By Rukayat Adeyemi

Shareholders of Africa Prudential Plc., on Thursday unanimously approved a total dividend of N900 million declared by the company for the financial year ended Dec. 31, 2023.

They gave their approval at the company’s 11th Annual General Meeting (AGM) in Lagos.

The News Agency of Nigeria (NAN) reports that the dividend translated to 45k per share.

At the event, a shareholder, Mr Adeleke Olajimeji, praised the board of directors and management of the company for coming up with the dividend in spite of a challenging operating environment.

Oladimeji urged the company to reduce its administrative cost to the bearest minimum in line with the current economic realities.

Mrs Bisi Bakare, the National Coordinator, Pragmatic Shareholders Association of Nigeria, applauded the company for being the only listed registrar on the nation’s bourse.

Bakare urged the company to explore more opportunities for enhanced growth and development.

Another shareholder, Mr Patrick Ajudua, equally hailed the board of directors and and management of the company for resilience.

Ajudua urged the company to be more innovative and creative to withstand economic challenges.

Addressing the shareholders, the Chairman of the company, Mrs Eniola Fadayomi, said that the company remained focused on transformation.

“Our total assets grew to N22.9 billion, representing 19 per cent increase over the previous year’s figure of N19.2 billion.

“This growth is a testament to the priority we place on meeting shareholders’ expectations,” she said.

Fadayomi said that the company would continue to find new ways to deliver enhanced value to its stakeholders.

“In line with our transformation journey, the launch of our new investment solution product, INVEARN, a one-stop shop for your capital market needs, highlights how we continue to find new ways to deliver value that creates a positive impact within the capital market space,” she said.

Ms Catherine Nwosu, the Managing Director/Chief Executive Officer of Africa Prudential, assured the shareholders of sustainable growth and development.

Nwosu attributed the drop in the company’s performance indices to challenges in the economy such as fuel subsidy removal, foreign exchange instability and high cost of doing business.

She assured the shareholders that the company would ensure sustainable growth through innovation and creation of customer-centric products.

“There are a lot of opportunities in the capital market, the NGX has recorded growth more than it did in the entire 2023.

“It shows you that the opportunities are enormous. The Monetary Policy Rate today is at 24.5 per cent; so, government is trying to encourage Foreign Direct Investments.

“The more the capital market activities, the better for the registrar business,” she said.

On unclaimed dividends, Nwosu attributed the rise in the figure to identity management issues.

She said that the Securities and Exchange Commission (SEC), in collaboration with registrars had embarked on grassroots mobilisation and awareness across the country to address the issue.

“A lot of awareness is being created to address unclaimed dividends in the market.

“Before the end of 2024, SEC must have visited the six geo-political zones in the country,” Nwosu said.

On her key priorities, she said that her emphasis would be on people, technology and processes.

The managing director said that she would focus on the three areas to achieve the desired growth and development.

“If you get the right people in place, the business will grow as expected.

“We are going to use technology to drive growth and development.

“We will also embrace adoption of Blockchain technology in the next three to five years, once it is approved by SEC,” she added.

The managing director said that the company had made remarkable progress with its ambition by actively pursuing strategic partnerships and collaborations to expand its market reach and offerings.

“We are also forging alliances with leading institutions and industry stakeholders; the company has been able to leverage synergies to access new opportunities across diverse sectors,” she said.

The News Agency of Nigeria (NAN) reports that the company posted a profit after tax of N962 million during the period under review, against N1.49 billion in 2022.

Its gross earnings stood at N3.96 billion against N4.13 billion in 2022. (NAN)(www.nannews.ng)

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Edited by Ijeoma Popoola

By Nefishetu Yakubu

Edo Government on Tuesday signed a Memorandum of Understanding (MoU) with LAPO Microfinance Bank for the disbursement of N300 million to Micro, Small and Medium Enterprises (MSME) across the State.

The News Agency of Nigeria (NAN) reports that the Secretary to the State Government (SSG), Osarodion Ogie, signed the MoU on behalf of the state government while Gloria Bako, Executive Director, Corporate Services signed for LAPO Mfb.

The loan, according to the SSG, will be implemented by Edo State Skills Development Agency (Edojobs).

Ogie, in a remark, said that micro finance schemes, all over the world, were the engine room of any economy.

Commending the board of Edo MSME Funds, the management of Edojobs and LAPO Microfinance Bank, Ogie appealed to all beneficiaries to make use of the loan.

