Business

By Bilyamin Abdulmumin

314,159 dollars a Pi

One of the grand sagas that have been taking public attention is the issue of the Pi network. This project is said to be launched early in 2019. All potential subscribers need to come on board is a smartphone and data.

It depends on when one starts and how often they mine. But some pioneers (those who register for the crypto) have mined as much as 10000 Pis. However, the contentious saga that has been drawing attention was the Pi (cryptocurrency) relative value.

The value floating across as said to be the Global Consensus Value agreed by the world pioneers was a staggering 314,159 dollars. And already, many pioneers have as many as 10000 Pis. So, at this consensus, an average pioneer with 1000 Pis, the equivalent of 314,159,000 dollars, will need the services of similar camels that transported Alhaji Alhassan Dantata’s coins as the first person in 1929 to open an account with the First Bank. While a regular pioneer with as much as 10000 Pis, the equivalent of 3,141,590,000 dollars, will need the services of the Mansa Musa’s entourage like that accompanied him in 1324 for his first mecca pilgrimage.

The pioneers are determined and looking forward to this gargantuan windfall. Whether jokingly or not, some have already begun to imagine how to spend such jackpots. Many have embarked on the dream of climbing up the top social ladder by building exotic houses, expensive cars, or circumnavigating the globe for those who fancy the adventure.

Like many jackpot winners, these potential overnight billionaires continue to promise family and friends some bounties, including marrying them off, buying them houses in Asokoro, the latest iPhone, or sponsoring their pilgrimages.

While these pioneers continue to sail in their realm, their critics consider their aspirations at best as a mirage and, at worst, question their mental well being

When the President of the Association of Psychiatrists in Nigeria (APN), Taiwo Obindo, says that more than 60 million Nigerians are suffering from mental illnesses, the Pi critics say no wonder.

But one posing point the Pi critics raised is that instead of the pioneers assuming mining, it is actually them who are being mined. In other words, they are the cash cows, referring to the advert pool fee that the Pi initiators are generating from about 40 million users. Very plausible because in this era of social media, subscribers are gold.

On the other hand, the pioneers’ reason, too, is not a pushover. Instead, they point to the traction the Pi is getting, the global state of transition from the fiat currency, and the success of some previous cryptocurrencies such as Bitcoin. According to them, history is repeating itself. When Bitcoin started in 2008, everything was against its subscribers. They were seen as shadow chasers and laughed at. But when success stories began to come in, the doubting Thomas was nowhere to be found.

For those who don’t know how the current Pi value of 314159 came about, Pi is a useful mathematical constant with infinite values ranging from 3.14, 3.14, 3.141, 3.1415, 3.14159… to infinity. But, disregarding the point behind the decimal and in the ascending order, the pioneers arrived at 314159. In addition, to commemorate this mathematical constant, the official Pi lunch was on March 14, which is 3.14, the Pi first value mentioned.

In my opinion (everything considered), the expectations of the pioneers on the Pi network have reached a fever pitch, but the cryptocurrency hitting the market is on the horizon.

Bilyamin Abdulmumin is a PhD candidate in Chemical Engineering at ABU Zaria. He is also an activist for a better, informed society. He can be reached via bilal4riid13@gmail.com.

By Hamza Sulayman, PhD

One of the most difficult questions to answer among Nigerians is “How much is your salary?”. It does not matter who asked the question; the answer is always tricky. It might be a father asking his son or daughter after spending a fortune paying for their education, or a wife asking her beloved husband. The reason behind this varies from one person to another.

I came across a US-based content creator (IG: americanincome) who moves around the cities of the US asking strangers about their annual salary. To my surprise, they always answer right away and specifically to the last dollar. He asked some follow-up questions, like what did you study? And from which university, how many years of experience do you have? And what advice will you give someone who wants to follow in your footsteps?

To me, that type of content creation is amazing because it provides the young generation with factual data on how they can achieve their goals, which is much better than what the guidance and counselling departments of schools and universities can offer. That is, if the department exists.

My recent interaction with some youth led me to believe that they are after the money or, as they say, “secure the bag”. So, for example, if you are willing to get $150,000 per year, you should work as a Data Analyst, Model, or Software Engineer. If you are humble, you can be a high school teacher and earn about $42,000 a year. If you have a higher taste, you can be a doctor or dentist and rake about $200,000 to $300,000. There are other non-formal sectors with high income, like a professional barber earning $300,000 (I was surprised too) and a sneaker dealer earning $150,000. Top on the list was a luxury watch seller that makes $1,200,000 yearly.

