It’s late after work and Efosa, an analyst at a consulting firm in Lagos is nowhere close to going home. Over the last 2 hours, he has been searching online for a perfect Valentine’s Day spot for his newly found sweetheart and himself. It’s not going as smooth as expected, despite having saved up some cash to splurge over the Valentine weekend.
Come this Friday, February 14th, 2020, millions of Nigerians will be celebrating an annual ritual of love along with their counterparts across the world. Retail sales on Val’s Day have been estimated to top $27 billion in the United States this year; it was $20 billion in 2018. In Nigeria, lovers will spend billions on gifts, food, drinks, hotels and transportation.
Harsh Economy, Debt binge
The country currently faces economic uncertainty, as Nigerians wonder how the outcomes of the latest string of policies and legislative actions will affect their finances. Just last month, the president signed into law the Finance Bill, a sweeping law that changes the fabric of taxation for tens of millions of businesses. The CBN’s heterodox monetary policies are, on one hand, forcing banks to lend more, while also reducing high yield investable funds for ordinary Nigerians.
This year’s Valentine is expected to significantly impact the economy in ways that we have perhaps not seen before. Nairametrics’ Founder, Ugochukwu “Ugodre” Obi-Chukwu believes lovers will have a lot more money to spend this year compared to last, despite not recording significant changes in their lives. “I expect to see a huge impact of Microfinance banks and FinTechs on spending decisions of most young Nigerians, particularly among millennials and generation Z,” Ugodre remarks.
Access to funding has never been easier for Nigerians like Efosa. Short-term personal loans are offered to splurge-hungry working-class millennials via social media, text messages and any means possible. The loan offers range between N5,000 and N1 million, depending on the borrower’s monthly salary. Thus, it’s no surprise who else stands to benefit from all these.
[READ MORE: Last minute luxury Valentine Day gift ideas for bae)
Windfall for Hotels and resorts
Findings by Nairametrics revealed that most of the beach resorts in Lagos and beyond are fully booked by lovebirds. One of these beach resorts is La Campagne Tropicana Beach Resort in Ibeju Lekki, Lagos. When Nairametrics contacted the company last week to ask about the possibility of reserving a room for February 14th, we were told that virtually all the rooms were already booked. According to the resort’s spokesperson, who spoke to us on the phone, there were only two rooms still available as at Wednesday, February 5th. As she said, “The possibility that someone else might reserve the rooms at any point is high.”
Unlike La Campagne, which had two vacant rooms as at the time of writing this report, Baracuda Beach Resort said all of its rooms were booked. Other popular resort hotels like Whispering Palms Hotels and Resorts, La Manga Beach Resort, and Epe Resorts and Spa all said their facilities were fully booked for lovers’ day.
“I’m afraid we currently do not have any available room at the moment. All of our rooms are fully booked for February 13th, 14th, and the day after,” said the person who picked up the phone when we called Eko Resorts and Spa’s phone line.
Lovebirds are also looking beyond Nigerian shores for even better love spots. Reports from some travel agencies surveyed suggest that quite a sizable number of Nigerian coupes will be traveling to Cape Verde, Mauritius, and other exotic destinations for the Valentine’s Day celebration. Some travel agents reported an increase in the number of people buying air travel tickets to these locations. These are people who prefer the tourist experience those places have to offer, as opposed to that offered by the Nigerian tourism industry.
We may not truly know what the value of 2020 Valentine’s Day is, but what we can clearly deduce is that everyone will be happy. Lovebirds get to spend quality time, lending institutions will see their loan books expand, while hotels, resorts and retailers will earn a sales boost. The losers will likely be those without lovers, who still get caught up in traffic and all the inconvenience that comes with Valentine’s Day.
#EndSARS: NCAA denies alleged shut down of airspace, as Turkish Airlines takes off tonight
FAAN has reportedly shut down the air space of the nation due to alleged unrest in the country.
The Nigerian Civil Aviation Authority (NCAA) has denied the alledged shut of the nation’s airspace due to the unrest, arising from the hijacked #EndSARS protests in Lagos, Abuja, and some other states in the country.
Though, the authority has not issued an official statement on the development, a source in the apex regulatory body told Nairametrics that the airspace remains open in Lagos and Abuja.
He said, “It is not true that the airspace is shut as rumoured on some social media platforms. Turkish Airline is attending to its passengers at the moment and the flight is tonight. So, where is the airspace being shut coming from.