He added that it was not a grant but a revolving loan that must be paid back.

Earlier, Peter Obaseki, Chairman of the Advisory Board MSME Fund, commended the government for its sustained support for small businesses in the State.

He emphasised that the mandate of the board was for economic empowerment of small businesses.

Obaseki explained that the loan was part of the social transfer scheme to empower small businesses in each political ward across the 18 Local Government Areas of the state.

He said the loan which had concessionary interest of 9 per cent, was devoid of gender bias.

He also explained that 60 per cent of the funds were allocated to females, 40 per cent to males, while a provision of 10 per cent had been set aside for People Living with Disabilities.

Obaseki stated that the loans would be distributed in the ratio of 50 per cent to Edo South, 27.5 per cent to Edo North and 22.5 per cent to Edo Central senatorial districts respectively.

He disclosed that the MoU with LAPO Mfb made it the third financial partners the state government was partnering with to disburse to MSME in the state.

He further added that LAPO Mfb was brought in to broaden the reach of the disbursement of the fund as well as monitoring, evaluation of beneficiaries and collection of loan repayment.

According to him, the state government has previously disbursed loan to 1,631 persons through the Bank of Industry and TrustFund Microfinance Bank.

On her part, Gloria Bako, the Executive Director, Corporate Services, LAPO Mfb, commended the state government’s commitment to youth development and reassured the bank’s sustained partnership with the government.

“We are humbled by this great task the Edo State Government has given to us, and it is an indication that the government is really concerned about the people that they govern.

“It also showed that the government is concerned not only about empowering business owners but doing a lot for the development of youths in terms of skill acquisitions.

“We want to thank the State Government for the confidence reposed in our organisation for the disbursement of loans to MSME,” she said.

She, however, appealed to would-be beneficiaries to make good use of the loan for the betterment of their businesses. (NAN)(www.nannews.ng)

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Edited by Abiemwense Moru

By Rukayat Moisemhe

The Nigerian-American Chamber of Commerce (NACC) has tasked Nigerian businesses, especially Micro, Small and Medium Enterprises (MSMEs) on global standards for competitiveness.

The President, NACC, Dame Adebola Williams, said this at a news conference to unveil activities lined up for the 2024 edition of the Africa Foods & Products Exhibition (AFPE) on Monday in Lagos.

The News Agency of Nigeria (NAN) reports that the (NACC) is a foremost bilateral chamber of commerce established in 1960 to facilitate trade relations between Nigeria and the United States of America.

Williams said the advice was important to advance food sustainability and security for economic sustainability and development.

He also advocated the need for Nigerian businesses to fully position themselves to harness the African Growth and Opportunity Act (AGOA) instrument.

This, she stated would be achieved by building capacity, avoiding short cuts, and embracing value addition to commodities, particularly as considerations for the extension of AGOA to 2030 was underway.

“AGOA was to end in 2024 but there’s call for its extension for the benefits of Nigeria and other participating countries.

“With the 2024 edition of the AFPE, the NACC is using the platform to converge MSMEs and large corporations to advance Nigeria’s food security and drive economy sustainability.

“The event scheduled for April 20, 2024 at Harbour point, Lagos, is committed to linking business and people in Nigeria, Africa and to the United States of America.

“Over 3,000 attendees are expected at the event, over 100 exhibitors and we look forward to them closing international deals much higher than the close to N400 million we had the last time,” she said.

Williams said as part of the chamber’s Corporate Social Responsibility, discounted exhibition booths and some free of charge would be available for some MSMEs.

This, she said, was to enhance the showcasing of Nigeria goods to foreigners.

Williams noted that Nigerian products that successfully got abroad were most sought after in the global space.

“We would continue to encourage them to showcase food, products and services to local and international audiences to shore up the country’s export indices and sustain the economy.

“The NACC is committed to continuing partnerships with many organisations in the U.S. to deepen their business interests in Nigeria,” she said.

Mr Ayo Stuffman, Chairman, AFPE, said the event was a platform to showcase Nigeria goods and products to the local and diaspora community.

Stuffman called for government’s support to swiftly enable export products get off the shores of the country within the minimal time possible.

He noted that while Nigerian farmers had what it took to churn out good agricultural produce, government needed to intervene in areas of preservation to engender food security and increase the country’s export indices.

“At AFPE, the Minister of Trade and Investment, Dr Doris Uzoka-Anite, is scheduled as guest speaker and also expected is the commercial attaché of U.S. Consulate in Nigeria, dignitaries from the American consulate and relevant commissioners from Lagos State, among others,” he said.

Ms Yemisi Ogundipe, the Vice Chairman, AFPE, said the AFPE with the theme:” Actualising Sustainable Economic Growth: Think Global, be Local,” was hinged on food and products particularly by MSMEs which were the sustaining components of any economy.

Ogundipe emphasised the need for MSMEs to think global and take advantage of foreign interests to upscale, while reinforcing the importance of standards to compete globally.

“Think global but be local; businesses must perfect production, packaging quality products while in Nigeria and use the vehicle or instruments of the chamber to enhance competitiveness,” he said.

Also, the acting Director-General, NACC, Ms Wofai Samuel, highlighted the platform as an opportunity to promote intra-Africa trade, maximise the opportunities inherent in the African Continental Free Trade Area.

Samuel said the platform would additionally boost non-oil exports which was key to sustaining the country’s economic growth.

“MSMEs across the continent will be given a veritable platform to showcase the products they have manufactured, generate new clients and sales opportunities and above all, connect with new markets.

“I am very pleased as this speaks directly to the objective of the Nigerian-American Chamber of Commerce, which continues to deliver on trade dividends for businesses especially in Nigeria,” she said. (NAN)(ww.nannews.ng)

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Edited by Chinyere Joel-Nwokeoma

By Okeoghene Akubuike

With the continuous increase in the price of bread, many residents of the Federal Capital Territory (FCT) say they are struggling to keep up with the cost of the staple food.

The residents, who spoke to the News Agency of Nigeria (NAN) in Abuja on Sunday, pleaded for the government’s intervention.

They expressed concern that bread is slowly becoming a luxury item rather than a basic necessity.

The latest National Bureau of Statistics (NBS) Food Price Report for February  2024, said the average price of 500g sliced bread increased by 89.48 per cent on a year-on-year basis from  N553.03 recorded in February 2023 to N1,047.86 in February 2024.

While the report said on a month-on-month basis, 500g sliced bread increased by 15.91 per cent from  N904.02 recorded in January 2024.

Mr Sumaila Yusuf, a civil servant, said it had become difficult to buy bread because of the increase in price .

“ It has been tough buying and consuming bread these days.

“As a matter of fact, bread is now treated on the list of special foods that we go for occasionally and it is no longer a routine item that must be on the shelf at all times.

“Sometimes I ponder on why I should keep consuming bread with an almost daily increase in the prices of loaves.

“I can recall that this time last year, I was buying Imperial Bread for N800 but it was sold for N1400 about a month ago when I last bought it.

“Also, Delight Bread small loaf was N600 but it is now  N1, 200. I can go on and on. The government really needs to intervene and help regulate the price,” he said.

Mrs Biodun Ajakaiye,  a businesswoman, said the increase in the price of bread had led to a reduction in its consumption in her house.

“I used to buy two family loaves for my family of six and we used to eat bread twice a week but with the increase we now eat bread once a month.

“The last bread I bought was N1, 700.  So two loaves for my family will be N3400. How can we spend that amount on only bread twice a week?

“We just had to advise ourselves and replace eating bread with Akamu and  Akara,” she said.

Mrs Ella Anyanwu,  a civil servant, said the increase in bread price had affected her family’s consumption of it.

Anyanwu also said in spite of the increase, the quantity and quality of some bread had reduced and she called on the government to intervene.

“The price of bread increases geometrically and the quality and quantity also reduce daily. Some are not properly baked due to the high cost of baking items hence they spoil easily.

“A loaf of bread that was being sold between N950 to N1,000 early this year, increased to N1,300 then to N1,600 currently making affordability very difficult because one needs to buy like three loaves to meet the needs of my family.

“If bread that is a common food for a common man can be so expensive, how can Nigerians survive in this harsh economic situation?

“Therefore, the government should endeavor to look into the cause of its increasing cost as well as other food items and intervene to cushion the effect,” she said.

A trader, Musa Ahmed,  said he still ate bread but went for the smaller sizes because of the price increase.

According to him, I used to buy a loaf of N500 bread but it is now N1,000, so I  now buy the  N400 loaf which used to be N300, and manage myself.

Peace Samuel, a manager of one of the big bakeries in Abuja, attributed the increasing cost of bread to several factors, including the Ukraine war, foreign exchange increase, and inflation in the country.

