Economy
How SMEs can take advantage of social media advertising for scalability
For every company out there, there is an in depth goal to increase her market share in both the local and global market space. The profit margin of a company is largely dependent on the audience at her disposal. Before now, companies have used various forms of advertising to promote their product inorder to reach their target audience, including traditional forms like newspaper publication and radio broadcasts. These ads methods delivered effective results until the masses moved to social media. Currently with over 3.7 billion people on different social media platforms engaging their times in ways that makes them happy, every business should definitely have a cut of this mass audience as their potential customers. With people of different demography, gender, age and behaviors all on the social media space, there is absolutely a guarantee that every company’s audience is represented on this space. Amongst the various forms of advertising, social media ads have in recent times dominated the advertising sector. Companies have multiple options in the form of platforms which deliver massive results through the audience at their disposal. With Facebook alone having 2.9 billion active users on monthly intervals. Also there are over 10 social media platforms for individuals and organizations to choose from, including Facebook, Instagram, Twitter, Pinterest, etc when choosing to promote their brands.
Social media advertising is very effective because of its conversion rate. On average over 28% of users on the internet have agreed to make choices of brands and products when they saw them as ads on the internet. Over 80% of the United State’s Population is using one or more social media platforms. This has worked for both sellers and buyers. For the buyer, it has created awareness of new products to choose from and updates on existing ones. The Promoter or organization gets the most of it, as they get to increase sales conversion, grow audience reach, help to understudy competitors and boost brand image. However this result is tied to how engaging the content is, using the right keywords for written contents and clarity for video ads.
Also, deciding the type of content type to create for your ads is a key factor to be considered. Different ads types work differently for different niches and purposes. You could either use ad copy (written text) or use visual contents.
Here are a few tips to consider when deciding which content type to go for: Consider what you’re trying to promote and then determine where on which platform your audience are more likely to be represented; What is the conversion rate of such a platform and then decide which content type would work better there between visuals and ad copy.
How to increase your conversion rate, consider this factors:
Study and categorize your audience based on their demographics, age, location and psychological factors influencing their behaviors towards brands.
Decide the type of ads that would deliver the result you seek.
Create compelling content that targets your desired audience using keywords that users can relate with. Place your ads in positions where they’re seen clearly.
Create an appealing landing page with a brief description and a call to action icon, to help your visitors make quick decisions. Link this landing page to your ad and once people visit, swiftly collect their data and follow them as they are your prospective customers.
In conclusion, the result from an ad may not deliver the desired outcome the first time. But certainly it will leave you with clues to help you improve on subsequent ones. Always track your ad performance and measure conversion rate by dividing conversion by number of impressions and then multiply it by 100. Formula is = Conversion/no of Impression * 100. This will help you know the ad or platform that delivered the most results.
Emmanuel Otori has over 9 years of experience working with 100 start-ups and SMEs across Nigeria. He has worked on the Growth and Employment (GEM) Project of the World Bank, GiZ, Consulted for businesses at the Abuja Enterprise Agency, Novustack, Splitspot and NITDA. He is the Chief Executive Officer at Abuja Data School.
A total sum of N1.678 trillion, being February 2025 Federation Account Revenue, has been shared to the Federal Government, States and the Local Government Councils.
The revenue was shared at the March 2025 Federation Account Allocation Committee (FAAC) meeting held in Abuja; chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The meeting was attended by the Accountant General of the Federation, Shamseldeen Ogunjimi.
The total distributable revenue of N1.678 trillion comprised distributable statutory revenue of N827.633 billion, distributable Value Added Tax (VAT) revenue of N 609.430 billion, Electronic Money Transfer Levy (EMTL) revenue of N35.171 billion, Solid Minerals revenue of N28.218 billion and Augmentation of N178 billion.
According to a communiqué issued by the Federation Account Allocation Committee (FAAC), total gross revenue of N2.344 trillion was available in the month of February 2025. Total deduction for cost of collection was N89.092 billion while total transfers, interventions, refunds and savings was N577.097 billion.
The communiqué stated that gross statutory revenue of N1.653 trillion was received for the month of February 2025. This was lower than the sum of N1.848 trillion received in the month of January 2025 by N194.664 billion.
Gross revenue of N654.456 billion was available from the Value Added Tax (VAT) in February 2025. This was lower than the N771.886 billion available in the month of January 2025 by N117.430 billion.
The communiqué stated that from the total distributable revenue of N1.678 trillion, the Federal Government received total sum of N569.656 billion and the State Governments received total sum of N562.195 billion.
The Local Government Councils received total sum of N410.559 billion and a total sum of N136.042 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
On the N827.633 billion distributable statutory revenue, the communiqué stated that the Federal Government received N366.262 billion and the State Governments received N185.773 billion.
The Local Government Councils received N143.223 billion and the sum of N132.374 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
From the N609.430 billion distributable Value Added Tax (VAT) revenue, the Federal Government received N91.415 billion, the State Governments received N304.715 billion and the Local Government Councils received N213.301 billion.
A total sum of N5.276 billion was received by the Federal Government from the N35.171 billion Electronic Money Transfer Levy (EMTL). The State Governments received N17.585 billion and the Local Government Councils received N12.310 billion.
From the N28.218 billion Solid Minerals revenue, the Federal Government received N12.933 billion and the State Governments received N6.560 billion.
