Tony Elumelu, a leading advocate for African entrepreneurship, has been appointed to the IMF Advisory Council on Entrepreneurship and Growth. His inclusion underscores the importance of private sector-led development in shaping global economic policies.
The Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 young entrepreneurs across 52 African countries. Each selected entrepreneur will receive a $5,000 non-refundable seed grant to launch or expand their businesses, fueling economic transformation across the continent.
Nigeria is set to launch a $40 million fund to support early-stage tech startups, with equal backing from JICA and NSIA. The initiative, part of the Nigeria Startup Act, aims to fuel innovation, provide tax incentives, and drive economic growth. With 13,000 startups already registered, the government is working to expand awareness and ensure all 36 states and Abuja benefit from this groundbreaking opportunity.
A new report by MO Africa Co. estimates that men in Lagos spent ₦661 billion on transactional sex in 2024. Covering 20 LGAs, the study explores spending trends, motivations, and the growing digital market for sex work.
Transcorp Group has delivered an exceptional 2024 financial performance, with a 188% profit increase and 107% revenue growth. Strong execution in power, hospitality, and energy investments solidifies its market leadership. Read more on how Transcorp continues to drive sustainable growth.
Nigerian artists earned over ₦58 billion from Spotify in 2024, marking a record-breaking year for the country’s music industry. With a surge in global streams and playlist features, Nigerian music continues to dominate international charts.
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.
Federal Executive Council has approved ₦151.9 billion for electric buses, tricycles, and charging infrastructure in North-East Nigeria. This project, funded by the NEDC, aims to promote clean energy transportation, reduce emissions, and enhance mobility in the region.