Tag: Entrepreneurs

  • MarkHack 4.0 Features Expert Speakers Set to Transform the Marketing, Media, and Technology Landscape

    MarkHack 4.0 Features Expert Speakers Set to Transform the Marketing, Media, and Technology Landscape

    MarkHack, Nigeria’s first-ever marketing and media conference, is set to bring together a powerhouse lineup of speakers, innovators, and industry experts on May 23rd, 2025. MarkHack is designed as a dynamic platform that unites innovators, entrepreneurs, policymakers, media practitioners, and marketing professionals. The conference aims to ignite conversations and foster collaboration that leads to innovative strategies and solutions that will shape the industry’s future. MarkHack 4.0 is set to cultivate a vibrant ecosystem where creativity and technology intersect, driving growth and engagement throughout the Nigerian market.

    This year’s theme, “Experience Ignited: Fueling the Consumer Journey,” explores the transformative power of technology in reshaping how brands connect with consumers. Participants will also have the opportunity to participate in exhibitions, learn about the impact of Gamification, Digital Storytelling, Phygital Commerce, Event Innovation, and Immersive Realities in how user experience continues to improve businesses.

    The event will spotlight influential speakers, including:

    • Hon. Tubosun Alake: Honourable Commissioner at Lagos State Ministry of Innovation, Science & Technology
    •  Dr. Lekan Fadolapo: Director General at ARCON
    • Jide Sipe: Group Head of Brand Transformation & Digital Marketing at Bank of Industry Limited
    • Temi Afolabi: Xbox Global Expansion Lead, Africa & Middle East at Microsoft
    • Franklin Ozekhome: Co-Founder of Maskvrade
    •  Babatunde Fatai: Manager of Emerging Technologies at MTN Nigeria
    • ·Eneyi Obi: Global Chief Marketing Officer at Rise
    •  Kayode Oladapo: CEO for West Africa at Godrej Consumer Products Limited.
    • Tayo OlatunjiCountry Business Manager for Nestlé Waters Nigeria.
    •  Nengi Akinola: Head of Marketing at BetKing
    •  Martha Kayode: Marketing Head at PZ Cussons
    • ·Motayo Latunji: Country Manager / MD – Nigeria at Hayat
    • Ayodeji Razaq: Group CEO of Red Media Africa

    MarkHack 4.0 redefines how startups innovate and scale by offering a comprehensive platform that integrates immersive education, strategic pitching, and the excitement of a hackathon—all aimed at driving real-world impact in media, marketing, and technology.

    Date: Friday, May 23rd, 2025

    Time: 9:00 AM | 6:00 PM WAT

    Venue: Landmark Event Centre, Victoria Island, Lagos.

    Register now at markhack.tech/register for a day filled with innovation, networking, and opportunities for transformative business growth.

  • AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    The African Private Capital Association (AVCA) hosted its fifth Venture Capital (VC) Summit yesterday. The summit forms part of the industry association’s 21st Annual AVCA Conference week, held in Lagos until 2 May. The global gathering brings early-stage and venture capital investors, corporate venture arms, founders, entrepreneurs, and accelerators together to discuss new trends and plot the rise of Africa’s venture capital landscape.

    Abi Mustapha-Maduakor, CEO of AVCA, opened the Summit by acknowledging the strategic importance of Nigeria’s entrepreneurial landscape: “Hosting the Summit in Nigeria is significant because this country has long been at the heart of Africa’s entrepreneurial evolution. Despite economic headwinds, we’ve witnessed innovation and resilience in the early-stage ecosystem. It is no coincidence that in 2024, Nigeria produced one of the continent’s newest unicorns.”

    Tope Awotona, Founder and CEO of Calendly, the US$3bn tech unicorn, and Abi Mustapha-Maduakor, CEO of AVCA, kicked off the summit with a keynote fireside chat. Describing his remarkable entrepreneurial journey, Awotona said: “I knew scheduling wasn’t just a productivity tax—it was a tax on important business outcomes like revenue. We didn’t invent online scheduling but made it accessible to more people through three key innovations: our freemium pricing model, our viral distribution method, and our data-driven product improvements.”

    The conversation affirmed the power of innovation, enabling expansion to international markets and the benefits of experimentation with price, distribution, and product. Awotona said: When scheduling went virtual, more users meant more data could help to improve the product and help to become the best on the market.” 

    Following the sentiments of Calendly’s Founder and CEO, a panel titled Unlocking Scale: The Growth-Stage Challenge with Leo Batalov, Partner, Global Co-Head of Emerging Growth Companies and Venture Capital, DLA Piper, and Brian Waswani Odhiambo, Partner, Novastar Ventures, examined how to bridge the gap for businesses moving from early stage development to accessing capital in their growth stage, and highlighted the urgency of building strong local investor ecosystems.

    Outlining the roles of founders and venture capital investors in supporting the long-term sustainability of Africa’s burgeoning tech ecosystem, Dr Omobola Johnson, Senior Partner, TLcom Capital, said: “We need to help founders understand that at the growth stage, they’re competing for global capital, not just local. Founders must recognise the competition and make their businesses appealing to international investors…This makes the African market more scalable, bankable, and investable.”

    The summit proceeded with a headline session, entitled Titans of Industry: Bold Moves, featuring Tosin Eniolorunda, Group CEO of Moniepoint, who underscored the merits of building a valuable company and building a robust team. He said, “If you have an organisation that is growing, investors will be interested; so we focused early on establishing good fundamentals—topline growth, profitability, EBITDA margins, return on equity. The more important goal is building a valuable company with healthy bottom lines. This opens up multiple opportunities, whether through Nigeria’s evolving stock exchange or large buyouts from sovereign wealth funds.”

    Other panels convened capital allocators – representing corporate, commercial, and development-focused interests – to share their perspectives on a maturing venture capital ecosystem in Africa. The competitive fundraising environment provided a backdrop to outline how Limited Partners (LPs) select where to invest, assess risk, evaluate opportunity, and determine priorities.

    In a panel entitled Venture Debt – Africa’s Missing Piece? speakers including Rosanne Whalley, Chief Executive Officer, AHL Ventures Partners, Roeland Donckers, Managing Partner, iungo capital, and moderator Tage Kene-Okafor, Africa reporter at TechCrunchdiscussed the role of venture debt products as a complement to equity funding, providing bridge capital to accelerate company growth. 

    According to AVCA’s latest report, venture debt showed impressive resilience in 2024, with 60 deals totalling US$1.0bn—a 3% increase year-on-year. While representing just 12% of total deal volume, venture debt accounted for 37% of total capital deployed, with median deal sizes reaching US$7.5mn, nearly three times larger than equity-based transactions.

