurance industry in other climes contributes majorly to the gross domestic product of their nations. With estimated population of over 200 million Nigerians, it is expedient to state that the industry has the capacity to engage a minimum of over 5,000 graduates yearly.
“It can only be imagined how the industry could have been a useful instrument to drive home the vision of the current administration of creating employment across the nation. The influence and involvement of Government can change the whole narrative. I need not say much on this.”
Finance Minister, Zainab Ahmed, while speaking during the investiture, urged insurance sector operators to leverage the current support by the federal government in boosting the image of the sector by impressing the value of insurance as a financial instrument for protection and sustainability in the heart of the general public and businesses.
She charged insurers to stick to a good working relationship saying this will, in turn, improve the fragile image and perception of the sector by the populace.
Speaking on challenges confronting businesses and the insurance sector, she noted that the world has moved many paces ahead of Africa on so many fronts in insurance practice and governance.
“The insurance sector is a knowledge-based industry which must take the issue of training of its members seriously in order to update itself with current realities across the globe.
“By training and retraining, the sector can adequately equip practitioners with modern techniques and practice from the traditional ways of doing business to more robust, all-inclusive and diversified channels of reaching our huge potential client,” she said.
Similarly, the minister called on insurance brokers to embrace relevant technologies aimed at making the insurance market grow especially at a time that the commission’s cardinal objective is centred on deepening penetration and developing the market. She cited that extreme times like this require extreme measures to reach out to the nooks and crannies of the country.
Challenging brokers to tap the huge market, she said, “I want to challenge the intermediaries that there is a huge untapped market in the retail business and I urge your members to learn new ways to reach out and explore this area of huge potential for inclusiveness.”
She also proposed partnership with other stakeholders perceived as progress partners in consumption as well as supply or distribution of insurance products in the country as the market urgently need to work together with the necessary people if they want to make an impact.
Dollar to Naira exchange rate today 27 October 2021, black market rate can be accessed below.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦571 and the price can change (high or low ) within hours.
Brand Spur Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
October 27 dollar to naira official exchange rate: $1 dollar to naira =₦414.44
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦414.44 per dollar on Wednesday, 27 October 2021, after it closed at ₦415.10 per $1 on Tuesday, 26 October 2021. This represents a change of 0.10%.
How much is exchange rate of Dollar to Naira in Black Market today?
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES October 27, 2021 (BLACK MARKET): dollar to naira exchange rate today black market
October 27 dollar to naira black market exchange rate: $1 dollar to naira = ₦571
Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N571.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 27 October 2021, in Lagos Nigeria after it closed N570.00 per $1 on Wednesday, 26 October 2021.
Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11. This is coming after CBN vs Aboki FX clash over the dollar to naira black market exchange rate.
Even though the dollar to naira opened in the parallel market at ₦571 per $1 today, Brand Spur Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Brand Spur Nigeria reports that the black market, the players buy a dollar for N566 and sell for N571 on Wednesday morning, October 27, 2021 after they bought N568 and sold N575 on Tuesday, 26 October 2021.
Meanwhile, Brand Spur Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, October 25, 2021 in Lagos Nigeria, after it opened N572 last week Monday, October 18, 2021.
Disclaimer:Brand Spur Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of theFMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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