Italian Trade Agency launches first E-Lab Innova in Nigeria

NIGERIA – The Italian Trade Agency, has launched the first E-Lab Innova in Nigeria, as part of its commitment to boost trade relationships with Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commision (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry. The Italian Trade Agency is a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterpart. “Nigeria…

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Nigeria joins the World Logistics Passport as coordinating partner

NIGERIA – Nigeria has joined the World Logistics Passport (WLP) as a Hub, with the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as the coordinating partner. Nigeria is the largest economy in Africa, with a vibrant and diverse industrial base and rapidly expanding regional and global trade interests. In 2019, product exports totalled US$63.8 billion with trade accounting for 25% of GDP2. With access to the WLP network, Nigerian traders will have the opportunity to enhance the connectivity and efficiency of their cargo operations. This in turn…

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Fintech startup Infibranches Technologies secures US$2m funding to provide energy solutions

NIGERIA – Infibranches Technologies Limited, a fintech startup, has secured US$2 million funding from All On, an investment company backed by oil and gas giant, Shell to provide energy solutions to communities across Nigeria. Founded in 2019 by Olusola Owoyemi, Infibranches is a startup that aims to provide digital financial services for service providers in the energy sector. It made the final cut for Nigeria’s First Resilience Digital Startup Accelerator Program by Forbes and Global Startup Ecosystem. Through its flagship products – OmniBranches and Green Energy Plug – Infibranches helps…

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United Airlines to start Washington D.C–Lagos flights in November 2021

NIGERIA – United Airlines has announced a new service between Washington, D.C. and Lagos, Nigeria beginning November 29. 2021, subject to government approval. The airline will operate three weekly flights connecting the U.S. capital to Nigeria’s largest city, which is also the top Western African destination for U.S-based travelers.  “This new flight to Lagos has been highly anticipated by our customers and offers the first-ever nonstop service between Washington, D.C. and Nigeria, as well as convenient, one-stop connections to over 80 destinations throughout the Americas including Houston and Chicago,” said…

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Amped Innovation secures US$6m working capital facility from EDFI ElectriFI

NIGERIA – EDFI ElectriFI, an impact investment facility funded, is injecting a US$6 million revolving working capital facility to Amped Innovation, a company designing and supplying high efficiency, lower-cost solar home systems (SHS) and appliances for distributors across the world. US$4 million will come from EDFI EectriFI’s global facility and US$2 million from the Nigeria Country Window. Amped Innovation focuses on solar equipment with integrated pay-as-you-go functionality such as high-performance lighting, televisions, cold-chain appliances and DC-AC inverters. The company’s products offer high quality, reliable technology solutions that are also affordable…

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LEAP Africa partners Ford, MacArthur foundations on US$5m Nigeria Youth Futures Fund

NIGERIA – The Ford Foundation and MacArthur Foundation have announced the launch of the Nigeria Youth Futures Fund (NYFF), a new US$5 million fund that will support and strengthen the youth leadership ecosystem in Nigeria. In close partnership with LEAP Africa, who will be managing the fund, NYFF will build on momentum in the region inspired by the youth-led #EndSARS movement. Young people under the age of 30 comprise more than 70 percent of Nigeria’s population, with projections that this figure will continue to grow over the next few decades.…

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Dorman Long Engineering secures equity investment from Capitalworks

NIGERIA – Capitalworks (ACW), a Sub-Saharan Africa-focused private equity company, has announced a significant equity investment in Dorman Long Engineering Limited (DLE) of Nigeria, an indigenous and market leading company, providing high value engineering services, fabrication, asset management and galvanising services in the oil and gas sector. The investment, which was signed in Lagos, was witnessed by top executives from Nigerian Content Development Management Board (NCDMB) and the Assets Management Corporation of Nigeria (AMCON). Dorman Long which has been under the supervision of AMCON in recent years, operates three manufacturing…

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Healthtech startup 54gene secures US$25m Series B round to advance its capabilities

NIGERIA – 54gene, a health technology company advancing African genomics research for improved global health outcomes, has secured US$25 million in a Series B round to advance its capabilities to contribute to global drug discovery. The round was led by Cathay AfricInvest Innovation Fund and also included participation from Adjuvant Capital, KdT Ventures, Plexo Capital, Endeavor Capital, Ingressive Capital and others, brings 54gene’s total investment to date to more than US$45 million. “It’s truly incredible to witness the impact of African scientists in global research and it is critical to…

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Agri-tech startup Releaf raised US$4.2m in seed equity to scale its technology solutions

NIGERIA – Releaf, a startup that develops proprietary hardware and software solutions to drive the industrialisation of food processing in Africa, has raised US$4.2 million in seed equity and grant funding to support the development and scaling of technology solutions for the oil palm sector. Agri-tech startup Releaf was founded in 2017 and took part in the Y Combinator accelerator programme in Silicon Valley the same year, but only started operations in the oil palm space in 2019 and deployed its proprietary technology in January of this year. The startup’s…

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Leadway Assurance becomes first private institutional investor member in InfraCredit

NIGERIA – Leadway Assurance Company Limited has made an equity investment of US$5 million InfraCredit, thus becoming the first private institutional investor member of the shareholder group in InfraCredit. InfraCredit which was established in 2017 and driven by the Nigerian Sovereign Investment Agency (NSIA) is an ‘AAA’-rated specialised infrastructure credit guarantee institution. “InfraCredit is bridging a significant infrastructure gap in Nigeria through the mobilisation of private capital,” Chief Executive Officer (CEO), Leadway Assurance, Mr. Tunde Hassan-Odukale said. “Through the realisation of the critical role an enabling infrastructure plays in the…

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