With this latest figure, Swvl is now the third most valuable startup in the whole of North Africa and the Middle East (MENA) and it has just been two years since it started. Latest figures from Vestok New Ventures, one of SWVL’s $42 million Series B-2 VCs, led by BECO Capital and joined by many leading international and regional investors show that the startup is now valued at $157 million.

Dubai-based Property Finder ($400 million) and Kuwait’s Boutiqaat are the only two tech startups with a higher valuation, according to the publicly available data (or their own claim). Emerging Markets Property Group and Bayt are also likely to have a higher valuation than Swvl’s but they’ve never disclosed it.

Here Is All You Need To Know

• Swvl’s valuation was revealed in a recently published financial report of Vostok New Ventures.
• According to the report, Vostok invested $16 million in Swvl’s recent funding round (Series B-2) for a 10.2 percent stake in the company. This translates into a valuation of $156.86 million.
• Recall also that Swvl last year raised tens of millions of dollars in its Series B-1 at a valuation close to $100 million. This means that the valuation of Swvl increased by almost 60 percent in less than seven months.

“The entrepreneur here is of very high quality. Previously at Rocket and Careem, Mostafa Kandil has built a team that executes well and at high speed. In fact, I believe that Mostafa may be the first Arab tech entrepreneur that builds a global product. All the other successes coming out of the Arab world have been either built by foreigners and/or have been solely focused on the local region,” said the report.

“Swvl’s ambitions are first pan-African but also to quickly take the product to South East Asia. Its latest international city, Nairobi, has
grown to the same size that Cairo achieved after 10 months in merely six weeks,” it added.

• The report also notes that Swvl that recently expanded to Pakistan after launching in Kenya earlier this year is eyeing $1 billion GMV (Gross Merchandise Value) by 2023 and has plans to expand to Karachi, Lagos, and Johannesburg.

“We believe the overall target of USD 1 bln in GMV by 2023 is achievable and that Egypt alone could become worth at least USD 500 mln and, if successful in Lahore, Karachi, Nairobi, Lagos and Johannesburg, this upside obviously multiplies,” the report further reads.

• Vostok also said that they have studied this opportunity for years but only invested now as Swvl has proven that there is real demand and that the economics work.

“The overall total addressable market in emerging markets is estimated at some USD 150 bln. Looking at Swvl’s cohorts and bus lines in Cairo where bus utilization is 60%+ you see a clear path to gross margins close to 30% over time, higher than taxi-hailing at roughly 20%, likely warranting also higher multiples for this type of business,”says the report. 

About Swvl

• Founded in 2017, Swvl connects commuters with private buses, allowing them to reserve seats on these buses and pay the fare through company’s mobile app. The buses available on Swvl operate on fixed routes (or lines).
• The report by Vostok New Ventures, notes,”Swvl offers a premium on-demand bus service with third party supply. The algorithm
  plans the most efficient routes and the most efficient bus stops for peak hours, and more flexibility is possible during off peak hours. Network effects arise through the snowball of the more users that are attracted to the service, the more bus owners will want to offer their supply, the more bus supply the more routes etc., the more customers etc.”
• It won’t be a fair comparison but to give you some context, Careem had raised its $60 million round (Series C) at a valuation less than $200 million in November 2015, over three and half years after the company was founded.
•  Swvl is now in the same territory both in terms of total investment they’ve raised so far and the valuation, in almost two years.
• The VC landscape in MENA is entirely different today with a lot more options when it comes to raising Series A/+ rounds so the funding is relatively easier to come by (than it was when Careem raised money) but what Swvl has achieved is still a very big feat.

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/

South Africa’s Rand Merchant Investment Holding (RMI), through AlphaCode, has granted entrepreneurial packages valued at R16 million to eight of SA’s most promising financial services startups.

This is a big pat on the back and will definitely go a long way in kick-starting things for these eight South African startups. It is also a chance to look into the type of businesses that attracted the latest grants. 

Of course, all the eight startups are owned by black South Africans.

But First, Here Is All You Need To Know

• All businesses are under two years old and at least 51 percent owned by black South Africans.
• Each business will receive a package valued at up to R2 million including R1 million in grant funding and R1 million in support services including mentorship, monthly expert-led sessions, exclusive office space in Sandton and other business support services. 
• They will also have access to like-minded entrepreneurs, RMI’s extensive network of thought leaders, potential clients and capital.

• The AlphaCode Incubate initiative, in partnership with Merrill Lynch South Africa and Royal Bafokeng Holdings, identifies South African financial services entrepreneurs with extraordinary ideas and businesses that could impact the financial services industry.
• The Incubate programme has disbursed R21 million in funding to 23 black-owned financial services businesses since it began four years ago.

