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).

Investors Pile Into Longer-Dated Nigerian Bonds to Lock in Rates

Majority Of Workers In Nigeria’s Largest City Earn Below $62.50 Monthly, Report Reveals

June saw the highest inflation rate in 28 years, but July recorded a 0.8% point drop.



According to the National Bureau of Statistics (NBS), Nigeria&#8217;s headline inflation rate eased to 33.40% in July, down from 34.19% in June, marking the lowest rate in 19 months.



Inflation in Nigeria has been a rollercoaster, driven by various factors, including currency devaluation, high energy costs following the removal of fuel subsidies, and disruptions in the supply chain.



A year-on-year comparison highlights this volatility: in July 2023, the headline inflation rate was 24.08%. By July 2024, it had increased by 9.32% points.



Explaining the implications for the average Nigerian and the broader economy, Kolawole Oyebola, a Nigerian analyst, tells FORBES AFRICA: &#8220;The slight drop in inflation is a positive sign, but it doesn’t necessarily indicate that we’re out of the woods. The underlying factors that drive inflation — such as food prices and energy costs — remain volatile.&#8221;



In July, food inflation stood at 39.53% on a year-on-year basis, 12.55% points higher than in July 2023. The price increases were driven by staples such as semovita, yam flour, and wheat flour, as well as essential oils like groundnut and palm oil. While the month-on-month food inflation rate in July saw a slight dip to 2.47%, down from 2.55% in June, it still indicates that food prices are rising, albeit at a slower pace.



Oyebola adds, &#8220;While the decline in the month-on-month food inflation rate might offer some temporary relief, the annual food inflation rate continues to climb. This is particularly concerning because food constitutes a large portion of the average Nigerian&#8217;s expenses.&#8221;



For many Nigerians, whose monthly cost of living averages N43,200 ($27), rising food prices mean stretching already thin budgets even further. The average annual rate of food inflation for the twelve months ending in June was 36.36%, up from 24.46% the previous year.



The slight dip in inflation in July might suggest that the worst is over, but many analysts, including Oyebola, urge caution. &#8220;It&#8217;s too early to celebrate,&#8221; he says. &#8220;The economic conditions that led to high inflation in the first place are still present. Without significant policy changes and economic reforms, we might see inflation rise again in the coming months.&#8221;



&#8220;The road to recovery will require sustained efforts to stabilize prices, particularly for essential goods like food, which directly impact the daily lives of millions of Nigerians.&#8221;

Eid Al-Adha Preparation In Nigeria

Nigeria’s Inflation Dips To 19-Month Low

Present-day Nollywood is a thriving industry and a key component of Nigeria’s economy. Churning out over 2,500 films a year, the country’s film sector is not just a cultural phenomenon but also a ticket to the world.



In the Lekki district of Lagos, Nigeria’s largest city, the crew on the set of a new film has taken over a local event center, transforming it into a lavish venue to shoot an elaborate birthday party scene. Under the harsh glare of the bright lights, actors diligently rehearse their lines even as the director and crew make crucial last-minute adjustments for the next shot. 



The decor and meticulously-designed sets illustrate the grandeur of the film. Amidst this frenzied flurry, the dreams and aspirations driving these individuals shine brighter than the motivated lights on them. Nollywood, a term that emerged in the early 2000s, captures the essence of Nigerian cinema. And yet its origins are older, going as far back as the 1960s, around the time that the country gained its independence.



Pioneering filmmakers in Yoruba, Hausa, and Igbo languages set the groundwork.



“The early days were tough,” recalls British-Nigerian actor, Wale Ojo. “Films were shot on celluloid, and piracy was rampant. But the entre- preneurial spirit of the 1990s revitalized the industry, leading to what we now call Nollywood.”



“We are changing the economy,” Ojo asserts of the industry in its current avatar. “The industry is a major employer and has immense potential for growth.”



Over the past few decades, Nollywood has transformed from one with a modest beginning into a vibrant, thriving industry, producing an estimated 2,500-plus films annually. It is recognized as the world’s second-largest film industry in terms of volume, trailing only Bollywood and leading Hollywood.



“The market, for us, was not ready. Cinema, Netflix, [Amazon] Prime were not ready for us… even if I have to put a lot of money into production, how do I recoup it? So when Netflix came around, [along with Amazon] Prime and cinema, I said, ‘okay, this is the time to do it’,” says Jaiye Kuti, who started acting 22 years ago.



The industry’s growth is reflected in its widespread international popularity, thanks to partnerships with global streaming platforms. Nollywood films, such as Breath of Life, have garnered attention and awards, with Ojo himself winning recognition as Best Lead Actor at the recent edition of the Africa Magic Viewers’ Choice Awards for Breath of Life.



“I feel like they’ve done a lot of work, they’ve commissioned a lot of projects, but there’s a lot of room for more platforms and more channels for our art to be disseminated,” says Timini Egbuson, one of the lead actors in Nigeria’s reportedly highest-earning film, A Tribe Called Judah.



“Our cinema culture is actually growing a lot. The last movie I was part of made 1.6 billion naira at the box office. That’s definitely a step in the right direction.



“Nollywood is growing faster than we all thought. The quality of our productions is getting a lot better. The quality of our stories that we’re telling, acting, funding, profits— everything is kind of in the positive and it’s a good time to be in Nollywood,” Egbuson adds.



Films in the industry often delve into themes central to Nigerian and African identity, from family dynamics and religious beliefs to social issues. They challenge stereotypes and offer an authentic representation of African stories, celebrating resilience and cultural richness.



“Nollywood films offer a mirror to Nigerian society,” says Joke Silva, a prominent actor and producer.



“They break stereotypes and provide real depictions of African life.”



But despite its documented successes, the industry also faces significant challenges. One major hurdle is the unreliable electricity supply that plagues all of Nigeria.



“The biggest challenge is NEPA,” Ojo notes, in reference to Nigeria’s electricity provider. “We often rely on generators, which is neither cost-effective nor sustainable. It’s a major impediment to production.” Economic constraints also seem to impact the industry. While top-tier actors and filmmakers can earn well others struggle with financial stability. Ojo advocates for a stronger support system for actors facing health and financial crises. “There should be a strong union to support actors financially if they fall ill. The government should back this up, ensuring no actor has to suffer due to lack of support.”



Nollywood continues to evolve, with New Nigerian Cinema marking a shift towards higher production values and international collaborations.



“We are in the middle of a cinematic revolution,” Ojo says. “American companies are looking to Nigeria for new projects. There’s a synergy happening that’s bringing global attention to our industry.”



One of the most ambitious projects on the horizon is the development of a $100-million Film City in Lagos. This facility aims to attract international productions and provide state-of-the-art infrastructure.



“A properly-structured film village will bring significant income into the country,” Ojo predicts.



Nollywood’s inclusivity is evident in its linguistic diversity, with three major sub-industries: Yoruwood (Yoruba-speaking), Kannywood (Hausa-speaking), and Igbowood (Igbo-speaking).



Each sub-industry brings unique cultural narratives and styles, enriching Nigeria’s cinematic landscape. Kannywood, based in Kano, intertwines storytelling with Islamic themes and Hausa culture. Igbowood highlights the traditions and societal issues of the Igbo people, while Yoruwood, thriving in the South West, is known for its dramatic flair and exploration of Yoruba heritage.



Furthermore, Nollywood’s journey has been shaped by key films and directors. Living in Bondage (1992) is of- ten credited with launching the modern Nollywood era. The industry has produced notable films and stars that have gained international recognition.



Films like Citation (2020) by Kunle Afolayan have won international awards, and actors like Genevieve Nnaji have become household names far beyond the borders of Nigeria. Nnaji’s film, Lionheart, was acquired by Netflix, making it the first Netflix Original film produced in Nigeria.



Media mogul Mo Abudu has also earned a reputation in the African media landscape, and one that resonates far beyond the continent’s borders. EbonyLifeTV, which she founded in 2013, reportedly boasts around 30 shows that are under production. 



“The highlight, for me, is always about making great shows. I’m always fascinated by the idea that I can wake up and I know that we’re working on a new production,” she said in a previous interview with FORBES AFRICA. 



Recognized as one of the 25 Most Powerful Women in Global Television by The Hollywood Reporter and also as one of Forbes’ 100 Most Powerful Women in the world, Abudu’s work continues to garner acclaim, furthering the reach of Nollywood.



Silva reflects on the industry’s growth: “One of the things I always said about ten to fifteen years ago was that a time would come when there would be so much wealth for everybody. Technology has made storytelling more accessible and affordable compared to the old days of celluloid.”


<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-1024x684.jpg" alt="" class="wp-image-62809" style="width:650px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-1536x1025.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/Oyinlola-Lasisi-on-set-1-1-2048x1367.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Oyinlola Lasisi on set (Images Supplied)</figcaption></figure></div>


Nollywood’s economic impact is profound. With an output of over 50 full-length feature films weekly, Nollywood supports a vast workforce, employing over 300,000 people directly and up to a million in- directly, making it one of the largest employers in Nigeria, contributing significantly to the country’s economy and job market. Yet another report released by the Nigerian Entertainment Conference (NECLive) in November last year, says the sector has moved from the production and distribution of 1,800 films worth $5.1 billion in 2013 to 2,500 films worth $6.4 billion. The industry is projected to reach an estimated $14.82 billion revenue in 2025. Whatever the figures may be, they point to upward growth.



“The ecosystem of the Nigerian film industry is incredible. Every project creates a new world, involving about 70 people for just one production,” Silva adds.



Oyin Lasisi, a movie producer, further underscores the industry’s role in job creation. 



“As far as employment is concerned, it has been amazing — people getting jobs around here. We have created a whole lot of things for people to do. In the las month, people have been getting di-ferent kinds of jobs as far as production is concerned. And it’s been great; we intend to keep t moving, to ensure that everybody is employed.” 



The ripple effect of Nollywood’s growth can be seen in various sectors, from fashion and music to tourism. The industry’s demand for skilled labor has led to the de- velopment of numerous training programs and workshops, further enhancing the skillsets of Nigerian professionals.



The sector still faces funding and distribion challenges though.



“I’ve made movies that didn’t make anything back, and I’ve spent millions of naira… As far as marketing is concerned, it’s something you cannot predict,” offers Lasisi.



The influence of Nollywood extends beyond entertainment, playing a crucial role in shaping percep- tions of Africa.



“Nigeria is going to be the powerhouse of the creative economy. We’ve made it possible for Africa to tell its own stories. Nigerian fashion, music, and films are selling Nigeria to the world,” Silva says.



The future of Nollywood is promising, with as rations of greater self-sufficiency and global influence. Silva envisions a Nigerian- owned streaming platform to rival global giants su h as Netflix and Amazon Prime. “We love Netflix and Amazon, but we want s mething indigenous. The time is ripe for our own studios where we have control of the space.”



Corroborating Silva’s statement, Kuti adds, “It’s getting better every day, and I think we can still do better, as long as we have the funding capacity. I think two, three, four people ar coming together now… So once we can come to that mentality of coming together, you know, put resources together, we can achieve more.

Movie set (1)

Big Ticket Nollywood: Leading The Charge In African Cinema

Ghana has launched its first gold refinery, the Royal Ghana Gold Refinery, in the capital Accra. The facility, capable of refining 400 kilograms of gold daily, is set to enhance the country&#8217;s ability to add value to its gold production.



In reports, Samuel Jinapor, Minister for Lands and Natural Resources, noted that the refinery, a public-private partnership established in 2018, is a key step towards securing London Bullion Market Association (LBMA) Certification, enabling Ghana to trade its refined gold internationally.



Jinapor also mentioned the ongoing construction of a $450 million manganese refinery in Nsuta of the Western Region, aimed at supporting the steel, aluminum, and copper industries.



At the commissioning, the country’s Vice President Mahamudu Bawumia highlighted the economic impact, stating that Ghana’s gold has been exported unrefined, resulting in lost revenue and job opportunities.



Gold exports reached $5 billion in the first half of the year, making up 54% of total exports. Minerals Commission CEO Martin Ayisi reportedly forecasted that if prices hold, gold revenue could exceed $10 billion for the year.



Bawumia projected that the refinery would create 80 to 120 direct jobs and 500 indirect ones, while also boosting domestic tax revenue.



“With the ability to locally refine our gold, we will be able to sell the refined gold at its appropriate price, enabling us to retain its economic value within our borders, while creating numerous job opportunities for the youth,” Bawumia said.



He added that the government plans to refine all gold produced in the country to strengthen economic independence.

Gold Ingot Production At A Foundry

Ghana Set To Add Value To Gold Production With New Refinery

In April, the Ethiopian Securities Exchange (ESX) established last October, concluded its capital-raising exercise, achieving more than double the funds needed to commence operations.



