The intervention placed emphasis on the need for cooperation and collaboration among all stakeholders to address concerns.



The Nigerian government has stepped in to address concerns surrounding the Dangote Refinery, following accusations of monopolistic practices.



“All parties involved demonstrated a strong commitment to proactive problem-solving and expressed their gratitude for the leadership and timely intervention provided,” Nigeria’s Minister of State Petroleum Resources (Oil), Heineken Lokpobiri stated.



This was after meeting with top executives from the Dangote Group, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Corporation (NNPC).


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg" alt="" class="wp-image-62544" style="width:510px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Photographer: Benson Ibeabuchi/Bloomberg via Getty Images)</figcaption></figure></div>


The intervention follows Saturday’s announcement by Africa’s richest man, Aliko Dangote, that he is canceling plans to build a new steel plant in Nigeria due to government accusations of monopoly, after he reportedly requested the suspension of diesel and aviation fuel imports.



Last week, NNPC’s shareholding in the Dangote Refinery was reduced from 20% to 7.2% due to unpaid funding.



The Dangote Refinery, one of the largest in Africa, began operations in January and has the capacity to process 650,000 barrels of crude oil per day.



Dangote defended his business practices, saying, “We are not an assembly plant. If you look at all our operations as Dangote, we actually add value. We take local raw materials and turn them into products, and we sell. Everything is here. Everything is in Nigeria”.



In response to the accusations, Dangote suggested that the NNPC could buy out his stake in the refinery.



He also shared recent improvements in the refinery’s output, stating, “When we started, our quality was about 600 to 650 PPM [parts per million]. Today, we are at 87 PPM, and by the beginning of August, we’ll be at 10 PPM. In terms of quality, we are doing very well.”

Nigeria’s $21 Billion Dangote Mega Oil Refinery Opening

Nigerian Government Intervenes In Dangote Refinery Dispute Amid Monopoly Accusations

The informal economy in Nigeria is vast, with enterprises ranging from market traders and street vendors to roadside mechanics and home-based artisans. These businesses operate outside formal regulatory and tax systems, yet they are vital to the economy, providing jobs and fostering innovation.



Businesses in Nigeria&#8217;s informal market, encompassing around 40 million small enterprises, contribute over half of the country&#8217;s Gross Domestic Product (GDP), according to a recent 2024 Informal Economy Report, powered by nine-year-old Nigerian payment startup Moniepoint.



The country’s GDP was worth $362.81 billion last year, according to the World Bank. This value represents 0.34% of the world economy.



Derived from interviews with hundreds of business owners and data analysis from over two million businesses that use the services of Moniepoint across the country, the report reads: “This is evident in their revenues with the bulk of them (72.3%) hitting monthly revenues of over ₦1 million ($611.51). But their actual profit deviates from these high figures. Individually, most of them make less than ₦250,000 ($152.88) monthly. On the higher end of the spectrum, only about 1.3% of businesses in Nigeria’s informal economy earn above ₦2.5 million ($1,528.77) monthly.”&nbsp;



The report highlights that informal business owners are predominantly young, with most between 25-34 years old, and 89% of these businesses pay some form of taxes.



The primary motivation for starting an informal business is unemployment. The retail and general trade sectors dominate, and half of the business owners run more than one venture.



Moreover, the informal economy is a vital avenue for women&#8217;s economic empowerment. Women own 37.1% of businesses in this sector, highlighting the significant role they play despite facing numerous challenges in achieving equity.



Financial habits within the informal economy reveal a preference for cash transactions, reflecting the sector&#8217;s low-trust environment and the necessity for immediate cash flow. Despite this, there has been a significant shift towards digital payments, especially following the Central Bank of Nigeria&#8217;s introduction of the cashless policy in early 2023. Digital payment adoption doubled, showcasing a growing trend towards cashless transactions.



Business longevity in the informal sector is a challenge, with eight in every 10 businesses operating for less than five years.



Nigerian analyst, Kolawole Oyebola, commenting on these findings, tells FORBES AFRICA: &#8220;The informal economy is both a lifeline and a bottleneck for Nigeria&#8217;s economic development. While it undeniably contributes significantly to the GDP and offers critical opportunities for youth and women, the high rate of business turnover and low-profit margins highlight structural inefficiencies.



&#8220;To harness its full potential, there needs to be a concerted effort to integrate these businesses into the formal economy through supportive policies, financial inclusion initiatives, and infrastructure development. The growing trend towards digital payments is a promising sign, but much more needs to be done to ensure sustainable growth and stability in this sector.&#8221;

Balogun market – Lagos, Nigeria

Over Half Of Nigeria’s GDP From Informal Sector, Says Report

Jasmine Paolini, the first Italian player in the Open Era to reach the Round of 16 in each of the first three Women’s Singles Grand Slam events of a season, is of Ghanaian heritage.



This year, the 28-year-old tennis star made history by advancing to the fourth round at Wimbledon, a tournament with a 147-year legacy.



Her journey at the tournament ended with a loss to Barbora Krejcikova. However, Paolini has joined the ranks of Steffi Graf, Justine Henin, Serena Williams, and Venus Williams as one of the few women this century to reach the singles finals at both Roland-Garros and Wimbledon in the same year.



Paolini&#8217;s multicultural background adds to her unique charm. In a press conference following her loss to Iga Swiatek in the French Open final last month, she said, &#8220;I’m proud to have different bloods in my body. I’m Italian, born in Italy, but my mom is Polish, and my grandfather is from Ghana. I think I’m fast because of Ghana&#8230; I can speak Polish, and I think it&#8217;s something more to have in your person, it&#8217;s a plus.&#8221;


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161888641.jpg" alt="" class="wp-image-62431" style="width:736px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161888641.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161888641-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-2161888641-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Photo by Julian Finney/Getty Images)</figcaption></figure></div>


Earlier this year, Paolini had also shared her thoughts on her heritage with BNPParibasOpen.com, noting, &#8220;Maybe I feel like I’m fast on court because of my Ghanaian heritage. From Poland, I have determination, and of course, I also have the Italian energy. It’s a mix, and I’m really proud of it.&#8221;



She reached the fourth round at the Australian Open, won her biggest title in Dubai, and finished as runner-up at Roland-Garros. These successes have propelled her from outside the world&#8217;s top 30 to her current career-high ranking of world No. 7. She is the first woman since Serena Williams in 2016 to reach two consecutive Grand Slam finals.



Paolini had never won a tour-level match on grass before this year. Her breakthrough came with a run to her first Wimbledon final, including a victory over Croatian Donna Vekic in the longest women&#8217;s semi-final in Wimbledon history on July 11.



After her final match, Paolini expressed her gratitude on social media, stating, &#8220;When I was little, I watched this fantastic tournament on TV. Playing in the final here is a lifetime memory. I didn’t win, but it’s still a good day. Thanks to everyone cheering for me — family, team, and sponsors.&#8221;

Day Eleven: The Championships – Wimbledon 2024

Of Ghanaian Heritage, Jasmine Paolini Reaches Back-To-Back Grand Slam Finals, First Since Serena Williams

Lagos-based designers and artisans handcrafted and dyed over 200 outfits for the opening ceremony.



Actively Black, a Black-owned athletic apparel company, is the official outfitter for the Nigerian delegation at this year&#8217;s Olympics, set to take place from July 26 to August 11 in France.



