Investment Opportunities in Nigeria: The Top 4 sectors
The past year has been one of economic progress for Nigeria, with Africa’s largest economy managing to crawl back into growth territory in the second quarter of 2017. The Nigerian government has realized that they need to make the country as attractive and lucrative as possible for offshore investors to bring their capital, skills and business trade into the country. [bctt tweet=”The need to develop the Nigerian economy offers lucrative potential returns” username=”SheLeadsAfrica”] One way is to provide tax holidays to “pioneer companies,” who are engaged in the production of export goods, establishing new industries, or expanding production in vital sectors of the economy. Pioneer companies that are eligible under the Industrial Development (Income Tax Relief) Act can enjoy an income “tax holiday” for a period of up to five years. In addition, pioneer companies enjoy other benefits such as the exemption from withholding tax on dividends paid out of pioneer profits. Here’s a look at investment opportunities to consider: MANUFACTURING Nigeria’s population is an estimated 186 million people. This population suggests a massive potential workforce as well as a consumer base. For a manufacturer this is an ideal scenario, not only do you have potential customers, but you also have potential employees. The Nigerian government is eager to expand the manufacturing capability in the country, and to that end, they are offering incentives for manufacturers that are able to locally source their raw materials, for example, agro-allied manufacturers processing foodstuffs such as fruit juices and vegetable oils. Any manufacturing industry that provides multiplier effect solutions for the economy is also looked upon favorably. An example of this would be machine tools, flat sheet metal, and spare parts manufacturing. Finally, any investment in research institutes, especially those that focus on adaptive research and commercialization of local inventions, is looked upon favorably by the Nigerian government. [bctt tweet=”An organization that has seen the potential in Nigeria is US-based software trainer @Andela” username=”SheLeadsAfrica”] INFORMATION AND COMMUNICATION TECHNOLOGY SERVICES Nigeria is one of the fastest growing internet users in the world. According to Statista, a global statistics company, there are approximately 76.2 million Nigerian internet users as of 2017. This is an increase of nearly 50 percent from the 2013 figure of 51.8 million. There are millions of Nigerians who are interested in involving themselves in Information Communications and Technology Services (ICTS). This new economy does not require someone to be in a specific location to provide the service needed, rather they can be located anywhere in the world. An organization that has seen the potential in Nigeria is US-based software trainer – Andela. The company offers learning programmes for young adults who are wanting to become computer programmers. [bctt tweet=”Nigeria is one of the fastest growing internet users in the world” username=”SheLeadsAfrica”] The learning programme is a 2-year practical course where the learner interacts with companies around the world and assists them in building programmes, websites, and mobile applications. After the conclusion of the programme, the learner is able to provide remote programming support to companies that they have built a relationship with. By tapping into the underdeveloped skills of the Nigerian youth, there are countless opportunities for new economy companies to develop technology leaders of the future in Nigeria and in the rest of Africa. [bctt tweet=”The Nigerian government has set up incentives to help modernize and mechanize their agricultural industry” username=”SheLeadsAfrica”] AGRICULTURE Nearly one-third of all employed Nigerians find themselves working in the agricultural sector, which is one of the country’s main foreign exchange earners. The Nigerian government has set up incentives to help modernize and mechanize their agricultural industry. Not only will locally grown foodstuffs be promoted on behalf of the investor, business and enabling companies may receive the pioneer company status and qualify for tax incentives. Subsidies on fertilizer and zero import duties on raw materials needed to manufacture livestock feed are some of the other incentives to attract investors to this sector. Another is the release of grants from the Raw Materials Research and Development Council for research and development that leads to the greater domestic use of Nigeria’s raw materials. PRIVATE EDUCATION The need for skilled tradespersons, computer programmers, and agricultural workers will only increase in demand as Nigeria transforms its economy and becomes an international economic power. At present, there is an opportunity for private education to offer specific programmes that are in demand in the country. Nigeria is a country with vast underemployment and by offering distance learning or night schools, there is potential for strong investment returns in for-profit education. As an example, one can look at the success of Curro in South Africa, which began as a private for-profit primary and secondary schools but now even has a post-secondary offering. If a Nigerian model were created that focused on skills development, the potential returns could be very lucrative. Nigeria is in the fortunate position to offer investment opportunities to both local and international persons and companies. The need to develop the Nigerian economy offers lucrative potential returns for those looking to invest in the above sectors, including manufacturing and private education. These areas are in some ways interconnected, and by increasing the investment and development in one area, there is tremendous potential for spillover into the other, sectors.
