The long-standing relationship between the two countries dates back to India establishing its Diplomatic House in Lagos in November 1958, two years before the country gained independence.



Narendra Modi recently visited Nigeria, marking the first trip by an Indian Prime Minister in 17 years since Manmohan Singh’s visit in October 2007.



Modi’s visit follows his meeting with Nigeria’s President Bola Tinubu on the sidelines of the G20 Summit held in New Delhi, India, in September 2023.



An Indian expatriate community of approximately 50,000 people – the largest in West Africa – serves as a living bridge between the two countries.



Highlighting this bond, Modi expressed gratitude during his meeting with Tinubu in Nigeria’s capital Abuja, stating: “I am happy that under India’s leadership, Nigeria joined the G20 as a partner country and was given BRICS partner status. Our partnership is strong and full of new possibilities.”



India is one of Nigeria’s largest trading partners, while Nigeria remains India’s largest trading partner in Africa. However, bilateral trade declined from $14.95 billion in 2021-22 to $7.89 billion in 2023-24, mainly due to reduced oil imports by India.



Foreign Direct Investment (FDI) inflows from Nigeria to India from April 2000 to June 2019 were valued at around $14.50 million.



Indian-owned and operated companies are critical players in Nigeria’s economy, with over 135 companies employing thousands of Nigerians in industries such as pharmaceuticals, engineering, and chemicals. These businesses represent the second-largest pool of private-sector employers in the country after the federal government.



Tinubu acknowledged this contribution, saying: “Indian citizens in Nigeria and investors are doing great service to your reputation and to democratic values in our region. We value our relationship and seek to deepen it for mutual benefit.”



Modi’s visit also highlighted India’s solidarity with Nigeria. He expressed condolences for the lives lost in last month’s floods and announced 20 tonnes of humanitarian aid for relief efforts.



Tinubu conferred upon him Nigeria’s national honor, the Grand Commander of the Order of Niger (GCON). “Your transformative leadership has placed India on the top ladder of governance, and we respect your example of democratic values. This honor signifies Nigeria’s appreciation and commitment to India as a partner,” Tinubu said at the meeting.

Bola Tinubu – Narendra Modi meeting in Nigeria

66-Year India-Nigeria Ties Strengthen As Modi Makes First Visit To The West African Economy

At the ninth edition of ART X Lagos, FORBES AFRICA witnessed a convergence of artists, collectors, and creatives, each contributing to the dynamic rise of Africa&#8217;s art scene.



César Schofield Cardoso, an artist from the quiet shores of Cape Verde, found himself in the middle of Nigeria’s pulsating art scene — a world away from his island of 562,000 people where the art scene is almost nonexistent.



“People actually buy art here?” he blurts out, half to himself, half to FORBES AFRICA, amidst the eclectic bustle of ART X Lagos, West Africa’s international art fair. He&#8217;s here with five other artists from the continent and the Caribbean, their creations displayed in a 45-square-meter booth with walls clad in gold — a hint of the opulence that now weaves through the Nigerian art world. Around him, top officials, social figures, and curious collectors fill the hall, their interest in art anything but fleeting.



Patty Chidiac-Mastrogiannis, founder of Alexis Galleries, which is just a short drive from the fairgrounds, nods knowingly as she says, “Art is growing very quickly in Nigeria.” Within three days of the four-day fair, her gallery has moved $50,000 worth of work, despite inflation gripping the nation. Her clientele — seasoned art lovers who appreciate pieces ranging from $9,000 to $65,000 — reflects a new trend in African art collecting that speaks to both exclusivity and passion.


<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" width="819" height="1024" src="https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos-819x1024.jpg" alt="" class="wp-image-63633" style="width:405px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos-819x1024.jpg 819w, https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos-240x300.jpg 240w, https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos-768x960.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos-1229x1536.jpg 1229w, https://cms.forbesafrica.com/wp-content/uploads/2024/11/A-work-by-Nigerian-folk-artist-Abe-Odedina-Image-courtesy-Art-X-Lagos.jpg 1440w" sizes="auto, (max-width: 819px) 100vw, 819px" /><figcaption class="wp-element-caption">A work by Nigerian folk artist Abe Odedina (Image courtesy Art X Lagos)</figcaption></figure></div>


Nearby, the works of Ethiopian artist Fiker Solomon sell out almost immediately, with pieces ranging from $5,000 to $8,000. Ugandan gallery owner Daudi Karungi, who brought pieces from Solomon as well as other African artists, finds himself busy with inquiries. “There’s a strong interest in African art,” he says. His gallery, a long-time exhibitor at ART X Lagos, represents Solomon, Kaleab Abate from Ethiopia and Odur Ronald from Uganda.



Nigeria’s art market has endured despite the fluctuating naira, asserting the country as a regional leader in African art. Cardoso couldn’t help but wonder if his own Cape Verde might one day match Nigeria&#8217;s vibrancy. In his current work, Alga C, a cyanotype that explores Cape Verde’s post-colonial transformations, he considers the displacement of traditional fishing communities to make way for the demands of tourism. Here, his piece invited art lovers from all walks of life to consider the stories of the less seen, the overlooked.



At another corner of the fair, O’DA Art Gallery, located a short drive from the venue, was showcasing the pieces of Nigerian folk artist Abe Odedina, priced at around N3 million ($1,825). “Collectors here used to be mostly older, but now we&#8217;re seeing younger people with a taste for contemporary art,” shares gallery founder Obida Obioha.



“There’s a new pride in ourselves,” he says. “People want to dress in their own labels, listen to their own music, and buy their own art.”



For Chidiac-Mastrogiannis, art may target specific buyers, but for Karungi, art is for everyone. “It’s about accessibility. I’ve seen the value of African art grow from three figures to six figures over the last five years. This value expansion is vital for keeping the art scene vibrant and growing,” shares Karungi.