“We have seen a notable improvement in the quality of applications year on year. This is indicative that AlphaCode is making an impact in the maturing of the fintech ecosystem. The intention behind AlphaCode’s Explore, Incubate and Accelerate programmes is for RMI to discover the next OUTsurance or Discovery; we want to identify, partner and grow the future of financial services in South Africa. In fact, two of the participants this evening came through our Explore programme,” said Dominique Collett, head of AlphaCode.

 “We have seen an increase in the number of female-led startups applying for this year’s programme — there are four female co-founded startups in the top 12 and three in the final six. There was also a stronger focus this year on alternative forms of lending,’’ she further said. 

During the event, contestants had just three minutes to pitch their businesses, with a couple of minutes set aside for questions from a top panel of judges.

“With the support networks that these eight businesses are now able to access, there is great expectation for their business development and traction over the 12 months of the programme,” concluded Andile Maseko, Head of Ecosystem Development at AlphaCode.

The winners are:

Mari

A digitised layby platform which allows for digital payments and savings. Customers should be able to make a layby purchase without incurring the cost of travelling to and from the store to make payments.

Founders: Lebogang Miya. Anesu Chogugudza and Tawanda Sibanda.

Spoon Money

A group-based micro-working capital finance platform for female informal traders.

Founders: * Nicolette Swart and Lorna McLaren

IsiDuli

Credit product for the development of backyard rental stock in townships.

Founders: Lunga Nodliwa and * Kobela Matemane

Oyi Medical Card

Oyi is a prepaid card solution to help those who would otherwise not be able to access the medical care that they should be able to afford.

Founder: Tamsanqa Ngalo

Budgie

Budgie is a free interactive application, that facilitates and assists spending based on a user’s created budget.

Founders: Nchila Mokoena, Popo Sechele, Thulo Sechele and Ruben Engelbrecht

okGo.live

OkGO.live gives access to people who are locked out of the market by reducing accident repair costs by +50 percent, reducing fraud claims by 75 percent and making customers self-service to lower premiums.

Founder: Thabang Butelezi

Olova

Olova offers a single payment platform for public transport systems. The lack of integration and interoperability between public transport systems is problematic and this what Olova aims to fix.

Founder: Sylvester Maganye

GetVanced

Income advancing platform based on employee’s earned income. GetVanced seeks to solve the issue of income timing by paying out employee advances based on income earned to date.

Founders: * Raeesa Gabriels and Brendon Harris

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/

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/

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/

South African fintech startup uKheshe has secured US$500,000 in seed funding led by Fitech Ventures and the Ocean on 76 Group to help it expand usage of its platform, which has been built to broaden financial inclusion.

Here Is All You Need To Know 

• The seed investment round came from Fitech Ventures and the Ocean on 76 Group. 
• The investment values uKheshe at ZAR100 million (US$6.5 million).

Co-founder Clayton Hayward said financial inclusion remains the overriding imperative of the service. 

“Having access to a transaction account is the first step towards broader financial inclusion. Since launching, we have seen, through tremendous uptake, that these services are not only needed but will significantly impact the overall financial inclusion of unbanked and underbanked South Africans,” he said.

Chris Lister-James, founder and director of Fitech Ventures, said the market opportunity was “enormous” and that he was excited about the investment and the role his firm will play in providing sustainable financial services. 

“Having invested in several early-stage fintech startups, we have some great complementary companies and look forward to playing both a financial and strategic role in the growth of uKheshe,” he said.

Founded in 2015, startup  uKheshe is a micro transaction platform that allows cardholders to pay and get paid. Unlike e-wallets or QR payment services, uKheshe works based on a user’s lifestyle, and is Masterpass certified, accepting payment from Zapper, SnapScan and other banking apps.

The uKheshe app is available on Android Play and the App Store. Users can configure their payment method, by adding their credit card details on the uKheshe app. There are two ways you can get paid with uKheshe. (1) The person paying you must have the uKheshe app installed on their smartphone. Once they have linked their credit card to the app and topped up, they’ll be able to select an amount to pay. (2) You can receive money from another uKheshe card via USSD. The other person can simply dial a code and press menu option 3 then follow the prompts.

The uKheshe Card features a QR code that is linked to the user’s cell phone number and will enable them to receive payments from anyone scanning the code with the uKheshe app. The owner of an uKheshe QR card does not need a smartphone or a bank account. All they do is dial and follow the USSD prompts to view their balance or withdraw the money. Money can be withdrawn at Pick n Pay till points nationwide.

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/

This is a huge opportunity for startups in Nigeria to begin to pitch deals to large corporates and organisations. This is because under Nigeria’s new regulation, Guidelines for Nigerian Content Development in Information and Communications Technology as amended, all indigenous or Nigerian Companies who have secured IT projects or contracts with any Nigerian Federal Public Institution or Government owned companies either fully or partly, of which the gross value of the project is Five Hundred Million Naira (N500,000, 000, 00)or above shall engage on the project, a Nigerian startup or incubation team for the purpose of R&D on the project, as well as engage Nigerian graduates with IT background as interns on the project.

• The Amended Guidelines aim to improve the demand side for Indigenous content, while requiring enhanced quality and performance from indigenous players.
• There are three core focus areas of the guidelines: driving indigenous innovation, developing the local ICT Industry and establishing Intellectual Property regulation and protection standards, each of which has a set of related strategic goals.

Key Points About This Regulation

• The Guidelines apply to all Federal Ministries, Departments and Agencies, Federal Government Owned Companies(either fully or partially owned) Federal Institutions and Public Corporation, Private Sector Institutions, Business Enterprises and Individuals carrying out business within the Information and Communications Technology sector in Nigeria.
• Under the new Guidelines, all manufacturers of original ICT equipment based in Nigeria will now maintain active licence with NITDA,and procure certification for each product they manufacture. This certification shall be renewable every two years.
• The manufacturers shall maintain at least 40% local content by value and volume either directly or through outsourcing to local manufacturers engaged in any segment of the product value chain.
• The manufacturers will also maintain in-country Research and Development projects or initiatives for all their products and service conceptualisation, innovation, adaptation, design and prototype development.
• Provide to NITDA affidavit of source of component parts and notify NITDA of any changes in the source.
• The manufacturers must maintain a minimum capitalization of one billion Naira.

For Multinational Companies That Produce ICT Hardware Components in Nigeria, They Must: 

• Provide a detailed local content development plan for the creation of jobs, recruitment of Nigerians, human capital development, use of indigenous ICT products and services for value creation.
• Notify NITDA of the commencement or launch of any developmental or Corporate Social Responsibility(CSR)project or program at least 15 days before the commencement of such program.

For Data and Information Management Companies, They Shall:

• Register their products, capabilities and organization on the NITDA portal.
• Host all sovereign data locally within the country and shall not for any reason host any sovereign data outside the country without an express approval from NITDA.

All Networking Service Companies shall:

• Be licensed by the NCC where applicable and register their products, capabilities and organizations on the NITDA IT Service provider’s portal.
• The registration services shall be provided free of charge and will ensure NITDA awareness of available resources.
• They shall also demonstrate verifiable evidence of Investment of at least 1% of annual turn-over in Research and Development in ICT in Nigeria which is tax deductible in accordance with the Companies Income Tax Act (CITA) 2004.

Procurement Going Forward

• Under the Guidelines, Ministries, Department and Agencies shall only source and procure 40% computer hardware and associated devices only from NITDA approved Original Design Manufacturer (ODM) or Original Equipment Manufacturer (OEM).
• They shall also purchase devices that have soft and hard keyboards capable of supporting Nigerian languages and the Naira sign (₦).
• All indigenous or Nigerian Companies who have secured IT projects or contracts with any Federal Public Institution or Government owned companies either fully or partly, of which the gross value of the project is Five Hundred Million Naira (N500,000, 000, 00)or above shall engage on the project, a Nigerian start-up or incubation team for the purpose of R&D on the project, as well as engage Nigerian graduates with IT background as interns on the project.

Tech Startups In Nigeria Would Also Benefit Under The New Nigerian Cloud Computing Policy

This policy aims to enable Nigerian Government (or public sector) to access cloud computing and other technologies enabled by the cloud, such as Artificial Intelligence, Machine Learning or the Internet of Things among others. The policy targets 35% growth in cloud computing investments by 2024.

The Policy is to promote adoption of Cloud Computing by the Government and SMEs. 

The Policy is applicable to all Federal Public Institutions, Public Institutions at the State and Local Government levels. The Policy shall also apply to all corporations fully or partially owned by the Federal Government in Nigeria.

This Cloud Computing Policy Will Now Be Used In Public Procurement

To that effect, NITDA will partner with the Bureau for Public Procurement (BPP) and other critical stakeholders to establish a“Digital Marketplace”which shall encompass a series of framework agreements with pre-approved cloud services suppliers and maintain a database of services in an online portal that can be accessed by procuring entities.

To be approved, cloud service providers will have to comply with the certification criteria put forward by NITDA and the BPP.