7 investments that may make it easier for you to trade across Africa
[bctt tweet=”Africa could be the largest free trade area in the world but there are significant barriers to be removed” via=”no”] Africa could soon be the largest free-trade area in the world. This is if the African Union’s Continental Free Trade Area (CTFA) stays on track to be operational by the end of this year. Once up and running, the continent-wide free trade zone could lead to a 52 percent ($35 billion) increase in intra-African trade within the next 5 years, according to the United Nations Economic Commission for Africa (UNECA). The UNECA’s Stephen Karingi, who heads their Regional Integration and Trade Division, says “boosting intra-African trade is the most effective way to speed up Africa’s economic transformation.” Speaking at the recent Africa Session of the Aid for Trade Global Review 2017, Karingi added that “trade contributes towards industrialization and structural transformation.” Increasing intra-African trade – which reportedly stands at 13 percent – will require the removal of certain barriers in order to improve connectivity, including improvement of custom procedures, reduction of transit and other trade costs, and, importantly, development of reliable transport infrastructure. Here’s a look at some of the inroads that have already been made in the expansion of Africa’s rail, road, and port networks to connect the fragmented African market: The Ethiopia-Djibouti Rail Link This year saw the launch of the first fully electric cross-border railway in Africa. Linking Ethiopia’s capital Addis Ababa with Djibouti City – a stretch of more than 750 kilometres – the new line will incredibly cut travel time between the two countries. Running at 120km per hour, the rail journey, which lasts about three to four days by road, now only takes 12 hours. Each freight train reportedly transports the same cargo as 200 trucks, with the cost reduced by a third. The line, which cost $4.2 billion, is a significant step towards elevating the poor levels of trade between African countries. Ethiopia plans to construct another 5,000 km-long network of rail by 2020, linking to Kenya, Sudan and South Sudan. The Trans-African Highway Envisaged more than 40 years ago by the United Nations Economic Commission for Africa (UNECA), the Trans-African Highway is an ongoing network of highways intended to connect all corners of Africa from north to south, east and west. The ambitious plan, first proposed in 1971, is aimed at boosting internal trade on the continent by building nine roads linking major cities across Africa. Those networks would collectively measure nearly 60,000km. While progress has been slow, the completion of this project will mark a new day for intra-African trade. One of the nine planned roads is already complete – the 4,400km Trans-Sahelian Highway which runs through seven countries, connecting Dakar, Senegal to Ndjamena, Chad. While more than half of the network has been paved, maintenance remains an issue. Conflicts in countries such as the Democratic Republic of Congo, Sierra Leone, Liberia, and Angola have led to both the destruction of some highways and hampering of construction. Doraleh Multipurpose Port Djibouti recently opened its new 690-hectare Doraleh Multipurpose Port after two years of construction. The $590 million project, one of the most advanced ports on the continent in terms of facilities, can handle almost nine million tonnes of cargo per year. Despite its small size, Djibouti is one of the important trading hubs on the continent, thanks to its convenient geographic location of connecting Africa to Asia and Europe by sea. Ports in the tiny East African country of less than a million people receive the bulk of cargo from Asia, followed by Europe, and then Africa. West Africa Regional Rail Integration A group of West African countries and mines have poured significant investment into an ongoing extensive rail project which will boost trade in the region. When completed, the track will be 3,000 km long and connect Niger, Benin, Burkina Faso, Côte d’Ivoire, Ghana, Nigeria and Togo. The network will add newly built tracks to existing ones which will be upgraded. This project will greatly benefit landlocked countries like Niger, which face constant transport problems. The country largely relies on its neighbors’ seaports and road infrastructure to carry its imports and exports. The West African Regional Rail Integration project is a response to the need for better infrastructure and reliable transport to move minerals from one West African country to another, and from the mines to major ports. Bagamoyo Port With its Port of Dar es Salaam, Tanzania is among the major trading hubs in Africa. Now the East African country is aiming to take things up a notch with the development of Bagamoyo Port, which is set to cost $11 billion. While the new Tanzanian government has paused construction to focus on revamping other ports, Bagamoyo is set to be the biggest port in East Africa when completed. It will handle 20 million containers a year, more than double the capacity of the Port of Dar es Salaam. If everything goes as planned, Bagamoyo will boost Tanzania’s reputation as a trading centre for its landlocked neighbors such as Zambia, Rwanda, Malawi, Burundi, Uganda and the Democratic Republic of the Congo. The East African Rail Masterplan Billed as Kenya’s largest infrastructure project since independence, the first section of the $13.8 billion railway officially opened in June 2017, connecting the capital Nairobi with the port city of Mombasa. The train will shorten travel time between the two cities from 12 hours to four, with freight trains set to carry 25 million tonnes a year. The East African Masterplan will eventually extend to Uganda, Rwanda, South Sudan, and Ethiopia – a move that will further strengthen trade relations between the East African neighbors. Sponsored post
Impact investing is on the rise, what do you know about it?
