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Allianz Global Wealth Report 2024: Surprising relief

Allianz Global Wealth Report 2024: Surprising relief

Today, Allianz unveiled the 15th edition of its “Global Wealth Report“, which puts the asset and debt situation of households in almost 60 countries under the microscope.

Surprising relief

2023 was marked by sharp monetary tightening. But economies proved resilient and markets even boomed. Against this backdrop, global financial assets[1] of private households recorded strong growth: With an increase of 7.6%, the losses of the previous year (-3.5%) were more than made up for. Overall, total financial assets amounted to EUR 239 trillion at the end of 2023. Growth in the three major asset classes was quite uneven.

Securities (11.0%) and insurance/pensions (6.2%) benefited from the stock market boom and higher rates and grew significantly faster than the average of the last ten years. In contrast, growth in bank deposits fell to 4.6% after the pandemic-related boom years, recording one of the lowest increases in the last 20 years.

The recovery in 2023 was broad-based. In fact, only two countries – New Zealand and Thailand – recorded negative growth rates. Moreover, growth was relatively uniform across all regions, not least in Asia and North America, which both grew by over 8% – with the USA (8.6%) growing even more strongly than China (8.2%). As a result, the growth advantage of the emerging economies over the advanced economies has shrunk significantly again, amounting to just 2pp last year; in six of the last seven years, emerging economies have largely lost their growth lead. “The comparatively weaker growth of poorer countries reflects the new reality of a fragmenting world.”, said Ludovic Subran, chief economist of Allianz, which provides cormercial and individual financial solutions in Africa and the Middle East. “Until 2017, the year in which the trade disputes between the USA and China broke out, poorer countries still had a growth advantage of 10 percentage points or more over richer countries.. We will all pay a price for decoupling but it is the emerging economies that will feel it most. A less connected world is a more unequal world.”

No place for bank deposits

In 2023, the normalization of fresh savings continued after the pandemic-related boom years of forced savings: They fell by 19.3% to EUR 3.0 trillion. This decline was almost exclusively attributable to bank deposits. On balance, banks worldwide only received EUR 19bn, a slump of 97.7%. The main culprit: US households who liquidated deposits worth EUR 650bn.

The other two asset classes, on the other hand, remained popular with savers. Inflows into securities even increased once again by 10.0%. However, there was a notable change of favorites within this asset class: while shares were sold on balance in many markets, savers made strong gains in bonds, thanks to the turnaround in interest rates. And insurance/pensions proved to be relatively robust, with the decline in fresh savings worldwide amounting to just 4.9%.

Expected restraint

While financial assets shrugged off the interest rate turnaround, it had a clear impact on the liabilities side of private households’ balance sheets in 2023: Growth in private debt weakened further to 4.1% worldwide, the lowest growth in nine years. Overall, the global liabilities of private households amounted to EUR 57trn at the end of 2023.

The decline in debt growth was observed in almost all regions in 2023. It was particularly pronounced in Western Europe and North America, where growth more than halved to 1.1% and 2.9%, respectively. As nominal growth in global economic activity remained elevated by inflation, the global debt ratio (liabilities as a percentage of GDP) fell for the third year in a row, dropping by 1.5 pp to 65.4%. This was also more than 3 pp lower than 20 years ago.

Relatively strong growth in assets and relatively weak growth in liabilities led to a significant increase of 8.8% in global net financial assets (financial assets less liabilities). Overall, global net financial assets amounted to EUR 182trn at the end of 2023; this represents an increase of almost EUR 15trn compared to the previous year and is also EUR 4trn above the previous record value from 2021.

Setback

The other asset class that suffered from rising interest rates was real estate. It recorded the lowest growth in 10 years, advancing by only 1.8%; in Western Europe, it fell by 2.2%. But also in the past, the growth rates of real estate have lagged in most markets behind those of financial assets; in North America, for example, the annual gap was almost 1 pp over the last two decades, reflecting the fact that long-run capital gains for real estate are lower than those for equities.

