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Intra-African Trade Fair is the first of its kind in Africa, consisting of a 7-day trade fair that provides a platform for sharing trade, investment and market information and enabling buyers and sellers, investors and countries to meet, discuss and conclude business deals.
PARTNERSHIP PROSPECTUS BROCHURE FLOOR PLANS
Increased visibility of Made-in-Nigeria products and the launch of new products/services into the African market in a bid to increase Nigeria’s market share in the continental market. Also opening up new markets and discovering market niches for companies/product.
Establishment of new business partnerships and strengthening on existing businesses relations.
Attraction of investment into the non-oil export sector
Generation of export orders by Nigerian companies
Collation of market intelligence to assist Nigerian exporters
Showcase the Nigerian cultural heritage and trade policies to change the negative perspective of the international community
Consolidation of economic/political ties with other African countries
Increased employment generation and wealth creation Exposure to new technology in different product sectors
To amplify Nigeria’s readiness for business through showcasing Nigeria’s trade & investment, policies.
To display our tourism potential through Nigeria’s rich cultural heritage.
To give SME’s the opportunity to interrelate and appreciate the business climate.
Vice President Yemi Osinbajo leading Nigeria’s team on an investment roadshow in Silicon Valley, California, USA, mid-2018 demonstrated to the world the importance of technology to the federal government’s economic diversification plan. This move has indeed put Nigeria on the global technology map. From being an analog nation, less than two decades ago, the country is fast becoming a technology hub as innovation space is constantly being explored and widened. Innovative products been churned out in this sector has attracted the attention and investment from global venture capitalist angel investors.
Technology innovation in Nigeria is being fast-tracked by the growing need for technology in all sectors of the economy to boost production and enhance growth. There has been a steady growth in the number of start-ups, innovative hub, and incubation centers. Presently, Nigeria hosts 55 hubs nationwide with 31 in Lagos, the highest number for any state on the continent.
Amazing Innovations from Nigeria
Whilst many of these innovation companies and startups are providing solutions in the financial space, many others find solutions in other sectors. Some of the most popular fintech platforms are Interswitch, e-Tranzact, Paga, Paystack, Piggybank, Remita and more recently Paylater. Fintech software, Paga, a mobile payment platform, is helping to drive financial inclusion in the country, where over half of the adult population remain unbanked and underbanked. Many of these solutions have been adopted. Flutterwave, co-founded by a 26-year-old Nigerian entrepreneur, has the most impressive start, having attracted $10million investment in 2017. It was founded two years back by a team of ex-bankers, entrepreneurs and engineers, with the mission to provide a technology platform that allows businesses to make and accept payments anywhere in Africa.
Another innovation developed 100 percent locally, by SystemSpecs Ltd, is Remita, which has been receiving ovation as it sits right at the heart of managing public funds. It attracted national and international validation when it was adopted as the payment gateway to Nigeria’s Treasury Single Account (TSA), as it has helped the government achieve incredible success in fiscal management.
Another innovation that changed the face of e-payment is the National Automated Clearing System (NACS) deployed by the Nigerian Interbank Settlement System (NIBSS) and developed by Precise Financial System (PFS), a Nigerian software powerhouse. The NACS is a future-proof system that enables faster and more efficient clearing of cheques that is less resource intensive and accommodates
various new requirements and practices in the clearing system.
The advent of Tech innovations in the country strives not only to provide solutions to corporates and financial institutions but have succeeded in reaching out to the ordinary man on the street and facilitating financial inclusiveness, particularly for the youth.
Huge Tech Capital Inflows
According to the African Startup and Venture Capitalist Ecosystem Report for the first six months of 2018 authored by Weetracker Media Incorporated, Nigeria recorded 31 tech startup deals, attracting $29.41 million of funding. In 2017, Nigeria emerged among the top three countries in Africa that attracted $560 million in venture capital (VC) funding in 2017. The VC funding raised by African tech start-ups in 2017 surpassed $366.8 million raised in 2016 according to Collin Collon, a general partner at Partech Ventures. The top three markets; South Africa, Kenya, and Nigeria absorbed 76 percent of the total funding, down from 81 percent in 2016, he said.