“ Two to three months ago, our  900g family loaf was supplied to distributors at a rate of N930, while it was sold to final consumers at N1,100.

“But presently, the same loaf is supplied to distributors at N1,100 and sold to final consumers at N1,300.

“Similarly, the 1,200g Jumbo loaf that was sold to final consumers at N1,200 is now being sold for N1,600.”

Samuel, however, said in spite of the drop in dollar, the cost of raw materials such as flour and others used to make bread was still on the rise.

“As of March 22, the price of flour has witnessed another increase of between N1,500 to N2,000, depending on the brand.

“This continuous surge in prices has led to many bakeries shutting down.”

She also said that suppliers sometimes create artificial scarcity and increase prices, knowing that customers have no choice but to buy.

According to her, this is harming the bakery business, and many people are losing their jobs.

Samuel recalled how the government’s intervention helped with the reduction in prices of flour when the Master Bakers Association went on a nationwide strike in February.

“When we went on the strike, the government intervened to an extent and the price of 50kg flour was reduced immediately from  N55,000 to N50,000.

“However, the price has gone up again, ranging from N53,500 to N57,000, depending on the brand.

“The government needs to understand that the continuous rise in the cost of bread is creating a ripple effect that is affecting the entire economy, therefore, the government really needs to intervene,” she said. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Yunus Yusuf
Hajia  Aisha Mahmud, Commissioner, Customers Affairs, Nigerian Electricity Regulatory  Commission (NERC), has cautioned electricity consumers against self- procurement of  transformers, cables and accessories without formal agreement with distribution companies.

Mahmud  gave the warning at the commission’s three-day Customers Complaints Resolution Meeting with Eko Electricity Distribution Company’s customers on Friday in Lagos.

The News Agency of Nigeria (NAN) reports that customers at the forum were drawn from Lekki Business Unit which covers Lekki Phase, Ilasan, Ikota, Ikate, Ikate-Elegushi, Osapa, Chevron, Igbo Efon and Agungi.

According to her, lt is not the responsibility of the customers to procure transformers for the DisCos.

“In the event that such happens, the customers and the DisCos must sign an undertaking, so we still say do not buy the transformers,” she said.

The commissioner further explained that the Meter Asset Provider (MAP) offers vendor and DisCos financing options for prepaid meters.

Addressing the funding constraints within the Nigerian Electricity Supply Industry (NESI), particularly concerning the National Mass Metering Scheme, she underscored the ongoing financial struggles experienced by industry players.

She highlighted the critical need for adequate funding and financing mechanisms to support initiatives aimed at improving metering infrastructure and addressing the metering deficit in Nigeria.

Mahmud said, “The Minister of Power, Mr Adebayo Adelabu, is actively engaged in efforts with the Presidential Metering Initiative (PMI), and with adequate funding, the government could potentially eliminate the metering deficit within one to two years, depending on the availability of funds.

“Customers often overlook their rights and entitlements; paying for electricity should guarantee not just power but a superior service experience, and customers should assert their rights to quality service when paying their bills.

“It is crucial for customers to understand that investing in the distribution network, including transformer purchases, is not their responsibility as consumers.

“While the cost is factored into the electricity tariff, if customers choose to invest in infrastructure like distribution transformers, the law permits DisCos to incorporate the investment into the tariff, enabling them to earn returns over the asset’s economic lifespan.

“If about N100 million, for instance, is invested in the purchase of the transformers by the DisCos, it is expected to be spread over fifteen years within the economic life of that asset, and recovery of the cost gradually deducted by customers’ billings.

“We expect the DisCos to use the IGR to fund whatever purchase or use credits to purchase the assets.

“But in the event that they cannot do that and given the liquidity crisis within NESI, the books of the DisCos are already in red.

”So that NERC came up with the regulations, customers can fund the purchase of the DT meters, and they will be refunded.

“In this case, what the regulation stipulates is that the customers have to sign an agreement with the DisCo stating that a certain amount of money has been used to purchase the transformer, and a refund will be made over a certain number of years based on the agreement with interest and dispute resolution clause.”

Mahmoud, therefore, cautioned that it was not the responsibility of the customers to procure transformers for the DisCos.

She  added that in the event that such happens, the customers and the DisCos must sign an undertaking.
“The issue is that customers do not know their rights and duties on what they are supposed to do.

“When customers pay for electricity,  it is not only electricity but also for services, and they should demand for effective service .

On Investment in network, Mahmud urged customers not to buy transformers and poles.

“We expect the disco to use their IGR, bank and investment.

“Its not the responsibility of customers to buy transformers.

“But in the event that they have to do that, they must ensure an agreement is signed for refund,” she added.

Also, Mrs Susi Eonwuka, Head, Lagos Office of the Federal Competition and Consumer Protection Commission (FCCPC), urged distribution companies to design effective feedback mechanism in responding to customers’ complaints.

Eonwuka, however,  assured electricity consumers that the regulator through the forum will address all concerned areas.

She said that the Customers Complaints Resolution forum was designed as one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues within Eko Electricity Distribution Company franchise areas.

She said that the forum is an intervention to bring all the stakeholders together to listen to consumers’ complaint and resolve them.

She added that FCCPC would also get commitment from Discos on a time-frame within which these complaints have to be resolved.

“The major complaints received from all over the country is on over billing, community transformer problems, disregard of metering and regulations from NERC with respect to disconnection, energy tapping, tariff band classification

“Other issues also have to do with account reconciliation, adjustment bottlenecks, disconnection without notice, and billing before connection of the billed property with electricity.

“These are issues that are very serious for consumers, and when they request reconciliation most time the DISCOs are not forthcoming.

“That is why complaints are brought to the NERC and FCCPC, which is the last resort apart from the court,” she said.

In his remarks,  Mr Osakuni Emmason, Secretary, NERC Eko Forum, urged electricity consumers to ensure  that  metering  and  other  electrical  equipment within  their premises  belonging  to  the  DisCo  are  not tampered with, or by-passed.

Emmason said that customers should also notify  the  DisCo  serving  within their jurisdiction  of  any  outstanding electricity bill before moving into new premises.

He said that unauthorised  access,  which  includes  illegal  connection,  meter  by-passing  and  tampering  as  well  as  several  other  physical  methods  to evade payment for electricity consumption, constitutes a serious crime.

According to him,  ln  addition  to  sanctions  approved  by  the  Commission,  the National  Assembly  is  also considering  a  request  to  criminalise  it with severe punishments.

”As at February 2024, EKEDC has 435,970 metered customers,  691,967 customers and 255,997 unmetered customers.

”On Maximum Demand meters, EKEDC recorded 7,057 prepaid meters on MD customers, 17,004 metered on MD customers and 9,870 post- paid meters on MD customers.

”On energy theft and meter bypass,  EKEDC has 745 customers,  recorded 18,500,000,00 reconnections, 17,085,000,00 recorded on administrative charges and 123,510,671.8 was recorded on revenue loss,” he added.

Reacting, Mr Odozimba Iheakanwa, Power Committee Chairman, Lekki Estates Residents and Stakeholders Association (LERSA),  demanded a timeline for all the issues that had been raised by the customers within the Lekki-Ajah-Epe axis.

According to him , it does not make any business sense for customers of the utility companies to continue to complain over the same issues despite all sorts of engagement forum where the issues have been raised between the various critical stakeholders.

“EKEDC has been coming to take money from us and so we deserve adequate supply of electricity and satisfactions in the delivery of services.

“Customers within the Lekki- Ajah axis deserved to be treated with maximum respect. There must be promptness in response to issues within a time frame.

He further expressed dismay over attitude of the top management of EKEDC to concerns raised by the LERSA.

According to him, all the complaints have been itemised but nothing has been done to address the issue.

He, therefore, charged the management to be receptive to accomodating concerns of the customers within 1004 Axis to the Epe Corridor.

He also emphasised that efforts have been made in recent times to encourage the Lagos state government to hand over the Lekki 132/33KV 120MVA GIS substation to the EKEDC to improve supply within the axis. (NAN)

Edited by Olawunmi Ashafa

By Rukayat Moisemhe

Michael Ervin, Senior Foreign Service Officer, United States Consulate, Lagos, says access to capital for young companies and an enabling environment for technology start-ups will enable new perspectives to Nigeria’s economic growth and development.

Ervin made the call at the American Business Council (ABC) Economic Update on Tuesday in Lagos with theme; “Navigating the Start-up Landscape in Nigeria amidst Economic Challenges”.

He described start-ups as the lifeblood of any thriving economy and pioneers that carve new paths into uncharted markets.

He added that these set of businesses were the engine of job creation and the launch pad for the next generation of groundbreaking technologies.

Ervin noted that while start-ups might be small at first, their growth potential was tremendous, particularly as they hired local talent, injecting a surge of energy and opportunity into the Nigerian communities.

