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Nigerian-based Kobo360 raises US$1.2 million seed round

Nigerian-based logistics startup Kobo360 has raised $1.2 million in pre-seed funding round soon after being accepted into the YCombinator class of 2018

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Nigerian-based logistics startup Kobo360 has raised $1.2 million in pre-seed funding round soon after being accepted into the YCombinator class of 2018.

The round was led by Western Technology Investment and Nigeria’s Verod Capital Management.

Kobo360 has developed an Uber-like app that connects Nigerian truckers to companies with freight needs. The startup intends to use the funds to pay drivers online immediately after completing a successful haul.

Within just 4 months since their launch, Kobo360 reportedly processed orders worth an estimated $2.8 million. The company reportedly coordinates 5,000 trips a month, has served 324 businesses and moved north of 37 million kilograms of cargo since 2017. It currently has 5,480 active drivers using the platform.

Kobo360 is looking to launch its app in Hausa and Pidgin by August this year. It also plans to add 20,000 trucks on its platform and expand to Togo, Cote d’Ivoire, Ghana, and Senegal.

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Botswana reforms policy on fresh-produce importation

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Botswana is keen on extending and expanding restrictions on imports of some fresh produce, in its quest for food self-sufficiency.

According to the agriculture ministry, the import ban on produce, which had infuriated farmers in neighbouring South Africa, and was set to expire at the end of December, would now remain in effect until the end of 2025.

The ministry further stated that by July of next year, the number of prohibited items would likewise double to 32.  As a grace period until July, Botswana’s “farmers will have some time to plant so that local produce can be ready,” the statement stated.

The agricultural sector in the drought-prone nation is comparatively small, making up only 5% of total economic output. Local farmers are being squeezed out by cheaper imports from South Africa. Approximately 80% of the nation’s food was imported from South Africa prior to the initial two-year ban that took effect in January 2022.

Mokgweetsi Masisi, the President of Botswana, stated in a State of the Nation speech last month that the country’s fresh-produce import bill had decreased by 71% as a result of the import ban.

Farmers in South Africa have claimed that the ban breaches the Southern Africa Customs Union agreement, despite Botswana’s claims that it is safeguarding emerging industries.

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Court suspends Kenyan govt’s public assets privatization drive

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The Kenyan government’s plan to begin fresh privatisation under a modified law was suspended by the court in a hearing challenging the move by an opposition party on Monday.

Within days of the announcement, the opposition Orange Democratic Movement party filed a lawsuit to challenge the ruling.

Judge Chacha Mwita of the High Court declared that any sale that was scheduled to take place under the amended Privatisation Act 2023 would be halted by the court until February 6.

Kenya last conducted an initial public offering (IPO) to sell a portion of its state-owned business when it purchased 25% of Safaricom, a telecom company. The cabinet approved a list of 26 companies in 2009, which included banks, the Kenya Pipeline Company, and the Kenya Electricity Generating Company. However, as of right now, nothing has been done about this list.

Last month, the Ministry of Finance announced that it would begin the process of offering to sell its ownership stake in eleven companies, including agribusiness companies, textbook publishers, and oil pipelines. The 11 companies are part of the 35 that the government plans to sell, partly to generate cash, given the mounting debt repayments.

Kenya is currently grappling with severe liquidity issues brought on by doubts about its capacity to obtain capital from financial markets before the $2 billion Eurobond matures in June of next year. The suspension is a setback on President William Ruto’s policy drive for New Public Management, which emphasises the concept of “minimum government.”

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