    The session underscored the need for African investors to know when to deploy these tools and the importance of raising awareness amongst founders of these financing alternatives. Biola Alabi, Venture Partner, Delta40, noted that “there is a critical gap in financial literacy around debt financing in our ecosystem. Many founders and even some GPs don’t fully understand what debt investors require in terms of traction and stability. We need to help restructure existing debt and educate founders on how venture debt can complement equity to extend runway and avoid dilution, particularly for businesses with predictable revenue streams.”

  • MPC decisions detrimental to Investment and Economic Growth

    MPC decisions detrimental to Investment and Economic Growth

    Despite manufacturers, entrepreneurs, and other investors’ quest for a breath of fresh air in the economy, the Central Bank of Nigeria (CBN) chose to tighten the noose on them by resorting to further tightening of monetary policy.

    This is the position of the Centre for the Promotion of Private Enterprise [CPPE] on the latest policy choice of the apex bank which was described as being at variance with the mood of most economic players and the desire to promote economic recovery and growth.   

    What manufacturers and other investors need at this time is some oxygen and stimulus, not policy measures that would worsen an already suffocating situation. MPR at 27.25%; CRR at 50% and asymmetric corridor at +500 and -100 are very difficult monetary condition to bear for most businesses, given the prevailing macroeconomic and structural conditions.

    The second quarter GDP numbers showed clearly that the economy was still in a floundering mode as many critical sectors of the economy slowed. These include manufacturing and other subsectors of the industrial sector such as cement, food and beverage, chemicals and pharmaceuticals, trade, ICT and real estate.  The road transport, motor assembly, publishing and motion pictures sectors contracted during the quarter. The Aviation, Oil Refining, textile, livestock and quarry and minerals sector were still in recession.  Tightening financial conditions in the circumstances does not seem appropriate.   

    The private sector should not be made to pay the price of liquidity growth which they were not responsible for.  Issues of excess liquidity should be addressed within a causative context.  The injection of liquidity into the system are largely public sector driven, as rightly noted by the CBN Governor.  Therefore, the focus of resolving it should be within that context.  Stifling the financial conditions to address liquidity issues is detrimental to investment and growth of the economy. 

    The implication of the latest MPC decision for investors are quite concerning as cost funds would be further exacerbated, possibly well above 35% or more.  It is made worse by the increase in CRR to 50% and retention of asymmetric corridor of +500 and -100.

    We believe that the policy decisions of the CBN are most inappropriate for the prevailing economic conditions and the challenges faced by entrepreneurs in the country.  The operating and production costs of businesses would be further exacerbated by the latest monetary policy tightening.   The increase in CRR to 50% would constrain financial intermediation with negative consequences for the banking system and the economy.

  • 2025 Aurora Tech Award Now Accepting Applications from Women Innovators

    2025 Aurora Tech Award Now Accepting Applications from Women Innovators

    Applications for the 2025 Aurora Tech Award for women innovators and entrepreneurs are now open beginning today, September 2, 2024, till November 21, 2024.

    The award, which is open to women tech entrepreneurs from around the world, offers opportunities to showcase their innovations.

    In the last two consecutive years, African innovators have won home the coveted top prize, offering an exciting opportunity for female tech visionaries across Africa to step into the global spotlight and make their mark once again.

    This year, the award returns with expanded opportunities, increased financial support, and an ongoing commitment to nurturing the next generation of women tech leaders.

    In recognition of the vital role women play in the tech industry, the prize fund for the award has been significantly increased with new prize distribution as follows: 1st Prize: $30,000; 2nd Prize: $20,000; 3rd Prize: $15,000; 4th Prize: $10,000 and 5th Prize: $10,000.

    The application process for the award includes three stages of assessment: longlist, midlist, and shortlist.

    After an initial evaluation by venture fund analysts, 100 participants will be selected for a pitching session with fifteen of them to be advanced to the final shortlist.

    Aside that, shortlisted participants will also benefit from an enhanced mentoring program offering sessions with leading industry experts. This mentorship will span 2 to 2.5 months and will provide critical insights and guidance to help participants refine their projects and implement strategic changes.

    To be eligible to participate, women entrepreneurs must meet the following criteria and these include ownership or co-ownership of a startup, the startup should have received funding or seed round less than or equivalent of $4million, startup must be 5 years or less, and a minimum viable product to showcase.

    Interested applicants can submit their entries through the Aurora Tech Award website at https://www.auroratechaward.com/

    Speaking on the new development, Operations Excellence and Sustainability Director at inDrive, Asya Vildt stated that the company remains committed to women’s empowerment adding that supporting women in tech isn’t just about leveling the playing field but about unlocking the full potential of innovation.

    “Women entrepreneurs bring fresh perspectives that are essential for solving today’s complex problems. At inDrive, we are committed to creating opportunities that empower women to lead in technology, as their success drives positive change across industries and communities. The Aurora Tech Award reflects our belief in the power of diverse leadership to shape a better, more sustainable future,” Vildt said.

    Folake Owodunni, 1st prize winner of the 2023 Aurora Tech Award and founder of Emergency Response Africa in Nigeria, emphasized the importance of this platform, stating, “I don’t dwell on whether it’s because I’m a woman, or because of my color, or simply personal dislike. As entrepreneurs, we build resilience. We optimize for those who understand or align with us in some way. They don’t have to agree with everything, but at least there’s common ground”.

    Also commenting, 3rd prize winner of the 2024 Aurora Tech Award and Founder of Deaftronics in Botswana, Sarah Phiri-Molema said winning the Aurora Tech Award has truly accelerated the company’s development and opened new doors.

    “We participated in various other competitions, increased our visibility, especially outside our home country, and attracted the attention of international investors and potential partners.”

    The Aurora Tech Award was established in 2020 to recognize and empower women founders of IT startups who are driving innovation and breaking down barriers

    Both finalists and winners of the award will be announced between March and May 2025.

  • Feature: Why MultiChoice Talent Factory is Committed to the Development of West African Filmmakers

    Feature: Why MultiChoice Talent Factory is Committed to the Development of West African Filmmakers

    by Atinuke Babatunde

    MultiChoice Talent Factory’s (MTF) vision is to shape the next phase of Africa’s development and equip the continent’s young people with the skills to tell their stories. Since its establishment in 2018, the academy has had over 300 students graduate, and 70% of these graduates have utilized the skills acquired during their time at the academy, securing employment or becoming entrepreneurs.

    According to Atinuke Babatunde, Academy Director, MTF West Africa, the fully funded experiential and training programme is designed to upgrade the skills of young Africans in film and television, allowing them to compete on a global stage. Atinuke, passionate about filmmaking, says the academy remains committed to upskilling and training aspiring West African filmmakers.

