Headline inflation rises to 12.56%; 27-month high, back to pre-April 2018 levels

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Headline inflation rises to 12.56%; 27-month high, back to pre-April 2018 levels

National Bureau of Statistics (NBS) released inflation data for June 2020 this morning. Annual Headline inflation print 12.56% from 12.40% in May 2020. MoM, the index rose at a faster pace to 1.21% in June 2020 from 1.17% in May 2020. Food inflation surged YoY to 15.18% from 15.04% in May 2020, and MoM, the index increased to 1.48% in June 2020 from 1.42% in May 2020.

Core inflation grew YoY to 10.13% from 10.12% in May 2020, but MoM, the index grew slowly by 0.86% in June 2020 from 0.88% in May 2020. Overall, twelve months and year-to-date average Headline inflation stood at 11.90% and 12.32%, respectively.

Analysis

The rise in food prices majorly drove the 15bps increase in Headline inflation from 12.40% to 12.56%. Food prices rose YoY by 14bps to 15.18% in June 2020. We believe that the VAT increase, supply chain disruption, as well as weak storage infrastructure and poor road network, has continued to pressure food prices.

We also believe that the land border closure in August 2019 amid limited domestic capacity to meet demand continued to be a significant factor. Also, transportation cost, which grew from 10.09% to 10.41% in June 2020 impacted food prices.

Globally, food prices also rose. According to the FAO Food Price Index, global food prices increased by 2.40% in June 2020. Similarly, the imported food index grew by 5bps from 16.26% to 16.31% in June 2020.

Away from food inflation, core inflation grew by 1bps to 10.13% in June 2020. The primary driver of core inflation was medical and transport cost. Health inflation increased from 10.66% to 11.09% in June 2020, while transport cost grew to 10.41% in June 2020. We believe that price increases in health and transportation were systemic, given the COVID-19 pandemic.

Expectation

In our previous report, we expected June inflation to grow though at a slower pace due to the gradual easing of the lockdown and anticipated increase in productivity. Surprisingly, inflation rose to a 27-month high. That said, our inflation outlook in the coming months is negative. We think that the upward review of the petrol price as well as the FX convergence move by the CBN will impact inflation in the coming months.

However, we believe that the advent of the harvest season will bode well for food prices. That said, we do not expect a material pivot from the CBN dovish bias. Thus, we expect the CBN to maintain the status quo in the monetary policy levers at the MPC meeting scheduled to hold on July 22-23, 2020.

• Food inflation increased year-on-year by 14bps to 15.18% in June 2020 from 15.04% in May 2020. Month-on-month, the index rose to 1.48%, relative to 1.42% recorded in May 2020. The increase recorded in the index were contributed by price increases in bread & cereals; fish; potatoes; meat; vegetables; oil & fats; and fruits.

• Core inflation increased by 1bps year-on-year to 10.13% in June 2020 from 10.12% in May 2020. Month-on-month, the index increased to 0.86%, from 0.88% in May 2020. The major price increases were recorded in medical services; hospital services; motor cars; passenger transport by road; bicycles; motorcycles; pharmaceutical products; paramedical  services; maintenance and repair of personal transport equipment; vehicle spare parts; and other services in respect of personal transport equipment.

Culled From WSTC

Corruption has modernized, so should anticorruption initiatives

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Corruption has modernized, so should anticorruption initiatives

The World Bank’s commitment to helping countries controls corruption dates to 1996 when then-President James Wolfensohn made his “cancer of corruption” speech. It was the first time the issue was given such prominence by a World Bank President and put squarely on the agenda of the institution.

A lot has happened since then. In 1996 only 22 countries had the right to information laws, compared to 123 today. The Open Data revolution had not yet begun; neither technology nor attitude supported such openness in most countries.

Global standard-setting instruments such as the OECD Anti-Bribery Convention and the UN Convention Against Corruption were envisioned at that time but not enacted. Others, such as the Extractive Industries Transparency Initiative (EITI) got launched and matured since.

Behavioural economics had not yet been recognized by the Nobel Prize committee. No one had heard of GovTech, and the Open Government Partnership had not yet been established. Terms like illicit financial flows and e-procurement were not common, and the Panama Papers and Luanda Leaks were well in the future. And no one had heard of COVID-19.

Addressing corruption not only saves money and stops bad behaviour, but it also helps achieve a wide range of development goals. Think, for a moment, about the many ways corruption can undermine human capital development. Ghost workers in the education system, kickbacks for school meals contracts and false degrees weaken the efficacy of learning-related spending.

Bribery and fraud in procuring pharmaceuticals or medical equipment can weaken survival rates and constrain the ability of children to thrive. Corruption in infrastructure and among traffic police can lead to unsafe roads, weakening human capital and undermining access to opportunities.

“Corruption has evolved over the last two decades, and in the course of the COVID-19 response. Our approach is evolving as well.”

The World Bank’s approach to controlling corruption needs to keep up with the times. What should we be doing differently? Anticorruption Initiatives—Reaffirming Commitment to a Development Priority outlines an approach, organized around five initiatives.

Global norms and standards are essential in shaping policy and ensuring governments take action. The World Bank’s global perspective can help. Progress in the criminalization of corrupt acts and in strengthening transparency have shown the value of standards.

Can greater consistency in approaches to beneficial ownership transparency, management of conflicts of interest, and other areas do the same? How can we better track progress? The initiative on Global Standards and Monitoring proposes some areas of focus.
Corruption is often transactional but it can also be embedded in networks, tilting the playing field to the advantage of political elites and connected firms.

Given what we’ve learned about power, politics, business and corruption, can we do more to address state capture? The initiative on Power and Money takes on this challenge.
Transparency has value in its own right.

Access to information is a basic human right. How can we take advantage of new technologies to analyze the torrents of data for patterns we wouldn’t otherwise notice, and better engage stakeholders for oversight, and accountability, and make services more responsive and equitable? The High Definition Transparency initiative supports efforts to respond to these challenges.

Corruption comes in all forms, and these can vary systematically. Controlling patronage networks in customs, for example, calls for approaches different from those needed for embezzlement in state-owned enterprises or bribery in the courts. It’s been 13 years since The Many Faces of Corruption outlined sector-specific approaches.

A Sector-Based Approach will update our work to reflect the changes in technology and thinking.

The common definition “abuse of public office for private gain”, projects an image of a lone person doing wrong. In many cases, though, they get help from bankers and lawyers and accountants, sometimes in off-shore jurisdictions and financial centres in advanced economies. And what about the behaviour of the firms and individuals? Addressing the Facilitators initiative highlights what can be done in the professions and locations that facilitate corruption and take on the stubborn social norms that surround both bribe payers and bribe-takers.

We will be expanding on each of these initiatives in a series of blog posts. Corruption has evolved over the last two decades, and in the course of the COVID-19 response.

Our approach is evolving as well, to reflect the global and local challenges countries face today as well as the new opportunities presented by technology, behavioural and political science insights, a growing global community focused on norms and standards, and partnerships.

Our paper reflects these new realities and sets out a road map to work closely with governments, international partners and civil society to take anti-corruption in new directions and reaffirm that controlling corruption is a development priority.

In Nigeria, you need deliberate effort to unlearn poverty.

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In Nigeria, you need deliberate effort to unlearn poverty.

This is because poverty is so rampant in speech and in thought, that if you ever want to be free from it you need to dissociate yourself from it and people who bear it.

This is not to say that poverty in Nigeria is not a real problem – it is.

But people who are often not directly affected by it seem to have a second type of poverty – which is simply a non-progressive mindset and the spirit of complaining.

 

Photo by Temitayo Aina

For instance, It is one thing to not have funds for quality education.

It is another thing to see a scholarship opportunity and instead of applying, you say “na only big men children de get the scholarship na – them know who dem dey give.”

Such a person has already resigned himself to perpetual lack of progress and unwillingness to even make and effort. And such people, statements and ways of thinking have to stay very far away from you if you want to progress in Nigeria (or anywhere in the world or that matter).

It’s a concrete kind of poverty not to be able to see light at the end of the tunnel.

It’s a new kind of poverty not to be able to work towards a brighter tomorrow; to be so perpetually broke that you are not even thinking about saving and doing something for the future.

  • To apply for a job, you will say “no job.“
  • To start a business you will “no funds.”
  • To raise capital you will say “na only big men banks dey give loans.”
  • To partner with others, you will say “Nobody can be trusted, they will carry your money and run.”
  • To read a book, you will say “no time to read.”
  • Save money, you will say “na who don chop belle-full na im dey save”

Later you will say its sniper that is killing people; when you’re not even alive to begin with.

Real Nigerian’s are hustlers, not complainers. And we are known by that trademark all over the globe. We are resilient. Struggle makes us tough, not give up. It makes us band together not fall apart.

