Business
Nigerian startups making international connections
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
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.
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos