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Senior Advertising Execs Expect Dramatic Growth in Budgets

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Pedestrians walk past a shop displaying advertising for a sale in central Sydney, Australia

New research from Alfi, an AI enterprise SaaS advertising platform, shows senior advertising executives are forecasting strong growth in advertising budgets over the next 12 months with 24% predicting dramatic growth.

The global study among senior executives including CEOs found 61% are more modest and are predicting slight growth while just 15% believe advertising budgets will remain at around the same level as today.

Growing budgets for advertising mean the executives questioned in the UK, US, France, Germany, Canada, Australia are increasingly looking for better ways to measure the reach and effectiveness of campaigns.

Alfi’s study shows executives are generally happy with the campaign data available but just 21% rate it as ‘excellent’ while 65% describe it as ‘good’. However, 14% say it is average or poor.

That is driving increased interest in the use of QR codes in Digital Out of Home (DOOH) advertising, which enables advertisers to measure exactly how impactful their campaigns are through first-party data which is accessible instantly.

More than a third (34%) of senior executives believe the importance of QR codes in advertising will increase dramatically over the next two years while 56% believe it will increase slightly.

“The global advertising industry is going from strength to strength after recovering strongly in 2021 to hit a new record high** and the indications are that it will continue in 2022 and beyond,” said Peter Bordes, Interim CEO, Alfi. “Increased spending should mean increasing the focus on measurement and data, which explains the growing use of technology and QR codes in particular.”

The study found all the senior executives questioned agree that the use of QR codes in advertising will increase dramatically over the next two years with 50% strongly agreeing with the view.

Bordes concluded: “Throughout the industry we can expect a higher focus on data-driven insights by expanding advertising capabilities, analytical sophistication and delivering it all seamlessly over multiple devices – thus leading to not only confident purchase behaviours but greater one-to-one connections with consumers.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Black Market Dollar To Naira Exchange Rate For Today 27th January 2023

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Naira Exchange Rates - Investors King

You can access the black market Dollar to Naira exchange rate for today, 27th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Friday, 27th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Friday morning, January 27, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Company News

Automobile Firm to Complete Large Assembly Plant In Ogun, Unveils Plans to Build Vehicles

The plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad

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Lanre Shittu Motors

As part of its plans to expand its business space and boost exportation, an automobile Firm, Lanre Shittu Motors (LSM) has said it was constructing a large vehicle assembly plant in Sagamu, Ogun State.

According to the Group Executive Director of the firm, Mr Taiwo Shittu, the plant would be completed by the end of the year and its operation would boost the exportation of vehicles abroad.

The CEO of the indigenous auto assembler, during an interview in Lagos State, also disclosed plans to build vehicles that will be known as Lanre Shittu.

Already, Shittu said the firm has started assembling a mid-size pickup truck christened Huanghai LSM, in partnership with a Chinese automobile manufacturer, Dandong Huanghai Automobile Co Ltd with a view to building Nigerian auto industry.

Shittu, while explaining the reason behind the collaboration of LSM with the Chinese firm, said it was to share technology and other things that would aid exportation to other African countries and beyond.

He said his firm has a plan to own a vehicle called LSM (Lanre Shittu Motors), and described Huanghai as a very good brand which is the second-biggest pickup company in China.

He said LSM’s partnership with Huanghai would afford them the opportunity to share technology among others before fully facing the indigenous firm.

LSM chief executive noted that the focus of the firm is to build the Nigerian automobile industry to the level of exporting its products to other African countries and beyond, adding that LSM, which will be 42 as a vehicle manufacturer this year would soon have its brand intact.

According to him, the company’s assembly plant had started injecting local content into products coming from the auto assembler, saying that about 30 percent of components of vehicles assembled from Lanre Shittu Motors are currently sourced locally.

For him, all the lubricants, the grease, liquid-based materials used in vehicles are assembled and sourced locally, adding that materials for the box body, which is the buckets on the trucks, welders design are being fabricated together in about 30 per cent local content in some cases.

Calling on the Federal Government to urgently come up with policies that would encourage automobile component manufacturers to come and build factories in Nigeria, Shittu likened Nigeria to a big market for manufacturers and investors.

For their investments to birth positive fruits, he sought the need for the Federal Government to enact policy that would attract investors.

He said if the government places 100 per cent duty on imported versions of the products that are sourced locally, no Nigerian manufacturer of vehicles would be buying imported parts when the locally-made are cheaper and of the same quality.

Investors King gathered that LSM has the potential to manufacture 2500 vehicles annually and it became a household name with the MAC and JAC heavy-duty trucks in October 2018.

It is a certified KIA, NISSAN, and Jinbei Bus dealer before its full venture into vehicles manufacturing.

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Company News

Tesla Releases Fourth Quarter Result, Misses Wall Street Revenue Prediction But Beats Earnings

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Tesla earnings

Automaker and clean energy company Tesla on Wednesday released its fourth-quarter results, missing wall street revenue prediction but surpassed that of earnings.

The Wall Street consensus for Tesla’s Fourth quarter (Q4) earnings was $24.6 billion in revenue and earnings of $1.13 per share. Meanwhile, Tesla’s revenue was down $280 million from wall street expectations, after it posted a revenue of $24.32 billion million but beat the earnings expectations with $1.19 per share.

At the end of the Fourth quarter (Q4), Tesla had $1.4 billion in free cash flow, down from the $3.3 billion cash flow recorded in the third quarter. Its stock witnessed a 3.2% spike to $149 per share after the earnings report became public and has continued to rise to $151.52 in the premarket.

Tesla closed the quarter (Q4) with a 16% operating margin, while its Automotive gross margins came in at 25.9%, the lowest figure in the last five quarters. Also, its operating cash flow was down 29% from last year, and down 36% from last quarter, coming in at $3.28 billion.

In terms of deliveries, the company disclosed it produced over 439,000 vehicles and delivered over 405,000 vehicles, bringing Tesla’s 2022 full-year deliveries to around 1.31 million vehicles.

Investors King understands that in 2022, the automaker slashed the prices of its vehicles around the world, a strategy that sparked demand for its vehicles.

Speaking on the slash of its vehicles, the company CEO Elon Musk said, “Price matters, the vast number of people that want to buy a Tesla car, can’t afford it, and so these price changes really make a difference for the average consumer.”

In October 2022, Tesla announced price cuts in China by up to 9% on the Model 3 and Model Y, reducing prices further by nearly 14%.

Earlier this month, it lowered the price of its long-range Model Y crossover (20% to $52,990) and Model 3 Sedan (14% to 53990) for U.S. buyers.

Musk disclosed that after Tesla slashed the prices of its vehicles, January saw the strongest demand ever in Tesla’s history, which he said that the demand exceeded production.

On the other hand, Tesla on Tuesday announced plans to invest $3.6 billion more into its Gigafactory in Nevada, adding two new facilities dedicated to building battery cells and Tesla semis, as it disclosed plans to boost production by 50% this year.

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