Africa is considered as one of the regions in the world where remittances play a vital role in the lives of the average family. It is a common occurrence within the continent for Africans working abroad to send money back home to family and friends.
CoinCola Helps Africans Abroad to Battle these High Remittance Charges. These remittances have, over the years, increased as the number of Africans abroad increased. It has become a major source of foreign exchange for the countries.
It can be said that remittances gained more ground in Africa because many Africans have left the continent in search of greener pastures abroad. They simply want a better and high paying job. Unfortunately, one challenge that these people face when sending money back home to their loved ones or for a project is the high transaction fees that are attached.
Cross border transactions have become more expensive in recent years as traditional institutions sometimes charge as much as 25% in transaction fees. This is extremely high and results in the sender having to spend more money on transactions.
Bitcoin as a solution
Cryptocurrencies have emerged in the past few years as a novel solution to these problems as it allows for cross border transactions with little to no fees. Chief among different cryptocurrencies is Bitcoin.
Buy Bitcoin in Nigeria With Your Hard-earned Money At CoinCola To Evade The High Remittance Fee.
New users will get 0.0001 BTC for the first trade bonus of 0.001 BTC or more.
Bitcoin is the pioneer cryptocurrency and dominates the market with 58% of the total market share. The premier coin is accepted in thousands of businesses. The potential that Bitcoin can bring as a remittance currency is endless.
It costs African nationals abroad little transaction fees to send money using Bitcoin. According to research, using Bitcoin would save over $2 billion in fees for migrant workers. That’s a whopping amount of money, isn’t it?
However, one problem that Bitcoin has in Africa is the lack of awareness and the dearth of crypto exchanges that cater specifically to Africans. There is also the question of security of funds and the simplicity of the platform that would be used to initiate transactions.
This is where CoinCola P2P Bitcoin trading platform comes as one of the best and reliable for Africans.
It is regarded as one of the fastest growing exchanges and has received excellent reviews from a number of Africans that use the platform to send money.
CoinCola utilizes fast and secure algorithms in its platform that ensures quick transfer of funds from one wallet to another within its ecosystem.
Watch Out for These Amazing Advantages of CoinCola
- Low transaction fees
Unlike traditional cross border platforms that collect 10-45% as transaction fees, CoinCola collects just 0.7 percent of the fees. This means that if you are sending $1000 worth of money via bitcoin you would be charged $7 but for traditional methods, that’s $100.
- Secure platform
One major fear in the minds of many Africans is the security problems whereby funds can be stolen through hacking. CoinCola offers a full guarantee of your funds as it uses bank-grade secured algorithms to keep your transactions safe.
There has been no report of hacks or loss of funds on the platform. This makes it a reliable and secure platform.
- Diverse means of receiving and making payments
CoinCola allows users to trade between themselves as it does not buy or sell cryptos from users. You can send Bitcoin to any country in Africa and get paid via different means as the trade is between users.
You can choose the best payment system that suits you which could be via western union, PayPal, Bank accounts etc. Once you receive the payment via the preferred means, you authorize the release of the amount of Bitcoin to the buyer.
This makes CoinCola an attractive option for Africans as there are more options than the traditional crypto exchange.
The platform is also certified by regulatory agencies which ensure that funds are secure and readily available.
Get Started with CoinCola
In conclusion, Bitcoin is a revolutionary currency that would help reduce the problems of remittance transaction fees while CoinCola has positioned itself as a platform for transactions to be successful and affordable.
Nigeria: Federal Govt Sets Up 14-Man Committee to Manage Petroleum Products Supply, Distribution
In a move to find lasting solution to the disruptions in the supply and distribution of petroleum products in the country, President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management, which he will personally chair, the ministry of petroleum resources announced yesterday.
The Steering Committee, which has minister of state for Petroleum Resource, Chief Timipre Sylva as alternate chairman is expected to among other things to ensure transparent and efficient supply and distribution of petroleum products across the country.
Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especial PMS to ascertain daily national consumption and eliminate smuggling.
To further ensure sanity in the supply and distribution across the value chain, Sylva has directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure strict compliance with the government approved ex-depot and retail prices for PMS.
The minister has further directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.
He further directed that the interests of the ordinary Nigerian is protected from price exploitation on other deregulated products such as AGO and DPK and LPG.
The federal government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy.
Other members of the committee are minister of Finance, permanent secretary, Ministry of Petroleum Resources, National Economic Adviser to the President, director-general, Department of State Services (DSS), comptroller-general, Nigerian Customs Service (NCS), chairman, Economic and Financial Crimes Commission Member (EFCC), and commandant-general, Nigerian Security and Civil Defence Corps (NSCDC)
Others who made up the Steering Committee are Authority chief executive, Nigerian Midstream and Member Downstream Petroleum Regulatory Authority (NMDPRA), governor, Central Bank of Nigeria (CBN), group chief executive officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.
