Blog - Afrikan Heroes

Manufacturers Urged to go for the Highest Standards

August 27, 2019

Manufacturers Urged to go for the Highest Standards

The only way local manufacturers can remain competitive in a fast changing world is go for highest standards; this was the submission of business analysts at a one day seminar on ways to get African exports to compete favourably in the international market. The event which took place in Cairo Egypt had in attendance manufacturers from different parts of the continent. The event jointly hosted by the African Organisation for Standards (ARSO), the United Nations Economic Commission for Africa (UNECA) and the African Union (AU) gave insight on the best way to go. To this end, efforts are being made to that more of such seminars led by the Workshop on Harmonisation of Trade Standards to facilitate intra-African trade in the context of the AfCFTA will come on-stream soonest.

Professor Ameenah Girub-Fakim, former President of Mauritius says standards harmonisation will create a quality culture in manufacturers and SMEs to boost market competitiveness. She, however hinged this on the provision of quality infrastructure. She notes that standards have become the default form of trade barrier which she traced to the rise of non-tariff barriers to trade replacing overt trade quotas and tariffs.

Some countries are emulating rich, advanced economies that have perfected the use of standards as barriers to trade, which hurt the least developed countries. Prof. Girub-Fakim says specifications are so designed to be so complex that African businesses and exporters wishing to comply are forced to embark on product modification and adjustments which take several months or years to accomplish. “Such tactics become market entry barrier, especially when they are not required of domestic firms,” she says.

Ambassador Albert Muchanga, African Union (AU) Trade Commissioner stressed the importance of intra-African trade as a public good. He argued that trade can be facilitated by the harmonization of standards subscribed to by all players in the envisaged broader, pan-African unified market. Standardization, he contended, would smooth the flow of trade within the continent. “How else would we trust our goods and products?” he asked, rhetorically.

The AU, he said, would get its members on board to implement agreements reached on standards while also working with the ARSO. For Dr Eva Gadzikwa, ARSO President, momentum is on the side of the AfCFTA. She however reminded panelists that success would rest not only on the standardization of goods but also on free movement of persons.

Speakers at the various sessions emphasized the buy-in of the private sector, especially SMEs which do not have the financial muscle and the technical resources to meet rigorous and stringent conditions. Gerald Masila, Executive Director and Board Secretary, East African Grain Council identifies the challenges as “testing and certification”. He gave an account of how the council is dealing with capacity building and technology to achieve results. The council has taken to two-way communication with farmers and businesses in agro-allied industry to sensitize them about the inevitability of standards in the export sector. More important, the council is investing in technology to provide facilities for such processes as hermetic sealing of packed, stored grains to preserve them, thus obviating the need for application of pesticides.

Sandra Uwera, CEO, COMESA Business Council was on the same page as Masira. She agreed that the stakeholders had to have the right information about the right products and the right processing systems to adopt. She urged member-countries to consider the introduction of precision agriculture since a majority of African exports are agricultural commodities.

Afreximbank’s Director, Project Finance, Kofi Adomakoh, fittingly, supplied the finance angle to the debate. He, like his co-panellists, saw the challenges of testing and certification of African exports as daunting, noting, rather unhappily, that many exporters have had their goods rejected for falling short of some standard or requirement. In response, Afreximbank is helping countries to develop testing, inspection and certification centres such as the on-going one in Nigeria. The bank believes that such centres would soon be established around the continent to facilitate not only intra-African trade but Africa’s trade with the world at large.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Africans Should Trade More Among Themselves — Obi Emekekwue

Africans Should Trade More Among Themselves — Obi Emekekwue

As the Director and Global Head of Communications and Events Management at the African Export Import Bank (Afreximbank), Obi Emekekwue is an integral part of the team organising for the inaugural Intra-African Trade Fair (IATF) which took place last year, and the upcoming one taking place in Kigali Rwanda. In this interview, he shares his experience on the challenges of organising the trade fair, lessons learnt and his expectations for the next fair in 2020 among others. Excerpts:

How would you describe the challenge of putting together this inaugural Intra-African Trade Fair?

