No palm oil, no cry😢

May 13, 2022

The fear of waking up one morning to realise our grocery budget is no longer enough is speedily befalling us. I know most of us have taken on a non-committal stance toward the global market. Some even care less about the onslaught in Ukraine. They'd say: "As long as it doesn't get to me, it doesn't concern me!"🤷‍♂️

But I think it's time to pay attention to how deep the holes in people's pockets are getting. Last month, following a rise in demand for alternatives to Russia and Ukraine's edible oils, Indonesia, the world's largest producer placed a ban on export to meet local needs. Could this be why the prices of palm oil, soap, margarine, body cream, etc., tripled in your country?

In this issue of VA Weekly, you see how emerging economies in Africa are bearing the brunt of Indonesia's crude palm oil ban.

Ishioma Emi,

Staff Writer, Ventures Africa.

Africa’s emerging economies bear the brunt of Indonesia’s Crude Palm Oil (CPO) ban

With Jakarta’s move on palm oil, key exporters to Africa like India, which depends heavily on Indonesia and Malaysia for supply will experience a palm oil import deficit. This would further force a chain reaction that would lead to a drop in the production volume of basic consumer goods. Read more.

Whatsapp is rolling out new features

Last Friday, Mark Zuckerberg, Meta’s CEO, announced that WhatsApp is rolling out a new reaction feature. The WhatsApp reaction feature is part of other new features the social media giant plans to roll out. Read more.

Video streaming services in Africa have a slow bleed vs slow growth dilemma

While the streaming culture has grown significantly in Africa in recent years, it’s pertinent to accept that it can’t grow faster than infrastructure. According to a report by Deloitte, millions of people across the globe, including in Africa, will cancel their paid subscriptions to video-on-demand services in 2022. Read more.

My Pivot Journal: This science teacher pivoted to tech during the floppy disc era

David Olaide Tobrise had no interest in becoming an IT professional. He loved Physics and Mathematics and taught them for over 10 years in two schools in Lagos. Presently, he occupies top executive roles in two big IT firms in Lagos – VonCap Limited and ParallelScore. Read more

Heifer International invests $1 million in Hello Tractor to boost agribusinesses in Africa

Seeking innovative ways to fill the investment void and generate agribusiness opportunities for young African entrepreneurs, Heifer International announced that it is investing $1 million in the tractor booking platform, Hello Tractor to provide loans for tractor purchases. Read more

Mara raises $23m to build Africa's portal to the crypto economy

Unlike its competitors from North America and Europe, MARA’s onboarding, support, and ecosystem reflect the needs of Africans. KYC/AML is compliant with global standards and is compatible with international financial regulations. Read more

Access Corporation unlocking new opportunities for intra and inter-Africa trade – Herbert Wigwe

The Corporation will comprise verticals cutting across banking, payments, consumer lending, insurance brokerage and asset management. Access Bank Group will continue to operate in Nigeria and through its subsidiaries and business offices in Africa, Europe, and Asia. Read more

VA TWITTER SPACE: Beyond speculation, what can NFTS do for Africa.

Africans are becoming more interested in non-fungible tokens (NFTs) today. However, most people do not understand them beyond the bored apes and other expensive digital arts. But there's much more to do with NFTs than flipping arts for quick profits. Beyond speculation, what more can NFTs do for Africans?

In our next Twitter Space, coming up on Thursday, May 19th, 2022, we'll be discussing the possibilities of NFTs for Africans beyond speculation.

Speakers include Abieyuwa, disciplinary Artist and curator; Jay Shapiro, CEO, PAGG (Pan African Gaming Group); Chris Malize, NFTs and Web3 community builder, Delz Erinle, co-founder, Thrill Dao.

Our weekly collectibles

Why have fossil fuels been so hard to quit? Find out how a paid network of politicians, lobbyists, and investors conspire to change the fabric of reality, all for profit in the secret ways the oil industry brainwashes us.
Youtube is free. But with over 38,000,000 channels to choose from, how do you find the good ones? Here are 10 channel suggestions to pick your brain and make you smarter.
Offering free rides should only be seen as an act of kindness right? But in a city that is allergic to order, free rides are untypical. In passing through life, Osundolire chronicles his 10-year experience offering lifts to strangers in the city of Lagos.
Three years ago, people were not as succinct when it came to their stands. More so when it had to do with saving the environment. The kids are not ok is an insightful read that reveals how the new generation of teenagers is reacting to climate action.

VA Weekly