The country’s efforts to protect the pangolin–trafficked for its high market value–are being watched closely, on the global stage. If successful, it could become a model for conservation in Africa, proving that even the most entrenched illegal trades can be dismantled.



Mark Ofua vividly remembers the moment he met Ireti. It was in a crowded bushmeat market in Epe, on the outskirts of Nigeria’s commercial capital, Lagos, six years ago. The air was thick with the scent of smoked game and the murmurs of people haggling, their voices drowning out every other sound.



As a veterinarian and conservationist, he had spent years wandering through these markets, rescuing injured animals from a trade that showed little concern for wildlife. He had seen all kinds of creatures—monkeys, civets, even endangered tortoises—openly displayed and on sale. But on that day, he encountered an animal he had never seen before.



Lying on a rickety wooden table was a frail, almost lifeless creature, curled into itself; its body covered in hard, overlapping scales. It looked like a rodent encased in armor. The vendor dismissed it as just another item on the menu, but, still, it caught Ofua’s attention.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="531" src="https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-1024x531.jpg" alt="" class="wp-image-65393" style="width:578px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-1024x531.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-300x156.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-768x398.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-1536x797.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2025/04/GettyImages-675014092-2048x1063.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Most trafficked animal &#8211; The Pangolin (Getty Images)</figcaption></figure></div>


“What was more amazing was the fact that we had them here in Nigeria and I hadn’t the faintest inkling!’’ Ofua, Wild Africa’s West Africa spokesperson, recalls to FORBES AFRICA.



As he reached out to rescue it, negotiating with the vendor for the creature’s freedom, the pangolin—which it was later identified as—took its final breath. With one last heave, the animal pushed out a tiny, squirming pangopup, still covered in birth tissue. The mother was gone, but her newborn was very much alive.



The vendor had no use for a baby pangolin. It was too young to be eaten and too weak to be sold. And so, with little interest, he handed the pangopup over to Ofua.



That was the moment Ireti was born.



The Plight Of The Pangolin



Across Nigeria–a country rich in biodiversity–pangolins have been illegally caught, traded, and shipped off in alarming numbers.



According to the Wildlife Justice Commission (WJC), between 2016 and 2019, an estimated 206.4 tons of pangolin scales were confiscated from 52 seizures.



It also noted that six of the 27 identified countries and territories disproportionately involved in the trafficking of pangolin scales were found to be linked to 94% or 193.2 tons of all seized contraband during the period analyzed in the report, with Nigeria and Vietnam playing prominent roles in the supply chain. Between 2016 and 2019, they were linked to almost 70% of pangolin scale seizures.



This, perhaps, makes Ireti’s name all the more significant. Ofua chose it based on the Yoruba word for ‘hope’, because he felt that that was what she represented—not just for herself, but for her entire species.



“These [vendor] markets operate in the open and even the authorities couldn’t care less about the damage they did,” he says.



Pangolins, also known as scaly anteaters, are among the most unique creatures in the world, yet many have not heard of them. They are the only mammals covered completely in scales made up of keratin—the same material as in human fingernails—that comprise up to 20% of their body weight.



With long, sticky tongues that can stretch as far as nearly half their body length, it has been estimated that they consume over 70 million insects annually, aerating the soil in the process. When pangolins feel threatened, they roll up into a ball so only their scaly suit of armor is exposed.



“The best description I have come across is a pangolin looks like an artichoke with armor. It comes from the cretaceous era. Its tongue is so long it curls in its belly. It has no teeth and has powerful front claws,” Ray Jansen, a professor at the University of Tshwane and Vice-Chair of the African Pangolin Working Group, told FORBES AFRICA in 2015.



“What is a pangolin? The research we did revealed that the pangolin is most closely related to a cat. It’s not even on the same genetics as an armadillo.”



As incredible as their biology is, it is also what has made them the world’s most trafficked mammals.



Their scales–which have been ground into fine powder and encapsulated in pills or mixed into water–are prized in parts of Asia for traditional medicine, despite there reportedly being no scientific evidence to support its healing properties.



Their meat is considered a delicacy in countries like Vietnam and China, and is consumed as bushmeat in Nigeria, Ghana and Cameroon, to name a few. This demand has driven all eight pangolin species towards extinction.



“The first problem here is a lack of fundamental understanding of how the ecosystem needs every one of its inhabitants to contribute their part in ensuring a balance,” Nigerian analyst Damilare Asiwaju shares with FORBES AFRICA.



“Until there’s that acknowledgement of the fact that every creature has a role to play, illegal poaching would continue to exist, sadly.’’



In Ireti’s case, for weeks, Ofua struggled to keep her alive. There was no guidebook on raising a newborn pangolin at the time. He spent sleepless nights monitoring her breathing, scouring the internet for advice, and reaching out to wildlife experts worldwide.



He didn’t give up and, slowly but surely, she grew stronger. Ireti learned to climb, to dig, and to curl into a perfect ball when frightened.



When Ofua first introduced her to live ants, she attacked them with animalistic enthusiasm—that is, until they fought back. Startled, as Ofua recalls, she ran away and avoided ants for days before finally trying again.



“The release was one final emotional roller coaster… it took me three trips into the forest before I could bring myself to release her,’’ he shares.



It was bittersweet for Ofua, but necessary; Ireti belonged in the wild.



Her story did not end there. She later became the inspiration for SaintMarks Pangolin Orphanage–Nigeria’s first–where Ofua and his team have since rescued, rehabilitated, and released over 40 orphaned pangolins.



“Ireti, to me, is a beacon of hope for pangolins; a generation that should have ended on the bushmeat table now had a new lease on life.”



Nigeria At The Center Of A Global Trade



The West African nation is home to three of Africa’s four pangolin species—the black-bellied, white-bellied, and giant pangolins. And each pangolin has upwards of 1,000 scales.



According to the National Museum of American Diplomacy, pangolin scales fetch over $3,500 per kilogram on the black market. It’s also been reported that their meat can be sold for around $300 per kilogram, and that a kilogram of live pangolin can sell for as much as $15,000.



Their protection under international law, with the Convention on International Trade in Endangered Species (CITES) banning all international commercial trade in them, hasn’t stopped the slaughter. And while poaching has long been a problem across the African continent, Nigeria has become an epicenter of pangolin trafficking.



“There is the urgent need for increased and proper awareness on the impending danger of pangolins’ extinction and the resultant effects it would bring,” Asiwaju says.



“Also, stiffer sanctions should be meted out against traffickers. And if possible, a taskforce should be constituted to actively seek out and deal with offenders.”



Further to this, a WildAid-commissioned survey, conducted by GlobeScan, found that 71% of Nigerians have eaten bushmeat at least once.



Though the country is a signatory to international treaties, like CITES, implementation remains lax. The Endangered Species Act, amended in 2016, increased fines for poaching to ₦5 million ($3,276) and mandated a one-year prison sentence for repeat offenders. But, despite these regulations, trafficking persists.



Between January 2010 and September 2021, Nigeria was linked to pangolin trafficking incidents spanning 21 countries or territories across Africa, Asia, and Europe. In 2017, a shipment of pangolin scales originating from Cameroon was seized in Nigeria, weighing around 6,754kg.



Smugglers have continued to use Nigerian ports as key transit hubs, however, seizure of these shipments has also increased in recent years, and the plight of the pangolin has taken center stage.



A Renewed Fight Against Illegal Wildlife Trade



In 2022, an unexpected force joined the fight to save Nigeria’s wildlife, including the pangolin: pop culture. That year, WildAid launched a national conservation campaign featuring some of the country’s biggest celebrities, including Afrobeats singer, songwriter and producer, David ‘Davido’ Adeleke, Nigerian professional footballer Alex Iwobi, child comedian Emmanuella Samuel, and Nollywood actor, Stephanie Linus.



The campaign, developed in partnership with Nigeria’s Ministry of Environment, took on the illegal bushmeat trade. Billboards, TV and radio ads, and social media campaigns urged Nigerians to rethink their consumption of wild animals.



One moment, in particular, caught the public’s attention. <a>Davido</a>, known for his influence on youth culture, posed with Neal, another pangolin rescued from the bushmeat trade in Lagos. The image went viral.



An X user commented: “Because of @davido, I wouldn’t be eating this bush meat again”.



Another added: “Davido and Emmanuella are drawing attention here. I love this awareness”.



Public perception seemed to be shifting. For the first time, urban Nigerians—many of whom had never questioned the bushmeat trade—were talking about conservation.