Enough with the numbers, can you answer the question? How much is your salary? Many people cannot answer the question because they don’t even know. After all, what they received is not what is on their offer/pay slip, or the amount is laughable. Some people don’t answer the question because of what people might expect from them. I remember one of my colleagues. He told me that when the salary scale of academic staff was circulating on social media, it became a blessing for him because his family and extended family saw his salary as a Professor and decided to reduce the responsibilities placed on him.

Although in Nigeria, what you study is not entirely relevant to where you work, having a guidance and counselling advisor or a mentor is still advisable. Find someone you want to be like in the future and ask him to mentor you. Learn from their strengths and weaknesses and be a better version of yourself. Lastly, choose a career path that will make you happy, whether it is about the monetary aspect or otherwise.

Hamza Sulayman is a postdoctoral research fellow at Zhejiang University, China. He can be reached via hamza.sulayman@gmail.com.

By Isa Ali Musa

Digital rights and inclusion is an issue that doesn’t get discussed enough. Yet, with the way things are currently going, it has the potential to become a much bigger problem in the future. And as someone who is passionate about technology and its ability to help people and businesses, this concerns me. There are many ways that digital rights and inclusion can be addressed in business, but there is also something special about doing so when you’re operating in Nigeria. The country has been hit with many unfair reputations that have held it back for too long. So, by addressing this topic from a Nigerian perspective, companies will not only be doing something good but also taking advantage of a unique opportunity to grow their businesses.

Below are five reasons your business should prioritise digital rights and inclusion in Africa if you’re operating there or plan to expand into the region soon.

Digital Rights and Inclusion is Complimentary for Business

It’s important to understand that digital rights and inclusion are not just something you should do because it’s the right thing. It’s something that you should do because it is complimentary for business. There are many reasons why this is true, but one of the most important is that digital inclusion can help you better understand your customers’ needs. This can lead to more effective management, targeted products and services, and more data for strategy. Therefore, the more you know about what people in your community need, the better your company will be able to meet those needs and, thus, increase its bottom line.

Furthermore, the more you can encourage people and organisations to use technology, the more you’ll see it become an integral part of life and business in Nigeria. This will, in turn, lead to more and better business opportunities. By being at the forefront of digital inclusion, your company will be better equipped to take advantage of these opportunities because it will have better insight into them. This can, therefore, lead to more growth and success for your business.

An Opportunity to Grow Your Company’s Reputation

As mentioned above, there are many reasons why digital rights and inclusion are good for business. Yet, there’s also a significant amount of reputational benefit that can come from the. By promoting digital rights, you are putting yourself in a position to take control of the narrative around your industry and the role your company plays in it. This is particularly important if you’re operating in Nigeria because you’ll have the chance to break many unfair stereotypes plaguing the nation’s digital ecosystem. In addition, by promoting digital rights and inclusion, you can show the world that your company is committed to serving the needs of all people and helping Nigeria catch up with the rest of the world. This can, in turn, lead to greater trust from prospective global customers and clients and, subsequently, more business opportunities in the form of partnerships for expansion.

 Commitment to Having an Equal Footing in Nigeria

While it might seem as though digital rights and inclusion are things that only global partners and governments need to be aware of, the reality is that your clients and competitors should be aware too. Nigerians need access to the same technologies, services, and opportunities that people in the rest of the world have. If your company doesn’t provide digital rights, equalities and equities, your employees are negatively impacted, and you’re missing out on talent that could otherwise be available to you. By addressing digital gender equality and including people with disabilities and special abilities, you can show prospective employees and investors that you are committed to having an equal footing in Nigeria, Africa and globally.

By Promoting Inclusion, You Can Help More People Become Employable

In addition to helping Nigerians get the technology they need and allowing them to get jobs and start businesses, digital rights and inclusion can also enable more people to become employable. Promoting digital rights and inclusion can help more people get the education they need to become computer literate and learn new skills. By promoting digital rights and inclusion, you can help to close the digital divide. This is the gap between those who have access to and proficiency in using technology and those who don’t. Closing the gap is important because it can help Nigerians get the education they need to get jobs in the 21st century. Including as many people as possible in the digital space can help Nigerians continue leading Africa’s Tech ecosystem.

Digital Rights and Inclusion can Help Increase the Quality of Life of Nigerians

There are many ways that digital rights and inclusion can help increase the quality of life for Nigerians. For starters, by promoting digital rights and inclusion, you can help people get the healthcare services they need and deserve. You can also help people better communicate with loved ones through video and audio communication. You can also help people travel more efficiently by using online transportation booking services and other technologies. By promoting digital rights and inclusion, you can also help Nigerians learn about and protect the environment. In addition, you can help people become more financially secure, thus improving the economy. Finally, you can also help improve education and access to information.

Isa Ali Musa is a Policy Fellow, Nigerian Global Affairs Council, Abuja, Nigeria.