Federal Government of Nigeria and DiFZIN Inaugurate Committee for the Establishment of Digital Free Zone for Technology and Global Service Businesses

 

PRESS RELEASE

Federal Government of Nigeria & Digital Free Zones in Nigeria (DiFZIN) inaugurate committee for the Establishment of Digital Free Zone for Technology and Global Service Businesses

Digital Free Zones foster innovation and economic expansion by leveraging cutting-edge digital technologies such as AI and Edge Computing, and a supportive regulatory environment

LAGOS, Nigeria, August 9, 2024/ -- In a bid to drive the ease of doing business for global digital, finance, knowledge- and services-oriented enterprises in Nigeria, the Federal Government of Nigeria established a steering committee chaired by President Bola Ahmed Tinubu GCFR to drive the promotion and establishment of a digital free zone in Nigeria to accommodate the peculiar needs of innovative digital trade and service businesses. This steering committee is chaired by His Excellency Mr President, supported by the Honourable Minister of Finance and the Coordinating Minister of the Economy (“HMF/CME”) as Vice Chairman. Other members are the Honourable Attorney General of the Federation and Minister of Justice; the Honourable Ministers of Industry, Trade and Investment; Communications, Innovation and Digital Economy; and Interior; the heads of relevant Government Agencies and Committees; and the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) as the private-sector stakeholders' representative and technical advisers. DiFZIN is a non-profit advocacy and policy research organisation supported by a consortium of private sector development-focused and advisory institutions including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana. The mission of the organisation is to see Nigeria’s free zones ecosystem fulfil its full potential as Africa’s major hub for global technology and service businesses. This Committee will work collaboratively with relevant agencies of government and private stakeholders to review and align Nigeria’s free zone policies, technology and processes with global standards, then develop and publish policy and operational frameworks to enable qualified global and local technology and service businesses to establish Pan-African or global operations from Nigeria. Businesses that take advantage of the zone will benefit from competitive business incentives provided by modernized free zones regulations, including tax, immigration and banking incentives, simplified government compliance processes, clear and predictable business regulation and an enabling business environment. As part of the Federal Government’s strategic growth objectives, it aims to boost foreign direct investment, create employment opportunities, and facilitate the capital flow into Nigeria’s economy, through an innovative and future-oriented approach to the free zones ecosystem. The HMF/CME stated that “the pivotal role of free zones to catalysing and sustaining economic growth in an emerging market such as Nigeria cannot be overemphasised. Its implementation in this digital age must not only encompass manufacturing undertakings but also integrate the central role of technology-focused businesses in attracting investments and making available to the global markets, our domestic talents under a liberal regulatory framework. These and more are what the Government aims to deliver through the digital free zones.” Dr. Olufemi Ogunyemi, MD/CEO of NEPZA (Nigeria Export Processing Zones Authority), emphasized the Authority’s commitment to digital transformation. He highlighted the e-NEPZA platform, which will streamline government services and comply with the Federal Government’s ease of doing business policy. Dr Ogunyemi also noted the importance of data privacy, with data stored locally in local servers as well as the ability of small businesses to access global markets, addressing the need for digital infrastructure like fibre optics. “We look forward to partnering with DiFZIN to advance our digital processes,” he stated. NEPZA’s support for Digital Free Zones signals a move towards a digitally driven economy, unlocking new opportunities for small and medium-scale enterprises as well as large corporations in Nigeria. Mr. Luqman Edu (Executive Director of DiFZIN and CEO of Itana) and the DiFZIN consortium, aim to support the Federal Government in positioning Nigeria as a hub for regional expansion across Africa. These efforts are designed to contribute to the growth of Nigeria’s GDP, government revenue, capital importation, and foreign exchange availability, while simultaneously generating employment opportunities for the burgeoning Nigerian youth population. “DiFZIN is committed to driving the agenda for reforms to the regulatory frameworks for taxation, banking, immigration, and ease of doing business, among others, within the free zones ecosystem,” said Mr Edu. “Our goal is to create a conducive environment for global technology and services-based businesses to thrive, facilitating remote operations and banking from Nigeria for Africa, thereby positioning Nigeria as a hub for Africa, akin to what Delaware is for the US, and Dubai is for Asia.” Speaking on the partnership with DiFZIN, Banji Fehintola, Head of Financial Services at AFC said “AFC’s advisory team is uniquely skilled in providing tailored financial and technical advice to public and private sector players across Africa. We look forward to collaborating with DiFZIN and all other partners to modernize Nigeria’s free trade zones, attract much-needed investment, create local jobs, and boost trade and commerce in Nigeria and Africa.” Digital Free Zones foster innovation and economic expansion by leveraging cutting-edge digital technologies such as AI and Edge Computing, and a supportive regulatory environment. These ecosystems serve as incubators for innovation, providing a platform for businesses to drive growth and competitiveness. The supportive regulatory framework also ensures a conducive environment for experimentation, collaboration, and the seamless integration of emerging technologies into everyday business operations. For more information about DiFZIN and its initiatives, please visit www.DiFZIN.org or contact hello@difzin.org. Distributed by APO Group on behalf of Africa Finance Corporation (AFC).   Media Enquiries: Yewande Thorpe Communications Africa Finance Corporation Mobile : +234 1 279 9654 Email : yewande.thorpe@africafc.org About AFC: AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception. www.AfricaFC.org SOURCE Africa Finance Corporation (AFC)