You must avoid the poverty mentality in this Nigeria in order to thrive. And when you pray against poverty what you are really praying about is to keep away from those people who talk like that and teach you how to talk and think like that.

Be up and doing my friend. 

Take courage and keep going.

That’s the real Nigerian spirit.

Written by Ten Esan, Founder at EMB Investment Group, Associate at LSG Solicitors and General Counsel, Oniru Royal Family Estate.

June 2020 Inflation Review – Annual inflation accelerates to 12.56% y/y

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June 2020 Inflation Review – Annual inflation accelerates to 12.56% y/y

Nigeria’s annual inflation accelerated to 12.56% y/y (Vetiva estimate: 12.44% y/y) in Jun’20 from 12.40% y/y in May, due largely to costlier food items, the National Bureau of Statistics (NBS) reported.

Inflation in the country has risen for ten consecutive months, driven by the concerted impact of border closure to check to smuggle, trade restrictions to curb the spread of the coronavirus, and the drop in the value of the Naira, on food prices.

Since the border closure was instituted in Aug’19, food inflation has gone up by 200bps to 15.18% y/y in Jun’20 while core inflation has since risen by 19bps to 10.21% y/y in Jun’20.

Food & non-alcoholic beverages, weaker Naira behind CPI acceleration

Food inflation in the review month edged up to 15.18% y/y from 15.04% y/y in May’20. Although the surge in prices of food & non-alcoholic beverages is primarily responsible for the rise in food inflation (+14bps), the prices of tobacco & alcoholic beverages were also under pressure as they rose by 11bps on an annual basis.

The same pattern played out on a monthly basis as prices of both food & non- alcoholic beverages and tobacco & alcoholic beverages rose by 6bps and 4bps respectively m/m, contributing to the 6bps m/m increase in food inflation to 1.48% in Jun’20 from 1.42% m/m in May’20. The impact of the previous Naira adjustment also reflected in prices of imported food (+2bps) in Jun’20 as imported food inflation came in at 1.29% m/m from 1.27% m/m in May’20.

Core prices are not decelerating either

Despite the pandemic, which has caused a drop in sales of services, prices of services have remained elevated. The pandemic has not resulted in a faster decline in service prices as such, on a y/y basis, core inflation inched up by 1bp in Jun’20 to 10.13% from 10.12% y/y in May’20.

The main pressure points on core prices remain the sectors worst hit by restrictions to curb the spread of the coronavirus including the health, transport, recreation and leisure sectors. For instance, inflation in the health sector rose by 43bps in Jun’20 from May’20 while housing, water, electricity, gas and other fuel (HWGS) inflation rose by only 9bps in Jun’20 from May’20.

Prices likely to move higher in months ahead

For the whole year, inflation will probably stay higher than we expected sometime earlier, around 12.48% y/y (2019: 11.39% y/y). This is c.8bps higher than our previous expectation in the light of a further adjustment to the Naira exchange rate.

The recent move to restrict access to FX for corn import could further intensify supply-side pressure on food prices and by extension, the headline inflation.

Consequently, we expect food inflation in FY’20 to accelerate to an average of 15.04% y/y from 13.73% y/y in FY’19. Pressure on core prices could also emanate from the impact of supply disruptions, further Naira adjustment and deregulation of petrol pricing on the cost of core items and services.

In the current month, we expect inflation to come in at 12.69% y/y, 13bps higher than June’s reading. This we believe will be driven by a combination of demand and supply factors including devaluation-induced higher pricing for consumption-imports, the increased price of premium motor spirit (PMS) and festivity-driven (Id el Kabir) demand.

In view of the fact that we expect domestic inflation to remain elevated and exceed the upper limit of the central bank’s tolerance band (6%-9%), we believe the most likely action from the Monetary Policy Committee (MPC) will be to stay pat on rates for some time. This is because there is still a large degree of uncertainty around how significant the coronavirus crisis will affect the economy and inflation in the coming months.

Bret “The Hitman” Hart to Attend Comic Con Africa

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Bret “The Hitman” Hart to Attend Comic Con Africa

Comic Con Africa hasn’t taken a breath since we announced that we would be taking the Con Online from 24 – 27 September 2020, and I am very pleased to have some exciting news to share with you. Below is our latest news in a press release for your consideration.

If you require further information on Comic Con Africa, please remember that I am only a call or a mail away. I will soon release the details for media accreditation for the Online Con, as I will be on hand as usual for the duration to assist you.

