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6,000MW Needed to Reduce Power Outages in Nigeria

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NIGERIANS may have inadequate power supply for a long time as Sam Amadi, the out-going Chairman, Nigerian Electricity Regulatory Commission, NERC, said that 6,000 megawatts of regular supply of electricity is needed before power outages can be significantly reduced in the country.

Amadi, who was speaking during a public hearing on the activities of NERC and Distribution Companies, Discos, as they relate to infrastructure and billing by the House of Representatives Committee on Power, also said that 55 percent of consumers remain un-metered. He attributed this to legacy issues which have resulted in consumers being charged through estimated billing.

Amadi lamented that the cloning of meters and bypassing of meters remain a major challenge particularly in some parts of the country and this results in loss of revenue for Discos. Responding to reports that the regulatory body is soft on Discos for infractions and inefficiencies particularly in metering, Amadi agreed, but however noted that the agency is not quick to wield the big stick in order to build investors confidence in the sector. He also attributed it to the fact that the Discos are still experiencing several challenges.

“It is in the interest of consumers that we help Discos and generating companies to survive, but from the beginning of this year, we have been penalising. Recently, we asked Abuja Disco to pay N18 million to the family of a child who was electrocuted, and they did that,” he said.

Amadi added that Abuja Disco was also mandated to compensate 32,000 consumers with about N50 million due to over-billing. He explained further that the Discos are experiencing several challenges. “You talk about tariff, but what about gas? The telecommunications industry has the advantage of technological innovations. Electricity is a conservative technology, we cannot do without gas, even if we build solar everywhere,” he said, adding that the discos have to deal with weak infrastructure.

Also speaking at the public hearing, Mark Karst, managing director, Transmission Company of Nigeria, TCN, said the company is targeting 20,000 megawatts of electricity by the year 2020 and would need $1 billion annually to achieve the target. He noted that the money required is a huge sum.

Karst put the current power generation at 4,800 megawatts, with potential for 5,400 and 6,000 in a very short time if certain adjustments are made. He disclosed that the tariff application of TCN with NERC has been pending since the middle of 2014. “Transitional electricity market declared in February 2015 has not been effective,” he said, adding that the power sector remains a difficult field to navigate for all players involved.

Igariwey Enwo, member of the committee, however, challenged that NERC has being soft on Discos which resulted in them not being keen on metering, and campaigning for the switch to smart meters. “No individual in my state, Ebonyi, has a single pre-paid meter. Many people there have never even seen what it looks like…you have to make it mandatory for them to go ahead with the metering,” he said,

The lawmakers raised several challenges which consumers continue to experience, such as mass disconnection, paying for transformers, cables and even labour to get electricity and exploitation through estimated billing.

Daniel Asuquo, chairman, House Committee on Power, said the committee takes the issue of local content seriously, and Nigerians must be given right of first refusal. He also lamented that the TCN wholly owned by the government, is being owed by the discos despite the N213 billion loans granted to them by the Central Bank of Nigeria.

Vanguard

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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E-commerce Black Friday Sales Estimated to Surge by 40% to 10.2 Billion

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The 2020 holiday shopping season will be unique, as the pandemic shifted consumer behavior from retail stores to online shopping. In response, many retailers moved their services online to not miss out on this year’s profits. Atlas VPN team decided to look into how e-commerce sales are set to perform in the upcoming long weekend.

Researchers predict that the US e-commerce revenue will exceed last year’s earnings by 49.5% on Thanksgiving day, totaling $6.18 billion in revenue. Black Friday is calculated to reach $10.2 billion in sales, exceeding last years numbers by 39.4%

Rachel Welch, COO of Atlas VPN, shares her tips on how to stay safe when shopping online during the holiday season:

“Watch out for too-good-to-be-true deals from unknown sellers, as cybercriminals will also expect to turn a profit during the holiday season, even though they are not selling anything, except maybe a bag full of disappointment.”

 Finally, analysis shows that on the last day of the long and full of special offers Thanksgiving weekend, consumers will go all out to bring record sales for e-commerce businesses, adding up to $12.89 billion.

To look at these five days from a wider perspective, e-commerce companies can expect to earn around 39.72% more than they did last year.

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Alibaba Merchants Sell $40B in First Half Hour of Singles Day 2020, More than 2019 Event Full Sales

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Singles Day 2020 was a roaring success, cementing its position as the world’s biggest shopping holiday. Sales across Alibaba’s platforms during the event totaled $74.1 billion, up from $38 billion in 2019.

According to the research data analyzed and published by Stock Apps, within the first 30 minutes of the event, the gross merchandise volume (GMV) surpassed 2019’s full-event sales, reaching $40.87 billion.

Moreover, instead of live events, Alibaba had 400 company executives and 30 celebrities hosting livestreams. Based on a study by Coresight, the Chinese livestream market is set to rack in sales worth $125 billion in 2020, compared to $63 billion in 2019. The US livestream market is a small fraction of that, valued at $5 billion.

China’s Tech Heavyweights Lose $280 Billion in Market Cap

Alibaba Singles Day 2020 dwarfed other major shopping holidays as has been the trend in previous years.

According to Practical eCommerce, Amazon Prime Day 2020 sales totaled $10.4 billion up from $7.16 billion in 2019. Cyber Monday sales in the US amounted to $7.9 billion in 2020 according to Statista. Black Friday and Thanksgiving added $9.7 billion to the figure to make $17.6 billion for the weekend.

Similarly, in 2018, Singles Day sold $30.8 billion while Prime Day sold $4.19 billion and Thanksgiving weekend got $14.2 billion.

However, the 2020 Singles Day event came in the wake of Ant Group’s suspension of a $37 billion listing. The suspension resulted in a $76 billion drop in Alibaba’s market cap, as the tech giant owns a two-thirds stake in Ant Group. Moreover, China’s regulators released anti-trust draft rules prior to the event, aimed at controlling monopolistic behavior.

Following the release, Alibaba shares plunged by 9.8%, as JD.com shed off 9.2%. Tencent similarly saw a 7.39% drop and Xiaomi fell by 8.18%. For the five companies, there was a combined loss of $280 billion in market capitalization.

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Top Three PC Vendors Shipped 121.5 Million Units in 2020, Lenovo Leads with 47.1 Million Shipments

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Remote working and distance learning amid the coronavirus outbreak continue increasing global demand for PCs and laptops. After a sharp fall in the first quarter of 2020, global PC shipments have grown in the last six months, despite the effects of the COVID-19 crisis.

According to data presented by Stock App, Lenovo, HP, and Dell, as the world’s three largest PC manufacturers, shipped 121.5 million units in the nine months of 2020. With 47.1 million shipments in this period, Lenovo tops the global PC vendor ranking.

More than 187 Million PCs Shipped Between January and September, a 1.6% Drop YoY

The rise in smartphone usage and the global shift from hardware to cloud solutions had been driving a downturn in global PC shipment for seven years in a row. In 2011, 365.3 million units were shipped worldwide, revealed the Gartner data. By the end of 2017, this figure dropped by almost 30% to 262.7 million.

The 2018 shortage in Intel central processing units brought a new hit for merchants’ supply chains and cut global shipments to 259.7 million that year, under 2007 levels.

In 2019, 261.2 million PCs were shipped worldwide, which was a slight increase from 2018 figures. However, the COVID-19 outbreak triggered the biggest fall in shipment since 2013, as pandemic affected supply chains.

The Gartner data showed 51.6 million PC units were shipped in the first quarter of 2020, down 12.3% from the previous year. Between April and June, the market started showing signs of recovery, with global PC shipment rising by 2.8% YoY to 64.8 million.

Consumer demand for PCs due to remote working, home entertainment, and distance learning amid an ongoing pandemic, along with the strongest US PC market growth in a decade, drove the global market momentum in the third quarter of the year. Between July and September, 71.4 million PCs were shipped worldwide, a 3.6% jump year-over-year.

Statistics show that 187.8 million PCs were shipped worldwide in the nine months of 2020, a 1.6% drop YoY.

Lenovo`s Sales Rose in 2020, HP`s Market Share Dropped Down

The Gartner data also revealed that Lenovo, as the market leader, increased its market share in 2020, despite the COVID-19 pandemic. In the fourth quarter of 2019, the Chinese tech giant had a 24.8% market share, with 17.5 million shipments worldwide.

In the third quarter of 2020, the number of shipped units jumped by 8.3% YoY to 18.3 million, while its market share rose to 25.7%.

As the second-largest PC vendor globally, HP hit a 21.6% market share in the third quarter of 2020, down from 22.8% in December last year.

The Gartner data indicate that Dell’s market share, as the third-largest PC vendor globally, dropped from 17.2% in Q4 2019 to 15.2% in Q3 2020. The US computer technology company also witnessed the most significant drop in PC shipments among the top three vendors, with the figure falling from 12.1 million in December to 10.8 million in September.

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