Professionals in the gaming industry have revealed that despite the global economic downturn, the sector has continued to grow exponentially.

The Chief Executive Officer (CEO) of Kobobid, Victor Muoghalu, an indigenous gaming brand, said: “At this point that the economic downturn and inflation are biting hard, and unemployment keeps getting worse, people are looking for the next miracle even if it’s to get ends meet, which they naturally find in gaming. Despite the controversies around the industry, it keeps booming.

“This is why gaming is here to stay and it’s not going anywhere due to the social, religious and economic conditions in Nigeria and Africa. People see it as a game of luck that can eradicate hardship in the blink of an eye and under whatever circumstance they put money into it. This in turn contributes to the economy of the country as the government is paid some sum in terms of Value-Added Tax (VAT), for every payment that comes in. For any amount a client wins, they pay VAT and as they don’t collect the exact amount…”

For every prize that goes out, there is VAT that goes straight to the government. And we take that out directly. For the goods that we put up, there are VATs on them that go straight to the government. At the end of each quarter, the government still gets three percent of our gross revenue.”

Muoghalu continued: “This is why Kobobid is featuring gaming in a distinct perspective.  We launched the most prominent gaming platform with the most interactive features in Africa through the introduction of Kobobid Auctions.

As a brand, Kobobid’s vision is to fuel interaction and excitement, as well as provide alternative ways for people to afford expensive goods and transform the negative image of too-cheap-to-be-true.

However, Kobobid penny auction requires a lot of understanding. It is not for everyone and you still have to be smart, skilled and logical to a certain extent to do this. However, we created different games to capture everybody. If you come on Kobobid, there is something for you. If Penny auction is too complex for you, there is raffle draw, there is football fantasy for the football lovers and there is scratch card option.“

Muoghalu, however, noted that the brand was starting an agency model, where anyone could become Kobobid’s agent.

“We are doing this to give back to the community. For our agency model, there is no agency fee, no sign-on fee, and no registration fee and there is no retainer fee. It is free. Agencies make their commission instantly from Kobobid with zero naira and they don’t need to know anyone to do this. They can sign up online and start.”