This is one of the most challenging activities that has been undertaken any financial institution in Africa and you can imagine what it takes to have 42 countries under one roof doing something as extensive as this. It was actually very challenging. However, the critical thing is that we have the support of various partners and with that combination; it was possible to put this together and as effective as it has been. But it has not been an easy process, I must say.

Any lessons learnt towards preparing for the next fair come 2020?

Of course, we have learnt many important lessons. Turnout has been encouraging and the support overall has been very impressive. We also know that putting something like this together requires that you start early, for very effective coordination and making use of agencies that have the capacity to actually manage an event as big as this. These are some of the key lessons coming out of this.

Are you expecting more participation come 2020 when the next fair would be held?

Definitely. We are expecting more people to attend as exhibitors or visitors. This is the first and initially, people were a bit sceptical that the fair would happen. So, a lot of people were reticent in getting involved. But now that we have done it and people have seen that it is possible, I believe that the next time around, it would even be grander than this.

Have you started preparations for the next fair? Do you have a host yet?

We have received bids for hosting rights for the next fair and we are hoping that after a review, an announcement will made maybe before the end of this fair or shortly thereafter. But we expect to get a host soonest and when that is done, preparations will get underway.

The trade fair has been, so far, so good. What is your message to exhibitors and sponsors?

We just have to say thank you to the sponsors. Without them, the fair would not have been possible because the cost of this is humongous and no single institution can bear that cost alone. So, the support of the sponsors made this fair possible. Of course, there would not be a fair without exhibitors and we say a big thank you to the exhibitors for taking the time to be here and having the faith in the Bank that this is going to come through for which they decided to be part of this fair. We thank everybody including the visitors and the public for coming to see the exhibitions.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Kenya Just Became The Latest Oil Exporting Country In The World

For the first time in Kenya’s entire history, it would be shipping oil out to other countries. With its current GDP of $74.94 billion, a population of 49.7 million and a 2017 GDP per capita of over $1500, Kenya is gradually coming back as a force to reckon with in Africa. Uhuru Kenyatta, Kenya’s President has just flagged off Kenya’s maiden crude oil export with a warning against corruption that may deny people the opportunity to benefit from the resource.

Here Is All You Need To Know

The crude oil will be shipped by Chinese state-owned firm ChemChina which won the tender to buy the maiden Kenyan oil at a premium early this month.
Mv Celsius Riga will deliver the Sh1.2b consignment Malaysia.
On August 1 the Government announced that the oil produced in Turkana and stock it at the Kenya Petroleum Refineries Ltd’s (KPRL) storage facilities in Mombasa would be sold at Sh1.2 billion ($12 million).
This deal which is the first-ever in the whole of Kenya’s history saw Kenya selling off 200,000 barrels of oil at a price of Sh1.2 billion ($12m).
Kenya discovered commercial oil reserves in its Lokichar basin in 2012 and Tullow Oil estimates the basin to contain an estimated 560 million barrels in so-called 2C proven and probable oil reserves.
Tullow has said this would translate to 60,000 to 100,000 barrels per day of gross production.
Tullow Oil is a multinational oil and gas exploration company founded in Tullow, Ireland with its headquarters in London, United Kingdom. It has interests in over 150 licenses across 25 countries with 67 producing fields and in 2012 produced on average 79,200 barrels of oil equivalent per day.

**Source: Statista 2019; Oil Production in Africa from 2001 to 2018 (in 1,000 barrels per day)**

The government and Tullow Oil had expected to start exporting crude under the Early Oil Pilot Scheme (EOPS) by June this year but that appeared unlikely with the company only having trucked about half of the amount that will be needed for the first shipment.
In May, Kenya’s Ministry of Petroleum said about 88,000 barrels of oil had so far been trucked to Mombasa and was targeting to accumulate 200,000 barrels that would form the first export cargo.
The oil that has been ferried to Mombasa was produced in 2015 during an extended well testing exercise. By end of March, Tullow had shipped all the oil stored in Lokichar and has been setting up an Early Production Facility, which will produce 2,000 barrels a day.

Currently, major oil producers in Africa include Nigeria (0.0449), Libya (0.0101), Egypt (0.0418) and Algeria (0.0913), producing a total of 0.1881 trillion cubic feet of gas cumulatively which is 5.4 percent of the world’s total production.