Under the new policy, The Office for National Security Adviser (ONSA) and NITDA shall monitor operational security issues related to the cloud; NITDA shall drive government-wide adoption of cloud, identify next-generation cloud technologies,share best practices,templates and reusable example.

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/

This is  one of the top startup funding in Africa  for 2019  so far. And again, it has gone to the Nigerian startup ecosystem, particularly to its logistics industry which has seen so much of funding in 2019 already. Startup Kobo360, co-founded by a Nigerian entrepreneur with no background in tech has raised a US$30 million debt and equity Series A funding  led by the American multinational investment bank and financial services company Goldman Sachs. The startup is set to scale its operations in more African countries.

Here Is The Deal

• The funding is divided into two parts: $20 million equity and $10 million debt finance.
• The US$20 million Series A equity round was led by Goldman Sachs. Participating was also Asia Africa Investment and Consulting and existing investors including TLcom Capital, Y Combinator, and the International Finance Corporation (IFC).
• The US$10 million in local currency working capital financing was secured from Nigerian commercial banks.
• Kobo360 plans to continue to scale, develop its technology offering and accelerate supply growth. 
• Inspired by the new funding, the startup plans to add 25,000 drivers to the platform in the coming months to power the recent Africa Free Trade Continental Agreement.
• Also on the target for the startup is to enter 10 new countries by the end of 2020.

“Our Series A allows us to invest in growing our talented team that is working hard on the ground to systematically address the inefficiencies within the African logistics sector, and strengthen our already extensive network of clients and truck owners across the continent,” said Obi Ozor, co-founder and chief executive officer (CEO) of Kobo360.

“We are also focusing on developing the partnership with drivers, ensuring that they are trained to use mobile-enabled technology, so they can convey goods seamlessly and earn more money. We are already seeing drivers running trips on the Kobo360 platform increase their monthly earnings by 40 per cent, as we work together to mobilise logistics across Africa.” 

What Attracted Investors To The Startup

• Goldman Sachs executive director Jules Frebault said Kobo360’s on-demand logistics offering had generated impressive traction.

“We are excited to support Obi, Ife and the team as they harness technology to tackle one of Africa’s most pressing development challenges — increasing market transparency, improving reliability and unlocking efficiencies for all participants in the logistics ecosystem,” he said.

“IFC’s continuous investment into Kobo360 stems from the company’s successful track record. Kobo360 is empowering and enhancing the capacity of the vast underserved network of “micro” fleets in Africa to serve the huge unmet long-haul freight needs of large enterprises and SMEs, delivering value to both sides,” said Wale Ayeni, who heads venture investing in Africa for the IFC.

A Look At Kobo360

• Launched in 2017, Kobo360 is a digital logistics platform that aggregates end-to-end haulage operations to help cargo owners, truck owners and drivers, and cargo recipients achieve an efficient supply chain framework.
• The startup raised two funding rounds totalling US$7.2 million last year and has already expanded to Ghana, Kenyaand Togo, and has now secured its biggest investment yet. 
• Kobo360 is also developing a suite of driver-focused products to support the over 10,000 drivers on its platform. It has launched KoPAY, offering access to up to US$5,000 monthly working capital; KoboSAFE, access to an insurance product; and KoboCARE, access to discounted petrol, comprehensive HMO packages and an incentive-based education programme for drivers’ families.

Why This Is Significant For Budding African Startups

Kobo360’s story is quite remarkable to the extent that it has proven that any serious startup with the focus and the right backing would almost always survive. The startup has to be one of the few digital trucking services in Africa to find an early niche in an industry that still caught in chaos and disorder. 

‘‘Growing up as a young boy in a farming village in Enugu, I started a logistics business at the local truck park. The challenges I faced then, as a teenage business owner, were still the same challenges SMEs & large enterprises were facing in 2016. I knew something had to be done. You find middlemen who charge exorbitant unaccountable fees to transport cargo but cannot provide accurate tracking information when asked. Goods arrive at their destinations in terrible shape or sometimes go missing. Not to mention the stress truck drivers go through waiting to load the cargo at the ports or the danger faced while transporting said goods,’’ said Obi Uzor, Kobo360 co-founder. 

Kobo360 Is Gradually Finding Hope For A Disorganised Sector Through Digitised Trucking 

Transport and Logistics across Africa has been in a poor state for some time. Kobo360 was launched to address this, notes Uzor. Was it ever going to be an easy task? You know the answer. No. Do we think we are the best people to effect continent-wide change? Yes. And here’s why.

