Admission! Admission!!🎒🏫
#167: “Every success is usually an admission ticket to a new set of decisions.” Henry A. Kissinger
Hello Venturer,
Can you believe September is almost here? That means it's time for the back-to-school hustle across Africa. Ah, those days when we were kids moving up from primary to secondary school. We'd bug our parents endlessly, begging to go to those fancy secondary schools. And you know what? Our fate often depended on how well we tackled those entrance exams. University wasn't any different.
But you know the coolest part about getting accepted into any school? It's like getting a front-row ticket to our dreams. Speaking of dreams, Somalia may be feeling the same way as they eye a potential entry into the East African Community (EAC). Way back in 2012, Somalia applied to join the EAC but got the cold shoulder due to all its internal crises and political drama.
In this week's newsletter, let's dive into how Somalia jumping on board the EAC could spell some good times for the whole regional economy.
Ishioma Imokhai-Bello,
Staff Writer.
What’s new
Somalia’s admission into the EAC could be a win-win for the regional economy
Joining the EAC would bring considerable advantages to Somalia. One of these is the typical market benefits. That is, freely moving goods, services, money, and workers across member states. This means Somalia can trade and do business more easily within the East African region. Read more
Why Zimbabwe’s election is crucial for its economy
Zimbabwe’s next president will have to act fast to rein in inflation and revive the economy. The economic crisis in Zimbabwe worsened in the past few months, as the annual inflation rate soared to 175% in June 2023, more than doubling from the previous year. Read more
What permanent membership of BRICS means for Ethiopia and Egypt
For Egypt and Ethiopia, this recent admission holds the promise of accessing developmental financial resources through the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). These channels present alternative funding avenues compared to the traditional routes of the World Bank and the International Monetary Fund (IMF). Read more
New report proves Africa is still a hotbed for fintech
Recently, Disrupt Africa published a report that confirms Africa is still a hotbed for fintech. The sector has expanded by almost 20 per cent in size and attracted an estimated $5.2 billion in investments in 2022, more than double the amount in 2021. Africa still has a large unbanked population. Read more.
Is Africa getting wealthier or poorer?
That’s the highlight of the latest Credit Suisse Global Wealth Report, which shows that the continent saw a slight increase in wealth accumulation of 1.5% to $5.9 billion in 2022. Ironically, last year was the first since 2008’s global financial crisis that saw a decline in net global household wealth. Inflation, rising interest rates and currency depreciation were the main culprits. Read more.
Charting new waters: Nigeria’s blue economy ambitions take shape.
Ever heard of a blue economy? It is the sustainable and responsible use of ocean and aquatic resources for economic growth, improved livelihoods, and environmental preservation. Fisheries, aquaculture, maritime transport, tourism, renewable energy from the ocean, biotechnology, and marine conservation are all subsectors of this economy. Read more.
Is Patricia running an exit scam?
Patricia, a Nigerian crypto exchange, has launched its own token called Patricia token (PTK). Many people have reacted to Patricia’s announcement with suspicion and scepticism. They think the company might be trying to scam its customers and run away with their money. Read more
How Parker Clay is democratizing Africa’s fashion industry
Parker Clay is a certified B Corporation that manufactures handcrafted leather goods in Ethiopia. They make premium leather bags, wallets, totes, backpacks, and more, blending function and style with sustainable fashion and economic empowerment. They are also one of the largest exporters of finished leather goods in the world. Read more
MPJ: How Opuere Kelly found satisfaction as a customer relationship officer.
When 9-year-old Opuere Kelly was asked what she wanted to be when she grew up, she would always say “an accountant.” She loved numbers and order, and she thought being an accountant would be a perfect fit for her. However, after a last-minute change and settling for an available means to an end, she discovered her passion for helping customers. Read more
The TikTok debate in Kenya: Freedom of expression vs. cultural concerns
While TikTok has brought entertainment and income to millions of Kenyans, it has also sparked controversy and criticism from some quarters. Last Wednesday, the 16th, Bob Ndolo, the Executive Officer of Bridget Connect Consultancy, filed a petition in parliament calling for a ban on TikTok in Kenya, citing its negative impact on the country’s cultural and religious values. Read more.
ICYMI: The return of BDCs, Patricia’s conversion, and the rise of warehouse costs
The Central Bank of Nigeria has ended its two-year ban on selling forex to Bureau De Change (BDC) operators. Patricia, one of Nigeria’s foremost fintechs, is making a controversial comeback to the market. On the global scene, warehouse costs are surging, causing retail businesses to move their businesses online and making manufacturers reevaluate their supply chains. Read more
The VA Pod
Nigeria is going through its toughest energy crisis in years. This could be a great time to explore renewable energy. This podcast, adapted from our LinkedIn audio event titled, “Seems like the right time for Nigeria to invest in renewable energy” digs into this conversation. Oluwatosin Ogunjuyigbe hosted industry experts, including Chibunna Ogbonna, co-founder and CEO of Kiru Energy Limited and Lolade Alonge, Business Communication officer and project manager at Koolbooks. Listen to the full podcast here.
Mini Issues
VivaTech 2023: Is AI truly limited?
Read the mini issue of our coverage of Viva Technology, Europe’s biggest technology conference, which was held in Paris, France, from June 14th to 17th, 2023.
Africa’s Business Heroes – Empowering Africa's next-gen entrepreneurs?
Since 2019, ABH, Jack Ma Foundation’s philanthropic program, has identified, showcased, and supported the next generation of African entrepreneurs through its inclusive and sector-agnostic prize competition.
Our weekly collectibles
As marriage rates dwindle, China’s dating app industry taps into growing parent anxiety. Discover the desperate Chinese parents joining dating apps to marry off their adult children
Influencers like Sunny Ali promote the Amazon seller dream. But what happens when no one is buying the hustlepreneur fantasy? Find out in Tears of a get-rich-quick guru.
How far would you go to improve your personality? Discover how I Gave Myself Three Months to Change My Personality
Chesley ‘Sully’ Sullenberger became a global hero when he landed an airliner on New York’s Hudson River in 2009. In Chesley Sullenberger: An old-fashioned kind of hero, he talks about how the experience changed him.
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