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@StearsBusiness

5 Feb

This afternoon, a Central Bank of Nigeria (CBN) circular sent to commercial banks and other financial institutions surfaced online. Here is a thread explaining what the circular means and why the CBN issued it.

A THREAD
1/ 33

Cryptocurrencies have gained popularity since bitcoin, the most valuable crypto, rose significantly four years ago. The coin went from $900 in January 2017 to almost $20,000 by the end of that year.

2/33

While cryptocurrencies are known for people making (or losing) money from trading, they have many use cases, including making cross-border payments, remittances or storing wealth (protected from inflation or exchange rate depreciation).

3/33

Read 34 tweets

Stears Business

@StearsBusiness

5 Dec 20

💵 💵 A THREAD

In a year that has brought so many new experiences, there is one Nigerians will be familiar with: dollar scarcity.

For something so top-of-mind for many Nigerians, little is said about where dollars come from or worse most of what is said is wrong.

1/13

This thread is a deep dive into where Nigeria gets its dollars from.

OIL
REMITTANCES
FOREIGN DIRECT INVESTMENT
LOANS

2/13

OIL

Oil earnings have become less important over time. That sounds positive, but this is mainly because oil exports have declined over time.

Next time you hear that “90% of Nigeria’s foreign exchange comes from oil” REJECT it.

3/13

Read 13 tweets

Stears Business

@StearsBusiness

20 Nov 20

You’ve seen everyone talking about sachets this week. From Baileys Delight to Morning Fresh. This thread clarifies the pros and cons of “sachetisation” and identifies opportunities in the sachet economy.

1/14

Why sachets? These sachets are a manifestation of Nigeria’s struggle—from low purchasing power to our credit gap. 83 million Nigerians in informal jobs make only around ₦1400 a day.

2/14

PROS (3)

1)Cash management - Only 6% of the population have access to loans. Without credit, people can only buy goods and services that they can afford *right now*.

3/14

Read 14 tweets

Stears Business

@StearsBusiness

7 Nov 20

@NNPCgroup

Two.

That’s the number of times Nigeria’s cash cow, @NNPCgroup, has publicly released its financial statements in its entire history.

1/13

It released the 2018 accounts in June and 2019 accounts last month. Twice in 5 months. What a time to be alive.

In this thread we highlight the major profit and loss centres at NNPC and talk about salaries, which attracted some attention last week.

2/13

@NNPCgroup

. @NNPCgroup made a loss of ₦1.7 billion in 2019 despite earning revenues of over ₦4.6 trillion. Of the group’s 21 Strategic Business Units (SBUs), the refineries were the major loss drivers.

3/13

Read 14 tweets

Stears Business

@StearsBusiness

4 Nov 20

Over the past week, many have noticed the spike in food prices, and as usual, we’re here to make sense of it.

This thread isn’t just a story about “why food prices are rising”, but it’s also about “ why food prices seem to be rising more than official numbers suggest”

1/24

So why is this the case?

The main thing to note is that inflation rates capture price increase across a wide range of goods across the entire country.

But for context, let’s look into how they are calculated.

2/24

@nigerianstat

The @nigerianstat calculates food inflation by getting price information about certain food items from over 10,500 informants across the country.

3/24

Read 24 tweets

Stears Business

@StearsBusiness

10 Oct 20

@Ifebusolaa

“Your protest won’t change anything,” they will say.

We say: RESIST ✊🏾
Here are 5 ways protests work
#EndSARS

📸: @Ifebusolaa

@Business

1.
Protests are an attempt to force a conversation about the topic. #EndSARSNOW is winning the conversation. This protest has been picked up by @Business @cnni @washingtonpost @AlJazeera_World and more.

https://twitter.com/folasanwo/status/1314929899694632960?s=21

2.
Protests work because millions of people are demonstrating the importance of one singular belief to a society. #EndSARSNOW.

https://twitter.com/folasanwo/status/1314929899694632960?s=21

Read 6 tweets

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