Tecno, the leading smartphone brand in Africa, controlled by Transsion Holdings will face a real test as Xiaomi arrives Africa. Xiaomi has done well in China and India but needs further growth. That growth cannot come from North America and key parts of Europe since the brand is largely banned in those regions over IP related issues. So, when all the permutations are done, the core critical market to explore is Africa. Hence, the maker of Mi phone brands is arriving.

Xiaomi says it’s launching a department in Africa, which will be headed by its current vice president. While the company has been selling phones in the continent since 2015 through local partnerships, the new department marks its official venture into the area.

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Xiaomi is famous for making cheap handsets even though, recently, it’s been trying to move to the higher-end segment and sell more expensive, fancier phones. That doesn’t mean it’s given up on cheap phones. The company spun off a separate brand named Redmi, which focuses on making lower-priced phones. The first Redmi phone launched in early January features a 48MP rear camera and a midrange Snapdragon 660 chipset for just US$145.

There is still a huge opportunity ahead as Africa remains a growth market and despite the strong competitive position Transsion occupies with its brands, anything can happen in the smartphone sector. We used to have Nokia controlling more than 90% of the feature phone market. Then, Blackberry ruled and dominated a nascent smartphone market. Samsung later took over, but then lost its top position to Tecno. Simply, Xiaomi should take its chances.

As these phone brands make Africa home, the immersive connectivity convergence will happen, as predicted, in 2022. Across board, Africa will win when there is competition. Yet, I am hoping that we can have local players in the continent as part of this rivalry.

In one startup, after an investment, 17 young people became dollar (paper) millionaires in Lagos. In another one, 11 people joined the club. Yet, there is really nothing to celebrate as while Nigeria is minting rich people, we are also creating abjectly poorest citizens of the world. So, I take caution to report what we all know: startup entrepreneurs are joining the club at one of the fastest rates in the world. CNBC and Wealth-X just confirmed this trajectory. Yes, those young men you see with laptops in Lagos are now richer than some local government areas!

In the first edition of the High Net Worth Handbook which provides unique HNW analysis, uncovering the state of the world’s millionaire population, which rose by 1.9% to 22.4m people in 2018 and is forecast to increase by another 6.2% over the next five years, we got the message: Nigeria is going to be the fastest-growing high net worth country, jumping ahead of China, over the next five years.

The study, taken from Wealth-X’s inaugural “High Net Worth Handbook 2019,” drew on research from more than 540,000 high net worth individuals — those with a net worth of $1 million to $30 million — to forecast its outlook for global wealth growth over the next five years. It took into account current wealth levels, population growth estimates and anticipated future investment opportunities.

The report found the West African nation of Nigeria to be the front runner, set to see its high net worth population balloon by a compound annual rate of 16.3 percent between now and 2023. It was followed by Egypt at 12.5 percent and Bangladesh at 11.4 percent.

Here’s the full list of the 10 fastest-growing high net worth countries:

Capital is flowing into Aba (Abia State) at rapid rate. I predict that Aba will become a top-tier city within the next ten years in Nigeria. The Nigerian government has unlocked Aba by making Enyimba Economic City a free trade zone. This is the biggest deal in the land: the people of Nigeria will build Aba because private capital will flow into Aba.

Aba will become one of the most important cities in West Africa within the next 15 years. Yes, when you think of Shenzhen China, think of Aba because we the citizens of Abia state got from the federal government one thing we wanted: a free trade zone. That status will galvanize trade and commerce in the heart of Nigerian makers. I made a case for this project design and it was a moment when Mr. President approved it. The governor believes that the output from Aba would seed massive expansion in the GDP of Nigeria.

My proposal to grow the electronics sector in Nigeria is to make Aba a special economic zone (SEZ) where all products produced therein would not be taxable, unlocking local and global capital to rival China’s Shenzhen within decades. I see makers but they are subsistence; to become entrepreneurs, a redesign in the hardware sector would be catalytic. In my model, a SEZ would make that happen.

A special economic zone (SEZ) is an area in which business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include: increased trade, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically regard investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing in a zone they are granted a period of lower taxation.

Aba is a latent opportunity in Nigeria, … As Aba blossoms, private capital would build seaport in either Calabar or Akwa Ibom state. I am extremely confident that within a decade of making Aba a SEZ, Nigeria would double its GDP as it would serve Africa through the evolving continental treaty.

Here are the contacts for EEC:

Enyimba Economic City (EEC ) is in the heart of South East. The Industrial City is ideally positioned to offer holistic infrastructure. It will serve as the gateway to both regional and international trade.

You can find the project vision and components here.

Address:  1 Geometric Power Road, Osisioma, Abia State
+234 803 423 0455

Email:  info@eecdgroup.com

Website: www.eecdgroup.com