Ensuring food sustainability because man must chopš²
Phrase: Man must chopGenre: PidginMeaning: People must eatHello Venturer,Did you know that 25 per cent of the global population is predicted to be in Africa by 2050? And guess which country would consist a large per cent of that population boom. That's right. Nigeria.Ā If that is the case, Nigeria and Africa as a whole must expand their agricultural production capacity to ensure food sustainability (amongst other things, of course, but let's focus on food today becauseĀ man must chop).Ā So how do we expand our agricultural production capacity?As we know, agriculture already has a massive social and economic footprint on the continent. But the sector's full potential remains untapped, and food sustainability seems elusive. Thankfully, people are finding solutions to these issues.Ā In Nigeria, a young entrepreneur is increasing food productivity by empowering the continent's next generation of farmers. This entrepreneur's startup is creating solutions for smallholder farmers by providing them with tailored agricultural expertise in the form of data.Read about her and other interesting developments in this issue of VA Weekly.Ā Hadassah EgbediEditor, Ventures Africa
How Aisha Raheemās startup, Farmz2u, is empowering the next generation of sub-Saharan African farmers
Over 12 per cent of Nigerians are undernourished. Yearly, Nigeria loses and wastes 76.9 million metric tonnes of food, which is about 40 per cent of its total food production, equals 31 per cent of its total land use and five per cent of the countryās greenhouse gas emissions. These issues inspired Aisha Raheem to establish Farmz2u, a data-driven platform that helps improve farming practices by providing digital extension services to small local farmers. Learn more.
Patriciaās $1,500,000 investment in Rooomxix and its implications for Nigeriaās fashion industry
Rooomxix, a retail streetwear fashion brand dedicated to redefining street fashion in Africa, recently received a $1,500,000 investment led by Patricia, Africaās largest Bitcoin trading company. The funding is expected to help the fashion brand expand across the country. This collaboration is an unusual occurrence in both the fintech and fashion industries. Learn more.
The CBN freezes bank accounts of fintech companies. What this means for the fintech industry.
The news elicited mixed reactions from internet users last week. The majority of Nigerians viewed the sudden freeze as insensitive and one of the many ways the government makes life in Nigeria unbearable for its citizens, particularly startups. This sentiment can be traced back to recent policies such as the cryptocurrency ban and the Twitter ban. Learn more.
How Nigeriaās aggressive cash reserve policy implementation affected the banking industryās ROE
The pandemic brought afore technologyās crucial role in deepening financial services as some banks recorded as much as a 50 per cent increase in digital banking transaction volumes. However, these gains were limited by the CBN-induced reduction in bank charges, which took effect in January 2020. As a result, electronic banking income declined by 27.3 per cent, accounting for a lower 13.2 per cent (FY 2019: 21.1 per cent) of non-interest income. Learn more.
76 percent of African SMEs in food and entertainment are optimistic about future growth
When asked about the main thing that keeps them up at night, 55 per cent of regional SMEs in food, beverage and entertainment mentioned the challenge to maintain and grow their business was their top issue. Looking at concerns over the next 12 months, over half (56 per cent) identified the rising cost of doing business, while 44 per cent cited access to capital. Learn more.
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