But the future is likely to be even more challenging, given the increasing impact of climate change on real estate assets. Although natural catastrophes dominate the headlines, the costs of the transition to climate friendly buildings (so-called transitions risks) will have the bigger impact in the long run. Projections of the House Price Index (HPI) under different climate scenarios up to 2050 show declines of 20% or more for many markets.

For all markets under consideration, the value of real estate could be EUR 30trn lower. “In future, housing prices are set to be defined equally by location and by energy efficiency,” said Hazem Krichene, co-author of the report. “But while higher physical risks are unavoidable, transitions risks are not: they are the results of policy decisions. Australia shows the way. An ambitious climate policies could lead to a sharp decline in energy consumption, minimizing the impact on housing prices. The potential big losses in other markets are a clear call for an efficient and effective climate policy. It’s still not too late.”

 

South Africa: Return to robust growth

Financial assets of South African households increased by 8.3% in 2023, posting a strong recovery after the dismal year of 2022 (+0.1%). Main driver were insurance/pensions (9.5%) which is also the dominant asset class in South African households’ portfolio (share of 49%). But also the two other asset classes showed solid growth, bank deposits increased by 7.5% and securities by 7.0%.

The picture is less rosy in real terms: Adjusted for inflation, financial assets increased by only 2.2% in 2023. Compared to the pre-pandemic level of 2019, however, the purchasing power of financial assets was 12.3% higher at the end of 2023. This is in sharp contrast to many European economies where savers suffered four lost years in real terms.

While growth in financial assets is solid, distribution remains the Achilles heel of South Africa. In fact, it is one of the countries with the most unequal distribution of wealth, with the richest 10% of the population owing 85% of total net financial assets. Moreover, over the last two decades the situation has hardly improved.

In line with the global trend, growth in liabilities slowed to 5.6% in 2023. The debt ratio, however, remained at 41%, i.e. at the pre-pandemic level and 8pp below the record of 2007. Net financial assets, finally, advanced by a robust 8.9%. With net financial assets per capita of EUR 9,770, South Africa climbed one rung to 38th place in the ranking of the 20 richest countries (see table).

Net financial assets per capita in 2023
In Euro
Y/Y in %
Rank 2003
1
United States
260,320
9.8
2
2
Switzerland
255,440
2.5
1
3
Denmark
172,200
4.3
15
4
Singapore
171,930
7.1
11
5
Taiwan
148,750
9.9
10
6
New Zealand
127,430
-1,3
6
7
Sweden
125,660
10.6
14
8
Canada
123,130
7.8
9
9
Netherlands
117,280
9.8
5
10
Belgium
104,040
5.5
3
11
Australia
99,490
11.1
18
12
Japan
91,940
6.2
4
13
UK
80,110
1.4
8
14
Italy
76,930
7.4
7
15
Ireland
74,450
5.2
16
16
France
72,380
8.2
12
17
Austria
70,410
5.2
13
18
Germany
69,060
9.2
17
19
Malta
58,730
5.2
19
20
Spain
43,690
9.1
21
38
South Africa
9,770
8.9
39

 

The interactive “Allianz Global Wealth Map” can be found here on our homepage:

https://www.allianz.com/en/economic_research/insights/publications/allianz-global-wealth-report-2024.html

 

You can find the study here on our homepage: https://www.allianz.com/en/economic_research.html

 

NDPC and NPF-NCCC Collaborate on Data Protection and Cybercrime Prevention

NDPC and NPF-NCCC Collaborate on Data Protection and Cybercrime Prevention

 

The National Commissioner and CEO of the Nigeria Data Protection Commission (NDPC), Dr. Vincent Olatunji, recently led a delegation on an advocacy visit to the Director of the Nigeria Police Force National Cybercrime Centre (NPF-NCCC), Commissioner of Police (CP) Uche Ifeanyi Henry, at the National Cybercrime Centre in Abuja.

During the visit, Dr. Olatunji expressed appreciation for the warm reception and underscored the close alignment between data protection and cybercrime prevention. He provided a brief overview of the global and national importance of safeguarding personal data, highlighting data subjects’ rights and the lawful basis for processing personal data in investigations. Dr. Olatunji proposed several areas of collaboration, including capacity building, research and development, and cybercrime investigation strategies. He also offered free data privacy training for NCCC staff.

In response, CP Henry welcomed the collaboration, emphasizing the importance of a joint effort in addressing data breaches and cybercrime. He proposed offering the expertise of NCCC staff to train NDPC personnel in cybersecurity and discussed other potential areas of cooperation. A presentation on the NPF-NCCC’s initiatives was also delivered by CP Henry.

A Memorandum of Understanding (MoU) was proposed to formalize the collaboration, and a task team was established to begin work on the process immediately.

This partnership marks a significant step forward in the protection of personal data and the fight against cybercrime in Nigeria.

Flavour Nabania Strikes Landmark Deal with 50 Cent, Nigerian Music and Fashion Shine in Hollywood

Flavour Nabania Strikes Landmark Deal with 50 Cent, Nigerian Music and Fashion Shine in Hollywood

 

In a monumental development for the Nigerian music industry, the Enugu born musician of Anambra desecnt, Flavour Nabania, the celebrated highlife singer, has secured a groundbreaking deal with American rapper and business mogul, 50 Cent. The agreement, reportedly worth over ₦1 billion, will see Flavour’s hit track, *”Game Changer”*, featured prominently in *PowerBook Ghost* Season 4, Episode 9. The song is set to play during a wedding scene, marking a historic collaboration between a Nigerian artist and one of Hollywood’s most successful television franchises.

The staggering payout of over ₦1 billion makes this one of the most lucrative deals ever signed by a Nigerian musician for a Hollywood production, further cementing Flavour’s status as an international powerhouse. This achievement not only shines a spotlight on Nigeria’s rich cultural heritage but also underscores the growing influence of Afrobeat and highlife-inspired music in the global entertainment scene.

In addition to the musical feature, a Nigerian designer has been tapped to create custom outfits for the wedding scene, offering an exceptional opportunity to showcase Nigeria’s fashion prowess on a global stage. This marks a significant moment for both the Nigerian music and fashion industries, as the country’s talent continues to make waves beyond its borders.

Flavour, known for his deep connection to his Igbo cultural roots, has remained true to his highlife-inspired sound, even as global trends sway other artists toward Western musical influences. This dedication to his heritage has paid off, as it not only translates into international recognition but also guarantees him lifelong performance royalties. The deal underscores his ability to balance his identity with mainstream success, further expanding his global influence.

This collaboration with 50 Cent and *PowerBook Ghost* sets a new benchmark for Nigerian artists seeking to make their mark in international productions. While many musicians experiment with foreign sounds in pursuit of global appeal, Flavour’s commitment to authenticity continues to propel him to new heights, inspiring a generation of artists to stay grounded in their roots while achieving worldwide acclaim.

 

 

Anthony Emeka Nwosu

Tensions Escalate in West Asia: Israeli Defense Minister Speaks on Hezbollah Conflict

Tensions Escalate in West Asia: Israeli Defense Minister Speaks on Hezbollah Conflict

 

The ongoing crisis involving Israel, Lebanon, and Hezbollah has intensified the already volatile situation in West Asia, pushing the region to the precipice of war. Recent developments have raised alarms about a serious confrontation as military posturing escalates along the borders.

In a pointed statement made from the northern border with Lebanon, Israeli Defense Minister Yoav Gallant articulated the government’s long-held grievances against Hezbollah. “We have been waiting for this opportunity for a long time… I personally have been waiting for it,” Gallant remarked, underscoring the depth of resentment Israel holds towards the militant group. He elaborated that Israel has maintained a keen focus on settling longstanding scores with Hezbollah’s leadership and its operatives, indicating a desire for retribution that has been brewing for years.