    “Upskilling is important for us in terms of industry growth. The academy supports industry development in three ways: training students as filmmakers; masterclasses with industry experts; and industry integration”.

    The MTF Academy West Africa is one of three academies across the continent dedicated to developing African film and TV industries by training professionals. Each year, 60 talented individuals from across 13 countries are selected for a comprehensive 12-month academic programme including theory and hands-on experience in cinematography, editing, audio production, and storytelling.

    In addition to Lagos Academy, a year-long fully sponsored program also takes place at regional MTF academies in Nairobi (Kenya) and Lusaka (Zambia), which partner with respected local tertiary education institutions for course development. Furthermore, MTF provides a robust distribution network needed to impact people’s lives by relieving pressure on sourcing distribution platforms.

    The MTF develops skills networks that carry African stories across continents into people’s lives worldwide and is committed to creating – and curating – premium and authentic content for diverse audiences, right across Africa.

    Atinuke Babatunde is the MTF West Africa Academy Director

  • New African Magazine reveals the 100 Most Influential Africans of 2023

    New African Magazine reveals the 100 Most Influential Africans of 2023

    Okonjo-Iweala, Akinwumi Adesina, Teju Cole others make the list from Nigeria

    New African magazine released its annual listing of the 100 Most Influential Africans of 2023. The list celebrates the achievements and contributions of Africans from various fields and sectors, who have positively impacted the continent and the world.

    The list features a diverse and inspiring group of men and women, who have demonstrated excellence, innovation, leadership, resilience, and vision in their respective domains. They include politicians, entrepreneurs, industrialists, environmentalists, creatives, scientists, educators, sports personalities, and more.

    The list also reflects the shifting trends and priorities in Africa, as the continent faces new challenges and opportunities in the post-pandemic era. Creatives dominate the ranking with 31 representatives, including singer, Abel Tesfaye, aka The Weekend, filmmaker Alice Diop and writer Nana Darkoa Sekyiamah.

    The second category with the highest number of entries was the Business section, with 25 entries. The section included two behemoths from DFIs, supporting a private sector approach to investing: Samaila Zubairu from Africa Finance Corporation and the President of Afreximbank, Benedict Oramah, undoubtedly Africa’s juggernaut from the last few years leading Africa’s transformation. Also on the list is the former CEO of Eskom and whistleblower who nearly paid with his life André de Ruyter.

    Nigeria was the country most represented on the list, highlighting the country’s dominance in the creative sector and business. William Ruto, the President of Kenya, and Bola Tinubu, President of Nigeria, were the only heads of state to make it, along with the Guinean military leader Mamady Doumbouya. Doumbouya created quite a stir at this year’s UN General Assembly and appears to have found a solution around the Simandou mining saga.

    With Climate Change at the top of the agenda, the list features several players in the environmental space, such as James Mwangi, formerly from Dalberg Group who has set up his own venture fund investing in climate related businesses, and Elizabeth Maruma Mrema, the Executive Secretary of the UN Convention on Biological Diversity.

    In the media, we have two media leaders from Côte d’Ivoire, Fabrice Sawegnon, founder of communications agency Voodoo, and Daniel Ahaoussa, serial entrepreneur and founder of a number of websites in West and Central Africa. Also included are the journalist Alan Kasujja, the BBC journalist, and Branko Brkic, founder of Daily Maverick, arguably the most powerful media in South Africa today.

    And in sports, record breakers Faith Kipyegon and Kelvin Kiptum make it, as well as the Springboks team, under the leadership of their captain Siya Kolisi. Patrice Motsepe, the President of CAF, a close friend of FIFA president Gianni Infantino and an increasingly influential voice in sports, is also included.

    The 100 Most Influential Africans of 2023 is a special edition of New African magazine, which offers a comprehensive and insightful overview of the lives and achievements of the selected individuals. The magazine also provides a platform for the readers to learn from their stories, and to be inspired by their examples.

    Download the 100 Most Influential Africans of 2023 special edition of New  African: https://apo-opa.co/4aL1VB7

    The 100 Most Influential Africans 2023 List:

