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🏭 Flour Mills $1bn investment |🛒OmniRetail Buys Traction Apps

🏭 Flour Mills $1bn investment |🛒OmniRetail Buys Traction Apps

Plus:🚙 Yango suspended in Togo

Innovation Village
October 22, 2024

Today’s Menu ☕️

🏭 Flour Mills of Nigeria’s Plans $1 Billion Expansion to Boost Local Growth and Pan-African Ambitions
🚙 Ride-hailing app, Yango, suspended in Togo Over “Illicit Operations” and Safety Concerns
🛜 Nigeria Partners with Ericsson to Accelerate 5G Deployment and Innovation
🛒 Nigerian B2B eCommerce Startup OmniRetail Buys Payment Platform Traction Apps
💰 IZI Secures $221k Grant to Expand Rwanda’s E-Mobility

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🏭 INDUSTRY

Flour Mills of Nigeria’s Plans $1 Billion Expansion to Boost Local Growth and Pan-African Ambitions

John Coumantaros, Chairman, Flour Mills of Nigeria

Flour Mills of Nigeria Plc is embarking on an ambitious plan to invest up to $1 billion over the next four years, reinforcing its commitment to expanding its operations and driving economic growth in Nigeria. This announcement comes at a crucial time, aligning with President Bola Tinubu’s economic reforms, which aim to stabilize the nation’s economy and make it more attractive to investors.

John Coumantaros, the chairman of Flour Mills, has emphasized the company’s dedication to doubling its investments in Nigeria. One of the company’s primary initiatives is to increase its sugar production in Niger State from the current 100,000 tons to over 400,000 tons annually. To achieve this, Flour Mills plans to allocate at least $500 million to expand its sugar operations. This substantial investment will not only boost local sugar production but also significantly reduce the need for imports.........continue reading

🚙 RIDE-HAILING

Ride-hailing app, Yango, suspended in Togo Over “Illicit Operations” and Safety Concerns

Yango, owned by Russian tech giant Yandex, has been suspended in Togo just months after its launch. The Togolese Ministry of Transport announced the suspension, stating that Yango began operations “in violation of all required administrative procedures and authorizations.” This move raises concerns about the company’s compliance with local regulations and its commitment to passenger safety.

The suspension follows reports of security breaches and complaints about Yango’s operational practices. The Ministry of Transport emphasised the need to ensure that all transportation services in Togo operate within the legal framework and prioritise passenger safety.

This is not the first time Yango has faced regulatory hurdles in Africa. In 2023, the company’s services were temporarily suspended in Cameroon for similar reasons – failure to comply with transport regulations. However, Yango was later reauthorised after addressing the concerns raised by Cameroonian authorities..........continue reading

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🛜 WIRELESS TECHNOLOGY

Nigeria Partners with Ericsson to Accelerate 5G Deployment and Innovation

The Nigerian government has partnered with Ericsson, a global leader in 5G technology, to explore and develop the potential of 5G connectivity in the country. This strategic partnership, formalised through a Memorandum of Understanding (MoU) signed during a recent delegation visit to Ericsson’s headquarters in Sweden, aims to leverage the power of 5G to drive innovation, economic growth, and social development in Nigeria.

The delegation, led by Vice President Kashim Shettima, engaged with Ericsson executives to gain insights into the company’s 5G capabilities and explore potential applications for Nigeria’s digital landscape. The MoU, signed by Dr. Bosun Tijani, Minister of Communications, Innovation and Digital Economy, Peter Olusoji Ogundele, Head of Ericsson Nigeria, and Patrick Johansson, Head of Ericsson Middle East and Africa, outlines a framework for collaboration in 5G technology development, deployment, and innovation............continue reading

🛒 ECOMMERCE

Nigerian B2B eCommerce Startup OmniRetail Buys Payment Platform Traction Apps

OmniRetail, a Nigerian B2B eCommerce startup making waves in the fast-moving consumer goods (FMCG) sector, has acquired Traction Apps, a fintech company that provides payment solutions for small businesses. This acquisition, for an undisclosed amount, will boost OmniRetail’s existing payment platform, OmniPay, and further solidify its position as a comprehensive solution provider for retailers and SMEs in Nigeria.

Traction Apps, founded in 2020 by ex-McKinsey consultants Mayowa Alli and Dolapo Adejuyigbe, has rapidly grown to serve over 100,000 merchants across Nigeria. The company offers a suite of tools, including point-of-sale (POS) systems, payment processing, and retail management software, empowering small businesses to digitise their operations and improve efficiency. Notably, in 2023, Traction Apps secured $6 million in seed funding from prominent investors like Ventures Platform, Multiply Partners, and P1 Ventures, demonstrating its potential and attracting attention in the fintech space.........continue reading

💰 FUNDING

IZI Secures $221k Grant to Expand Rwanda’s E-Mobility

IZI, the innovative Africa-focused e-mobility provider, is advancing its mission to electrify Rwanda’s public transport sector. In just four months of operation, IZI has demonstrated significant success with its initial fleet of five electric buses. These buses have traveled over 74,000 electric kilometres, carried more than 250,000 passengers, saved operators 38% in running costs (equating to $34,000 in diesel savings alone), and mitigated over 60 tonnes of CO2 emissions.

IZI’s progress has now been boosted by a RWF 300 million grant (US$221,000) from the Rwanda Green Fund. This funding will facilitate the deployment of five additional electric buses in Kigali, each of which will feature cutting-edge technology. These new buses will include independent intelligent driver’s cabins, air suspension-balanced driver seats, full LCD dashboards, one-step entry, and a flat-floor design for enhanced passenger comfort.......continue reading