Bret “The Hitman” Hart to attend Comic Con Africa’s Online Con!

Date 2020: Since Comic Con Africa announced that the Con MUST Go ONline, fans have been excited to hear more news of which talent will be appearing.

After the announcement of Kevin Eastman, creator of Teenage Mutant Ninja Turtles, Jimmy C Mulligan, renowned Disney Artist, conceptual mixed-media artist Tony Moy, and comic creator Nooligan, today Comic Con Africa announced some epic news:  Bret “The Hitman” Hart of World Wrestling Entertainment (WWE) fame, is attending the Online Con!

Well-known to WWE fans, this legend of wrestling has stacked up a pile of Championship belts. Among other accolades he was World Champion seven times, the United States Champion five times, King of the Ring, Royal Rumble Winner, and has rounded it all off with immortalisation in the WWE Hall of Fame.

The Hitman is well known for one big claim: “I am the best there is, the best there was and the best there ever will be!”. But who would dare argue considering he has taken on pro wrestlers from Randy Savage to Stone Cold Steve Austin to the Undertaker and defeated them all.

Bret’s career ended abruptly in 1997 after sustaining a stroke-causing blow from fellow WWE wrestler Goldberg, but as a man who in many ways shaped professional wrestling, he didn’t stop and continues to draw massive crowds at every public appearance he makes. He is now an actor, author and a riveting inspirational speaker.

A true humanitarian and role model, he lends himself to charity events and was voted one of the Top 50 Canadians of all time.

At the Online Con, Bret will attend a live panel and a Q&A with fans so prepare yourself with any burning questions you have for this larger-than-life figure. There will also be pre-recorded content from The Hitman. He will appear on all four days with exclusive content just for Comic Con Africa fans.

After fans thronged to last year’s WWE stand and took loads of photos of themselves in the mock-up ring with a championship belt over their shoulders, it is clear that Comic Con fans have a massive appetite for pro wrestlers and WWE. Comic Con Africa has answered this hunger with none of than the best, Bret “The Hitman” Hart.

Join Comic Con Africa’s Online Con and Bret Hart from 24 – 27 September 2020, 10h00 – 18h00. We’ll be bringing you the same incredible content we have always been known for – and this time there are no borders and fans from across the globe, can join in on this one-of-a-kind Con broadcast from the tip of Africa.

We’ve already packed our social feeds with interactive quiz nights, streams, and interviews – and there is so much more to come!

Headline inflation rate climbs to 12.56% y/y in June-2020

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Headline inflation rate climbs to 12.56% y/y in June-2020

Earlier, the National Bureau of Statistics (NBS) released the Headline inflation figures for June-2020. Notably, the headline rate rose for the tenth consecutive month, from 12.40% y/y in May-2020 to 12.56% y/y – exceeding our estimate of 12.49%.

This was as the headline inflation rate ticked upwards by 1.21% m/m (vs. 1.17% in May-2020). Also, we observed that prices increased across all components of the index.

Specifically, the highest increases were recorded in the cost of food and medical supplies as supply chain disruption and COVID-19 pandemic persisted.

On a segmented basis, the food inflation rate rose from 15.04% y/y in May-2020 to 15.18% y/y in June-2020. This was as the m/m Food inflation rose from 1.42% to 1.48% m/m.

We believe that the sustained shortfall in domestic food supply relative to the demand, as farmers are yet to embark on the full harvest of their farm produce, coupled with the continued closure of land borders, fueled the increases in food prices during the period.

Elsewhere, the Core inflation sub-index inched up mildly by 10.13% y/y (vs. 10.12% y/y in May-2020) even as m/m pressure eased to 0.86% (vs. 0.88% in May-2020). Notably, across the components of the Core inflation sub-index, the highest increases were recorded in the Health and Transport segment.

Inflation Outlook

For the month of July-2020, we expect pressure on the headline inflation rate to be sustained, despite some positive developments during the month. For Food inflation, we expect the recently lifted ban on interstate movement to help ease the previous supply chain pressures.

However, downside risk remains the closure of borders, reducing the supply of food from foreign sources despite deficits in local production. For the Core inflation sub-index, several factors are pointing towards an increase in July-2020.

First, the upward adjustment in the PMS retail price band for July-2020 to N140.8/litre – N143.8/litre from N121.5/litre – N123.5/litre, is likely to add pressures on the local cost of production as well as a direct negative impact on consumer wallets.

Second, the recent adjustment in the official rate from N361/$1 to N381/$1 and the continued FX illiquidity in BDC and the Investors and Exporters window, will continue to drive up corporate cost components.

However, we note that the decision to delay the upward adjustment in electricity tariffs, which was prior scheduled for July-2020, should create some relief to the core sub-index.

Bearing all the above points in mind, we expect m/m inflation to come in at 1.1% in July-2020, pushing the headline rate to 12.66%.

SSA Fiscal Policy Response and Debt Sustainability: Striking the right balance

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SSA Fiscal Policy Response and Debt Sustainability: Striking the right balance

The outbreak of COVID-19 left a negative imprint on the revenue profile of most SSA countries (especially for crude oil and tourism-dependent economies). As such, the need to cushion the negative impact spurred government spending across the region.

Also, this fiscal imbalance widened the need for governments to borrow in H1-2020, due to constrained sustainable fiscal space.

As of 2019, 19 SSA countries were reported to have exceeded the 60.0% debt-to-GDP threshold set by the African Monetary Co-operation Program (AMCP) and IMF for developing economies.

Accordingly, to create more fiscal room for governments, to spend on the critical infrastructures needed to curb the spread of the virus, the World Bank Group and the IMF called for debt relief, as well as debt servicing and repayment suspension, while also unveiling various support packages to assist the region in the fight against COVID-19.

While many SSA countries were quick to tap the IMF and World Bank support facilities, many were initially reluctant to seek debt suspension under the G20 initiatives.

This was due to fears of credit-rating downgrades amid concerns that the debt suspension could include private creditors and limit countries’ access to international capital markets during the debt suspension period.

However, more countries are starting to tap the initiative, amid the request by the G20 to rating companies, to avoid any action against countries participating in the initiative.

Clearly, 2020 is the year for concessional borrowings by SSA countries. However, as economies begin to re-open and external dynamics continue to improve, we might see some more private commercial borrowing in H2-2020.

Government Starts Recruitment Of 774,000 Nigerians! Here Is How You Can Apply!

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Government Starts Recruitment Of 774,000 Nigerians! Here Is How You Can Apply!

The current job situation on the Nigerian job market, which has been made worse by the coronavirus pandemic, does not offer a lot of opportunities to Nigerians struggling to find employment.

That is why the Government’s latest initiative to give 774,000 jobs became one of the biggest news of the week.

Find out everything you need to know about the program right now!

1. Details Of The Program

The Government’s program to supply 774,000 people with jobs became known as Special Public Works. The unveiling of the initiative was not spotless: back in spring, the Government had to take measures against fraudsters claiming to be hiring for the program.

Then, the various Government entities voiced criticism over the program, which threatened to suspend its launch. However, earlier this week the Special Public Works program was finally presented to the public.

The Special Public Works program by the Federal Government is designed to help unskilled workers, particularly in rural areas, acquire the skills needed in their future careers. This is not a program for highly educated people aiming for high salaries.

This 3-month work program is essentially a paid internship where you can make money and learn a new trade while also helping your local government achieve their goals.

2. What Are The Jobs?

The scope of jobs offered by Special Public Works can differ from state to state, but the one thing that unites them is that you don’t need any special skill set to be able to do them. You need to be diligent, physically capable, and willing to work irregular hours when needed.

These are the most common jobs under the Special Public Works program:

  • Traffic control
  • Farm jobs
  • Streets cleaning
  • Maintenance of roads
  • Maintenance of canals and drainage
  • Cleaning of public spaces like schools and health centres
  • Gardening and orchard jobs

3. How Much Can You Make?

The salary under the Special Public Works program is universal and does not depend on the type of job you are doing or the state where you live. Overall, there is a ₦52 million fund that will be distributed between all states and then all workers who applied for the program.

The monthly salary in the program is ₦20,000, and you can work for a maximum of 3 months under the program, which means the total maximum income you can get from Special Public Works is ₦60,000.

4. How To Apply

Due to the nature of the jobs offered by the Special Public Works program, you don’t need any special qualifications to be eligible for a job. The only two conditions are that you are unemployed at the moment and you are not a skilled worker with previous high-paying job experience.

Unfortunately, the program does not accept online applications, so if you are interested in finding more about this opportunity or want to apply for Special Public Works, you will need to contact your local selection committee.

You can find the names and telephone numbers of committee members state by state on the official Special Public Works website.