2023 in Review: International Digital Post Network Limited - A Potential Unicorn in Nigeria

2023 in Review: International Digital Post Network Limited: A Potential Unicorn 

2023 has been an awesome year of rough economic challenges of tough times.

Inspite of the odds against me, my duly incorporated International Digital Post Network Limited (IDPNL) has been able to remain totally debt free and has never borrowed since the incorporation in September, 2009.

https://nigeriansreportng.blogspot.com/2023/06/international-digital-post-network.html

Personally, the total amount I have owed in my life so far is $600 (six hundred dollars) only.

International Digital Post Network Limited has been a success story with highly valuable assets and products and international partnerships in the digital media industry, blockchain, mobility, e-commerce and entertainment industry making it a potential Unicorn by the total valuation of the assets, products and partnerships for the Big Picture of the future of Nollywood and the Nigerian film industry and creative economy.

IDPNL has partnerships with companies in America, India and Singapore in the global film industry in film acquisition, distribution, production and exhibition.

I am still having 100% ownership of the International Digital Post Network Limited and the subsidiaries. Because, I am the still the sole funder of the company.

Thanks to Almighty God for great is His faithfulness, goodness and mercies and loving kindness.

I trust Almighty God for the best in 2024.

Cheers!
Best regards,
Ekenyerengozi Michael Chima,
The Founder/CEO,
International Digital Post Network Limited,
King of Kings Books International,
Screen Outdoor Open Air Cinema, SOOAC
Publisher/Editor,
NOLLYWOOD MIRROR® Series

#digitalmedia 
#blockchain 
#mobility 
#ecommerce 
#fintech 
#finearts 
#filmindustry 
#entertainment 
#partners 
#partnership 
#assets 
#products 
#publishing 
#fashion
#lifestyle 
#Nigeria
#india
#singapore
#newyear
#2024
#nollywood
#bollywood

The Billionaires Mindset

1. HAVE UNBREAKABLE FAITH in your CREATOR and in YOURSELF. The size of your faith is the size of your strength. Avoid foolish pride in yourself. Be amiable, humble and noble. 
2. Family is your top priority. Reject every form of failure and deprivation in any member of your family. Don't forget that Charity begins at home. Confess every morning before you go out I REJECT POVERTY.  I ACCEPT PROSPERITY.
3. Acquire the education and skills you require for success in your career (occupation or profession).
4. Be a dare devil go-getter in business for contracts, jobs and commissions. DON'T EVER DEGRADE YOURSELF. And DON'T DEGRADE OTHERS. 
5. Be an enterpreneur and start your own company as soon as you can to produce or provide a product or service majority of people need in your location.
6. Believe in the Universal Law of Reciprocity. Do Good. Avoid Evil. BE ALWAYS GRATEFUL.
7. Explore all possibilities and opportunities in legitimate investments online and offline in the most profitable ventures, stocks and startups. INVEST IN REAL ESTATE before you are 30.
8. In unforseen economic challenges or Acts of God, ADAPT or REINVENT or you will become EXTINCT
9. Have current, domiciliary and fixed bank accounts in your local currency and in American dollars and Pound Sterling 
10. Cut off liabilities and whatever does not add value to your life and business.
11. Have life, health and company insurance policies.
12. Health is wealth. So have only foods and drinks with proven health benefits. Keep fit, Relax and Avoid Stress.

