Without mincing words, the year 2020 has been an eventful one, from the coronavirus pandemic to the #EndSARS protest that shut the economies of the nation’s commercial cities, which was later hijacked by hoodlums and culminated in the destruction of public and private properties including loss of lives, the year would not be forgotten anytime soon.
In the midst of all these developments, many have found their diamonds in the rubble – and many more will. These people, however, will be those who are willing to adapt to the changing times by repositioning themselves to leverage the opportunities that will arise, especially in the year 2021.
With respect to the nation’s 2021 N13 trillion budget, there are different opportunities across several sectors in the Nigerian economy and that is based on what experts have seen now.
At the Quarterly Economic Outlook Webinar recently hosted by Nairametrics, the founder of Nairametrics, Ugochukwu ‘Ugodre’ Obi-Chukwu, offered insights into some of the industries that are expected to succeed in 2021 given the changing times and which you can take advantage of.
Construction & real estate
Ugodre said, “We’ve seen the devastating effects that the hoodlum-hijacked-protest did for Nigeria in general, not just in Lagos, but across the country.
“Government also plans to spend big in terms of Construction and real estate, and so I see value-driven opportunities here for people who are in the furniture and fittings business, paintings, steel, sanitary.
“If you also go by some of the results that we’ve seen, particularly on the Nigerian Stock Exchange, I have seen a lot of opportunities that have presented itself for businesses in that sector, particularly in the industrial sector.”
He added that there are opportunities for consultancy jobs as well, whether you are an architect, quantity surveyor, or evaluator, you have to plug in and position yourself well to seize some of the opportunities that this sector will spring up.
“If there is anything that will drive economy in Nigeria, it’s got to be construction. One of the reasons we’ve also seen Nigeria’s GDP contracting and also with tepid growth in other cases is because the real estate and trade sectors are down. So, you’ve got to move to construction, real estate, trade a little bit better for Nigeria to start to see the dividends of economic development,” he added.
Transportation and logistics
“Although a lot of people are not happy with the tolling and ticketing, and that’s what is going to happen, as at some point, there will be private sector investment in this space and it’s just going to happen as government can’t build all the roads and they can’t close all the infrastructural gaps and deficits in the country.
“So there is plenty of opportunities in this area. However, road maintenance is going to be huge in this space, as the more roads the government constructs, the more they are going to have to spend on maintenance and other services, “Ugodre opined.
He predicts that there is going to be a lot going to road maintenance and services too. According to him, filling stations and fast-food restaurants are going to open up when you have major roads like expressways and interstate roads, which would need these services.
“They would need fast-food restaurants and ancillary services for this infrastructural development. So make no mistake about it, as there are opportunities here for anyone who is in the transport and logistics sector.”
Food and water
Ugodre explained that about 65-70% of Nigerians spend their income on food and water, and this is always going to be big for the nation.
“It appears that you can’t get it wrong if you are in the food business. If you sell good food, people will always eat and there is food for everyone, no matter where you find yourself. Even the local ‘mama put’ person will find opportunities here. As we continue to build more roads and continue to open markets, and people continue to strive for survival, they are going to need food.
“Nigeria is one of the top consumers of water in the world. So I think that packaged and bottled water will continue to be significant this year and beyond.
“For 2021, people who are in the field of food and water business should remain in that business because opportunities there would only continue to expand and the interesting thing is that the barrier to entry is not that high, all you need to look for is a very good market and look for the right type of food, and people would come in there.”
With the Federal Government’s continued emphasis that Agriculture would be a priority, Ugodre insists that that sector would be a good place to invest in 2021.
He said, “Investors are going to see a lot of funds pumped in here. I have a friend who just came into Nigeria recently and he is around for farming, with his land in the Lekki area of Lagos.
“You will see a lot of people going into this space, because so long as this is where the government is pointing it’s direction to, you are going to see a lot of funds roaming in that sector and it’s only an opportunity for you.
Ugodre believes this sector needs no introduction, as the nation has seen the impact of COVID-19, which has once again brought healthcare to the fore.
“Over the last few years, a lot of people have been talking about healthcare as probably one of the next big things in Nigeria, but COVID-19 has basically just fast-tracked how important healthcare is.
“A lot of investors have told me that this is one space that they think they can actually channel into. Now the most difficult part of healthcare is health insurance, and not just in Nigeria but across the world,” he added.
Nigeria’s University lectures union, ASUU, calls off 8-month strike
ASUU called off its eight-month long strike that has grounded academic activities in the public universities.
The Academic Staff Union of Universities (ASUU) has called off its eight-month-long strike that has grounded academic activities in the public universities. The union took the decision after it agreed to accept government’s total payment of N70 billion.
The was disclosed by ASUU via its Twitter handle on Friday after its meeting with the Federal Government’s team led by the Minister of Labour and Employment, Dr. Chris Ngige.
It tweeted, “The Academic Staff Union of Universities, ASUU, has shifted ground on FG’s offer. The Union insisted that payment of outstanding salaries must not be done as through the IPPIS platform as promised, if strike would be suspended.”
#JUST IN: The Academic Staff Union of Universities, ASUU, has shifted ground on FG's offer.