The Ethiopian Securities Exchange (ESX) will officially launch operations in October, according to CEO Tilahun Kassahun.



Kassahun recently disclosed this to the country’s news agency, noting that the necessary human resources and technology infrastructure are now in place.



This development follows the Ethiopian Capital Market Authority’s (ECMA) announcement last month regarding the issuance of a directive that will enable the licensing of the country’s first securities exchange.



As Africa&#8217;s second-most populous nation with around 126.5 million people, Ethiopia has sustained economic expansion over the past 15 years, with an average annual GDP growth rate approaching 10%.



The initiative, which began last November, included roadshows in Addis Ababa, Nairobi, and London. The exchange has secured ETB 1.51 billion ($26.6 million), far exceeding its initial target of ETB 631 million ($11.07 million).



A total of 48 domestic and foreign institutional investors, spanning both financial and non-financial sectors, participated in this funding round.



“We are thrilled to have exceeded all our expectations in terms of the capital raise and are excited by the overwhelming confidence shown by investors in the long-term prospects of both ESX and Ethiopia’s capital markets more broadly,” Kassahun was quoted as saying in a statement after the closure of the capital-raising exercise.



Through a public-private partnership, the ESX has the Ethiopian Investment Holdings (EIH) as its founding shareholder, representing the government’s interests.



The exchange’s ownership structure mandates that up to 25% of the shares be held publicly, while the remaining 75% is reserved for private investors. As of April, key investors included entities such as FSD Africa, the Trade and Development Bank Group (TDB), and the Nigerian Exchange Group Plc (NGX Group). Also, 16 domestic private commercial banks, 12 private insurance companies, and 17 other private domestic investors have also invested in the exchange

Addis Ababa cityscape

Ethiopian Securities Exchange Ready For October Launch

As the competition narrowed to the final three throws, Annette Echikunwoke emerged as the leader with a throw that positioned her for a silver medal. The field had already seen four competitors eliminated. However, it was Canada&#8217;s Camryn Rogers who shifted the dynamics with her fifth attempt, taking the lead.



American athlete Annette Echikunwoke, born to Nigerian parents, made history at the Paris Olympics by winning the silver medal in the women&#8217;s hammer throw, marking the first-ever medal for her country in this event.



Echikunwoke’s performance at the U.S. Trials in Eugene, Oregon, set the stage for her Olympic success. Her first throw of 245 feet (74.68m) was unbeatable through all six heats.



For the 28-year-old athlete, this was her second Olympic qualification but her first time competing.&nbsp;



Initially set to represent Nigeria at the Tokyo 2020 Games, which took place in 2021, Echikunwoke faced disqualification due to an administrative oversight that resulted in missed doping screenings for her and several other Nigerian athletes.



“It&#8217;s such a great honor,&#8221; she reportedly said of her historic win. &#8220;All I can do in my heart is to be so grateful to God for putting me in this situation, quite honestly. I&#8217;m so excited and grateful that I get to bring this home for Team USA and to be the first [USA medal winner] is pretty insane. Something that will go down in history. I&#8217;m just happy to be a part of it.&#8221;

Athletics – Olympic Games Paris 2024: Day 11

Bouncing Back From Tokyo Setback To Win USA’s First Women’s Hammer Throw Medal In Paris Olympics

The Nigeria women&#8217;s basketball team, known as D&#8217;Tigress, has made a historic leap at the Summer Olympics, becoming the first African basketball team, male or female, to qualify for the quarterfinals.



This achievement comes after a 79-70 victory over Canada at Stade Pierre-Mauroy in Paris.



The development complements D’Tigress’ first Olympic game victory in 20 years, marked by their 75-62 win against Australia in the first game.


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="708" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2165226074.jpg" alt="" class="wp-image-62662" style="width:666px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2165226074.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2165226074-300x207.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2165226074-768x531.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Team Nigeria pose for a group photo during the Women&#8217;s Group Phase &#8211; (Photo by Gregory Shamus/Getty Images)</figcaption></figure></div>


The team, led by Rena Wakama, its first female head coach, has won four consecutive AfroBasket titles, securing the top spot on the continent.



