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FG to institute wreck insurance policy (WIP) soon - MD NPA

Ugo Amadi

Members of the newly reconstituted Nigerian Port Authority (NPA) Pilotage Districts Boards have demanded the urgent review of relevant sections on pilotage in the Ports Act of 1999, to reflect the present dynamics of the industry.

Jumia strategic to promoting e-Commerce in Nigeria- Olejeme

UGO AMADI

Nigeria’s e-Commerce space has been on the rise as one of the fastest in Africa, consequent upon the flexibility and technology innovation with which Jumia Nigeria is driving the online trade in the country.

Jumia vendors gave this attestation during Jumia’s sixth anniversary celebration in Lagos, applauding the company for the opportunities it gave them to grow their business, the Nigerian economy and to impact on the lifestyles of online consumers.

According to them Jumia has contributed immensely to the rising interest of Nigerians in e-Commerce business and rapid growth of e-Commerce in Africa.

Speaking on the business strategic growth, Mr. Chinonso Olejeme, a vendor who trades on household electronics, said prior to joining Jumia, he makes sales of about N300,000 monthly, but that since he joined Jumia three years ago, sales have increased and he makes as much as N2 million profit in a month.

According to him, the sales can grow to as much as between N26 million and N32 million during promos like Jumia Black Friday Promo sales.”Prior to joining Jumia, I had offline stores in Ejigbo and Alaba, selling household electronics, but Jumia has boosted my sale to over 300 per cent in the last three years.

“With Jumia Nigeria, the issue of struggling to make good sales is no longer a challenge for me but the challenge for me now has been the ability to meet up with sales demands that have increased since I joined Jumia.

He noted that before joining Jumia three years ago, ‘I also had a small online shop called Zit.ng but the sales was very small compared to what we presently sell on the Jumia platform. I reluctantly joined Jumia in 2015, but today the narrative has changed as sales volume has increased tremendously,” Olejeme said.

On the level of support from Jumia, he said he had been getting support from Jumia through Jumia loans, which he said helped him to buy more goods to meet up with the sales and supply demand.

Another Jumia Vendor who is the Managing Director, 21 Attire, a fashion design company, Mr. Trust Osunde, said he had been in the business of producing female attires both for corporate and casual outfit, before joining the Jumia online platform, where his sales volume and profit margins have increased greatly.

Jumia e-Commerce platform has the ability to scale up businesses Jumia and the platform has given me the opportunity to trust in them the more. “I see online shopping dominating the trade in Nigeria. The e-Commerce business is on the rise and I see it as a business that will continue to grow,” Osunde said.

He also called on government to help either in terms of providing reasonable loans to operators or partnering with organisations like Jumia so that they can increase their stakes, engage more entrepreneurs and impact even more meaningfully the businesses on their stable.

For a better society

Forex: CBN intervenes with another $210m

COMFORT EKELEME

In another round of intervention, the Central Bank of Nigeria (CBN) has injected the sum of $210million into the inter-bank Foreign Exchange Market to ensure the availability of forex and also meet customers’ requests in various segments of the market.

FG Okays $150m World Bank loan for Polio eradication

Sunday Ode, Abuja

The Federal Government on Wednesday approved World Bank’s US$150 million credit facility in support of polio eradication in Nigeria .This was disclosed by the Minister of Finance, Kemi Adeosun, after the Federal Executive Council (FEC) meeting presided over by Acting President, Yemi Osinbajo at the Presidential Villa, Abuja.

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