Jiji

How To Change Your WhatsApp From A Normal Account To A Business Account

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How To Change Your WhatsApp From A Normal Account To A Business Account

Like millions of people around the world, you probably use WhatsApp on your phone every day to stay in touch with your friends and family members. However, there is one more side of WhatsApp that can be very useful to business owners, social media marketers, and more.

We are talking about WhatsApp Business and here is everything you need to know.

Photo by Benjamin Dada

1. What Is WhatsApp Business

WhatsApp Business is a subdivision of regular WhatsApp that was unveiled as a standalone app in 2018. WhatsApp Business gives business owners another opportunity to become closer to its customers and maintain their online presence.

The three most popular ways to use WhatsApp Business are informing the customers about new promotions and products, giving them a look behind the scenes with WhatsApp stories, and providing speedy customer support.

WhatsApp Business has many advantages for business owners compared to regular WhatsApp.

First, you get a verifiable business profile where you can choose a profile picture and add contact information to help customers get in touch with you easier.

Second, you can use Broadcast Lists and automatic responses to make communication with customers more effective.

Third, there are stats for your posts that you can use to measure the efficiency of your communication methods.

2. How To Switch To A WhatsApp Business Account

If you run a business or work in marketing and want to use one more channel to reach out to your customers, you will need a WhatsApp account. You can download it independently or switch your regular WhatsApp account to a WhatsApp Business account. Here is how to do it.

  1. Back up your WhatsApp data by going to the app’s settings and selecting the necessary options to save your chats in the cloud storage.
  2. Go to Google Play Store on Android phones and the App Store on iOS devices. Search and download the WhatsApp Business app to your phone for free.
  3. Launch the WhatsApp Business app. Review and accept the Terms of Service to continue.
  4. WhatsApp will automatically identify your mobile phone number, so all you need to do is make sure it’s correct and move on to the next steps.
  5. The app will then begin the migrating process where your data will be moved from the standard WhatsApp account to a Business WhatsApp account. Keep the app open while it’s happening, as you may be prompted to allow the app to download backed up data or confirm other queries.
  6. Give the necessary permissions to WhatsApp Business, which includes contacts and media.
  7. Sign up as a WhatsApp Business user with your business name, profile picture, and the right business category.
  8. Go to Settings -> More options -> Business tools -> Business profile to boost your WhatsApp Business profile. Fill out the description of your company, other contact options, working hours, and business address.
  9. Once your WhatsApp Business is set up, you can begin your first chat. Tap the icon to write a new message, select the contact, and begin composing your message. Tap Send when you’re done to deliver your message to the recipient.

Jiji

First Bitcoin ATM In Africa Has Been Opened In Lagos! Check It Out!

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First Bitcoin ATM In Africa Has Been Opened In Lagos! Check It Out!

As the most popular cryptocurrency that started the whole blockchain craze around the world, Bitcoin is a familiar name for millions of people around the world. However, many spectators associate Bitcoin with complex technology and complicated ways to withdraw the money.

That is why the Lagos unveiling of the first Bitcoin ATM in Africa was such a welcome event. Find out more right now!

The first-ever Bitcoin ATM in Africa was unveiled last week in the Aga area of Ikorodu, Lagos. The launch was attended by the most significant personalities in the Bitcoin, financial, and internet segments of the Nigerian business scene.

The ATM is carried out in a solid black colour and doesn’t look too different from other ATMs you have encountered in the past.

The event was organized and led by Adekunle Daniel, the Chief Executive Officer of Block Stale, Nigeria’s leading blockchain company. Daniel, who is an Ikorodu native himself, could not contain his excitement over the launch and the advancement of the blockchain technology on the African continent.

Adekunle Daniel and his colleagues witnessed a test run, which was performed by Gilead Okoronkwo, the Chairman of BeepMagnet, to show that the Bitcoin ATM is working perfectly.

Daniel said that he personally oversaw the design, manufacturing, and shipping of the Bitcoin ATM to Nigeria. He added that the ATM only included standard industry components and that any aspiring Nigerian businessman who wanted to launch their own Bitcoin ATM could easily do it even without deep knowledge of the blockchain industry and ATM technology.

Adekunle Daniel also urged the Nigerian government to accept Bitcoin and other types of cryptocurrency as a legal tender in Nigeria. With Nigeria being only the 8th country in the world to have its own Bitcoin ATM, according to Daniel, we should be using cryptocurrency and blockchain technology more widely in every sector to speed up the digitalization of finances in the country.

This article appeared first on Jiji

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