E-Business
CommsWeek, CBT Develop App to Fight Hate Speech
Communication Week Media Limited, publishers of Nigeria CommunicationsWeek, and Core Business Technologies Limited (CBT) have developed mobile phone application to enable the public to report hate speech in a bid to curb the spread of extremism and sectarianism.
Hate speech is speech which attacks a person or group on the basis of attributes such as race, religion, ethnic origin, sexual orientation, disability, or gender.
According to Ken Nwogbo, a Nigerian newspaper columnist, ICT Journalist and founder, Communication Week Media Limited, the App aims primarily to tackle the impunity of hate crimes.
“Hate speech is clear and present evil, the many wars across the world were caused by the crimes of hate speech, that was why we partnered with CBT, arguably one of Nigeria’s solution-oriented, dynamic and indigenous Information Technology and Solutions service provider to develop this App” Nwogbo added.
Compatible with both Android and iOS operating systems, the App called “Pana” tackles hate speech by establishing monitoring and evaluation units in the App.
Edward Essien, CEO of CBT, said “I do not support capital punishment for hate speech, that is why we developed the App to nip it in the bud. By sentencing hate speech offender to maximum penalty, the government is inadvertently promoting hate speech”
“By that, the government is promoting one section of the society against the other, the best thing to do it trace and trap such speech” he added.
The app enables citizens to report anonymously extremist speeches, banners or activities wherever they notice them. Users can send pictures, audio, video or a written message.
Such data and information received can be shared with police and other law-enforcement and regulatory authorities.
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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