[bctt tweet=”Impact investing fills a vital funding gap at a time when so many people are struggling” username=”SheLeadsAfrica”] First things first, what is impact investing? Impact investing refers to investments in entities and funds with the purpose of generating a determinate, positive social or environmental impact, along with a financial return. Another term for impact investing is “socially responsible investing.” Impact investments can target a range of returns from below-market to market rate, depending upon the circumstances, in both emerging and developed markets. With impact investing on the rise globally, the market provides capital to address the most pressing challenges in sectors such as housing, education, sustainable agriculture, green technology, and healthcare. As such, impact investing counters conventional views that social and environmental issues can only be addressed by philanthropic donations. Impact investing reduces the burden on philanthropists and other not-for-profit entities by stepping in to fill a vital funding gap at a time when so many people are struggling, and the programs meant to support them are more strained than ever. Indeed, the world truly needs impact investments. Impact investing looks at impact, social and investment return. Here, you target an entire system when you look at the social return and convert it into an economic return, education, create jobs, improve health, and take the burden off the government. This kind of investment can save the government more money so that can in turn, be invested into developing other critical infrastructure in the continent. Opportunities abound John Pierpont “J. P.” Morgan was an American Financier and banker who dominated corporate finance and industrial consolidation in late 19th and early 20th Century United States. He, in 2014, along with Monitor Deloitte and the Calvert Foundation, predicted investments to increase from US$60 billion to between US$400 billion and US$1 trillion worldwide in the next five years. Additionally, of this number, 22 percent of global impact enterprises are located in Sub-Saharan Africa, and much of the opportunity lies throughout the continent. No matter where you are in the world, chances are that impact investing is happening all around you. You may not realize it, but a road under construction could have been made possible by impact investments – or a new school, a new water filtration system, a wind farm. The possibilities are endless. But one common thread remains the same: impact investing, at its core, is about the investor’s intention to facilitate a beneficial social or environmental impact that goes beyond the individual. It is not a practice solely for personal gain but rather for the greater good. After all, what again is the definition of an investment in its truest sense? “A devoting, using, or giving of time, talent, emotional energy, as for a purpose or to achieve something.” [bctt tweet=”Chances are that impact investing is happening all around you, here’s how to get into it” username=”SheLeadsAfrica”] Ready to get started in impact investment? Some next steps Marina Leytes is an Impact Consultant. Most recently, she worked with the World Economic Forum’s blended finance and Impact Investing Initiatives; among others. As outlined by Marina, there are at least seven steps that any individual who desires to pursue Impact Investing, should consider. Explore: Discover and build an initial understanding of the principles and practices of impact investing. Reflect: Identify your motivations—why you wish to make impact investments, and how those investments might fit within your broader “portfolio” of impact (philanthropy, work, advocacy, etc). Assess: Determine the specific needs and constraints that govern your asset owning entities and consider how those needs and constraints shape your investment strategies. Strategize: Develop an actionable impact investing strategy, guided by an understanding of your personal motivations and objectives, and the needs and constraints. Invest: Make impact investments! You can make these investments across asset classes, sectors, geographies, impact strategies and return profiles. Measure: Gather and assesses performance and impact data from the existing investments to determine whether the investments are achieving their objectives and meet the requirements of your impact investment strategy. Optimize: Use the data you have gathered and the experiences you have gained through the process of making and monitoring investments to revise and/or expand your impact investment strategy, in order to continually pursue better outcomes with your investments. Finally, these are some Impact Investing Institutions and the areas they operate: Global Impact Investing Network (GIIN): operating in Kenya, Ghana, India, France and the Netherlands. Rockefeller Foundation: operating in Cote d’Ivoire, Ghana and Senegal. Acumen : Accra, USA, Kenya, Pakistan and India.
