Lagos has cemented its position as one of Africa’s top economic hubs, with its GDP reaching $259 billion in 2023. The state experienced significant growth in early 2024 and aims for further expansion in 2025. Despite its booming economy, challenges such as high inflation and revenue mobilization need to be addressed for sustained growth.
Billionaire Tony Elumelu’s fortune has soared to $2.15 billion, reflecting the success of his investments in Transcorp, UBA, and Heirs Holdings. His commitment to Africapitalism and strategic investments continue to drive economic growth and entrepreneurship in Africa.
Borno State Governor Babagana Zulum has approved N1 billion in grants for 9,403 small businesses in Biu and Hawul as part of efforts to boost local enterprises and reduce poverty. He also launched a 600-unit housing project for teachers and health workers, reaffirming his administration’s dedication to economic and social development.
AfDB and ECOWAS have signed a $12 million grant agreement to implement the REWARD project, enhancing rice production and food security across West Africa. This initiative seeks to reduce import dependency, support local farmers, and strengthen agricultural value chains, aligning with regional development goals.
The NSIA Prize for Innovation (NPI) is designed to identify, support, and finance early-stage innovative solutions with the potential to:
Transcorp Plc has posted a record-breaking N136.6 billion pre-tax profit for 2024, reflecting a 132.41% increase from the previous year. The company’s total revenue surged by 107.07% to N407.9 billion, with the power sector contributing the largest share.
Microsoft is strengthening South Africa’s digital economy with a ZAR 5.4 billion investment in cloud and AI infrastructure. This expansion will drive innovation, close the digital skills gap, and position the country as a leader in AI technology.
Dangote Industries Limited has maintained its status as Nigeria’s highest taxpayer, remitting over N402 billion in 2024. Recognized by FIRS for tax compliance, the company remains committed to corporate responsibility and economic development.
Badili, a leading Kenyan re-commerce startup, has secured $400,000 in debt funding from Proparco. This investment will drive the expansion of its refurbished smartphone business, making mobile technology more accessible and sustainable across East Africa.
Sahel Capital has secured a $400,000 working capital loan for MM LEKKER to strengthen agricultural trade in Benin. This investment will help smallholder farmers access fairer prices, reduce post-harvest losses, and build more resilient livelihoods.