Business

Three Nigerian Startups Get $220,000 Investment from NSIA

Published

1 year ago

July 22, 2024

The Nigeria Sovereign Investment Authority (NSIA) has awarded the sum of $220,000 to three Nigerian startups through the second edition of its NSIA Prize for Innovation.

The winners of the prize emerged on Saturday during the final Demo Day where 10 selected startups pitched their innovation.

Sycamore, a peer-to-peer lending fintech platform that leverages technology to connect lenders and borrowers, won the grand prize of $100,000. Led by Babatunde Akin-Moses, Sycamore was founded in 2019 to empower African businesses and propel economic growth by bridging the credit gap with technology.

Kunda Kids, an edtech media company focused on providing well illustrated engaging African-inspired digital content to children, parents, and libraries globally – followed closely at the second position with a combined prize value of US$70,000.

PaveHQ, a learning and career ecosystem that supports students to achieve a successful career came third with a total combined prize value of US$50,000, bringing total combined prize value to US$220,000.

According to a statement from the NSIA, the emergence of the winners followed an assessment of pitches from ten innovators to an expert panel of judges drawn from the business and technology ecosystem.

It added that the evaluation was based on key metrics including market potential, team composition, traction, and competitiveness of the solution proposed.

Speaking after the Demo Day, the Managing Director and Chief Executive of NSIA, Aminu Umar-Sadiq, shared that ‘the NSIA Prize for Innovation was conceptualized in recognition of the pivotal role that technology plays to shape positive socio-economic outcomes, strengthen multiple sectors, significantly expand opportunities across multiple sectors and re-position homegrown talent for global relevance.

“Now in its second year, the NSIA has so far received commendable attention from the tech eco-system as the registration of credible start-ups across Nigeria to join the program has grown from 2,000 to over 7,000 entries within the current year.

“The NPI program validates the Authority’s commitment to propel innovation, support entrepreneurship, and position young Nigerians within the technology eco-system for global relevance,” he said.

Umar-Sadiq stated that this year’s program has been expanded to include a five-week all-expense-paid training at Draper University, Silicon Valley USA, to enable all top ten innovators to expand their horizons and potentially deliver solutions on global platforms.

The Nigeria Sovereign Investment Authority is Nigerian government investment institution established by the Nigeria Sovereign Wealth Act (2011), to manage and invest in a diversified portfolio of medium and long-term funds.

Business

OPEC+ Output Dips as Nigeria, Libya, Venezuela Miss Targets

Published

2 weeks ago

November 5, 2025

By Onyeanya Ebere Immaculata

Crude oil production in Nigeria, Libya, and Venezuela fell in October, slowing overall OPEC+ output and undermining the group’s monthly targets.

Reuters reported that OPEC+ added only 30,000 barrels per day (bpd), in October, down sharply from September’s 330,000 bpd increase. Nigeria’s output, which briefly reached 1.5 million bpd in July, slipped back to 1.3 million bpd in September.

NNPCL CEO Bayo Ojulari attributed the decline to industrial disputes involving Dangote Refinery and petroleum unions NUPENG and PENGASSAN.

Oil prices fell amid global market weakness and a stronger U.S. dollar. Brent crude dropped 6 cents to $64.38 per barrel, WTI lost 10 cents to $60.46, and the OPEC Basket fell 0.26 cents to $66.72.

Analysts noted that rising U.S. crude inventories and negative risk sentiment pressured the market.

OPEC+ plans to raise output by 137,000 bpd in December but will pause increases in early 2026, a move analysts say is unlikely to boost prices in the near term.

Business

Onafowokan Unveils Africa’s Largest Fibre-Optic Cable Plant in Ogun

Published

2 weeks ago

November 4, 2025

By Samson Adeyanju

Chairman of Coleman Technical Industries, Asiwaju Solomon Onafowokan, has inaugurated Africa’s largest fibre-optic cable factory in Sagamu, Ogun State, to boost Nigeria’s digital infrastructure and reduce reliance on imports.

The launch, which marked Coleman’s 50th anniversary, drew senior government officials and telecom executives.

The 350,000-square-metre facility can produce 9 million kilometres of fibre-optic cable yearly, alongside smelting units for aluminium and copper.

Onafowokan said the project reinforces Coleman’s commitment to local manufacturing and supports the government’s digital economy agenda, targeting ₦15 trillion in domestic and export revenue.

President Bola Tinubu, represented at the event, lauded the project as a milestone for industrial diversification and broadband expansion.

The Minister of Communications, Dr. Bosun Tijani, also announced a $500 million World Bank-backed partnership to deploy 90,000 kilometres of fibre nationwide.

Business

Private Sector Key to Africa’s Growth Under AfCFTA -Randle

Published

3 weeks ago

October 29, 2025

By Omoniyi David

Chairman of the NEPAD Business Group Nigeria (NBGN), Bashorun J. K. Randle, has emphasized the vital role of the private sector in driving Africa’s economic growth under the African Continental Free Trade Area (AfCFTA).

Randle made the remark ahead of a high-level business forum scheduled for October 30, 2025, at Eko Hotels & Suites, Lagos, themed “Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty.”

He said Africa’s economic transformation depends on the active participation of private enterprises, noting that the forum seeks to develop strategies to boost intra-African trade, industrial competitiveness, and inclusive prosperity.

According to NBGN, the event will promote partnerships and dialogue on policy alignment, trade facilitation, investment promotion, and value-chain development among African economies.

Participants are expected from government agencies, financial institutions, business associations, and regional economic communities across the continent.