Working To Ensure A Future For Nigeria’s Pangolins



Nigeria’s role in this area has always been complex. The country’s well-established trade networks, vast porous borders, and international shipping infrastructure have made it an attractive base for wildlife traffickers.



However in 2024, the gradual shift become more visible.



Early in the year, the country took significant steps to combat the illegal pangolin trade through a combination of legislative measures and high-profile seizures.



The Endangered Species Conservation and Protection Bill—which passed its second reading—promised harsher penalties for wildlife traffickers. If passed into law, those caught smuggling pangolins or their scales could face steep fines and long prison sentences.



The Speaker of the country’s parliament, Tajudeen Abbas, noted during the start of the public hearing on the bill, that in January 2019, Hong Kong customs seized $8 million worth of elephant tusks and pangolin scales from a shipping container sent from Nigeria.



Late in 2024, the WJC reported on the arrest of a suspected pangolin scale broker and the seizure of 2.179 tons of pangolin scales.



Officers from the Nigeria Customs Service (NCS) arrested a lone suspect—a broker believed to be at the center of a transnational smuggling network–in Mubi, a town near Nigeria’s northeastern border.



Between July 2021 and December 2024, Nigerian authorities conducted 16 operations, made 35 arrests, and secured 12 convictions, seizing over 21,000 kilograms of pangolin scales—more than half of it in 2024 alone, confirmed at the time by the command’s public relations officer for the area.



One of the largest-ever seizures in a WJC-supported operation took place in August 2024, when NCS officers raided a warehouse in Ogun State, western Nigeria and confiscated 7.2 tons of pangolin scales. Another 2.294 tons were seized in Kaduna, northern Nigeria leading to four arrests.



The combined value of the goods from these two seizures was estimated at around $175,000 but once smuggled to Asia, their value skyrockets to $1.7 million—a financial incentive that keeps traffickers in business despite the risks.



“The interest we are beginning to have in recent times is only because the law enforcement is getting better and we are beginning to catch some of the loopholes that these criminals operate through… Because of the way other countries in southern and eastern Africa have developed their wildlife resources and conservation, it is harder for trafficking through their borders,” says Ofua.



“It is a good thing now that the men of the Nigeria Customs Service are waking up to their duties… They now have a wildlife crime unit which has significantly boosted coverage. I also know they are working on introducing sniffer dogs that would reduce the need for manpower drastically and be a game-changer.”



Global Collaborative Efforts



Nigeria is not alone in this crisis. The decline of Asian pangolins—due to overhunting, trafficking and habitat loss—has pushed traffickers to source their supply from Africa. As several countries expand their economic ties with Africa, smuggling networks flourish, making it harder to control the trade.



International organizations, including the United Nations Office on Drugs and Crime (UNODC) and the International Consortium on Combating Wildlife Crime (ICCWC), are also stepping in to support Nigeria’s efforts.



In 2019, the Nigerian government requested an ICCWC Wildlife and Forest Crime Analytic Toolkit assessment, which recently resulted in 33 key recommendations for strengthening Nigeria’s wildlife crime response. The report was launched at an event in Abuja in September 2024.



Among them were enhancing wildlife forensics capacity building efforts and providing operational and technical assistance tools and skills for frontline enforcement authorities.



A Conservation Race Against Time



While law enforcement agencies crack down on traffickers, conservationists in Nigeria are working to change public perception.



Organizations like the Pangolin Conservation Guild Nigeria (PCGN) are debunking myths about pangolins, stressing that their scales hold no medicinal value.



In February 2025, a day before World Pangolin Day, PCGN announced yet another rescue—one more pangolin saved from being turned into bushmeat.



There were reports that another pangolin had been rescued from bushmeat consumers in November 2024 by a conservationist, identified simply as Destiny from Cross River State, southern Nigeria.



“We are working hard to make sure this lovely pangolin finds its way back to its natural habitat,” the organization said in the post announcing the rescue.



The PCGN team, alongside the National Environmental Standards and Regulations Enforcement Agency (NESREA), also collaborated in December 2024 to address an issue regarding an event in western Nigeria featuring pangolin on its list of available meats, after receiving a tipoff.



“Pangolin scales are very profitable because they attract quite a high sum in the black-market trade but as always, there is an inverted pyramid in the economics of the trade; usually the local hunters go into the bush in search of pangolins in connivance with syndicates who can’t go in,” says Ofua.



“The local hunters are paid peanuts in exchange for the harvested pangolins, which for instance might be around $5. The harvested pangolins become more expensive as they move up the trade chain while the brokers and crime syndicates make more profit.’’



He recommends a push for a wildlife protection coalition by the Economic Community of West African States (ECOWAS) with the belief that intelligence-sharing across the region could prove to be a game-changer.



The fight for Nigeria’s pangolins is far from over. But as long as there are people willing to stand up for the voiceless, there is still hope. However, time is running out. Without immediate and sustained action, the pangolin–a creature that has roamed the earth for 80 million years—could disappear in our lifetime.



As World Pangolin Day approaches each year in February, one question remains: will Nigeria be remembered as the country that saved the pangolin—or the one that let it vanish?

Long-tailed pangolin (Phataginus tetradactyla) in the hands of a poacher, bushmeat, Mangamba, Littoral Province, Cameroon

Nigeria’s Race To Save The Guardians Of The Forest

With the commodity maintaining its status as a safe-haven asset amid economic uncertainty, the stakes are high for African economies—especially those heavily reliant on commodities or with currencies pegged, informally, to the U.S. dollar.



Gold prices rebounded on Thursday, recovering from a sharp midweek drop as global investors seemingly reevaluated various factors relating to U.S. trade policy, inflation, and monetary tightening.



However, for African economies, the story goes beyond market sentiment and could be seen as a signal of widening currency pressures and rising borrowing costs.



“Gold prices tend to go up in times of uncertainty. And this time the uncertainty is unprecedented,” Nigerian investment commentator, Efe Ogunnaiya, says to FORBES AFRICA. “For us in Africa, gold is tied to USD and, as such, it has brought pressure on our currencies.”



Earlier in the week, gold surged to an all-time high nearing $3,500 per ounce. This was reportedly driven by escalating tensions between the U.S. and China, and market concern around public discourse on Federal Reserve Chair, Jerome Powell by U.S. President, Donald Trump.



But that momentum reversed on Wednesday after Trump signaled a likely reduction in tariffs and affirmed that he would not remove Powell—triggering a swift pullback in gold to around $3,350 by Thursday. FXstreet reported that the gold price lowered to around $3,310 in Monday’s early Asian session.



The dollar index, a measure of the greenback’s strength against other major currencies, has declined by about 8% over the past few months. However, this hasn’t translated into relief for African currencies like Nigeria’s naira.



“The dollar is still strong relative to what’s happening in our local markets,” Ogunnaiya explains.



“If we add the gold element to it, you see that [it] has helped investors to weather inflation and currency volatility.”



The knock-on effect for Nigeria has been immediate. To contain demand for dollars and attract capital, the Central Bank of Nigeria (CBN) has raised rates on short-term Open Market Operations (OMO) bills. The 319-day tenor is now yielding approximately 22.7%. At the same time, yields on Nigeria’s Eurobonds have surged by nearly 200 basis points as investors reprice risk.



Meanwhile, some analysts have said that the recent pattern in gold pricing—a bearish “shooting star” technical formation—suggests caution. While gold may still reattempt its record high, traders are closely watching support zones around $3,145 and $2,955, which align with key Fibonacci retracement levels and previous swing highs.



For Africa, the implications of this volatility are far-reaching. Commodities like gold serve as a buffer for countries facing external shocks, but the same safe-haven appeal is drawing capital away from riskier assets—including African sovereign debt and equities.



“This pause that the U.S. has placed [on tariffs] means that other governments and investors now have to recalibrate their worst-case scenarios,” Ogunnaiya says. “In doing so, they’re looking for strategies that will calm down portfolios.”

Uptrend gold investment background, Digital illustration of gold bars with an overlaying stock market graph representing wealth and investment strategies. 3d rendering

Gold’s Resurgence Could Signal Deeper Currency Pressures For African Economies

Emergency funds and reforms aim to stabilize Mali’s economy after the worst flooding in decades deepens humanitarian crisis.