Webinar with Samke Mhlongo-Ngwenya: Planning your personal finance and investments (Mar 23)
It doesn’t matter if you’re making a little or baller is your middle name, we all have to deal with important money matters such as investments and personal finance. If you’re climbing the corporate ladder, trying to launch your own business, or managing your family independently, join us on Thursday March 23rd as we discuss personal finance and investment options for young women. We’ll be chatting with Samke Mhlongo-Ngwenya, one of South Africa’s most recognized personal finance experts who offers one-on-one personal finance consultations through her company TNC Wealth. Samke obtained her expertise in debt management and wealth creation during her 7-year tenure as a private banker, now she engages in corporate speaking, panel moderation, career management and women’s issues as well. Register below to get the exclusive link to the webinar. Some of the topics we’ll cover: What you need to understand about investments 3 financial questions every woman should ask herself Planning a budget Top 3 things to look out for when selecting an investment advisor Identifying your investment goals (safety, income and growth) Webinar Details: Date: Thursday March 23rd, 2017 Time: 12:00pm Lagos // 1:00pm Johannesburg // 2:00pm Nairobi About Samke Referred to by CNBC Africa as a “personal finance goddess”, Samke Mhlongo-Ngwenya is not just a personal finance expert, but also the youngest board member of State-owned mineral technology research council MINTEK, and founder of The Next Chapter “TNC” (coming soon) – Wealth Partners. Samke is also a personal finance consultant, corporate speaker, thought leader, media commentator, and financial inclusion advocate. Armed with an Accounting degree from the University of Cape Town, a Postgraduate Diploma in Management from Wits Business School, and an MBA from the same college completed with a research report titled “Factors contributing to over-indebtedness in black South African females”, Samke aspires to continue developing content that educates, entertains and empowers her audience.
Twitter Chat with Alina Vinogradova: The importance of programming for African start-ups (Nov. 24th)
African start-ups are coming up across the continent, but the investments and programming needed to ensure their growth aren’t always there. What needs to happen for the number of investments and programming for African start-ups to increase? What should investors and venture capitalists be doing to increase the strength of the African start-up space and what can entrepreneurs themselves be doing to attract the right kinds of investments? Given She Leads Africa’s accelerator program and our recent Demo Day, SLA is working hard to address these questions. Along with our partners from VC4Africa, Work in Progress, and others, SLA is working to ensure African entrepreneurs have the tools & resources they need to reach their goals. Join SLA & Alina Vinogradova of VC4Africa on Nov. 24th, for a discussion on the importance of programming for African start-ups, whether it’s accelerator programs, incubators, pitch competitions or anything else that exposes African start-ups to investors and mentors. In particular, we will focus on why we need more programming focused on African women entrepreneurs and encouraging their growth across the sector. Follow She Leads Africa on twitter and use the hashtag #SLAChats to ask your questions and participate in the discussion. Topics that we’ll cover: The toughest barriers to African entrepreneurs accessing finance, investors & venture capitalists The importance of platforms where female African entrepreneurs have direct access to investors Closing the gender difference in access to finance for African entrepreneurs What African women should keep in mind when seeking out financing for their start-ups Twitter chat details Date: Thursday Nov. 24, 2016 Time: 12pm London // 1pm Lagos // 3pm Nairobi Location: Follow She Leads Africa on twitter and use the hashtag #SLAChats Help us spread the word: [bctt tweet=”Join @SheLeadsAfrica & @VC4A for #SLAChats on Nov. 24 on the importance of programming for African start-ups” via=”no”] About Alina Vinogradova Alina develops and manages startup support programs implemented by VC4A as part of larger donor-funded initiatives, such as Work in Progress! Project or World Bank’s Pan-African Accelerator. She builds out VC4A’s network of strategic partnerships with various African startup ecosystem players and is constantly looking for fit between organizations, their objectives, and the goals of the VC4A community. Alina holds MSc in Business Economics from Baltic State Technical University in St. Petersburg and an MBA from Amsterdam Business School (UvA). Prior to VC4A she spent over 10 years working in various commercial roles in the private sector in both emerging and developed markets, with B2B marketing, sales & business development being her core expertise areas.