    Politics and Public Service

    William Ruto

    Ibrahima Cheikh Diong

    Sidi Ould Tah

    Akinwumi Adesina

    Ngozi Okonjo-Iweala

    Bola Tinubu

    Mamady Doumbouya

    Ousmane Sonko

    Nadia Fettah Alaoui

    Tsitsi Masiyiwa

    Tidjane Thiam

    Business

    Mohamed Kande

    Sim Tshabalala

    Karim Beguir

    Didier Acouetey

    Olugbenga Agboola

    Samaila Zubairu

    Prof. Benedict Okey Oramah

    Ralph Mupita

    Ibrahim Sagna

    Simon Tiemtoré

    Jules Ngankam

    Riham ElGizy

    André de Ruyter

    Aliko Dangote

    Ham Serunjogi

    Serge Ekué

    Bahija Jallal

    Coura Sène

    Bernard Koné Dossongui

    Hassanein Hiridjee

    Shola Akinlade

    James Mwangi

    Pascal Agboyibor

    Science and Academia

    Anna Adeola Makanju

    Chao Tayiana Maina

    Nemat Talaat Shafik

    Ismahane Elouafi

    Moungi Bawendi

    Timnit Gebru

    Environmental

    James Irungu Mwangi

    Ephraim Mwepya Shitima

    Wanjira Mathai

    Rashid Sumaila

    Elizabeth Maruma Mrema

    Dr Musonda Mumba

    Creative

    Kaouther Ben Hania

    Danai Gurira

    Ncuti Gatwa

    Black Coffee

    Tyla Laura Seethal

    Temilade “Tems” Openiyi

    Lesley Lokko

    Mulenga Kapwepwe

    Alice Diop

    Wanuri Kahiu

    Bassem Youssef

    Malenga Mulendema

    Jadesola Osiberu

    Editi Effiong

    Ali Said Alamin Mandhry

    Abel “The Weekend” Tesfaye

    Pretty Yende

    Julie Mehretu

    Pierre Thiam

    Teju Cole

    Thebe Magugu

    David Diop

    Burna Boy

    Serge Attukwei Clottey

    Nana Darkoa Sekyiamah

    Aïda Muluneh

    Omoyemi Akerele

    Mariam Issoufou Kamara

    Victor Ekpuk

    DJ Snake

    Gandhi “Maitre Gims” Djuna

    Media

    Claude Grunitzky

    Chioma Nnadi

    Edward Enninful

    Alan Kasujja

    Wode Maya

    Anton Harber

    Khabane “Khaby” Lame

    Charity Ekezie

    Moses “Uncle Mo” Kiboneka

    Branko Brkic

    Tomiwa Aladekomo

    Marie Mbullu

    Nicolas Pompigne-Mognard

    Daniel Ahaoussa

    Fabrice Sawegnon

    Sports

    Francis Ngannou

    Faith Kipyegon

    The Springboks, led by captain Siya Kolisi

    Patrice Motsepe

    Kelvin Kiptum

    Victor Osmihen

    Biniam Girmay

    Yassine Bounou

  • WIMBIZ unlocked women’s potential, enabling them to break barriers and thrive

    WIMBIZ unlocked women’s potential, enabling them to break barriers and thrive

    The Women in Management, Business, and Public Service (WIMBIZ) has yet again delivered an exceptional, empowering, and thought-provoking experience at its 22nd Annual Conference held at the prestigious Eko Hotels and Suites. The 2-day hybrid conference, which commenced 2nd November to 3rd November, brought together an extraordinary array of dynamic women leaders, entrepreneurs, public servants and innovators, with speakers and participants drawn from different parts of the world.

    WIMBIZ’s Annual Conference, a prominent fixture for the past 22 years, has consistently stood out for its unwavering dedication to promoting gender equality, fostering leadership, and creating lasting change for women in Nigeria and beyond. It continues to be a driving force in empowering women to break boundaries and excel in all aspects of life.

    After the registration process, the Conference commenced at 9:00 am with a heartwarming rendition of the National Anthem performed by Bamike Adeyemi, popularly known as OBA, chorused by the over two thousand participants both physically and virtually present.

    Molade Adeniyi, the Chair of the Conference Planning Group, then delivered the welcome address. In her impactful speech, she emphasized that the WIMBIZ conference transcends being just an event; “This conference is not merely a gathering; it’s a platform for transformation. I urge each one of you to seize this opportunity to learn, connect, and empower yourselves. As you participate in the sessions and engage with our speakers and fellow delegates, remember that you are part of a global movement of women.” She passionately conveyed, “Gender is not a limitation but a strength,” and she encouraged everyone present to “commit to breaking down barriers.”

    Next, the Conference Chairperson, Bimbo Oloyede, took the stage. She shared a motivational mantra, “I AM,” comprising the letters A to Z, focusing on personal empowerment. She inspired everyone with words like “Aware,” “Distinctive,” and “Triumphant,” urging them to nurture qualities and skills that promote personal growth. “We need to be awesome people with a solid foundation so we can thrive,” she stressed.

    The keynote speaker, Paul Onwuanibe, Group CEO of Landmark Africa Group, delivered a rousing speech. He shared his 8 principles, 5 tools, and 3 confessions, providing deep insights. He underlined the importance of daring to dream

    “You must dare to dream. Not all dreams will become a reality, but dreams will never become a reality if you do not dare to dream in the first place.” He also recounted stories of resilience and mission-possible achievements. Paul concluded with a resounding message: “The opportunity of a lifetime can only be realized in the lifetime of that opportunity.”

    Hansatu Adegbite, the Executive Director of WIMBIZ, presented her director’s report. She expressed deep gratitude to all the attendees and gave a heartfelt shout-out to the behind-the-scenes heroes comprising her staff at the WIMBIZ HQ and the planning committee, who made the conference a seamless experience. Hansatu passionately discussed WIMBIZ and its incredible and impactful journey over the years, emphasizing that the organization is a real testament to the growth of a seed sown 22 years ago. She underlined that the WIMBIZ story “is in the seed that each and every delegate member carries.” and tagged the WIMBIZ 2023 year a  “SHENDU year”, which translates as “DEPTH of PROFUNDITY.” Hansatu also presented an award to First Bank Plc for their enduring partnership with WIMBIZ since its inception.

    WIMBIZ also took the time to honour and celebrate Female Pioneers in the creative industry and the aviation sector. Chief Ibidun V. Alison, a creative industry veteran, was recognized for her contributions. Additionally, Captain Chinyere Kalu MFR, a pioneer Nigerian Female Commercial Pilot; Hauwa Danbo Musa, a pioneer fully licensed female air traffic controller; and Late Christiana E. Stallings, a pioneer Nigerian Female Air Hostess, were acknowledged for their significant impact in the aviation industry.

    During the two-day event, Five plenary sessions, two deep dive sessions, WIMBIZ conversations session and the highly anticipated debate was held. All of these sessions tackled critical focus areas:

    PLENARY 1: NAVIGATING THROUGH RUGGED MALE-DOMINATED INDUSTRIES: This session addressed the challenges of working in male-dominated industries and the necessary skills to overcome them. Panelists shared personal experiences and discussed strategies to combat gender bias and shatter stereotypes while establishing a strong presence as women in these fields.

    PLENARY 2: GRITT (GETTING RESULTS IN TOUGH TIMES): STORIES OF TRIUMPH: This session celebrated resilience, determination, and perseverance in challenging circumstances. It underscored the power of GRIT and its role in achieving remarkable success. Panelists shared personal stories of triumph, the obstacles they faced, and how they overcame adversity.

    PLENARY 3: COLLABORATE: BUILD STRONG ALLIANCES THAT LAST: This session focused on the strength of collaboration and the benefits of creating enduring alliances. It emphasised the significance of working together, forming partnerships, and leveraging collective strengths to achieve common goals. Panelists shared their experiences and insights on successful collaborations and discussed effective strategies for building and nurturing alliances.

    PLENARY 4 – PERSONAL EQUILIBRIUM: SELF-CARE IN A VUCA WORLD: This session emphasised the importance of self-care, particularly for women, and underscored the need for practices like mindfulness, resilience-building, and work-life balance to flourish in a VUCA (Volatile, Uncertain, Complex, Ambiguous) world.

    PLENARY 5 – WOMENPRENEURS: FROM START-UP, SCALE-UP TO SUCCESS: Entrepreneurs on this panel shared their remarkable journeys from starting their businesses to achieving remarkable success and scaling up. They provided valuable insights on various aspects of entrepreneurship, including funding, networking, and strategic decision-making.

    DEEP DIVE SESSION 1: MODERN-DAY CHALLENGES OF PARENTING & RAISING FAMILIES ACROSS BORDERS: This session delved into parents’ unique difficulties in raising families in multicultural or transnational settings. It sheds light on the complexities, opportunities, and strategies of navigating these modern challenges.

    DEEP DIVE SESSION 2: TRANSGENERATIONAL SUCCESSIONS FOR SUSTAINABILITY & IMPACT: This session explored the importance of successful transitions and continuity in family businesses, organisations, and initiatives across generations. It highlighted strategies, challenges, and best practices for ensuring sustainable and impactful succession.