Ekenyerengozi Michael Chima,

The CEO,

International Digital Post Network Limited,

Publisher/Editor,

NOLLYWOOD MIRROR® Series

Nigeria Daily Twitter

https://twitter.com/nigeriadaily

New Nigeria on Pinterest

www.pinterest.com/nigeriansreport

https://www.amazon.com/author/ekenyerengozimichaelchima

https://www.linkedin.com/in/michaelchimaeyerengozi

#God

#Faith

#family

#charity

#billion

#billionaire

#Success

#business

#education

#career

#jobs

#contracts

#contacts

#career

#bank

#economy

#finance

#investment

#stocks

#realestate

#insurance

#NFTs

New NFTs for Sale on https://nftmyimage.com/@nigeriadaily    

Ada Ure, First Daughter of Beauty

Ada is the Igbo name for the first daughter.

Her body decorated with Uli black dye motifs.

Uli is as old as 3000!BC

Igbo mythology said Uli was a gift from Ala, the goddess of earth, who blessed women with the ability to create art.

The Igbo tribe has the oldest monarchy in Africa dating back to the ancient Igbo Ukwu during the Bronze Age around  3,000-2,500 BC,  same period of the Indus Valley Civilisation.

Uli Si Naka Chi

Means Art of Uli comes from the hand of destiny or God.

This esoteric NFT is done in Nsibidi, ancient form of writing in pictograms,  logograms or syllabograms by the Igbo tribe and related ethnic groups in South Eastern Nigeria. Insibidi means the Beginning in Igbo language.

I have been exhibited in Japan in 1983 when I was 20 and my works were insured by the UNESCO. I was exhibited in the National Museum of Nigeria and curated the first Art Against AIDS Exhibitions in Nigeria in 1993 at the National Museum and National Arts Theatre in Lagos. All the works were collected. 

My highest priced works in oil paintings on canvas were, "The Metamorphosis of the HIV in the T-Cell" was bought by Family Health International (FHI) and "Eruption of the Love Virus" bought by a private art collector. $20,000 for each one at first exhibition in the National Museum in 1993.

https://nigeriansreportng.blogspot.com/2023/09/new-nfts-for-sale.html

Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week 2023 as a Silver Sponsor

PRESS RELEASE

Catalyzing Investment in Nigerian Energy: Platform Petroleum Limited Joins African Energy Week (AEW) 2023 as a Silver Sponsor

Platform Petroleum Limited will participate as a silver sponsor at African Energy Week 2023, driving discussions on the role Nigerian-based E&P companies play in driving the next wave of energy developments in the country

JOHANNESBURG, South Africa, September 4, 2023/ -- The devleopment of the country’s 37 billion barrels of proven crude oil reserves and 200 trillion cubic feet of natural gas will position Nigeria as both a regional petroleum hub and major global exporter, creating a wealth of opportunities for economic growth on the back of hydrocarbon revenue. Leading the charge to monetize domestic oil and gas resources are Nigerian-based E&P companies such as Platform Petroleum Limited, a company which remains dedicated to driving investment and development across Nigeria’s oil and gas sector.

Platform Petroleum Limited has joined the African Energy Week (AEW) 2023 conference and exhibition, scheduled for October 16–20 in Cape Town, as a silver sponsor. This strategic sponsorship underscores Platform Petroleum Limited's steadfast commitment to expanding Nigeria’s energy sector. As a wholly Nigerian-owned company, Platform Petroleum Limited stands as a shining example of dedication, aiming to play a pivotal role in reshaping the continent's energy landscape and providing sustainable solutions to fuel Africa's growth.

Platform Petroleum Limited's remarkable journey in Nigeria's energy landscape has yielded triumphs, with the Egbaoma Field as a shining example. Covering 136 square kilometers within OML 38 in the Northern Depo-belt of the Niger Delta Basin, this field has been a significant milestone for the company. Secured in 2003/2004, the field development activities commenced in 2005 in joint venture partnership with Newcross Petroleum, and by 2007, first oil was achieved. Since then, Platform Petroleum Limited has continuously improved and optimized operations, with over nine workover operations, three wells drilled, and two side tracks executed to date. Additionally, the company achieved remarkable milestones in 2018. The year concluded with a cumulative production of over one million barrels and significant revenue growth compared to the previous year.

