It’s that time of the year again when shoppers look out for the best deals and actually get them. That’s right, the 2019 Black Friday sales are here again and as always, some of the biggest malls and e-commerce platforms in Nigeria and elsewhere are busy wooing customers with competitive discount prices.
You have probably seen the many Black Friday adverts which are literally everywhere. Over the last few weeks, it’s been impossible to stream anything on YouTube without being interrupted by either the Konga Yakata advert or the rather amusing “I will scatter this wedding” Jumia Black Friday ad. All of these are in a desperate effort to win over the customers.
So, how are you shopping?
As Konga competes with Jumia just as Spar is competing with Shoprite for customers’ attention, the important question becomes – which of these shopping platforms is offering the best deal? This is important because right about now, Nigerian consumers really do deserve some discount.
On a normal day, the average Nigerian consumer’s disposable income is constrained, no thanks to the difficult economy. The high inflation rate in the country does not help the matter at all because prices of essential goods keep going up almost on a daily. Therefore, now that it is Black Friday, they deserve to be treated well. Therefore, we took some time to look closer at the discounts being offered.
A quick overview
It’s important to note that a quick overview of the websites of these shopping malls show that they have a wide variety of products that are up for grabs. However, the price discounts per product are different.
Also note that Jumia, Konga, Spar, and Shoprite are all offering virtually the same generic products. What is different, however, is the brand names of these products. For example, while Jumia is selling a Nexus 4-Burner Gas Cooker, Konga is selling a Scanfrost 4-Burner Gas Cooker.
Moving on, the different price discounts were probably determined by the different brand names. Using the example above, Jumia is giving 33% off for the Nexus 4-Burner Gas Cooker. The product originally sells for N55, 000. Konga, on the other hand, is giving consumers 30% off the Scanfrost 4-Burner Gas Cooker which originally sells for N49, 150.
Similarly, Spar and Shoprite are both offering different discounts for different brands of blenders which originally retails at different prices. For instance, you can buy the Saisho blender/grinder for N3,390, thanks to 19% price discount Spar has placed on it. On the other hand, if you visit Shoprite to buy the Binatone Blender & Smoothie Maker BLG 402, you will spend N6, 999 because Shoprite is giving a 30% discount.
The good thing, however, is that each of these malls are offering various kinds of discounts, some of them as high as 60% for some products. It is then left for you to decide where to shop based on your preferences. Now, just in case you haven’t made up your mind, visit these companies’ websites to do so.
Check out the deals by Spar here.
Check out the deals by Jumia here.
Check out the deals by Shoprite here.
Check out the deals by Konga here.
Nigerian Real Estate and COVID in 19 Slides
Validate investment cases and focus energies on property sectors that are more resistant to shocks.
Nigeria is rapidly approaching an economic crisis as the COVID-19 global pandemic has put the world on lockdown and sent Brent crude oil prices to a 20-year low. Spurred by lower global demand and reliance on oil exports for 90% of its foreign exchange income, Nigeria’s economy and her fragile currency are being pushed to their breaking point.
In this report, we will focus on the impact this pandemic will have on the real estate market in Nigeria. So far, key themes include mass concessions, re-negotiation and restructuring activity, slowed decision making, stretched out project deliveries due to the lockdown and more. After outlining the potential property sector losers, hospitality and retail most especially, alongside potential winners (industrial and healthcare), we discuss the impact of the COVID-19 pandemic on individual property sectors and the direction of rentals, capital markets and more.
Within this uncertain environment, we recommend that market participants including asset owners, real estate service providers and others stress test their businesses at varying levels of reduced income, use the downtime for market research to validate investment cases and focus energies on property sectors that are more resistant to shocks.
Download the report through the link in the header.
IMF appoints Ceda Ogada as new director and secretary of the fund
Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.
The International Monetary fund (IMF) has announced the appointment of Mr. Ceda Ogada as the Secretary of the Fund and Director of the Secretary’s Department with effect from September 1, 2020, following the retirement of the former Secretary, Mr Jianhai Lin.
This was disclosed in a press statement by IMF on Wednesday, July 15, 2020.
While making the announcement, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said, “Ceda has outstanding institutional knowledge, strategic and intellectual heft, and people leadership. His unparalleled ability to bring people together, combined with his profound appreciation of the Fund’s institutional history and legal principles, as well as a strong service orientation, will help the Fund to even more effectively serve our member countries in a very challenging economic environment.”
Mr. Ogada joined the IMF’s Legal Department in 1999 and rose through the ranks to become Deputy General Counsel in 2014. During this time, he has worked on virtually all aspects of the Fund’s work, including advising on the governance of the Fund, on country operations, helping to develop Fund policies and implementation guidance, and providing technical assistance to member countries.
According to the statement, ‘’Some of the key projects that he has worked on include the Fund’s enhanced policy to address governance and corruption issues, ensuring the adequacy of the Fund’s lending resources, reforms in lending policy such as the establishment of the Flexible Credit Line (FCL) and the Catastrophe Containment and Relief Trust (CCRT), reviews on surveillance policy and capacity development strategy and transparency, archives and communications policies.’’
The new Secretary of the fund was heavily involved in the work on euro area crisis countries during the global financial crisis. Recently, he has led the Legal Department in promoting good governance and transparency in several countries, together with the use of emergency financing for the COVID-19 crisis.
Before he joined IMF, Mr. Ogada worked at the United Nations Conference on Trade and Development as a legal expert and also before that he was in private legal practice in the United States. He holds a Juris Doctor from Harvard Law School and a B.A. in history from Dartmouth College. Mr. Ogada is a citizen of Kenya.
Just in: Suspended EFCC boss, Ibrahim Magu, finally released from detention
Magu’s lawyer confirmed his release from the custody of the DSS.
The suspended acting Chairman of the Economic and Financial Crime Commission (EFCC) has been released from police custody after about 10 days in detention.
According to a monitored report, this was confirmed by his lawyer, Tosin Ojaomo, who said that the EFCC boss is no longer under custody.
The suspended EFCC boss was invited by the presidential probe panel headed by Ayo Salami, a retired President of the Appeal Court to the Presidential Villa in Abuja on July 6 over allegations bordering on corruption and financial misconduct.
He was later moved to Area 10 Force Criminal Investigation Department (FCID) of the police in Abuja where he has since been detained.
Just earlier today, the Inspector-General of Police, Mohammed Adamu, asked Magu, to direct his bail application to the presidential probe panel.
This was in response to a request by Mr Oluwatosin Ojaomo, Magu’s legal representative, who asked the IGP to grant bail to his client on self-recognisance after the suspended EFCC chief had spent four days in custody.
But in a letter dated July 14, 2020, and addressed to Mr Ojaomo, the IGP said the police force is not investigating and detaining Magu, so, it cannot grant the bail request.
It also advised the lawyer to redirect his request to the chairman of the presidential probe panel for appropriate action.