&#8220;I hope young girls are watching this,&#8221; Wakama told the International Basketball Federation (FIBA). &#8220;I wanted to be the first, but I don&#8217;t want to be the last. If we invest in Africa, we are capable of doing really amazing things. We have to put some eyes on Africa and develop the game there, and it starts with grassroots. It will make the game so much better.&#8221;



For the quarterfinals, D&#8217;Tigress will square up with the United States, who have maintained an uninterrupted winning streak since 1996 and won nine of the last 12 Olympic titles.

Basketball – Olympic Games Paris 2024: Day 9

Nigeria’s Women Basketball Team Make History In Paris

This wave of protests is reminiscent of the 2020 #EndSARS movement in the West African nation.



Nigerians are embarking on a nationwide 10-day protest over governance and the soaring cost of living, joining a surge of youth-led demonstrations that have spread across some African nations in recent weeks.



These protests come amid a challenging economic backdrop. Nigeria’s headline inflation rate surged to 34.19% in June, the highest since March 1996. This increase is driven by the removal of fuel subsidies and a weakening local currency. Food inflation, which makes up the bulk of Nigeria&#8217;s inflation basket, hit a record high of 40.87% in June, driven by price hikes in bread, cereal, potatoes, and fish.


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164200701.jpg" alt="" class="wp-image-62647" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164200701.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164200701-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164200701-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Nigerians are staging a protest over hardship and bad governance, tagged #EndBadGovernment, in Ikeja to Ojota, Lagos, Nigeria, on Thursday, August 1, 2024. (Photo by Adekunle Ajayi/NurPhoto via Getty Images)</figcaption></figure></div>


The protest, which began in the capital, Abuja, has largely been peaceful but has turned violent in Northern Nigeria. In Kaduna, protesters set ablaze the headquarters of the Kaduna State Traffic Law Enforcement Agency (KASTLEA) and looted its property and surrounding private residences. In Kano, where one individual was reportedly shot dead and another was critically injured by stray police bullets, protesters looted a shop and vandalized the Nigerian Communications Commission (NCC) Digital Industrial Park, which was scheduled for launching next week.



Police have reportedly used tear gas on protesters in Lagos, Abuja, and Bauchi, and a curfew has been declared in Borno. Six people have been reported dead, and scores injured in Niger of Northern Nigeria.



Banks, most of which closed early, emailed customers advising them on alternative channels for banking transactions. Meanwhile, businesses generally shut down in southeastern states like Ebonyi and Enugu, which have not yet reportedly joined the protest.



&#8220;The protests reflect a growing frustration among citizens, especially the youth, who are increasingly unwilling to tolerate the government&#8217;s failure to address basic economic needs,&#8221; Nigerian analyst Moses Adeolubodun tells FORBES AFRICA, adding that &#8220;there is an urgent need for policy reforms and effective governance to alleviate the economic burdens on the populace&#8221;.



Just three days before the protests began, President Bola Tinubu signed into law the new National Minimum Wage Act. This came nearly two weeks after an agreement with the organized labor unions — the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) — on raising the minimum wage from N30,000 ($18.06) to N70,000 ($42.14).


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164158285.jpg" alt="" class="wp-image-62649" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164158285.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164158285-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/08/GettyImages-2164158285-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">ABUJA, NIGERIA &#8211; AUGUST 01: Police and soldiers intervene with tear gas to disperse the crowd gathered at Eagle Square, protesting against the rising cost of living following the removal of gasoline subsidies in Abuja, Nigeria on August 01, 2024. (Photo by Emmanuel Osodi/Anadolu via Getty Images)</figcaption></figure></div>


Meanwhile, in other parts of Africa too, youth protests are intensifying. Last week, young Ugandans took to the streets to protest alleged corruption and demanded the resignation of the parliament speaker. Police in Uganda reportedly shut down the march and arrested more than 70 people.



In Ghana, the high court has blocked civil society groups from holding protests in the capital, Accra. These groups sought to demand more action from President Nana Akufo-Addo on corruption and living conditions and to protest delays in signing an anti-LGBT bill into law.



In Kenya, more than 50 people have been killed, and nearly 700 arrested in a police crackdown on demonstrations in mid-June. Protesters began taking to the streets to oppose tax increases proposed by President William Ruto. Following the unrest, Ruto fired his cabinet and scrapped the tax bill.

Protesters In Took To The Street In Abuja, Nigeria’s Capital

Nigeria Faces New Wave Of Nationwide Protests Over Rising Cost Of Living

Afam Onyema is bringing essential services and educational opportunities to those in need, also creating pathways for young girls to succeed in Nigeria.



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“Every time a girl tells me she wants to be a nurse or an engineer, I feel a sense of fulfillment.”
</blockquote>



Afam Onyema stands at the intersection of legacy and ambition, driven by a vision ignited in the heart of his father.



“My dad always told us about his story and his dream, which started very small. We just tried to do little things to help in Nigeria,” Onyema recalls.



His parents, Godwin and Nma, were native Nigerians who had embarked on a journey to the United States (U.S.) in the mid-seventies, fueled by the desire to help their homeland. Godwin, a trained doctor, and Nma, a nurse, envisioned a future where they could save lives and uplift their community.



Growing up as the second of four children, Onyema absorbed his father’s story and decided to step away from a legal career to build GEANCO, an organization established by Godwin in 2005. The name GEANCO is derived from the initials of the Onyema family — Godwin, Ebele, Afam, Nche, Nma, and Chukwugozie — and aims to create opportunities and transform lives in Africa.



&#8220;We started with medical missions, performing surgeries and bringing surgeons over. From there, we began to build relationships, establish credibility, and gain experience,” shares Onyema, GEANCO’s co-founder and CEO.



Navigating the complexities of operating in Nigeria while based in the U.S. posed unique challenges, he understood that establishing a solid infrastructure was crucial to GEANCO&#8217;s success. He leaned on his cousin, Obinna Okoye, who established a team in Nigeria to handle local operations. With this foundation in place, Onyema could focus on leadership, strategy, and fundraising.



However, raising funds for a vision still in its infancy was daunting. “In those early days, I was asking donors to believe in a dream,” he admits. Yet, through persistence and the support of early believers, GEANCO began to flourish, evolving from a small organization into a force for change.



With each successful mission, GEANCO began to build a reputation for excellence, attracting attention from high-profile supporters like Prince Harry, Meghan Markle, David Oyelowo, Brad Pitt and Oprah Winfrey.



With each trip to Nigeria, Onyema witnessed the tangible results of GEANCO&#8217;s work. He visited communities where shipping container clinics provided essential medical services, allowing mothers to give birth in safe, hygienic environments. He met young girls whose lives were transformed by scholarships and mentorship programs, fostering their aspirations in STEM fields.



“I can’t describe the joy of seeing these girls, full of hope and determination, knowing we’re helping them reach their full potential,” he says.



Despite the progress, Onyema acknowledges the persistent challenges facing Nigeria. “Good governance could solve many of these issues,” he states. “With the right infrastructure — clean water, power, and education — Nigeria could become the Singapore of Africa.”



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“With the right infrastructure — clean water, power, and education — Nigeria could become the Singapore of Africa.”
</blockquote>



Recognizing the disparities in educational access for girls in Nigeria, the foundation formed a partnership with The Smiths Group Foundation to launch an initiative aimed at empowering young girls through science, technology, engineering and mathematics (STEM) education. The initiative&#8217;s cornerstone is the STEM Leadership Summits, designed to ignite a passion for STEM among participants in Junior Secondary 3 to Senior Secondary 1.



“We want to expose them to the skills and knowledge they need to thrive in a modern economy,” Onyema explains, excitement evident in his voice. “We’re not just building knowledge; we’re building a community of future leaders.”



“We want these girls to understand that a successful career in STEM is within their reach, regardless of socioeconomic challenges,” he explains. The program features panels led by Nigerian female STEM practitioners, including Nigeria&#8217;s first female pilot, to inspire and mentor participants.



The summits offer hands-on workshops, with practical sessions on cutting-edge technologies such as solar power systems, drone assembly, 3D-printing, and the Internet of Things. Onyema believes that engaging the girls in projects of their choice would foster a deeper understanding and appreciation of STEM fields.



“We want them to see how engineering solutions can transform their communities,” he emphasizes.



To provide ongoing support, the initiative would also launch an online platform offering free access to 240 STEM lessons tailored to the Nigerian curriculum. This approach ensures that thousands of disadvantaged students, even in remote areas, could benefit from STEM education.



Through the David Oyelowo Leadership Scholarship for Girls, Onyema witnessed dreams take flight. What started as a modest initiative in Abuja expanded to serve 45 girls across four schools. The scholarship offers full tuition, healthcare, and social and psychological support to young female survivors of terrorism and gender inequality.



“Every time a girl tells me she wants to be a nurse or an engineer, I feel a sense of fulfillment,” he shares. “We’re creating pathways for them to succeed.”



As Onyema stands on the brink of a new chapter for GEANCO, he remains hopeful: &#8220;We&#8217;re really excited about this work and hope to gain more support for it. We’ve been incredibly blessed by the supporters who have kept this initiative going for over 17 years, and we aim to continue for another 17 — or even 70 years. With the support we need, we can reach more girls, inspire them, and provide them with brighter hopes for the future. We love what we do and feel fortunate to be able to make an impact, and we hope more people will recognize our mission and partner with us in this important work.&#8221;

Afam Onyema (Image supplied)

The Nigerian Powerhouse Fulfilling His Father’s Dream Of Transforming Lives With Support From Global Celebrities

This is part of Davido&#8217;s broader strategy to leverage his brand partnerships for social good, while also continuing to expand his business and musical ventures.



Nigerian music superstar and Grammy-nominated artist Davido is planning to empower youth in his country with the provision of vehicles for a new ride-hailing service.



Davido&#8217;s recent partnership with CIG Motors, promoters of GAC Motors in Africa, will see him providing cars to licensed drivers.



&#8220;I own GAC cars. I bought the utility vehicles in the past. I already know there&#8217;s a brand that&#8217;s durable and strong. We&#8217;re planning to do a Davido-Uber kind of thing. Give the cars out to the young people that don&#8217;t have jobs. Obviously, they&#8217;re licensed drivers. They&#8217;re responsible. They can get jobs. They can get paid,&#8221; he explains to FORBES AFRICA and CNBC Africa.



The vehicles, branded with Davido&#8217;s signature style, are expected to be ready in a month or two.



Davido&#8217;s foray into business does not overshadow his musical career.



&#8220;Shout-out to my brother Chris [Brown], we have a lot of songs together now. Joint album maybe next year sometime. I&#8217;m going to drop songs anytime this year. Maybe after that one then,&#8221; he hints.



His fourth studio album, Timeless, became the most streamed African album worldwide in 2023. In April, he made history with a performance at Madison Square Garden, one of the few African artists to achieve such a feat.



Continuing his streak of success, Davido recently released the music video for Kante featuring rising Nigerian artist Fave.

Davido Performs At Accor Arena

Nigerian Musician Davido To Empower Youth With Ride-Hailing Initiative And Hints At Joint Album With American Singer Chris Brown

The intervention placed emphasis on the need for cooperation and collaboration among all stakeholders to address concerns.



The Nigerian government has stepped in to address concerns surrounding the Dangote Refinery, following accusations of monopolistic practices.



“All parties involved demonstrated a strong commitment to proactive problem-solving and expressed their gratitude for the leadership and timely intervention provided,” Nigeria’s Minister of State Petroleum Resources (Oil), Heineken Lokpobiri stated.



This was after meeting with top executives from the Dangote Group, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Corporation (NNPC).


<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg" alt="" class="wp-image-62544" style="width:510px;height:auto" srcset="https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2024/07/GettyImages-1257252246-768x512.jpg 768w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">(Photographer: Benson Ibeabuchi/Bloomberg via Getty Images)</figcaption></figure></div>


The intervention follows Saturday’s announcement by Africa’s richest man, Aliko Dangote, that he is canceling plans to build a new steel plant in Nigeria due to government accusations of monopoly, after he reportedly requested the suspension of diesel and aviation fuel imports.



Last week, NNPC’s shareholding in the Dangote Refinery was reduced from 20% to 7.2% due to unpaid funding.



The Dangote Refinery, one of the largest in Africa, began operations in January and has the capacity to process 650,000 barrels of crude oil per day.



Dangote defended his business practices, saying, “We are not an assembly plant. If you look at all our operations as Dangote, we actually add value. We take local raw materials and turn them into products, and we sell. Everything is here. Everything is in Nigeria”.



In response to the accusations, Dangote suggested that the NNPC could buy out his stake in the refinery.



He also shared recent improvements in the refinery’s output, stating, “When we started, our quality was about 600 to 650 PPM [parts per million]. Today, we are at 87 PPM, and by the beginning of August, we’ll be at 10 PPM. In terms of quality, we are doing very well.”

Author: Oluwatomisin Amokeoja

FORBES AFRICA SOCIAL MEDIA