Gallant’s comments reflect a broader strategy aimed at undermining Hezbollah’s influence and operational capabilities in the region. “Hezbollah is trying to drain us, and we are continuing to crush them,” he asserted, signaling Israel’s commitment to respond aggressively to any threats posed by the group. His remarks come amid a backdrop of increasing military activity, including airstrikes and troop deployments, as Israel seeks to deter further provocations from Hezbollah.

The implications of this conflict extend beyond the immediate borders of Israel and Lebanon, with the potential to ignite wider regional tensions involving various factions and state actors. The situation remains precarious, as both sides prepare for a potential escalation of hostilities that could have dire consequences for civilian populations and regional stability.

As the international community watches closely, concerns mount about the humanitarian impact of renewed conflict and the possibility of drawing in other nations into the fray. The events unfolding in West Asia serve as a stark reminder of the fragile peace that exists and the ever-present risk of a larger military confrontation in a region historically plagued by conflict.

 

FG to Set National Minimum Standard on Implementation of ACJA

FG to Set National Minimum Standard on Implementation of ACJA

 

The Federal Government has announced plans to establish a National Minimum Standard for the implementation of the Administration of Criminal Justice Act (ACJA) in Nigeria. This move was disclosed by the Honourable Attorney General of the Federation and Minister of Justice (HAGF), Lateef Fagbemi, SAN, during the opening of a three-day review and validation workshop for the National Minimum Standards Document, held on Tuesday, 24th September 2024.

Represented by the Solicitor General of the Federation and Permanent Secretary, Mrs. Beatrice Jedy-Agba, OON, mni, the HAGF noted that the workshop marks a significant step in Nigeria’s ongoing efforts to reform its criminal justice system. He emphasized the need to improve the administration of justice to ensure timely, efficient processes while protecting the rights of suspects, defendants, and victims.

In his keynote address, Mrs. Jedy-Agba reiterated that the ACJA, enacted in 2015, was designed to harmonize criminal justice reforms across the Federation. She emphasized that a uniform implementation of the Act would prevent criminals from evading justice by exploiting jurisdictional loopholes, a practice known as “forum shopping.” With the introduction of National Minimum Standards, she said, criminal justice procedures across federal and state courts would be aligned, bolstering efforts to combat crime and contributing to Nigeria’s socio-economic development.

“The adoption of these minimum standards will help ensure that courts apply consistent procedures, thereby preventing criminals from escaping justice by moving between states,” the HAGF remarked.

The National Working Group for the implementation of ACJA reforms was also inaugurated during the event. The group, comprising representatives from federal and state governments, civil society organizations, legal professionals, and other key stakeholders, will facilitate cooperation across the justice sector. Its formation follows recommendations from the National Stakeholders Forum held in October 2023, which highlighted the need for uniformity in criminal justice processes nationwide.

The Honourable Minister urged all stakeholders to collaborate closely with the Working Group to address challenges like court congestion, delayed trials, and the lack of accessible criminal justice data. He further encouraged the use of technology to modernize the system.

In her welcome address, Mrs. Leticia Ayoola-Daniels, Director of the Administration of Criminal Justice and Reform Department at the Federal Ministry of Justice, stressed the urgency of finalizing a unified framework to address persistent issues such as inefficient trials and the absence of standardized criminal procedures.

She commended the contributions of international partners, including the European Union, International IDEA, the Rule of Law and Anti-Corruption Programme (RoLAC), and other stakeholders who supported the initiative.

Goodwill messages were delivered by representatives from RoLAC, the Nigerian Bar Association, State Attorneys-General, the Independent Corrupt Practices Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), the Nigerian Correctional Service (NCS), and the Nigerian Police, all of whom expressed their support for the initiative.

At UNGA 79: Nigeria Seeks Finland’s Support for UN Security Council Permanent Seat

At UNGA 79: Nigeria Seeks Finland’s Support for UN Security Council Permanent Seat

 

Vice President Shettima Urges African Union to Strengthen Stability in Africa and ECOWAS

Nigeria has formally sought Finland’s backing in its quest for a permanent seat on the United Nations (UN) Security Council. As the most populous country in Africa and the sixth-largest globally, Nigeria has signaled its interest in securing this position amid growing calls from various UN member states for reforms and an expansion of the Council’s membership.

Vice President Senator Kashim Shettima, GCON, made the appeal during a meeting with the President of Finland, Alexander Stubb, on the sidelines of the 79th United Nations General Assembly (UNGA) session in New York. Shettima underscored Nigeria’s significance as a leading force in Africa and highlighted the country’s commitment to fostering cultural ties and rebuilding cohesion within the Economic Community of West African States (ECOWAS). He further emphasized Nigeria’s role in promoting stability across Africa.

“Nigeria has 25 years of uninterrupted democracy, and with President Bola Ahmed Tinubu, a leader with strong democratic values, at the helm, Africa and the wider world will become safer, more progressive, and more peaceful,” Shettima said, underscoring the nation’s readiness to collaborate closely with Finland, a key European and NATO member.

In response, Finland’s President, Alexander Stubb, voiced his nation’s strong support for reforming and expanding the UN Security Council, acknowledging the evolving demands of the modern world. He reaffirmed Finland’s commitment to strengthening ties with Nigeria and exploring new avenues of cooperation and development.

In another significant development, Vice President Shettima held discussions with African Union Chairperson, Moussa Faki Mahamat, focusing on democratic consolidation and peaceful cooperation across the continent. Shettima reiterated Nigeria’s interest in hosting the African Central Bank, asserting that Africa is prepared to take on such a crucial responsibility.

Chairperson Mahamat expressed his appreciation for Nigeria’s ongoing efforts in maintaining peace and stability within Africa, affirming that the African Union remains committed to prioritizing the continent’s security and development.

Edo State 2024 Gubernatorial Election: Prophet Ikuru Urges Governor-Elect Okpebholo to Fulfill Promises and Serve the People

Edo State 2024 Gubernatorial Election: Prophet Ikuru Urges Governor-Elect Okpebholo to Fulfill Promises and Serve the People

 

The 2024 gubernatorial elections in Edo State have concluded, marking a significant political shift as the Independent National Electoral Commission (INEC) officially declared Monday Okpebholo of the All Progressives Congress (APC) as the winner. Okpebholo secured a decisive 291,667 votes, surpassing his closest rival, Asue Ighodalo of the People’s Democratic Party (PDP), who received 247,274 votes. The election results have sparked discussions among various stakeholders, reflecting on the implications for governance and the expectations from the new administration.

In the wake of the elections, Prophet Godwin Ikuru, a prominent Edo indigene and leader of the Jehovah Eye Salvation Ministry based in Lagos, took the opportunity to share his insights on the electoral process, his relationship with the newly elected governor, and the responsibilities that lie ahead for Okpebholo.

A Call to Service

During a recent media briefing, Prophet Ikuru emphasized the significance of the governor’s role as one rooted in service to the people. “I am not becoming a governor myself,” he stated. “However, I told Monday Okpebholo that the essence of being a governor is about serving mankind. The work of government is akin to that of a bishop or priest; it requires selflessness and a commitment to the welfare of the people.” His remarks highlight the expectation that elected officials should prioritize the needs and aspirations of their constituents above personal or political interests.

Trust and Confidence in Leadership

Reflecting on the political landscape under outgoing Governor Godwin Obaseki, Prophet Ikuru expressed mixed feelings about the previous administration. “Obaseki’s early governance showed promise,” he noted. “However, his later actions were quite frustrating, leading to a sense of disappointment among the people.” Despite these challenges, Ikuru urged citizens to maintain their confidence in leadership. “We must continue to have faith in our leaders,” he urged, acknowledging the complexities and pressures faced by those in power.

The Influence of Political Godfathers

The issue of political godfathers and their influence over elected officials remains a topic of contention in Nigerian politics. Prophet Ikuru addressed this concern, referencing the revered Oba of Benin, who plays a significant role in the state’s political and cultural landscape. “The Oba is a man of integrity and has rebuked many governors in his palace for failing their duties,” he explained. “I have advised many politicians that, in leadership, there is a higher power at play. God is greater than any earthly authority and can elevate or bring down anyone.” This statement underscores the expectation that the new governor should prioritize the needs of the electorate over the interests of influential political figures.

A Focus on the People

Ikuru further emphasized the importance of focusing on the electorate rather than succumbing to the pressures of political godfathers. “If Monday Okpebholo wants to excel as governor, he must prioritize the people,” he asserted. “The fallout between Oshiomole and Obaseki was a disgrace and a disappointment. I told Okpebholo immediately after he cast his vote that he was now the governor, and I made a trip from Lagos to his village to confirm that. I urged him not to deviate from the path of serving the people.”

Fairness of the Electoral Process

On the topic of the election’s integrity, Prophet Ikuru expressed concern over the outgoing governor’s approach to the electoral process. “Obaseki attempted to instigate chaos during the election,” he claimed. “Fortunately, he is now out of the game and can no longer influence the outcome.” His comments reflect a broader sentiment among some voters who perceived attempts to disrupt the electoral process as detrimental to democracy in the state.

INEC’s Role in the Elections

Regarding the conduct of the elections, Prophet Ikuru commended INEC for fulfilling its role as the electoral umpire. “INEC carried out its responsibilities effectively,” he stated. “They conducted the election and ensured that it was carried out according to the established protocols.” This recognition of INEC’s efforts is significant, as it reflects a growing trust in the electoral body amid ongoing discussions about electoral reforms and transparency in Nigeria.

Moving Forward

As Edo State transitions into a new administration, all eyes will be on Governor-Elect Monday Okpebholo to deliver on the promises made during his campaign. The expectations set forth by Prophet Ikuru and other stakeholders reflect a collective hope for effective governance that prioritizes the welfare of the people. With Prophet Ikuru’s words echoing the sentiments of many citizens, there is a clear call for a leadership style that is transparent, accountable, and dedicated to the common good as the state embarks on this new chapter.

Efe Obiomah: A Journey of Grace and Inspiration Through the Lens of ‘The Sound of Music’

Efe Obiomah: A Journey of Grace and Inspiration Through the Lens of ‘The Sound of Music’

 

In a heartfelt reflection on her career journey, Efe Obiomah, a renowned Marketing and PR consultant, recently drew inspiration from the iconic musical The Sound of Music. Her narrative serves not only as a testament to her professional accomplishments but also highlights the profound influence of early childhood experiences on her personal and professional development.

From her formative years, Obiomah was instilled with a love for cinema and its power to educate. “I first watched The Sound of Music when I was five years old,” she reminisced. “My mum believed that television was a medium for entertainment and education, so she introduced me and my siblings to movies early on.” This early introduction to film sparked a passion for storytelling and an appreciation for the nuances of language, which Obiomah credits for enriching her vocabulary and understanding of the world. “I learned words like ‘sash’ and ‘incorrigible’ from The Sound of Music,” she recalled, highlighting how the film intertwined lessons of language, culture, and history.

Her mother’s guidance extended beyond mere entertainment. “While watching the musical, my mum also taught us about Edelweiss being Austria’s national flower and shared insights about the historical context of the Second World War,” Obiomah shared. This multifaceted education allowed her to absorb valuable lessons that would later influence her worldview. The family’s numerous viewings of the film became a cherished tradition, reinforcing the musical’s impact on her childhood. “We watched it so many times that the VHS cassette eventually wore out. By my teenage years, I knew all the songs by heart,” she added, underscoring how deeply embedded the film was in her upbringing.@NGWomeninPR's video Tweet

Fast forward to 2024, when Obiomah received a call to return to Heirs Holdings, a pivotal moment in her career. The news evoked a sense of nostalgia, as the lyrics of “Something Good” resonated in her mind: “Nothing comes from nothing. Nothing ever could. So, somewhere in my youth or childhood, I must have done something good.” This sentiment became a personal mantra, reflecting her belief that the seeds of success are often sown in the formative years.

One particularly memorable moment during her time at Heirs Holdings involved a commendation from Tony O. Elumelu, C.F.R., the esteemed founder of the organization. “He told me I had done something good,” she recounted, a statement that not only affirmed her efforts but also deepened her connection to the values of the organization. Although initially reluctant to share this personal achievement, a friend’s encouragement led her to reflect publicly on her journey.

In her message of gratitude, Obiomah quoted a powerful scripture: “But by the grace of God, I am what I am; and His grace which was bestowed upon me was not in vain; but I laboured more abundantly than they all: yet not I, but the grace of God which was with me” (1 Corinthians 15:10). This passage encapsulates her belief that while personal effort is essential, it is ultimately the grace of God that facilitates growth and opportunity.

Her narrative serves as a reminder that grace and hard work are interwoven threads in the fabric of success. “When grace opens the door, be ready,” she advised, drawing on another poignant scripture, Proverbs 22:29 (AMP): “Do you see a man skillful and experienced in his work? He will stand [in honor] before kings; He will not stand before obscure men.” This statement resonates with her journey, emphasizing that skill, dedication, and divine favor pave the way for remarkable achievements.

As Obiomah continues to navigate her career, her story serves as an inspiration for many, illustrating that the foundation laid in childhood can lead to a future filled with grace, skill, and impactful contributions to society.

 

Anthony Emeka Nwosu

Menxtt NG: A Tech Startup Revolutionizing Nigeria’s Digital Landscape with Premium Devices and Comprehensive IT Solutions

Menxtt NG: A Tech Startup Revolutionizing Nigeria’s Digital Landscape with Premium Devices and Comprehensive IT Solutions

 

Menxtt Technology NG, a fast-growing tech startup based in Ikeja, is making waves in Nigeria’s digital ecosystem by offering a wide range of high-quality devices, including laptops, smartphones, and tablets. Specializing in reputable brands such as Dell, HP, MacBook, iPhones, Nokia, and Samsung, the company is setting a new standard for delivering premium tech products to Nigerian consumers and businesses.

With a focus on both affordability and quality, Menxtt NG operates as an online-based firm, allowing customers to browse and purchase devices seamlessly from the comfort of their homes or offices. The company sources its gadgets from Europe and the United States, ensuring they meet top-tier international standards. All products come with warranties, offering customers peace of mind and confidence in their purchases.

But Menxtt NG is more than just a tech retailer. The startup is on a mission to be a complete digital partner for businesses, offering a suite of IT solutions designed to support organizations from their inception through every stage of their digital journey. The company provides services ranging from website development, with prices as low as N150,000, to the building of mobile apps and sophisticated software solutions like Customer Relationship Management (CRM) systems and Enterprise Resource Planning (ERP) tools. In addition, Menxtt NG offers comprehensive social media management services, ensuring that businesses can maximize their online presence.IT Services: Advantages and 10 helpful examples | OTRSmag

Speaking on the company’s mission, Anthony Nwosu, Partner at Menxtt NG, stated, “Our goal at Menxtt NG is to make IT support, delivery, and services more accessible and efficient for Nigerian businesses and individuals. We understand the importance of digital transformation, and we are committed to providing not only the best devices but also the essential tools and support that organizations need to thrive in the digital age.”

Nwosu further highlighted that Menxtt NG’s approach goes beyond selling devices. “We aim to be a one-stop shop for businesses that need everything from IT infrastructure to online visibility. Whether it’s building a professional website, developing a custom mobile app, or managing a company’s social media presence, we are here to ensure that businesses in Nigeria and beyond have all the tools they need to succeed,” he added.

The startup’s emphasis on customer satisfaction is also evident in its fast and reliable delivery services, which extend to all parts of Nigeria. Menxtt NG ensures that its clients receive their purchases promptly, backed by a dedicated support team ready to assist with any technical or service-related needs.7 signs your business needs IT support - Technology Solutions

As Nigeria continues to embrace digitalization, Menxtt NG is positioning itself as a key player in helping businesses and individuals stay ahead in a rapidly evolving tech-driven world. With its diverse product offerings and comprehensive IT services, the company is well on its way to becoming a leader in the Nigerian tech industry.

For more information, visit Menxtt NG at www.menxtt.com.ng or contact them at 08028931940 or menxtt.ng@gmail.com.

 

 

 

“We aim to be a one-stop shop for businesses that need everything from IT infrastructure to online visibility. Whether it’s building a professional website, developing a custom mobile app, or managing a company’s social media presence, we are here to ensure that businesses in Nigeria and beyond have all the tools they need to succeed,”

NETSCOUT ENRICHES PERFORMANCE MANAGEMENT SOLUTION TO IMPROVE PRODUCTIVITY, ACCELERATE PROBLEM RESOLUTION, AND REDUCE RISK

NETSCOUT ENRICHES PERFORMANCE MANAGEMENT SOLUTION TO IMPROVE PRODUCTIVITY, ACCELERATE PROBLEM RESOLUTION, AND REDUCE RISK

 

 

New nGeniusONE Notification Centre and Updates for Critical Vertical Market
Infrastructure Helps Deliver Better Service Quality

 

 NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT), a leading provider of performance management, cybersecurity, and DDoS attack protection solutions, today announced enhancements to its nGenius Enterprise Performance Management solution, which includes a new notification centre that helps streamline and automate alerts and contextual workflows to identify and resolve problems faster. Secured Reliable Transport (SRT) was added to support live video streaming, and additional supervisory control and data acquisition (SCADA) protocols were added to support international utility networks.

 

Performance degradations, application unavailability, and lengthy outages can have a crippling effect on any business. Organisations need to ensure their users have the best experience possible by avoiding performance issues that can threaten their reputation, mission, and revenue. NETSCOUT’s nGeniusONE notification centre focuses IT efforts on the most critical business issues to investigate by categorising alerts for services, applications, servers, and links/locations, providing contextual, actionable, real-time details at a glance.

 

“NETSCOUT’s new notification centre streamlines and automates alerts and contextual workflows to identify and resolve problems faster,” said Mark Leary, research director, Network Observability & Automation, IDC. “This is a huge win for IT teams as it enables them to deliver a better end-user experience while giving them more time to focus on other strategic digital transformation initiatives that provide greater business value.”

 

Vertical Market Additions for Critical Infrastructures

 

NETSCOUT’s Visibility Without Borders platform already supports any application anywhere, including hundreds of voice, video, and business data applications in key industries. This new specialised service monitor for the SRT application enables network broadcast engineers to observe where and when live video degrades so they can quickly resolve issues and ensure quality performance. According to recent research, the global video streaming market will grow at a CAGR of 18.7%, reaching $2.66 billion in 2032. SRT is quickly becoming the industry standard for secure, reliable, and low-latency video transport.

 

NETSCOUT has also incorporated two additional SCADA protocols to better monitor and control generation, transmission, and distribution for international utility networks. SCADA is a business-critical operations technology essential for power distribution and management. SCADA systems play a critical role in preventing, detecting, and restoring power outages and help improve and support the safe distribution of electricity.

 

“Our customers value how nGeniusONE uniquely addresses real-time visibility and observability needs,” stated Phil Gray, associate vice president, product management, NETSCOUT. “With this significant update and support for new mission-critical applications, we’re providing IT teams with even more time-saving functionality to make it easier to address critical infrastructure performance issues, see problems before they impact the business, and continue to provide a high-quality user experience.”

 

Visit our website to learn how NETSCOUT nGeniusONE can help enterprise IT teams increase efficiency, navigate change, and deliver a quality user experience to address business demands.

 

About NETSCOUT

NETSCOUT SYSTEMS, INC. (NASDAQ: NTCT) protects the connected world from cyberattacks and performance and availability disruptions through its unique visibility platform and solutions powered by its pioneering deep packet inspection at scale technology. NETSCOUT serves the world’s largest enterprises, service providers, and public sector organizations. Learn more at www.netscout.com or follow @NETSCOUT on LinkedIn, X, or Facebook.