This partnership follows their 2022 collaboration with the Bobsled and Skeleton Federation of Nigeria, where they provided outfits for the Nigerian teams at the Winter Olympics in Beijing.



&#8220;As a former professional athlete, I understand how uniforms and sportswear in general should feel and move to support high-level athletic performance. Together with Actively Black co-founder, Bianca Winslow, we designed Nigeria’s track and field uniforms to enhance performance and reinforce a felt-sense of greatness that will carry Nigeria across the finish line and push them to win,&#8221; explains Lanny Smith, Actively Black co-founder and also former NBA player, to FORBES AFRICA.



This initiative also aims to promote careers in sports and fashion among young Nigerians. Smith highlights the historical significance of a Black-owned label representing a country at the Olympics. “It’s important to us as a brand to use this opportunity not only to drive legitimacy and visibility for Actively Black but also to platform Black and Nigerian creatives and share it with the larger Black community,” he says.



For the opening and closing ceremony kits, Actively Black&#8217;s design team used the concept of &#8216;the market,&#8217; a traditional central meeting place and hub of communication for various ethnic groups in Nigeria.



&#8220;By evoking the market concept, the collection showcases the diversity and cultural nuance of Nigerian identity.&#8221;



The kit itself celebrates both traditional elements of Nigerian culture and modern advancements that have positioned the country as an emerging economic power. For the opening ceremony, women will wear classic buba (blouse) dresses, and men will wear traditional Nigerian senator suits, all handcrafted in Lagos from Funtua cotton, featuring a classic block print in the green and white of the Nigerian flag.



In contrast, the track and field uniforms and podium outfits take a modern approach. The uniforms are made from a signature performance material in white and green to echo the Nigerian flag and are designed to support high-level performance. Podium looks feature classic Actively Black athleisure styles in white, with the Nigerian eagle symbolizing the country’s strength.



Each outfit will be accessorized with gele (traditional headgear) for women and fila (hats) for men.

Sports couture for the Olympics; image by Sammy Oguejiofor1

‘Collection Showcases The Diversity And Cultural Nuance Of Nigerian Identity’: Former NBA Player’s Company Will Dress Team Nigeria At The Olympics

Inspired by the city of Timbuktu in Mali, the timbuktoo initiative aims to spur the growth of entrepreneurial ventures across Africa.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
“…there is no shortage of capital in the world. The issue is that it is not flowing towards the businesses and startups in the location where it is needed the most.”
</blockquote>



The United Nations Development Programme (UNDP) and the timbuktoo Africa Innovation Foundation launched the timbuktoo Fintech Hub, the first of 10 thematic hubs, at UNDP’s innovation center in Lagos, Nigeria.



“We will bring together both commercial and catalytic funds to reduce the risks associated with private investment and foster a comprehensive startup ecosystem,” Ahunna Eziakonwa, United Nations (UN) Assistant Secretary-General and UNDP Regional Director for Africa, tells FORBES AFRICA.



The thematic hubs will support young innovators in sectors such as agritech, healthtech, greentech, tradetech, tourismtech, edtech, the creative industry, and from Smart Cities. The fintech hub in Lagos will offer a workspace for startups and established companies, providing mentorship and guidance. The first cohort includes 42 young Africans from 31 countries who have already commenced a boot camp designed to elevate their startups.



With venture capital inflows to Africa significantly declining, on strategies the UNDP will employ to attract local and international investment to support the $1 billion fund and technology hubs, Eziakonwa explains, “The reality is that there is no shortage of capital in the world. The issue is that it is not flowing towards the businesses and startups in the location where it is needed the most. We have been listening to investors who tell us there is too much risk in investing in African markets; they say we don’t see a viable pipeline of businesses to invest in. This is where timbuktoo comes in to address these challenges.”



On sustainability and long-term impact, Eziakonwa says, “We recognize that there needs to be upfront investment to make timbuktoo work. This is where UNDP comes in as an early-stage investor, giving the needed push that the ecosystem needs. However, we are cognizant that sustainability will come through partnerships, and we already have a number of governments and academic institutions signing up to implement both UniPods and Hubs. We are developing sound business models where services can be delivered at affordable costs for our small enterprises.”



Ifelade Ayodele, CEO and Founder of fintech firm Blaaiz, believes the initiative will foster collaboration among fintech players with shared values. However, he notes a potential challenge in gaining adequate support from African governments.



&#8220;A way to proactively cater to this and realize the intended benefits of the scheme would be for fintechs to adopt a collaborative approach that ensures a decent number of them are invested in any initiative/solution that would mature to further conversations/support from the relevant governments,&#8221; says Ifelade.



On lessons the UNDP has learned from previous innovation initiatives in Africa, and how these lessons are being applied to ensure the success of this new project, Elsie Attafuah, UNDP Resident Representative in Nigeria, shares, &#8220;The role of governments—at sub-national, national, regional, and continental levels—remains critical in ensuring conducive conditions for startups to thrive. The legal and policy environment



is vital for scale. Entrepreneurship on the continent will also thrive if the public sector is perceived as a possible end-user of solutions. Scale can only be achieved through deliberate uptake of solutions by the public sector.&#8221;



Attafuah also touches on reclaiming the place of impact in startup support. &#8220;Impact in this regard is much more than the monetary returns; rather, it’s the value that is generated by the venture. The central premise is that solutions that respond to a real problem are most likely to translate into commercially viable ventures.&#8221;



Speaking of measures that will be put in place to ensure that the initiatives are inclusive and accessible to underrepresented groups, William Tsuma, Head of UNDP Innovation Center Lagos and Chief Innovation Officer, explains, &#8220;Inclusivity is the foundation upon which the timbuktoo initiative will succeed. The best way to achieve this is by leveraging the ecosystem in its totality across the design and implementation —but most importantly — during pipeline activation. Ensuring emerging markets are represented, underserved communities, young women, persons living with disabilities, etc.&#8221;



Tsuma continues: &#8220;There is a deliberate effort to close the gap between problem-holders and solution providers. In this regard, placing emphasis on user-led solutions and accelerating businesses/ventures around them. This allows for inclusion as people close to the problem have a better understanding of the probable solution.&#8221;

Male Senior Software Developer Writing Code On Desktop Computer With Two Displays Setup in Stylish Office. Black Man Working On Mobile Application For Online Service of Modern Start-up Company.

Timbuktoo’s $1 Billion Africa Initiative Kicks Off With Fintech Hub In Lagos

Despite the overall funding decline, a significant portion of investments was directed towards climate tech, which accounted for 45% of all startup funding in Africa this year. Experts offer more insights.



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Fintech, while second in total amount raised, had the most startups securing $1 million or more during the period. However, female-founded and female-led startups continued to receive minimal funding, with 85% going to ventures without a female founder and 92% to companies led by male CEOs.
</blockquote>



Venture capital (VC) investments in Africa have hit a four-year low, with startups raising only $780 million in the first half of the year, according to research firm Africa: The Big Deal.



This figure represents a -31% drop compared to the second half of 2023 and a -57% decline from the first half of 2023, taking seasonality into account.



