Edition #108
ABC Events
PSDdF discussion: The Role of Private Sector in Strengthening Democratic Institutions in West Africa
The Private Sector Development for Democracy Forum hosted a X Spaces conversation with esteemed guest speakers from several organizations to give a detailed breakdown on necessary steps that must be taken to achieve the rewards of democracy. The topic also centered on the importance of the private sector in strengthening democracy for countries in West Africa, particularly in Nigeria.
The American Business Council Nigeria Celebrate 2nd Year Anniversary of All Talentz
The American Business Council Nigeria in collaboration with All Talentz held a cocktail event last week to commemorate the 2nd anniversary of All Talentz, an associate member of the council. In attendance at the meeting was the ABC president, Sopiribo Ideriah; Hon. Folashade Ambrose-Medebem, Honorable Commissioner for Commerce, Cooperatives, Trade and Investment (CCT&l), Lagos State; Michael Ervin, US Consulate, the Economic and Political Chief; Julie Marie LeBlanc, the Counselor for Commercial Affairs; Kenechukwu Onyeke, and Benedicta Nkwoh from the U.S. Mission Nigeria.
Energizing Nigeria - Navigating Challenges, Harnessing Opportunities
On this episode of the business exchange, Prof. Bart O. Nnaji, Managing Director, Geometric Power Ltd, sits down with Margaret Olele to discuss the future of energizing Nigeria.
Subsume Creative Juneteenth
The American Business Council Nigeria joined the Lagos State Government, Ascend Studios Foundation, and Subsume to commemorate the 50 year sister-to-sister between Atlanta and Lagos. Margaret Olele, CEO/Executive Secretary, American Business Council Nigeria, moderated a panel focused on the "Future of Lagos-Atlanta Continued Partnership: Developing a long-term strategic plan for the Lagos - Atlanta creative partnership." She was joined on the panel by Asante Bradford from the Georgia Department of Economic Development; The Honorable Commissioner of Lagos for Employment and Wealth Creation, Honorable Akinyemi Ajigbotafe; and Shakiri Murrain, Director of Innovations, Russell Innovation Center for Entrepreneurs.
Draper University Hero Training for Tech Entrepreneurs
The winners of the ABC Cyber Hackathon and Solution 2023 Uchechukwu David Mark, Nafiu, Abdulmalik Usman, Godsfavour Ahamisi, and Ridwanullah Adeleke Abdulraheem began the renowned Hero Training for tech entrepreneurs at Draper University in San Mateo, California on June 25, 2024. The program is focused on building the next generation of tech entrepreneurs and the Council is very proud to have been a part of this journey. A special thanks to the USAID Nigeria for the support and partnership on this project.
Business Updates
US-based Nigerian Investor Commits $100m To Boost Business In 36 States
In line with President Bola Tinubu’s efforts to attract foreign investors, a US-based Nigerian, Otunba Saheed Ashogbon, is set to invest $100 million across all 36 states of the country, hence, calling for the support of state governors to facilitate this venture.
Speaking with newsmen on Wednesday in Lagos, Ashogbon, who has been residing in the US for over 30 years, announced his return to Nigeria to establish an online auto auction platform and clear abandoned vehicles from the roads.
Nigeria needs to diversify economy, provide cheap credit to create jobs – Experts
Experts have stressed the need for Nigeria to diversify its economy from oil and invest more in agriculture and manufacturing to create jobs for its rapidly growing population.
The experts also called for the promotion of entrepreneurship and adequate support for start-ups while providing a national credit scheme for easy access to cheap credits by Nigerians.
The consensus among the experts who spoke in the U.S.-Nigeria Business Council webinar themed ‘Job Creation in Nigeria – A Closer Analysis of Strategies and Methodologies that Give Results,’ held recently said that the Nigerian economy can survive without oil if the right policies and action are taken by the government to boost other job-creating sectors.
World Bank to oversee underperforming $500m Nigeria electricity loan
The World Bank has announced it will conduct a supervision mission next month to address the poor performance of a $500 million loan intended to improve Nigeria’s electricity distribution sector.
As detailed in the latest Implementation Status & Results Report for the project, this mission is set for July 8 to July 12, 2024, and aims to tackle the ongoing challenges and lacklustre progress of the Nigeria Distribution Sector Recovery Program (DISREP).