Following extreme flooding in the second half of 2024 that overwhelmed infrastructure, crippled agricultural output and deepened an already precarious humanitarian crisis, the International Monetary Fund (IMF) has approved $129 million (SDR 93.3 million) in emergency financing for Mali under its Rapid Credit Facility (RCF),



The new funding is aimed at addressing urgent balance-of-payments needs in the aftermath of what authorities have described as a one-in-fifty-year flood. The disbursement is paired with an 11-month Staff-Monitored Program (SMP) designed to help stabilize the economy, strengthen resilience, and promote governance reforms.



The landlocked West African nation—one of the world’s poorest—has long grappled with overlapping challenges: persistent insecurity, weak institutions, and widespread food insecurity. But the floods of 2024 pushed the country into deeper crisis.



In July and August, torrential rains inundated towns and rural communities across Mali, damaging key infrastructure, including health centers, schools, roads, and bridges.



According to Mali’s Minister of Health and Social Development, Colonel Assa Badiallo Touré, the floods led to the collapse of over 47,000 homes and the destruction of nearly 3,000 granaries and warehouses. Thousands of livestock were swept away and more than 88,000 households were directly affected by the loss of farmland and other livelihoods.



The disaster prompted the government to declare a national state of emergency in August and launch a $73 million action plan to rebuild damaged infrastructure and restore essential services. However, the needs have far outstripped domestic capacity, especially as Mali remains under pressure from rising global borrowing costs and dwindling external development assistance.



The IMF’s emergency funding will be used to help Mali import essential goods and repair critical infrastructure. At the same time, the SMP seeks to rebuild macroeconomic stability and credibility with development partners.



&#8220;Heightened security risks, lower gold production, ongoing power outages, and a sharper-than-expected-fiscal consolidation all weighed on growth,&#8221; Kenji Okamura, IMF Deputy Managing Director and Chair, said in a statement. &#8220;Many of the economic headwinds are likely to persist in 2025, and recently announced cuts to official development assistance are expected to create additional pressures.&#8221;



Okamura added that the SMP includes structural benchmarks aimed at improving fiscal transparency and governance, particularly in the management of public resources and state-owned enterprises such as Energie du Mali (EDM), the national electricity provider.



Mali has committed to reforms that include enhancing domestic revenue mobilization, improving public financial management, and ensuring the efficient use of resources. The authorities also pledged to strengthen social safety nets and expand food assistance to vulnerable populations.



Mali’s floods were part of a broader environmental catastrophe that affected several countries in the Central Sahel, including Niger and Nigeria. The region experienced the worst flooding in three decades,



displacing hundreds of thousands and killing hundreds. Rising temperatures—now increasing 50% faster than the global average—are amplifying inequality in a region where most people depend on subsistence farming.



The floods, coupled with record heat earlier in April 2024, illustrate how climate change is intensifying the humanitarian and economic risks for countries like Mali, which are least equipped to respond.



While Mali’s current debt is assessed as sustainable, the IMF has warned that risks have increased. To preserve macroeconomic stability and pave the way for recovery, Mali has been advised to push forward with structural reforms, resolve domestic and external arrears, and create a predictable policy environment to attract investment.

TDV distributes food parcels to families in need affected by floods in Mali

Mali Secures $129 Million IMF Lifeline Amid Devastating Flood Fallout

As the world watches one of Africa&#8217;s largest economies stake its claim in the next internet era, the inaugural Nigeria Web3 Landscape Report signals the West African nation’s Web3 story is just beginning.



Nigeria has emerged as Africa’s leader in the Web3 space, contributing 4% of all new developers globally in 2024—more than any other country on the continent—according to the inaugural Nigeria Web3 Landscape Report by venture capital firm Hashed Emergent.



The study—based on interviews, platform data, and original research—also reveals that the West African nation Web3 founders have launched over 80 startups, collectively raising more than $130 million to date, with $20 million secured in 2024 alone. Most of this recent funding went to early-stage startups focused on blockchain infrastructure and decentralized finance (DeFi) solutions.



&#8220;Challenges like funding translates to limited scale. Compared to India’s $5 billion in web3 funding, Nigeria’s $130 million collective funding reflects a smaller ecosystem constrained by unclear regulatory climate and investor caution. Majority of Nigerian web3 startups cite funding access as a major issue,&#8221; Uchenna Edeoga, Platform Associate at Hashed Emergent and lead author of the report, tells FORBES AFRICA.



The growing influence in Web3 is rooted in the country&#8217;s long-standing engagement with crypto. &#8220;Nigeria’s leadership in crypto adoption positions startups to serve a ready domestic market while exporting solutions to other high-adoption regions like India or the U.S.,&#8221; says Edeoga.



In 2024, the country ranked second globally in crypto adoption, according to Chainalysis, receiving $59 billion in crypto value—$24 billion of which came from stablecoins. What was once retail-focused adoption is now expanding into system-level applications: blockchain is being integrated into public services such as identity verification, education records, healthcare, and land registries.



“These are not pilot projects,” the report states. “They’re operational systems being deployed to improve transparency and trust in public infrastructure.”



Still, challenges persist. Many government systems lack the interoperability required for seamless blockchain integration. Institutional constraints—like limited digital capacity and fragmented procurement frameworks—threaten to slow the momentum.



The report highlights the role of Nigeria’s youthful population in driving this shift. Of the country’s 1.1 million developers, 86% of those active in Web3 are under the age of 27, with more than half joining the space in the past year. Most were onboarded through community-led initiatives like Web3bridge, Web3Ladies, and Solana and Base bootcamps.



But even as talent surges, employment remains fluid: only 15% of Nigerian Web3 developers are employed full-time in the sector. A majority work as freelancers, and 45% are paid in stablecoins, reflecting both a workaround to local currency volatility and the global nature of blockchain work. Despite high engagement, 90% of these developers earn below global benchmarks—a gap attributed to local market dynamics and persistent currency depreciation.



Unlike previous investment booms dominated by mega rounds, Web3 funding in Nigeria in 2024 skewed toward ecosystem grants and early-stage support from Layer 1 and Layer 2 blockchain protocols. Infrastructure startups raised $11 million, while financial services raised $7 million—more than triple the previous year’s total. By contrast, entertainment and gaming saw a sharp drop, falling from $17 million in 2023 to $2 million this year.



Yet interest remains high in sectors like SocialFi and NFTs, even as investors double down on foundational technologies. The report suggests that growing international exposure through bounty programs could help local startups gain traction.



Nigeria’s regulatory landscape is both evolving and uncertain.



In 2021, the Central Bank of Nigeria (CBN) banned banks from handling crypto-related transactions—a move reversed in December 2023, when financial institutions were permitted to serve licensed Virtual Asset Service Providers (VASPs).



The Securities and Exchange Commission (SEC) has since launched the Accelerated Regulatory Incubation Program (ARIP), granting temporary licenses and creating clearer onboarding pathways for startups. However, inconsistencies persist: in 2024, the Nigerian Communications Commission blocked access to Binance and Coinbase, even as the SEC approved local exchanges like Quidax.



A patchwork of oversight among regulators—the SEC, CBN, and Nigeria Deposit Insurance Corporation (NDIC)—alongside unclear frameworks for DeFi, DAOs, and NFTs, continues to deter investors and complicate compliance.



&#8220;To sustain and accelerate Nigeria’s web3 ecosystem momentum, stakeholders can focus on strengthening developer pipelines. Expanding initiatives like developer bootcamps, hackathons and building an active developer community can further grow this base,&#8221; says Edeoga.

Close-up of holding smartphone, arms wrapped with fiber optics

Nigeria Emerges As Africa’s Web3 Powerhouse, Contributing 4% Of Global New Developers In 2024

TheVenture Capital in Africa Report suggests theAfrican market is increasingly funding itself—out of necessity, but also out of confidence. West Africa retained its status as the continent’s most active region.



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 “Local investors leading fundraising rounds is a trend that’s likely to persist.”
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For the first time in modern venture capital history on the continent, African investors have emerged as the single largest group of active participants in the ecosystem—accounting for 31% of the total investor pool in 2024, according to the latest Venture Capital in Africa Report by the African Private Capital Association (AVCA).



This marks a leap from 19% a decade ago and signals a growing shift in who is backing African innovation.



The finding, released in the sixth edition of AVCA’s annual report, underscores a defining moment in Africa’s startup funding landscape: a surge in domestic capital formation, even as overall investor participation declined by 21% from the previous year.



In total, 614 investors were active across the continent in 2024—a downturn reflecting broader global macroeconomic pressures but also a unique regional resilience.



AVCA’s data shows that Africa experienced its venture capital correction later than other global markets. While venture markets globally bottomed out in 2023, Africa hit its funding low in the first half of 2024. The lag was attributed to the region&#8217;s delayed exposure to inflation, supply chain disruptions, and geopolitical shocks that impacted capital flows worldwide.



Deal activity suffered accordingly. African startups saw a 22% year-over-year (YoY) decline in deal value and a 28% drop in deal volume, sharper than global averages where deal value grew by 6% and volume fell by 24%. Despite these contractions, the report notes signs of underlying strength: venture debt lenders, though representing just 12% of all deal volume, contributed a remarkable 37% of total deal value, showing alternative funding models gaining traction.



Yet, a modest 3% YoY increase in both deal value and volume in the second half of 2024 suggests that the continent’s investor appetite remains intact.



Experts say the increase in African investor participation is not merely symbolic—it reflects a fundamental shift in how capital is being mobilized and deployed.



“The trend of increased local investor participation in African venture capital is likely to continue for several reasons,” Dotun Olowoporoku, Managing Partner at Ventures Platform, says to FORBES AFRICA. “From the growing sophistication of local capital to evolving regulations enabling pension funds to allocate to VC, the conditions are maturing.”



According to Olowoporoku, the rise in participation is driven by institutional evolution, economic necessity and ecosystem maturity. “Success stories like Paystack and Moniepoint have proven the viability of African tech investments.’’



Still, challenges remain. African VC funds are typically smaller in size, which limits their capacity to write larger checks or participate in later-stage rounds. In some markets, regulatory constraints continue to restrict institutional investors like pension funds from fully participating. And currency depreciation, particularly in markets like Nigeria, poses a risk to returns—especially for investors measuring performance in dollars.



Yet, this local involvement is beginning to influence where and how money flows.



“Local investors typically have deeper insights into market dynamics, regulatory environments, and consumer behavior,” Olowoporoku says. “We’re seeing a greater focus on startups solving real, immediate problems—painkillers, not vitamins.”



West Africa retained its status as the continent’s most active region, accounting for 23% of total deal volume, with Nigeria alone responsible for 16%. The so-called “Big Four” markets—Nigeria, Egypt, Kenya, and South Africa—continued to dominate, representing 55% of total deal volume and 64% of deal value.



Fintech remained the top-funded sector, with 116 deals raising $1.4 billion (or 34% of all tech-enabled rounds). However, other sectors are beginning to emerge. Clean &amp; ClimateTech accounted for 13% of tech-enabled deals in 2024—up from a five-year average of 7%. For the first time, AI broke into the top four verticals, with 42 deals raising $108 million.



“AI and greentech are growing trends,” Chiebuka Obumselu of Fund Operations at Innovate Africa Fund, tells FORBES AFRICA. “Each cycle, investors are building stronger pipelines and better due diligence frameworks. I believe we’ll see more capital deployed to early-stage companies across a wider range of sectors.”



Despite economic headwinds, fundraising remained robust. In 2024 alone, eight VC funds closed a total of $736 million, representing a 41% YoY increase. Since 2015, 35 fund managers have raised $2.7 billion across 41 funds, translating to a compound annual growth rate (CAGR) of 25%.



The exit environment is also gradually strengthening. From 2019 to 2024, Africa recorded 138 exits, indicating growing opportunities for returns, even though the number remained flat in 2024 with 26 exits. Trade sales accounted for 84% of those exits, with an average holding period of 3.8 years.



“Local investors leading fundraising rounds is a trend that’s likely to persist,” Obumselu says. “And the more players in the market, the more capital there will be for follow-on rounds.”

Group Asian business people put their hands together, handshaking Unity mutually beneficial business relationship. finance Economic graph on the table. Teamwork concept

African Investors Lead In Venture Capital For The First Time In Modern History, Says New Report

As Washington recalibrates its trade policy in a high-stakes global game, Abuja may be forced to re-evaluate its own trade approach and position in the international economy.



Nigeria will face a reduced blanket United States (U.S.) tariff of 10% until July, but its main export—oil and gas—remains unaffected, cushioning the immediate economic impact.



The U.S. announced a temporary reprieve on tariffs for most trading partners, including Nigeria, following an escalation in trade tensions marked by a steep increase in tariffs on Chinese imports.



The new measures, announced by U.S. President Donald Trump, follow weeks of speculation about an expansion of U.S. protectionist trade policies. Trump, who raised tariffs on Chinese exports to 125%, said countries that have not retaliated against U.S. tariffs—including Nigeria—will benefit from a 90-day pause and a lower, uniform 10% tariff rate. The decision signals a recalibration of America’s trade stance, particularly toward countries it does not view as economic adversaries.



Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, played down the potential impact of the new tariff regime. “Nigeria’s exports to the U.S. were N1.8 trillion, N2.6 trillion and N5.5 trillion in 2022, 2023, and 2024 respectively,” Edun reportedly said in response. “Fortunately, oil and mineral exports accounted for 92%—N5.08 trillion—while non-oil exports were just N0.44 trillion. So the tariff effect is negligible if we sustain our oil and minerals export volume.”



Nevertheless, Edun said Nigeria would revisit its 2025 budget assumptions in light of shifting global trade dynamics and domestic revenue projections.



U.S. frustration with Nigeria’s own trade practices also played a role in the decision. According to a report from the Office of the United States Trade Representative (USTR), Nigeria’s ban on 25 categories of imported goods—including agricultural products, pharmaceuticals, and beverages—has created significant barriers for American exporters. Items such as beef, pork, poultry, fruit juices, spirits, and medicaments are among those restricted, leading to lost revenue and reduced market access for U.S. businesses.



“This feels like a strategic move to influence Nigeria’s protectionist trade stance,” Nigerian economist Opeoluwa Bamiro tells FORBES AFRICA.



Corroborating the minister&#8217;s claim that the new U.S. tariffs are unlikely to affect the West African nation significantly, Bamiro notes: “Nigeria maintains a trade surplus with the U.S., not a deficit. In fact, the U.S. had a year-to-date surplus of $44 million with Nigeria in February.”

Oil And Gas Operations In Nigeria

Exemption Of Economic Lifeline Offers Africa’s Largest Oil Producer Some Breathing Room Amid Tariffs War

According to the newly-released State of the Industry Report on Mobile Money (SOTIR) 2025 by GSMA, a global organization unifying the mobile ecosystem, sub-Saharan Africa (SSA) recorded 1.1 billion of the 2 billion mobile money accounts registered globally as of 2024.



The report underlines how mobile money has become a core component of economic life in the region. In 2023 alone, mobile money contributed approximately $190 billion to SSA’s GDP—up from $150 billion in 2022—demonstrating the sector’s growing economic influence.



The concept of mobile money, which allows users to store, send, and receive funds through their mobile phones, was first widely adopted in Kenya in the late 2000s with the launch of M-Pesa. Since then, it has expanded rapidly across East, West, and Southern Africa, filling a gap left by traditional banking systems, which often failed to reach rural or low-income populations.



“From an economic perspective, mobile money is now seen to be contributing to the GDP of many countries with a service in sub-Saharan Africa,” Ashley Olson Onyango, Head of Financial Inclusion and AgriTech at GSMA, says to FORBES AFRICA.



Onyango attributes the region’s leadership to a mix of enabling regulations, supportive national financial inclusion strategies, telecom investments in connectivity, and the availability of simple, affordable services.



In 2024, global mobile money transactions exceeded $1.7 trillion, with over 500 million monthly active users. East Africa, followed by Southeast Asia and West Africa, drove the growth in monthly activity. Within Sub-Saharan Africa, East Africa continues to lead in both adoption and innovation.



Beyond basic money transfers, mobile money providers are evolving into digital-first financial platforms. Many now offer credit, savings, and insurance products, often in partnership with underwriters and insurtech firms. Some providers have even secured licenses to offer insurance directly, particularly in East and Southern Africa.



Mobile apps have become instrumental to this evolution, enabling users to access a broader array of financial and third-party services. “Many providers are looking to transition into a one-stop shop for a range of financial services,” Onyango says, noting that external investment in mobile money companies has grown, thanks in part to improved profitability and rising revenues.



Global payment giants are taking notice. Mastercard, for instance, has recently signed partnerships with multiple mobile money providers operating across SSA.



Yet the industry faces challenges. Fraud remains a critical concern, and both regulators and providers are stepping up efforts to improve digital and financial literacy among users. By 2024, at least 60% of providers had implemented financial literacy initiatives.