“Delta Airline decided to divert the Lagos bound flight to Dakar, Senegal before going back to New York not because our airspace is shut but its Lagos office informed the Pilot that there is curfew in Lagos. Expectedly, American airlines are so sensitive to issues like that.”
Back story: A Twitter user, Osasu Onayiuwana, whose friend is one of Delta Air passengers en-route Lagos from Atlanta, USA, had alleged that Delta Airline returned ti New York because Nigerian air space was shut.
He tweeted, “A friend returning to Lagos, from Atlanta on @Delta has been informed, during their Dakar, Senegal stopover, that @Nigeria’s airspace has been closed. They are now flying back to Atlanta!
“Actually, his plane is currently on the way to New York, from Dakar. Before this, some passengers asked @Delta to allow them to find their way to Lagos from Dakar. Understandably, the airline refused.”
— Osasu Obayiuwana (@osasuo) October 20, 2020
FRC to implement new IFRS 17
The FRC is set to implement International Financial Reporting Standard 17 (IFRS) on or before January 2023.
The Financial Reporting Council of Nigeria is expected to implement International Financial Reporting
Standard 17 (IFRS) on or before January 2023. This follows the amendment of the standard on June 25, 2020.
This was disclosed by the Head, Directorate of Accounting Standards Public Sector, FRC, Dr. Iheanyi Anyahara, during a Stakeholders interactive forum with FRC and International Accounting Standards Board (IASB) webinar recently.
Nigeria adopted the IFRS as part of measures to improve transparency, reporting practices and full disclosures.
Having adopted the IFRS by the Council, Anyahara explained that all amendments to existing standards alongside the new standards issued by the International Accounting Standards Board (IASB) must be implemented by all reporting entities in Nigeria.
According to him, the Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges.
He said, “That is why we are organizing this programme and many more in collaboration with IASB to guide the users of the standards both in application and implementation.
“The Council will be organizing more events in financial reporting, auditing and corporate governance in order to sensitize the general public and lessen the knowledge gap in IFRS standards in Nigeria in collaboration with relevant agencies and organisations.”
Last July, Nairametrics reported when FRC released guidelines for reporting in compliance with the Nigerian Code of Corporate Governance. (NCCG 2018).
In a statement posted on its website, the Council explained that it had been engaging with all regulators of sectors for the purpose of developing sectoral guidelines of corporate governance on specific requirements relevant to each sector, which are not covered under NCCG 2018.
Geely Auto to invest 54 million dollars in the development of healthy cars
Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.”
As Exclusive Partner of Geely Automotive in Nigeria, Mikano brings us great news of Geely Automotive innovative steps towards development of “healthy, intelligent vehicles” by earmarking 54 million Dollars of funding to it; as a furthering of the fight against Coronavirus.
The move not only adds a new dimension to Geely’s understanding of “passenger safety,” it also represents a new development direction for automobiles.
The development of a “healthier car” differs from specialized medical vehicles in that Geely’s products are made for ordinary consumers. Cars with comprehensive virus protection not only require the capability to isolate harmful substances in the air, it also needs to quickly and effectively purify cabin air for occupants.
Geely Auto’s global R&D and design networks based in Europe, USA and China will jointly move to develop and research new environmentally sustainable materials with anti-bacterial and anti-viral properties which can be used within air-conditioner systems and on frequently touched surfaces such as buttons and handles.
Geely Auto will make full use of its global R&D system and resources as well as cooperate with professional medical and scientific research institutions to set up special project teams to work on the new research.
An Conghui, President of Geely Holding Group and President and CEO of Geely Auto Group said “Epidemic prevention is a job that requires the long-term effort of wider society. As the most common mode of transportation, consumers spend a considerable amount time in their cars, akin to a “second home” Only by making healthier products can we meet consumer demand for better quality of life. Based on the automotive industry’s development direction built around electrified, connectivity, intelligence, and shared mobility, auto companies should commit to developing products that help protect the health of drivers and passengers. This will become one of Geely Auto key long-term development objectives.”
Earlier on January 28, Geely Holding Group joined hands with the Li Shufu Foundation to set up a special 30 million dollars fund in support of the new coronavirus prevention and control, with a focus on the mass purchasing of much needed medical supplies for China in the short term.
Geely’s leading track record will be taken to a new level with the development of an all-round “healthier car.” Geely’s move sets a new precedent in the development of safety technologies that goes beyond developing leading crash test results and moves into new dimensions of passenger safety.
Visit www.geely.ng to find out more about Geely Nigeria