    WIMBIZ CONVERSATIONS: EVOLVE: TAKE GIANT STRIDES was an insightful session moderated by Bimbola Wright, Non-Executive Director Ecobank Plc. Jette Bjerrum, Consul General and Head of Mission, Royal Danish Consulate General, Lagos and Leena Pylvanainen, Ambassador of Finland to Nigeria and the Economic Community of West African States (ECOWAS), were members of this esteemed panel. They both spoke about how women should push themselves beyond their comfort zones and aim for substantial progress. Leena reiterated, “We have to be able to ask for what we deserve. Don’t be afraid to ask,” Jette further stressed.

    The much-anticipated Debate, titled “ARTIFICIAL INTELLIGENCE – FRIEND OR FOE?” was a thrilling and interactive session. Moderated by Foluso Gbadamosi, Executive Director at Junior Achievement Nigeria, the session saw the debaters fiercely discussing the role of AI. Fisayo Fosudo, a Tech & Finance Creator, and Habibah A. Waziri, Founding Partner of TTLabs & CEO of BGR Consulting Ltd, argued against AI. Conversely, Tobi Ayeni, a Digital Strategist and founder of MissTechy, and Victor Madu, a Tech Content Creator, stood as AI’s friends. After an intense back-and-forth with compelling counterpoints, the “foes” of AI, as decided by the audience, emerged as the victors.

    The WIMBIZ conference also featured a raffle draw with different prizes up for grabs. Some of the prizes won were; A brand-new TECNO phone, weekend getaways at the Eko Hotel, and millionaire grants. Notable winners include Oluwatosin Ajibade, founder of Olori Supergal, who won one million naira from the raffle draw sponsored by Unilever Plc, while Aladesuyi Ademidesola, founder of Bloom Everywhere and Dr. Eziafakaku Nwokolo, founder of Shades of Life Foundation carted home one and two million naira in grant prizes respectively.

    The conference was brought to a close by Bisi Adeyemi, Chairman of the Board of Trustees at WIMBIZ. She expressed profound gratitude to all the delegates, members, speakers, corporate sponsors and esteemed guests for making the conference memorable and impactful. She invited the combined powerhouse of the conference planning group and WIMBIZ HQ team to the stage. “This has been made possible by the sheer grit and tenacity of a special group of women and a few men, who have shown us that nothing is indeed impossible if you put in all that is required and, of course, with God on your side.” She remarked.

    The curtains were drawn to a close as they took their final bow, and the after-party commenced. 

  • MultiChoice encourages innovative climate-change solutions to enter the 2024 Earthshot Prize and stand a chance of winning a £1 million prize

    MultiChoice encourages innovative climate-change solutions to enter the 2024 Earthshot Prize and stand a chance of winning a £1 million prize

    Global environment-saving initiative, The Earthshot Prize, is calling innovators, entrepreneurs, community leaders and activists who are working to find cutting-edge solutions to climate change to submit their entries to the 2024 edition of the competition.

    The Earthshot Prize, a global environmental prize to discover, accelerate, and scale ground-breaking solutions to repair and regenerate the planet, is awarded annually to five winners, each receiving a R20 million (£1 million) prize grant to scale their projects.

    MultiChoice, the official African broadcast partner and member of The Earthshot Prize Global Alliance, is issuing a call for entries from African organisations who are doing scalable and impactful work aimed at repairing and regenerating the planet to enter into any of the five categories of the Earthshot Prize: Protect and Restore Nature, Clean our Air, Revive our Oceans, Build a Waste-Free World and Fix our Climate.

    As an official nominator, MultiChoice has established an entry portal and asks that all submissions be submitted by 30 November 2023. Representatives from MultiChoice will then review these entries and officially nominate selections directly to The Earthshot Prize.

    Last year, a total of 108 entries from Africa were received and two have made it to the final stage of the 2023 leg. These include ABALOBI and Freetown the Treetown who were chosen from over 1,300 nominees.

    Since its inception, five African organisations have been selected as finalists namely, Reeddi Capsules (from Nigeria), Pole Pole Foundation (from the Democratic Republic of Congo), ROAM, Sanergy and Mukuru Clean Stoves (from Kenya). In 2022 Mukuru Clean Stoves won the Clean Our Air Earthshot. Mukuru Clean Stoves is a start-up providing cleaner-burning stoves to women in Kenya to reduce unhealthy indoor pollution and provide a safer way to cook.

    In addition to the R20 million (£1 million) prize, winners also benefit from a global network of professional and technical support to scale their work. This includes access to resources across numerous professions and sectors including manufacturing, retail, supply chains, legal advice, digital technology, business strategy and government relations via The Earthshot Prize Global Alliance.

    Each year, The Earthshot Prize launches a global search for breakthrough solutions, with a worldwide network of more than 350 nominating individuals and organisations from 66 countries tasked with ushering the process through.

    At MultiChoice, we are driven by our purpose to Enrich Lives, therefore the future of the African continent, its natural resources, and our communities require that we work together with our partners to create a world where everyone thrives for generations to come. It is for this reason that we are not only urging African innovators to enter the environmental prize, but we have also partnered with The Earthshot Prize to help accelerate and spotlight the ingenuity and ambition of innovators, activists and scientists across Africa who are working to address the climate crisis on the African continent and around the world.

  • Microsoft-backed FAST Accelerator Launches 2nd Cohort of Artificial Intelligence (AI) Program to Boost African Startups

    Microsoft-backed FAST Accelerator Launches 2nd Cohort of Artificial Intelligence (AI) Program to Boost African Startups

    Flapmax, a leading artificial intelligence (AI) company on a mission to enrich the lives of everyone on the planet through innovation, has announced the launch of the second FAST Accelerator program. It is designed to support and fund the next generation of innovative companies and entrepreneurs throughout the African continent. Building on the success of the inaugural program, FAST Accelerator 2023 offers a transformative experience for startup founders seeking to scale rapidly and sustainably. More than 800 startups from 25+ countries applied to join the inaugural program.

    “FAST Accelerator represents our commitment to supporting ambitious entrepreneurs who are driving sustainable innovation across the continent of Africa and emerging markets,” said Dr. Dave Ojika, CEO of Flapmax. “Through this comprehensive program, we are dedicated to connecting startup founders with a global community, industry-leading technology, and the essential startup funding necessary to forge the path towards local, sustainable, and AI-powered technological solutions of the future. Together, we unite in building a brighter future for Africa and the world, fueled by the transformative power of technology and innovation.

    In partnership with Microsoft, the FAST Accelerator initiative combines business development, technology integration, funding opportunities, and community building to empower startup companies based in Africa and emerging markets to deliver sustainable solutions. It also provides dedicated venture funding and invaluable mentorship opportunities. The top ten FAST Accelerator 2023 startup participants will be selected for a five-week program in Silicon Valley, California, to forge relationships with industry experts, potential investors, and global partners through Flapmax’s vibrant ecosystem of over 600 corporate partners.

    Startup leaders are encouraged to apply to FAST Accelerator this July. To be eligible, startups must be based in Africa, prepared to scale or expand throughout the continent, and have demonstrated established product-market fit and revenue generation. The program is prioritizing business-to-business startups for this cohort, with the areas of healthcare, fintech, Edutech, and industrials/agtech of particular interest. Sustainability and deeptech startups are also encouraged to apply.

    Program participants must be available and committed for the entire duration of the program, which includes a two-week virtual bootcamp in August 2023, followed by a five-week accelerator program in October in California. The journey begins with an intensive virtual bootcamp designed to validate startup ideas, refine business models, and prepare founders for the next stage of growth. Next, the top startups are selected to join a five-week accelerator program on the ground in Silicon Valley to experience unparalleled acceleration, networking, and fundraising opportunities, while immersing themselves in the dynamic startup ecosystem of Silicon Valley.

    “As a HR technology company dedicated to building world-class software solutions for businesses, we are delighted to have participated in the transformative FAST Accelerator program in 2022,” stated Lekan Omotosho, co-founder and CTO of Pade. “The technology and business masterclasses offered through Flapmax Learn were truly exceptional, and the invaluable network of mentors and advisors has played a significant role in our growth. With the successful raise of $500,000, we are poised to scale our cutting-edge HCM solutions across the continent, catering to both SMEs and large corporations.”

    “At Snark Health, we are pioneering a novel approach to healthcare payment solutions, and our collaboration with FAST Accelerator has been instrumental in driving our growth,” said Edwin Lubanga, co-founder and CTO of Snark Health. “Through FAST’s support, we have gained access to critical infrastructure, enabling us to deploy our services at scale. Working in conjunction with Microsoft and Azure services and partnering with hospitals in Kenya, we are determined to deliver equitable and affordable healthcare to tens of thousands of SMEs and health centers across Africa, creating a lasting impact on the healthcare landscape.”

    “Our collaboration with FAST Accelerator has opened doors to an extraordinary opportunity, one that I fully endorse,” said Innocent Orikiiriza, founder and CEO of KaCyber Technologies. Guided by FAST Accelerator, we have developed a comprehensive sustainability framework that now underpins our business operations, emphasizing the vital importance of sustainability in the public transport sector. Additionally, we have achieved a major milestone of processing 11 million travel tickets to date, amounting to a transaction value of 200 billion Ugandan shillings, immensely bolstering our revenue pipeline. With major corporate partnerships underway, we eagerly anticipate unlocking even greater possibilities with FAST as we work towards realizing a seamless and sustainable mobility experience throughout Africa.”

  • MarkHack 2.0 Climaxes as Organizers splash $50,000USD Seed Capital on Top 5 Finalists

    MarkHack 2.0 Climaxes as Organizers splash $50,000USD Seed Capital on Top 5 Finalists

    Three months of innovative pitch sessions, workshops, masterclasses and mentorship sessions aimed at helping participants develop skills and provide them with the resources needed to transform their ideas into market-ready products, climaxed with the emergence of Aremu as the winner of MarkHack 2.0.

    Aremu, a robo-marketing tool that helps businesses run experiments to improve their product metric and conversion rate, beat nine (9) other startups to clinch the grand prize of $5,000 at the grand finale of the event in Lagos, Nigeria.

    Ozi, a web application that helps businesses acquire, engage and manage customer conversions all from one place emerged as the first runner-up, carting away the sum of $3000 while Zander, a web-enabled and user-customized response AI tool for automating social media marketing/management and all brand campaign processes emerged as the second runner-up with a prize of $2000.

    The top 5 finalists will undergo a 3-month incubation program at the Eko Innovation Center, and receive a seed capital of $50,000 USD. Mentorship and free working space at the Eko Innovation Center and other consolation prizes also await the other finalists.  

    Themed ‘Unlocking the Power of the Creative Economy’, with focus areas on Immersive Experience (XR), Content Creation and Robo Marketing, MarkHack 2.0 is the second edition of Nigeria’s first and biggest marketing and media hackathon, MarkHackcurated by GDM Group and Eko Innovation Center. It climaxed on a disruptive note, with 10 startups engaging in an innovative pitch contest of ideas before industry experts.

    Tosin Adelowo, co-founder of Aremu stated that the win serves as a validation of the enormous potential in Nigeria’s creative sector, and commended Eko Innovation Center for the MarkHack platform. “Indeed, this win is a validation that team Aremu can bring this great idea and vision to life with the potential of becoming a global brand in a few years”, Mr. Adelowo remarked.

    He further expressed appreciation to the organizers of MarkHack for creating the platform that provides an opportunity for new ideas to be birthed in the creative space.  

    Victor Afolabi, the curator of MarkHack and Founder of Eko Innovation Center and Art of Technology Lagos, reiterated his vision for disrupting Nigeria’s creative industry with MarkHack 2.0 by capitalizing on the huge economic potential that abounds in the sector.

    “The creative industry drives innovation and growth, which makes it a powerhouse for the Nigerian economy; and MarkHack 2.0 aims to disrupt the creative economy by providing a landing space for marketing and media professionals, tech enthusiasts, creators, innovators and industry leaders to collaborate and explore new and innovative ways to steer us into a future fit creative economy”, Mr. Afolabi stated.

    With the rise of digital media, social platforms, and the increasing use of technology, the creative industries stand among the most dynamic sectors in the world economy, thereby providing new opportunities for developing countries Like Nigeria to leapfrog into emerging high-growth areas of the world economy.

    The event gathered innovators, techies, entrepreneurs, policymakers, media mavens, marketing professionals and corporate moguls who collaborated to create innovative solutions to real-time marketing and media challenges. It was characterized by igniting imaginations, unleashing tech’s potential, crafting creative marvels, illuminating the media sphere and revolutionizing innovation.

    It was an unforgettable evening of discovery, collaboration and boundless excitement. The event’s second edition recorded over 1,365 applications from 92 locations across Europe, Asia and Africa, all of which were judged by 22 industry experts.

    The curator of MarkHack, GDM Group is a leading marketing and media technology company renowned for bespoke service offerings ranging from marketing tech solutions, big data management and 360 integrated marketing services.