Nigeria’s share of the funding in 2017 had increased compared to 2016 as the country attracted $115 million which is 20 percent of total, a plus five percent growth year-on-year (YoY); Kenya attracted $147 million (26 percent of total), showing a strong +58 percent growth YoY; while South Africa attracted $168 million in funding (30 percent of total investment), showing a 74 per cent growth year-on-year (YoY).
Changing the Face of E-Commerce
Several tech companies have focused in particular on enabling small businesses to receive online payments. Through their merchant marketplace models and in-house payment platforms, Konga and Jumia, Nigeria’s biggest e-commerce companies, have been responsible for much of the progress seen with unregistered businesses getting online and receiving payments. Neither company requires certificates of incorporation or a corporate account for merchants to operate on its platform.
Paystack, a two-year-old Lagos-based payments company, is the latest startup looking to make it easier for unregistered businesses to plug into the digital economy. Paystack has removed the compulsory requirement for businesses to provide a certificate of incorporation and a corporate bank account. It will now allow “starter businesses” to use its platform by verifying business owners’ phone numbers with Truecaller’s crowd-sourced verification system thanks to a new partnership between the two companies. In addition, Paystack will also require merchants to provide verified personal bank details and a national ID.
VoguePay, a payments company founded in 2012, also allows unregistered businesses with verified bank details, national IDs and utility bills operate on its platform. Small businesses on the platform are able to safely make and receive payments in all major currencies, regardless of location.
The biggest moments in Nigerian Tech
Mark Zuckerberg’s visit to Lagos, 2017.
Zuckerberg’s visit was the first time a major Silicon Valley founder would go beyond interviews and infographics to see the reality of Nigeria’s tech space firsthand. In addition to visiting the premier incubator, Co-Creation Hub in Yaba, Lagos State, Zuckerberg also visited Andela, a tech accelerator as well as the President of Nigeria and some policy
Andela gets $24 million from the Chan-Zuckerberg Initiative, 2017.
In June, Andela set up in September 2014 secured $24million (Twenty-four million dollars) in Series B funding from an initiative led by Mark Zuckerberg and his wife, Priscilla Chan. This was the biggest co-sign for the future of Nigerian tech industry. Andela equips and connects Nigerian coders.
Google CEO Mr. Sundar Pichal Visits Nigeria, 2017.
The Google CEO announced the impending launch in Africa of its Launchpad Accelerator, pronouncing Lagos, Nigeria as a beneficiary of Google’s $3 million equity-free funding for African startups and entrepreneurs over the next 3 years.
The Nigerian oil and gas industry has been vibrant since the discovery of crude oil in 1956 by the Shell Group. It is a major contributor to the economy. It has a lot of foreign participation with huge Foreign Direct Investment (FDI) and accounts for % of FDI in Nigeria.
Nigeria has the largest natural gas reserve in Africa and the 9th largest in the world. In addition, the country is the largest oil producer in Africa and the 7th largest in the whole world. The Nigerian Oil & Gas sector is structured along three broad areas namely:
Nigeria’s digital economy is one of the fastest growing digital economies in Africa with the technology sector contributing 9% to the nation’s GDP. The e-commerce sector is currently valued at $13bn USD according to a report by London based Economist Intelligence Unit (EIU). Experts in the Nigerian financial services sector has also estimated that Nigeria’s e-commerce market value could rise to $50 billion (N15.45trillion) over the next 10 years. This fast-growing sector is expected to create three million jobs for Nigerians before the end
of 2021. With the current explosion in creativity and innovation, Nigeria is enforcing intellectual property rights and has recently updated its copyright laws. Nigeria is also implementing its obligations in World Intellectual Property Organisation (WIPO).
