Empty pockets, empty seats.🏟
#191: For many Africans, watching a live game is an extreme sport.
Hello Venturer,
Imagine spending two years preparing to host a dinner, and everything is set. You’ve hired the best staff, from concession workers to entertainers. The venue’s ambience is enchanting. Your event is the most-discussed topic on social media. But only 30% of your guests arrive. Does that sound absurd?
Well, that’s what Côte d'Ivoire, the current AFCON host, is experiencing. The country spent the last two years building stadiums, roads, hospitals and other infrastructure to prepare for the continent’s biggest sports festival. Yet, the stadiums are often scanty. Attendance often ranges between 30-50% of stadium capacity. What’s more interesting is that this isn’t the first time. Why is this happening?
This week, we looked into why AFCON struggles to fill seats on each matchday. And what we found is that the answers are more about Africa’s economics than about the love for football. Enjoy.
Oluwatosin Ogunjuyigbe
Staff writer, Ventures Africa.
What’s new?
Africa's biggest football festival – the men's Africa Cup of Nations (AFCON) – is happening. But seats are empty, and not for the first time. Read more.
Kenya's $27 billion loss underscores the devastating cost of social media shutdowns in Africa
Last November, Kenya experienced an unexpected shutdown of Telegram, one of its most popular social media platforms. And it has cost the economy $27 billion. Learn more.
My Pivot Journal: Jennifer Daniel's exciting journey from Talent Management to Product Design
Jennifer Daniel possesses an expansive creative mindset and a profound passion for bringing novel ideas to life. Read more
International oil companies are silently exiting Nigeria
Over the past two years, there has been an exodus of international oil companies from all or parts of their Nigerian operations. Learn more.
WEF2024: Take a deep breath with technology
Ninety-nine percent of the world’s population breathes air that is harmful to their health. How do we ensure everyone can breathe clean air? Learn more.
How can Africa's economy scale?
How can countries leverage the potential of frictionless African trade to become major players in global supply chains? Read more.
WEF Day 3: Navigating the global debt landscape
The World can't look to debt alone as a means of financing growth, development, and industrialization. The answer is domestic resource mobilization. Read more.
Beyond chatbots: Five challenges in Africa that Google aims to address with AI
Google’s work with AI in Africa is bigger than chatbots. Find out the challenges the software giant is taking on with this technology. Learn more
WEF2024: What does the future hold for global trade?
Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organization, said the world economy won't experience recovery without trade and investment. Read more
ICYMI: Ogunlesi at BlackRock, Dangote refinery's kickoff, and Lyca's shutdown
Adebayo Ogunlesi was the most talked about African businessman last week. Dangote refinery started operations, and Lyca Mobile shut down in South Africa.
Getting funding in 2024
While Africa has attracted numerous investors over the years, it appears that enthusiasm is dwindling. In 2023, there was a significant 39% year-on-year decline in African startup funding. What’s the way forward for startups? Join us on Friday, the 26th of January at Ventures Africa’s LinkedIn Live Audio Event to discuss “Getting Funding in 2024”. Click here to grab a seat.
The New Wave of Nigeria’s Soft Power
Soft power - To attract, persuade, influence, and shape preferences through culture. Nigeria has effectively done this through entertainment. Our music, films, and content transcend borders, commanding global attention. As master storytellers, we are leveraging new technologies to amplify our cultural influence. Read our latest magazine issue to learn more.
Podcast
Climate change adaptation involves making adjustments to cope with the impacts of climate change, whether they are happening now or anticipated in the future. The goal is to reduce or prevent harm to people and take advantage of potential opportunities. Listen here.
Our Weekly Collectibles
Bosun Tijani was a rock star in the Nigerian startup scene Until he transitioned to government. Discover why He was a tech rebel. Then he joined the government.
Herman Lay’s dismissal from a major food company turned out to be a blessing in disguise. Here's how He Got Fired and then Turned His Side Hustle Into Billions!
Be careful what you say. Or in this case, what you rap. Discover How art is used against artists like Young Thug in court.
Are auditors the sentinels guarding the financial gates, or are they simply turning a blind eye while the wolves feast inside? Discover How Auditor Deloitte Missed A Nigerian Company’s Massive Fraud.
#VANUGGET