In 2018, Africa’s total oil production amounted to around 8.19 million barrels of oil per day.

Africa’s production rate is, however, decreasing at a rate of 1.1 percent per annum. Africa’s consumption rate is at 138.2 billion cubic meters at a growth rate of 1.4 percent. It would take Africa 68 years to completely deplete its reserves.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

FundingHub Becomes South Africa’s Largest Financial Comparison Site With Fincheck Investment

Financial comparison website Fincheck said it had taken over the full management and equity in FundingHub, making it South Africa’s biggest such site and the largest lead aggregator having signed on 71 banks, lenders and insurers. FundingHub was founded two years ago and allows SME’s to apply for business finance, in under six minutes.

FundingHub offers 30 alternative lenders and banks able to meet the needs of South African small and medium enterprises (SMEs) looking for finance to grow their businesses.

What is FundingHub?

The business started two years ago and has attracted average loan sizes of R300 000, with the largest loan being R72m.

SMEs who apply for funding on the online hub must have been in business for at least 12 months, with R1m annual turnover.

“FundingHub allows SMEs to apply in under six minutes for business finance, comparing multiple accredited finance providers and to make the most appropriate choice based on their business needs,” Fincheck CEO Michael Bowren said.

He noted that many different forms of finance were available to small and medium enterprises, making it difficult for them to choose which lender was best suited to their business needs.

“For instance, a business may not know whether it needs equipment finance, unsecured or secured term loans, overdrafts, lines of credit, debtor finance, merchant cash advances or credit cards,” said Bowren.

“Free-to-use and independent FundingHub makes this really simple by filtering options and offering quotes from the most appropriate funders for their business.”

Finance comparison across all sectors

Fincheck is a gold member of AlphaCode — Rand Merchant Investment Holdings, incubation, acceleration and investment vehicle for early-stage businesses which can disrupt the financial services industry.

“Business finance has come a long way since the days when SMEs had to approach their business bank manager, who didn’t know their business, who wanted a great deal of information and then would take around five months to revert with a no,” AlphaCode head Dominique Collett said.

“Many of the fintechs on the FundingHub platform can put money in a business account within 24 hours.”

Fincheck said it would continue its core offering which allows consumers to compare business finance, business insurance, personal finance, life insurance, funeral cover, vehicle finance and insurance, debt consolidation and counselling as well as allowing a complete health check.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

African Energy Chamber to Woo Chinese Investors

August 26, 2019

African Energy Chamber to Woo Chinese Investors

As part of efforts aimed at opening up the African energy market to different investment community aside from European and American investors that have dominated it for close to half a century, the African Energy Chambers is embarking on an investment tour of China with aim to support growing energy cooperation and investment between China and Africa. This visit observers noted is coming at a very auspicious time especially with the TICAD taking place in Tokyo Japan within the week. The visit led by Executive Chairman Nj Ayuk, the delegation from the Chamber will be meeting with CEOs and Chairmen from China’s state-owned energy companies and the private sector, along with key industry associations in China.

Aimed at further introducing African energy firms to the Chinese market following a series of roadshows organized in China by the Chamber over the past two years and increasing demand for investment information on Africa by Chinese investors. The need to make strong what has been achieved so far has become imperative says the organizers of the event. According to Mickael Vogel, the Chambers Director of Strategy, the investment appetite of Chinese companies for Africa is only getting stronger given current international trade and business dynamics. Mr Vogel further notes that African firms are receiving an increasing number of requests from Chinese companies to join the Chamber, especially to gain access to the latest investment opportunities in Africa, and to credible and reliable information on African energy markets. He added that this visit to China will be consolidating several relationships developed over the past two years and will lead to discussion on major energy deals for Africa.

It could be recalled that the Chinese President Xi Jinping last year pledged an additional $60bn for African development over the next three years during the Forum on China-Africa Cooperation. Traditionally, a large majority of Chinese investments have been made in energy and transport, especially oil & gas, power, mining, railways and airport infrastructure.

With the growing interest of Chinese investors in Africa, there is need for the Chamber and its members to rightly position themselves to reap from every available opening. To this end, the Chamber is assisting several Chinese companies in navigating Africa’s fast growing energy markets. The move is part of the Chamber’s support to a large and expanding base of investors seeking to do business in Africa, mostly from China, Russia, India the Middle East and Turkey.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

The Private Sector Should Drive Economic Growth in Africa—PACCI

The Private Sector Should Drive Economic Growth in Africa

—PACCI

For Africa to join the committee of economically viable and developed economies there is the need to let the private sector be at the driver’s seat of its development plans. This is much more important with the coming into force of the African Continental Free Trade Agreement (AfCTA). This was the consensus at the lively seminar organised by the Pan-African Chamber of Commerce and Industry (PACCI) in its International Business Forum Series. Participants traded ideas and experiences on the topic: What the African Continental Free Trade Agreement (AfCFTA) means for your business.

Moderator Kebour Ghenna, PACCI Secretary-General, spoke on various challenges facing business people on the continent including visas, standards and conflict resolution, suggesting that more would be achieved if businesses were involved in the negotiations and formulation of the provisions of the agreement. “Lack of participation (of businesses in the processes) would slow down the implementation,” he said.

Prince Adetokunbo kayode, President, Abuja Chamber of Commerce & industry agreed and lamented that “government officials, big guys in suits and ties don’t get inputs from organised private sector”. He contended that even the private sector in kigali, Rwanda, where the agreement was proposed and signed, did not know what their government was signing. He decried the recurrent a posteriori, after-the-fact consultation African policymakers resort to when things go awry.

Concurring, a participant from East Africa worried about the difficulty in harmonising all the regional economic communities currently in place, noting that COMESA, for instance, is not in tune with SADC, ECOWAS and the Maghreb Union. He projected that the AfCFTA may need upwards of 7 years to reach full implementation in spite of optimism all round.

That optimism remained though, as participants all look forward to the agreement’s full ratification by the various national parliaments. Their enthusiasm dispelled the fear that the AfCFTA may threaten SMEs in such small countries as the Comoros Islands, as submitted by Dr Abdul, Chief Adviser to that country’s chamber of Commerce President.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

Africa should harness its green energy potential

The need for Africa to bridge its energy deficit gap cannot be overemphasized especially with the high rate of power cuts challenges many African countries are experiencing in recent times. This is because energy poverty has effectively stunted Africa’s development, with an estimated 70 percent of people in sub-Saharan African without reliable access to electricity.

According to Dr Caleb Fundanga, former Governor, Bank of Zambia and formerly Executive Director of the Macroeconomic and Financial Management Institute (MEFMI) and former Governor, Bank of Zambia said that Africa has the potential to power itself through renewable energy, especially with solar energy. To him, the continent could become a gold mine for renewable energy due to abundant solar and wind resources. He noted that the use of smaller solar rechargeable sources of energy still remains one of the most affordable for rural African dwellers who are too poor to afford the high cost of energy.

Eric Okoruwa, Managing Director, PAC Capital Limited, noted that about 660 million of the 1.2 million Africans do not have access to electricity. He said that in Sub-Saharan Africa, the average electricity grid access rate is a mere 20 per cent, and just seven of the continent’s countries have electricity rates that exceed 50 per cent.

Okoruwa said African leaders should strive to harness the energy potential of the continent because access to electricity is critical for development; it is vital in powering water supplies, telecommunication services, and strengthening health care and educational delivery services. “Moreover, access to power catalyses economic development in rural areas and creates more jobs and new industries,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.

Facebook: https://web.facebook.com/Afrikanheroes/

A New Fund For Financial Services Startups Around The World From The Central Bank of South Africa

With this opportunity, South Africa’s central bank, the Reserve Bank of South Africa (Sarb) is calling on all financial services focused startups from around the world to pitch to it. To that effect, Sarb has launched a competition aimed at fintech firms that are developing innovative solutions to the challenges within the financial services industry.

Here Is The Deal

The call is contained in a statement recently issued by the Reserve Bank which states that the initiative — the Global Fintech Hackcelerator @Southern Africa — aims to create a platform for fintechs to demonstrate their innovative solutions to the complex financial challenges in the region.