The Union insisted that payment of outstanding salaries must not be done as through IPPIS platform as promised, if strike would be suspended.
Wait for more details#ASUUANDFG
— Official_ASUU (@ASUUNGR) November 27, 2020
This is a developing story….
Terrorism: Nigeria records 39.1% reduction in deaths – GTI Report
Nigeria has recorded a 39.1% reduction in terror-related deaths, according to the 2020 Global Terrorism Index (GTI) report.
The 2020 Global Terrorism Index (GTI) report, published annually by the Institute for Economics and Peace (IEP), based in the United States, indicates that terrorism incidents in Nigeria fell by 27% in 2019.
This represents the lowest level of terrorism in Nigeria since 2011, with terrorism deaths in Nigeria reduced to 1,245 last year – a 39.1% dip from the 2,043 deaths recorded in 2018.
Despite the overall decline in terrorism in Nigeria last year, the country is still ranked as the third most impacted country in the world by terrorism, a position it has maintained for five consecutive years since 2015.
According to the latest annual GTI report, Afghanistan and Iraq are respectively the first and second most affected countries by terrorism.
Highlights of the report
- The decline in both terrorism incidents and deaths in Nigeria is attributed to a significant reduction in violence by armed Fulani herdsmen.
- The armed herdsmen are being held accountable for majority of terror-related deaths in 2018, with the latest GTI report showing a 72% decline in fatalities attributed to the herdsmen last year.
- Terror-related deaths and incidents attributed to Boko Haram in Nigeria increased by 25% and 30% respectively from the prior year.
- Over the past year, Boko Haram increased attacks on military targets, with deaths rising from 26 in 2018 to 148 in 2019.
- Globally, deaths from terrorism fell in 2019 to 13,826. This represents a 15% dip from the previous year and the fifth consecutive year of decline since peaking in 2014.
- Conflict remains the primary driver of terrorism, with over 96% of deaths from terrorism in 2019 occurring in countries that are already in conflict.
What you should know
- GTI report is published annually by the Institute for Economics and Peace (IEP) based in the United States.
- The GTI report, now in its eighth year, ranks 135 countries according to how they are impacted by terrorism. The indicators used by the GTI include the number of terrorist incidents, fatalities, injuries and property damage.
- Boko Haram, the deadliest terrorist group in Nigeria ranks second in the world, behind the Taliban in Afghanistan.
- There are 63 countries in 2019 that recorded at least one death from a terrorist attack and 17 countries that recorded over 100 deaths from terrorism. However, only Afghanistan and Nigeria recorded over 1,000 deaths and both countries had significant reductions in the number of people killed in 2019.
- Globally, the report estimates the economic impact of violence, including military, homicide, incarceration and terrorism to be $14.5 trillion in 2019. This is the equivalent of 10.6% of global GDP. The global economic impact of terrorism alone was estimated to be $26.4 billion last year.
- There are emerging new threats of politically-induced terrorism in North America, Western Europe, and Oceania, though with minimal fatalities.
FG, organized labour meeting over petrol, electricity tariff increase postponed to Monday
The meeting between the FG and Labour unions over petrol and electricity tariff increase has been postponed to Monday.
The meeting between the Federal Government and the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) which was slated for Thursday following the recent increase in the pump price of petrol and electricity tariff has been postponed to Monday.
The change in date is to allow the federal government to consult properly on the pump price of petrol with organized labour insisting on the reversal of the price.
According to a report from Channels Television, this decision was reached after both parties had reconvened on Thursday evening, days after it was said the labour leaders walked out of an earlier meeting with the federal government on the same issue.
The Minister of Labour and Employment, Dr Chris Ngige, while addressing the meeting in Abuja, said, what happened on Sunday was not a walkout but a recess and that both the government and the labour unions were working on making the country better.
While giving assurances that the government would make sure that resolutions reached would be for the benefit of the Nigerian people, the Secretary to the Government of the Federation, Boss Mustapha, thanked the labour leaders for their show of patriotism, stressing that what happened on Sunday was a recess and not a breakdown of discussions.
Ajaero, who represented the NLC President, Ayuba Wabba, who was absent at the meeting, disagreed with the remarks of the labour minister and the SGF that the last meeting was a recess, insisting that it did not end peacefully.
Other government officials present at the meeting include the Minister of State for Labour and Employment, Festus Keyamo; the Minister of State for Petroleum Resources, Timipre Sylva; and the Minister of Humanitarian Affairs, Sadiya Farouk.
What you should know: Nairametrics had reported that the organized labour had suspended their planned nationwide strike and protest in September following an agreement reached with the Federal Government in which the new petrol pump price should remain unchanged and a 2-week suspension of electricity tariff.
They also agreed to set up a technical committee on electricity tariff reforms to look at the justification of the new policy in view of the need for the validation of the basis for the new cost-reflective tariff.
However, following another increase in petrol price a few weeks ago, the NLC criticized the government’s action and said it was a breach of an agreement with the government during their previous negotiations.
While saying that the union will not accept such arbitrary increases in the petrol pump price, the NLC President asked the government to revert to the old price.