The Local Government Councils received N5.057 billion and a total sum of N3.668 billion (13% of mineral revenue) was shared to the benefiting States as derivation revenue.
The Augmentation of N178 billion was shared as follows: Federal Government received N93.770 billion, the State Governments received N47.562 billion and the Local Government Councils received N36.668 billion.
In February 2025, Oil and Gas Royalty and Electronic Money Transfer Levy (EMTL), increased significantly while Value Added Tax (VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies recorded decreases.
Economy
Protesters urge president Tinubu to protect Diaspora housing investments along Lagos-Calabar coastal highway
A group under the aegis of Renewed Hope Concern Citizens (RHCC) on Friday staged a peaceful protest, calling for President Bola Tinubu’s intervention in protecting housing investments owned by Nigerians in the diaspora along the Lagos-Calabar coastal highway.
The protesters gathered in front of the United States Embassy in Abuja, carrying banners with inscriptions such as; Minister of Works, Senator Umahi should revert to the original gazetted alignment as promised. Enough is Enough; Association of Nigerian Diaspora Investors (ANDI) has cried enough, please intervene to save their energy to promote, support, and assist the Renewed Hope Administration; Renewed Hope Concern Citizens want Diaspora Investments to be protected and given adequate attention among others
“As committed stakeholders in the nation’s economic progress, we have consistently supported the government’s vision, particularly in revitalizing Nigeria’s infrastructure and energy sector. While we acknowledge the administration’s positive strides, recent developments have raised concerns about the misalignment of energy policies, particularly regarding the 2006 Gazetted alignment.
“We urgently call on the Minister of Works, Senator David Umahi, to restore the 2006 Gazetted alignment to ensure continued growth and stability in Nigeria’s energy sector,” said Hon. Tayo Agbaje, Chairman of RHCC, while addressing journalists.
The group refuted the Minister’s claim that an underground cable warranted the removal of structures in Okun Ajah, Lagos and outlined several reasons why President Tinubu’s intervention is crucial.
According to them, The 2006 Gazetted alignment has long provided a stable and predictable framework, essential for maintaining investor confidence in Nigeria’s energy sector.
“Diaspora investors contribute significantly to job creation, business growth, and the overall economy, making their protection vital to sustaining these contributions.
“The President should investigate the Minister of Works’ claim about the underground cable allegedly interfering with the 2006 Gazetted plan.
“Restoring the alignment will reinforce Nigeria’s commitment to a stable investment climate, boosting foreign investor confidence and attracting much-needed capital for infrastructure development.
“Deviating from established policies creates uncertainty, undermining both current and future foreign investments.
“Maintaining the 2006 Gazetted alignment will signal Nigeria’s dedication to long-term economic stability, further reassuring both local and international investors,” the group stated.
The RHCC reaffirmed its support for the Association of Nigeria in Diaspora Investments (ANDI) in its quest to uphold the 2006 Gazetted alignment plan of the Lagos-Calabar Coastal Highway.
They urged the government to act swiftly to protect diaspora investors, as this will strengthen Nigeria’s investment future and ensure continued economic success under the Renewed Hope Administration.
Economy
Ogunjimi promises to collaborate with ex-Accountants-General in taking treasury house to greater heights
The newly appointed Accountant General
of the Federation, Mr Shamseldeen B. Ogunjimi said he would collaborate and tap from the wealth of experiences of all Former Accountants -General of the Federation to bring the nation treasury to a greater height.
Mr Ogunjimi disclosed this while receiving two Former Accountants-General of the Federation, Dr John Naiyeju and Dr Ibrahim Dankwambo in his office in Abuja.
Speaking earlier, Senator Ibrahim Dankwambo suggested the upgrading of the Treasury Academy, Orozo owned by the Office of the Accountant-General of the Federation (OAGF) to a Degree (University) awarding Institute.
Also, Dr. John K. Naiyeju charged the new Accountant-General to carry along everyone and advised him to make staff welfare his priority.
In a related development, the Accountant-General of the Federation expressed his willingness to work with all professional organisation that will bring positive development to the nation, especially, his professional and Academy colleagues of the doctorate class.
Mr Ogunjimi called on his classmates to come up with ideas and suggestions that will enhance the management of the nation’s treasury that will positively affect the economy development.
In his remarks, the Chairman Forum of Doctorate Students, Ibrahim Aliyu said that they were in Treasury House to congratulate one of their own and assured him of their support towards his successful tenure.
-
Politics1 week agoOpposition leaders announce coalition to challenge Tinubu in 2027
-
Foreign6 days agoHouthis declare Ben-Gurion Airport ‘no longer safe’ after renewed Gaza fighting
-
Politics1 week agoYahaya Bello deceptively arranging recall of Senator Natasha, desperate to replace her – Constituents
-
Politics1 week agoAtiku, El-rufai, Obi condemn Tinubu’s suspension of Rivers Governor, demand reversal
-
News1 week agoWhy Christ Embassy’s Pastor Chris holds Abuja mega crusade – Fisho
-
News7 days agoUmeh denies receiving $10,000 with other 42 Senators to support state of emergency in Rivers
-
Crime1 week agoGhana’s anti-drug agency nabs Nigerian drug kingpin, Uchechukwu Chima, seizes $2.1m worth of cocaine, heroin
-
Business1 week ago20 new millionaires emerge from Fidelity Bank GAIM 6 promo