What Startups Can Gain From The Programme

Shortlisted fintechs will be invited to showcase their solutions at the Southern African demo day on 29 October in Johannesburg.

At the event in South Africa, a panel of judges from the Reserve Bank and the Financial Sector Conduct Authority (FSCA) as well as local industry experts will select and announce two winning solutions.

Each of the competition’s winners will receive:

A stipend towards travel expenses to attend the 2019 Singapore Fintech Festival
An opportunity to pitch their solution live and engage with industry experts during the Hackcelerator Demo Day at the 2019 Singapore Fintech Festival where the top three winners will each receive a cash prize (the Reserve Bank did not specify how much this would be)
Funding to develop a contextualised proof of concept, to be deployed within a year from the demo day

Who Can Apply?

The competition, managed by fintech acceleration programme KPMG Matchi, is open to firms from around the world.

Application Timelines

Applications close on 8 September.

Winners of the Reserve Bank competition will receive a stipend to attend the 2019 Singapore Fintech Festival

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

The Best Time Ever To Start Up A Business Is Today – Richard Branson

Is it easier to become an entrepreneur now than it was several decades ago? Today’s founders probably can’t conceive of starting a business without the aid of technology, while many of those who began their business journeys in the pre-digital age recall there was less competition and therefore a greater chance of success.

It’s a question I put to Virgin Group founder Richard Branson, who started his first business in the 1970s, long before the dawn of mobile phones and the Internet. Thanks to technology opening so many doors, he believes there are more opportunities today than ever.

He says: “Customers are just as happy to buy from someone based at home as they are from a business on the high street, and this brings the cost of starting a business down dramatically. You don’t have to commit to expensive global advertising campaigns but can do your marketing and market testing at the touch of an iPhone.”

And as he points out, it’s easier to get funding to start a business, with schemes such as crowdfunding and Start Up Loans helping entrepreneurs avoid many of the difficulties in securing business funding presented by mainstream funding sources, such as the banks.

“While competition may be fiercer, I believe that if you have an idea for a business that solves a problem and makes people’s lives better, as a result, you have a good shot at success,” he says.

Arguably those who started up in the tech sector 30 years ago have witnessed the greatest changes and the biggest impact on life as an entrepreneur.

Inspired by the moon landings and the dawn of the computer age in the 1960s, Andrew Bud had always wanted to be an engineer. He went on to become one of the pioneers of the European mobile communications industry, as CTO and a founding member of Vodafone Italia.

Read Also: Don’t Waste Time On A Startup Business Plan — Do These 5 Things Instead

In 1987, he was a key member of the team responsible for creating the first digital consumer wireless telephone, which now resides in the Science Museum in London. Today he is the founder and CEO of face verification startup iProov and reflects on life as an entrepreneur, then and now.

He says: “In the 1980s everything in mobile was regulated, and a business could live or die by the stroke of an official’s pen. Regulation was just changing from national to European scale, creating not only enormous opportunities but also new challenges. Exactly the same applies now to some aspects of the identity business in which iProov operates today; it’s very recognizable.’’

Then in 1995, Bud wanted to spin out Olivetti’s premises wireless systems business, which he had founded and built, into a separate startup.

“It was impossible,” he says. “In Europe, including Italy, there simply was no venture capital, and getting skilled staff to work in a startup was extremely difficult. It was not at all glamorous or attractive back then, just horribly risky.”

Without question, he says, it is far easier today, easier to build a startup team, simply because people are up for the adventure and it’s far more socially acceptable. It’s also easier to fund a team, because there are innovation grants available to small businesses that didn’t previously exist, while the risk capital environment has been transformed by tax incentives and a decade of low interest rates.

“It’s true that competition moves faster today,” says Bud, “However, modern software makes it easier to build, evolve and test products quickly, meaning we learn faster, which is the key to any entrepreneurial activity.”

The speed at which businesses can hit the market today means that markets quickly become saturated, so that challenge for founders is being able to stand out from the crowd, and to adapt to rapid change in the market, without compromising their core business values.

Mel Pledger is the founder of personal development program DNA Light Up, however, her first foray into entrepreneurship was over 30 years ago when, at the age of 21, she became involved in running a cleaning company.

“In those days, building the business was all about keeping detailed paper records. It was slow and methodical, but it worked for me in a slow, solid, plodding kind of way.”

Today Pledger is running a company that delivers training and development programs to a broad customer base that includes business leaders and their teams, as well as to private individuals.

She says: “The challenge today is standing out and maintaining integrity in a market that becomes flooded with imitations the second a product or idea seems to be a good one. For me that is the greatest difference between being an entrepreneur then and now.”

The focus today, she says, is on authenticity and having a genuine interest in connection and humanity.

Pledger says: “Is that easier or harder than the rules of 30 years ago? I guess that’s a personal opinion. I relish the opportunity to stand up for what’s real, for our team and for the work we do and I’m loving being an entrepreneur in 2019.”

Alison Coleman is a founder of Coleman Media, with 20 years of experience in both national and international online and print publications.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.

Facebook: https://web.facebook.com/Afrikanheroes/

Startups In Nigeria To Get Up To $27k In New Funding From NES25 Startup Event

This is a great funding opportunity for early stage Nigerian startups. Nigeria ‘s Sterling Bank Plc, has partnered with the Nigerian Economic Summit Group (NESG), Venture Capital for Africa, Verakki and GreenHouse Capital, to fund early-stage ventures with grants up to N10,000,000 at the #NES25 Startups Pitch holding on the 6th of October 2019 in Abuja.

Here Is The Deal

Sterling Bank Plc is leading the investment opportunity, supported by Nigerian Economic Summit Group (NESG), Venture Capital for Africa, Verakki and GreenHouse Capital
The funding opportunity is targeted at Nigeria ‘s early-stage ventures or startups.
These startups may get grants up to N10,000,000 ($ 27,646.46.)
Top three winners would win cash prizes ranging from ₦2.5 million to ₦10 million as well as on-going support from NESG and its partners through the NESG Innovation Fund. A ₦1 million audience choice prize would also be awarded at the venue.
Dapo Martins, Chief Marketing Officer at Sterling Bank disclosed that the shortlisted early-stage startups who make it to the final rounds and meet the pitching requirements will be invited to pitch before venture capitalists and investors at the summit.
Each startup will have five minutes to pitch to prospective investors and 10 minutes to answer questions from them and it is expected that the session will also connect 10 start-ups with venture capitalists and investors.
Participation in the #NES25 Start-ups Pitching Event holding on the 6th of October 2019 will be strictly on invitation and shall not be open to all summit participants.

Participation Criteria

Eligibility for application and participation include that the startups:

Must be registered in Nigeria with the Corporate Affairs Commission (CAC)
And must have been doing business for no more than five years.
Business focus are sectors of the economy that include ICT, manufacturing, renewable energy, Agribusiness, Creative, media and entertainment, Education, Financial services, Healthcare, Leisure and travel, Transport and logistics, Water, sanitation and hygiene
Each application must be accompanied by a business plan that should not be more than three pages.
For Nigeria ‘s startups to benefit from this funding opportunity, their applications should also contain a Pitch Deck.

Application Timelines

Application closes August 31, 2019

Apply now

About NES25

The Nigerian Economic Summit Group (NESG) organises the Annual Nigerian Economic Summit in partnership with the Federal Government of Nigeria through the Federal Ministry of Budget and National Planning. It has become an annual dialogue and indeed the flagship event of NESG and the Federal Government that has provided a credible and widely recognised platform for top policymakers and corporate leaders.

In 2017, the NESG introduced a Startups Pitching Event as part of the annual Nigerian Economic Summit (NES). Many start-up entrepreneurs struggle to get the funds they need to grow their business and, in some cases, even require a mentorship, professional advisory services, among others.

Innovators and entrepreneurs from all over Nigeria would have an opportunity to pitch their start-ups and this is a platform for such businesses to collaborate and interact with individuals and organisations interested in promoting entrepreneurship and an opportunity to pitch to experienced investors and obtain great feedback and possibly capital.

Click here to register now

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.