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Nigerian startups making international connections

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One of the most exciting things to see in 2019 is the fact that there are more and more companies originating from Nigeria that are starting to become more successful But, the most exciting thing to see is that they are not just starting to be successful locally, but are starting to make international connections. International connections are not significant just because they bring attention to the country, but because these are able to access larger pools of investment capital and thus are able to offer their better services to more people and, possibly even internationally. In order to bring the good news to everyone who needs to hear them, we are giving you a list of companies that have managed to garner some international attention and international clientele. The number and variety of companies are all over the place, so we are not going to be going into detail about them. We are just going to talk about how some of the companies are managing to get international attention by providing a list of games at Playamo Australia, getting investment from large international banks, or other interesting stuff.

Nigerian startups making international connections

A Nigerian logistics company

Kobo360 is a Nigerian freight logistics company that is aiming to change how things are transported in, out and around the country. It has a fleet of strong vehicles that transport freight goods all across the country and it has been active for a relatively short time. But this time, it has managed to garner the attention of local businesses as one of the most reliable businesses to deal with if you are looking to transport goods from one point in the country to the other. So, when the company decided to go looking for financial investment, it was easily able to show off its capabilities and portfolio to some of the biggest international investment banks. While there were companies that were not really interested in investing in the African region, there were those who saw value in it. After all, the local economy is one of the growing ones in the world, and it is showing quite a lot of promise. Which is where Goldman Sachs decided to intervene. It is not easy to transport freight goods across Africa. There are many issues that a driver faces on the way. Lack of infrastructure, issues with local bureaucracies, corruption often get in the way of a successful business. But, Kobo360 has somehow managed to avoid having to deal with these problems on a day to day basis successfully. This became enough of an impressive feat for the investment bank that it decided to invest $20 000 000 into the company, thus giving it the ability to grow to a size that would allow it to serve not just the entire country, but the entire region. The company is thus expected to become much more profitable over the next few years and contribute to the local economy in a much more significant way. With more people employed, more trucks deployed and more work to be done, this i\ a great development for Nigeria and the Nigerian economy, as much as it is an incredible success for Kobo360.

Nigerian FinTech

But the logistics companies are not the only ones getting attention on the international stage. Some of the most successful companies from Nigeria and some of the most successful start-up industries within the country have been the FinTech companies that are springing up left and right within the country. These Fintech companies are looking to start offering new kinds of services to Nigerians in order to make their lives and their work easier and cheaper. It is a hard thing for FinTech to take off in a country where a significant portion of the population does not employ electronic devices, but the population that does have these devices is demanding these apps. As a result, more and more Fintech companies are starting to appear within the industry, and it is getting crowded.

But while people do not know what to expect of the industry and don’t think it will be successful in any significant way, the proof of the success of the industry is rearing its head on its own. According to reports, recently the industry within Nigeria managed to raise around $300 000 000 within a year, and grow by 60% without much international help. And as the growth continues, so will the international attention continues to increase. It is an exciting time for the Nigerian Fintech companies that are looking to expand, as international investment banks are starting to look into getting to work with them, in order to produce positive results for the company. It seems like the Fintech industry within Nigeria is only going to be growing, as companies move outside of the borders of the country and expand their operations to other areas of Africa with significantly enough developed infrastructure to handle the internet and electric requirements to support this industry.

 

 

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Housing/Property

‘Why There Are Vacant Properties In Rivers’

