E-Business
Sigfox Collaborates with Google Cloud to Accelerate its Global IoT Strategy
Google Cloud and Sigfox announced that the leading global 0G network and Internet of Things (IoT) platform services provider, has partnered with Google Cloud to scale its cloud infrastructure and extend its IoT services portfolio.
This partnership will enable Sigfox to rapidly accelerate its “Massive IoT” agenda—processing billions of messages each month from objects connected to the internet using data stored in the cloud.
“We are delighted to announce the partnership between Sigfox and Google Cloud, whose pedigree and reputation in the technology markets are exemplary.
“Combining their best-in-class technology with Sigfox’s technical expertise and Global IoT Coverage provides a powerful and synergistic combination which will undoubtedly bring significant value to the various industries we provide digital transformation services to.”, said Lare Ayoola, Executive Chairman, IoT Africa Networks Ltd, and Tranter IT.
Sigfox is the world’s largest dedicated LWAN service provider for connecting simple, low-powered, low-cost IoT devices to the Internet. Already deployed in 72 countries, covering more than 1.3 billion people, Sigfox’s 0G network is used for a wide range of IoT use cases, from tracking shipping containers and monitoring fire hydrants, to securing buildings and helping farmers monitor irrigation levels.
In recent years, due to an explosion in the number of internet-connected devices, Sigfox now processes billions of messages each month (an increase of 145% in 2020) from the millions of objects connected to its network—and the company needed a more scalable, long-term solution.
Google Cloud was chosen as the backbone for Sigfox’s 0G network to bring better scale, increased reliability, and best-of-breed compliance and security to Sigfox’s platform. Google Cloud will also enable faster improvements to Sigfox’s connectivity, geolocation, and other value-added services towards ultra-low-cost and ultra-low-power IoT solutions.
Sigfox’s shift to the cloud will transform many of the applications across the range of industries in which it operates, including supply chain and logistics, automotive, postal services, and utilities.
This includes the Sigfox auto parts solution, which tracks components on their journeys between assembly plants and suppliers with sensor-equipped containers. Or Sigfox’s solutions for utility companies that digitize the data collection of gas consumption meters, retrofitted Network Controlling Units, and smart features.
Also, shipping companies fit trolley rollers or containers with Sigfox smart trackers to give exact information on location, movement, and condition. All of them will be now cloud-enabled, helping provide a scalable and seamless way to manage exponential data growth.
“We chose Google Cloud because we share the same appetite for driving digital transformation through helpful, reliable, and sustainable innovation,” said Franck Siegel, Deputy Chief Executive Officer, Sigfox. “With this partnership, Google Cloud technology will support us in becoming the global leader in ultra-low-cost, ultra-low-power asset visibility, and tracking.”
“Google Cloud is proud to support Sigfox and provide an IoT leader with more reliability and flexibility as the company takes on the next steps of its development,” said Samuel Bonamigo, VP Sales, EMEA South, Google Cloud. “Sigfox’s use of Google Cloud technology is the perfect illustration of how we’re helping innovative companies grow and thrive, and better serve their customers.”
E-Business
NCAC, NITDA Partner to Launch BuyNigeria.ng Platform
National Council for Arts and Culture (NCAC) and National Information Technology Development Agency (NITDA) have announced a partnership to pilot BuyNigeria.ng, an e-commerce platform aimed at bringing Nigerian markets online and positioning Nigeria as a global leader in cultural and digital transformation.
This partnership represents a significant step toward integrating Nigeria’s cultural heritage with advanced digital innovation, unlocking new opportunities for the nation’s creative and digital economies
In a joint statement signed by Dr. Dennis Olofu, head of Media at NCAC, and Mrs. Hadiza Umar, director of Corporate Communications and Media Relations at NITDA, the initiative was described as a landmark collaboration to integrate Nigeria’s cultural and creative industries (CCI) with its growing digital and innovation ecosystems.
The initial phase will target markets in Kano, Lagos, Aba, and Abuja, enhancing visibility and accessibility for traders and artisans while promoting productivity in the cultural and creative sectors.
The statement highlighted a strategic meeting between Mr. Obi Asika, director-general, NCAC, and Kashifu Inuwa, director-general, NITDA, to establish a collaborative framework. This alliance aims to drive innovation, growth, and digital transformation within Nigeria’s creative and cultural industries.
Expansion of ICE Programme: NCAC’s flagship ICE (Innovate, Create, Empower) programme, designed to upskill participants in cultural and creative industries, will be expanded nationwide with NITDA’s support. The goal is to reach 1,000 locations and train 2 million Nigerians by 2027.
Digital Platforms: NCAC is collaborating with private sector partners to develop platforms for cultural inventory, fan engagement, influencer marketing, subscription video-on-demand (SVOD), e-commerce, and capacity building, with NITDA providing cloud services and distribution networks.
