The United States Based Boston Consulting Group (BCG) has listed 150 companies operating in Africa that it believes are Trail-Blazing across the Continent. According to BCG, these companies that have expanded beyond the shores of the countries where they originated from and leading the charge at economic integration in the content.
Interesting to note that 6 Nigerian companies were included in the list and they include, Dangote Group, Globacom, Guaranty Trust Bank, Jumia, Nigerian Breweries and United Bank for Africa. 75 of the 150 companies listed are African owned while the rest are multinationals.
Notable exclusions on the list for Nairametrics were Interswitch, Sahara Group, Oando, Guinness and Ecobank. Ecobank was listed as a Togolese company even though most of its revenues come from Nigeria.
The report however pooled from 18 countries on the continent, with South Africa leasing with 32 companies followed by 10 in Morocco. Kenya and Nigeria are each home to 6, 4 are from Egypt, and 2 each come from Côte d’Ivoire, Mauritius, Tanzania, and Tunisia.
See press release below and download the report here.
Lagos, Nigeria: Wednesday 4 April, 2018 — The Boston Consulting Group (BCG) today launched a new report titled “Pioneering One Africa: African Corporations Trail-Blazing Across the Continent” which argues that while fragmentation in many forms remains a major problem for businesses in Africa, economic integration is not only taking place, but also gathering speed; an improvement that is primarily driven from within the continent and led by African corporate entrepreneurs.
The report identifies 150 companies which consist of 75 Africa-based companies and an equal number of Multinational Corporations (MNCs) that have established impressive track records in Africa and are contributing to a more integrated Africa. They are overcoming longstanding geographic, geopolitical, transportation, and infrastructure barriers to drive the economic integration of the continent. This list includes 6 companies based in Nigeria namely Dangote Group, Globacom, Guaranty Trust Bank, Jumia, Nigerian Breweries and United Bank for Africa. The MNCs are a global group, with France, the United Kingdom, and the United States most strongly represented as well as a dozen MNCs from China, India, Indonesia, Qatar, and the UAE.
It also highlights eight factors that explain how these companies are making an impact which include the following:
- They actively expand their footprint across several African countries.
- They dare to make significant greenfield
- They use Mergers and Acquisitions (M&A) as a way to accelerate their expansion.
- They build strong African
- They innovate locally to adapt to the African consumer.
- They invest in local talent and develop a people advantage.
- They build local ecosystems.
- They connect Africa by facilitating the movement of people, goods, data, and information.
Commenting on the report, Patrick Dupoux, BCG Senior Partner and co-author of the report stated, “Fragmentation in Africa is much greater than anywhere else in the world, and it adds significantly to the economic challenges facing countries that typically lack the critical mass to compete globally. Despite these barriers, we see more signs of economic integration with each passing month, quarter, and year. The primary drivers come from within the continent, led by African business. Africa invests more in Africa, Africa trades more with Africa, and Africans travel more to Africa.”
Lisa Ivers, BCG Partner and co-author of the report also stated, “If the past decade has demonstrated anything, it’s that these companies are masterful at overcoming adversity. They’ve built impressive track records of creating value for themselves and advancing the development of the continent—and its many economies. They know that continuing to drive the integration of the African markets where they do business is one key way to pave the road to greater success.”
Additional findings from the reports show that between 2006–2007 and 2015–2016, the average annual amount of African foreign direct investment—money that African companies invested in African countries—nearly tripled, from $3.7 billion to $10 billion. The average number of intraregional M&A deals each year also jumped (from 238 to 418), with African-led transactions representing more than half of all African deals in 2015. Meanwhile, average annual intra-African exports increased from $41 billion to $65 billion, and the average annual number of African tourists (Africans traveling in Africa) rose from 19 million to 30 million. African tourists made up more than half of all tourists on the continent in 2015–2016.
This report gives credit to African corporate entrepreneurs who, by investing early in building a footprint on the continent, are giving a sense of reality to the integration of the continent.
Just-in: NLC, TUC suspend nationwide strike, as FG defers hike in electricity tariff
Hike in electricity tariff to be suspended for 2 weeks, while new pump price of petrol remain unchanged.
The Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have suspended the planned nationwide strike and protest that was to commence on Monday, September 28, 2020, over the recent hike in electricity tariff and petrol pump price.
This follows the agreement reached between the Federal Government and the organized labour during the meeting held by both parties which started on Sunday night and dragged on till the early hours of Monday morning.
The disclosure was made by the Minister of State for Labour and Employment, Festus Keyamo, through a tweet post on his twitter handle.
In the agreement between the Federal Government and organized labour, the hike in electricity tariff is to be suspended for a period of 2 weeks, while the new pump price of petrol is to remain unchanged.
According to the agreement, which was seen by Nairametrics, both parties agreed to set up a technical committee on Electricity Tariff reforms, comprising Ministries, Agencies, Departments, NLC and TUC, which will work for a duration of 2 weeks with effect from Monday, September 28, 2020, to examine the justification of the new policy in view of the need for the validation of the basis for the new cost-reflective tariff.