Founder Tokini Peterside-Schwebig dreamed ART X Lagos would inspire and elevate Africa’s art world. Watching collectors and artists exchange stories, she felt that her vision was being realized. As she prepared to welcome David Lammy visiting Africa for the first time as United Kingdom’s Foreign Secretary, she reflected on the fair’s significance. “We’re building something more than monetary value here; we’re creating projects that take these artists’ voices to the world stage. These are ideas that will flourish, even decades from now.”



Cardoso felt it — the cultural electricity, the unspoken pride — a first experience in Lagos he wouldn’t soon forget.

Aspirations (Image courtesy Art X Lagos)

Nigeria’s Art Market Shines Even As Naira Wavers, Setting New Standards For Collectors

With The Spurt In Healthtech, AI-powered apps Are Now All The Rage Offering Groundbreaking Interventions In Africa’s Battle against Rising Obesity Rates.



It’s an issue that affects a bulk of the continent’s population.



In Africa, where rising rates of obesity present a growing public health crisis, researchers and innovators are now turning to artificial intelligence (AI)-powered tools to combat the epi- demic. According to the World Health Organization (WHO), in 2022, 2.5 billion adults worldwide were classified as overweight, with over 890 million living with obesity. The problem is becoming especially urgent in low- and middle-income countries. In Africa alone, the number of overweight children under five has increased by nearly 23% since 2000, signaling a dramatic shift in public health needs across the continent.



One of the figures joining the battle against obesity through AI Richmond Essieku, a Ghanaian doctoral student at Texas Tech University. Essieku has reportedly identified 13 genes as potential biomarkers for obesity, with four of them already confirmed. His research is now being translated into a practical solution: an AI- powered mobile app, tentatively titled Generating Artificial Intel- ligence (AI) Based Algorithms to Model and Predict Genotype-by- Socioeconomic Status Interaction for Precision Obesity Detection. This app is designed to model the interaction between genetics and socioeconomic factors in order to provide a more accurate picture of obesity risk in individuals, particularly in Africa, where such nuances are often overlooked.



AI-powered tools like Essieku’s app are not the first examples of how AI can help address the complex factors contributing to obesity. Globally, AI has been used in various ways to combat obesity — from monitoring dietary habits to creating personalized fitness plans. In the United States (U.S.), platforms like Lark Health use AI to offer real-time health coaching, helping users monitor their eating habits and physical activity.



Similarly, Noom, a popular weight-loss app, uses AI to provide personalized advice and insights into user-behavior, which can lead to long-term lifestyle changes.



With the number of smartphone subscriptions in sub-Saharan Africa expected to reach 689 million by 2028, according to Statista, mobile technology offers a promising platform for AI-powered health interventions. AI-driven mobile apps can help individuals monitor their weight, track their food intake, and maintain healthy levels of physical activity. These apps can be tailored to include traditional African foods in dietary rec- ommendations, making them culturally relevant and easier for users to adopt.



The global applications point to the potential for similar systems tailored specifically to African contexts. Abideen Ola- supo, founder of MyAIFactchecker, an AI fact-checking platform based in Nigeria, highlights the importance of culturally-local- ized solutions. “We want to build people’s confidence in explor- ing how they can interact with AI to find safe and effective ways to combat obesity,” Olasupo tells FORBES AFRICA. “For a long time, many have turned to harmful concoctions that negatively impact their health. Africa’s unique challenges cannot be under- stood from the outside, which is why we’ve been researching the solutions people seek online. Obesity, in particular, is a sensitive issue that many feel ashamed to confront.”



MyAIFactChecker is one of several platforms working to ensure that AI solutions are tailored to Africa-specific chal- lenges. Olasupo explains that the platform sifts through different themes, including health and nutrition, to ensure that data is lo- calized and actionable. He notes that combating obesity in Africa requires integrating AI into the daily lives of Africans in ways that are culturally relevant and accessible.



AI’s ability to personalize interventions is especially critical when considering the unique challenges Africa faces in address- ing obesity. Many Africans live in ‘food deserts’ — areas where healthy food is difficult to find or too expensive to buy. Physical activity can also be limited by unsafe environments or long work- ing hours, making traditional approaches to weight-loss difficult to implement.



Africa’s healthcare infrastructure faces significant challeng- es, including a shortage of healthcare professionals and limited access to health facilities. AI is helping to alleviate these issues by offering remote monitoring and telehealth services for obesity management. In countries like Nigeria and Ghana, where access to healthcare is often limited, AI-powered remote health services could provide essential support to individuals looking to manage their weight.



AI-powered health apps are gaining popularity in Africa, also offering personalized recommendations for diet and exercise.



In Nigeria, the startup WellNewMe is using AI to provide us- ers with customized health assessments based on their lifestyle choices. The platform uses machine learning algorithms to ana- lyze users’ eating habits, physical activity, and medical history. It then generates recommendations to improve their health and reduce the risk of obesity-related conditions. For example, users can receive tailored meal plans, exercise routines, and lifestyle tips, all customized to their specific health profiles.



A similar initiative is underway in Ghana, where mPharma, a healthtech company, has developed the mymutti Mobile app. While primarily used to offer affordable medications, the app has recently integrated an AI-powered feature that tracks users’ body mass index (BMI) and offers recommendations for healthier liv- ing. Users receive customized tips on maintaining a balanced diet, increasing physical activity, and managing weight through simple lifestyle changes.



In Rwanda, AI is being used to improve access to healthcare in rural areas where obesity is on the rise. The Babyl Health plat- form, which uses AI to provide remote medical consultations, has been instrumental in helping individuals in rural communities access healthcare services. Through the app, users can consult with doctors about weight-related issues, receive prescriptions, and get referrals to local health facilities for further treatment.



Farming innovations to support the health sector



AI’s role in combating obesity extends beyond healthcare to the agricultural sector, where it is being used to improve the avail- ability of healthy, affordable food. In Nigeria, the startup Zenvus is leveraging AI to help farmers increase crop yields and reduce food waste. By using AI-powered sensors, Zenvus collects data on soil conditions, weather patterns, and crop health. This data helps farmers make informed decisions about when to plant, irri- gate, and harvest their crops, resulting in higher yields and more efficient food production.



Another example is FarmPin, a South African agritech com- pany that uses AI and satellite imagery to monitor crop health and predict food shortages. By analyzing data from farms across the country, FarmPin helps farmers optimize their production and ensure a steady supply of fresh produce to local markets. This, in turn, makes healthy food more accessible and affordable, reducing reliance on processed foods that are often linked to ris- ing obesity rates.



Public health experts are also optimistic about the potential of AI to offer scalable solutions for obesity prevention in Africa. Opeyemi Adam, a public health expert based in Lagos, explains that AI could help overcome some of the challenges of limited healthcare resources in many African countries. “Obesity is often thought of as a personal issue, but it’s deeply systemic,” Adam says. “AI offers a way to analyze large amounts of data and iden- tify trends that would otherwise go unnoticed, which is crucial in places where healthcare resources are stretched thin.”



Adam also points out that many Africans lack access to per- sonalized health advice, something AI could help bridge. “With AI, we could create more personalized health plans that take into account not just the individual’s body weight or fitness level, but also their lifestyle, environment, and even their genetic makeup,” he says.

Scientists Working on Powered Exoskeleton Project in Lab.

Weighing In On The Use Of AI In Helping Combat Obesity

Heavy rains from July to September have led to catastrophic flooding across parts of Africa, with the worst-hit areas in Sudan, Nigeria, Niger, Chad, and Cameroon.



A recent report from World Weather Attribution (WWA), a group of international scientists studying extreme weather, links repeated floods in Africa&#8217;s worst-hit areas to both climate change and poor water management.



This year’s floods have been deadly, with over 2,000 people losing their lives and millions more forced to leave their homes. Many of these areas faced severe flooding just two years ago, meaning some communities were still recovering when this year’s rains hit.



According to the WWA, global temperatures have warmed by 1.3°C since the industrial age began, and this is making extreme weather events, like the Sahel’s heavy rains, much more frequent.



The group’s scientists noted that this increase in temperature meaning intense rainfall, which leads to severe floods, is becoming far more common. In Sudan, for example, scientists now expect this kind of flood to occur every three years.



In addition to climate change, long-standing problems in the region are making the effects of the floods even more disastrous. Many of the worst-hit areas in Sudan, Chad and Nigeria have been affected by poverty, conflict, and outdated infrastructure. According to the WWA, this situation leaves millions of people vulnerable because they often live in areas that lack strong flood defenses or early warning systems, like sirens or mobile alerts.



Scientists warn that if the world’s average temperature rises to 2°C above pre-industrial levels, these severe floods could happen even more often. In the future, it is likely that 30-day periods of extreme rain will become a normal part of life in the Sahel region, which includes countries like Sudan, Nigeria, and Niger.



To protect against future floods, the WWA report emphasizes that &#8220;there is an urgent need to drastically improve water management and reduce vulnerability to seasonal rainfall&#8221;. For example, in Sudan, there are important structures like the Arba’at dam, which helps manage water levels.



&#8220;The transboundary nature of the river systems in sub-saharan Africa requires coordination between neighbouring countries, which has been strained and hinders comprehensive flood management and early warning systems. To reduce flood risks, rehabilitation of damaged infrastructure should prioritise climate-smart design, including incorporating resilient materials and construction techniques and limiting construction in flood-prone areas,&#8221; the report adds.

Floods kill 13 in Nigeria

More Floods? Scientists Warn Of Intensifying Climate Risks In Africa’s Vulnerable Regions

The push for a unified currency, known as Eco, in West Africa, is a project that ECOWAS has pursued for over two decades. In 2021, the bloc revised its roadmap, setting a goal to launch the currency by 2027.



Ivory Coast President Alassane Ouattara has called on the Economic Community of West African States (ECOWAS) to advance the timeline for launching a single regional currency, urging members to make it available by 2026 rather than the previously targeted 2027.



“Ivory Coast has made significant efforts, and from next year, it will be ready to meet the required convergence criteria,” Ouattara said, as per reports, following a meeting with Ghanaian President Nana Akufo-Addo in Abidjan, the commercial capital of Ivory Coast.



According to Nigerian analyst Moses Adeolubodun, while Ouattara’s vision is commendable, the region&#8217;s readiness is still under question. &#8220;The economic landscape across West Africa is highly varied,&#8221; Adeolubodun explains to FORBES AFRICA, citing major disparities in inflation rates, fiscal policies, and levels of industrialization among member states.



Nigeria, the largest economy in the region, grapples with oil dependency, fluctuating inflation, and fiscal challenges that differ from those of smaller economies, like The Gambia and Sierra Leone.



&#8220;These economic differences complicate the goal of a shared currency,&#8221; Adeolubodun notes, suggesting that achieving economic convergence may take longer than desired.



Beninese analyst Evrard Odjrado adds that political stability and regional commitment are critical to the success of any single currency plan. West Africa has seen political turbulence in recent years, with countries like Mali and Niger experiencing upheavals. &#8220;This instability poses a real threat to the reliability of a shared currency,&#8221; Odjrado warns.



While ECOWAS has been committed to the single currency project, commitment at the national level varies. Given Nigeria’s economic influence, Odjrado argues that its role is crucial — but some of Nigeria’s own priorities may not align with the sacrifices required for a single currency.