International remittances are another area ripe for growth. Mobile-enabled transfers are typically cheaper than traditional channels, but inconsistent regulations across countries, according to Onyango, continue to limit cross-border expansion.

Sydney Economy Ahead of Australia Consumer Price Index Figures

Sub-Saharan Africa Dominates Global Mobile Money Landscape With 1.1 Billion Accounts, New Report Finds

The Nigerian business tycoon, who built an empire with just £100 in the bank, leaves behind an influence embedded in every digital transaction and every mobile call across a continent on the rise.



Pascal Gabriel Dozie, one of Nigeria’s most visionary business figures who pioneered electronic money transfers and helped usher the West African nation into the mobile telecom era, died on Tuesday, a day before his 86th birthday.



The announcement came via a family statement signed by his son, Uzoma Dozie, who described him as “a devoted husband, father, grandfather, and a man of unwavering Catholic faith.” The elder Dozie, he said, lived a life of service “to God, his family, and his country.”


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Dozie’s death marks the end of an era for Nigeria’s modern banking and telecommunications industries. From humble beginnings in southeastern Nigeria, he rose to become a towering figure in the country’s economic landscape—building institutions, influencing policy, and shaping how millions of Nigerians interact with money and communication.



Born April 9, 1939, in Owerri, in what is today Imo State, Dozie’s early years were rooted in modesty. His father worked as a local court interpreter. He later joined a wave of ambitious young Africans from newly independent nations who travelled to Europe in search of higher education. At the London School of Economics, he studied economics—briefly sharing lecture halls with Mick Jagger, who later dropped out to form the Rolling Stones. Dozie, however, stayed the course, earning his degree and following up with a master’s from City University, London, in 1963.



As civil war erupted in Nigeria in 1967, Dozie temporarily diverted his return plans, opting instead to work in Uganda until the Biafran conflict—which claimed over a million lives—ended. By 1971, he returned to Nigeria at the behest of his ailing mother, settling in Lagos and launching the African Development Consulting Group. He would never work for anyone else again.



The 1980s marked a turning point in his career. Observing the dangers faced by traders carrying large sums of cash from rural markets to Lagos, Dozie identified a gap in financial services. That insight birthed Diamond Bank in 1991, one of Nigeria’s first commercial banks to champion electronic money transfers. The bank rapidly expanded and became a lifeline for merchants, professionals, and rural entrepreneurs navigating Nigeria’s difficult cash economy. Years later, Dozie handed the reins to his son Uzoma. In 2019, Diamond Bank merged with Access Bank in one of the most significant consolidations in Nigerian banking history.



But Dozie’s ambitions extended far beyond finance.



In the early 2000s, when mobile telephony was still an emerging concept across Africa, South Africa’s MTN approached him with a proposal: to enter the Nigerian market, one of the largest untapped populations on the continent. Despite widespread skepticism and a failing state-run telecom operator, Dozie helped raise capital and take a stake in MTN Nigeria. He played a central role in convincing reluctant investors who saw the idea of a nationwide cellular network in Nigeria as implausible.



“Most of the people I asked to invest now regret not investing—I even regret it myself,” he remarked to FORBES AFRICA in 2012 for a cover story. “They would have enjoyed returns of 20 times their money.”



Under Dozie’s leadership as chairman, MTN Nigeria became the country’s largest telecom provider, helping to bring mobile access to tens of millions, reshaping business, governance, and everyday life in the process.



A sharp-tongued and occasionally outspoken figure, Dozie combined intellectual rigor with entrepreneurial intuition. In addition to consulting for multinationals like Nestlé and Pfizer, he wrote regularly for Business International, dissecting African economic trends and policies.



Today, his impact reverberates through Nigerian financial systems and the ubiquitous mobile phones that connect villages to cities, market women to global platforms, and young people to opportunity.



Dozie is survived by his wife, Chinyere, children, grandchildren, and a legacy woven into Nigeria’s technological and economic transformation.

_MG_6479k

Pioneer Of Electronic Transfers And Cellular Revolution In Nigeria Dies At 85

In an era where global markets often dictate local fortunes, Nigeria’s ultra-wealthy have built empires rooted in the country’s soil, forging industries that not only create wealth but also provide critical homegrown solutions to the country’s most pressing challenges.



Nigeria’s billionaires are rewriting the rules of business in Africa.



In an economy battered by currency swings, regulatory shakeups, and infrastructure gaps, Nigeria’s billionaire class is not just surviving—they are thriving. The country’s wealthiest moguls have seen their collective fortune balloon—one of the largest wealth jumps in Nigeria’s modern history.



Unlike previous decades, where fortunes were largely tethered to oil booms and government patronage, today’s billionaires have diversified—cementing their influence across industries like energy, power, telecommunications and infrastructure. And yet, they all share one trait: a drive to solve Nigerian problems with Nigerian solutions.



At the top of the list remains Aliko Dangote, Africa’s richest man, whose fortune now stands at $23.9 billion. If the past decade saw him dominate cement and sugar, this decade confirms his place in global energy. His $23 billion Dangote Refinery, finally operational after years of delays, has transformed Nigeria’s refining capacity overnight, slashing dependence on imported fuel. It’s a move not just of business acumen but of nation-building—a direct response to Nigeria’s longstanding energy crisis.



Making an emphatic comeback on the Forbes’ Africa billionaires’ list last year after a seven-year hiatus, Femi Otedola not only reclaimed his billionaire status but asserted himself as a dominant force in power generation. With a fortune of $1.5 billion, Otedola’s transition from oil to electricity through Geregu Power has proven prescient. Nigeria’s push for a privatized power sector has given his investments a renewed edge, and his resurgence signals a broader shift in the country’s energy priorities.



For Mike Adenuga, the billionaire behind Globacom and Conoil, the past year has been a mixed bag, reflecting the headwinds in telecom and oil. However, his legacy as a telecom pioneer remains unchallenged—Globacom continues to expand its reach, solidifying its role as a key player in Nigeria’s digital economy.



For Abdulsamad Rabiu, the founder of BUA Group, 2025 has been a year of consolidation. His cement and sugar empire remains formidable, and with Nigeria’s infrastructure boom showing no signs of slowing, BUA Group’s influence is far from waning.



These billionaires are not just accumulating wealth; they are reshaping Nigeria’s economy.



Dangote’s refinery could save the country billions in foreign exchange, and Otedola’s growth signals a future where private capital drives utilities. Yet, challenges persist. The naira remains volatile, government policies shift unpredictably, and infrastructural gaps continue to plague industries. These billionaires have thrived in uncertainty before, but can they future-proof their empires?



There’s also the looming question of succession. With most of these men in their 60s, who will carry the torch? Will their children or handpicked successors step up, or will a new wave of entrepreneurs emerge to challenge them?



One thing is certain: in 2025, Nigeria’s billionaires are more than just wealthy men. They are architects of a new economic order—one where Nigerian solutions define the future of one of Africa’s biggest economies.



Aliko Dangote



Nigeria imports over 80% of its refined petroleum—or at least, it did. With 650,000 barrels per day in local refining capacity, Dangote has flipped the script.



The refinery is expected to slash Nigeria’s fuel import bill, stabilize foreign exchange reserves, and cut costs for millions of Nigerians who rely on fuel for transportation and power generation.



This has seen his net worth soar, largely fueled by the long-awaited commissioning of the Dangote Refinery—the largest petroleum refinery in Africa, positioning it to supply products across Africa. With global energy markets shifting and fuel subsidies phasing out in Nigeria, the refinery’s operational launch could not have come at a more critical time.



The refinery’s impact is already visible. In January, Nigeria’s fuel imports dropped to its lowest level in eight years, while export contracts for petroleum products have been signed with multiple African nations. Observers project that Nigeria could save $10 billion annually on petroleum products imports.



Dangote’s empire predates oil. He is the founder and chairman of Dangote Industries, which includes Dangote Cement, Dangote Sugar, and Dangote Flour.



Ayo-Bankole Akintujoye, a strategy expert, says: “Dangote is the archetype of how homegrown industrialists can catalyze development, create prosperity, and position Africa competitively in the global economy.”



In February, Dangote announced a $400 million investment to double production at his Mugher cement plant in Ethiopia to 5 million metric tons per year. The plant, operational since 2015, had faced political instability, but Dangote confirmed that all loans have been repaid and profits repatriated.



In November 2024, Dangote expanded into Angola, opening a subsidiary focused on oil block acquisitions, the Lobito Refinery project, and cement production. This marks a significant push into southern Africa’s energy and construction markets, further solidifying his continental influence.