‘‘Since 2017, Ife Oyedele II and I wanted to help solve the logistics problems SMEs and large companies faced in Nigeria. With lead times of up to two weeks to deliver cargo, we knew we had to do something about the inefficiencies in the supply chain and increase productivity. With that in mind, Kobo360 was born. Our tech-enabled full truckload offering enables the development of an efficient supply chain for end-to-end long-haul freight operations, connecting and supporting cargo owners, truck owners & drivers, and cargo recipients.

Since launching, we’ve moved over 500Mkg of goods, aggregated a fleet of over 10,000 drivers and trucks, and serviced over thousands of SMEs and 80 large enterprises such as Dangote Group, DHL, Unilever, Olam, African Industries, Flour Mills of Nigeria, and Lafarge. We’re disrupting third-party logistics by handling the movement of goods, tracking, warehousing, sales and accounting. From start to finish, we are supporting our customers and making logistics work for them. We are two years in; we want more of the same, at scale, across the continent. We are excited to think where we will be in ten years’ time,’’ Uzor said

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 Union Deploys a Peer-Learning Mission on Management of Diaspora Elections in Cape Verde for the Electoral Commission of Burkina Faso.

The Department of Political Affairs (DPA) of the African Union Commission (AUC) deployed a peer-learning mission on the management of diaspora elections from 12-13 August 2019 in Praia, Republic of Cape Verde, for the National Independent Electoral Commission (CENI) of the Republic of Burkina Faso. Within the framework of cooperation between the AUC-DPA and Regional Economic Community networks of electoral commissions, the DPA has collaborated with the ECOWAS Network of Electoral Commissions (ECONEC) of which the Election Management Bodies (EMBs) from Burkina Faso and Cape Verde are members. The seven-member peer-learning mission is part of the overall support programme to the CENI in Burkina Faso following the latter’s request for electoral assistance in preparation for the general elections scheduled to take place in 2020.

The CENI in Burkina Faso is planning to organise the first diaspora elections during the general in 2020 which will commence registration of voters in order to allow the opportunity of this special category of citizens to exercise their democratic right in electing their leaders. The study tour will enable the CENI to acquire useful experience and draw lessons from Cape Verde which has a long-track record of organising diaspora elections for nearly three decades.

The peer-learning is part of the overall strategy of the AUC-DPA in providing support to EMBs in the Member States in order to manage peaceful, democratic and credible elections as envisioned in the African Charter on Democracy, Elections and Governance (ACDEG).

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/

US-African trade still in the doldrums despite Agoa

Trade between the US and sub-Saharan Africa is in the doldrums despite a 2000 US law designed to boost access to the US market, a conference in Ivory Coast has been told. The African Growth and Opportunity Act (Agoa), which in 2015 was extended to 2025, provides tariff-free access on 6,500 products to 39 countries, ranging from oil and agricultural goods to textiles, farm and handicrafts.

Trade quadrupled in value from 2002 to 2008, a year when it reached $100bn , but fell back in 2017 to $39bn, according to figures compiled by the US Agency for International Development (USAID). The surplus is widely in Africa’s favour, but most exports to the US are in oil or petroleum-based products, not the industrialised goods that provide a value-added boost to local economies.

“I do not think that Agoa has been the game-changer for many countries on the continent that we hoped it would be,” Constance Hamilton, assistant US trade representative for Africa, told the 18th Agoa Forum, ending in the Ivory Coast’s economic capital Abidjan .”Agoa has not led to the trade diversification for which we originally hoped,” she said in remarks last week.”Petroleum products continued to account for the largest portion of Agoa imports, with a 67% share,” Hamilton said. “And the volume of Agoa trade remains modest. In the Agoa clothing sector, for example, we get about $1bn per year from Africa,” he said. This amounted to only 1% of all US clothing imports.

The US is Africa’s third-biggest trade partner after the EU and China. But Africa attracts only about 1% of all US foreign investment.Deputy US trade representative Curtis Mahoney said Washington had drawn up a variety of new initiatives to “lay the groundwork for an even closer trade and investment partnership”.

“We will combine the promise of the AfCFTA [African Continental Free Trade Area] with these new US initiatives and help maximise the potential of US-Africa trade,” he said. The AfCFTA is a scheme for demolishing trade barriers among the 55-member African Union (AU). The long-negotiated agreement was ceremonially launched at a summit in July but will need a year to become operational, the AU says.

According to the conclusions of a meeting of ministers ahead of the Abidjan conference, only 18 out of 39 countries have set down a national strategy for exploiting the benefits of Agoa. Many African companies either do not know of the advantages that are on offer, or they do not know how to use them, the ministers found.

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/