Greetings! We’re writing to share that Tekedia Institute has unveiled a new initiative to support our Learners. Over the last few quarters, we have placed many learners in local and global companies for internships (or industrial attachments). We have also taken time to examine the outcomes. The good news is that data does validate that value is created for learners through this process.

Consequently, we are opening the process to all learners who may be interested in part-time and full-term internships in companies. Tekedia Institute does not receive any financial benefit on this; we simply recommend learners, when companies reach out,  relying on Capstones, Homeworks, etc we have on file. For Tekedia Practice (agriculture, digital tech and new energy), an internship is already included in the program. A page has been created and we will be posting Internship opportunities therein.

Open Opportunity: we have a request from a United States-based neobank for PAID graduate interns. Go here and check if you qualify.

Meanwhile, for Companies looking for interns, we want to read from you; please email info@tekedia.com with your requests including role and qualifications, location (physical or remote), duration, compensation if any, and other necessary requirements like work permits. 

Finally, do not forget that registration for  the next edition of Tekedia Mini-MBA (June 5 – Sept 2, 2023) is ongoing and discounts for early bird registration are available here. Share with friends, associates, etc and ask them to register. The next edition is tagged “AI in Business” edition as the Institute will distill how businesses will position and win the future, which AI (artificial intelligence) is expected to anchor and power.

Have a great day!

Team Tekedia Institute

Boston, USA | Owerri, Nigeria

It is time for agriculture and we have one of the finest young visionaries in the sector coming to teach us at Tekedia Mini-MBA Live. Blessing Mene understands agriculture, and through Vetsark Limited, he has touched lives and communities.

He has used technology to digitize the supply chain system, bringing transparency which has made it possible for capital to get to smallholder farmers and farming cooperatives. His mission is very impressive. We’ll learn a lot from him.

To register for the next edition of Tekedia Institute Mini-MBA, go here 

Nigeria’s unemployment rate is expected to take a new turn in 2023, rising further to 40.6 percent, according to an economic report by KPMG.

The fourth quarter report of the National Bureau of Statistics (NBS) for 2020 had put Nigeria’s unemployment at 33.3 percent, while in the past two years; the nation has recorded further dip in job losses amid sluggish economic growth and influx of fresh graduates into the labor market, pushing the figure up.

KPMG In its report titled; ‘Global Economic Outlook’, said the resulting consequence of the slow economic growth will be an increase in the unemployment figures. The NBS has not published the unemployment rate since 2020, but KPMG estimates that the rate has increased to 37.7% in 2022 and will rise further to 40.6% in 2023.

“Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialization and slower than required economic growth and consequently the inability of the economy to absorb the 4?5 million new entrants into the Nigerian job market every year,” KPMG said in the report.

“Although lagged, the National Bureau of Statistics recorded an increase in the national unemployment rate from 23.1% in 2018 to 33.3% in 2020.

In the report, KPMG projected that Nigeria’s gross domestic product (GDP) would continue to grow at a relatively slow pace of three percent in 2023, citing slowdown in economic activity that typically characterizes periods of political transition in Nigeria.

Per the firm, the spillover from an expected slowdown in the global economy and its trade and financial flows implications are likely to drag on the country’s GDP. It added that key non-oil sectors such as manufacturing, trade, accommodation, food services and transportation would be negatively affected by the naira redesign policy introduced by the Central Bank of Nigeria (CBN), further slowing down overall GDP growth in 2023.

“Nevertheless, we expect telecommunications, trade services, as well as an expected recovery in the oil sector, on account of measures being taken to tackle security issues, to drive our forecast of 3% growth in 2023,” the firm said.

Nigeria’s economic trajectory has significantly shifted amid decline in oil revenue, forcing the government to introduce a new tax regime as a way of augmenting revenue generation from the non-oil sector – which has served as the country’s economic cash-cow as the oil sector took a downturn.

In addition to slow economic growth, the government is grappling with the burden of fuel subsidy payments, which it has in recent times, been borrowing to upset. Though the federal government has set a mid 2023 timeline for the total removal of the subsidy, there is no clear path to it.

The fuel subsidy gulps a significant percent of Nigeria’s annual budget. While its removal in June will save the government a whopping amount of money, it will likely result in social-economic unrest.

KPMG projected that the incoming administration would face a deeply rooted challenging environment characterized by fragile and slow economic growth and challenges in the foreign exchange market. It added that government revenue remained inadequate to support much needed expenditure, leading to a high debt stock and high debt service payments.

Nigerian-based ride-sharing startup, Shuttlers, has raised $4 million in its latest funding round to expand its services, building on the growth it has recorded so far.

The round was led by Verod-Kepple Africa Ventures (VKAV). Participating investors include VestedWorld, SheEquity, CMC 21 & Alsa, and EchoVC. This latest investment brings Shuttlers’ total funding to $5.6 million after it previously secured $1.6 million in seed funding.

“We are thrilled to have Verrod Kepple, Vested Word, CMC 21 & Alsa, and SheEquity as partners in our mission to transform passenger transportation in Nigeria. This additional funding will allow us to build the infrastructure we need to power mass transit and expand our reach to more communities in Nigeria,” Shuttlers’ co-founder and CEO, Damilola Olokesusi, said about the new funding.

The lead investor, VKAV, disclosed that it has so far raised $43 million in its ongoing African-focused venture fundraising campaign, adding that it has invested in some startups in the continent, including Shuttlers.

The mobility startup said in addition to its plan to use the funding to build infrastructure to support its mass transit business, it also plans to expand its market share to compete in the growing ride-sharing market in Africa, where players like Treepz, which recently raised $1.2 million and expanded operations to Kenya, are building massive customer-base. The startup also plans to hire more personnel in sales, marketing, and customer support departments.

Shuttlers provides bus-sharing services for professionals, and has seen its business grow in two Nigerian major cities – Lagos and Abuja – since it was launched in 2016.

The startup said it serves over 80 corporate clients using its 260 buses across 300 routes in Lagos and Abuja every day. Its clients include Interswitch, MainOne, and Paga. Shuttlers said it has more than 70,000 users who have taken a ride on its platform, and has recorded 3 million trips, selling more than 9,000 tickets to both individuals and corporate organizations, according to information on its website.

VKAV’s Managing Partner, Ory Okolloh, said that the firm is thrilled to support Shuttlers in its mission to provide safe, reliable, and affordable transportation to Nigerians.

“We are excited to support Shuttlers in their mission to provide safe, reliable, and affordable transportation to Nigerians,” said Ory Okolloh. “Their commitment to creating impact aligns with our vision for investing in companies that impact society positively. We look forward to working closely with Shuttlers to help them achieve their goals.”

Similarly, Nneka Eze, General Partner at VestedWorld, believes that Shuttlers has the potential to transform the way people move around the world. She said that “the investment firm is proud to be a continued partner in Shuttlers’ journey.”