Valentine Njoroge: If you have an idea, do something about it
Entrepreneurs are a dime a dozen in this millennial age. Here on the African continent, the main obstacles preventing one from getting their business started is the lack of enough capital and investors ready to believe in your new, cool idea. Valentine Njoroge, a young entrepreneur from Kenya, saw this problem and decided to fix it by starting an online crowdfunding company for African businesses, Mradifund. Her passion about financial inclusions and development, entrepreneurship and impact investments, not only inspired the start of this initiative but also landed her the coveted role as projects director at East Africa’s leading investment firm, Centum Investments Ltd at the tender age of 24. SLA contributor Diana caught up with Valentine and got her to share her tricks and tips to making it in the fast paced financial world and why she is determined to help other young people get their dream off the ground and become a success. When did you first get interested in the investments industry? One of my first internships was at Kenya Women Finance Trust (KWFT), a micro-finance institution focused on funding low income women. The women who got these loans had such incredible stories of transformation. They would start very impressive businesses and see their lives changed because of these loans. This got me really interested in the investments space and I got to discover all sorts of other verticals in the industry. How did the idea of Mradifund come about? Mradifund has been a journey of sorts. One of my senior seminars while I was pursuing my undergraduate degree was all about economic development. I chose to focus my paper on alternative investments in Africa (with a bias on Kenya). While researching for this class, I came across Kickstarter, which was still fairly new at the time. They had applied crowdfunding to social/cultural works of art that the public wanted to see. I thought the same concept could be applied to businesses, so I wrote about Equity Crowdfunding. I envisioned a situation where the general public could fund ‘cool’ companies that were too small to be interesting to the traditional investor. Fast forward a few months, I was working in Private Wealth Management aiding high net worth individuals to allocate their wealth to various investment opportunities. Then, one of my clients asked if there was a way he could invest in African companies. At the time, I said I didn’t know, but kept researching. When I next visited home, I started finding out more about start ups and SME financing. I eventually connected that same client to a startup which he invested in. He later asked me how much I would charge for the connection which triggered the thought that this could be an actual business. I moved back home a few months after that and spent some time fine tuning the ideas from my paper. The experience of actually connecting a business to an investor is what inspired Mradifund today. You currently have various investors from not only Kenya but all over the world. How did you manage to get them on board with your vision for online crowdfunding? I still know all of my investors personally, so I met each of them and explained the concept to get them on board. Most of Mradifund’s investors already have an interest in funding businesses due to a variety of reasons including past experience or passion for SMEs or a certain sector. Investing with other people is valuable to them because it allows them to spread the risk of investing in SMEs over several opportunities by putting less money into each opportunity. The fact that the investment is shared among several people also means that investors can make more investments. Again, this spreads the risk which makes investors happy. (If an investor has KES. 10M, they can invest KES. 1M in 10 companies and the probability of 10 companies failing/losing money is lower than that of 1 company failing). This is what makes them stay. You are also currently the Projects Director at Centum Investments. How do you juggle running your own company, working at such a big corporate company and still get time to live life? Haha, well… I have learned how to use the resources around me to the max! My board at Mradifund, my team at Centum, my friends and family all help me achieve my goals in little ways, even if they don’t realize it sometimes. I kill two birds with one stone on very many occasions, especially in the work/friends’ quadrants. Also, I have had to learn how to be very efficient with prioritizing the urgent and important stuff. I say no to stuff that’s just interesting (but not value adding) or just feels like an obligation when it’s really not. Did you ever see yourself going the entrepreneurial route or did you just chance upon it? I have always kind of had an entrepreneurial spirit in me. I sold everything as a kid and I grew up in a very entrepreneurial family, so maybe in that sense I never had to think about it much. It became clear to me once I was already in it that it was a big passion of mine. I did spend a ton of time dreaming up my career in corporate (it was constantly changing) —wearing suits and carrying a briefcase as a teenager though. What has been the proudest moment of your career? One of the founders of the a business that Centum Foundation supported wrote me an email saying how much impact we had on his company through our mentorship program. He spoke about the knowledge and opportunities it opened up to him, as well as how much more confident it made him. As a result, he was able to partner with a major retailer which turned his business into an overnight success. It was really heartfelt and was very inspiring! As a young woman working in the male-driven field of finance, what
Pensions, Savings, Trusts, Insurance. What is This All About?
