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Ghana Looks Beyond AfCFTA for the Nigerian Market

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For ages, Ghana and Nigeria have traded, peacefully. Then Ghana passed Act 865: ‘A person who is not a citizen may engage in a trading enterprise if that person invests in the enterprise, not less than one million United States dollars in cash or goods and services relevant to the investments… employ at least twenty skilled Ghanaians’. Just like that, Ghana knocked down many Nigerian traders, even though it claimed that was not the intention. In this piece, Tekedia Fellow John Mc Keown looks at this.

From what is going on, it looks like African Continental Free Trade Agreement (AfCFTA) has lost relevance even before it starts at scale. As Nigeria responds to that Act, Ghana brings a playbook outside AfCFTA for a truce: “‘The Ghanaian Speaker, Alban Kingsford Sumana, says his country has raised a seven-man committee as its delegation to the Joint Committee of Eminent Persons of Legislature between it and Nigeria to end trade disputes and other issues’.

“They will interact with their Nigerian counterparts towards passing the “Ghana-Nigeria Friendship Act”, … The act is … to mitigate Nigerians against the requirements of  Act 865.”

So, Nigeria and Ghana will sign a deal, leaving other countries out. Now, John asks: “Doesn’t this leave AfCFTA looking rather toothless?”

What is your take on this, and what it means for AfCFTA if member nations can pick what they want and leave others out? Join the conversation here.

Ghana Not Sure if AfCFTA Can Deliver Them the Biggest Market in the Continent, Nigeria

The Need to Establish More Secondary Technical Schools

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A few weeks ago, I saw a video of a Chinese firm advertising its garri-processing machines. In that video, all the processes involved in the making of garri, starting from peeling the cassava to frying the flour and sieving the end product, were done with machines. The person that shared the video, as expected, lamented that Nigeria has not bothered to fabricate machines like the ones in the video. From the person’s comment, you will believe that the country is lagging behind in technology. Well, in as much as the poster wasn’t totally wrong, he made a mistake by implying that those machines cannot be produced in the country without verifying his assertions. Fortunately for Nigeria, she is not found wanting because Project Development Institute (PRODA) Enugu has fabricated all those displayed garri-processing machines a long time ago. However, it is uncertain whether the machines were produced for commercial or research purposes. Nevertheless, those that need more information about the machines can visit the institute’s website or visit their office for further details.

One of the things I’ve noticed about technological development in Nigeria is that it is not hyped like it is done in other countries. Many things are going on in this country but a lot of us are unaware of them. As a result, many of us believe that we are incapable of producing machines or even tools. An average Nigerian believes that everything that looks like a machine or parts of a machine is imported. Well, it is high time they knew that Nigerians have been doing their best in producing some of the tools, equipment, and machines used in the country. But the truth remains that the country still needs more fabricators.

During my secondary school days, there were secondary schools run specifically for grooming technologists. As far back as those days, the Nigerian government appreciates technology and gives room for technological innovations to thrive. Then, the technical schools in the country were all owned and managed by the government. They were scattered in different states of the federation and they bear the name “Government Technical College (GTC)”. But the problem remains that most of them were out of the reach of many Nigerians because they were few. One would have expected that private investors would establish more of this type of school to make up for the need. But, alas, we are getting disappointed.

In today’s world, where people are encouraged to build and create things, it is surprising that Nigerian private educational investors do not consider establishing technical secondary schools. Many parents, including me, want to send their children, especially those that show more interest in crafting than in writing, to technical schools but they have no access to them. By the time they get tired of searching, they push their children into “ordinary” secondary schools that flood the whole country. By the end of the day, the child that is supposed to build will waste his talent on other things.

But then, what could be the reasons our private investors shy away from establishing technical colleges? Could it be the cost of setting up and managing them? Could it be they are afraid they will not find customers? Are they worried they may not find the right teachers to handle the students? Or maybe they are afraid parents cannot afford the school fees (since it will involve a lot of practicality). Whatever the reasons are, there is a need for more technical secondary schools to be established.

It is high time we Nigerians started allowing our young ones to think outside the box. It is time children learned to be creative and develop things that can solve problems in the country. There is a need to allow these children to work in real workshops and laboratories that are not found within the enclosures of their classrooms and textbooks. Our current secondary schools do not prepare children to solve problems but to pass WAEC, NECO, and JAMB, and then gain admission into the university to learn how to search for “office jobs”. We cannot continue like this. Please, if you are planning to open a school in Nigeria, consider a technical school. We already have enough conventional secondary schools.

Tekedia Live on Digital Currencies: E-Yuan, E-Dollars, E-Naira

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Join the man who is nicknamed the blockchain oracle as he breaks down the promises and opportunities of government-backed cryptocurrencies like e-Naira and e-dollar. What are the opportunities? How can we capture value? What do we need to do? Only at Tekedia Mini-MBA’s Tekedia Live; zoom link in the Board.

Thur, July 15 | 7pm-8pm WAT | Digital Currencies: E-Yuan, E-Dollars, E-Naira – Franklin Peters, CEO Bitfxt (Dubai, UAE)

Tomorrow is early bird deadline for the next edition of Tekedia Institute Mini-MBA . Register here.

 

Join Ndubuisi Ekekwe At Tekedia Live – “Planning a Career in a New Country”

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On Saturday, July 17,  at Tekedia Live, the live version of Tekedia Mini-MBA,  I will speak on “Planning a Career in a New Country”. My presentation will be divided into three phases: before you leave, the early years in a new country, and maturity. I will share some things which worked for me and some lessons learned!

For example, before I left Nigeria, I moved all my academic transcripts to World Education Services with the mindset that if they are there, I will  never have to deal with any Nigerian university for a transcript. So, WES has all, and if I need a copy, I pay it and within days, they deliver.

Why did I do that? Many in then FUTO Alumni Yahoo group were complaining of delays on transcripts. I felt I could deal with that issue once and all while in Nigeria; I am glad I did!

And more tips: focus on earning more per hour and not pushing to work 24 hours in a day! If you double your hourly rate, you’ve halved the time you need to clock in. So, what is the plan to be at 1.5x minimum wage within 2 years, depending on where you are starting?

America, for example, is easy to figure out. I began at $7.25 per hour (Tuskegee University farm automation work study student) but in grad school in Johns Hopkins University, I moved to $23 per hour! The key is this: you need a plan to unlock opportunities.

Register for the next edition of  Tekedia Mini-MBA.

Join Tekedia Capital Syndicate

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Tekedia Capital offers a specialty investment vehicle (or investment syndicate) which makes it possible for citizens, groups and organizations to co-invest in innovative startups and young companies in Africa and around the world. Capital from these investing entities are pooled together and then invested in a specific company or companies.

We invest in mainly technology-anchored companies and are sector-agnostic which means those companies could be operating in any industry, including finance, real estate, education, health, logistics, etc. The opportunity is open for individuals in Africa, Africans in diasporas, global citizens in any place in the world, investment groups and organizations around the world.

To learn more about Tekedia Capital Syndicate, go here


In the last three months, we have deployed $3.5 million in African startups and Africa-operating startups. This is a new age of value creation, a cambrian moment on entrepreneurial capitalism. We want you to party with us. Share this message and come with your friends, associates, colleagues, families, investment club members, etc.

 

Founders & Investors, You’re Invited To Tekedia Capital OPEN Session – We Invested $3.5M in Q2 2021