Dangote is also making moves in Nigeria’s auto industry. In 2022, he partnered with Stellantis to launch Dangote Peugeot Automobiles Nigeria (DPAN), assembling Peugeot models at a Kaduna-based factory.



“His business model of reinvestment and vertical integration has created a powerful economic multiplier effect across Africa,” Akintujoye notes to FORBES AFRICA. “From manufacturing to distribution, he has strengthened local supply chains, created jobs, and preserved foreign exchange reserves.”



With reportedly 11,000 employees in West Africa and businesses dominating cement, sugar, and now petroleum refining, Dangote’s empire continues to shape Africa’s industrial future. His ability to navigate regulatory complexities, infrastructure deficits, and capital constraints showcases why he remains the most influential business leader on the continent.



Mike Adenuga



Mike Adenuga rules connectivity and crude. With a fortune of $6.8 billion, he is Nigeria’s second-richest man. Dubbed the ‘Silent Billionaire, Adenuga lets his businesses do the talking.



His Globacom, the second-largest telecom network in Nigeria, connects over 60 million subscribers.



Nigeria has 164.9 million active telecommunications subscribers, according to December 2024 subscription sta- tistics released by the Nigerian Communications Commis- sion (NCC). Data consumption is exploding, fueled by fintech, streaming, and e-commerce. Globacom’s strategic fiber-optic expansions keep Adenuga a central figure in the digital economy, with 12.15% of the market share.



Adenuga has always played by his own rules.



His oil company, Conoil Producing, holds six oil blocks in the Niger Delta. Adenuga has significant stakes in Conoil, a publicly traded petroleum firm where he holds 74%, and Sterling Financial Holding, where he owns just under 6%. He also spearheaded the development of Glo-1, a 6,100-mile submarine internet cable linking Nigeria to Europe via Ghana and Portugal, improving broadband access in West Africa.



Industry experts consider Adenuga’s success a case study in indigenous business development.



Mayowa Adeosun, COO and Co-Founder of fintech firm Sycamore Group, underscores Adenuga’s calculated risk-taking and strategic foresight in shaping multiple African sectors.



“Adenuga’s investments in telecommunications and oil seemed prescient in hindsight, but they were made in the face of significant uncertainty and risk,” says Adeosun to FORBES AFRICA. “His ability to navigate complex regulatory environments while maintaining operational efficiency offers valuable lessons for business development across the continent.”



Adenuga’s approach has gone beyond personal wealth accumulation—his infrastructure investments have catalyzed growth across multiple industries. Globacom’s expansion, for instance, has facilitated thousands of small businesses to scale through improved connectivity, showcasing an ecosystem-driven model of wealth creation.



“We observe daily how improved access to capital and financial services can activate entrepreneurial potential across market segments,” Adeosun adds.



“The blueprint established by visionaries like Adenuga demonstrates how institutional builders can create long-term value while addressing fundamental market gaps.”



Abdulsamad Rabiu



Rabiu, the founder of BUA Group, is a key force in Nigeria’s industrial sector. His cement empire is heavily tied to infrastructure spending, which has been volatile due to fiscal constraints.



Nigeria’s infrastructure deficit is estimated at $3 trillion over the next 30 years.



Cement demand will continue to rise.



BUA Group is also expanding into refining and petro-chemicals with a greenfield 200,000 barrels per day plant in Akwa Ibom of southern Nigeria, aiming to produce Euro-V fuels and Polypropylene for the domestic and regional market.



Rabiu has cemented his legacy—quite literally—through his holdings in cement production, sugar refining, and real estate. His decision to merge Obu Cement with Cement Co. of Northern Nigeria in 2020 created BUA Cement Plc, a player on the Nigerian Stock Exchange, where he holds a 98.2% stake. In the food sector, he owns 95% of BUA Foods, another publicly traded giant shaping West Africa’s agro- industrial economy.



Rabiu’s story is one of calculated risks and bold counter-cyclical investments.



His early years were shaped by his father, a businessman-man- man who left him land—an inheritance he leveraged to build an empire. In 1988, he struck out on his own, importing iron, steel, and chemicals, laying the foundation for the industrial powerhouse that BUA would become.



His approach to business defies short-term gains, favoring a long-haul vision where vertical integration and infrastructural development create ripple effects across multiple sectors. Adeosun, of fintech firm Sycamore Group, sees Rabiu’s journey as a blueprint for sustainable African entrepreneurship.



“Rabiu’s strategic investments in manufacturing weren’t obvious wins at the time,” Adeosun notes to FORBES AFRICA. “He invested when others hesitated, navigating economic volatility and complex regulations. His success wasn’t just about wealth accumulation—it was about ecosystem building.”



Femi Otedola



Few Nigerian billionaires have reinvented themselves like Otedola.



Once an oil tycoon, Otedola sold his stakes in Forte Oil to pivot into the power sector, becoming chairman of Geregu Power—pushing his fortune to $1.5 billion.



Nigeria’s grid collapses multiple times a year. Private power is now essential. His pivot from oil to power mirrors a larger privatization wave in Nigeria’s utility sector.



Otedola’s Geregu Power now supplies a significant portion of Nigeria’s electricity grid, attracting investments from the Nigerian government, China’s State Grid Corporation, and African Export-Import Bank (Afreximbank).



Beyond energy, Otedola has also stamped his influence in Nigeria’s financial sector. His investment in FBN Holdings, one of Nigeria’s leading banks, has been pivotal.



As the chair and significant shareholder, he played a crucial role in improving the bank’s efficiency, driving profitability and value for investors. He also holds shares in Zenith Bank.



Kayode Omosebi, Director at Lagos-based MO Africa Company, sees Otedola’s resurgence as a testament to Nigeria’s economic potential and the power of strategic foresight.



“Otedola’s return as a Forbes-listed billionaire showcases the resilience required for success in Nigeria’s evolving business landscape. His ability to think differently, persist against all odds, and strategically reposition his investments is an inspiration for young entrepreneurs. His journey highlights the vast opportunities within Nigeria’s traditional and emerging sectors,” Omosebi tells FORBES AFRICA. Otedola has homes in Lagos, Dubai, London, and Monaco.

Urban life in Lagos

Nigeria’s Billionaire Class: Homegrown Titans Redefining Wealth In 2025

With Nigeria’s elite increasingly looking to U.S. wines, the country’s role in the global wine industry is undergoing a transformation.



Nigeria has emerged as the largest African market for U.S. wines, with exports reaching $7.8 million in 2024—a 65% increase from the previous year.



Acting U.S. Consul General JoEllen Gorg disclosed this at a Lagos event marking the start of the 2025 Africa tasting tour.



“The United States is proud to offer the highest quality products to consumers around the world. California wines represent some of the best in the world. Home to over 5,000 wineries, most of them family-owned, multi-generational businesses, California makes over 80% of U.S. wine and ranks the 4th among world’s wine producers,” Gorg stated.



The surge in U.S. wine imports to Nigeria reflects broader lifestyle shifts among the country’s affluent and middle-class consumers.



Historically, South Africa has been Africa’s dominant wine producer, with Nigerian wine consumption largely driven by imports from France, Spain, and Italy.



However, Nigeria’s increasing demand for premium wines suggests a diversification of tastes and a deeper penetration of Western lifestyle trends, particularly among urban elites and expatriate communities.



Nigerian analyst Oluwaseun Obilana attributes this trend to Nigeria’s expanding middle class and the rising influence of Western dining culture.



“The Nigerian consumer today is more cosmopolitan than ever. Wine has moved beyond special occasions and religious functions to become a staple in social gatherings, business events, and fine dining experiences,” he explains to FORBES AFRICA.



Traditionally, Nigeria’s alcoholic beverage market has been dominated by beer and spirits, particularly locally brewed options and imported cognac. However, Obilana notes that young professionals and high-net-worth individuals are increasingly embracing wine as a symbol of sophistication and status. “There’s a perception shift. More Nigerians now view wine as a lifestyle choice rather than just a drink,” he adds.



Beyond consumer trends, the economic landscape has played a role in reshaping Nigeria’s wine market.



Kolawole Oyebola, an economic analyst, highlights that the depreciation of the naira has made European wines less accessible, while U.S. wines—particularly from California—have been aggressively marketed as premium yet relatively affordable alternatives.



“The dollar’s strength and the cost of importing from traditional wine hubs like France and Italy have pushed retailers and consumers to explore other options. American wineries have capitalized on this by targeting Nigeria’s hospitality sector and high-end retail outlets,” Oyebola explains to FORBES AFRICA.



The Africa tasting tour, which also includes stops in Nairobi, Kenya, and Cape Town, South Africa, is part of broader efforts to establish U.S. wines as a formidable competitor in a market that has long been shaped by European dominance.

Close-Up View of Person Swirling Red Wine in Cellar Atmosphere

Nigeria’s Appetite For U.S. Wines Grows To $7.8 Million In One Year

A new law signals Nigeria’s intent to position itself as a digital finance leader on the continent.



For the first time, virtual assets and investment contracts are formally recognized as securities in Nigeria, following the Investment and Securities Act (ISA) 2024 signed into law by its President Bola Tinubu.



This new legislation comes after years of regulatory uncertainty and tension between the Nigerian government and the burgeoning crypto community. In February 2021, the Central Bank of Nigeria (CBN) issued a directive prohibiting financial institutions from facilitating cryptocurrency transactions, citing concerns over money laundering, terrorism financing, and the lack of consumer protection. The ban sparked widespread outrage, particularly among Nigeria’s tech-savvy youth, who had increasingly turned to cryptocurrencies as an alternative store of value amid inflation and economic instability.



Despite the crackdown, Nigeria emerged as Africa’s largest cryptocurrency market by volume, ranking second worldwide behind India, with citizens finding creative ways to bypass the restrictions through peer-to-peer (P2P) trading.



In response to the persistent demand and growing global acceptance of digital assets, the government began reconsidering its position, culminating in the enactment of the ISA 2024.



The new law provides long-awaited regulatory clarity, bringing Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the direct oversight of the Securities and Exchange Commission (SEC).



Nigerian financial analyst Olumide Adesina views this as a major breakthrough.



“The regulation brings clarity and affirms the input of digital assets in the Nigerian capital market,” Adesina says to FORBES AFRICA.



“The law would likely attract huge players in the global industry to engage directly by setting up a physical presence with Africa&#8217;s biggest crypto market. Finally, it will also widen tokenization usage built on traditional assets and intensify interest among the younger populace.”



While the move is celebrated for its potential to draw institutional investment, it also raises questions about the impact on grassroots innovation.



Nigerian crypto enthusiast Samuel Adebayo voices mixed feelings, noting that the legislation could have unintended consequences.



“This will likely accelerate institutional adoption of digital assets in Nigeria by providing legal clarity and investor protection. However, stricter compliance requirements may pose challenges for smaller crypto startups,” Adebayo explains to FORBES AFRICA. “While the framework enhances market legitimacy, its impact on innovation will depend on how regulations are enforced and adapted to industry needs.”

Silhouette of a man interacting with virtual computer graphics

Africa’s Largest Crypto Market Finally Legalizes Virtual Assets After Complex History

With the cost of entry reportedly five times higher than the EB-5 immigrant investor visa program, and with historically low African participation in investor visas, President Donald Trump’s gold card may struggle to find buyers from Africa.



With several President Joe Biden-era immigration policies being rewritten, U.S. President Donald Trump, who is serving his second terms in office, seems to be banking on a new investor visa scheme—dubbed the ‘gold card’—to boost the American economy.



The program, which allows companies to pay $5 million per applicant to fast-track their work and residency status, has been framed as a superior alternative to the existing EB-5 visa program.



A closer look at the 2024 success rates of the EB-5 visa program revealed a disparity between some African countries and the rest of the world. South Africa, for example, ranked 6th and the only African country in the top 10, accounted for 119 successful applications, a fraction of China’s 8,311 approvals.



The introduction of the gold card program may exacerbate this trend, according to Nzube Ohalete, a Nigerian graduate student in the U.S, who also assists others with scholarship and visa tips.



“A lot of Africans are not utilizing this [EB-5 visa program]. With the increase in price, this number will more likely decrease,” Ohalete tells FORBES AFRICA.



His skepticism is rooted in historical trends: Africa has never been a major player in the EB-5 program, a visa route that grants green cards to foreign investors who commit at least $1 million to U.S. businesses. Now, with the gold card costing five times as much, the question arises—who in Africa can, or will, afford it?



Trump, however, is bullish on the program’s financial impact.



“If we sell a million, right, a million, that’s $5 trillion. If we sell 10 million, that’s $50 trillion. That means our debt is totally paid off, and we have $15 trillion above that,” he claimed during his first cabinet meeting since returning to office.



U.S. Secretary of Commerce, Howard Lutnick, a key architect of the policy, argues that the gold card fixes the flaws of EB-5 by ensuring more accountability.



“For $5 million, they’ll get a license from the Department of Commerce. Then they’ll make a proper investment on the EB-5,” Lutnick explained. “If we sell just 200,000 of these, that’s $1 trillion to pay down our debt.”



Lutnick has been promoting the gold card, claiming on the All-In Podcast, which focuses on business, that 1,000 have already been sold in one day. “There are 37 million people in the world who are capable of buying the card,” he said.



Paul Agada, another Nigerian graduate student in the U.S. and an SDGs advocate, remains unconvinced that the gold card is an improvement over the EB-5.



“The gold card is an old idea in expensive new garb,” Agada says to FORBES AFRICA.



He further suggested that stakeholders on the continent focus resources here first.



“Entrepreneurs need to observe the conversation around the last election. We need to first build our continent before seeking to build another man’s home.”



Trump himself has expressed concerns. Speaking with Fox News, he admitted the program could attract “unsavory people”, though he promised to crack down on any wrongdoing.



Ohalete believes that, rather than turning to the gold card, “wealthy Africans will explore other options for U.S. residency, like the EB-1 and EB-2”.



The EB-1 and EB-2 programs cater to individuals with exceptional abilities and advanced degrees, respectively.

South Africa visa in traveler’s passport

Africans Lag Behind In U.S. Investor Visas, Gold Card Introduction May Widen Gap

Watched by as many as one billion people worldwide, the 1974 bout saw George Foreman undefeated in 40 fights—then the reigning heavyweight champion—overwhelming Muhammad Ali in the early rounds with his raw power.



George Foreman, the two-time heavyweight boxing champion who contended with Muhammad Ali in Africa’s first-ever heavyweight title fight, the Rumble in the Jungle, has died at the age of 76.



“With profound sorrow, we announce the passing of our beloved George Edward Foreman Sr., who peacefully departed on March 21, 2025, surrounded by loved ones,&#8221; Foreman&#8217;s family shared on Friday on his official Instagram page, requesting privacy as they mourn his loss.



The Rumble in the Jungle fight in Kinshasa, Zaire (now the Democratic Republic of the Congo), remains one of the most iconic sporting events in history. Ali, employing his now-famous rope-a-dope strategy, absorbed Foreman’s punches before launching a counterattack that led to an eighth-round knockout, cementing his own legacy.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="612" src="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg" alt="" class="wp-image-64972" srcset="https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-300x179.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2025/03/GettyImages-117969243-768x459.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">George Foreman poses at Imtech Arena on July 2, 2011 in Hamburg, Germany. (Photo by Martin Rose/Bongarts/Getty Images)</figcaption></figure></div>


Born in 1949 in Houston, Texas, Foreman found direction through the Job Corps program, where he discovered boxing. His talent quickly emerged, and at just 19, he won a gold medal in the super-heavyweight division at the 1968 Mexico City Olympics, waving an American flag in the ring at a time of deep racial and political tensions in the U.S.



Foreman’s professional career skyrocketed when he annihilated Joe Frazier in just two rounds to win the heavyweight title in 1973. His combination of size, strength, and relentless aggression made him one of the most feared fighters of his era.



After his loss to Ali, Foreman continued to fight before retiring in 1977. He made a stunning comeback a decade later and, in 1994, at age 45, became the oldest heavyweight champion in history by knocking out Michael Moorer. Outside the ring, he became a global business icon, earning a fortune through the George Foreman Grill, which sold over 100 million units worldwide.



Holyfield once said whereas he is happy for Foreman, he will still remain Evander Holyfield and does not wish to trade places with Big George. Holyfield beat Foreman on points in April 1999 when he defended his three titles.



Reflecting on the 50th anniversary of Rumble in the Jungle, Foreman told The Telegraph, “It amazes me that it was 50 years ago and people are still talking about it, and the term rope-a-dope. I’m just happy that I can remember it, period. I have nothing but fond memories, but at the time, I was devastated at the defeat.’’