Digital Transformation Support: NITDA will equip NCAC’s headquarters and zonal offices with computers, digital labs, tablets, and podcast studios to support full digital transformation.
A joint committee comprising directors from both agencies will oversee the partnership’s implementation. NCAC will also align its Nigeria’s Got Talent platform with NITDA’s digital literacy and gamified learning programs, fostering opportunities for creatives in a digitally advanced environment.
E-Business
Seedstars Africa Ventures I Announces $42m First Close
Seedstars Africa Ventures I, a venture capital fund making early-stage investments in highly scalable start-ups in Africa, has achieved a first close of $42 million, with participation from the African Development Bank, EIB Global with the support of the European Union, under the ACP Trust Fund – EU Compartment and Boost Africa among other global investors.
The fund, with offices in Nairobi, Dakar and Paris, has further secured $50 million in commitments towards an $80 million fundraising target.
The milestone was announced at the 2024 Africa Investment Forum Market Days currently underway in Rabat. Both the African Development Bank and the European Investment Bank are founding partners of the Africa Investment Forum, a platform that advances transformative African projects toward financial close.
Seedstars Africa Ventures I is addressing gaps in early-stage financing across Africa through investments of up to $2 million in seed and series A rounds, with significant follow-on capacity up to $5 million, thereby bridging available pools of capital. By leading successive investment rounds, the fund will catalyse co-investment while offering operational support to start-ups.
The Fund was founded by Maxime Bouan, Tamim El Zein and Bruce Nsereko Lule who have over 45 years of experience investing and working across the continent. Seedstars Africa Ventures is a member of LBO France Group, which played a pivotal role in seeding this initiative as part of their multi asset class African strategy, alongside other initiatives.
Robert Daussun, and Stéphanie Casciola, Chairman and CEO respectively of LBO France said “We are delighted by Seedstars Africa Ventures’ latest milestone, and proud to have been the initial supporter of the team.
“The portfolio the team has built with our support is innovative and transformative, already providing significant impact and value to the continent. LBO France appreciates the opportunity SAV provides for us and our partners to be part of Africa’s growth story.”
“The African Development Bank views Seedstars Africa Ventures as a strategic opportunity to provide innovative support to Africa’s venture capital industry.
“It serves as a conduit to improve access to finance for youth and women while also enhancing the availability of risk capital in Francophone Africa. This is an area that has traditionally faced limited access to risk capital,” said Ahmed Attout, African Development Bank Group Director for Financial Sector Development.
“We welcome the investment of the African Development Bank, our Boost Africa partners, in the Seedstars Africa Ventures fund,” said EIB Vice-President Ambroise Fayolle. “Accelerating digitalisation is a priority for the EIB, and we are committed to supporting African businesses as they drive innovation and prosperity on the continent.”
The fund has already deployed over $10 million to five pioneering African startups in the climate, food systems, energy access, internet connectivity, financial inclusion, and payments infrastructure sectors.
These businesses serve over 60 million people, including by connecting 60,000 households to the internet, supporting 50,000 farmers, and empowering 30,000 individuals with financial inclusion services across eight African countries. The portfolio is also fully 2X compliant, empowering women in startups and ecosystems.
E-Business
Nigeria Records ₦5.81 Trillion Trade Surplus in Q3 2024
National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter (Q3) of 2024.
A trade surplus occurs when a nation’s exports exceed its imports, reflecting a positive trade balance.
In its report titled Foreign Trade in Goods Statistics (Q3 2024), released on Friday, the NBS stated that Nigeria’s exports totalled ₦20.48 trillion, while imports stood at ₦14.67 trillion. The bureau noted that the country’s total merchandise trade increased by 81% from ₦19.38 trillion in Q3 2023 to ₦35.16 trillion in Q3 2024.
“Nigeria’s total merchandise trade stood at ₦35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter,” the NBS said.
“In the quarter under review, exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).”
The report highlighted that exports were predominantly crude oil, valued at ₦13.4 trillion and accounting for 65.44% of total exports. Non-crude oil exports, including gas, amounted to ₦7 trillion, representing 34.56% of total exports. Non-oil products, such as agricultural commodities, contributed ₦2.5 trillion, or 12.21% of total exports.
The NBS also revealed that imports represented 41.73% of total trade in Q3 2024, amounting to ₦14.6 trillion. “This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (₦9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (₦13,497.90 billion),” the bureau stated.
In terms of export destinations, Spain, the United States, France, The Netherlands, and Italy emerged as the top five trading partners. “The main export destination was Spain with a value of ₦2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the bureau said.
“These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.”
On the import side, China remained Nigeria’s largest trading partner, accounting for 24.36% (₦3.57 trillion) of imported goods.
Other top import partners included India (₦1.66 trillion or 11.33%), Belgium (₦1.63 trillion or 11.13%), the United States (₦1.02 trillion or 6.98%), and Malta (₦766 billion or 5.23%)
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