Business

Transforming Nigerian Football Fan Culture To Economic Growth

Nigerians love their football, it’s that simple, and this Nigerian Football Fan Culture knows no national boundaries. When you look into the typical Nigerian urban space you will find its dotted with what’s popularly referred to as viewing centers, and the number of these football houses keeps increasing.

In the last couple of years, betting companies have come flooding into the country, tapping into the boisterous fan culture in a nation with a predominantly youth population. The betting companies just seem to have woken up to the huge potential market they’d overlooked for years.

The reoccurring question remains, What is it about the foreign leagues and football in general that gets this nation so engaged? The answer is pretty much simple – Value. Beyond it been just a football match, the foreign leagues, most especially the English League has become an enthralling, unending soap-opera. A saga of some sort. The packaging is exquisite, the delivery – classy; and most importantly it’s been built into a mega business that has got investors from all over the world scrambling for a piece of the pie. But as with other good things, it didn’t just happen, it took time, visionary planning, and most importantly money.

Super Eagles and Everton Winger Alex Iwobi image source

Also Read: The Most Secure Places to Live in Lagos Nigeria

The Nigerian Premier League should be doing better, there is no doubt about that, the sheer size of our population and the passion for the game here means the business value is immense. The potential is huge, but as with many other sectors of our national life, we have managed to shoot ourselves in the foot (quite literally).

Any student of the game will allude to the fact that the government is poor at running football, and it is also proven that she is equally as incompetent at running businesses. Football is big business, and if the Nigerian Football League will fulfill its potential then government funding isn’t the way forward.

Over 90% of clubs in the top tier of the Nigerian league is owned and funded by state governments, this model is simply not sustainable. In these times of austerity, dwindling state revenues as a result of falling oil prices, it is imperative that government gets its priorities right, funding state-owned clubs simply isn’t.

The most logical way to go is to commence a process that is geared towards getting these clubs out of government hands. Passionate corporate investors and individuals should be encouraged to buy these clubs, the resultant effect will be 20 businesses competing against each other as opposed to the current model of 20 pet projects of a Governor in power. This might also require privatizing the home stadia alongside these clubs. This might be a tricky subject and politically sensitive nerve to touch, but in all honesty, Nigeria is littered with many stadia erected at huge costs with little or no maintenance and also adding very little to the economy.

It best serves everyone to privatize these stadia and insert a clause/condition that these facilities will be made available in any sporting event of national magnitude, (nations cup, world cup qualifiers)

Every Nigerian government in the last 40 years has made diversifying the economy their favorite campaign punchline, why none has considered prioritizing football in that quest is telling. The number of jobs and opportunities available across the football value chain is staggering. Advertising and media, talent management, football merchandise, tourism, football data mining, and analytics. The list is endless.

image source

It’s no secret that Aliko Dangote nurses ambitions for a takeover of English Premier League club Arsenal, aside from his obvious support for the club it is certain he sees it also as an investment, an opportunity to broaden his investment portfolio. It’s no surprise investors like him gravitate towards the EPL. Liverpool was handed £150 million ($182m) in prize money for winning the Premier League, how many Nigerian companies make that in a year?

That one of our own, Africa’s wealthiest investor seeks to tap into the riches of football on other shores should create a drive for excellence in the NFF, to build a league that’s attractive and lucrative enough to drive economic growth.

Business

NBS Releases New Food Inflation Figures, Price of beans rises 272%, eggs 122% in a year

The National Bureau of Statistics (NBS), says prices of beans, eggs, bread, rice, yam, and other food items witnessed significant price increases in August 2024.

The NBS said this in its Selected Food Prices Watch report for August 2024 released in Abuja on Wednesday.

The report said that the average price of 1kg of brown beans increased by 271.55 percent from N692.95 recorded in August 2023 to N2,574.63 in August 2024.

“On a month-on-month basis, 1kg of brown beans increased by 5.31 percent in August from the N2,444.81 recorded in July 2024.”

It said that the average price of medium-sized Agric eggs (12 pieces) increased by 121.92 percent yearly from N1,031.55 recorded in August 2023 to N2,289.19 in August 2024.

“On a month-on-month basis, the eggs increased by 5.48 percent from the N2,170.17 recorded in July 2024.”

The report said that the average price of sliced bread increased by 113.16 percent on a year-on-year basis from N684.85 in August 2023 to N1,459.85 in August 2024.

“On a month-on-month basis, the price increased by 2.28 percent from the N1,427.25 recorded in July 2024.”

In addition, the average price of 1kg of local rice rose by 148.41 percent on a year-on-year basis from N737.11 recorded in August 2023 to N1,831.05 in August 2024
“On a month-on-month basis, it increased by 3.65 percent from N1,766.64 recorded in July 2024.”

Also, the report said that the average price of 1kg of a tuber of yam increased by 188.31 per cent on a year-on-year basis from N576.39 in August 2023 to N1,661.80 in August 2024.

“However, on a month-on-month basis, the price decreased by -7.82 percent from the N1,802.84 recorded in July 2024.”

The NBS said the average price of 1kg of tomato also increased on a year-on-year basis by 171.72 per cent from N554.37 recorded in August 2023 to N1,506.35 in August 2024.