Dotun Olowoporoku, Managing Partner of pan-African seed stage fund Ventures Platform, tells FORBES AFRICA: &#8220;The recent drop is not entirely out of sync with the global trend in the VC &#8216;funding winter&#8217;. However, there’s hope for improvement as several VC funds have recently been closed, providing significant capital reserves, or &#8216;dry powder&#8217;, specifically for early and growth-stage startups in Africa.&#8221;



Two-thirds of the total funding was equity, and one-third was debt — a notable increase from the 17% average debt share since 2019. The bulk of investments, four out of every five dollars, flowed to startups in Africa&#8217;s ‘Big Four’ — Nigeria, South Africa, Kenya, and Egypt — with Kenya alone accounting for one-third of the total funding.



To enhance tech funding in other African countries, Olowoporoku identifies &#8220;seven main factors needed to work in sync to enable growth in the tech ecosystem and, by extension, tech funding”.



“These factors include the availability of seed risk capital, outsized entrepreneurial ambition, high-capacity technical talent pool, a large and expanding market, a sizeable number of curious early adopters, an enabling and responsive regulatory environment, and long-term stable political conditions.



&#8220;While the &#8216;Big Four&#8217; have benefited from some of these factors naturally, but deliberate efforts by ecosystem builders have been essential in integrating these elements to create structural advantages. Other African nations need to enable their ecosystem builders to synchronize these factors and overcome obstacles to bolster their tech funding lands,&#8221; he says.



The transport and logistics sector led the way, securing 28% of the funding, influenced by major deals involving companies like Moove and Spiro. Fintech, while second in total amount raised, had the most startups securing $1 million or more during the period.



However, female-founded and female-led startups continued to receive minimal funding, with 85% going to ventures without a female founder and 92% to companies led by male CEOs.



Kristin Wilson, Managing Partner of venture capital firm Innovate Africa Fund, observes a noticeable shift in investment strategies. &#8220;In theory, it does mean that investors are becoming more selective, focusing on startups with robust business models and clear paths to profitability. In practice, we’ve seen a lot of



regional diversification being explored to uncover untapped opportunities beyond traditional tech hubs like Nigeria, Kenya, and South Africa,&#8221; she tells FORBES AFRICA.



Wilson highlights an intensified emphasis on due diligence, which she hopes indicates a move towards sustainable, scalable solutions, particularly in sectors like fintech and climate tech.



However, she also expects a wave of consolidation within the tech ecosystem. &#8220;The funding crunch forces weaker startups to concede to acquisition offers from stronger startups. Investors should expect slower growth as startups navigate limited funding options, take more cautious approaches to scaling, and focus on core operations to conserve cash.&#8221;



For entrepreneurs seeking funding in this tight market, Wilson advises focusing on business fundamentals and building internal alignment. &#8220;Entrepreneurs should strengthen their revenue models and ensure clarity for boards, investors, and teams. Building internal stakeholder alignment increases the likelihood of maintaining sustainable operations that prioritize efficiency,&#8221; she explains.



Wilson encourages founders to build strong networks and leverage mentorship opportunities. &#8220;Leveraging the time away from chasing unproductive investment conversations allows them to gain valuable insights and quickly identify opportunities that they can capitalize on when capital becomes more available.&#8221;

Collage image of hands interacting with bar graph

African Tech Funding Hits Four-Year Low Amid Global VC Downturn. The Way Forward

Africa’s richest man Aliko Dangote and other members of a new 31-member economic council will meet and report monthly to Nigeria&#8217;s President, who has presented an emergency plan for the next six months.



Aliko Dangote, President of the Dangote Group, expressed optimism about Nigeria&#8217;s economic future following his recent inauguration into the Presidential Economic Coordination Council (PECC) by President Bola Tinubu at the State House in Abuja, the country’s Federal Capital Territory.



The council includes a mix of government officials, top private sector players, and consultants, such as Dangote; Abdulsamad Rabiu, founder of BUA Group and Nigeria&#8217;s third wealthiest individual; and Tony Elumelu, Chairman of the United Bank for Africa (UBA).


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="333" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1024x333.jpg" alt="" class="wp-image-62363" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1024x333.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-300x98.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-768x250.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group-1536x499.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/PECC-image-courtesy-Dangote-Group.jpg 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">PECC; image courtesy Dangote Group</figcaption></figure></div>


Nigeria, Africa&#8217;s most populous nation, has been grappling with economic issues such as high unemployment rates, inflation, and infrastructural deficits. The new council, as outlined by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, aims to tackle these challenges head-on with interventions amounting to nearly ₦2 trillion (approximately $1.3 billion). This includes investments in sectors such as gas.



&#8220;You can see intervention in gas. What the Honourable Minister said earlier on, getting [Obiafu-Obrikom-Oben gas pipeline project] OB3 alone to work will have an additional $2 billion inward into the economy. It will help,&#8221; Dangote explained to the press, referring to the $700 million gas pipeline project in southern Nigeria, which, upon its proposed completion in August, is expected to enhance gas supply, boost industrial activities, and generate substantial revenue.



&#8220;Our role in the private sector is to invest heavily and create jobs. The government doesn&#8217;t really create jobs; they provide the right policies, which we now have,&#8221; the founder and chair of Dangote Cement, the continent&#8217;s largest cement producer, added.



He also stressed the need for collaborative efforts to implement effective economic policies. “I think the choice of people we have at this presidential economic coordinating committee is good enough to advise the government on how to implement.&#8221;



Despite the nation&#8217;s current economic woes, Dangote remains optimistic about Nigeria&#8217;s potential for rapid recovery and growth. &#8220;Our issues are not that bad. This economy can be turned around within a few months, and I think we&#8217;re on that path…we&#8217;ll start meeting immediately, and I assure you, you&#8217;ll see a lot of changes coming.



&#8220;I know everyone is in a hurry, but we have what it takes to turn this economy around. Things are not going to be bad. We&#8217;re not going to hit rock bottom; instead, we&#8217;re going to rise and make every Nigerian proud to be Nigerian,&#8221; Dangote said.

Nigerians struggle with the cost of living

New Presidential Council In Nigeria To Turn Around Economy Includes Billionaires Dangote And Rabiu

The Space Exploration &amp; Research Agency (SERA) has partnered with Nigeria’s National Space Research and Development Agency (NASRDA) to send a Nigerian astronaut aboard Blue Origin’s New Shepard suborbital rocket.



SERA’s initiative aims to enhance representation in space exploration, welcoming citizens from historically underrepresented nations, including India and Small Island Developing States (SIDS).



“In terms of direct impact, the mission will mark historic firsts for a number of nations, gradually reducing the long list of countries that have never ventured into space. We hope this generates public support for national space programs and private investment in the new space economy,” Sam Hutchison, SERA&#8217;s co-founder, shares with FORBES AFRICA.



Nigeria launched its first satellite, Nigeria Sat-1, in 2003, and has since deployed five additional satellites.



The selected participants will experience an 11-minute flight, crossing the Kármán line — the internationally recognized boundary of space — situated 100 kilometers (62 miles) above Earth’s surface. Rigorous training awaits them at Blue Origin’s launch site in West Texas, beginning three days before the flight.



“In partnership with leading space research institutions, we will provide a platform for students, researchers, and the general public to propose experiments within defined parameters that will be performed during the flight. This allows us to involve a broader community directly in the mission and promote science, technology, engineering and mathematics (STEM) uptake in participating nations,” says Hutchison.



While Blue Origin’s launch schedule remains undisclosed, mission registration will open in August, with final crew selection expected in the last quarter of this year.



Aspiring candidates must meet specific physical criteria and pay a $2.50 fee for verification checks. However, Hutchison notes: “We are exploring regional and global partnerships and sponsors that would potentially reduce or eliminate this fee for select mission participants.”



Candidates will undergo public voting, with the sixth global seat open to votes from any country.



This initiative follows SERA’s successful mission in 2022, when Brazilian civil engineer Victor Hespanha became the second astronaut from his country to journey into space.



“In the weeks following Victor&#8217;s mission, we recognized the profound impact this program could have across nearly 150 nations that have never had an astronaut, and even those with limited representation like Brazil. While Victor’s selection was fortunate, we believe it would be more meaningful and engaging to allow the public in each partner nation or group of nations to democratically select the astronaut,” shares Hutchison.

Astronaut Standing On The Moon Looking Towards A Distant Earth

‘Will Mark Historic Firsts’: Mission To Send A Nigerian Citizen To Space

The largest economy in the West African Economic and Monetary Union (WAEMU) is set to boost its oil production by 2027, driven by new oil and gas finds in the Baleine and Calao offshore fields.



The President of Ivory Coast, Alassane Ouattara, recently announced to a joint session of parliament that oil output is expected to more than triple, rising from 60,000 barrels per day to 200,000 barrels per day. To achieve this, over $15 billion is projected to be invested in the oil sector in the country, also known as Côte d&#8217;Ivoire.



Known as the world&#8217;s top exporter of cocoa and raw cashew nuts, and boasting a strong manufacturing sector, the country&#8217;s economy is expected to grow at around 7% annually from 2024 to 2027.



Italian company Eni plans to invest $10 billion in the Baleine field, with development spanning three phases from 2023 to 2027. The Baleine field, discovered by Eni in 2021, has estimated reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas. The Calao field, discovered in March, could hold between 1 billion and 1.5 billion barrels of oil.



Despite global challenges such as rising import prices and interest rates, Ivory Coast&#8217;s economy has seen growth rates of 6.9% in 2022 and 6.4% in 2023, experiencing some of the fastest sustained economic growth in sub-Saharan Africa.



&#8220;The latest ratings of our country by the rating agencies have all confirmed the resilience of our economy. Ivory Coast is today the ninth economy on the African continent, the third in French-speaking Africa after Algeria and Morocco, and the second economy in West Africa after Nigeria,&#8221; Ouattara told the joint session of parliament.

Key Speakers At Group of 20 Investment Summit

Cocoa Giant Ivory Coast Eyes 7% Annual Growth With Oil Sector Expansion

With financing partners on board, Nigeria is transforming its energy landscape, tackling a longstanding crisis that has deprived approximately 40% of its population – 85 million people – of access to electricity, a vital driver of economic growth and development.



This aligns with the new World Bank and African Development Bank Group’s (AfDB) ambition to provide 300 million people in Africa with electricity access by 2030.



In August, World Bank President Ajay Banga visited Nigeria to support the country&#8217;s energy development as the institution aims to partner with the Nigerian government and private sector to fund the construction of 1,000 mini solar power grids. Already, the World Bank&#8217;s $350 million support for the Nigeria Electrification Project (NEP) has deployed a 60 kilowatt-peak (kWp) solar mini-grid in Petti Village, Abuja, bringing sustainable energy to the agrarian community in the Federal Capital Territory (FCT).



In November, the government partnered with Sun Africa LLC, a United States-based renewable energy solutions provider, to launch a $2.2 billion initiative, aiming to deliver 961 megawatts peak (MWp) of solar photovoltaic (PV) generation infrastructure and 455 megawatt-hours (MWh) of battery energy storage systems.



&#8220;Nigeria is leading all of Africa in bringing distributed renewable energy to communities that have not yet benefited from low-cost, affordable, and reliable electricity access,” Rajiv Shah, President of the Rockefeller Foundation, shared with FORBES AFRICA in the country’s commercial capital, Lagos, during a recent three-day visit.



At a time when Nigeria’s unemployment rate is rising and an estimated 3.5 million people are joining the workforce every year, Shah considers the success of the initiatives supported by his foundation and the Global Energy Alliance for People and Planet (GEAPP) to be “perhaps one of the highest priorities for Africa as a continent”.



He stresses that access to electricity is a vital precursor to creating jobs, livelihoods, and opportunities, pointing to the example of an interconnected mini-grid site in the Toto community of Nasarawa State, northern Nigeria. This community had been plagued by darkness for a decade, but now thrives with reliable power, a feat he describes as &#8220;an extraordinary accomplishment&#8221;.



As African countries experience debt distress, he believes that successful electrification programs can reverse this trend, reigniting inclusive development and advancing progress toward the United Nations’ Sustainable Development Goals (SDGs).



&#8220;It takes all of us working together to support bringing renewable electricity to 300 million people on the continent. Nigerian developers will become leaders in this sector, Nigerian banks and commercial institutions will provide most of the financing, and Nigerian government and public sector leaders, starting with the president and the finance minister, are creating the policies that will enable this success,&#8221; Shah said.

Nigeria Unplugs From Dirty Generators in Sudden Solar Gamble

‘Leading All Of Africa’: Nigeria’s Path Towards The Renewable Energy Revolution

Armed with a doctoral degree in Cybernetics from the University of Reading, United Kingdom, Rose-Margaret Ekeng-Itua is reportedly the first Black woman to achieve such a feat.



In the 1980s, between the ages of five and 10, Rose-Margaret Ekeng-Itua lived in the West and attended schools where she was one of the very few students of African heritage. Innocently, some of her friends would ask questions about Africa, but often, the Africa they talked about was portrayed as uncivilized.



&#8220;This was a complete contradiction to the Africa I knew, so I began sharing stories with my friends about the Africa I knew, steeped in wisdom and ancestral civilization,&#8221; reminisces Ekeng-Itua, a Nigerian professor of engineering at Ohlone College in Fremont, California.



At the age of nine, her experiences sparked a dream to connect people worldwide, aiming to enhance what she now calls &#8220;cultural quotient&#8221;. She envisioned a platform where individuals could learn about and appreciate diverse cultures, overcoming stereotypes and misconceptions that often accompany cultural differences.



Thus, the seeds of Sabi Africa Network (Sabi, meaning &#8216;know&#8217; in pidgin English) were sown, later actualizing in the 2000s with a vision to illuminate &#8220;Africa’s pioneering role in science, engineering and technology&#8221;.



As Ekeng-itua’s journey progressed, she found herself at the forefront of a movement to redefine the narrative of Africa in the global science, technology, engineering and mathematics (STEM) landscape. Armed with a doctoral degree in Cybernetics from the University of Reading, United Kingdom, she reportedly emerged as the first Black woman to achieve such a feat.



Driven by her passion for decolonizing STEM education and promoting diversity in the field, Ekeng-Itua established the African Technology and Innovation Institute (AFRITECHI), a knowledge transfer hub, and technological research support center. In addition to the Sabi Africa Network, she aims to mainstream Africa-centric STEM education pedagogy and curriculum, empowering young Africans to embrace their potentials.



“African and other indigenous technological innovations can solve most of the global issues highlighted in the United Nations’ Sustainable Development Goals (UNSDGs),” she asserts.



Through AFRITECHI, Ekeng-Itua seeks to bridge the techno-economic gap between the global north and south, empowering African innovators to lead the way in sustainable development. With a focus on research, training, and consultancy, she aims to cultivate a thriving ecosystem of indigenous technology innovation, reducing the continent’s dependency on imported technologies.



As a leader in academia and industry for over two decades, she recognizes the importance of bridging the gap between theoretical knowledge and practical applications in STEM education. &#8220;Intentional academia, industry, government partnerships are key for the reduction in youth unemployment and the graduate industry desirable skills gap,&#8221; she says.



Ekeng-Itua also serves her communities in the United States, Europe, and Africa through various initiatives, including special programs for women and girls, such as Women in Big Data (WiBD) Nigeria and the Women in STEAM Mentoring Dinner in California, which connects women students and industry professionals.

Rose-Margaret Ekeng-Itua; image by Jkay Photography1

Nigerian Cybernetics Pioneer On Vision For Africa-Centric Innovation

FORBES AFRICA attended the second edition of the Benin International Arts Festival and found the tiny West African nation to be a hub of creativity with an emerging pool of talent.



As the sun dipped below the horizon, casting its glow over the streets of Cotonou, the Palais des Congrès (Congress Palace) and Place de l&#8217;Amazone (Amazon Square) came alive with an array of colors, rhythms, and stories from April 23 to 28 at the second edition of the Benin International Arts Festival (FinAB).



&#8220;FinAB is a multicultural platform that aims to unite youth and adults around their passions for the arts. It is a beautiful festival full of colors and rich in animation. The debate conferences on FinAB are moments of exchange where you learn a lot from our experts from across Africa,&#8221; shares Ulrich Adjovi, the founder of FinAB.



The air was electric with anticipation as artists, cultural mavens, and eager enthusiasts converged to explore a diverse range of topics, including the role of technology in advancing creative cultural industries, organizational and financial strategies within the fashion sector, monetization methods in the digital music landscape, the current state of the film industry, and the challenges surrounding financing festivals in Africa, under the theme: Identity and Multiculturalism: Impacts on Africa&#8217;s Creative Cultural Industries.



Def Jam Africa’s Expansion In French-Speaking Markets



Trickling in on the second day of the festival was news of Universal Music France (UMF), a division of Universal Music Group (UMG), unveiling a collaboration with Binetou Sylla, Senegalese producer and founder of Wèrè Wèrè Music label, to lead Def Jam Africa&#8217;s expansion within French-speaking markets on the continent.



&#8220;It&#8217;s a partnership meant to expand opportunities for regional talent under a label [Def Jam Africa] I personally launched, which will continue to thrive within Universal Music,&#8221; Franck Kacou, Managing Director of Universal Music Africa, shares with FORBES AFRICA on the sidelines of the festival.



The alliance between Universal Music France and Sylla&#8217;s expertise represents a pivotal moment in African music&#8217;s global trajectory.



With the continent&#8217;s music market experiencing unprecedented growth, Kacou emphasizes the broader implications of this collaboration, stating, &#8220;This label also operates in English-speaking countries. The aim of this partnership is to promote African French-speaking urban country talent. It&#8217;s excellent news. Now, what has been achieved and what is currently underway in English-speaking countries should serve as inspiration for French-speaking counterparts. Instead of comparing these two realities, let&#8217;s draw inspiration from African English-speaking countries to nurture the development of the French-speaking African music industry.&#8221;



Unlocking Benin&#8217;s Cinematic Potential



Beninese film director and actor Kismath Baguiri underscores the urgent need for governmental intervention to invigorate the country&#8217;s cinematic landscape.



Baguiri says, &#8220;The Beninese government must create an administrative and legal framework to allow productions to flourish.&#8221;



&#8220;Creating a conducive environment for the development is crucial because without it, what life will these works have? Where will they be distributed? What will the return on investment be? What impacts will this have on the local economic sector?&#8221; queries Baguiri.



Highlighting the multifaceted potential of the industry, Baguiri states, &#8220;We are creatives. We are the spokespersons for the culture we want to sell locally and internationally. We are the creators of an art that goes beyond the artist.&#8221;



In advocating for collaboration, Baguiri stresses, &#8220;It&#8217;s important to engage with those who are already doing it successfully to understand what works for them and adapt it to our realities and context.&#8221;



Echoing Baguiri&#8217;s sentiments, another Beninese film director Claude Balogoun notes the urgent need for practical structuring within the film sector. &#8220;We need laws to govern cinema, especially the cinematographic code.&#8221;



Balogoun further mentions the importance of collaboration with other countries, citing Nigeria, Côte d&#8217;Ivoire, Ghana, and Burkina Faso as potential partners. &#8220;Benin benefits by opening up to others,&#8221; he states.



Securing Funding And Harnessing Economic Potential Of African Festivals



Senegalese rapper Didier Awadi explains the importance of a visionary approach: &#8220;You need to have a vision, be original, and demonstrate your commitment.&#8221; Awadi underscores the necessity of proving a project&#8217;s viability and profitability to attract investors, emphasizing the pivotal role of a solid foundation.


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied-1024x683.jpg" alt="" class="wp-image-62104" style="width:552px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/Local-fashion-fervor-at-Benins-art-festival-image-supplied.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Local fashion fervor at Benin&#8217;s art festival (image supplied)</figcaption></figure></div>


Highlighting the economic impact, Awadi points to festivals like the Timitar Festival in Agadir and the Niger’s Ségou Art festival in Mali as catalysts for local economic growth. &#8220;Those festivals change the mood of their respective cities,&#8221; he observes, noting the widespread engagement from hoteliers to artisans, positioning festivals as significant economic drivers.



Mohamed Doumbia, of the African Culture Fund in Mali, advocates for indigenous development as the cornerstone of sustainable festival financing. &#8220;We have always worked to gather local intelligences, strengths, and resources first, upon which we primarily rely to gradually build an organization similar to those in Northern countries,&#8221; Doumbia narrates.



Moroccan cultural manager Brahim El Mazned reflects on the need for continual justification and networking in securing funding. &#8220;In the cultural sector, nothing is granted,&#8221; he acknowledges, emphasizing the importance of building sustainable partnerships beyond single editions.



He adds: “All studies, whether in Africa or elsewhere, justify that culture has a significant impact on a country&#8217;s economy. For the community, a festival is an opportunity for reunions, joy, conviviality, wellbeing, and peace. That&#8217;s priceless.”



Influencer Grateful For Support



Beninese influencer Ery emerged victorious at the closing ceremony of the festival, showcasing her gratitude for the support she&#8217;s received.



&#8220;It&#8217;s grace and I just want to thank those who always support me,&#8221; Ery shares with FORBES AFRICA.



Acknowledging the expectations placed upon her, Ery reveals her determination to push further. &#8220;They are asking me to work hard. To not sleep again because this reward is like a boost. So I can&#8217;t stop,&#8221; she asserts.



Promising her followers more engaging content, she adds, &#8220;I will create more content, in music, dance to make proud my followers.&#8221;



Reflecting on the significance of personal branding in her field, Ery discloses its potential for lucrative opportunities. &#8220;I think that in our domain, it is important to build a brand and keep our image,&#8221; she explains. &#8220;Therefore thanks to your image, you can have many opportunities. By doing so, a big company hires your communication skills to promote their brand. That can be a big source of income for you and the company.&#8221;



Fashion Designer Praises Innovation In Local Fashion Scene



Beninese fashion designer Bakari Abdoul shares his excitement about the evolving fashion landscape in Benin, following his experience at the festival&#8217;s fashion parade.



&#8220;This is my first time attending this kind of show. A fashion parade like musicals,&#8221; Abdoul remarks. &#8220;I was not expecting such an innovation in Beninese fashion. I really like it and it is a pleasure to be among the first people that took part of it. The fashion industry is taking off in our country. It&#8217;s developing fast, because previously, nothing was moving on.”



“In a few years, Benin will be proudly represented all over the world. The fashion industry has a significant impact on the economy of the country. Our government noticed that and they started investing in our domain.”

Musical notes in Benin; image supplied

Fashion And Cinema From Benin? And There’s More  

First gaining prominence in 2015, skit-makers in Nigeria have continued to boom, with unprecedented collaborations between comedic content creators, both local and international. It’s a funny but lucrative business.



Nigeria, Africa’s powerhouse in the entertainment industry, is witnessing an unprecedented boom in its creative economy, particularly in the realm of skit-making. With the creative economy increasingly contributing to the Gross Domestic Product of the country, as multiple reports and statistics attest, the Nigerian skit-making industry too is not only flourishing but also redefining the landscape of entertainment.



The Covid-19 pandemic served as a catalyst for the exponential growth and attention garnered by Nigerian skit-makers. As total lockdowns necessitated innovative forms of entertainment, skit-makers seized the opportunity, devising new ways to captivate audiences through collaborations and featuring prominent actors and musicians. These newcomers are making significant breakthroughs, reshaping the narrative.



According to Dataleum, a global talent accelerator, skit-making ranks as the third-largest entertainment industry in Nigeria, with a net worth surpassing ₦50 billion ($31.2 million). The industry now doubles as a source of amusement and a substantial source of employment, as noted by the Africa Polling Institute (API); 90% of Nigerians polled viewed comedy skits as a viable means of employment, highlighting the industry’s socio-economic impact.



The stage is now set for the proliferation of these creative endeavors. While Instagram is the primary platform for most skit- makers, YouTube also sees significant engagement for skit videos. Some Nigerian skit-makers reportedly earn over $20,000 monthly. The industry has also attracted transnational collaborations, including a recent one involving Maryam Apaokagi, known popularly as Taaooma, and American actor Terry Crews. Kai Cenat, an American online streamer and YouTuber, also recently visited Nigeria. Following his visit, his colleague Darren Jason Watkins Jr., known online as IShowSpeed, also declared his intention to visit soon.



Olufemi Oguntamu, CEO of Penzaarville Africa, a media agency offering services such as talent management, shares with FORBES AFRICA: “We are highly tech-savvy in Nigeria, constantly glued to our phones.



With our large population and abundance of creativity, we are well-positioned to innovate. Despite challenges, Nigeria fosters an environment conducive to creativity. We have the knack for turning situations around, finding humor in our everyday lives, which resonates with viewers and fosters relatability.”



The evolution of skit-making has not gone unnoticed, with dedicated awards recognizing the contributions of these digital creators. Yet, amidst the glitz and glamor, Oguntamu issues a word of caution. “I just really wish and hope that content creators invest. You might be enjoying attention this moment, but the industry is very seasonal. You just have to make the best of the opportunity.”



We profile some of Nigeria’s prominent skit-makers and their journeys so far:



MAKING OF THE PURE WATER SELLER



Sophia Ikemba, popularly known as Soso or Real Sophy, is an actor, influencer, content creator, model, and chef.



Her journey began in 2019 when her makeup-free photos started attracting attention. Yet, it wasn’t until 2021 that Ikemba stepped into the spotlight of content creation with her alter ego, ‘Soso, The Pure Water Seller’. She explained the shift to Nigerian newspaper Daily Trust: “My journey into comedy and skit content was started by my creative director, popularly known as ‘Chalzani’. He pitched the idea to me, including the name and style/personality of my new character. At first, I was skeptical about it, but eventually, I started.”



Central to Ikemba’s success is her dedication to forging bonds with her audience. Speaking to FORBES AFRICA, she reveals:



“I try to reply to their comments because when you do that – including interaction – it makes them feel closer to you and you strike that bond with them.” She doesn’t just respond formally; she engages fostering an environment where fans feel like friends.


<div class="wp-block-image">
<figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" width="410" height="512" src="https://cms.forbesafrica.com/wp-content/uploads/2024/06/Kiekie-image-by-Illuszionz-Photo-Studio.jpg" alt="" class="wp-image-62060" style="width:349px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/06/Kiekie-image-by-Illuszionz-Photo-Studio.jpg 410w, https://cms.forbesafrica.com/wp-content/uploads/2024/06/Kiekie-image-by-Illuszionz-Photo-Studio-240x300.jpg 240w" sizes="(max-width: 410px) 100vw, 410px" /><figcaption class="wp-element-caption">Adeaga-Ilori (Photo Supplied)</figcaption></figure></div>


Consistency, she asserts, is the cornerstone of her craft. “If the consistency is not there, people might stop interacting with your page,” she cautions. Despite the challenges, she perseveres, drawing inspiration from real-life situations and trends that permeate social media. “My content comes from real-life situations,” she explains. “I try to create realistic and relatable content. It’s not like I sit down to really come up with those ideas, it just comes; just everyday happenings.”



In a digital ecosystem where trends ebb and flow like tides, Ikemba navigates with experience. “I follow trends and make skits out of them because I am always online,” she divulges. “When you see these trends, you do your best to create something in your own way.”



COMEDY’S LEGAL LUMINARY



Isaac Olayiwola, better known as Layi Wasabi, is not your typical skit-maker. Armed with a law degree and a sense of humor, he is carving out a unique niche in the content creation space.



“I have always been someone who had a knack for comedy. Studying law [at Bowen University in Nigeria] gave me the adequate knowledge I needed for the character I now play as ‘The Law’ in my skits,” Olayiwola shares with FORBES AFRICA.



With a following of over two million on Instagram from 300,000 early last year, his skits, infused with legal references and sharp wit, garnered 133.2 million views in 2023, according to Dataleum. From portraying The Law to embodying the motivational speaker persona, Mr. Richard, he is known for his versatility.



“I decided on skit-making six years ago, and my longest-held dream was to become a standup comic. However, skit-making didn’t take off until it became widely accepted on the internet and became relevant in Nigeria. I realized that I understood human nature well enough to excel at it. Creating skits seemed like an easier route to take compared to working my way through standup bars to become a recognized comic. Although the idea of skit-making came to me six years ago, I didn’t become actively involved until three years ago,” he narrates to FORBES AFRICA.



Olayiwola, who recently landed roles in notable movies, shares: “I definitely envisaged it. If I didn’t get it, I was determined to make it happen. I have always believed I belonged on the big screen. My work as a skit-maker has been paving the way for me to take on roles in movies.”



The journey has not been without its challenges though. “I am just getting started. There is a lot I am still to do. My fans should expect more.” In navigating the world of content creation, he offers sage advice: “Stay natural and do what feels personal to you. The most universal ideas are very personal. When I started doing skits about lawyers, they were things I personally found funny. I did not envisage that a lot of people would enjoy it.”



Looking ahead, he is eager to collaborate with fellow creators. “I enjoy watching a lot of my colleagues, and I look forward to collaborations in the future,” he says with enthusiasm.



BREAKING BARRIERS IN CONTENT CREATION



Content creator Oluwabukunmi Adeaga-Ilori, popularly known as Kiekie, has transcended boundaries with talent and passion.



The numbers record her rise. According to Dataleum, Kiekie’s Instagram following witnessed a surge throughout 2023, soaring from 2.1 million followers in the first quarter to 3.1 million by the year’s end. Her presence garnered 93 million views from 106 skits.



“I began my journey in content creation back in 2013, initially focusing on uploading videos to my YouTube channel,” Adeaga- Ilori reminisces with FORBES AFRICA. “At the time, I delved into content centered around celebrities and style.” However, it was her breakthrough moment in 2018 with the Fashion Shock Show that catapulted her into the limelight. Collaborations with fellow skit- makers such as Edem Victor and Oluwadolarz further solidified her presence in the digital sphere.



Reflecting on her evolution, Adeaga-Ilori shares, “Despite my background in fashion content, my penchant for humor led me to embrace comedy wholeheartedly, marking the official launch of my personal content in the skit-making realm in 2021.”



Amidst setbacks, she was determined. “What has kept me going despite the challenges is my unwavering commitment to realizing my dreams. Moreover, the vastness of this industry, teeming with exceptional talent, fuels my excitement for meeting new individuals, collaborating, and embracing fresh experiences.”



Her appointment in 2022 as the brand ambassador for Bowen University, her alma mater, was a testament to her growing influence and impact. “It was truly remarkable. The entire administration, including the Vice Chancellor, extended a warm welcome. As I stepped onto campus, I was met with an overwhelming reception, reminiscent of my first days at the university.”



Offering advice to aspiring creators, Adeaga-Ilori emphasizes authenticity. “Embrace your uniqueness, for therein lies your greatest strength. Authenticity is key to standing out in a crowded digital landscape.” As she ponders the future of content creation in Nigeria, Adeaga-Ilori remains optimistic. “The evolution of skit-making and its widespread acceptance in Nigeria is truly remarkable. We are witnessing unprecedented collaborations between international brands and content creators, opening doors to diverse opportunities.”



MASTERING EVERYDAY COMEDY



Mark Angel, the creative force behind the popular Mark Angel Comedy series on YouTube, has mastered the art of bringing everyday humor to audiences worldwide.



With his knack for relatable characters and perfectly-timed jokes, Angel has carved out a niche in the skit-making world, attracting a plaque from YouTube in 2017 for running the first African comedy channel to reach one million subscribers.



“The internet is booming and I studied the market as well. I also noticed no marketer would want to market any content from an unknown producer. Also, it is cheaper and there are so many bloggers too. The internet is the future of arts and entertainment,” Angel shared in an interview with Punch.



His journey to success began with him starring in his own skits, but it was the introduction of his young niece, Emmanuella Samuel, that proved to be a turning point. Together, they became



an unstoppable comedic duo, captivating audiences with their natural chemistry and comedic timing. His dedication to clean, family-friendly comedy has resonated with audiences of all ages, propelling his channel to unprecedented heights. With over nine million YouTube subscribers, Mark Angel Comedy reportedly stands as the first African comedy channel to achieve such a milestone, cementing Angel’s status as a household name in the skit comedy scene. Last year alone, Angel’s 196 skit videos posted on Instagram amassed 196.9 million views, accompanied by 12.1 million likes and over 208,000 comments.

Happy woman, selfie or video call for social media, influencer content creation and online blog on a white background. African person with smile and excited for profile picture photography in studio

Jokes Apart: Nigeria’s Skit-Makers Are Laughing All The Way To The Bank

On the recent three-day visit to Nigeria with her husband Prince Harry, the Duchess of Sussex, Meghan Markle, impressed, also inadvertently bringing local fashion to the spotlight.



She had joined the Duke of Sussex to the West African country to promote Invictus Games, a multi-sport event empowering serving military members and veterans to overcome physical and mental challenges.



During an event for leading Nigerian women leaders in Abuja, moderated by media mogul Mo Abudu, Markle was on stage, alongside Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), wearing a bright red dress from Oriré (meaning good luck in Yoruba), a bespoke women’s clothing brand, perhaps as a nod to her Nigerian heritage.



Known as the Dire Dress, priced at ₦255,000 ($173), the strappy mid-length outfit quickly went viral on social media.



Perhaps struggling to keep up with the demand, the brand issued a statement on Instagram: &#8220;We are experiencing some downtime on the website due to unanticipated volume of traffic. Our team is working on getting it back up as soon as possible. Thank you for your patience.&#8221;



As of now, the online store is back up, with the Dire Dress available for pre-order only.



While on tour, the royal couple also visited the Lightway Academy in the Federal Capital Territory of Abuja, where they interacted with children and learned about the institution&#8217;s initiatives.



At the Nigeria Unconquered charity in the same city, the Prince engaged in a game of sitting volleyball with army veterans, as Markle watched from the sidelines. He also spent time with wounded and injured Nigerian service members at the 44 Nigerian Army Reference Hospital in Kaduna, Northern Nigeria.



&#8220;It’s about looking at the bigger picture – promoting social causes and impacting lives,&#8221; Nigerian analyst Damilare Asiwaju shares with FORBES AFRICA. &#8220;Nigeria right now is going through one of the most difficult times in history and a little bit of social welfare engagement would do no harm.&#8221;



&#8220;Be it the organizing of the charity sporting event for veterans living with disabilities to try and give them a life back or the co-hosting of a women’s leadership event where the advocacy for gender equality was brought to the fore or the inspirational heartwarming discussions with young students, Nigeria didn’t just roll out a red carpet for the Duke and Duchess of Sussex just for public fanfare alone, we benefited from the benevolence of two &#8216;private individuals&#8217; who have dedicated their lives to make the underprivileged &#8216;royalty&#8217; too.&#8221;

The Duke and Duchess of Sussex Visit Nigeria – Day 2

Meghan Markle Sparkles On Nigeria Tour With Prince Harry

The Nigerian Exchange (NGX) All-Share Index has reached new heights since the start of the year, propelled by fresh government policies. Despite challenges in other macroeconomic indicators such as inflation, exchange rates, and lending rates, the equity market has doubled in value within this timeframe. Experts weigh in.



The Nigerian stock market has witnessed a surge in recent months, with the number of companies boasting Stocks Worth Over ₦1 trillion ($688 million) or SWOOTs, reportedly increasing from eight to 14. This surge, fueled by an uptick in Nigerian banks’ share prices, reflects a notable shift in investor sentiment towards the African giant’s equities market.



Investors have flocked to the Nigerian stock market seeking returns, which has led to its all-share index (ASI) appreciating by 11% or 8,269 basis points in the first two weeks of the year. This bullish sentiment propelled Nigeria to the forefront as the best-performing stock market in the world in the first three weeks of the year with the Nigerian Exchange (NGX) gaining a year-to-date (YTD) return of 40%.



Several key factors are reshaping the investment landscape. One critical driver is the subdued yield in the fixed income sphere relative to escalating inflation rates. Nigeria’s headline inflation under President Bola Tinubu’s administration increased to 31.70% in February.



This dynamic prompts investors to reassess their asset allocation strategies, tilting towards equities to seek a more favorable risk-return balance. Traditionally, fixed income instruments, renowned for their stability, lose appeal when their returns dwindle, prompting a capital shift towards the buoyant stock market.



Indigenous pension funds and institutional investors are also rekindling their interest in the Nigerian market, injecting renewed vigor into equities trading. This resurgence in confidence forms a virtuous cycle, driven by the pursuit of superior returns amidst an inflationary environment, thereby elevating the appeal of equities. Particularly, banking stocks are in the limelight, fueled by anticipated robust earnings and dividend payouts.



According to reports, last year’s SWOOTs, at some point, included MTN Nigeria, Dangote Cement, Airtel Africa, BUA Foods, BUA Cement, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO Plc), and Seplat Energy. Joining their ranks more recently were Access Holdings, United Bank for Africa (UBA), Transcorp Hotels, and Geregu Power, First Bank of Nigeria (FBN) Holdings and Dangote Sugar, but due to the fluctuating nature of the market, some of these additions may have dipped below the ₦1 trillion market cap mark.



DANGOTE CEMENT MAKES HISTORY AS NIGERIA’S FIRST ₦10 TRILLION MARKET CAP COMPANY



The milestone moment arrived on January 22 when Dangote Cement Plc, a subsidiary of Dangote Industries founded in 1981 by Africa’s wealthiest billionaire, Aliko Dangote, became the first Nigerian company to hit the ₦10 trillion ($6.88 billion) market cap mark. With its share price soaring to ₦592.60 ($0.41) at the time, Dangote Cement’s market cap reached ₦10.095 trillion ($6.95 billion), firmly cementing its position among Africa’s largest corporations. It is also the only Nigerian company among the top 10 largest African companies based on market cap, with the rest being South African companies.



At the end of 2023, Dangote Cement Plc ranked third on the list of companies with the highest market capitalization in the NGX, behind Airtel Africa and MTN Nigeria.



It is believed that Nigerian billionaire Femi Otedola reportedly acquiring $6.73 million-worth stake in Dangote Cement Plc, the only cement company in Nigeria with two export terminals, with a reported combined export capacity of eight million tons per annum, had an impact.



“The growth in revenue was due to a few reasons. Firstly, we delivered double digit volume growth in our pan-Africa business. Secondly, we realized some price increases in line with inflationary realities, especially in some of our pan-Africa operations. Thirdly, there was an improvement in our product and location mix, thereby optimizing our sales for better economic value,” Dangote Cement Plc’s Group Managing Director, Arvind Pathak, told FORBES AFRICA in an exclusive interview when the company reported a profit of ₦178.6 billion ($234.8 million) in the first half of last year.



BEYOND NUMBERS, TOWARDS ECONOMIC TRANSFORMATION



The ripple effects of Nigeria’s stock market boom extend beyond financial metrics, signaling broader implications for the economy and investor sentiment.



Seyi Ebenezer, Advisory Board Member of Payaza, a payment service provider, views the rise of SWOOTs as a pivotal moment for Nigeria’s economic diversification efforts.



“The rise of SWOOTs is a significant development for the Nigerian economy, with both positive and potential challenges,” Ebenezer tells FORBES AFRICA as he analyzes the impact on the country’s economic landscape.



According to him, sustaining this momentum hinges on various contingencies. The interest rate hike by four hundred basis points to 22.75% from 18.75% by the Central Bank of Nigeria (CBN) in February initially triggered a downturn in the equities market, hinting at a potential resurgence in bond attractiveness and a consequent diversion of investments away from stocks.



Profit-taking behaviors among investors, driven by attained targets in anticipation of dividends, could also precipitate a market correction, temporarily deflating stock prices.



Ebenezer highlights the diversification potential inherent in a robust stock market, asserting, “A strong and diverse stock market may signify a less oil-reliant economy, providing more stability amidst fluctuating oil prices.” Emphasizing the importance of industry diversification, he notes: “The rise of these companies signals Nigeria’s ability to attract investment across various sectors.” He underscores the limited presence of oil and gas companies among the SWOOTs, indicating a shift away from reliance on the energy sector.



Recently, Nigeria’s costly oil industry has experienced a downturn.



While acknowledging the enduring importance of oil, Ebenezer stresses, “A well-developed stock market is a strong indicator of progress towards a more diversified and resilient Nigerian economy.”



Ebenezer also highlights the potential of SWOOTs to enhance Nigeria’s investment appeal.



“The success of these companies can boost Nigeria’s image as an attractive investment destination, potentially attracting more foreign businesses and partnerships. These large companies demonstrate the ability of Nigerian businesses to achieve significant scale and profitability. This success story serves as a beacon for potential investors, showcasing the potential for growth in the Nigerian market.” However, Ebenezer cautions against overreliance on SWOOTs, noting, “A large concentration of wealth in a few companies can make the stock market more susceptible to fluctuations.” He also notes the need for equitable wealth distribution and emphasizes the importance of strong corporate governance practices to maintain investor confidence. Added to this is the importance of innovation and broader investor participation to ensure the continued growth and stability of SWOOTs.



“Encouraging broader participation in the stock market by individual investors can help distribute the wealth generated and create a more stable market base,” says Ebenezer.



Globally, interest rates and commodity prices play significant roles in influencing investor sentiment towards Nigerian equities.



“These factors serve as the bedrock of market confidence and directly impact investment decisions,” Nigerian exporter Oluwaseun Obilana shares with FORBES AFRICA.



Obilana also sheds light on the symbiotic relationship between commodity prices and investor sentiment.



“Nigeria’s economy is intricately tied to commodity exports such as oil, cocoa, and agriculture,” he remarks.



“Fluctuations in global commodity prices directly impact revenue streams, corporate profitability, and ultimately, investor sentiment towards Nigerian equities.”



Drawing from his firsthand experience as an exporter, he underscores the importance of diversification in mitigating the volatility associated with commodity prices.



“Diversifying export portfolios beyond oil dependency, is essential for long-term sustainability,” he says.



“Investors are more inclined towards equities of companies with diversified revenue streams, as they are less susceptible to commodity price shocks.”



Ebenezer suggests that a decrease in U.S. Federal Reserve interest rates could attract foreign investors seeking higher returns, thereby increasing capital inflows into the local market.



Traders closely monitored the U.S. Fed’s decision on March 20, with major stock averages hovering around the same levels in anticipation.



Treasury yields remained stable ahead of the Fed’s announcement, with the two-year Treasury rate dropping slightly to 4.675% and the 10-year yield decreasing to 4.279%, according to CNBC. Ultimately, the Fed decided to maintain interest rates within the range of 5.25% to 5.50% for the fifth consecutive time, aligning with market expectations. It also reaffirmed its earlier projection of three rate cuts by year-end, shown by its dot plot. Reports further indicated that “nine of the Fed’s 19 policymakers see three quarter-point rate cuts this year, and nine see two or less; only one penciled in more cuts than the median, compared with five in December.”



While the NGX’s performance is driven by various factors, understanding both internal and external variables is crucial for navigating future market dynamics. Amidst this growth, considerations abound, highlights Nigerian business analyst, Liadi Oluwaseyi Jimoh, as he cautions investors about the heightened market volatility.



“Rapid growth can lead to increased market volatility, making it essential for investors to carefully assess risks and potential fluctuations in stock prices.”



“Increased market capitalization does not always guarantee deep liquidity, which could affect the ease of buying and selling stocks, especially during turbulent market conditions.”

Author: Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA