Is Ghana the new giant of Africa
Hello Venturer,
There are a few things other than Jollof rice that can ignite a fierce online debate between Nigeria and Ghana. And as we have learned this week, choosing one of the neighbouring countries as the headquarter of one of the world’s most active social networks is one of them.
On Monday, April 12, 2021, Twitter’s CEO, Jack Dorsey, announced that the social network is establishing its presence in Africa, with Ghana as its first African headquarter. The news caused a furore on Twitter; it excited Ghanaians but upset Nigerians who thought Nigeria would have been Twitter’s first African base. You know, being quote-unquote “the giant of Africa” and seeing as Dorsey enjoyed his brief visit to the country in 2019.
It is true that Nigerians are upset and saddened by the news, but these emotions are based on disappointment more than anything else. Disappointment on what could have been had we business-friendly policies and a better government. Disappointment at being constantly robbed of opportunities. This is what many Nigerians were and are upset about. We have the numbers, the talent, and the market. So, why not here? Why not us?
While we lick our wounds and mourn what could have been, we can only hope that this event prompts the Nigerian government and the rest of Africa to create environments that are attractive and friendly to local and foreign businesses and investors.
Hadassah Egbedi
Writer & Multimedia Content Editor
What's new
The VA Pod: Herstory
This week on Herstory, Tunisia's Minister of Women affairs calls for mainstreaming gender in climate change. Listen to this and other stories here.
Recurring violent attacks in South Sudan is concerning for an already vulnerable economy
Following a string of attacks on major trade routes between South Sudan and East Africa, Kenya and Uganda have suspended transporting goods to South Sudan. The halt in transportation from both countries has suspended exports to South Sudan, a country that is highly dependent on imports from Kenya and Uganda. Uganda’s exports to South Sudan reached $357.34 million in 2020, and in the first quarter of 2020, Kenya’s exports to South Sudan tripled to Kshs 9.07 billion. Learn more.
How Farmforte is creating novel solutions to existing problems in Africa
A major factor hindering productivity within Africa’s agricultural sector is the use of outdated production technologies and practices. This is where companies like Farmforte come in, by adopting innovative models to create the most efficient and affordable methods to produce crops and create access to markets locally and globally. In an interview with Ventures Africa, Mr. Osazuwa Osayi, Co-CEO, Farmforte, discusses the company's overall vision and its role across the agricultural value chain.
How digital streaming services have helped advance Nigeria's music industry
How digital streaming services have helped advance Nigeria Music Industry — www.youtube.com The Nigerian music scene has grown exponentially in recent years, and the wins for both Burna Boy and Wizkid at the 2021 Grammy Awards is proof of that growt...
The new SEC ban on fintechs facilitating the sale of foreign equities, explained
The SEC directive stems from its role as a regulator in a bid to protect the Nigerian investing public. Most potential investors currently seek out these investments as alternative stores of value and their perceived ability to hedge against inflation. The SEC has a very clear position concerning the sale of foreign equities in Nigeria- “only foreign securities listed on any exchange registered in Nigeria may be issued, sold or offered for sale and subscription to the Nigerian public”. Learn more.
What CBN’s directive on BVN validation services means for Non-Bank Financial Institutions
Last week, the Central Bank of Nigeria (CBN) issued a directive to Non-Bank Financial Institutions (NBFIs) effectively barring them from using Bank Verification Number (BVN) validation services. This action was brought to the fore in an email released by Paystack. In this article, we explore the implications of this move, the challenge presented to the sectoral players and how it could potentially affect customers and end-users.
This is how much sub Saharan Africa generated through mergers and acquisitions in Q1 2021
According to a newly published report by Refinitiv, an estimated US$99.3 million worth of investment banking fees were generated in sub-Saharan Africa during the first quarter of 2021, down 39 percent from the same period in 2020 and the lowest first-quarter total since 2014. While debt capital markets underwriting fees doubled to US$47.1 million, the highest first-quarter total since our records began in 1980, fees from equity capital markets underwriting, M&A advisory and syndicated lending all declined from the first quarter of 2020.
#VANUGGET
Remember to stay safe!
