Business News
Report: Instagram dominates as 22 million Nigerians use internet for social media
More Nigerians are using the internet for personal purposes.
A new report by Terragon Group has shown that more Nigerians are using the internet, with about 63% of them using it for personal purposes.
According to the report Digital Trends for Nigeria in 2018, the total number of internet users currently stands at 100.5 million people, with some 22 million of them actively using social media for a whole lot of activities.
As such, social media is one of the areas with the highest growth rate, even as more Nigerians are adapting to it for digital marketing purposes while also increasing opportunities for brand-consumer interactions across all business verticals.
The exponential growth of social media is followed only by “search”, which is the second most engaging activity on the internet by Nigerians.
Out of all the social media platforms that are available, Facebook maintains the widest reach, with a total of 22 million Nigerians actively using it on a monthly basis. However, in a rather surprising disclosure, Instagram posted higher engagements with 10x higher than Facebook and 84% more than Twitter.
Nigerians have increasingly relied on Instagram for sharing images and short videos, news, fashion and even e-commerce. Small Business have also relied heavily on Instagram for their social media marketing and brand building. The report, however, leaves out WhatsApp, a very popular social media application in Nigeria.
More Nigerian males are accessing the internet, albeit through mobile devices
The report revealed that male internet users dominate the internet space by 58%, with the female folk at 42%. Interestingly, Nigerian men are also more active on all the major social media platforms. For instance, Facebook has 64% male active users, Twitter has 68% male users, YouTube has 69% active male users, and even Instagram has 60%, male users.
Meanwhile, most of the active users access the internet with their mobile devices, so much so that Nigeria ranks as the country with the highest number of mobile users in the world. This, therefore, indicates that one of the best ways to target Nigerians on the internet is through a mobile-first approach.
A changing marketing paradigm
The report also shows that Nigerians are increasingly using the internet for commercial activities more than ever before. This is fueled by digital advertising, which targets millions of Nigerians that are online.
The advertisements come in various forms, even as Nigerians are particularly receptive to ads that come in video forms. Interestingly, internet users in Nigeria are said to purposely look out for video reviews that are related to the products and services that they wish to buy. Consequently, more brands are making use of such social media platforms to reach more people with such ads; leveraging social media influencers in this regard.
Online marketing is also becoming increasingly personalised by “offering consumers
personalised content in order to connect with them on an individual level.”
“The days of mass marketing are dead. It is necessary to incorporate personalisation into marketing strategies by offering consumers content that is tailored to them in order to connect with the audience on an individual level. Businesses also need to exploit analytics for predictive intelligence to anticipate consumer needs and achieve business success.” – Terragon Group
You can read more on this report by clicking here.
The board of directors of the Nigerian Social Insurance Trust Fund (NSITF) has revealed that it will investigate the activities of the suspended Managing Director, 3 Executive Directors, and 8 other senior management staff over financial breaches and gross misconduct.
This was disclosed by the Chairman of the board of NSITF, Mr. Austin Enajemo-Isire, in a statement in Enugu on Sunday July 5, 2020.
Enajemo-Isire said that the Managing Director and other top management staff of the organization would have the opportunity to clear themselves of any wrongdoing with the probe panel which was being set up.
While reacting to claims that the suspension did not follow due process as President Muhammadu Buhari did not approve it, Enajemo-Isire said that the approval for the suspension of the affected staff had been conveyed to the Labour Minister in a correspondence referenced SGF. 47/511/T/99 of June 30, 2020.
According to the Chairman, “The minister has conveyed this approval and directives to me for necessary action in terms of setting up a board-driven investigative panel.
“This is to give the affected officers the opportunity to clear themselves of the financial and procurement breaches and acts of gross misconduct and other infractions that gave rise to their prima facie indictment.
“It is in this light that I have decided to call a virtual meeting of the management board on Tuesday, July 7, 2020, to consider the modalities for our action.”
He, therefore, appealed to staffers of NSITF and their social partners to keep calm and exercise restraint.
A few days ago, Nairametrics reported the suspension of the Managing Director and some senior management staff over corruption allegations. However, the management in its reaction debunked that claim and said that the President did not approve their suspension but that rather, it was the sole decision of the Labour Minister, Chris Ngige, who they said was overreaching himself.
Appointments
Fidelity Bank appoints Chike-Obi as Board Chairman
This announcement was contained in a notice signed by the Company Secretary.
Fidelity Bank has announced the appointment of Mustafa Chike-Obi as Chairman of the Board of Directors. The appointment has been approved by the Central Bank of Nigeria, and will take effect on August 14, 2020, after the expiration of the tenure of the current Chairman, Mr Ernest Ebi.
This announcement was contained in a notice signed by the Company Secretary, Ezinwa Unuigboje, and sent to the Nigerian Stock Exchange.
Also in the notice, the bank announced the retirement of Mr Seni Adetu, who served as Independent Non-Executive Director on the board. He stepped down from the board after completing his tenure on June 30, 2020.
The board of directors and the management of the bank appreciated Ernest Ebi and Seni Adetu for their contributions to the progress of the bank during their tenures.
“Under the chairmanship of Mr Ernest Ebi, the bank recorded significant growth across key financial metrics, with both Messers Ebi and Adetu playing significant roles, complementing management efforts in the delivery of these milestones; in service of the long-term vision of the bank. The banks market share position has also been materially strengthened over the period,” the notice read.
The appointment is in line with the bank’s high governance standards and best practices, and in compliance with internal succession policies; Mr Ebi will, over the next six weeks, ensure a successful transition and smooth handover to Chike-Obi.
Mustafa Chike-Obi has over 40 years’ experience in investment banking and the financial services sector, working with reputable global investment banking and asset Management firms. He is currently with the Alpha African Advisory, where he provides leadership and oversees the capital-raising division.
He was the inaugural CEO of the Asset Management Corporation of Nigeria (AMCON), from where he joined Alpha African Advisory.
He was also founding president at Madison Advisors, a financial services advisory and consulting firm in New Jersey, where he specialised in hedge funds and private equity investment advice.
He holds a bachelor’s degree in Mathematics from the University of Lagos, and an MBA from Stanford University Graduate School of Business.
Companies
Nigerian Content Intervention Fund increased to US$350 million
The fund expansion was one of the decisions taken at the board’s recent meeting.
The governing council of the Nigerian Content Development and Monitoring Board (NCMB) announced on Sunday that it has approved a $150 million expansion of the Nigerian Content Intervention Fund, raising it from $200 million to $350 million.
Press Release
Nigerian Content Intervention Fund Increased to US$350M
The Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) has approved the expansion of the Nigerian Content Intervention Fund from US$200 million to US$350 million.@NigeriaGov pic.twitter.com/Y0TtDzwALq
— NCDMB (@OfficialNCDMB) July 5, 2020
The fund expansion was one of the decisions taken at the board’s recent meeting on June 16, 2020, chaired by Minister of State for Petroleum Resources, H.E. Chief Timipre Sylva, who is also the Chairman of the Council.
The board said that $100 million from the additional fund would be used to boost five existing loan products, which include manufacturing in the oil and gas industry, asset acquisition of rigs, marine vessels, contract financing for Nigerian oil service providers, contract financing for oil and gas community contractors, and loan refinancing with Nigerian banks.
The council also announced that $20 million and $30 million would be used for 2 newly developed loan product types (the Intervention Fund for Women in Oil & Gas and PETAN Products) which include Working Capital loans and Capacity Building loans for PETAN member companies.
Started in 2017, the Nigerian content Intervention fund was developed as a $200 Million fund managed by the Bank of Industry, to facilitate on-lending to qualified stakeholders in the Nigerian oil and gas industry on five loan product types.
The NCI Fund is a portion of the Nigerian Content Development Fund (NCDF), aggregated from the one percent deduction from the value of contracts executed in the upstream sector of the oil and gas industry.
According to the NCMB, “About 94 percent of the NCI Funds has been disbursed to 27 beneficiaries as at May 2020.”
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Philip Edward
April 4, 2019 at 2:50 pm
Nice information
Kate
May 9, 2019 at 11:53 am
The link at the bottom for more information is broken
Alfred Akuki
May 9, 2019 at 3:45 pm
Hi Kate, thanks for your observation, the origin website has taken it down.