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A Port Harcourt based real estate expert, Mr Atabebhunu Peters, has listed a number of reasons why many building properties are vacant in Rivers State.
Peters, who spoke to The Tide in an interview, yesterday, in Port Harcourt, noted that top on the list was the poor management of the security challenges in the state.
He explained that the security challenges in the state has not been adequately addressed and this has caused a lot of individuals and corporate bodies to leave the state.
According to him, “security challenges in the state play a role. A lot of people have left this state, companies have also left, that’s why you see these vacant properties littering the state.”
He lamented that even embassies have left the state which he said, has brought inconveniences to those seeking visas to foreign countries.
Peters also observed that the economic situaton of the country has also contributed to the housing challenge in the state, noting that in cases where the fortunes of a family have dwindled, they would be more concerned about feeding and, “not buying of properties’’.
He explained that due to the economic crunch being experienced in the country, some employers have downsized, making the affected workers to either move to smaller apartments or relocate from Port Harcourt city into the rural areas.
He also noted that the mortgage system in the country was not favourable to real estate practitioners, pointing out that in other climes, properties were built by developers with mortgage funding while prospect buyers purchase and pay back within 20-30 years.
Meanwhile, the real estate expert also identified double taxation as a bane to the development of the real estate industry, saying “these costs would be built into the cost of the property and it makes the average worker not to be able to afford the property, they thereby stand vacant for months or years.”
He expressed unhappiness that in spite of government outlawing what is popularly known as “marching ground,” community members were still demanding it which he noted sometimes runs in to six figures.
He regretted that many youths in the state allowed themselves to be used to destroy the once peaceful disposition of the state and appealed to them to engage themselves with gainful ventures that would not only build the state’s economy but also give them financial freedom.

 

Tonye Nria-Dappa

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Housing/Property

UN Moves To Provide Advanced Urbanisation In Africa …Says 90% Of Africans Live In Informal Housing

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The United Nations Economic Commission for Africa (ECA) has urged concerted efforts to create advanced urbanisation as an estimated 90 per cent of Africa’s population live in informal housing.
Director of the Africa Centre for Statistics at the ECA, Oliver Chinganya, made the call during a two-day Global Forum on Human Settlements (GFHS 2019) in Addis Ababa, recently.
The theme of the forum is “Sustainable Development of Cities and Human Settlements in the Digital Era”.
Chinganya stressed that “human settlement must be thought of in terms of quality of life and levels of satisfaction of basic needs’’.
The director deplored the fact that an estimated 60 to 70 per cent of urban households live in slums and close to 90 per cent of the population in Africa live in informal housing.
“This is a large share of the population that live in overcrowded, unhealthy and risky environments,’’ the ECA official said.
Chinganya added that the informal housing across Africa “lack the basic services and social protections that many of us here take for granted, such as clean and safe water, a decent toilet, title deeds or rental agreements, among others’’.
Chinganya further said that all sorts of discussions on smart cities and the digital citizenry must be conducted with the understanding that only a third of Africans are on the internet.
“The digital infrastructures are far from the world’s best in terms of speed, volume, and reliability.’’
Over the past two days, close to 500 experts and policymakers, who are drawn from 52 countries worldwide, have been sharing innovative policies, strategies, technologies and examples on sustainable cities and human settlements towards the betterment of cities and the lives of urban dwellers.
The forum, among other things, explored how to harness huge opportunities arising from the digital revolution to upgrade the planning, construction and management of cities and human settlements, and make them greener, smarter and more sustainable.

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Housing/Property

Architect Laments Activities Of Quacks In Building Industry

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A design expert in the real estate sector of the economy, Mr Ebi Bozimo, has decried the activities of quacks in the building industry, describing it as a menace to the growth of the industry in the country.
Bozimo made this declaration in a chat with The Tide on Monday, in Port Harcourt.
Bozimo, who is the Vice Chairman, Nigeria Institute of Architects (NIA), Rivers Chapter, noted that the activities of quacks in the built environment was contributory to the incessant building collapse in the country and vowed that NIS would clamp down on them.
He said that architecture was pivotal to housing development and should not accommodate quacks to plague its growth.
Bozimo, who is also the Project Manager of Rainbow Town Limited in Port Harcourt, however, assured the commitment of architects towards improving the aesthetics of the state, while not compromising the structural integrity of buildings.
He explained: “the job of an architect is to design functional spaces that are aesthetically appealing both to the property owner and the environment from the start of the project to finish with durability of the building in mind’’.
He urged architects to constantly develop themselves in order to keep abreast with modern techniques and practices so as to give their clients value for their money.

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