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Importance of Co-Working Spaces In Nigeria, Box Office Example

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Startups often face the challenges of having little or no funding. One of the ways to support them in the early stages of their businesses is to provide basic infrastructure for them and to continue building until their products, services or solutions starts gaining a reasonable number of customers.

This has led to the popularity of incubation centres and Co-working spaces in the country. It is interesting to note that Co-working spaces are also becoming a common feature in Europe, with the Startups metropolis, Berlin, being a major booster.

I recently had a chat with Doyin Adewola, Founder/CEO, Box Office and the topic of discussion was on the importance of Co-working spaces in Nigeria.

On how the journey has been, so far, Doyin said that is has been tough, interesting, fun and a roller coaster of sort and he has learnt a lot along the way and this has made the organization stronger.

Reacting to a question on why he decided to be the Founder of a Co-working space where other Startups work from, Doyin stated that it was something of a passion for him.

According to him, it could have been any other kind of business, say, transport, food, etc. He stated that his love for solving problems and being creative, innovative as well as his love for solving other people’s problems in his environment, gave him the impetus to start the Co-working space for Startups to patronize.

When asked about the challenges he is facing in the business in terms of rent that is not cheap in Abuja, Doyin stated that his organization’s model solves part of that problem because, it is based on leveraging on economies of scale. “We are able to get as many entrepreneurs as possible into this facility and the cost is split across board”, he stated. He further said that cost per Startup is reduced to the barest minimum.

He said that his organization was able to get some concessions from the property owners to make payments flexible and this has helped a lot as normally, rent is paid annually or for two years in advance in Abuja.

Answering another question on how Startups who do not have money and probably, trying to make ends meet, are able to afford the services of the Co-working space, Doyin stated that, not all those that patronize his Co-working space are Startups as there are different categories of options. He said that there are some established businesses that have been running for five to ten years that also use the facility.

These, according to him, are the ones that are able to pay the rent for big spaces in his Co-working space. He stated that smaller Startups go for the lower rate and cheaper office spaces that are more affordable.

He, however, noted that many of the Startups that patronize his Co-working space barely last for six months mostly because they run out of business as they are short on funding.

When asked if he had received any support from the government, considering the importance of what he is doing, Doyin stated that he is not getting any support from the government, stressing that the growth of his Co-working space has been organic.

The problem of rent is very fundamental in Abuja, he explained, and unlike the clusters of business districts that we have in different locations in Lagos, every business needs to be located in the Central Business District in Abuja to be seen as serious, so, there is high demand for office spaces in the Central Business District in Abuja and that is what has helped the patronage of his product.

On how impacting his organization has been to building an ecosystem in Abuja, Doyin said that his organization is a Co-working space, which is a style of working. It is one where people leverage on each other’s expertise in a shared environment and resources.

The impact, he stated, is that businesses are able to reduce their risks when starting their businesses. “Rather than you paying rent for one or two years, with our model, you can have a day office or three month’s office, which helps you to understand your business and reduce your risks”, he stressed.

He stated that the model also helps the Startups to concentrate on their businesses in an environment where they do not have to buy furniture, generators, etc., because they have access to shared services. Doyin further opined that jobs and wealth creation are some of the impact it has on the ecosystem.

Doyin stated that government needs to understand that positive impact that Co-working spaces and Hubs are creating, hence, the need to strengthen them.

He stated that government could assist the Startups by converting most of the abandoned government properties and those that have been seized by the government security Agencies, to Co-working spaces and Hubs that the Startups can access at very low costs.

In conclusion, Doyin advised Startups to start small, have a lot of patience while they are gradually growing their businesses. He stressed that they should not see their Startups as an alternative to hang on to until they can find another job, but they should be ready for the long haul.

CFA is the Founder, www.CFAtech.ng & Co-producer/Presenter, Tech Trends on Channels Television

 


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Court orders Binance to release data of Nigerian Users to EFCC

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Binance Holdings Limited has been ordered by Justice Emeka Nwite of a federal high court sitting in Abuja to provide the Economic and Financial Crimes Commission with the comprehensive data or information of all persons from Nigeria trading on its platform.

The order was granted following an ex-parte motion moved by the EFCC’s lawyer, Ekele Iheanacho. In the motion deposed to by Hamma Bello, an operative of the EFCC attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA), he stated that they “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”

He added; “That on receipt of the Intelligence, the team began investigation by conducting surveillance of the activities of the platform.

“That the team uncovered users who have been using the platform for price discovery, confirmation and market manipulation which has caused tremendous distortions in the market, resulting in the Naira losing its values against other currencies.

“That the damage the platform has caused was clearly explained to the operators of the platform and they were requested to delist the Naira and avail the ONSA on the activities of the Nigerians on their platform.

“That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).

“Attached and marked as Exhibit EFCC 1 is a copy of the document from Binance to the ONSA stating this fact amongst others. That the commission will ensure that investigation is conducted within such reasonable time.”

Bello also said that it is utmost urgent public interest, that the data be provided to enable the commission accomplish its investigation activities. He said refusal of the request woulf largely hamper the commission’s investigation.

Granting the application, Justice Nwite said; “The applicant’s application dated and filed 29th February, 2024, is hereby granted as prayed. That an order of this honourable court is hereby made directing the operators of Binance to provide the commission with comprehensive data/information relating to all persons from Nigeria trading on its platform.”


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Moove Unveils ‘N500M Moove Cares Program’ for All Customers in Nigeria

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Moove, the world’s first mobility fintech platform, has announced the launch of its ‘Moove Cares’ program, introducing a substantial support package aimed at mitigating the adverse effects of ongoing inflationary prices in Nigeria.

Recognising the challenges posed by rising fuel prices for its customers managing their businesses and the additional burden of inflationary food prices on household budgets, Moove is providing support both at work and at home. This program includes fuel subsidies to assist with business operations and a comprehensive care package to support households during these difficult times.

This program underscores Moove’s dedication to ensuring its positive impact in the lives of its customers, especially against the backdrop of Nigeria’s challenging and chronic economic landscape.

Nigeria, Africa’s largest economy, is grappling with an acute cost of living crisis and food prices, exacerbated by a confluence of factors including severe inflation, currency fluctuations, and logistical disruptions. This crisis has pushed essential food items beyond the reach of many, with the Nigeria Bureau of Statistics reporting a staggering 35.41% food inflation rate in January 2024 alone.

In the wake of the removal of the fuel subsidy in May, fuel prices in Nigeria have soared to an all-time high, reaching N610 per litre, marking a significant increase from the previously subsidised price of N264 per litre in March 2023.

This sharp increase of fuel costs by 131% has had a ripple effect across various sectors, notably leading to increased transportation fares and a substantial hike in the prices of food and other essential goods.

Recognising the urgency of the situation, Moove has committed to distributing free-of-charge ‘Moove Cares’ packages worth over N150,000 to each of its customers. Starting next week, the program aims to mitigate the impact of high fuel prices and escalating food prices, particularly during the critical periods of Easter and Ramadan celebrations.

‘Moove Cares’ is a testament to Moove’s proactive approach towards corporate social responsibility and customer focused support in these challenging times for the country.

Taiwo Ajibola, Moove’s Regional Managing Director for Nigeria, elaborated on the program objectives, “As a listening organisation, we understand from our customers’ feedback the pressing need for support amidst the ongoing cost of living crisis affecting both fuel and food prices.

“Our Moove Cares program is our small way of providing some much needed support to our customers amidst this extremely challenging economic  environment.”

Since its inception in 2020, Moove has been at the forefront of democratising access to financial services for mobility entrepreneurs. With a presence in 9 markets globally, Moove’s innovative platform has facilitated over 30 million trips, significantly impacting the lives of 80,000 of its customers and their dependents.

As Nigeria navigates through these turbulent economic times, the ‘Moove Cares’ campaign stands as a vital lifeline for Moove’s customers, further solidifying the Company’s position as a socially responsible leader in the mobility fintech sector.

Through this comprehensive support package, Moove reaffirms its dedication to fostering a resilient and thriving community, capable of overcoming the current economic challenges.

 


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Nigeria’s inflation rate rises to 31.7 %

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A report released by the National Bureau of Statistics (NBS) has revealed that the headline inflation in the country increased to 31.7 per cent in February 2024 from 29.9 per cent recorded in January 2024.

The recent figure is the highest level of inflation recorded in the country for 28 years. In the Consumer Price Index report for February 2024, it was also stated that food inflation increased to 37.92 per cent in February from 35.41 per cent in January 2024.

It read; “In February 2024, the headline inflation rate increased to 31.70% relative to the January 2024 headline inflation rate, which was 29.9%. Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 % points when compared to the January 2024
headline inflation rate.

“On a year-on-year (YoY) basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%.

“This shows that the headline inflation rate (YoY basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).

“Furthermore, on a month-on-month (MoM) basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%).

“This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024.

“The food inflation rate in February 2024 was 37.92% on a YoY basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%).

“The rise in food inflation on a year-on-year basis was caused by increases in the prices of bread and cereals, potatoes, yam and other tubers, fish, oil and fat, meat, fruit, coffee, tea, and cocoa.

“On a MoM basis, the food inflation in February 2024 was 3.79%; this was 0.58% higher compared to the rate recorded in January 2024 (3.21%).

“In February 2024, food inflation on a year-on-year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.5%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in food inflation on a year-on-year basis.

“On a MoM basis, however, February 2024 food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) recorded the slowest rise in food inflation on a MoM basis.”


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