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Big news! The Nigerian government has revealed a plan to invest $268 million in agro entrepreneurs and tech innovators in the country. The government through the Bank of Industry (BoI) will disburse $20 million for young innovators. It will also avail N90 billion for small scale agricultural enterprises through the Central Bank of Nigeria.
Next, the African Development Bank (AFDB) is planning to setup fourteen agro processing zones across Africa, with Nigeria as its pilot country. The bank will also partner fintechs to drive financial inclusion across the agro value chain.
See also: The Big 5 Daily: 26th February, 2020
Garment IO, a Software-as-a-service company based in Egypt has secured $450,000 seed funding. The startup will leverage the funding to strengthen their capabilities.
Next, Ivory Coast-based e-commerce platform, Afrikrea has secured $1 million funding. The startup will leverage the funding to scale its team and online mobile marketplace.
Finally, Jumia has released its first post-NYSE IPO performance report. The report highlighted its gross profit, fulfillment expenses and the losses incurred in 2019
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