“So, what more can we do? How do we continuously leverage this vital force for social well-being and economic development?

“We need an environment that fosters risk-taking. We need access to capital for these young companies. We need to celebrate not just the successes, but the journey itself, the audacious spirit that dares us to dream big,” he said.

Ervin stated that in view of the above, the U.S. mission and ABC in 2023, launched an associate membership category for U.S. incorporated startups, admitting them into a community of established global businesses where opportunities could be expanded.

He noted that in 2023, the technology sector contributed over 17 per cent to Nigeria’s Gross Domestic Product (GDP), almost doubling the revenues from oil and gas.

According to him, U.S. venture capital firms have invested heavily in African tech startups, with over 60 and 40 per cent of venture capital funding in Nigeria and Africa, respectively, coming from the United States.

This, he said, meant that technology was a driving force, a fundamental force of Nigeria’s prosperity.

He urged all start-ups registered in the United States to join the American Business Council and leverage the opportunities that exist therein.

Ervin affirmed that the United States had been committed to fostering collaboration with Nigeria across the sectors of agriculture, education, healthcare, power, technology, and other vital areas for development and economic growth.

“Up to 60 per cent of African start-ups are incorporated in the United States, and this figure jumps to 80 per cent when considering Nigeria alone.

“In 2022, African start-ups raised 4.6 billion dollars, translating to an average of over one million dollars every two hours.

“In spite of the global downturn in Venture Capital funding last year in 2023, the United States still accounted for about 40 per cent of the nearly three billion dolars raised by African star-tups last year.

“These numbers indicate that we have a strong interest in supporting the growth of not just the start-up ecosystem, but the digital economy of Nigeria, of Africa, and clearly Nigeria is a key market in that equation,” he said.

Mrs Magaret Olele, Chief Executive Officer, ABC, noted that they were various opportunities for economic growth through the start-up space.

She said the council was committed to recognising and identifying these start-ups, understanding their challenges, point them to opportunities and show them the agencies to go, to help them upscale.

“We are training them to build more employability with banks and other spaces, thereby closing the gap in terms of employment and having exportable talents.

“We are also committed to building parameters that would engender female inclusion in the start-up ecosystem to foster gender equality and equity in the technology space,” she said.

Mrs Folashade Ambrose Mebedem, Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, noted that the state boasted of quite a number of unicorns that had been birthed in it.

The commissioner said the state continued to provide support to a number of start-ups, particularly given the current challenging economic situation.

According to her, the Governor of Lagos, Mr Babajide Sanwo-Olu, has disbursed about N500 million to start-ups and continues to engage with them to identify their areas of needs and investments.

“Under the THEMES Plus agenda, the Lagos State government is committed to driving economic prosperity and growth by strengthening the organised private sector, alongside women and youth owned businesses.

“We would continue to identify formidable partners to work with, to drive women inclusion and achieve great successes in the start-up space,” she said.

Mrs Omoboye Odu, Head, Global Corporate Division, Ecobank, said the Nigerian entrepreneurial spirit was undeniable as brilliant minds came together on a daily basis to form ideas that shape the future of the country.

Odu noted that the dynamic environment had the potential to be engines of the future which required more than just a brilliant idea.

“This is where institutions like Ecobank steps in, in recognising the transformative power of start-ups.

“Our renowned partnership offers loans, advisory services for business and job creation across the continent and we remain committed to providing crucial financial and advisory support,” she said.

Mrs Yemi Keri, Founder, Rising Tide Africa, an Angel Network with Investment Pieces, said the firm had invested $1.98 million in about 35 start-ups.

She, however, noted that Nigeria was still at the surface, in terms of technology, stating that there existed massive opportunities not just for traditional but for emerging technologies.

“In terms of the Start-up Act, the implementation is where we are at now and some of the policies in the Act have not really identified and looked at the gender lens in the way we expected it to.

“Government needs to improve on the ease of doing business, while we encourage more women to become angel investors and hand-hold many female start-ups founders and guide them in the ecosystem,” she said.

Mr Yakubu Musa, Acting National Coordinator, office for Nigerian Digital Innovation, National Information Technology Development Agency (NITDA), said over 12000 start-ups have registered under the National Start-up Act.

Musa added that there were also over 1,000 angel investors and the next phase under the Act was to create profiles, verify stakeholders and engage several state governments to domesticate the Act. (NAN)(www.nannews.ng)

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Edited by Olawunmi Ashafa