Business
Four Nigerian Startups Selected for NBA Africa Startup Accelerator Demo Day
NBA Africa has announced 10 startups from seven African countries, including four from Nigeria, to participate in the “Triple-Double: NBA Africa Startup Accelerator” Demo Day in New York City on Sept. 25, 2024. This program, launched in April 2024, supports Africa’s tech ecosystem and young entrepreneurs.
The Nigerian startups selected are Buzza, which provides digital solutions for sports organizations, Festival Coins, a no-code event registration platform, Naemo Global, a sports scouting platform utilizing AI, and Salubata, which creates eco-friendly shoes from plastic waste. These companies will pitch their solutions to international industry leaders, with four winners receiving financial backing, mentorship, and further development opportunities through NBA Africa.
The Demo Day will feature startups from other countries, including Rwanda, Côte d’Ivoire, Kenya, Ghana, Egypt, and South Africa, all working on innovative solutions in event management, digital technology, and more.
NBA Africa CEO Clare Akamanzi praised the talent and creativity of the finalists and reaffirmed NBA Africa’s commitment to supporting African startups, particularly those in the sports and creative industries. The initiative, operated by ALX Ventures, provides mentorship and capital to help drive growth for African tech entrepreneurs.
Winners will be announced at the event.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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