Human planetary exploration began more than six decades ago. This voyage of discovery into space has recently recorded a groundbreaking milestone after NASA space machine, ‘Perseverance rover’ produced oxygen in Mars. This quantum leap lends much credence to the possibility of the sustenance of human life beyond the confine of the earth and in the rep planet specifically.

NASA’s perseverance rover reportedly touched down on Mars in February 2021, and since then had been tending to its groundbreaking mission of converting the abundant carbon dioxide in Mars’ thin atmosphere into breathable oxygen. This has been possible through Perseverance’s inbuilt device, the Mars Oxygen In-Situ Resource Utilization Experiment (MOXIE).

NASA’s spatial breakthrough heralds a future where humans could potentially breathe Martian air and produce rocket fuel on-site. It is reported that since perseverance landed on Mars, MOXIE has generated a total of 122 grams of oxygen which is about what a small dog breathes in 10 hours.

It is also reported that NASA had been searching for signs of ancient life on Mars through its space machines, Perseverance and its predecessor, Curiosity. These rovers collected in Mars rock samples being used to analyze and provide insights about the red planet.

Pamela Melroy, NASA’s deputy administrator, was reported to have underscored the great leap of Perseverance in her remarks which come as follows:

‘’Developing technologies that let us use resources on the Moon and Mars is critical to build a long term lunar presence, create a robust lunar economy, and allow us to support an initial human exploration campaign to Mars.’’

Despite this great feat, other challenges still stand in the way of human full adaptation on Mars. Apart from the planet’s extreme cold, with temperatures averaging around minus 80 degrees Fahrenheit, which poses a deadly threat to unprotected humans, Mars’ low atmospheric pressure and lack of protective ozone layer expose explorers to dangerous radiation and bone-density loss during their journey.

However, this historic milestone by NASA’s Perseverance underscores the potential and continuing quest of the human race to explore the cosmic possibilities, dominate the world and expand its horizon.

The Lagos Chamber of Commerce and Industry (LCCI) has suggested that the Central Bank of Nigeria (CBN) should temporarily halt interest rate increases as a measure to alleviate the supply-side pressures contributing to inflation. This recommendation comes in response to the recent inflation report indicating a rate of 25.80%.

According to a statement by Dr. Chinyere Almona, the Director-General of LCCI, a pause in interest rate hikes could help address the factors affecting inflation, particularly on the supply side.

The LCCI’s proposal, which also urged the federal government to implement prudent fiscal policy measures, highlights the need for a balanced approach to monetary policy to manage inflation and support economic stability.

According to the statement, the LCCI anticipates that businesses will adopt various cost-reduction strategies to mitigate the impact of inflation on their operations.

Businesses operating in Nigeria are expected to implement additional cost-cutting measures in response to the escalating inflation. This could involve reducing their workforce through downsizing and intensifying efforts to source raw materials locally.

Such strategies are driven by the need to control expenses and navigate the challenges posed by increasing inflation, which can erode profit margins and financial stability for businesses in the country.

These strategies may include downsizing and seeking local sources for input materials in order to manage operating expenses and sustain profitability in the face of rising inflationary pressures. This reflects the challenges businesses may face in maintaining their financial health and competitiveness in an inflationary environment.

Dr. Almona said that households’ real income would continue to experience a decline, especially in the near term, citing the business lobby group is concerned about the uptick in inflation (year-on-year) driven by the increase in both the food and core components of the CPI and also the indication that the path of price movements remains unclear in the near term.

She added that the inflationary shocks have created a need for the government to give tax breaks on basic food items.

“The Lagos Chamber of Commerce and Industry recommends government implement prudent fiscal policy measures.

“This is particularly in terms of borrowings as well as addressing the challenge of food inflation by immediately reducing and removing the tax on basic food items to protect the most vulnerable,” she said.

Nigeria’s inflation rate has seen a spike following new economic reforms introduced by President Bola Tinubu. The reforms include fuel subsidy removal and the floating of the Nigerian forex market. Inflation, led by the rising cost of foods and beverages, surged to 25.80% in August 2023, 1.72% points higher than the 24.08% recorded in July.

The LCCI also called for measures to alleviate the impact of escalating inflation on consumers. The organization called on the government to provide palliatives to help mitigate the effects of inflation, which include higher living costs and reduced purchasing power for individuals.

Additionally, the LCCI has advocated for a temporary halt in interest rate hikes as part of the strategy to address inflationary pressures and promote economic stability. These recommendations are expected to provide relief for both businesses and consumers in coping with the challenges posed by inflation.

“We implore the government to hasten the provision of the anticipated palliatives to lessen the impact of the rising trend in prices on economic agents.

“Furthermore, we urge the Central Bank of Nigeria (CBN) to pause interest rate hikes to relieve the pressures on the supply side, especially at this time,” she said.

In H2 2023, more foreign investors are investing in African (very early stage) tech-anchored startups at a rate faster than when they did at the same time last year. Here they invest between $50k to $500k. 

However, in the range from $500k to $5m, that has slightly dropped while from $10m is extremely challenging. Above $20m is now a miracle.

Yet, I do think the market is opening up because the “VC banking crisis” in the US is largely over, and they will be getting back to big deals. In the last few days, we have been getting more calls on due diligence for larger rounds, indicating that the big dance is returning. I expect things to normalize around Nov or early 2024 for mega deals.

In Tekedia Capital Syndicate, we typically do 6-7 startups in a cycle, but due to interests from some of our funding clubs, etc, we are extending the list to 10 startups, for the cycle starting on Oct 2, 2023, as we can see enough capital to take care of the needs of all the startups. Yes, we will make ten investments in the next 45 days to close the year.

As always, the best companies in Africa and Nigeria are yet to be established. #build one!