With so many investment products on the market, we understand that it can become quite overwhelming and confusing when trying to make the best investment decision for your financial goals. But, fret no more! We’ve produced a pensions, savings, trust, insurance guide that will help you make the In-Telligent Choice and be on your way to financial freedom. Pension A pension scheme is a type of savings plan that helps you save money for later life. It has favourable tax treatment compared to other forms of savings, which is an added advantage. How it Works? You save a little of your income regularly during your working life so you can have an income when you retire or decide to work less (at retireable age). There are several types of pension schemes. Some may be run by your employer, others you can set up by yourself. Saving in to one scheme doesn’t mean you can’t save into another or use other tax-efficient savings plans. When the time comes for you to start enjoying your pension, there will be several options available to you. These may include being able to take a tax-free cash sum and the added security of being able to receive a regular income, now that you are not working full time. Savings Saving is income designed not to be immediately spent. Methods of saving include putting money aside in, for example, a deposit account, a pension account, an investment fund, or as cash. Saving more than just an account, it is also a deliberate act to reduce expenditures in your life. In terms of personal finance, saving generally specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher; in economics more broadly, it refers to any income not used for immediate consumption. To be considered financially secure, an individual or household should save at least six months’ worth of expenses. For example, a household that has N20,000 per month of expenses should have at least N120,000 in savings (N20,000 multiplied by 6 months). To reach this amount, it is recommended that 10- 20% of net income should be saved until the appropriate amount of savings is reached. Trusts A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization. A grantor establishes a trust fund to provide financial security to an individual, most often a child or grandchild, or organizations, such as a charity or other nonprofit organization. A trust fund contains cash, stocks, bonds, property or other types of financial products. The recipient of a trust fund must typically wait until a certain age, or until a specified event occurs, to receive a yearly income from the fund. Prior to this, a single trustee, or a group of trustees, manages the fund in a manner appropriate to the trust fund’s specifications. This usually includes some allowance for living expenses and perhaps educational expenses, such as private school or university. Insurance Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and must involve something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship. The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. For more information about investment products and services, contact United Capital Plc. Web: www.unitedcapitalplcgroup.com Phone: +244-1-280-7596 Email: customerservice@unitedcapitalplcgroup.com Twitter: @UnitedCap Facebook: Facebook.com/UnitedCapitalPlcGroup United Capital Plc is a leading Investment Banking Group providing capital financing solutions to governments, companies and individuals across Africa. We are well positioned to play a strategic role in helping Individuals achieve their strategic objectives through our robust suite of financial and investment service offerings. Sponsored Post
10 Startups Selected For The Inaugural SLA Accelerator
Earlier this year we kicked off the first ever She Leads Africa Accelerator Program. In partnership with the Work in Progress! Alliance (VC4Africa and Oxfam) and Guaranty Trust Bank we set out to create a 3-month accelerator program designed to identify, support and fund the next generation of Nigeria’s brightest female entrepreneurs. The SLA Accelerator received applications from over 120 startups from across Nigeria. The selected entrepreneurs were evaluated based on their traction and progress in the market, management team and vision to grow and scale across Africa. The selected businesses are: Fresh Direct Produce and Agro-Allied Services – An eco-friendly social enterprise that produces premium organic produce through hydroponics and community action. DeliveryBros – Helps you save time and stress through pickup and drops from the market to your house or office. Medsaf.co – Solves the medical industry’s procurement problem, by providing a technology enabled distribution solution resulting in transparency and simplicity. Koko’s Kitchen – An indigenous brand of confectionary dry mixes specially tailored to suit the taste buds and pocketbook of the quintessential person on the go. Bubble Tii – Bringing the Bubble Tea phenomena to Africa. Shuttlers – Enables professionals to access comfortable and efficient transportation to and from work using seat matching technology. Keek’s – Designs tailored weight loss packages for busy women who want a plan that is both effective and simple to implement. Art Splash Studio is a virtual art studio offering a social art experience through our Paint Nite painting classes hosted at different venues in Abuja. Paint, eat, and sip on cocktails while you create. Our instructors will guide you. So bring your friends and let’s have an art party! BathKandy Co. – Creates sumptuous dessert-inspired beauty treats for women who crave the finer things. Independent Personal Assistant (iPA) – Provides strategic virtual assistance to high-level executives across Africa. We take care of the mundane while you focus on what matters. SLA Accelerator participants will spend the next three months working on their business strategy and growth, while networking with investors and potential partners. Experts and program mentors include Chudi Amu, Vice President of Investment at Verod Capital; Shirley Somuah, Investor at Cardinal Stone Partners; Seun Abolaji, Creative Director at Wilson’s Juice Company; and Tunde Kehinde and Ercin Eskin, Cofounders of ACE. The entrepreneurs will have the opportunity to pitch their businesses at an investor Demo Day in October and compete for N2 million investment from She Leads Africa along with other business support services. Congratulations to all of the selected entrepreneurs!