“However, on a month-on-month basis, the average price of 1kg of tomato declined by 11.07 per cent from N1,693.83 in July 2024 to N1,506.35 in August.”

The report analyzed state profiles and showed that in August 2024, the highest average price of 1kg of brown beans was recorded in Akwa Ibom at N3,276.79, while the lowest was recorded in Adamawa at N1,710.92.

It said that Niger recorded the highest average price of medium size Agric eggs (12 pieces) at N2,996.92, while the lowest was in Jigawa at N1,786.01.

The NBS said that the highest average price of sliced bread was recorded in Rivers at N1,850, while the lowest price was recorded in Yobe at N908.81.

According to the report, Kogi recorded the highest average price of 1kg local rice (sold loose) at N2,680.29, while Benue reported the lowest at N1,206.84.

The report said the highest price of 1kg of tomato was recorded in Abuja at N2,2206.31, while the lowest price was recorded in Kaduna at N734.94.

Analysis by zone showed that the average price of 1kg of brown beans was highest in the South-south at N3,165.11, followed by the North-central at N2,900.86.

“The lowest price was recorded in the North-West at N1,982.78.”

The North-central and South-east recorded the highest average prices of medium-size agric eggs (12 pieces), at N2,789.15 and N2,438.06, respectively, while the lowest price was in the North-West, at N1,963.65.

The report said that the South-South recorded the highest average price of sliced bread at N1,785.56, followed by the South-east at N1,635.73, while the North-east recorded the lowest price at N1,163.78.

The NBS also said that the South-west and the South-south recorded the highest average price of 1kg of local rice (sold loose) at N1,960.87 and N1,886.32 respectively.

“The North-west recorded the lowest price of 1kg of local rice (sold loose) at N1,591.21.”

The News Agency of Nigeria (NAN) reports that in July, the federal government granted a 150-day duty-free import window for some food commodities in a bid to address the incessant increase in food prices and ensure food security.

The suspended duty tariffs and taxes will apply to the importation of certain food items across land and sea borders, including maize, cowpeas, wheat, and husked brown rice.

However, experts have suggested more sustainable measures such as addressing the issue of insecurity, foreign exchange, and transportation costs to address the soaring food prices and ensure food security.

Business

Five Myths About CNG Cars Demystified

With the rising prices of petrol, Nigerians are now forced to consider alternative fuels like CNG as a cost-effective solution to power their cars. CNG-powered cars offer a viable option for those looking to save on fuel.

CNG vehicles have faced skepticism despite being greener and leaving fewer emissions than petrol or diesel cars. Here are some of the common Myths About CNG Cars Demystified

Myth 1: CNG can’t be used for long-distance travel

Although CNG vehicles typically have a shorter range than gasoline cars due to CNG’s lower energy density, this doesn’t make them impractical for long trips. Many CNG vehicles come with larger tanks or dual-fuel systems (CNG and gasoline), allowing for extended range. Additionally, with the expanding network of CNG stations, long-distance travel with CNG vehicles is becoming more convenient and feasible.

Myth 2: CNG is expensive

While CNG cars may cost more upfront, CNG itself is cheaper than petrol, making long-term savings substantial.

Myth 3: CNG cars are unsafe

Contrary to popular belief, CNG is safer due to its higher ignition temperature compared to petrol. CNG operates at 700°C, while petrol ignites at 455°C, reducing the risk of fire. CNG cylinders are also rigorously tested for safety, making them tougher than traditional petrol tanks.

Myth 4: CNG cars are unreliable
CNG cars are just as durable as petrol cars, if not more so. CNG is lighter and non-corrosive, helping engines last longer and lowering repair costs. CNG vehicles also require less frequent oil changes, making them a convenient choice for busy individuals.

Myth 5: CNG is as harmful to the environment as other fossil fuels

One of the key benefits of CNG is its reduced environmental impact. CNG emits 25-30% less carbon dioxide (CO2) than gasoline and diesel, making it a more climate-friendly option that helps reduce greenhouse gas emissions. CNG produces significantly lower levels of nitrogen oxides (NOx) and particulate matter (PM), pollutants that contribute to smog, acid rain, and respiratory issues. By emitting fewer harmful substances, CNG improves air quality and supports better public health

Business

Dangote Group Debunks NNPC’s Claim Of Buying Petrol At N898 As ‘Misleading’, Says Products Sold In Dollars, Not Naira

Dangote Group has described a statement by the Nigerian National Petroleum Company (NNPC) Limited that it bought petrol at N898 per liter as “misleading and mischievous”.
The NNPC earlier on Sunday announced its fuel purchase from Dangote Refinery at a rate of N898 per liter. NNPCL dispatched about 300 trucks to the 650,000 barrels per day capacity refinery in Lagos on Saturday, with loading operations commencing on Sunday.

A spokesperson for the NNPCL, Olufemi Soneye, on Sunday, told Daily Trust the company bought the fuel at N898 per liter contrary to reports claiming N760
“We successfully loaded PMS at the Dangote Refinery today. The claim that we purchased it at N760 per liter is incorrect. For this initial loading, the price from the refinery was N898 per litre,” he said.

However, in a statement on Sunday evening, Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer knocked the claim made by the NNPC.

He said, “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL.

“This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years.

“We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars.

“It should also be noted that we sold the products to NNPCL in dollars with much savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature.”