In the gas sector, the Platform/Newcross Joint Venture executed additional commitments, increasing lean gas supply to 45 million standard cubic feet per day with various third-party off-takers. A pivotal moment in the field's development was the upgrade of the Flow Station in 2013/2014 to include XHP Production and Test Separators, allowing for the optimization of gas condensate Wells and handling 40MMscfd gas production. The company’s commitment to gas commercialization aligns with the Federal Government's zero-flare policy. This journey reflects Platform Petroleum Limited's unwavering dedication to sustainable growth, operational excellence, and a brighter energy future for Nigeria and beyond. The company’s projects in progress include a drilling campaign targeting a minimum of 5,000 barrels of oil per day and the NGC gas monetization, aiming for first commercial lean gas by Q3/Q4. Flowstation upgrade projects for enhanced process and product recovery also take center stage, shaping the company's medium to long-term future.

Meanwhile, Platform Petroleum Limited is dedicated to promoting and adhering to a robust Local Content Policy that exemplifies its commitment to the communities and regions in which it operates. With a strong emphasis on local participation, the company has achieved impressive levels of engagement in various sectors, including engineering services, fabrication and construction, well drilling services, materials and procurement, and subsurface petroleum engineering and seismic. Additional services include transportation supply disposal services, health safety and environment, information systems and information technology, logistics services, and general banking services. These efforts reflect Platform Petroleum Limited's determination to empower local talent, stimulating economic growth and enhancing sustainability within the areas in which the company conducts its operations.

“Platform Petroleum Limited's journey in Nigeria's energy landscape is a testament to the transformative power of commitment and innovation. They have not only achieved remarkable milestones but have also demonstrated a deep dedication to local participation. The company’s accomplishments in the Egbaoma Field, strides in gas commercialization, and unwavering commitment to local content are truly commendable. Platform Petroleum Limited is shaping a brighter energy future for Nigeria and the continent as a whole,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

Platform Petroleum Limited joins a strong delegation from Nigeria comprising oil and gas Ministers, service companies and technology providers, and more. An Invest in Nigeria Energies session will further connect foreign companies and capital to Nigerian opportunities, with companies such as Platform Petroleum Limited set to drive the next wave of partnerships.

AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://AECWeek.com

Distributed by APO Group on behalf of African Energy Chamber.

SOURCE

African Energy Chamber

3 Important Achievements of Netflix in South Africa, Kenya and Nigeria

3 Important Achievements of Netflix in South Africa, Kenya and Nigeria

Netflix has supported the creation of over 12,000 jobs and generated $218 million to the GDPs of South Africa, Kenya, and Nigeria, where they are operational.

Netflix has funded economic activity which created over $44 million in tax revenue and an increase of over $200 million in household income.

Netflix is investing more in Nollywood and the Nigerian film industry than Amazon.

#Netflix
#SounthAfrica
#Kenya
#Nigeria
#Nollywood
#investment
#Amazon
#filmindustry 

12 Growth Stage Startups Selected for 2023 VC4A Venture Showcase Africa

 

PRESS RELEASE

12 Growth Stage Startups Selected for 2023 VC4A Venture Showcase Africa

This annual flagship program brings together the best and brightest startups from across the continent, giving them the opportunity to pitch their ideas to investors and industry experts

Access Multimedia Content

AMSTERDAM, Netherlands, August 14, 2023/ -- VC4A (https://www.VC4A.com), the leading startup platform in emerging markets, is proud to announce the 12 African startups that have been selected to participate in the 2023 VC4A Venture Showcase Africa. This annual flagship program brings together the best and brightest startups from across the continent, giving them the opportunity to pitch their ideas to investors and industry experts with the objective of raising their Seed or Series A fuding rounds. The 12 startups selected for the 2023 Venture Showcase Africa are: Three ventures from Egypt, which are Rology (https://apo-opa.info/455sUUU), an AI-assisted tele-radiology platform that helps deliver accurate radiology reports on time; FreshSource (https://apo-opa.info/451X5fw), a B2B agri-supply chain platform that uses data and technology to connect producers to businesses, guarantee fair prices, and minimize food loss; and Pharmacy Marts (https://apo-opa.info/47H09zA), a B2B marketplace for pharmacies that provides a one-stop shop for products, financing, and logistics. Four startups from Nigeria namely; Vendy (https://apo-opa.info/3YvNpaP), which helps businesses accept payments from customers without internet access; Treepz (https://apo-opa.info/3OCiBQS), a car-sharing platform for Africa that aims to reduce CO2 emissions; Winich Farms (https://apo-opa.info/3qCT7ee), an application that connects food producers to informal food processors and retailers in Africa; and OmniRetail (https://apo-opa.info/3OAwu21), a B2B e-commerce platform offering supplier & retail software, to connect the informal retail ecosystem across Africa. Three startups from Kenya; Duhqa (https://apo-opa.info/3OBqdDi), a digital supply chain platform that uses AI and automation to help SMEs and manufacturers grow their businesses; MPost (https://apo-opa.info/3KDJtPu) which is a digital platform that turns mobile phone numbers into formal postal addresses, and SympliFi (https://apo-opa.info/3OTghFF), a blockchain-powered credit-as-a-service platform that provides affordable credit to MSMEs in Africa. To close the top 12 list, one startup each from Uganda and Senegal; Emata (https://apo-opa.info/3OW2PC7) is a digital lending platform on a mission to provide loans to millions of farmers in East Africa and Maad (https://apo-opa.info/3KCIizP), is an e-commerce marketplace connecting manufacturers and retailers in Francophone Africa. These high-growth ventures were chosen from a pool of hundreds of applicants, and represent a diverse range of industries and sectors in the Seed and Series A tracks. Each startup will receive mentorship, technical assistance and will have the opportunity to showcase their companies to an audience of investors and industry leaders in the VC4A Deal Room. "We are thrilled to unveil these exceptional startups for our upcoming VC4A Venture Showcase Africa 2023 program. Each is a beacon of innovation and entrepreneurship. These visionary teams have demonstrated remarkable potential and we eagerly anticipate the transformative journey ahead as we accelerate their growth and shape the future together," said an excited Abu Cassim, Lead of the Acceleration Team at VC4A. We thank our 2023 Africa sponsors, the African European Digital Innovation Bridge Network AEDIB|NET and Work in Progress! Alliance, for their commitment to strengthening Africa's startup ecosystem. Their support was essential to the success of this cohort selection process. For more information about the final cohort of the 2023 VC4A Venture Showcase Africa, please visit VentureShowcase.VC4A.com. Distributed by APO Group on behalf of VC4A.   Media Contact: Boyewa Abiodun-Adepoju boyewa@vc4a.com About VC4A: VC4A is an ecosystem builder that leverages its infrastructure, network, and expertise for the programs that contribute to the startup movement in emerging markets. Since 2008, the organization has designed, structured, and implemented successful entrepreneurship programs on the continent. VC4A runs an online platform featuring the world’s largest database of startups in Africa and Latin America, connecting entrepreneurs to resources, networks, and funding. Visit https://VC4A.com/ for more information. About Work in Progress! Alliance: The Work in Progress! Alliance, funded by the Dutch government, aims to enable young people from diverse backgrounds to generate sustainable living wages and create optimism about their future. As a member of the Alliance, VC4A works with partners on the acceleration of start-ups and the offering of business development services (BDS) to impact-driven small and medium-sized enterprises (SMEs) so they can employ more young people. About AEDIB|NET: The African European Digital Innovation Bridge (AEDIB|NET) is an EU/Horizon2020 project that aims to strengthen a common African European digital innovation ecosystem by supporting local digital innovation and startup Ecosystems in Africa, thereby facilitating the collaboration between European and African innovation hubs. The project has a specific focus on Climate Smart Agriculture, Smart Cities, Digital Trade and Cleantech. SOURCE VC4A

International Women’s Month 2023: Abidjan-Based Women Investment Champions Share Their Journeys with Africa Investment Forum

Africa Investment Forum Senior Director Chinelo Anohu ( 5th from left, poses with US Ambassador to Cote d'Ivoire Jessica Davis (fourth from left) and women businesses leaders, March 8 2023 Abidjan.

PRESS RELEASE

International Women’s Month 2023: Abidjan-Based Women Investment Champions Share Their Journeys with Africa Investment Forum

They also opened up about their expectations of AIF as a catalyst and facilitator of financing for women

ABIDJAN, Ivory Coast, March 15, 2023/ -- The Africa Investment Forum (https://www.AfricaInvestmentForum.com/) marked International Women’s Day by hosting a special evening session for African women business leaders and innovators under its “Women as investment Champions pillar”.

Founded in 2019 by the African Development Bank and seven other founding partners, the Forum is a fully transactional, multi-stakeholder, multi-disciplinary platform dedicated to advancing private and public partnership deals to financial close.