    With MarkHack 2.0, GDM Group and Eko Innovation Center have reaffirmed their purpose of supporting enterprises by leveraging innovation and technology at the heart of businesses.

  • Fidelity Bank announces 2nd edition of Fidelity International Trade and Creative Connect (FITCC)

    Fidelity Bank announces 2nd edition of Fidelity International Trade and Creative Connect (FITCC)

    …takes trade expo to Houston, Texas, USA in October 2023

    Building on the resounding success of the maiden edition of the Fidelity International Trade and Creative Connect (FITCC) in London, UK last November, leading financial institution, Fidelity Bank Plc, has announced plans to host the second edition of the trade expo in Houston, Texas in the United States of America.

    Tagged FITCC Houston, the event would hold on Wednesday, 18th and Thursday, 19th October 2023 at the /George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010.

    Situating the critical role FITCC plays in the bank’s export trade strategy, the Managing Director/Chief Executive Officer, Fidelity Bank Plc, Nneka Onyeali-Ikpe stated that, “Fidelity Bank is very much invested in supporting export trade and has consistently demonstrated this by the interventions and innovations that we bring to the space. Beyond the instrument of financing, some of our key interventions in the space revolve around business management capacity development with initiatives like the Export Management Programme (EMP) which we host in partnership with the Lagos Business School and the Nigerian Export Promotion Council (NEPC) and market access development initiatives like FITCC.”

    To promote Nigeria’s non-oil exports and facilitate integrations to global supply-chain networks, FITCC Houston will host leading businesses, entrepreneurs, investors and regulators operating in the commodity, service, creative, fashion and FinTech sectors in Nigeria and the United States. The participants would explore partnership, co-creation and foreign direct investment opportunities.

    Participating businesses will benefit from curated market access engagements, investment and partnership opportunities, extended brand exposure before a global audience as well as speaking and networking opportunities amongst a long list of benefits in FITCC Houston.

    Interested businesses and participants are encouraged to register for the conference at www.fidelitybank.ng/fitcc .

  • Inaugural West Africa Deal Summit generates commitments to deploy Catalytic Capital to close Small and Medium Enterprise (SME) financing gap

    Inaugural West Africa Deal Summit generates commitments to deploy Catalytic Capital to close Small and Medium Enterprise (SME) financing gap

    Impact Investing Ghana (IIGh) and the Nigeria National Advisory Board for Impact Investing (Nigeria NABII) together with impact investing task forces in Burkina Faso and Senegal hosted the inaugural West Africa Deal Summit to drive catalytic capital to fill the $331 billion Small and Medium Enterprise (SME) financing gap in Africa. The event which brought together over 200 delegates from across West Africa saw the issuing of a joint statement and the launch of Catalytic Capital Africa (2CAfrica) a campaign to deploy Catalytic Capital to grow SMEs across Africa. Progress will be reviewed at the 2nd West Africa Deal Summit in Lagos, Nigeria on 12th and 13th November 2024.

    The summit brought together a diverse group of stakeholders, including investors, entrepreneurs, policymakers, and development practitioners from the private sector, development finance institutions, government, and civil society organizations to explore and accelerate innovative approaches to increase catalytic capital for SMEs and to identify investment opportunities with high potential for social and environmental impact. It was held at the Labadi Beach Hotel in Accra, Ghana.

    Speaking at the summit, Mr. Alex Aseidu, Board Chair of Impact Investing Ghana highlighted the need for visionary leadership, good governance and patient capital to deliver jobs for Africa’s young people. He called for delegates to back their commitments with action-financing and practical market-based solutions that can deliver jobs and address some of the pressing social problems Africa faces.

    Mrs. Ibukun Awosika, Board Chair of Nigerian NABII called for honest conversations about why the SME financing gap persists and what has not worked in driving appropriate financing to SMEs. She called for more equitable partnerships between foundations, governments, international development and DFIs and other Catalytic Capital Providers on one hand and local ecosystem actors on the other hand to amplify local solutions and ensure sustainability and impact.

    In a joint statement reiterating their commitment to increasing the flow of catalytic capital in the sub-region, delegates committed to deploy capital and called on catalytic capital providers to join them in building local financing ecosystems and increasing financing for SMEs. They launched the three-year Catalytic Capital Africa (2CAfrica) campaign to track commitments and progress.

  • Exquisite Rooftop Lounge, SKY GARDEN LAGOS set to boost nightlife

    Exquisite Rooftop Lounge, SKY GARDEN LAGOS set to boost nightlife

    It was a night like no other in the city of Lagos on Friday, May 19th 2023, as the nightlife experience of residents was elevated with the grand opening of an exquisite rooftop lounge, SKY GARDEN LAGOS, located at 1089b Adeola Odeku Street, Victoria Island.

    SKY GARDEN LAGOS offers an experience akin to a garden in the sky where guests are transported to a tropical paradise with its lush greenery, beautiful décor and unbeatable vibes. Entrepreneurs, business executives, working-class professionals and guests stormed the grand opening to have a taste of the experience.

    Nashaira Belisa, Founder of SKY GARDEN LAGOS and CEO of Crepaway Nigeria stated at the opening that the idea behind the rooftop lounge, SKY GARDEN is to offer an experience to consumers and guests that will stimulate their senses in a safe and cosy atmosphere while having fun. “At SKY GARDEN LAGOS, we are offering you a personalized experience where you feel safe in a private area to unwind with friends or business partners in any situation. We are open for the middle-class, working-class professionals and entrepreneurs seeking to unwind after work or business with a few drinks or our delicious hookah flavours”, she said.

    For the future expansion of the business, Ms. Nashaira added that the franchise is looking forward to expanding its operations by multiplying its outlets around Nigeria and beyond as it currently employs more than 30 staff, thereby helping to reduce unemployment as well as offering training opportunities for its workforce.  

    It was an unforgettable and extraordinary night of friends, laughter, music and good vibes. It was characterized by laid-back conversations, sipping refreshing drinks, and experiencing the art of hookah of diverse flavours, making every moment a cherished memory. The lounge is also open for football fans seeking a pleasant and comfy atmosphere to catch up on live football games like the UEFA Champions League, English Premier League and other football games or competitions.

    Whether you are looking for the perfect spot for a night out with friends or a cool spot to unwind, SKY GARDEN LAGOS has got you covered. The lounge opens at 4 pm and closes shortly after midnight.

  • NGX, CBN, SEC to Promote Financial Literacy with Global Money Week

    NGX, CBN, SEC to Promote Financial Literacy with Global Money Week

    As Nigeria joins countries around the world to celebrate the annual Global Money Week, Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC) will be supporting the Central Bank of Nigeria (CBN) with a series of educational programs and events aimed at enhancing financial literacy in children and youths whilst driving financial inclusion.

    A Financial Literacy Talk will be held at the Exchange on Tuesday, 21 March 2023 with secondary school students from across the country in line with this year’s theme “Plan your money, plant your future.” The session will cover topics on personal finance and investing, trading with technology on the stock market, and the role of regulation in the capital market. These will then culminate in a Closing Gong Ceremony, where the students will “Ring the Bell” for Global Money Week.

    Also planned by NGX as part of activities for the week, is a Twitter Spaces session that will hold on Saturday, 25 March 2023 by 7:00pm to educate youths, including Millennials and Generation Zs on responsible investing. This will have a focus on sustainable products in the capital market and making the right financial decisions that consider the environment, society and spur economic growth.

    The Head, Marketing and Corporate Communications, NGX, Mr Clifford Akpolo, speaking on the sidelines with our correspondent, said, “NGX, as the sustainable exchange championing Africa’s growth recognizes the potential of a financially literate youth population which is crucial to drive economic development. The Exchange places a high value on providing young people with the necessary resources to make informed financial decisions and is dedicated to supporting initiatives that promote sustainable spending habits and financial literacy. Our activities for the week have been structured to have an optimal impact and reach thousands of young Nigerians, both online and offline.”

    Partnering with CBN, SEC and NGX on its Global Money Week Initiatives are Miniemoney; Meristem Stockbrokers Limited and APT Securities Limited.

    Global Money Week is an annual global celebration initiated by Child & Youth Finance International (CYFI), with local and regional events and activities aimed at inspiring children and youths to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs. It also aims to empower the next generation to be confident, responsible and skilled economic citizens.

    “Plan your money, plant your future,” the official theme of GMW2023, is aimed at raising awareness about the importance of adopting a responsible, informed and forward-looking approach in making financial decisions. It also recognises that future individual financial well-being is strictly linked to the health of the planet and of the society as a whole.

  • Feature: How E-Commerce Is Providing Opportunities for SMEs in Nigeria

    Feature: How E-Commerce Is Providing Opportunities for SMEs in Nigeria

    Small and medium-sized enterprises (SMEs) are the backbone of any economy and play a critical role in driving sustainable growth. However, SMEs in Nigeria face many challenges that hinder their success and growth. Some of the most pressing challenges, according to a PWC survey from 2020, include obtaining financing, finding customers, and infrastructure deficiencies. Given these challenges, SMEs in Nigeria need to establish a strong digital presence to secure their future success.

    In recent years, the shift towards digital transformation has affected businesses of all sizes, industries, and locations. However, small enterprises tend to be less digitized compared to medium-sized companies and even less digitized than large corporations. This is partly because many digital tools and solutions are designed and priced for larger organizations, making it difficult for smaller businesses to keep up.

    In the past, small business owners relied on physical storefronts to connect with customers. However, with the increasing adoption of mobile devices and internet access, there is now an opportunity for small businesses to reach a wider customer base. Yet, many small businesses struggle to take advantage of this opportunity because they lack the knowledge or resources to create an online presence.

    Online platforms like Jumia have provided SMEs with an avenue to showcase their products and services to a national and even international audience. This opens up new revenue streams and helps SMEs to grow their customer base. SMEs can operate with a leaner cost structure as they can conduct their business online without needing a physical storefront. This allows them to focus on growing their business and reaching new customers, rather than worrying about high overhead costs.

    In addition to providing a platform for SMEs to connect with customers, e-commerce companies like Jumia offer several innovative solutions to support the growth of SMEs. JumiaPay, for example, acts as a payment solution provider, allowing merchants to conduct transactions seamlessly and receive payment in real-time. Jumia Logistics provides business owners with affordable delivery options, allowing them to fulfill orders swiftly and reach customers in remote locations. Jumia Advertising provides opportunities for SMEs to increase their brand visibility and grow their business through relevant and high-quality online advertising solutions.

    The impact of e-commerce on SMEs in Nigeria cannot be overstated. By providing access to a wider customer base and enabling merchants to reduce their overhead costs, e-commerce offers a valuable and sustainable solution for SMEs to overcome the challenges they face and secure their long-term success in the digital economy.

    E-commerce has also been particularly beneficial for SMEs in rural areas of Nigeria. The lack of physical infrastructure and limited access to markets in rural areas can make it difficult for these businesses to reach new customers and expand their customer base. However, with e-commerce, SMEs in rural areas can easily reach a global market, allowing them to increase their sales and grow their business. Online platforms allow these businesses to showcase their products and services to a wider audience, increasing their visibility and reach. Furthermore, e-commerce eliminates the need for SMEs in rural areas to invest in physical shops, reducing their overhead costs and increasing their profitability. This can help these businesses to overcome some of the challenges posed by their location and reach their full potential in the growing e-commerce market in Nigeria.

    Another way e-commerce has benefited SMEs in Nigeria is the ability to easily track and analyze sales data. With access to real-time data and sales reports, SMEs can quickly respond to market trends and consumer preferences, allowing them to remain competitive and capitalize on new opportunities. By analyzing sales data, SMEs can also identify their best-selling products and services and make informed decisions about inventory management and pricing strategies. This can help SMEs to reduce waste and increase profitability, allowing them to invest in their business and reach new customers. Additionally, access to data and analytics can help SMEs to make informed decisions about their marketing strategies, allowing them to effectively target the right customers and increase their online visibility. By utilizing these tools, SMEs can increase their competitiveness and reach their full potential in the growing e-commerce market in Nigeria.

    Additionally, e-commerce has made it easier for SMEs in Nigeria to receive payments from customers. This ease of payment processing not only helps SMEs to streamline their operations, but also increases customer trust and confidence in online transactions, thus leading to an increase in sales. The use of online payment service providers also eliminates the need for SMEs to handle cash, reducing the risk of theft and making the overall payment process much safer and more secure. Furthermore, online payment service providers offer various payment options, including debit and credit card payments, mobile payments, and bank transfers, allowing SMEs to cater to a wider range of customers and increase their sales potential. The availability of these payment options also provides greater convenience for customers, as they can complete transactions from the comfort of their homes or workplaces, making e-commerce a more attractive option for both SMEs and consumers in Nigeria.

    In conclusion, the growth of e-commerce in Nigeria has presented tremendous opportunities for SMEs to establish a digital presence and overcome the challenges that have historically hindered their success. As e-commerce continues to evolve and mature in Nigeria, we can expect to see SMEs play an even more prominent role in driving economic growth and creating new opportunities for entrepreneurs and consumers alike.