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The Nigerian news sources we covered during the date range of this report, had mostly negative news reported, largely attributed to a steady increase in the number of confirmed cases of Coronavirus in the country. Positive trends are mainly from continuation of announcements of large donations and grassroot sensitization initiatives of hygienic best practicea]s. While the many opinions on topics around COVID-19 attributed to the neutral overall sentiment scoring by Versus. From the negative side of chatter, it consisted mainly of locals expressing their displeasure with the lack of tailored ‘solutioning’ from their Government as well as soaring prices from essential industries taking advantage of their pole positions during the pandemic.
The high neutral sentiment recorded from the Kenyan news sources is a result of sensitization of the public and general government announcements on next steps in fighting the coronavirus. However, the challenges faced by the citizens attracted a number of negative chatter. Mainly around the issues of heightened racial tensions with the Chinese following viral content that circulated about the racist comments made by a Chinese man and the apparent lack of proper Government reprimand to send a stern message against it.
With the world in lockdown the past few weeks (Nigeria and Kenya included), there has been a continuous demand for virtual meeting rooms for work, as well as an increased demand in entertainment streaming platforms and e-learning sites, which has led to an increase in some media companies’ stock prices, despite the stock market suffering a dip. In general, similar internet related businesses in these countries are in an opportunistic position to attract viable investments.
Telecommunication providers in both Nigeria and Kenya are benefitting from the consumer behavior that has now made internet data a necessity. From what we highlighted in the spike in demand for online tools for either work (Zoom, Microsoft Teams etc), learning or entertainment (Netflix). As we covered in our last report during the beginning of the lockdown in these countries, internet data is officially a Grade-A Commodity. Especially as companies are experiencing a more cost effective approach in continuing remote work, it will likely be a common norm adopted by a majority (both individuals and companies) going forward.
Following the decline in banking stock prices of Tier-1 banks in Nigeria and Kenya, banks need to be more strategic in positioning themselves post-pandemic. With huge crowds of people wanting to gain access into banking halls upon the ease of the lockdown in Nigeria, this is the perfect time for an overhaul in areas like customer literacy and access to alternative banking operations.
In Nigeria, following the announcement of easing the lockdown from May 4th, and the crowded lines outside the banks, it is very clear that digital banking is still at a very nascent stage without adequate adoption representation in the country.
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