The fight was immortalized through the lens of filmmaker Leon Gast, whose Academy Award-winning documentary, When We Were Kings, brought new depth to its narrative. The documentary, featuring insights from cultural icons like Spike Lee and Norman Mailer, framed the match as a cultural and psychological duel, an enduring metaphor for triumph against the odds.

George Foreman in Fight Pose at Nassau Coliseum

Africa’s First-Ever Heavyweight Title Contender Dies At 76

Through Kante, Afrobeats, and his memories of Nigeria, King Charles III underscored music’s power to unite cultures.



King Charles III shared a personal connection to Kante, a song by Nigerian Afrobeats star Davido featuring Fave, recalling how it reminded him of his last visit to Nigeria in 2018 when he attempted to speak Pidgin.



The British monarch made the revelation while presenting The King’s Music Room, a curated selection of 17 songs that have brought him joy, to mark Commonwealth Day 2025.



Among the diverse playlist, Kante stood out, not just for its infectious rhythm but as he said: &#8220;It also features lyrics in Pidgin, which I love in all its forms, and in which I attempted to make a speech when I last visited Nigeria.&#8221; The King said this in a recorded address from Buckingham Palace.



That visit, in November 2018, saw the monarch — then the Prince of Wales — engage with Nigeria’s cultural and political elite in Lagos in partly Pidgin, a lingua franca widely spoken across West and Central Africa.



Departing from his usual polished British English, he greeted dignitaries with a warm &#8220;How you dey?&#8221; (How are you?), drawing laughter and applause.



He even ventured further with the phrase, &#8220;God don butta my bread&#8221;, meaning “God has blessed me,” to acknowledge his return to the country after his first visit nearly three decades.



While he has yet to visit Nigeria as head of the Commonwealth, there were past trips — in 1990 with Princess Diana, then in 1999, 2006, and 2018.



Pidgin, which originated in the 17th and 18th centuries as a trade language between Africans and Europeans, has since evolved into a powerful cultural force.



It dominates Afrobeat lyrics, Nollywood films, and everyday conversations across West Africa.



Recognizing its global appeal, King Charles III noted, “I understand that thanks to Afrobeats, it (Pidgin) is becoming ever more popular around the world.”



During his 2018 trip, he also shared another Pidgin phrase: &#8220;If life dey show you pepper, make pepper soup&#8221;, roughly translating to “life is what you make it.”



“Music has that remarkable ability to bring happy memories, comfort us in times of sadness, and to take us to distant places,” he reflected in his recorded address. “But perhaps, above all, it can lift our spirits&#8230; It brings us joy.”

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King Charles III Recalls Speaking Pidgin In Nigeria, Shares Connection To Davido’s Kante

Nigerian singer, songwriter and actor, Tiwa Savage is determined to build an empire that will cement her status among the world’s self-made billionaire women.



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“I want to go into my mogul era – billionaire Tiwa Savage.”
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Tiwatope Omolara Savage, professionally known as Tiwa Savage, at the age of 45, is standing on the precipice of her next great reinvention. Her contemporaries have shown Savage the path. Now, she is ready to chart her own.



It is a journey that has been decades in the making, and one that began in London, where a teenage Savage discovered a love for performing during drama classes.



“When I was in school, there are basic subjects like math, English, and there are also electives like sports, drama, music – I chose drama and just even from earlier on, I knew that I had a gift for acting. Even when I started my music career, I knew, at some point, I was going to go back into that field,” she recalls to FORBES AFRICA via a Zoom call on a warm afternoon from her home in Lagos, Nigeria.



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“Why are we trying to break into another market? We should build our own to be the one others try to break into.”
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That passion never faded, even as music took center stage in her life. From her music videos to the depth in her lyrics, she was never content with just one avenue of expression.



For those who followed Savage from her 2010 breakout hit, Kele Kele Love to the global collaborations that she’s done in the present, this new chapter feels like a natural progression.



Her work seems to transcend genre and medium. Somebody’s Son, her duet with American singer Brandy Norwood, showcased her vocal prowess. Ife with Nigerian Fuji legend, Wasiu ‘Pasuma’ Odetola proved she could pivot effortlessly across cultures and sounds.



“Growing up in Nigeria, then moving to the United Kingdom and studying jazz in America, I absorbed different musical influences,” she explains.



“I can do a jazz record, a garage song, or an Afrobeats track, and it all feels authentic. I have lived these experiences.”



This authenticity is why her music has earned her historical accolades: the first African woman to sell out London’s Indigo at The O2, the first African woman to win Best African Act at the MTV Europe Music Awards, and a performer at King Charles III’s coronation concert.



As noted, her transition to film was inevitable. As the executive producer of Water and Garri, released in 2024, she found herself immersed in the filmmaking process, drawn to the meticulous nature of the craft.



“It was a lot of work, but there are similarities to music,” she says, as she adjusts her black Dior glasses and leans into the camera.



“I am used to repeating melodies until they are perfect. Watching scenes over and over, making corrections — it was not frustrating. It was exciting.”



Edward Israel-Ayide, an industry insider in the early days of Savage’s career, describes her as a ‘transformer’.



“What stands out is not just her success but how she has consistently adapted and evolved at every turn, emerging stronger from every challenge to become the industry’s ultimate comeback queen.”



He continues, stating that “she understood early on that being an artist in Africa meant being more than just a musician. You had to be a brand, a business, a movement”.



What is remarkable about Tiwa’s journey is how she has managed to stay relevant through every phase of the industry’s growth. From those early networking events to becoming a social media force with 35 million followers, from her first Nigerian stage performance at Industry Nite to co-producing Water and Garrí for Prime Video, she has consistently pushed beyond what we thought was possible for an African artist,” adds Israel-Ayide.



Now, Savage is thinking bigger. Her ambitions extend far beyond entertainment. “I want to go into my mogul era – billionaire Tiwa Savage,” she says with conviction.



The blueprint is clear—skincare, fashion, philanthropy, and, most significantly, education. Savage envisions a music school that does not just produce artists but also nurtures industry professionals, such as songwriters, producers, music therapists, and lawyers.



“I think a lot of times when people think of music, they think of just being an artist,” she explains. “But there are so many aspects to the industry. I want to build a school or scholarship program that teaches that.”



Even as she dreams of reshaping the industry, she remains as candid as ever: “Everyone always says to me, ‘when are you going to sign an artist?’ I don&#8217;t think I have the gift to sign another artist, because artists are stressful… I could just be sleeping, and then I will wake up and my artist is trending for something else”.



“But I do have the gift to help, which is why I am trying to do the music school, where you can go and later sign to a label that can actually help you,’’ she explains.



Ownership is another pillar of her vision. Afrobeats is no longer a niche genre; it is a global movement. As its influence grows, so does the need for African artists to retain control.



“We need to own our art, our publishing, our labels,” she says. “We need to tell our own stories.”



Chude Jideonwo, a media entrepreneur whose 25-year career spans advertising, public relations, television, radio, print, and digital media, echoes this sentiment.



“When it comes to contemporary people, Africa has so many incredible people – Tiwa Savage started her new career when she was in her 40s. There are so many stories from inside the belly of Africa that we have not told in a way that is accessible to the mainstream for the everyday young people.”



Savage has a radical dream: to see Africa become a mainstream music market. “Why are we trying to break into another market? We should build our own to be the one others try to break into,” she states. “If we had the right infrastructure, affordable data, and investment, we would not have to chase validation elsewhere.”



It is an audacious vision, but Savage has never been one to shrink from a challenge. From navigating a male-dominated industry to defining Afrobeats on her own terms, she has always played the long game. Now, as she prepares for her next act, she is more certain than ever of her purpose.



“Cherish the beginning,” she advises emerging artists. “A lot of artists rush to the top, but once you are there, you face pressures — streams, concerts, obligations. When you start, you are free to create without limitations. Build a strong foundation, so when opinions come at you, you do not lose yourself.”



With her fifth studio album, This One Is Personal, set for release early this summer, Savage doesn’t seem to be slowing down, professionally. But, she has contemplated modifying her pace.



“Not retirement, per se,” she corrects, laughing. “But sometimes the pressure gets to you. That is why having a strong team is important. Plus, let us be real, I need to keep making money. I do not know how to do anything else.”



“I really want to delve into my philanthropy. I want to start different NGOs [non-governmental organizations] to help women, to help young girls.’’



Savage is no longer just a music icon. She is an architect of the future — one where African music, business, and culture are not just global but dominant. The ‘Queen of Afrobeats’ is ready to claim her crown as the ‘Queen of Industry’.

Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA