Nigeria’s Bank of Industry has developed a Graduate Entrepreneurship Fund in partnership with the country’s National Youth Service Corps. The program provides NYSC members with loans they can use to further establish their businesses, and it seems like a nice program. Nigeria requires recent college graduates to participate in the NYSC, completing a year of national service in another part of the country. The program came about after the Biafra War in order to foster national pride and encourage understanding between the various parts of the country. This year, the BoI has distributed about $834,000 to 177 Corps members, an average of $4700 per member. Over the two years of the Fund, the BoI has distributed about $1.8M. I look forward to seeing how the program grows.
Last week, I posted about Cars45 raising $5M for it’s online used car platform. Here’s an interview CNBC Africa did with Etop Ikpe, CEO of the company, this morning.
China’s commerce ministry says that the country’s trade with African countries totaled nearly $39B in Q1 2017, driven by a steep increase in agricultural imports. For comparison, the US did about $37B in trade with African countries over the whole of 2015. There’s been much discussion about US-China competition across the African continent. In terms of sheer volume, China continues to win out, while US stakeholders hang their hats on the quality of US-Africa partnerships. The difference in scale of trade levels is just incredible though. I look forward to seeing how China’s trade data takes shape over the course of the year and what stories come out about this sharp increase in demand for agricultural imports.