Connect with us

VenturesNow

Nigeria’s Zone Tech Park is armed with $6.5 Million to turn ideas into ventures

Published

on

Zone Tech Park, a new venture builder for start-ups in Nigeria, has officially opened for business and is already turning great ideas into products and services.

According to Bolaji Olagunju, its founder, “African startups are faced with significant challenges that hinder their growth. Zone Tech will change the status quote and help individuals and their businesses to realise their full potential through education, venture building and strategic enterprise support.”

To date, US$6.5 million has been invested in Zone Tech Park to build the infrastructure and environment needed to help African startups scale and compete globally.

Zone Tech Park is open for start-ups at all stages in their life cycle, from those that are a great idea on paper to those with customers already on-board. Its co-working space is FREE for start-ups, which are not charged for access to the tech hub’s multitude of services and advisers.

Read Also: Rensource Energy raises €500,000 to solve Nigeria’s electricity problem

Zone Tech Park also promises to plug its start-ups into a network of more than 400 corporations, giving them direct access to market, helping them to avoid bottlenecks, strike deals faster, and scale quicker. Zone Tech Park will support its start-ups in preparing for funding rounds by giving access to a network of potential investors, accelerator programs, and ecosystem architects.

The hub is also promising an experienced in-house engineering team of 20+ software developers and designers, and entire finance, legal, marketing, sales and fundraising teams.

Prior to its official launch, Zone Tech ran a small pilot program and has built Peerless, a learning management system that already has 10,000+ users and revenues of 100,000 USD and Outwork, a staff on-demand solution with 7,000+ users.

VenturesNow

IMF Chief, Ceyla Pazarbasioglu, to visit China over Africa’s growing debt profile

Published

on

As the debt profile of many African countries continues to rise, the International Monetary Fund strategy chief, Ceyla Pazarbasioglu will travel to China next week for another high-level meeting.

Her travel is part of efforts to press the world’s largest sovereign creditor for quicker progress on debt restructurings for countries in need.

The IMF chief had called for debt restructuring arrangements for Zambia and Chad to be completed shortly.

Pazarbasioglu said it was critical to move forward and that “outreach to China next week is very important, at the highest levels.”

“It’s moving – very slowly, but it’s moving,” Pazarbasioglu said, noting that the participation of mining company Glencore Plc in the Chad treatment was also “a very good sign” that “even the most difficult private sector participants” were participating.

She said the Paris Club of official bilateral creditors had taken years to hammer out their debt relief processes, and China was learning, although she noted that the debt issues facing borrowing countries now were acute.

“The problem we have is that we don’t have that time right now because these countries are very fragile and dealing with debt vulnerabilities,” she said. “What we need is speed.”

Pazarbasioglu said the IMF would continue to press for changes to the Common Framework, including a freeze in debt payments when countries apply for a debt treatment, as well as clearer procedures and timelines for action, and ensuring comparable treatment for private creditors.

Continue Reading

VenturesNow

Botswana central bank predicts fall of inflation rates, maintains monetary policy

Published

on

Botswana’s central bank has predicted that the country’s inflation rate will gradually fall back within its target range by 2024.

The bank is predicting that inflation will fall back within the 3%-6% range in the third quarter of 2024. The prediction has made it keep its monetary policy rate unchanged at 2.65% on Thursday.

The bank’s governor, Moses Pelaelo while speaking at a news conference said “the domestic economy will continue to perform below capacity in the medium term and therefore not pose any inflationary pressures.”

The inflation rate in the Southern African country dipped to 13.1% year on year in October from 13.8% in September but is still far above the central bank’s 3%-6% preferred band.

“The drop in inflation in the past months is due to the dissipating effects of previous increases in administered prices,” Pelaelo said.

According to the World Bank, Botswana’s reliance on diamonds and a public sector-driven model makes the economy vulnerable to external shocks, as diamonds contribute over 80% of total exports and are a major source of fiscal revenues.

Continue Reading

EDITOR’S PICK

Metro17 hours ago

South African serial rapist gets four life imprisonment terms

A South African serial rapist and killer, Philani Justice Nkosi, has been sentenced to four life imprisonment terms by a...

Culture18 hours ago

Egypt discovers Greco-Roman funeral building dating back centuries

The Egyptian Ministry of Tourism and Antiquities has announced the discovery of a massive Greco-Roman massive funeral building in Fayoum...

Metro18 hours ago

Tanzanian court sentences 11 people to death for killing South African conservationist

A Tanzanian High Court has sentenced 11 people to death after they were found guilty of killing a South African...

Metro18 hours ago

South African serial rapist gets four life imprisonment terms

A South African serial rapist and killer, Philani Justice Nkosi, has been sentenced to four life imprisonment terms by a...

Tech19 hours ago

Ex-Jumia executives set to launch new e-commerce platform, Kapu

A couple of former executives of e-commerce giant, Jumia, have teamed up to float a new company to be known...

Sports21 hours ago

Ghana coach, Otto Addo, resigns after World Cup ouster

Black Stars of Ghana coach, Otto Addo, has resigned following the team’s World Cup group stage elimination after suffering a...

Sports1 day ago

Qatar 2022: Gallant Cameroon crash out of World Cup despite beating Brazil 1-0

The Indomitable Lions of Cameroon created another football upset when they became the first African team to defeat Brazil at...

Musings From Abroad2 days ago

Swiss firm, ABB, gets $4.3 million fine over bribery case in South Africa

Judicial authority in Switzerland has fined engineering and technology group ABB, the sum of 4 million Swiss francs ($4.3 million)...

Sports2 days ago

Qatar 2022: Ghana crash out of World Cup after losing 0-2 to Uruguay

The much awaited grudge match between Ghana and Uruguay at the FIFA World Cup in Qatar, which would have seen...

Politics2 days ago

South Africa: President Ramaphosa’s party, ANC meets as impeachment heat intensifies over ‘Farmgate’

As the heat keeps piling on the South African president Cyril Ramaphosa, leaders of his party, the African National Congress...

Trending