The intimate dinner gathering was held March 8, as a prime opportunity to “sit and dine with each other, learn from each other and hear from those who are taking on the world,” Africa Investment Forum Senior Director Chinelo Anohu told the attendees in welcoming remarks.

“I am gratified to see the champions in this room. Women who are doing marvelous things, who are doing big things; women doing small things in a big way, and big things in an even bigger way,” she said.

Chinelo, underlined the support which the Africa Investment Forum has given to women following the launch of the Women as Investment Champions pillar in 2019.

“This pillar seeks financing that will accelerate women’s businesses and discover their particular needs and also encourage their innate strengths to ensure that they do the businesses they do,” Anohu said.

“The AIF stands ready to assist everyone in this room and to learn from everyone in this room. Together we can lift each other up and support each other,” she said.

Expressing support for the AIF women’s pillar, special guest, United States’ Ambassador to Cote d’Ivoire Jessica Davis, said her nation understood the importance of investing in women.

“As for the United States we are there to support women, to encourage them, to form partnerships, to learn from them and also to exchange with them and to see how we can better open US markets to them and to encourage investment into Cote d’Ivoire and the region,” Davis said. “Because investing in women brings empowerment which brings prosperity in families, communities, countries and the world.”

Only in December last year, the Africa Investment Forum garnered strong support in the U.S. during the US-Africa Business Summit convened by President Biden to help advance key infrastructure projects for the continent. Three founding members of the Forum signed memoranda of understanding worth over $1 billion with the Export-Import Bank of the United States (EXIM) to expand American trade and investment in Africa.

Swazi Tshabalala, Senior Vice President of the African Development Bank Group said the occasion was opportune for her to “talk to women entrepreneurs, hear their stories, understand their needs which I think will help us to better support them in growing their own businesses and pursuing their own passions.”

At the end of the evening, she expressed admiration for women involved in training other women for entrepreneurship and leadership roles. “I think that’s a very underrated part of the work that we need to do for women and as women,” she said.

As the businesswomen shared their journeys, triumphs and challenges, they also opened up about their expectations of AIF as a catalyst and facilitator of financing for women. They voiced their optimism and expectations of how much further women can go with more resources.

Kadi Fadika, CEO& partner, Hudson &Cie, a financial company specialized in intermediation, the stock market industry, brokerage and investment management spoke of the firm’s new project which enables it to support women-owned small businesses. “It’s not our only goal, but we offer women financing customized to their current size and growth,” she added.

Young women leading a new generation of female entrepreneurship

Three outstanding young female entrepreneurs spoke passionately about their businesses, which have raised the bar in innovation for Cote d’Ivoire: Salimata Toh, CEO of Agribana, which transforms banana tree trunks into biodegradable bags, Edith Kouassi, CEO, EcoPlast Innov  a recycling plant which turns plastic waste and used tires into granules and building materials and Ahoua Touré, CEO Maison Manjou, founder of a gastronomic company which celebrates African heritage through culinary works to “highlight the richness of the continent.”

Other guests at the event included, Laure Gondout, former minister of Foreign Affairs in Gabon, Patrica Pokou-Diaby , Founder and CEO of Plot Enterprise Ghana Limited, a major cocoa processor, Oumou Coulibaly, CEO of Ivoire Win, Jane Feehan, head of West and Central Africa, European Investment Bank, Massogbé Touré, Founder and CEO of the SITA Group which produces, processes and exports Cashew nuts and Roselyne Chambrier Chalobah, Country Representative, Arise RCI. The veteran manager of infrastructure and logistics projects, is also owner of the San Pedro Multipurpose Industrial Terminal Project and Manon Karamoko, President of WIC Capital an investment fund dedicated to financing women-owned businesses.

Also in attendance from the African Development Bank were Vice President for Agriculture, Human and Social Development Beth Dunford and Esther Dassanou, Coordinator of the Affirmative Finance Action for Women in Africa (AFAWA), which is bridging the finance gap for women in Africa.

The Africa Investment Forum’s partners are the African Development Bank together with seven other founding partners, namely Africa 50; the Africa Finance Corporation; the African Export-Import Bank; the Development Bank of Southern Africa; the Trade and Development Bank; the European Investment Bank; and the Islamic Development Bank.

To learn more about the Women as Investment Champions pillar of the Africa Investment Forum, click here (https://apo-opa.info/40azztS).

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Contact:

Amba Mpoke-Bigg,
Communication and External Relations Department,
Email: media@afdb.org

About the African Development Bank Group:

The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org.

