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Issue #137: If you wish to live to see better days, then you must endure the bad days. - Abdul Kalam
Hello Venturer,
Allow me to officially welcome you to a new month. The month of February is recognized as the month of love. Which is great, until every random, (yet beautiful) display of love reminds you that you’re single. Do I hear the pressure is getting wesser? In a twist of events, single lads aren’t the only ones feeling the pressure this season.
Last week we told you the days ahead may be longer for some African economies. What we didn’t predict was how soon those days would happen for them. For weeks, many Nigerians have not had electricity. I know, I know. This isn’t new.
However, it is disturbing when power cuts are happening at the same time the country is experiencing a two-month-long fuel scarcity and a paucity of cash. To worsen the situation, cashless systems have been inaccessible for days and POS merchants are steadily exploiting this misfortune.
But it’s not all bad news. SpaceX, the internet service owned by Elon Musk, has been approved to operate in the country, making Nigeria the first African country to host this disruptive internet provider. At least, Nigeria has the internet on its side.
This week we explore the good, bad, and ugly sides of a developing nation.
Suotunimi Orufa
Staff Writer, Ventures Africa.
What’s new?
Naira scarcity, fuel scarcity, and power cuts. Everything is happening in Nigeria simultaneously.
On October 26, 2022, the CBN announced the introduction of redesigned N200, N500, and N1,000 banknotes into the financial system. Hence, a January 31, 2023 deadline was placed for a cash swap. Nigerians were informed and advised accordingly. However, most banks did not have enough new notes to dispense before the deadline, thereby making the implementation unsuccessful. Read more.
Nigeria is experiencing a new wave of cashless payments.
While this is not what many Nigerians want to hear right now, neither does it help the current cash flow situation, this delayed circulation seems to be leading to a new wave and alertness for a cashless system. Read more.
Starlink promises a new era of fast internet in Nigeria.
On Friday, Elon Musk announced the satellite internet service launched by SpaceX, his space exploration company, has been approved in the country, making it the first African country to host this disruptive internet provider in Africa. Its launch in Nigeria has been in the works since 2021. Read more.
Nigerians are worried about Tech Nation’s imminent shutdown.
Tech Nation, a UK non-profit supporting the tech industry for ten years, is shutting down due to a lack of funding. The UK government has redirected its funding to Barclays Bank’s program. Since this announcement, many tech workers, including Nigerians, have been worried about the development. Read more.
Nigeria maintains the lead in Africa’s generator imports, but at what cost?
Nigeria has many challenges stifling its economic growth, but the endemic epileptic power supply in the country stands out. With such a poor power supply and a wide energy gap, generators have become a saving grace for Nigerians to run many of their daily activities, from things as basic as charging to running their businesses. Read more.
Here are some countries with the least oil reserves in Africa.
Africa’s salient role in the global crude oil market and how the resource has helped the continent’s economic growth, often makes it difficult to shift economic conversations away from it or even be aware that not the whole continent generates oil revenues. Read more.
Weekly Economic Index: A world-class rice mill, Lekki deep seaport, and a ride-hailing trade union.
The long-awaited $1.5 billion Lekki Deep Seaport project at Ibeju-Lekki, Lagos State, has finally been unveiled last week. The Deep seaport is one of the best ports in West Africa, and incoming vessels will be four times bigger than the size of the vessels coming into older ports like the TinCan and Apapa ports. Read more.
Africans are more unsafe than they were a decade ago.
Africa has become more unsafe for residents in the last decade. This increase in violence against civilians and armed conflict has made it increasingly difficult for businesses to operate and for people to earn a living. Businesses struggle with attracting investment, hiring and retaining workers, and moving goods. Read more.
A closer look at Zimbabwe’s relations with Russia and its allies
After two decades of economic sanctions by the United States and its allies, Zimbabwe forges to strengthen bilateral relations with Russia and its allies. Both countries have a long history of bilateral relations dating back to the Soviet Union days. Read more.
Jumia’s shrinking cash balance shows that e-commerce is still a tough business.
Jumia’s story isn’t new to most people. Since it launched in 2012, it has been the poster child for African e-commerce. Until recently, it had the same status for the entire tech space since it was the first unicorn and the first to IPO on the New York Stock Exchange (NYSE). Today, the cold reality is setting in that the business is tougher than it looks. Read more.
Kachasi: automation of offshore confirmation line charges & post-shipment loans.
Kachasi, an International Trade Finance Solution from Union Systems Limited helps banks process their customers’ confirmation line LCs from the point of issuance to the start of the pre-negotiation charge, realization of the charges from customers, as well as settling the payables to the offshore bank. Read more
What this new YouTube report says about content creation in Africa
Part of YouTube’s success can be attributed to the company embracing a broad and diverse set of voices with platforms like YouTube’s black creators. Across Africa, content creators are utilizing the available resources and cashing out big time from the platform. Read more.
My Pivot Journal: Evans Akanno’s journey to becoming a creative designer.
Evans Akanno is a household name in Africa’s creative space. And he is steadily becoming a force in the global creative space. But before this multi-talented tech creative had his name listed in Forbes Africa 30 Under 30 Class of Achievers in Technology, he had fun mixing chemicals in science class. Read more.
Our trade finance software, Kachasi, is in use in many Nigerian banks today-Chucks Onyebuchi.
Chuks Onyebuchi, CEO of Union Systems Limited, shares insights on revolutionizing the financial sector with indigenous solutions and a solid presence in Nigeria and beyond. In this exclusive interview, he covers the deployment of world-class financial solutions and addresses challenges such as the shortage of talent and changing perceptions towards local software. Read more.
These are the most creative cities in Africa you should know.
When UNESCO created the Creative Cities network years ago, it was a way to identify exceptional urban centres harnessing the power of creativity. Today, there are over 250 cities in this network, with 15 of those cities from Africa. Some of these cities are under the travel radar, so you may never have heard of them. Read more.
Clean-tech and e-commerce are fueling Kenya’s speedy tech market growth.
Last year, despite a slowdown in venture capital (VC) activity globally, Kenya managed to defy the odds and come out on top as the African country with the strongest growth in funding raised. According to data from market intelligence firms Briter Bridges and The Big Deal, Kenya raised a staggering $1.1 billion, more than double the funding it received in 2021 when the entire continent raised about $5 billion. Read more.
Holiday Jollof
Read our special holiday issue on the events, businesses, people, and policies that impacted Africa in 2022. Click the image below to read.
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