DSTV & GOTV Hike Prices
Have you heard the saying that laughter is free of charge?
Well, with Multichoice Nigeria services, you will now pay more to be entertained if you want to laugh.
Multichoice Nigeria, a digital satellite company with brands such as DSTV and GOTV, announced that it has raised the prices of its packages, effective May 1, 2024.
The company manages brands such as ShowMax, DSTV, GOTV, M-Net, Irdeto, Namola, Dstv Media Sales, and BetKing.
These brands provide unique entertainment services that meet subscribers’ diverse needs and preferences across Africa.
The premium DSTV package increased from N29,500 to N37,000, while the lowest package, branded as “Padi,” moved from N2,900 to N3,600.
Overall, prices for all packages increased by over 20%.
Similarly, packages for GOtv increased by 20%. The highest package, “Supa+”, was reviewed from N12,500 to N15,700.
The cheapest package on the list increased from N1,300 to N1,575
DStv is a sub-Saharan African video entertainment company that offers a wide range of entertainment channels and services to customers throughout the continent through satellite, online platforms, and mobile applications.
On the other hand, GOtv is a digital television platform known for its affordable entertainment that covers 11 countries
The price review was announced in a statement titled ‘Price Adjustment on DStv and GOtv Packages’, signed by its Chief Executive Officer, John Ugbe.
“We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations has led us to make this difficult decision.
“We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations has led us to make this difficult decision,” Vanguard reported.
FG’s N200bn Fund for MSMEs
The Federal Government has announced the disbursement of its N200 billion intervention fund in terms of loans to micro businesses and small enterprises across the country.
This initiative focuses on supporting MSMEs with adequate credit facilities with the goal of enhancing economic growth and fostering industrial development.
Micro, Small, and Medium-sized Enterprises (MSMEs) are an integral part of Nigeria's economy, accounting for over 76.5% of the workforce.
In 2017, Nigeria had an estimated 41.5 million MSMEs, contributing about 50% to the GDP and 7.6% to total exports.
One of the challenges that small enterprises in Nigeria experience is the limited financial capacity of operators within the subsector, which is complicated by their limited access to formal credit.
In 2017, a national survey by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) revealed that 42% of the 10,447 small businesses in Nigeria had temporary business closures for periods ranging from 1 to 12 months due to lack of funds.
Other notable factors that affected the ease of doing business for these small enterprises include economic downturns, low patronage, insufficient power supply, and crises, among others.
Additionally, 68.3% of 89,775 surveyed MSMEs sourced their capital from personal savings, while only 21.6% obtained it through loans.
Utilising personal savings allows businesses to maintain control and avoid external obligations. However, overreliance on personal savings may narrow the business’ potential for growth and expansion opportunities.
This trend suggests that MSMEs in Nigeria have limited access to credit facilities, which constrains their ability to expand. Hence, the launch of the presidential intervention fund appears to be a step in the right direction.
The latest intervention comes after efforts by successive governments to develop the MSMEs sub-sector, including the implementation of several programmes: Conditional Grant Scheme (CGS), TraderMoni, Micro, Small and Medium Enterprises Development Fund (MSMEDF), Agri-business/SME Investment Scheme (AgSMEIS), Nigeria Youth Investment Fund (NYIF) and Tertiary Institutions Entrepreneurship Scheme (TIES), amongst others. These were complemented by several access-to-credit schemes of the Central Bank of Nigeria (CBN), SMEDAN and other financial institutions.
Given the significant contribution of the MSMEs to the nation's economy, it is only essential that key factors directly impacting the business landscape for micro and small enterprises are addressed.
This edition of Marina and Maitama was written by Funmilayo Babatunde and edited by Oluseyi Olufemi.
Thanks for reading. See you next week.