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Nigeria: What next for West Africa’s powerhouse?

21Feb

By Africa BusinessNo Comments

African News, Main, Nigeria News

Nigeria: What next for West Africa’s powerhouse?

Nigeria: What next for West Africa’s powerhouse? With elections approaching, change is afoot in Nigeria. Keen to pursue new opportunities and drive the country forward, what does the future hold for one of Africa’s largest economies? Following her recent visits to the country, Marie El-Hawat, Associate Director, Anglophone Africa at British Arab Commercial Bank (BACB) shares her thoughts on the forces at play in the region. Nigeria is one of Africa’s largest and most important economies: one in five Africans are Nigerian, and that proportion is only set to grow. As one of the powerhouse economies in West Africa, the economy offers huge opportunities, particularly in the county’s largest city, Lagos. Nigeria’s GDP is around USD 441bn, the highest in Africa, and only one of three economies...

Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity

3Feb

By Africa BusinessNo Comments

Fintech, Nigeria News

Why the promise of a cashless society is key to unlocking the Nigerian commerce growth opportunity

By Justin Floyd, CEO of open commerce platform, Redcloud Cash is a uniquely expensive and inconvenient way to do business. However, shifting to a world of cashless payments is easier said than done, as many policymakers have discovered to their cost. The Nigerian Government is taking unprecedented steps to reduce the economic reliance on cash and promote digitally-driven commerce. Will its gamble pay off? Along with Sweden and India, Nigeria has moved ahead of other countries in its efforts to reduce the reliance on cash to make commerce flow and drive economic growth. Most notably, in late 2022, the Government announced a cap on weekly cash withdrawals for both individuals and corporations, with punitive fees levied for those straying above the limits. Since then, it has also announce...

Nigeria’s SAIPEC event serves Sub-Saharan Africa

25Jan

By Africa BusinessNo Comments

Energy, Events, Nigeria News

Nigeria’s SAIPEC event serves Sub-Saharan Africa

The seventh edition of the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) will run from 13-17 February at the Eko Convention Center in Lagos. The event will offer a host of B2B networking and partnership opportunities to drive regional collaborations through a week-long programme of activities. The conference will be hosted by the Petroleum Technology Association of Nigeria (PETAN). PETAN is a leader in the promotion of innovative engineering and creative solutions, that help advance the petroleum industry both nationally and regionally. With delegations, speakers and organisations attending from over 40 countries across Sub-Saharan Africa and beyond, including Uganda, Ghana, Gambia, Senegal, Angola, Tanzania, Niger, Liberia, Kenya, Namibia, Somalia and Moz...

16Dec

By Africa BusinessNo Comments

Nigeria News, Tech

Ventures Platform Secures First Close of US$40mn Pan-African Fund

Ventures Platform, the early-stage “discovery” venture capital fund championing the next generation of African entrepreneurs, has announced the first close of its new US$40m Pan-African, early-stage fund to invest in market-creating innovations. With this close led by the Nigeria Sovereign Investment Authority (NSIA), the new fund features participation from existing investors and some new leading names across Africa’s corporate and tech ecosystems, including UAC Nigeria, VFD Group, Gbenga Oyebode, Shola Akinlade (Paystack), and global investors like; Michael Seibel (Y Combinator) and Adam Draper. A second close of the fund is due to take place in early 2022 and will feature investment from select global Institutional Investors and DFI’s. Building upon its stellar reputation as one of the...

8Nov

By Faizal BhanaNo Comments

Main, Nigeria News

Operational Challenges and Opportunities for Family-Owned Businesses in a Post-Covid World

By Faizal Bhana – Director Jersey Finance - Middle East, Africa and India. According to Asoko Insight’s FOB500 research, Nigerian family-owned businesses make up 36% of companies within the Economic Community of West African States, (ECOWAS). These businesses have been vital to the socio-economic development of Nigeria and have been instrumental in the region’s back-to-business strategy amid the COVID-19 pandemic as a mechanism of securing their legacy. It is important to note that family-owned businesses globally, including Africa, experienced adverse consequences as a result of COVID-19. Mandatory lockdowns and the general restriction of movement contributed to creating this challenging operational environment that required family businesses to adapt to survive. Policies such as ‘wor...

3Nov

By Africa BusinessNo Comments

Agriculture, Nigeria News

AFEX predicts higher prices for core grains and advocates for African food balance sheet in new report

Nigerian commodities exchange releases 2021 Annual Crop Production report to boost agricultural data and guide financing and policy decisions Lagos, Nigeria – 2 November 2021. Nigeria’s core grain prices have been projected to trend upwards in the new season due to persistent gaps between commodity supply and demand, according to a new report by commodities exchange firm AFEX. The 2021 crop production survey report also forecasts an increase in production levels across six commodities: maize, sorghum, soybean, paddy rice, ginger, and sesame. AFEX’s annual crop production report seeks to provide robust market intelligence for the many key players in the agricultural value chain, with the data also being used to produce forecasts of area, yield, production, value and stock for major crop...

22Oct

By Africa BusinessNo Comments

Fintech, Kenya News, Nigeria News, South Africa News, Startups

Nigerian Fintech, Brass, Secures $1.7mn Financing Round “to bet on African SMEs”

“Africa’s new bank for startups and SMEs” to expand to South Africa & Kenya following funding Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has today secured $1.7mn in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round sees participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya - just a year after launch, and will kickstart a range of new product categories, including an ex...

12Sep

By Africa BusinessNo Comments

Angola News, Energy, Events

Global Industry Experts to Unite to Empower Women to Advance in the Oil and Gas Sector

“The women empowerment era will bring a new dynamic to the Industry. Not to just by empower other women but also our communities.” Ms. Eugenia Langa, founder and CEO, Nweba, speaker Angola Energy Series 2021 The first set of speakers has been announced for the first event in the 2021 Angola Energy Series, ‘Women in Energy: Angola Advance’ bringing a pool of experience and knowledge together to help oil gas and energy organisations address how they can create and invest in a diverse, enterprise-wide talent pipeline in Angola and the across the globe. Angola Country Manager for multinational oil and gas company – TechnipFMC, who has had operations in Angola for over 20 years, Dra. Filipa Vilhena Santos, will be participating in the series for the second time, following on from her insig...

9Aug

By Africa BusinessNo Comments

Nigeria News

From Radio Presenter To Broadcast Trainer: Fola Folayan wants to raise the bar for Broadcast Journalism in Nigeria

For thirteen years, Fola Folayan worked as a radio broadcaster in Nigeria; filling various roles as a content producer, presenter and newscaster in different media organizations across the country. But she wanted more. She wanted to develop talent for the broadcast industry and in her own words ‘raise a generation of professionals who can function in the fast-changing media landscape’ The 21st century is already seeing fundamental changes in radio broadcasting. No longer are audiences limited to listening to the radio at the times and places dictated by the broadcasters, or on radio ‘sets’. According to Fola Folayan, broadcasting in the 21st Century has evolved with digital technology, and that evolution has effected changes in programming, content, delivery and audience engagement....

8Aug

By Giorgi MikhelidzeNo Comments

Nigeria News

Why is Nigeria’s central bank struggling to let go of the naira?

Due to the global pandemic, a lot of aspects of our lives were affected by negative circumstances. Those negative circumstances can be characterized with different rates, however, the influence on the global economy is the one that affects everyone’s life. When it comes to something that has such a major influence as covid you cannot blame anyone for that because it is a health-related issue but the outcome that we are facing right now is very tragic. A lot of people lost their jobs and tried to find many other ways to generate their profits and in some countries, national currencies are not controllable anymore. It is not a surprise that developing countries appeared to be especially vulnerable towards it while major economies are still standing steadily. Nigeria is not an exception in th...