Nigeria’s fuel subsidies surpassed $1 billion in August as it supplied more petrol
The cost of Nigeria’s fuel subsidies rose to 525.714 billion naira ($1.22 billion) in August, bringing the total spent this year to 2.568 trillion naira, according to figures submitted to the government by state oil company NNPC.
The ballooning costs of keeping petrol prices low in Africa’s most populous nation are straining the budget and draining revenue from the Nigerian National Petroleum Corp (NNPC).
In April, Nigeria’s parliament approved a 4-trillion-naira petrol subsidy for this year after the government in January reversed a pledge to end its subsidies to avert protests in the run-up to presidential elections in February 2023.
NNPC has not submitted any money to the federal government this year due largely to subsidy costs. August’s bill compared with 448.782 billion naira in July, according to a document NNPC submitted on Friday to the Federation Account Allocation Committee.
Part of the increased cost was down to a bigger daily supply of petrol, which rose to 71.8 million litres, up nearly 10% from July, according to information submitted at the same meeting by regulator Nigerian Midstream and Downstream Petroleum Regulatory Authority.
Oil production in August averaged 1.18 million barrels per day, well below the nation’s OPEC quota of 1.8 million bpd, due in large part to theft from pipelines that has curtailed production.
($1 = 430.0500 naira)
Payments platform Fuse integrates ChromePay to bring DID services to Africa
The African continent has emerged as a hotbed for crypto and blockchain activity, with countries like Nigeria and Ethiopia leading the way.
Web3 payments platform Fuse has partnered with ChromePay, an identity-based payment solution, to launch a new suite of payment products in Africa — a move designed to boost financial inclusion on the continent.
The partnership centers around ChromePay’s decentralized identity service, also known as a DID, which the companies claim will enable millions of Africans to participate in the Web3 economy. By utilizing the Fuse blockchain, ChromePay will offer users a variety of Web3 payment services powered by its DID solution. As part of the partnership, Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance (DeFi) and DID services directly on the blockchain.
By integrating with the Fuse blockchain, ChromePay will reportedly enable users to access both traditional and blockchain-based payments directly from their mobile devices.
Founded in 2019, ChromePay launched its payment solutions app in Nigeria in 2021 following a successful pilot. The company’s next milestone is the launch of its Fuse-powered DID in Ethiopia, a country that has made notable strides in its crypto adoption.
As Cointelegraph explains, decentralized identity is an emerging concept within Web3 that enables trusted data exchange. In practice, DIDs allow users to manage and administer their digital identity without reliance on a centralized third party.
Africa has become a hotbed for crypto and blockchain activity, with significant populations in Kenya, Nigeria and South Africa turning to digital assets for access to financial services. This trend was identified by the United Nations in a June 2022 policy brief, which described the “unprecedented pace” of crypto adoption during the pandemic.
20 Things You Can Export From Nigeria and Make Dollars
Finding the right type of business to start up is one of the most difficult things many people have to face. As a result, 9 out of 10 businesses fail in 10 years, and most of the last ones standing do not survive the next 10 years that follow.
The same applies to finding the right type of commodity to export.
The export business in its own right is a highly lucrative business to venture into, but determining the right type of commodity to export depending on the profit margins you’re targeting can sometimes be a problem.
While some exporters are okay with netting profit margins of between 10-30% per non-oil transactions, many others are uncomfortable with that, especially as an export cycle in a country like Nigeria is about 45 days, and so, would want to make the most of the time and possibly make up to or more than 100% profit on the commodity exported.
If you’re looking for high-margin commodities that can take your export business from 0 to 100 in 45 days, here are 2 hot-selling commodities that you can export to make up to or more than 100% profits on every sale:
Ginger is one of the most traded spices in the world which Nigeria happens to be among the largest producers. Why we are not exporting ginger in large quantity is beyond me. You can start a Trans-Sahara or Trans-Atlantic trade with this goods and be making dollars on regular basis. Garlic is also on top of the list of items you can export from Nigeria.
2. Palm Kernel Oil
Palm Kernel oil is the oil extracted from the pulp of palm fruit which is different from palm oil. Palm Kernel Oil is used for the manufacturing of various cosmetics, pharmaceutical products and confectioneries. The uses of this oil is broad and the mineral contents are said to be rich in protein for various uses. Nigeria has it quantum and makes dollars exporting it to other countries of the world.
3. Textiles and Garments
This industry alone generates close to $32bn as revenue from export from Nigeria. It is also a fact that unlike other products that battles with high strict rules of tests, Nigeria’s textiles enjoy duty free passage into United States where it has the largest market in the world because of its unique designs, ethnic African designs and quality.
4. Cocoa Butter
This is the real sources of chocolates of all types. The fruits of Cocoa is used for the production of various skin care products, health products, and pharmaceutical products. The demand for Cocoa is very high in both America and UK and that is why cocoa farming is very essential in Nigeria.
This is a clay-like solid substance gotten from the gallbladder of matured cow and oxen. The size could be as big as chicken egg. Gallstone is a hotcake for foreign pharmaceuticals because they use it for medical purposes. If you could lay your hand a good quantity of well dried gallstone about 100g that is well packaged, ready buyers are waiting for it in either Asia or America.
Nigeria has put in place proper Central Testing Laboratories to ensure that only certified products leave the country to Europe and America. Nigeria happens to be a significant producer of Rubber in Africa. A cubit meter of fine quality rubber goes for between $400 and $600 presently because of the instability of dollar rate in the market.
7. Sesame Seed
This may sound a bit strange if you are not from the area where it is produced in the country. Sesame seed can be found in quantity in places like Benue and Jigawa states in Nigeria. This product ranks second to cocoa in terms of export volume and foreign exchange earnings. Nigeria is the 5th largest producer of this commodity and shipping it into foreign countries brings dollars exchange.
Pure honey is another export commodity from Nigeria to other countries. Presently, a kilogram of honey costs above $150 in the international markets. Pure natural honey contains trace enzymes as sugar, mineral, vitamins and amino acids. A litre of honey can fetch good dollars in the foreign market.
The Niger Delta region in Nigeria is blessed with rich organic deposits of Shrimps. The demands for Shrimps is high in countries like Portugal, France, Belgium, Spain, and USA.
Garlic is a cash crop which is grown under irrigation by farmers in the Savanna areas in Nigeria. With internationally certified good quantities of garlic, you are sure of foreign hard currencies.
11. Yam Tubers
Nigeria is presently the highest producers of yam. In 2009 alone, yam export accounted for about US$450 million exchange. But due to low quality, it is saddening to know that the country is not maximizing its export potentials of this products. So there is need for prospective exporters of yam to foreign countries to adhere to quality regulations that is guarding the process. Yam farmers must take this into consideration and tap from this opportunity.
This is at the fore front in the international market. This product which is produced in good quantity in Nigeria with now perfected technology, has about 50% ROI.Even an individual can own a charcoal production outfit and have exporters shipping it for him. A large market for charcoal exists in ASIA, EU, and USA. A tonne of this product goes for about $1000.
This sector recently received a boost from the National Cotton Association of Nigeria (NACOTAN) of N33 million to rehabilitate it. Cotton is the most natural sources of fiber and it is in demand internationally.
14. Cassava Flour
We already know that Cassava is food for all in Nigeria because of various methods of preparing it. There is need for this in the foreign markets as well. The demand for well processed cassava flour is increasing both in Europe, Middle East and in America.
15. Cashew Nuts
Almost every part of the country has the potential to produce this international commodity. Great quantity of unprocessed raw cashew nuts are exported to India, Brazil and Vietnam where they are processed into kernels and moved to the Northern America and Europe where they are sold for about $2 per pound. The demand is on the increase from these consuming countries.
If you can produce snails in good quantity, there is a ready market for you. Snails are hotcake in European and America. The good thing about this is that it is very easy to rear as it produces rapidly with close to nothing in expenditure for feeding.
17. Chili Pepper
Nigeria is blessed with good weather which supports the proper growths and production of the internationally accepted pepper. If you can grow and source for the export opportunity, you are sure to get it.
18. Fruit Juice
It may sound somewhat strange to many that Nigeria provide export opportunity for fruit juice concentrates. Yes, we have it because Nigeria can boast of so many naturally grown fruits all over the country which provides the best of fruit juice products of great quality. The opportunity for Nigerian fruits concentrate export is huge in USA.
Forget about the facts that some greedy Nigerians go about smuggling chicken into the country. When we talk about poultry, it involves all domestic birds, egg or meat.
Nigeria poultry farm products are still highly needed both within Africa and Western countries because Nigerian weather conditions for poultry farming still remains the best. Poultry products export from Nigeria is an avenue that is still highly untapped.
20. Cosmetics and Soap
Nigeria has grown in this very important area but the only challenge that is holding us back is procurement of good technology to produce cosmetics in great quantity to compete favorably with other developed countries.
Soap making, which extends to other toiletries, laundries and so on are already export opportunity waiting to be invested in. Nigerian cosmetics products can be exported to other African countries where they are badly needed.
Nigeria has big market in soap industry already which other neighboring countries travels thousands of kilometers to get in big quantities to sell in their countries for good profits. If that area is properly looked into, the investment opportunity there are still virgin. If well harnessed, could mean a huge opportunity for foreign exchange. This exchange will further improve the underused avenues of cosmetics and soap industry in the country.
If the exporters from Nigeria could strictly follow the rules guiding export, more avenues can be opened up for others who are aspiring to join in making export from Nigeria available to other countries around the world.
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