Economic Development Assembly: Advancing Africa’s Future – Day 2

2026 Target For West African Currency Gains Momentum, But Analysts Cite Readiness Concerns

&#8220;It&#8217;s going to be an exciting decade,” Maro Itoje, the captain of Saracens, a professional rugby club based in North London, says on a Friday afternoon Zoom call with FORBES AFRICA.



Itoje, described by Forbes as &#8220;English rugby&#8217;s most dominant defensive player”, shares his vision for the next decade as he approaches his 30th birthday later this month. He was also on the Forbes 30 Under 30 Europe Sports &amp; Games list in 2021.



“I want to always look forward to the future. Hopefully, in my 30s, I&#8217;ll have an increased sense of wisdom and be able to make wise decisions.’’



Itoje’s dual identity as both Nigerian and English has been a focal point of his journey. “There have been some very prestigious names on that list. And now I&#8217;m approaching the last few months of my 20s. I&#8217;m proud and honored. In terms of impact, it&#8217;s a great recognition for some of the work and effort that I’ve put in,” he says from London, against a bold, artistic backdrop that complements his casual yet intentional appearance in a dark Under Armour shirt — a nod to the sportswear brand that has been his sponsor for years.



Amid the global challenges brought on by the Covid-19 pandemic, Itoje did not hesitate to step up. He helped distribute laptops to disadvantaged children while advocating for a fresh perspective on the United Kingdom’s history curriculum in schools.



This commitment to education led to the establishment of his charity foundation, the Pearl Fund: The Maro Itoje African Education Programme, which aims to generate multi-million-pound investments in education across Nigeria and wider Africa. Celebrating its first anniversary, the fund supports 40 children, many of whom are fatherless or orphans, providing them with comprehensive educational assistance from “cradle to college”.



Speaking about his recent visit to Platform College in Lagos, Nigeria’s commercial capital, where the beneficiaries are enrolled, Itoje expresses immense pride in the progress made. &#8220;It&#8217;s been a journey of growth and elevation,&#8221; he states, explaining the changes in the children&#8217;s demeanor and attitudes over the past year. “The target for the Pearl Fund is to grow in a sustainable fashion. We want to have consistent fundraising. We would love to get corporate partners and long-term committed individuals who would like to support and help make a difference in the lives of disadvantaged children in Nigeria.”



Although the Pearl Fund also supports World Vision UK’s education projects in Ghana, Itoje made an unrelated stop in the country, where he got engaged to his partner, model Mimi Fall, after visiting Nigeria.



“…for the last two years, I’ve spent time in both Ghana and Nigeria. The aim is to visit Nigeria at least once every year. My recent trip to Ghana wasn’t for anything specific — it was more about relaxing.&#8221;



Itoje&#8217;s passion for philanthropy is paralleled by his love for rugby. “I still have a lot of rugby left in me,” he says, eager to achieve personal and team goals with <a>Saracens</a> and the England national team. <a>“I&#8217;m a believer that if you think something&#8217;s important, then you find the time to do it.”</a>



He is also committed to further supporting African artists through the Akoje Residency, a non-profit initiative he co-founded with Khalil Akar to foster artistic exchange between countries. <a>‘’I just want to spend a bit more time on the continent. I enjoy being back, so hopefully, I can have a more stable footing there. It&#8217;s all about growth and looking forward to the future.&#8221;</a>



As he embarks on this new chapter, Itoje aims to engage more with the Nigerian community both at home and abroad, building strong connections to facilitate fundraising and support. “For other athletes looking to do something similar, I would encourage them to find a cause that is close to their heart.’’



As for any upcoming projects, he says, “None that are worthy of talking about at this stage.”

DSC_3652

‘If You Think It’s Important, You Find The Time’: British-Nigerian Saracens Captain Maro Itoje On Rugby And Investing In Education And Art In Africa

Dikembe Mutombo, the towering basketball legend renowned for his shot-blocking prowess and commitment to humanitarian work, has died at the age of 58, following a two-year battle with brain cancer, the National Basketball Association (NBA) announced on Monday.



Born in the Democratic Republic of the Congo (DRC), Mutombo was one of the NBA’s most dominant defensive players, using his 7-foot-2 frame to protect the rim with unparalleled skill. A four-time NBA Defensive Player of the Year and eight-time All-Star, he finished his career with 3,289 blocked shots, placing him second all-time in NBA history. His trademark finger wag, a gesture of disapproval after swatting an opponent&#8217;s shot, became iconic during his 18 seasons in the league.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="594" height="394" src="https://cms.forbesafrica.com/wp-content/uploads/2024/10/GettyImages-453798888.jpg" alt="" class="wp-image-63193" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/10/GettyImages-453798888.jpg 594w, https://cms.forbesafrica.com/wp-content/uploads/2024/10/GettyImages-453798888-300x199.jpg 300w" sizes="auto, (max-width: 594px) 100vw, 594px" /><figcaption class="wp-element-caption">Dikembe Mutombo of the Denver Nuggets poses for a photo on March 1, 1996. (Photo by Sporting News via Getty Images via Getty Images)</figcaption></figure></div>


Félix Tshisekedi, the president of the DRC, joined others to &#8220;pay tribute to this worthy son of the country, a philanthropist at heart, who held high the banner of the DRC and worked for the general interest, particularly in the sectors of health and education&#8221;.



Off the court, Mutombo was a global ambassador for the NBA, traveling the world to promote the game and spearheading numerous charitable initiatives. He built hospitals, supported education, and advocated for healthcare in Africa. The Dikembe Mutombo Foundation, established in 1997, has been instrumental in providing medical services to thousands in his home country, including the construction of the Biamba Marie Mutombo Hospital in Kinshasa.



For former U.S. President Barack Obama, Mutombo &#8220;inspired a generation of young people across Africa, and his work as the NBA’s first global ambassador changed the way athletes think about their impact off the court”.



Adam Silver, the NBA commissioner, described himself as &#8220;one of the many people whose lives were touched by Dikembe&#8217;s big heart&#8230;&#8221;

GettyImages-1347937076q

Dikembe Mutombo Dead At 58: From The DRC To The Hall-Of-Famer Who Changed Lives Beyond The Basketball Court

A striking divide exists between urban and rural populations when it comes to healthcare access in Africa. While urban areas in countries like South Africa and Kenya have relatively well-developed healthcare systems, many rural areas across the continent are still underserved. Experts weigh in.



Access to healthcare in Africa with a population of 1.2 billion faces significant obstacles, with the World Health Organization (WHO) estimating that half the African population lack access to essential medicines, particularly in sub-Saharan Africa. The problem is compounded by geographic disparities, where rural areas often lack even basic healthcare infrastructure. Distribution inefficiencies exacerbate these gaps, as many rural regions are not sufficiently served by supply chains, leading to shortages of essential medicines and equipment. In Nigeria and Kenya, for example, supply chains remain strained due to poor infrastructure and limited access to reliable distribution networks.



Affordability also remains a core issue, particularly for low-income populations. While healthcare products may be available in urban centers, the cost often places them out of reach for many. A lack of affordable health insurance compounds this problem, meaning that individuals must often pay out-of-pocket for treatments and medications, further deepening healthcare inequalities.



Samuel Okwuada, CEO of Remedial Health, a Nigerian healthtech startup, notes, &#8220;The landscape is shaped by investor interests in scalable solutions, and given the current healthcare infrastructure, I would say there are a lot of opportunities.” Yet, Okwuada highlights the critical role technology must play in bridging access gaps, stating that tech-enabled solutions like inventory management can help streamline distribution and ensure medicines are available where they are needed most.



The African Development Bank points out that health facilities in rural areas are often limited to basic services, with a shortage of trained healthcare professionals and essential medicines.



Beyond geography, demographic factors such as age, gender, and socioeconomic status heavily influence access to health products. Women, particularly in rural areas, face added challenges due to limited access to maternal health services.



According to the United Nations Children&#8217;s Fund (UNICEF), many women in sub-Saharan Africa still lack access to safe childbirth options, with maternal mortality rates remaining alarmingly high. Youth, representing a significant portion of Africa&#8217;s population, also face barriers in accessing sexual and reproductive health products, which are often stigmatized or restricted by policy in various regions.



For older populations, the rising prevalence of non-communicable diseases (NCDs) presents an emerging crisis. NCDs, such as hypertension and diabetes, require long-term management and regular access to medications, something that is often lacking in many African countries.



As Biju Mohandas, Partner at LeapFrog Investments, a South African-Australian private equity firm, explains: “Non-Communicable Disease (NCD) prevalence as a proportion of global disease burden is rising dramatically, today, NCDs account for nearly 70% of disease mortality globally.&#8221;



Despite these challenges, innovative solutions are emerging across the continent. Healthtech startups, particularly in Nigeria, Kenya, and Egypt, are leading the charge in addressing access issues. According to Salient Advisory, Nigeria now accounts for 29% of leading healthtech innovations in Africa, with tech-enabled solutions such as online pharmacies and inventory management systems reshaping healthcare



delivery. Field Intelligence, Remedial Health, and Maisha Meds are among the key players utilizing digital platforms to improve access to medicines.



Okwuada points to technology’s transformative role in optimizing supply chains and improving healthcare access. “At Remedial Health, we leverage our technological innovations to streamline logistics, optimize routes for deliveries, and provide real-time business intelligence to help local pharmacies and proprietary patent medicine vendors enhance business growth and improve efficiency.”



Beyond tech-enabled solutions, mobile health and e-pharmacies are addressing critical access gaps. These innovations allow healthcare providers to reach patients in remote locations without the need for physical infrastructure. Platforms like Zipline, which uses drones to deliver medical supplies to hard-to-reach areas, have demonstrated the potential of technology to overcome geographic barriers. Similarly, telemedicine services are expanding, enabling patients to consult with healthcare professionals remotely, which is particularly important in rural areas with limited access to hospitals or clinics.



International organizations, such as the Global Fund and the WHO, play a crucial role in improving access to health products in Africa. These organizations often provide the funding and resources needed to bolster healthcare systems, especially in countries hardest hit by diseases like malaria, HIV/AIDS, and tuberculosis. According to UNICEF, Africa accounts for approximately 95% of global malaria cases.



National governments, in collaboration with private sector partners, are also critical to closing the healthcare gap. In countries like Nigeria, where the government is working with healthtech companies to optimize supply chains, there is a growing emphasis on public-private partnerships to enhance access to essential medicines. However, as Mohandas points out, “There is simply not enough funding across all healthcare sub-sectors to satisfy the demands of the continent.”



While Africa’s healthcare landscape is riddled with challenges, it is also ripe with opportunity. The African pharmaceutical market is projected to reach $56 billion by 2030.



However, achieving equitable access will require a multi-faceted approach that addresses not only the supply chain but also affordability, education, and the promotion of preventative care. As Mohandas puts it, “If we don’t change course soon, within a decade we will be staring down a world with enormous financial burden of health for families and states.”

Rural Vaccinations as South Africa Navigates Pandemic

‘Need To Change Course Soon’: The Cost Of Healthcare In Rural Africa

At its recent meeting, the committee increased the Monetary Policy Rate (MPR) by 50 basis points from 26.75% to 27.25%, while also raising the Cash Reserve Ratio (CRR) for Deposit Money Banks from 45% to 50%, and for Merchant Banks from 14% to 16%. The Liquidity Ratio (LR) remains unchanged at 30%, and the Asymmetric Corridor at +500/-100 basis points around the MPR.



The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to raise key interest rates in a bid to tackle inflationary pressures and boost investor confidence.



Olayemi Cardoso, Governor of the CBN and chair of the MPC, explained the rationale behind the adjustments during a press briefing. &#8220;To attract investments into the economy, efforts must be sustained to achieve a positive real interest rate,&#8221; Cardoso stated. &#8220;This would enhance the economy&#8217;s competitiveness for international capital, thereby improving the exchange rate.&#8221;



Cardoso noted that while inflation showed signs of moderation in recent months, with Nigeria’s annual inflation rate falling to a six-month low of 32.15% in August, down from 33.40% in July, core inflation remains elevated due to rising energy prices.



He also pointed to the anticipated benefits of the Dangote Refinery, which recently began shipping gasoline.



Nigeria’s state-owned energy company, Nigerian National Petroleum Corporation (NNPC), commenced gasoline shipments from the Dangote Refinery in mid-September under a crude-for-gasoline swap agreement. The refinery, located on the outskirts of Lagos, is set to receive 385,000 barrels of crude per day from the NNPC beginning in October. The swap, conducted in local currency, is expected to stabilize transportation costs and ease foreign exchange pressures, according to officials.



The 650,000-barrels-per-day Dangote Refinery is expected to produce enough gasoline to meet Nigeria’s domestic demand, reducing the need for costly fuel imports.



&#8220;The committee expressed optimism that the lifting of refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term. This is also expected to moderate foreign exchange demand for importation of refined petroleum products, with a positive spillover on external reserve and improvement in the overall balance of payment position.,&#8221; Cardoso said.

General Economy As Nigeria Faces Rising Debt In 2020

CBN Increases Rates To Combat Inflation, Eyes Boost From Dangote Refinery

Google’s projections align with a previous study — the Google/IFC e-Conomy Africa 2020 report — which anticipates 167 million new mobile users in sub-Saharan Africa by 2025. This will bring the total number of mobile subscribers in the region to 623 million.



A new report released by Google estimates that artificial intelligence (AI) could contribute over $30 billion to sub-Saharan Africa’s economy in the coming years.



The report, The Digital Opportunity of Sub-Saharan Africa, was conducted independently by Public First, on the region with 70% of its population under the age of 30.



Internet access across sub-Saharan Africa varies significantly, with about 66% of people online in southern Africa, but only 24% in Central Africa, according to Statista. The World Bank reveals that internet usage in West Africa hovers around 30%. The report predicts that even a 1% increase in internet access could lead to nearly a 6% rise in gross domestic product (GDP).



Speaking on the report, Alex Okosi, Managing Director of Google Africa, explains AI’s potential for the region to FORBES AFRICA: “While the report doesn&#8217;t pinpoint specific countries as front-runners in AI-driven growth, it highlights sectors where AI&#8217;s impact is already evident or holds substantial promise&#8230; It emphasizes its [AI] value in the area of automating tasks, boosting efficiency and productivity; and creating new products and services.”



According to the data, 76% of online adults in sub-Saharan Africa identify as entrepreneurs, further highlighting that every dollar invested in digital technologies in Sub-Saharan Africa is projected to generate over $2 in broader economic value by 2030. This finding illustrates the high return on investment (ROI) for digital advancements, particularly in sectors like healthcare, agriculture, and environmental sustainability.



“For the first time, we’ve included an AI curriculum to help business owners understand how they can leverage AI technologies for growth,” Okosi notes. “To further address infrastructure needs, investments like the Equiano subsea cable and our new Cloud region in Johannesburg are critical steps. Additionally, public-private partnerships will play a key role in closing the skills gap by delivering AI training programs and fostering a supportive policy environment that encourages innovation and addresses ethical concerns.”



Entrepreneurs across the continent are already recognizing the potential of AI. Ifeoluwa King, co-founder of VendorStack, a Nigerian social commerce startup, believes AI will touch every sector. “AI will streamline processes, increase efficiency, and cut costs. It will spark innovations from Africa’s creative youths and improve productivity, which will lead to increased revenues,” King tells FORBES AFRICA.

Google

‘AI Curriculum To Help Business Owners’: AI Could Add $30 Billion To Sub-Saharan Africa’s Economy, Report Finds

The diamond, discovered using Lucara&#8217;s Mega Diamond Recovery (MDR) X-ray Transmission (XRT) technology, is the second-largest ever found, following the 3,106-carat Cullinan Diamond from South Africa in 1905.



Diamond exploration and mining company Lucara indicates that it could take between three months to a year to determine the value of the 2,492-carat diamond recently recovered from its Karowe Diamond Mine in Botswana, the landlocked southern African nation where diamonds contribute over 90% of total exports and are a major source of fiscal revenues.



Managing Director of Lucara Botswana, Naseem Lahri, explains to FORBES AFRICA, “We are not in a hurry at this point in time. We don’t want to make any mistakes, especially looking at the impact of the stone, the provenance, and the way it is sold. We really want to make the best of this.”



Lahri emphasizes the importance of strategic planning, stating that the process will involve close collaboration with the Botswana government.



“For us, the first step is to look at the provenance, and to market the provenance, and to show people that natural diamonds bring a lot of benefit to the communities and the country itself,” she adds.



This find adds to the list of significant diamonds recovered from the Karowe Diamond Mine, including the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona, previously the second-largest ever diamond eventually sold for $53 million.



About interests attracted, Lahri notes, “Everybody will definitely be interested in something of that historical magnitude. You will never get a lab-grown diamond of this size; it will never ever happen. And these are natural diamonds coming out of the ground, you know, from Mother Earth.”



The analysis and strategy development for this diamond are critical, given its potential impact on both Lucara and on Botswana&#8217;s economy.



“We want to change the narrative on natural diamonds; they are not conflict diamonds, they actually benefit the communities that the diamonds are recovered in. The diamonds of Botswana benefit every citizen,” Lahri says.

DSC_22352

‘Diamonds Of Botswana To Benefit The Communities’: Lucara To Analyze And Determine Value Of Giant Diamond, The World’s Second-Biggest

Nigeria’s Financial &amp; Professional Services (FPS) sector demonstrated strong performance in 2023, with the banking sub-sector leading the way, contributing 4.6% to the nation&#8217;s gross domestic product (GDP), according to the recent State of Enterprise (SOE) 2024 report by EnterpriseNGR, a member-led group focused on developing Nigeria’s FPS sector through collective advocacy.



Obi Ibekwe, CEO of EnterpriseNGR, considers this ‘’a positive indicator of the increasing role of the sector in the economy’’.



However, Ibekwe, speaking with FORBES AFRICA, maintains that &#8220;as banks expand rapidly, there might be an aggressive push to increase lending portfolios, which could lead to a deterioration in the quality of loans if risks associated with non-performing loans (NPLs) are not guided against… The likelihood of increasing cybersecurity risks becomes very high as banks leverage technology to drive expansion.&#8221;



The total assets of Nigerian banks soared to ₦121 trillion ($76.1 billion), and financial institutions generated about ₦5 ($0.0031) for every ₦100 ($0.063) earned nationally. The banking sub-sector also ranked third in generating income tax and value-added tax (VAT) for the government.



She also emphasizes the need for the banking sub-sector’s growth to be matched by other sectors to avoid economic bubbles.



Fintech is playing a key role in making financial services more accessible. In 2023, mobile money transactions skyrocketed by 140%, reaching ₦46.6 trillion ($29.31 billion), while personal loans increased by 19% to ₦2.28 trillion ($1.43 billion).



‘’This evolution is expected to continue and even accelerate shortly. The trend presents financial inclusion opportunities as the rise in digital payment platforms expands financial services to previously unbanked populations&#8230; The limitation, however, arises with limited access to the internet and smartphones, especially in rural areas, can hinder the adoption of digital payment solutions; and a significant portion of the population may lack the digital literacy required to effectively use electronic payment systems, which could limit the overall impact on financial inclusion,’’ Ibekwe notes.



However, she believes Nigeria’s fintech sector has the potential to boost the country’s global competitiveness and solidify its position as Africa’s fintech hub.



The insurance sub-sector also saw growth, with gross premiums hitting ₦1 trillion ($628.9 million), driven by regulatory changes like increased motor insurance rates. Claims paid out by insurers rose by 36% compared to 2022, as per the study.

Graph growing up in Front Of Nigeria Flag.

Banking Sector Spurred Nigeria’s Economic Growth In 2023, Contributing 4.6% To GDP, Per Report

Over a month after the release of the final instalment of her acclaimed trilogy on Orïsha (deity in Yoruba language), 31-year-old Nigerian-American author Tomi Adeyemi is setting her sights on a special journey back home to her roots.



Speaking with FORBES AFRICA via Zoom from the United States, Adeyemi shares her excitement about returning to Nigeria, a place that has profoundly influenced her work and identity.



Adeyemi, born Oluwatomiloba, has been known for bringing the rich traditions and culture of West Africa to the forefront of Young Adult fiction. Her latest novel, Children of Anguish and Anarchy, continues this legacy, weaving together elements of Nigerian heritage and mythology. But beyond her literary milestones, Adeyemi’s connection to Nigeria is deeply personal.



&#8220;It&#8217;s been such an incredible journey,&#8221; Adeyemi reflects. &#8220;I was young, about four years old, the time I visited Nigeria, so it was a lot of meeting and a lot of love. A lot of my family is in the United States, Canada, and some in London.&#8221;



Despite being away for many years, the bond she feels with Nigeria remains strong. Adeyemi’s family and fans alike have been encouraging her to experience ‘Detty December’, a time when Nigeria’s cities come alive with celebrations, music, and cultural events.



However, Adeyemi&#8217;s return to Nigeria is poised to be more than just a visit. Paramount Pictures is currently developing a film adaptation of the Orïsha trilogy, with Gina Prince-Bythewood (The Woman King) directing. Adeyemi has been closely involved in the project, both as a co-writer and executive producer. She reveals plans to hold the movie’s premiere in Lagos, a city that embodies the vibrant energy and creativity that has inspired much of her work.



&#8220;The premiere comes first, and when I return, it will be more of an ancestry trip,&#8221; Adeyemi explains. She envisions the premiere as a moment of pride not just for herself, but for Nigerians everywhere. &#8220;Part of me is like, ‘okay, let&#8217;s come back with this big celebration’. Like I tell Gina, I was like, &#8216;Gina, I will dress you up, I can&#8217;t wait to wrap you in a gele again — it&#8217;s gonna be amazing’. So I feel like the next time I&#8217;m there, it will be just this triumph in celebration of us and our culture.&#8221;



Adeyemi discusses her plans to connect with her heritage. &#8220;I would love to visit where my grandparents grew up, where my parents grew up,&#8221; she says.



&#8220;When I come back, I just want to party with my people, and I want them to feel proud of this project and all the people who are now coming to celebrate our ancestry, our heritage, our culture, our beauty, our passion,&#8221; she enthuses.



Beyond her literary and cinematic pursuits, Adeyemi is passionate about nurturing the next generation of writers. She discusses her online masterclass, The Writers Roadmap, designed to help aspiring authors turn their ideas into published novels. &#8220;I&#8217;m so proud because at this point, we have about three of our students who have secured publishing deals and published novels,&#8221; she says, expressing her dream of one day seeing a bookstore section dedicated solely to her students’ work.



As for the future, Adeyemi is already hard at work on her fourth novel, having completed it just before the release of Children of Anguish and Anarchy. She’s also deeply involved in the ongoing development of the Orïsha film adaptation, balancing weekly meetings, scriptwriting, and her own creative projects.

Tomi Adeyemi; Image by Caroline Fiss; MUA Anthony Merante; Hair Cheryl T Bergamy; Outfit Tolu Cocker1

Nigerian-American Author Known For Young Adult Fiction Excited About Homecoming

This recognition comes after Munachimso Brian Nwana achieved the feat on April 25 in Abuja, Nigeria’s capital, where he sought to promote local cuisine.



Munachimso Brian Nwana, a Nigerian food consultant and content creator, recently received official recognition as the new world record holder for visiting 150 fast food restaurants in the capital Abuja on foot within 24 hours, shattering the previous record of 100 held by American YouTuber Airrack.



&#8220;My inspiration for taking on this challenge came from a desire to push the boundaries of what’s possible and to showcase Nigeria&#8217;s cuisines, putting Abuja’s food businesses on the map,&#8221; Nwana says to FORBES AFRICA.



Covering such an extensive route of over 25 kilometers on foot was not just a physical challenge but also a logistical one. Nwana initially planned to use public transportation, but the Guinness World Records (GWR) requirements — such as providing a receipt from each stop — proved incompatible with the current public transport system in Abuja. Faced with this hurdle, he opted to complete the challenge on foot.



&#8220;Walking to 150 fast food restaurants in just 24 hours was a grueling task, but it was also a testament to the resilience and determination we all possess when we set our minds to something,&#8221; he explains.



Nwana’s journey was meticulously planned, involving intense physical and mental preparation. His management team, led by A.S Management Agency, played a crucial role, with responsibilities ranging from mapping out restaurants and ensuring compliance with GWR requirements to providing security and recording every moment of the quest. &#8220;The confidence everyone had in me was a driving force behind my success,&#8221; Nwana says, crediting his team’s support as vital to his achievement.



This record-breaking challenge also provided Nwana with a unique perspective on the fast food industry in Abuja. He observed a strong consumer preference for convenience, driven in part by economic factors.



&#8220;With the current state of the economy, people now prefer to eat out rather than cook; they find it a cheaper option,&#8221; Nwana notes. He also highlights the importance of innovation, quality, and customer service in meeting the growing expectations of fast food patrons in the city.



Nwana plans to leverage this achievement by collaborating with fast food chains to enhance their customer experience and brand positioning. His manager, Rhoda Kusimo, CEO of A.S Management Agency, has already offered branding, strategy, PR, and marketing services to some of the restaurants Nwana visited, at no cost.



&#8220;The goal is to bring fresh insights and innovative ideas to the operations of these fast food restaurants, helping them adapt to evolving consumer preferences and stand out in a competitive market,&#8221; he adds.



In the foreseeable future, Nwana aims to continue promoting Nigerian cuisine and culture through planned tours across the country. He also intends to give back to the community by partnering with charity organizations and launching his own charity focused on combating hunger.



&#8220;I have embarked on my first give-back project with the Global Hope Integrated Empowerment Foundation (GHIEF), where I collected donations from around 40 fast food restaurants that I visited



during the [GWR] quest. We were able to donate these food items to 150 people in a community that GHIEF supports.



&#8220;This achievement is not just a personal milestone; it’s a testament to the power of collaboration,&#8221; Nwana says. &#8220;Together, we’re poised to make a significant impact on the food industry moving forward.&#8221;

Munachimso Brian Nwana (Image supplied)

‘Grueling Task And Testament To Determination’: Nigerian Sets World Record Walking To And Visiting 150 Restaurants In Abuja In 24 Hours

A new report by Nigerian HR startup PaidHR (formerly PadeHCM) has revealed that 78% of workers in Lagos, Nigeria&#8217;s largest city, earn less than ₦100,000 ($62.50) per month.



The report, titled The State of the Employed, is based on responses from over 1,600 employed individuals in Lagos with a population of over 21 million and a gross domestic product (GDP) of ₦41.17 trillion ($25.73 billion), driving 30% of the West African nation&#8217;s economy.



According to the report, only 7% of workers in Lagos earn above ₦200,000 ($125) monthly, with the median salary sitting at ₦60,000 ($37.50). On average, workers spend ₦58,000 ($36.25) on food, ₦15,000 ($9.30) on housing, and ₦22,000 ($13.75) on transportation each month, leaving little room for savings or discretionary spending. The report also noted that most workers allocate 20% of their income to &#8220;black tax&#8221;, or financial support for extended family members.



The report also found significant gender disparities in earnings. Men earn a median salary of ₦70,000 ($43.75), while women earn ₦50,000 ($31.25). This disparity is consistent across different demographics, with married men earning 33% more than married women and divorced men earning 52% more than divorced women.



Economic pressures are also impacting worker productivity. The report noted that 55% of workers reported a decline in productivity over the past year, citing Nigeria&#8217;s economic challenges as a primary factor. While employers attributed this drop to rising transportation and feeding costs, 58% of respondents believe their mental and emotional state is the primary factor affecting their work performance.



Despite the challenges, Lagos&#8217; workforce is young and vibrant, with 51% of respondents aged between 19 and 35. However, many within this group remain financially dependent, living with parents, friends, or siblings due to the high cost of living and limited earning potential.



Commenting on the findings, Nigerian analyst Moses Adeolubodun tells FORBES AFRICA, &#8220;The economic landscape in Lagos reflects a microcosm of the larger Nigerian economy, where inflation and economic instability have left the average worker in a precarious position. The report highlights the urgent need for measures to address wage disparity and support employee well-being.&#8221;



The report&#8217;s findings come amid the recent increase in Nigeria&#8217;s national minimum wage from ₦30,000 ($18.75) to ₦70,000 ($43.75).

Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA