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Business News

Does Nigeria really need disruptive entrepreneurs?

Recently, there was trending news about Zinox Group’s Chairman, Leo Stan Ekeh, calling on Nigeria to embrace disruptive entrepreneurs as a means of achieving immeasurable economic growth.

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Leo Stan Edeh

Recently, there was trending news about Zinox Group‘s Chairman, Leo Stan Ekeh, calling on Nigeria to embrace disruptive entrepreneurs as a means of achieving immeasurable economic growth.

According to Mr Ekeh who was speaking at the just concluded 2019 Africa Fintech Foundrythe Federal Government and State Governments should support the emergence of disruptive entrepreneurs. He also cited America as an example of a truly successful to emulate.

Ekeh joins a growing list of compatriots attesting to great potentials inherent in Nigerians and their capability to turn the country around if provided a conducive space to operate.

Who are Disruptive Entrepreneurs? The Founders of Google, Microsoft, Apple, Uber and other technologies all pass as disruptive innovators.

The concept is technically used to describe entrepreneurs whose entry into a market changes the story of the existing market and value network; thus, displacing established market-leading firms, products, and alliances.

In Nigeria, for instance, Konga, Jumia, Uber, Afrocab are some of the disruptive innovations we can identify. In 2009, when Uber launched its operation in Nigeria, even car owners opted for their service to save cost and ease off the stress of getting stranded in Lagos’ notorious traffic gridlock.

The Implication: When disruptive entrepreneurs are given the opportunity to thrive, the old market is threatened due to the noticeable competition. However, consumers/consumers are availed with many alternatives. This is what happened when Microcomputers invaded the market in the ‘70s and ‘80s, displacing the old and big mainframe computers. Soon, the old world switched for a portable device to work with.

Recall back in the days when the essential research kit in our schools were encyclopedias. Today, the story is different, as many students now opted for Wikipedia which is easier to access with less to pay for. This is what disruptive entrepreneurs do: they provide alternatives, and in a case where there are more disruptive entrepreneurs in a market, they give their world a long list to consider.

More Insight: As it is the case anywhere in the world, the emergence of disruptive entrepreneurs usually means well for the economy even though some folks may be negatively affected. Then again, this is what business is about –outdoing, outsmarting, and over-maneuvering of rivals as much as possible.

The good about this is that the competition influences price, market supply, customer relations, and quality. And, because no market can completely restrict disruption, these (disruptive) entrepreneurs have help developed nations stay regulated and under check.

Let’s illustrate: For a long time, Dele is the only producer of table water in Lagos –posing as an all-time monopolist in the market. The moment Shola and Samaul emerge as new players in the same niche, Dele is forced to make some changes to his business model. If Shola and Samuel are able to match up to Dele’s quality and service, they would have successfully created alternatives. And if they go on to do more than Dele, they are sending Dele out of the market.

Does Nigeria Need Disruptive Entrepreneurs? The answer is yes. They are needed to ensure accelerated economic growth. However, before this can happen, the Government must provide an enabling atmosphere for entrepreneurs, just as Mr Ekeh has advocated.

A lot can be achieved if the Government can make and implement policies that favour market entry for new players who are capable of disrupting the market for the common good.

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Coronavirus

COVID-19 Update in Nigeria

On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria

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Covid 19 update symptops

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 158,506 confirmed cases.

On the 7th of March 2021, 269 new confirmed cases and 5 deaths were recorded in Nigeria.

To date, 158,506 cases have been confirmed, 137,875 cases have been discharged and 1,969 deaths have been recorded in 36 states and the Federal Capital Territory.

A total of 1.54 million tests have been carried out as of March 7th, 2021 compared to 1.49 million tests a day earlier.

COVID-19 Case Updates- 7th March 2021,

  • Total Number of Cases – 158,506
  • Total Number Discharged – 137,890
  • Total Deaths – 1,969
  • Total Tests Carried out – 1,544,008

According to the NCDC, the 269 new cases are reported from 19 states- Enugu (78), Bauchi (37), Rivers (22), Imo (18), Ogun (16), FCT (15), Akwa Ibom (13), Kaduna (13), Kebbi (11), Kwara (9), Edo(7), Ekiti (6), Borno (5), Yobe(5), Kano (4) Nasarawa (3), Osun (3), Anambra (2) and Plateau (2).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 56,444, followed by Abuja (19,350), Plateau (8,944), Kaduna (8,658),  Oyo (6,766), Rivers (6,680), Edo (4,670), Ogun (4,437), Kano (3,844), Ondo (3,066), Kwara (2,962), Delta (2,582), Osun (2,457), Nasarawa (2,251), Enugu (2,156), Katsina (2,060), Gombe (2,010), Ebonyi (1,951), Anambra (1,813), Akwa Ibom (1,610), and Abia (1,588).

Imo State has recorded 1,569 cases, Borno (1,308), Bauchi (1,274), Benue (1,188), Adamawa (942), Niger (919), Taraba (863), Ekiti (834), Bayelsa (779), Sokoto (769), Jigawa (496), Kebbi (412), Cross River (334), Yobe (293), Zamfara (222), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

Governor Babajide Sanwo-Olu of Lagos State announced the closed down of the Eti-Osa Isolation Centre, with effect from Friday, 31st July 2020. He also mentioned that the Agidingbi Isolation Centre would also be closed and the patients relocated to a large capacity centre.

Due to the increased number of covid-19 cases in Nigeria, the Nigerian government ordered the reopening of Isolation and treatment centres in the country on Thursday, 10th December 2020.

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On 26th January 2021, the Federal Government announced the extension of the guidelines of phase 3 of the eased lockdown by one month following the rising cases of the coronavirus disease in the country and the expiration of phase 3 of the eased lockdown.

On 28th February 2021, the federal government confirmed that the first tranche of Covid-19 vaccines will arrive in Nigeria on Tuesday, March 2nd, 2021.

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On Tuesday, 2nd March 2021, the National Primary health Care Development Agency announced the arrival of the expected COVX Astrazeneca/Oxford covid-19 vaccines.

On Saturday, 6th March 2021, President Muhammadu Buhari and his vice, Yemi Osinbajo received vaccination against the covid-19 as the State House in Abuja.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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