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Why Detty December is synonymous with the growth of Nigerian tourism

As the December period approaches, we would start to see a lot of events organized by several promotional companies.

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Why Detty December is synonymous with the growth of Nigerian tourism

We are about a month away from the festive period, so do you know what that means for Nigeria? As the December period approaches, we would start to see a lot of events organized by several promotional companies. This, in turn, means that there would be a large influx of Nigerian returnees as well as a handful of foreigners who would feel the warm embrace and pulsating vibes of Afrobeats that remains the magnet to this populous country in Africa rather than the cold depressing winter in Europe and America.

Over the years, the December period has always brought the city of Lagos to a standstill because it is literally busy and packed with people and a stack of events. It was not until last year that several Lagosians on social media began to hashtag the word #DettyDecember. This word finally became the symbolism for all events happening during the Christmas festive period.

This year, musical artists from the likes of Davido and Mayorkun would be having an end of year concert for fans. Foreign artists would also be present in the country. Flytime festival would be hosting a 4-day event from the 20th to the 25th of December, which would feature foreign top A-list celebrities, such as American female rapper, Megan Thee Stallion, Koffee (Jamaican reggae singer), Ma$e (American rapper), and Boyz II Men.

Detty December

So why is it exactly that Detty December has all of sudden become very trendy?

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According to an article by OkayAfrica, it is believed that the growth of Afrobeats in the foreign market has resonated well with the diaspora. Thus, it has given Africans abroad the willingness to reconnect with their African roots. On the African American side, Detty December has become of interest to many native black Americans not only in the realms of tourism but also in the area of genealogy. ScienceMag.org reports that the average African American genome in a DNA testing is about 73.2% African, which basically confirms their obvious African heritage.

As a result, many African Americans want to travel back to motherland during this Detty December to explore their ancestral history and to reconnect with the past.

[READ MORE: What the Year of Return means for Ghana tourism]

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The benefits that Nigeria would enjoy from the Detty December period would be the boost in tourism. The tourism sector has been growing yearly and it is has contributed in the growth of our nation. According to Reuters, a World Bank report asserted that Nigeria brought in a total of $1.09 billion from international tourism in the year 2016.

Another report from Wesgro in South Africa highlighted an increase of 12% in Nigerian tourism in 2017. Although the same report from Wesgro stated that foreign investors contributed only 6.8% to Nigeria’s tourism GDP, it cited the potential that Nigeria has to expand the tourism sector for the future years. The report projects a 1.7% increase in tourism by 2027 that would generate N205.4 Billion.

Nigeria has 36 states; however, a flurry of December events happen in Lagos, providing opportunities for other states to tap into the spirit of the season and generate revenues from tourism. Strangely, Ghana is leveraging this opportunity and many Nigerian artistes will be performing in Ghana as well.

While security concerns remain a constant challenge in Nigeria with threats of Boko Haram, there is no denying that Nigeria has a lot to offer to the outside world. The Detty December period is when foreigners get to experience the culture and lifestyle of Nigerian entertainment and cuisine. I personally implore all foreigners to take a trip to Nigeria this year to enjoy and engage in our wonderful festivities.

My optimistic side tells me the excitement might tempt you to reside permanently in Nigeria.

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Paul Olele Jnr writes from Washington DC. He is a 2019 graduate of George Washington University and currently works as graduate Media and Research Intern at the Initiative for Global Development.

Nairametrics frequently publishes articles from experts such as financial analysts, economists, researchers and investors. We also feature articles from guest writers and bloggers who wish to push their views and opinions through our platform. To get your articles on Nairametrics, kindly send an email to [email protected] and we will publish it within 24 hours of approval by our editorial team.

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Corporate Press Releases

EFG Hermes kicks off second Virtual Investor Conference

EFG Hermes has kicked off the second edition of its Virtual Investor Conference.

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EFG Hermes kicks off Second Virtual Investor Conference

Sequel to the success recorded in the first virtual conference in June, 2020, the 2nd EFG Hermes Virtual Investor Conference has been inaugurated on September 23, 2020 and set to run through to October 1, 2020, with an even greater and more diverse turnout in view.

At least 157 companies from 25 countries around the world, with more than 650 institutional investors from 240 global institutions managing assets in excess of USD 17 trillion are expected. The information is contained in a press release and seen by Nairametrics was signed by Bola Adekoya-Olukuewu (EFG, Media Executive).

Recall that earlier in June 2020, EFG Hermes hosted its first Virtual Investor Conference. The highlight of the first meeting includes; recording more than 6,500 meetings, bringing together executives from 72 companies from 14 countries with 480 institutional investors representing 160 institutions managing assets in excess of USD 15 trillion.

READ: Buhari insists “no kobo” of foreign exchange will be issued for food imports

Commenting on the expectations of the event, the Group Chief Executive Officer of EFG Hermes Holding, Karim Awad said, “This second iteration of our highly successful Virtual Investor Conference features an even larger and more diverse group of participants as FEM markets begin to open up after being roiled by the COVID-19 crisis. With access to some of the most attractive investment opportunities across vital sectors in FEM markets, institutional investors from around the world will participate in a platform where they’ll be gaining key macroeconomic and industry insights that will shape the way forward through the unprecedented circumstances global markets are facing.”

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“Having ridden out the worst of the initial economic storm, investors are looking to us for insights on the way forward for FEMs. With equity and debt flows on their way to recovery, investor appetite for the markets remains. In saying this, stimulus measures that prevented financial meltdowns at the start of the crisis could set markets up to face debt-accumulation challenges. At the same time, they’re bracing for the ever-present threat of a second wave of a virus that saw governments and central banks up spending and slashes interest rates in the face of throttled consumer demand and investment. Our aim with the Virtual Investor Conference is to provide participants with pertinent and first-hand insights from the international players moving markets and direct investment into these compelling FEM economies,” said Mohamed Ebeid, co-CEO of the Investment Bank at EFG Hermes.

(READ MORE:Global stocks plunge over doubts of America’s economic recovery)

About EFG Hermes

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EFG Hermes has a presence in twelve countries across four continents of the world with over 35 years of successful operation. The firm started in Egypt and has grown to become a leading financial services corporation with access to emerging and frontier markets. It provides a wide range of financial services that include investment banking, asset management, securities brokerage, research, and private equity to the entire MENA region.

In 2015, EFG Hermes launched the NBFI Platform. EFG Hermes Finance, overlooks activities in the non-banking finance field through leasing, microfinance, Fintech, factoring, mortgage, insurance and e-payments. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm, establish a physical presence in Pakistan, Kenya, Bangladesh, Nigeria, Vietnam, the United Kingdom, and the United States.

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Profiles

Scaling in Nigeria’s fashion industry is tough work – Ugo Monye 

Ugo Monye takes us through his journey to becoming one of the most popular fashion brands in Nigeria.

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Scaling in Nigeria’s fashion industry is tough work – Ugo Monye 

With the large number of business names being registered with the Corporate Affairs Commission (CAC) on a monthly basis, it is easy to assume that starting and scaling a business in Nigeria is a piece of cake. In reality, however, it is a completely different story.

Even after surviving the first few years, scaling for expansion can be a hard nut to crack, particularly in an industry that is still unstructured.  

Ugochukwu MonyeFounder and Creative DirectorUgo Monye Fashion Company was a guest on the Nairametrics Business Half Hour, and shared some challenges of scaling in Nigeria’s fashion industry.  

READ: Konga CEO targets $10 million daily turnover by 2024

He observed that one challenge entrepreneurs have to face in the industry while trying to upscale is the shortage of manpower. 

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“No one wants to work for anybody. People don’t want to be part of another person’s success story, because everyone feels they can as well float whatever it is you are doing. This is part of the reasons the industry lacks structure, and still not fully developed, he noted 

Even when one employs a staff, they only work a short while before they start contemplating how to leave and replicate your businessIn my line of business, the result is many small fashion businesses with few (if any) outstanding brands.  

There is much room for specialization across the value chain, but people cannot specialize, because of the absence of a structure,” Ugo added.    

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READ: Embattled MTN pursues out-of-court settlement with CBN

Discovering Ugo Monye 

Ugo grew up with a mother who owned a fashion business, so he picked interest in fashion early enough.  However, he did not wish to pursue this line, as the realities at the time did not present the fashion industry as a mouth-watering alternative to other well-known professional lines.  

“At that time, there was no glory in being a tailor or a fine artist, he explained.  

His parents wanted him to read Fine and Applied Art in the UK, and hone his skills in Fine Arts, but he refused, opting instead for a course in Business Administration so that he could go into importation business upon graduation. Exposure and knowledge soon showed him that often, a person’s passion and calling had to cross paths.  

He started coming up with creative designs and clothing ideas, drawing inspiration from the things around him in the university.  

READ: Buying signal, Bitcoin whales with 1000 BTC or more continue to rise

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One holiday, Ugo went home and decided it was time to bring the ideas to reality. He linked up with a couple of tailors that worked with his mother, and using some of the old machines still available in the house, they brought the first Ugo Monye clothing designs to life.  

At that time, the business operated with the name CIUCI (a word which he derived from the initial letters of his five siblings), later changing to Ugo Modern Design, before he decided to just stick with his name, Ugo Monye 

He continued with his designs through his university daystill the end of his one-year mandatory service – NYSC, after which he got a job with a Strategic Consulting company. It only took a short while before Ugo realized that, as much as he was earning more than some of his peers at the time, there was no sense of fulfillment in what he did. He turned in his resignation and decided to go all-in on fashion designing. He attended a fashion school to hone his skills further.   

READ: How NNPC saved $3 billion from arbitration 

All hands on deck 

The fashion industry is not an easy place to start, and anyone starting out in the space must be ready to play all the required roles. In this industry, Ugo became a designer, tailor, marketer, brand promoter, and every possible role as he strove to get things rolling.  

“It is not just easy to get people to do these things, because the industry has not attained a structural level, where a person will decide right from school, that he wants to work as a designer with this company, as we see in other sectors, 

There is also the tendency for people to feel that they don’t have a serious job because they are tailors, and sometimes feel ashamed to identify as one. Things are gradually changing as people are beginning to identify with the industry, and this brings hope for more growth in the sector.  

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Monetizing a fashion company takes different forms, designing, clothes making, selling, and even consulting.  

Ugo says that as a brand, the Ugo Monye brand is more about details, “There has to be that touch of finesse in the finishing, and in fact, we pay more attention to the parts of the clothes that people do not see. This is what stands you out from others. 

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READ: Ripple unlocks 1,000,000,000 XRP

A dream still in the process 

Though Ugo Monye has become a brand to be reckoned with among celebrities and notable personalities in the last decade, Ugo says that his dreams for the brand are still yet to be actualised. He sees his brand becoming a force to be reckoned with in the coming years, a brand that every fashion enthusiast would want to be identified with as the industry takes shape.  

“I am not yet wowed by anything I have experienced so far. There are quite a lot of achievements I have made with the brand, but it is still not up to what I dreamed of. There’s no short cut to anywhere that is worth going to,” Ugo concluded. 

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Profiles

We started PiggyVest to digitize ‘wooden box’ saving method – Odunayo Eweniyi, Co-Founder

Inspired by the local wooden box piggy bank, the idea for PiggyVest was birthed.

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The Financial Service sector has rapidly evolved in the last decade; with several viable startups springing up with innovations, most people never thought was possible. One of the notable startups, currently redefining the FinTech industry is PiggyVest. 

PiggyVest is the first online ‘savings and investment’ app in West Africa, with one mission to give everyone the power to better manage and grow their own finance 

For a company started by six young graduates, their success story is truly inspirational 

Today, Nairametrics profiles one of the brains behind this ethical startup company – Odunayo Eweniyi 

READ: Nine finalists to profer tech solutions to COVID-19 challenge 

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Early years 

Born in Oyo statethe 27-year-old Odunayo spent her early years invested in reading books. She excelled with ease in all subjects at her primary and secondary schools. A feat not surprising, as she is daughter to two professor parents. 

Odunayo recalls that even though she wished to study Medicine and Surgery, she did not consider herself empathetic enough to thrive in the profession. She went on to study Computer Engineering at the prestigious Covenant University, graduating top of her class in 2013. 

READ: New crypto gains 1,633% in four days, catches Ethereum creator’s eyes

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Finding her Co-Founders 

As an undergraduate, Odunayo had already taken an interest in Coding and Artificial Intelligence and expected to take further studies in it. However, this did not happen immediately, as she started with job-hunting after graduation.  

“The first thing that happened to me was that I went for a job interview, and I was asked to quote a salary and I did. When the offer would come back, the salary they offered was 80% lower than what I expected, so I rejected it, she recalled. 

Subsequently, she teamed up with a couple of friends from her university days, and they came up with the idea of PushCV. Recounting the decision to team up with them, Odunayo says,  

READ: Why Africans are fast using Bitcoin for payment transfers

We all were amazing engineers in schoolSomto once built a miniature airplane, so I was pretty confident that a joint venture with them would produce amazing results. 

The other team members were already working on a discount card startup called Parolz, and she joined them to work on this for some months, while simultaneously still jobhunting with Oluwafemiand Somto was working on something called CV Flash, to help people who couldn’t write CVs properly or did so with terrible English. 

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Odunayo became a Co-founder at CVFlash, helping to write the CVs for clients. She was also writing for TechCabalZikoko, and later worked as Editor of TechPoint AfricaAll of the income from these jobs kept her going, and was also being channeled into getting the startup off the ground.  

READ: CBN starts disbursement of N50 billion Covid-19 intervention fund

Soon enough, PushCV came to the forefront of their interests, when clients started requesting that they help them ‘push’ their CVs to employers. The friends decided to collapse Parolz, and concentrate their energies on the startup raving with the most attention from users 

To differentiate PushCV from others, they started pre-screening candidates, so that only the best candidates would be sent to employers. Their activities attracted attention, and by August 2014, they got their first investment from Olumide Soyombo’s Leadpath Nigeria – an office space in Yaba, and a cheque for $25,000 

READ: FG gives reasons for fuel subsidy removal, discloses alternative to kerosene

How Piggybank was conceived 

By the end of December 2015, the team came across a tweet from a lady, about how she had saved N365,000 by putting N1000 in a wooden piggy bank daily. They decided then, that finding a way to digitize the concept would help salary earners save towards their financial goals.  

They launched Piggybank.ng on the 7th of January 2016, as a ‘savings-only’ platform, and the fully tested version was ready for public use by April 2016. Gradually, the brand grew by user-recommendations and testimonialsThese free adverts were a testament to the team, that they were helping with a real need in our society. 

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Three years later, in April 2019, they rebranded to PiggyVestand started offering direct investment opportunities to users, allowing them to combine discipline plus flexibility to grow their savings and investments. 

Users can now use the Quarterly savings options, save towards financial targets, or lock funds away. They can also take advantage of investment opportunities on the platform. The company currently serves 350,000 users, helping them save and invest combine billions of Naira every month, that they would probably be tempted to badly spend.” 

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Not a roller-coaster experience 

About her several experiences as co-founder, Odunayo said 

“The journey was full of self-doubt, and it took a toll on my self-esteem. The first thing I learnt was that I had to be adaptable, people don’t give you money then use your own For the first two years of running the company, I had to work a side jobwith the entire proceeds invested into running the start-up. 

The team was made up of six-persons at start-up, although only three people are listed as Co-Founders – Odunayo Eweniyi, Joshua Chibueze, and Somto Ifezue. Each person on the team had their specialty and strength, so it was easy to assign responsibilities. There was no accountant in the team, so they managed their finances themselves, noting that there were months, when they could not even pay themselves. 

Further education, honours, and recognitions 

Odunayo got certified in Full Stack Web Development (Computer Software Engineering) in 2018, as well as an online certification from the Harvard Business SchoolOdunayo is also CISCO certified. The Oyo-born tech founder says that she has intentions of furthering her education. According to her LinkedIn profile, she is currently undergoing a Master degree in Finance (banking) at the SOAS University of London  

“I draw inspiration from my family. They believe in me so much, that it is hard for me not to believe in myself. she said in an interview 

In 2019, Odunayo Eweniyi was named one of Forbes Africa 30 under 30 – Technology, and one of 30 Quartz Africa Innovators. In the same yearshe was named SME Entrepreneur of the Year West Africa, by The Asian Banker’s Wealth and Society, and is listed on Forbes Africa list of 20 New Wealth Creators in Africa 2019. 

She sits on boards like thAdvisory board of TrainFuture in Switzerland, the Gender Lens Acceleration Best Practices Initiative – a collaborative effort of Village Capital US, and the International Finance Corporation’s, Women Entrepreneurs Finance Initiative (IFC-WeFi). 

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