The DISREP was approved by the World Bank Board on February 4, 2021, and came into effect on February 2, 2023.
Firm unveils data-driven loyalty platform to empower Nigerian businesses
An Indigenous firm, Bvndle, has launched a data-driven loyalty platform to help businesses thrive and maximise value for Nigerians.
By harnessing sophisticated data analysis and leveraging a vast network of partners including financial institutions like UBA, Piggyvest, VFD Microfinance Bank, AXA Mansard, and Aura by Transcorp, Bvndle aims to assist Nigerians in navigating the prevailing economic challenges and inflationary pressures that have reduced consumer spending.
Kemi Balogun, Managing Director of Bvndle, explained that the platform offers a unique approach to customer loyalty, rewarding customers for their everyday spending while providing businesses with the tools they need to build lasting relationships.
Startup Updates
BudPay to Powering African Businesses with BudPay Business
BudPay, a provider of business payment solutions for local and global enterprises in Africa, has reiterated its commitment to connecting African businesses to global opportunities.
BudPay in a statement said its payment infrastructure is uniquely designed to cater to the constantly evolving needs of the African market has been instrumental in enabling corporates, SMEs, and startups to accept payments in 100 countries
Selected startups for Nigeria’s NSIA Prize for Innovation announced
The Nigeria Sovereign Investment Authority (NSIA) announced that it had selected 100 startups to participate in the Accelerator Stage (physical boot camp) of the NSIA Prize for Innovation (NPI 2.0) after a rigorous evaluation process and due diligence on over 7,000 early-stage businesses that registered for the competition.
The shortlisted startups to proceed to the physical boot camp include Magic Carpet, Materials Pro, Jump n Pass, Awacash, VPay, Betalife, Centio Healthcare, Yalo, Pocket Lawyers, Doktorconnect, Trashcoin, One Health, Redease, VPD, Kunda Kids, Agroxchange Technology, Sycamore, Passcoder, Earlybean, Powerfull, Adashe, Cash Africa, TownHall, Sakula, Pave, and Tribapay.
Bamboo expands to South Africa following launch of Nigerian stocks on platform
Bamboo, an online stock platform based in Nigeria, has commenced its operations in South Africa, enabling users to invest in US stocks directly from their smartphones through the platform.
This comes as the startup obtained a financial services provider licence from the South African Financial Sector Conduct Authority (FSCA). Bamboo now operates in three African countries, including Ghana and Nigeria.
OPay and Moniepoint issue 17 million Verve cards as Nigerian fintechs switch from Visa and Mastercard
Before the COVID-19 pandemic, Nigerian fintechs stumbled on an easy customer acquisition strategy: issuing foreign debit cards. These cards, often issued for free or next to nothing, ensured fintech customers could withdraw money at ATMs, or pay at supermarkets. Giving customers debit cards increased spending, allowing fintechs to earn more transaction fees.
Kano is becoming one of Nigeria’s biggest startup cities
This year, Kano entered the list of top 1000 startup cities in the world for the first time. In the past four years, the city, known as the commercial capital of northern Nigeria, has seen a spike in startup activities, owing to the success of pioneer tech entrepreneurs and a buzzing tech community.
Upcoming Events
Existing Foreign Direct Investors Roundtable
The American Business Council Nigeria will be collaborating with the office of the Vice President of Nigeria and Invest in Nigeria to host a roundtable for existing foreign direct investors on July 5. If you are a U.S. company with investments in Nigeria, kindly reach out to info@abcnig.com for more information.
Ease of Doing Business Series
The American Business Council Nigeria will kick off the Ease of Doing Business series in July. The Event is a strategic collaboration between the Council and The Presidential Enabling Business Environment Council (PEBEC) Secretariat to empower executives of foreign-owned businesses and members of bilateral chambers of commerce with insights to navigate and excel in the local business landscape.
The Series goes beyond mere discourse as It addresses specific challenges faced in business operations and offers practical solutions, aiming to achieve tangible outcomes and a more business-friendly environment in Nigeria.
The inaugural Ease of Doing Business Series with the theme “Ease of Doing Business: "The Role of Nigeria Customs Services in Trade Facilitation” will feature Mr Bashir Adewale Adeniyi, MFR, Comptroller-General, Nigeria Customs Service, as the Guest Speaker.
Attendance is strictly by Invitation
