E-Business
Jeff Bezos Trillionaire Tale and Nigeria eCommerce
By Aliyu Yakubu
America’s Jeff Bezos, founder of e-commerce giant, Amazon, is becoming a trillionaire in the midst of COVID-19 global pandemic. This is both good and bad news. Good news because it is the reward of foresight and tenacity.
Bad news because in the midst of the same pandemic, his e-commerce counterparts in Nigeria are counting losses. The difference is not in the business dexterity of Bezos nor in the poor marketing skills of the Nigerian counterparts. The difference, unfortunately, is how the two governments reacted to the pandemic and its attendant lockdown.
While the US government gave a clear signal to e-commerce companies in America to move freely during lockdown to make delivery in anticipation of a surge in online shopping, the Nigerian government did the opposite. It locked down e-commerce activities by not clearly classifying e-commerce companies and their workers under ‘essential services’.
This is the difference between a 21st century policy-smart government and a policy-dumb government. The US government anticipated a spike in online sales during the lockdown and gave free access to Amazon and other e-commerce workers. The Nigerian government was too happy to lock down e-commerce firms alongside other businesses.
Now, for the smartness of the US government, Bezos is walking his way to trillions. Imagine the tax that would add to US government purse. Imagine the number of jobs it will save when other companies around the world have either furloughed their staff or have sacked them outright.
This is a case of the absence of critical and strategic thinking in the Nigeria public ecosystem. Our leaders are not intentionally progressive. You cannot lock down a critical driver of the economy at a time you have decreed no-movement for the populace. It is also a function of low appreciation and lack of understanding of what e-commerce really means and how it works.
In the wake of the lockdown, somebody ought to have anticipated that Nigerians would resort to making online purchases, hence the overriding need to categorise e-commerce workers as persons on essential duty. The nature of e-commerce is that it’s unobtrusive, does not draw physical crowd yet it effectively services clients from its backend through the delivery channels. In this way, issues of non-compliance with social distancing and other precautionary protocols do not arise.
The paradox of the Nigerian e-commerce story during the pandemic is that they were lumped with other regular businesses and clamped with the same lockdown measure. They are not. Their staff were treated as non-essential duty persons. It took some explanation for them to be allowed to do their businesses during the lockdown. In some states, it was practically impossible as e-commerce delivery workers were either harassed or turned back from performing their duties.
For instance, some delivery staff of Konga, Africa’s fastest growing and most innovative e-commerce company, were either harassed or turned back from making deliveries. Delivery men were harassed while moving items inter-state. There were also reported cases of harassment within some metropolis. Lagos was no exception.
In Rivers State, not a single Experience Store was opened during the lockdown. Strict enforcement by the state government meant no e-commerce delivery man was allowed movement even within the metropolis.
You cannot build economies when you shut down all channels of trade. In the western world and Asia, persons on lockdown turned to online purchases to restock. Their governments clearly exempted e-commerce outfits from the list of companies that must remain shut for as long as the lockdown lasted. The net result is beginning to show in the balance sheet of Jeff Bezos’ Amazon.
Comparisun, a company which allows small- to medium-sized firms to compare different business products, projects that Bezos will by 2026 emerge as the world’s first ever trillionaire, an honour he won’t be sharing with nobody, not even with Bill Gates of Microsoft whose fortunes keep growing with the birth of more technologies.
Their projection shows Bezos reaching trillionaire status by 2026. The company said their projection is based on taking the average percentage of yearly growth over the past five years and applying it to future years. Comparisun shows Bezos’ net worth grew an average of 34% over the last five years.
As of Thursday May 14, Bezos’ net worth was estimated at $143 billion, according to Bloomberg’s Billionaires Index, which tracks the worth of the world’s richest people daily. Compared to last year, Bezos’ worth has surged by more than $28 billion. He profited heavily from the coronavirus pandemic. Shoppers denied access to physical stores turned to online stores to make purchases from groceries to gaming machines, toys for the kids and big toys for the parents. The lockdown was the appropriate time to change household electronics for most parents, just anything to fight the boredom.