SOURCE

African Development Bank Group (AfDB)

Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

PRESS RELEASE

Presenting the 2022 Partech Africa Report: Resilient African Tech Ecosystem Still Growing with $6.5 Billion Raised in 2022

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital

DAKAR, Senegal, January 24, 2023/ -- Amid the drastic pullback in global VC funding, the African tech ecosystem stands out with +8% growth from 2021. Debt funding doubled in volume to $1.5B, accounting for nearly a quarter of the total funding. Fintech, still leading, attracted 39% of the total equity volume; Nigeria retained the top spot with 23%

Partech Africa, the VC fund dedicated to technology startups in Africa, has issued its annual report on Africa Tech Venture Capital. The report, which aims to provide a practical picture of the state of the ecosystem, revealed that despite the global VC downturn, the African tech ecosystem grew faster than all other markets globally. 

Total funding invested into tech startups on the continent reached $6.5B, an increase of 8% vs 2021, spread across 764 deals - compared to 724 rounds in 2021. The report, consisting of disclosed and confidential deals, saw debt funding more than double in volume, reaching $1.55 billion through 71 deals [65% YoY growth]. In comparison, equity rounds showed a slight decline, as 653 African tech startups raised $4.9B [-6%] in 693 equity rounds [2% YoY growth].

Focusing on the equity funding, the report revealed the ecosystem was still accelerating during Q1 and Q2 of 2022 compared to 2021, with the YoY comparison showing Q1 and Q2 at +127% YoY and +83% YoY, respectively. However, the global VC slowdown stifled growth in activity in Q3 [-65% YoY] and Q4 [-35% YoY]. In 2022, fundraising activities remained flat across all stages. At $1.4M, Seed+ ticket sizes averaged higher in 2022 [+12% YoY], while Series A remained the same at $8.5M. Later stages reverted to 2019 levels, as Series B and Growth round sizes dropped by -23% and -50% YoY, respectively. In addition, 2022 witnessed a significant reduction in the number of megadeals [over 100M], with only seven deals compared to 14 in 2021.

Speaking on the launch of the annual report, Tidjane Deme, General Partner at Partech, said: "2022 was a particularly challenging year for the venture ecosystem worldwide, as venture and growth investors scaled back their investment by a third. However, by comparison, our report revealed the African tech ecosystem showed great resilience, as more investors have doubled their commitment to the continent by investing in local teams and funds dedicated to the market, which is proving to be the best way forward.”

Overall, Nigeria, South Africa, Egypt and Kenya remain the top investment destinations in Africa, with a share of total volume staying relatively steady at 72%. Nigeria retained the top rank, bringing in  $1.2B in capital, despite a decline of 36% from 2021; South Africa, Egypt, and Kenya each attracted over $0.7B in funding, with Ghana completing the top 5 with just over $0.2B. Overall, 28 countries attracted equity funding in 2022, 13 of them in Francophone Africa..

In light of the market downturn, the report’s findings also revealed that Fintech, which has historically attracted sizable investments, was the most impacted by the slowdown in the number of large rounds. However, fintech remains the most funded sector in Africa, and this across all sources of capital, with 39% of the total equity volume [$1.9B] and 45% of the total debt volume [$691M]. Other sectors have experienced substantial growth and gained a meaningful share of the equity funding activity this year, most notably Cleantech, which made a big comeback with 18% of total equity funding at $863M [+347% YoY] but also 39% of the total debt funding at $605M. 

The report's findings also show:

Female-founded startups raised 22% of all equity rounds in 2022, up 2 percentage points from 20% in 2021. They also contributed $644 Million or 13% of the total equity funding, down 3 percentage points from 16% in 2021.

Outside of the top 4 countries, Ghana ($202 million), Algeria ($150 million), Tunisia ($117 million) and Senegal ($105 million) were the only other countries that broke the $100M funding mark.

Despite a slowdown in the growth rate of equity investors, Africa’s tech ecosystem attracted 1,149 unique investors for the first time [+29% YoY in 2021]. African tech has seen more investors committed, with 89 participating in 5 or more deals (compared to 65 investors in 2021).

The number of debt investors active on the continent is growing 2.5x YoY, with a good mix of local debt institutions, international lenders with emerging market vehicles and Development Finance Institutions.

Cyril Collon, General Partner at Partech, added: “Much of our methodology has remained the same over the years, and we, therefore, can provide a snapshot of how the African continent has evolved over the years. Nigerian and the fintech vertical have remained at the top spot; however, in an environment where equity funding is more challenging, debt has proved to be a solid alternative source of African tech startups in 2022, which signals a maturity within each sector.”

Headquartered in Dakar, Partech Africa is the largest VC fund dedicated to technology startups in Africa. With a focus on Late Seed, Series A and B equity rounds in startups which are changing the way technology is used across multiple sectors, including education, mobility, finance and healthcare, the VC has, to date, invested in 17 African startups, such as Wave (http://bit.ly/3J9lGqy) and TradeDepot (http://bit.ly/3R2IgD9). Using the same methodology as previous years, the seventh Partech Africa annual report on African tech start-ups only includes equity rounds where the total amount is higher than US$200K.

To download the full ‘2022 Africa Tech Venture Capital’ report, click here (https://bit.ly/3R5mChF).

Distributed by APO Group on behalf of Partech Partners.

For media inquiries:

Isabelle Tresson: +33 7 86 08 85 85

itresson@partechpartners.com

About Partech Africa:

Headquartered in Dakar, Senegal, Partech Africa is the largest VC fund dedicated to technology startups in Africa. Partech Africa focuses on series A and B equity rounds in startups which are changing the way technology is used in education, mobility, finance, healthcare, delivery, energy, etc.

About Partech:

Born in San Francisco 40 years ago and now headquartered in Paris, Partech is one of the most active tech investors in the world, bringing together capital, operational experience, and strategic support for entrepreneurs at seed, venture and growth stages. The company manages more than €2.5B and its current portfolio includes 210 companies in 40 countries in Africa, Asia, Europe and the US.

www.PartechPartners.com

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Partech Partners

LaVida Studios Secures the Biggest International Investment for Nollywood

LaVida Studios Secures the Biggest International Investment for Nollywood

LaVida Studios, one of leading film and TV productions centres in Nollywood has secured a US$50 million three-year collaboration with The Story Lab of the United States of America for 10 films and television projects focused on bringing African stories to the global stage. Focusing on both scripted and unscripted film and TV projects, the alliance will see production serviced exclusively by LaVida Studios for all Africa-based productions out of The Story Lab. This groundbreaking partnership is the biggest international investment so far in Nollywood and the Nigerian film industry.

LaVida Studios cofounded by Chioma Ude and Olugbenga Obadina is based in Lagos,the entertainment capital of Nigeria’s fast developing Nollywood, the largest indie film industry in Africa. LaVida is known for the award winning film, Seven on Netflix, as well as Third Party, Stuck and Eye-Witness for AfricaMagic/Showmax,

PAC Capital Limited has committed an initial $50 million for LaVida’s film and TV projects, including the collaboration with The Story Lab. The funding is being accessed from PAC Capital’s PanAfrican CCI Fund 1, a $100 million fund dedicated to financing film production and distribution in Africa.

LaVida and Dentsu are also planning to team with the African International Film Festival (AFRIFF) to create a joint initiative, AFRIFF/Dentsu & TV program which would recruit and support top African writing talent in creating original stories that appeal to a global audience.

Chioma Ude, founder of AFRIFF and managing partner in LaVida Studios, said: “We are thrilled to be working together with Dentsu and its The Story Lab team in the U.S. to bring authentic and compelling African stories to the world.”

The partnership, which is being spearheaded by Geneva Wasserman, executive VP and head of scripted content, The Story Lab U.S., who joined the organization in 2021, is thanks in part to her having already served as a board member for the AFRIFF network.

Wasserman said: “The combination of LaVida’s partnerships with top Nigerian creators and Dentsu’s global network and presence will serve as a bridge between these top content creators and the global market through this collaboration. We are honored to bring these stories to the world.”

Mike Ferry, head of The Story Lab U.S. added, “It is partnerships like this one which really help move the dial when it comes to discovering and elevating emerging talent. I’m so pleased we can be part of amplifying the diverse voices of Africa alongside our friends at LaVida and AFRIFF.”

LaVida Studios and Chioma Ude are represented by CAA and The Story Lab U.S. is represented by UTA.

"Expanding distribution infrastructure and access to African content globally; substituting the apprenticeship model in Nollywood for formal education and mentorship and; co-production with global production studios, are three major initiatives that will definitely take Nollywood to the next level. These are highlights of what the partnership between LaVida Studios and TSL is poised to achieve. It’s exciting times ahead," said Olugbenga Obadina.