This is due to the conflicting field reports which appear different from the data presented to justify the new policy by NERC, metering deployment, challenges, timelines for massive rollout.
The technical committee is to be headed by the Minister of State for Labour and Labour, Festus Keyamo.
The terms of reference for the technical committee include;
- To examine the justification for the new policy on cost-reflective electricity tariff adjustments.
- To look at the different Electricity Distribution Companies (DISCOs) and their different electricity vis-à-vis NERC order and mandate.
- Examine and advice government on the issues that have hindered the deployment of the 6 million meters.
- To look into the NERC act under review with a view to expanding its representation to include organized labour.
On the deregulation of the downstream sector of the oil industry which led to increasing in petrol pump price, the Federal Government made available some palliatives to the labour. According to the communique, these include;
- To cushion the impacts of the downstream sector deregulation and tariffs adjustment in the power sector, the Federal Government will implement the following:
- A specific amount to be unveiled by the government in two weeks; time will be isolated from the Economic Sustainability Programme Intervention Fund and be accessed by Nigerian Workers with subsequent provision for 240,000 under the auspices of NLC and TUC for participation in agricultural ventures through the CBN and the Ministry of Agriculture.
- Federal Government will facilitate the removal of tax on minimum wage as a way of cushioning the impacts of the policy on the lowest vulnerable. “Federal Government will make available to organized labour 133 CNG/LPG driven mass transit buses immediately and provide to the major cities across the Country on a scale-up basis, thereafter to all state and local governments before December 2021.
Housing: 10% be allocated to Nigerian workers under the ongoing Ministry of Housing and Finance initiative through the NLC and TUC.
FG & LABOUR reach agreement at 2:53am. Deregulation to stay as Govt rolls out palliatives for labour (details in 2 weeks); Electricity tariffs suspended by Govt for 2 weeks with a joint Committee headed by @fkeyamo to examine the justification for the new policy. Strike suspended pic.twitter.com/9tOTlJ9o1l
— Festus Keyamo, SAN (@fkeyamo) September 28, 2020
COVID-19 Update in Nigeria
On the 27th of September 2020, 126 new confirmed cases and 2 deaths were recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,324 confirmed cases.
On the 27th of September 2020, 126 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,011 samples across the country.
To date, 58,324 cases have been confirmed, 49,794 cases have been discharged and 1,108 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 505,556 tests have been carried out as of September 27th, 2020 compared to 502,545 tests a day earlier.
COVID-19 Case Updates- 27th September 2020,
- Total Number of Cases – 58,324
- Total Number Discharged – 49,794
- Total Deaths – 1,108
- Total Tests Carried out – 505,556
According to the NCDC, the 126 new cases were reported from 12 states- FCT (30), Lagos (24), Rivers (23), Ogun (13), Katsina (9), Plateau (9), Ondo (6), Kaduna (4), Kwara (4), Imo (2), Bauchi (1), Edo (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,239, followed by Abuja (5,674), Plateau (3,388), Oyo (3,254), Edo (2,624), Kaduna (2,397), Rivers (2,347), Ogun (1,836), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,032), Abia (891), Gombe (864). Katsina (857), Osun (827), Borno (741), and Bauchi (698).
Imo State has recorded 568 cases, Benue (481), Nasarawa (449), Bayelsa (398), Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (237), Anambra (234), Sokoto (162), Taraba (95), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
Laycon wins Big Brother Naija, to go home with N85 million worth of prizes
Laycon wins N85 million worth of prizes from Big Brother Naija, Season 5.
Laycon has emerged winner of the Big Brother Naija Lockdown Season.
The talented rapper/singer beat 19 other housemates to win the coveted N85million worth of prizes after spending 71 days in the Big Brother house and entertaining millions of viewers across Africa.
Laycon and four other housemates – Vee, Neo, Nengi and Dora, after series of evictions made it to the final week of the season’s reality show.
Getting into the house as the 19th housemate and initially assumed as an underdog in the first two weeks, the 26-year-old UNILAG undergraduate came to be admired by fellow housemates and a lot of viewers, including top celebrities for his intelligence, humility and philosophical quotes.
Weeks into the show, the young man became the first housemate in the current season to be verified on Twitter and Instagram, and also the first-ever housemate to gain over a million followers on Instagram while in the house.
Winning tonight makes Laycon the 5th winner of the reality TV show since its inception.
N85 million worth of prizes
- For winning the show, Laycon will be rewarded with
- N30million cash prize; an SUV from Innoson Motors;
- a two-bedroom apartment courtesy of Revolution Plus;
- a trip to Dublin, Ireland, courtesy of Guinness Nigeria Plc;
- amazing home appliances courtesy of Scanfrost and other mouthwatering prizes.
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