In Nigeria, there were cases of security men delaying delivery for days by ‘impounding’ vehicles and keeping them for as long as they wished. Delayed delivery makes nonsense of e-commerce. One of the unique selling points of online shopping is prompt delivery of goods. Once purchased goods are delayed, the suspense dies and so does the utility of the goods. Unfortunately, this was what Nigeria’s e-commerce companies suffered during the lockdown. At a time they were supposed to win more patronage and disciples into the e-commerce family, they got stuck in resolving issues of violation of lockdown rules while their counterparts in Europe and America simply worried about their balance sheet.
Now, the difference is clear. Bezos and others are smiling to the bank; their Nigerian counterparts are counting losses. Lesson: When next you lock down a state or city, make sure that e-commerce workers are exempted.
However, beyond Nigeria e-commerce fraternity, Jeff Bezos himself must learn the lessons of his capitalist expansionism. When the news of his impending trillionaire status broke, Twitter went agog. Elizabeth Warren, business woman and Democratic presidential candidate tweeted: “While Bezos is on the track to become a trillionaire in the middle of a pandemic, Amazon is ending overtime pay for warehouse and delivery workers on the frontline. This is immoral.”
While I congratulate Bezos for his feat, I should also remind the Nigerian government that e-commerce deserves a better deal next time.
E-Business
NITDA Alerts Nigerians on Cybersecurity Risks Linked to Spotify
National Information Technology Development Agency (NITDA) has issued a public alert warning Nigerians about a cybersecurity threat involving the use of Spotify to promote malicious activities.
The agency, in a public notice issued on Tuesday, disclosed that threat actors are exploiting the popular music streaming platform to advertise game hacks, pirated software, and spam links that could expose users to cyber threats.
According to NITDA, cybercriminals embed malicious promotions in playlist names and podcast descriptions on Spotify, explaining that these promotions are used to advertise game hacks for popular video games such as Fortnite, GTA, Apex, and Roblox. Additionally.
They also promote pirated software (commonly referred to as ‘cracks’), spam links, and other malicious sites.
This abuse is said to leverage Spotify’s web player results to improve the search engine visibility of these harmful websites, putting unsuspecting users at risk of malware, scams, and other cyber threats.
NITDA warned that the exploitation of Spotify could lead to exposure to scams and phishing attacks, downloading of malware that can compromise user devices and Loss of personal and financial data through interactions with malicious websites.
To manage the risks, NITDA advised users to exercise Caution with suspicious playlists and podcasts and avoid engaging with playlists or podcasts that feature unusual or suspicious text in their descriptions.
It also warned users not to click Unknown Links, and also ensure the Spotify app is updated to the latest version to minimise vulnerabilities.
The agency further advised Spotify users in Nigeria to remain vigilant and adhere to cybersecurity best practices to safeguard their personal information and devices.
According to the agency, the websites posing as OpenAI’s popular AI, ChatGPT, are tricking users into downloading malicious files or software to their devices.
E-Business
Konga Yakata’s Last Week: Don’t Miss Out on Incredible Deals
Excitement is reaching a fever pitch among shoppers as the Konga Yakata Black Friday shopping fiesta enters its final week. Shoppers nationwide are gearing up for a rain of last-minute deals and irresistible offers, with the promotion set to end on Saturday, November 30, 2024.
The month-long Konga Yakata campaign, which kicked off on Friday, November 1, has delivered an unparalleled shopping experience, treating customers to incredible discounts, engaging promos, and unbeatable incentives.
In addition to massive price cuts across a wide range of products, Konga has thrilled shoppers with exciting events such as Treasure Hunts, Flash Sales, Bargain Bash, Brand Days, and specialized Black Friday packages like the Budget Store, Under 50k Store, and TGIF Epic Drop.
The highlight of the Yakata 2024 season will be this year’s Black Friday, which takes place on Friday, November 29. Thousands of customers will be able to score exclusive discounts on items including electronics, clothes, home appliances, computers, and groceries.
Reflecting on the experience so far, a satisfied anonymous shopper who snagged a TV at a discounted rate said, “Konga Yakata has been nothing short of amazing this year. The discounts are unbelievable but true, and the convenience of shopping online is unmatched.
“I’ve already made several purchases, and I’m excited to see what other deals are in store for the final week.”
Konga’s Black Friday sale has been a boon for consumers, offering respite from the economic challenges many Nigerians face. By providing access to affordable products and services, Konga has empowered shoppers to make the most of their money.
Despite the prevailing economic challenges, shoppers have embraced the Yakata season, targeting high-value deals and leveraging Konga’s tailored offerings to make significant savings. With the countdown underway, the excitement is expected to hit its peak on Friday as customers traditionally wait for that day to grab the most exclusive deals.
Speaking on the heightened anticipation, Kunle Ajani, Group Head of Marketing at Konga, stated, “We’re thrilled with the overwhelming response to Konga Yakata this year, and we’re committed to ensuring the final week delivers the biggest surprises yet.
“We are proud to offer a platform where shoppers can enjoy exceptional value, despite the economic realities.”
As the curtain closes on the 2024 Yakata season, shoppers can look forward to a flurry of last-minute deals, culminating at midnight on November 30. From tech enthusiasts to lovers of electronics and deal hunters, Konga Yakata continues to redefine the shopping experience, making it a season to remember for all Nigerians.
Take advantage of the final week of Konga Yakata. Visit Konga.com and experience the thrill of shopping at unbeatable prices.
E-Business
NITDA DG Harps on the Role of Innovation in Nigeria’s Sustainable Development
Kashifu Inuwa CCIE, the Director General, National Information Technology Development Agency (NITDA), has reiterated the critical role of innovation in driving Nigeria’s sustainable development, economic diversification, and global competitiveness.
Inuwa made this remark while delivering a keynote address at the 8th Annual Research Fair and Exhibition of Nasarawa State University, Keffi (NSUK), where he called on academia, industry leaders, and policymakers to embrace disruptive transformational innovation as a tool for addressing the nation’s challenges and unlocking its immense potential.
Speaking on the theme, “Disruptive Transformational Innovation; Shaping the Future,” Inuwa commended NSUK for organising an event that aligns with Nigeria’s pursuit of growth through knowledge-driven solutions.
Inuwa who was represented by the Deputy Director, eGovernment and Digital Economy Development Department, Engr Ya’u Garba, applauded the university’s increasing focus on transformation, noting that such initiatives reflect an understanding of the need for impactful innovations to address real-world issues.
Inuwa emphasised that while inventions remain a cornerstone of academic inquiry, their significance lies in their ability to move beyond theoretical exploration to become practical innovations. These innovations, he explained, have the power to reshape industries, tackle societal challenges, and accelerate national progress.
He urged institutions to prioritise creativity and bold thinking, ensuring that research outputs translate into tangible benefits for society.
Explaining the concept of disruptive transformational innovation, Inuwa described it as a profound force capable of altering established systems, processes, and products in ways that redefine societal functions. Unlike incremental innovations, which focus on improving existing frameworks, disruptive innovations introduce entirely new paradigms, addressing challenges in groundbreaking and previously unimaginable ways.
He cited historical examples such as the Printing Press, the Steam Engine, and Electricity, which have significantly transformed human existence and set the foundation for modern development.
Inuwa pointed out that Nigeria’s abundant human and natural resources present a unique opportunity to harness innovation for sustainable development. He called for a collaborative approach involving academia, industries, and government to build an environment that nurtures creativity, supports bold investments, and encourages inclusive growth. Such an ecosystem, he said, is vital for fostering homegrown innovations that can propel Nigeria to the forefront of global technological and economic advancements.
He further highlighted NITDA’s dedication to fostering innovation through various initiatives, including the National Adopted Village for Smart Agriculture (NAVSA) to digitally transform the agricultural sector, the National Blockchain Adoption Strategy to enhance digital trust and transparency, and the National Artificial Intelligence Strategy aimed at building a robust AI ecosystem in the country, among other impactful projects, which are part of the Federal Government broader strategy to position Nigeria as a leader in the global knowledge economy.
Inuwa also urged NSUK to deepen its commitment to innovation by establishing hubs that support facility-led startups, fostering collaborations with industry stakeholders, and equipping students with essential technological skills. He noted that such efforts would not only empower the university community but also contribute significantly to national development.
Inuwa expressed confidence in Nigeria’s ability to not only adopt global innovations but also create groundbreaking solutions that could influence the trajectory of Africa and the world.
He called on all stakeholders in the country to embrace the transformative power of innovation in order to drive sustainable development, economic diversification, and global relevance.
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