The Nigerian financial industry includes financial markets (money and capital markets), financial institutions including the regulatory and supervisory authorities, development finance institutions (Urban Development Bank, Nigerian Agricultural and Rural Cooperatives Bank) and other financial institutions (Insurance companies, pension funds, finance companies, Bureau de Change, and Primary Mortgage
Institutions), among others. It also offers financial instruments (e.g. treasury bills, treasury certificates and central bank certificates). The structure of the Nigerian Financial System has undergone remarkable changes, ranging from the modification of the governance structure, the length and breadth of financial instruments used, the number of institutions established, regulatory and supervisory frameworks to the overall macroeconomic environment within which they operate. There is a big push towards inclusive banking involving micro-finance banks and other forms of payment system such as mobile money.
The Nigerian Financial System also consists of interrelationships among the persons and the bodies that make up the economy. Commercial banks are the most relevant financial institutions in Nigeria to encourage and mobilize savings and channel savings into productive investment units.
Agriculture, the second largest contributor to Nigerian GDP (21% in 2015), is the most important and resilient sector of the Nigerian economy. The agricultural sector plays a key role as Nigeria’s key growth driver with about 84 million hectares of arable land, a large pool of labor, favorable climate and water resources ideal for export-oriented production. The sector is being transformed towards commercialization at all levels. Nigeria is ranked No.1 in the production of seven (7) agricultural products by the Food & Agricultural Organisation (FAO) namely yam, cassava, shea nuts, melon seed, kola nut, cocoyam, and sorghum. Nigeria ranks No.2 in okra and cashew nut production. Nigeria’s cash crops include beans, sesame, cocoa beans, groundnuts, gum arabic, maize (corn), millet, oil palm, plantains, rice, rubber, soya beans, and bananas. Others are Hibiscus, Ginger & a variety of spices.
Nigeria fisheries sub-sector contributes a significant 4% to the country’s annual GDP based on abundant water. There is a
the current drive for value addition in the agricultural sector leading to an array of processed food.
Manufacturing represents about 9.6% of the Nigeria GDP. It is driven by the Nigerian Industrial Revolution Plan (NIRP) and the Economic Recovery and Growth Plan (ERGP). Major manufacturing activities include automobile, cement, food & beverages, tobacco, chemical & pharmaceutical, electrical & electronics, textile & apparel, footwear; wood and Wood products; Pulp Paper and Paper products, non-metallic products, plastic and rubber products, electrical and electronic, basic metal and iron and steel, etc.
Nigeria has a robust and well-regulated financial sector. The financial sector, excluding insurance services, contributed 2.6% to GDP in 2016 at 2010 constant prices, remaining largely steady on the 2.7% recorded in 2015. Total lending rose by 19.7% to N63.3trn ($233bn). Nigeria has the largest banking sector in West Africa; there are 27 banks operating in Nigeria, a figure that has remained stable since the 2004 wave of consolidation reduced the number from 89 to 25. Of these institutions, there are 22 commercial banks, four merchant banks, and one non-interest bank. As of December 2016, there were 5570 bank branches, an increase on the 2015 figure of 5470. Financial reforms have produced a financial landscape characterized by large and strong banks, efficient payment systems and improved financial infrastructure. Nigerian banks such as Guaranty Trust Bank, United Bank for Africa, Diamond Bank and Zenith Bank among others, have a strong presence across the continent and even some operations in the United Kingdom and the United States. Encouraging financial inclusion for the millions of unbanked low-income and informal earners has become a major priority for many Nigerian banks. Not only does this allow banks to diversify risk, but it also mitigates the high cost of operating primarily through cash transactions.
The exhibition is not sector-specific but will target the following areas:
An Intra-African Trade Finance and Payments Conference will run alongside the Exhibition. The Conference and Workshops will address topical issues relating to trade finance, payments, trade facilitation, trade-enabling infrastructure, harmonisation of trade standards and regional value chains. There will also be an opportunity for training Exporters on how to access the African market and twinning arrangements with other African or global entities.
The inaugural Intra-African Trade Fair is brought to you by Afreximbank, in collaboration with the African Union and will be hosted by Egypt (represented by the Ministry of Industry and Trade/ Export Development Authority).
The Trade Fair will take place in Cairo at the Egypt International Exhibition Center from 11-17 December 2018. You are invited to participate in this historic Intra-African Trade Fair which seeks to achieve positive transformation of the continent.
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