The last few years have seen many Nigerian businesses shut down due to the economic climate. The Manufacturing Association of Nigeria (MAN) revealed that about 767 manufacturing companies shut down operations while 335 experienced distress in 2023. Even the multinationals are not left out. Last year, about five multinationals left the country. Meanwhile, the businesses and companies that endured are left grappling with ongoing losses. Last year, 7 Nigerian companies lost N1.6 trillion over the FX crisis. For most businesses, surviving the economic weather means calculating the financial toll a ..read more

The recently concluded 2024 edition of the Medic West Africa Exhibition and Conference marked a triumphant return, solidifying its position as the premier healthcare event in West Africa. The three-day event, held at Landmark Centre, Lagos from the 17th of April to the 19th of April, 2024, brought together a multitude of stakeholders including healthcare professionals, industry leaders, innovators, and government representatives, to promote the exploration of technological innovations and foster an environment of knowledge exchange and collaboration that promises to revolutionize the region’s ..read more

It’s hard to escape the conversation around AI these days. This is why earlier this year, we listed it as one of the biggest African tech trends to look out for in 2024. And explored some of the challenges, Google is trying to address with AI on the continent. Meta (formerly Facebook) has also become deeply engaged in its AI efforts. The tech company recently launched its new feature, Llama 3, a new AI assistant designed to improve social connections, engage in conversations, and make suggestions. The Meta AI assistant utilizes real-time search results from Bing and Google and has image g ..read more

The first day of the highly anticipated Medlab West Africa Exhibition and Conference has drawn to a close, leaving attendees and exhibitors alike buzzing with excitement. The venue was a hive of activity, showcasing the latest advancements and innovations in the medical laboratory industry. Held in Lagos at Landmark Centre, Victoria Island, this premier healthcare event brought together a distinguished gathering of medical professionals, industry leaders, and innovators. From the conclusion of Day 1 activities, this year’s event is delivering on its promise to be a turning point for West Afric ..read more

The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, has been unveiled in Lagos. Season 16 of the special interest-yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs amongst other mouthwatering prizes. Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, Regional Sales Director, Lagos, said the new season will bring more goodies to the customers as the bank has ..read more

IBM released the 2024 X-Force Threat Intelligence Index highlighting an emerging global identity crisis as cybercriminals double down on exploiting user identities to compromise enterprises worldwide. This global trend is also reflected in the Middle East and Africa region (MEA), with the use of valid local accounts and valid cloud accounts, making up the primary cause of cyberattacks against organizations in the region, according to X-Force – highlighting the need for strong user access and control strategies by enterprises. According to IBM X-Force, IBM Consulting’s offensive ..read more

Today, TLcom Capital, the Africa-focused venture capital firm, announced the final close of TIDE Africa Fund II, its second fund for technology in Africa, at $154 million. Confirming TLcom Capital’s status as Africa’s largest Seed and Series A investor, the new fund accelerates the firm’s mission to partner with elite founders to tackle Africa’s biggest and most complex challenges with innovative solutions that will unlock massive value in the continent’s critical sectors. At more than twice the size of TLcom Capital’s first fund, TIDE Africa Fund II is oversubscribed and sees partic ..read more

Here are three big stories from Africa’s business and policy landscape you (probably) didn’t miss but should keep in mind this week: Starlink Cuts Off South African Users Over Licensing Issues South African Starlink users face a sudden internet blackout as the satellite internet provider terminates their service effective April 30th. In an email sent to users, Starlink cited violations of its terms and conditions, specifically highlighting the unauthorized use of Starlink kits outside designated service areas. After termination, users can only access their accounts for updates. This service di ..read more

In 2014, Nigeria became the largest economy in Africa and the 26th largest in the world after the country’s GDP was recalculated using 2010 constant prices. This recalculation significantly increased the estimated size of the economy. Two years later, South Africa toppled Nigeria and reclaimed its status as the largest economy in Africa. Nigeria was the largest economy for a long time. However, a decline in oil production and the rapid fall of the naira saw the African giant become the third-best in 2023. Now, the International Monetary Fund (IMF) says t ..read more

Ojo Wisdom is not your average teenager. When the lights went out at his father’s printing press three years ago, 16-year-old Wisdom saw that as a spark for innovation. Staring down the prospect of jeopardizing a job due to the situation, he conceived of an innovative solution – a rechargeable laptop power bank. Now 19, he’s not just navigating the complexities of adolescence; he’s keen on transforming Nigeria’s tech ecosystem with innovations borne out of necessity. Wisdom conceived the idea for a rechargeable laptop power bank in March 2021 when a power outage at his family printing press in ..read more