Breakdown Of Nigeria 2017 Federal Budget Signed Into Law (Charts)

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June 12, 2017

These are the numbers in the 2017 Federal Budget signed by Acting President Yemi Osinbajo. Prof. Osinbajo had on May 19 received the N7.441 trillion budget passed by the National Assembly. He signed it into Law today.

Mr. Osinbajo signed the budget at about 4:40 p.m. on Monday inside his conference room in the presence of the Chief of Staff to President Muhammadu Buhari, Abba Kyari; Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Ministers and other top government officials.

The National Assembly passed the 2017 Appropriations Bill on May 10 after raising from the N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

Except the final expenditure numbers, the charts have the proposed numbers as the National Assembly raised the number from N7.28 trillion to M7.44 trillion. The impact is very marginal at N160B difference. So these charts are correct and can be quoted and used.

Meanwhile, the Federal Government has returned the country to a January–December budget calendar, starting from the 2018 budget. The Executive is to submit the draft 2018 budget to the National Assembly by October 2017, while the Assembly pass the budget into law before the end of 2017.

Key Summary of the 2017 Nigeria Federal Budget

Total expenditure – N7.44 trillion.
Total expected revenue- N5.08 trillion.
Projected deficit is N2.36 trillion, to be financed mainly through borrowing.
N2 trillion for capital expenditure
N500 billion for investments in roads, power and housing projects
N46 billion for Special Economic Zone (SEZ) for the 6 geopolitical zones.

Budgit did the numbers and calculations when the budget was proposed, in 2016. We updated the budget numbers (second figure) to reflect the minor update on the total budget

Orange Digital Ventures Unveils €50M Early Startup Fund for Africa

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Tekedia Editors

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June 12, 2017

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Orange is strengthening its corporate venture strategy by creating a new Africa section in its flagship programme for investment in start-ups, Orange Digital Ventures. As part of this initiative, the Group is committing 50 million euros corresponding to half of the direct investments made via its new Orange Digital Ventures Africa programme; the other half is devoted to indirect investments through specialised funding for Africa.

Orange Digital Ventures identifies and supports early-stage start-ups during their initial development by taking minority interests in the share capital. Its goal is to fund start-ups working the fields which will transform the digital ecosystem and to target large markets/sectors through innovation, disruptive technologies and new business models.

Orange Digital Ventures Africa is the Group’s investment vehicle for early-stage innovation projects in Africa in areas such as new connectivities, FinTech, the Internet of Things, energy and e-health. The objective is to target start-ups offering responses to Africa’s fundamental challenges while leveraging the operator’s assets on the continent. This support will concern all innovative start-ups, whether they are based geographically in Africa or they address African issues from another continent.

A dedicated team based in Dakar will be set up next September for the programme in order to respond to the start-ups’ need for responsiveness and simplicity. This new initiative underlines Orange’s commitment in Africa, a growth territory where currently nearly one of every ten inhabitants is an Orange customer, and its determination to always be a cutting-edge player in digital ecosystems.

It supports Orange’s existing open innovation initiatives in Africa, such as the Orange Fabs in Côte d’Ivoire, Cameroon, Senegal and BIG in Jordan to facilitate partnerships with the start-ups; the network of partner incubators such as CTIC in Dakar; the availability of Orange APIs on the continent; and the Orange Social Venture Prize recognising social entrepreneurs in Africa.

The start-ups may contact the Orange Digital Ventures Africa team via the website http://DigitalVentures.orange.com.

Disrupted by Jumia and Konga- My Experience And Why Ecommerce Is Powerful

By

Ndubuisi Ekekwe

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June 12, 2017

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In this videocast, I share an experience how one of my companies that sells electronics kits was disrupted by Nigeria’s e-commerce giants, Konga and Jumia. Fasmicro is an authorized partner to Altera and Microchip in Africa. We used to sell dozens of Pickits per year. But in 2016, we sold none, when Konga got into that business. We became invisible to students and we lost the market share. Though we matched price, it was irrelevant because no one knew we existed. This shows the power of e-commerce. Just like Amazon.com, which took out many retail giants in America, African e-commerce companies, on maturity, will have major impacts on retail markets. The lesson is that depending on your business, you must watch, as winning digitally requires more than having a website. Opening a shop in Konga and Jumia is what we plan to do now. We need to clear the old inventory for good.

Nigerian Stock Exchange (NSE) To Purge 56 Inactive Firms

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Tekedia Editors

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June 11, 2017

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The recession is hitting all across the markets. The Nigerian Stock Exchange (NSE) has marked out about 56 dealing-member firms as inactive, kick-starting the revocation of their licences and expulsion from the stock market.

The firms marked out as inactive included Adamawa Securities Limited, Aims Asset Management Limited, Arian Capital Management Limited, Bestlink Investment Limited, Bytofel Securities and Investment Limited, Cadington Securities Limited, CEB Securities Limited, Clearview Investments Company Limited, Covenant Securities and Asset Management Limited, Cradle Trust Finance and Securities Limited, ECL Asset Management Limited, Excel Securities Limited, Finbank Securities and Assets Management Limited, Gem Assets Management Limited, GMT Securities and Asset Mangement Limited, Gombe Securities Limited, Horizon Stockbrokers Limited, International Standard Securities Limited, Investment Shark and Asset Mgt Ltd, ITIS Securities Limited, Kakawa Asset Management Limited, LB Securities Limited, Lion Stockbrokers Limited, LMB Stockbrokers Limited, Mact Securities Limited, Mainland Trust Limited, Marimpex Finance and Investment Company Limited, Maven Asset Management Limited, Mercov Securities Limited, Midpoint Capital Limited, ML Securities Limited, Monument Sec and Finance Limited, Mutual Alliance Investment and Securities Limited and Northbridge Investment and Trust Limited.

Others were Options Securities Limited, Partnership Securities Limited, Perfecta Investment and Trust Limited, PML Securities Company Limited, Professional Stockbrokers Limited, Profund Securities Limited, Redasel Investments Limited, Resano Securities Limited, Resort Securities and Trust Limited, Shalom Investment and Financial Services Limited, Stanwal Securities Limited, Summa Guaranty and Trust Company Limited, Supra Commercial Trust Company Limited, Surport Services Limited, Tower Asset Management Limited, Transafrica Financial Services Limited, and UIDC Securities Limited.

What We Can Learn From Seun Osewa – Nigeria’s Most Successful Digital Entrepreneur [Video]

By

Ndubuisi Ekekwe

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June 11, 2017

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In today’s videocast, I discuss Seun Osewa, the visionary young founder of Nairaland. Nairaland is Nigeria’s most popular indigenous digital property. His method is unique and by studying him, we can learn how we can build successful digital companies in Africa. Everything we know about scale, product innovation, and team has been challenged by Osewa’s Way. Because of his success*, I do think we need to pay attention. For example, he believes that Nigeria is his market, he does not care about Africa. Also, he does not see the need for outside investment because he does not understand what extra money will do for his business. Furthermore, he avoids publicity even when running a truly successful digital platform. The list goes on….This is Seun.

*success here means “profitability”. Nairaland is profitable and perhaps more than any Nigerian site out there though its revenue is certainly not the highest.

Breakdown Of Nigeria 2017 Federal Budget Signed Into Law (Charts)

The National Assembly passed the 2017 Appropriations Bill on May 10 after raising from the N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

Key Summary of the 2017 Nigeria Federal Budget

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Orange Digital Ventures Unveils €50M Early Startup Fund for Africa

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Disrupted by Jumia and Konga- My Experience And Why Ecommerce Is Powerful

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Nigerian Stock Exchange (NSE) To Purge 56 Inactive Firms

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What We Can Learn From Seun Osewa – Nigeria’s Most Successful Digital Entrepreneur [Video]

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Breakdown Of Nigeria 2017 Federal Budget Signed Into Law (Charts)

The National Assembly passed the 2017 Appropriations Bill on May 10 after raising from the N7.28 trillion earlier proposed by President Muhammadu Buhari in December last year, to N7.44 trillion.

Key Summary of the 2017 Nigeria Federal Budget

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Like this:

Orange Digital Ventures Unveils €50M Early Startup Fund for Africa

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Like this:

Disrupted by Jumia and Konga- My Experience And Why Ecommerce Is Powerful

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Nigerian Stock Exchange (NSE) To Purge 56 Inactive Firms

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Like this:

What We Can Learn From Seun Osewa – Nigeria’s Most Successful Digital Entrepreneur [Video]

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