NAIJAFEED

Monday, March 22, 2021

Nigeria's Burna Boy says Grammy win marks 'big moment' for African music

Modern African music is altering perceptions of the continent as part of a global cultural shift that marks a “big moment”, Nigerian music artist Burna Boy told Reuters after hailing his first Grammy award.

Burna Boy was awarded a Grammy for the Best Global Music Album this month for ‘Twice As Tall’ which was released last year.

He is part of a generation of Nigerian music artists, which include Wizkid and Davido, that has enjoyed global success in recent years as proponents of the Afrobeats sound. The African genre is now almost as likely to be heard in London or Los Angeles as it is in Lagos.

“It’s a big moment and a big time for African music and Africans in general,” said Burna Boy, during an interview at his home in Nigeria’s commercial capital Lagos.

The artist, whose real name is Damini Ogulu, said his award was part of a “domino effect” that gives Africans more control over the way they are perceived through technology, as streaming services take the continent’s arts to a global audience.

“I didn’t even want to be African when I was little,” he said. “I wanted to be anything but who I was, because who we are wasn’t really the cool thing to be,” said the artist, who grew up in southern Nigeria and moved to London as a child before returning to the west African country.

He said his win showed that African music was attracting worldwide respect.

Those sentiments were shared by many at Edge Music Academy, in the Jakande district of Lagos, where students compose music in a studio decked out with microphones, laptops and a keyboard.

“The future is bright,” said student Obi Prince. “The way Afrobeats is represented in the world right now can only be a start for Nigerian artists. We just have to do our thing and bring out ourselves more globally,” he said.

The academy’s chief executive officer, Michael Tijani, said Burna Boy’s win was a “huge deal” for Nigerian music.

“People coming into the industry now have a more concrete belief that you can actually get as far as anybody else in the world can go,” he said.

Reclining in a chair in his home studio, Burna Boy reflected on his success.

“You can’t mention the top five musicians in the world without throwing me or an African in there,” he said, smiling. “Now we’re eye to eye with the people we used to look up to.”

By Alexis Akwagyiram, Angela Ukomadu

Reuters

Friday, March 19, 2021

Nigeria approves funding to overhaul Port Harcourt oil refinery

The Nigerian Government has reportedly approved $1.5bn in funding to repair the Port Harcourt refinery, which was closed two years ago.

Petroleum Minister Timipre Sylva was cited by Agence France-Presse (AFP) as saying that Italian firm Maire Tecnimont has already been selected by the government to undertake the repair work at the Port Harcourt refinery, which has a refining capacity of about 210,000bpd.

Due to the lack of domestic refining capacity, the country relies on imported petroleum products despite being Africa’s top oil producer, reported AFP.

Sylva told reporters: “We are happy to announce that the rehabilitation of productivity refinery will commence in three phases.”

The first phase of the refinery overhaul project is scheduled to complete in 18 months. It aims to bring the refinery’s production to 90% of its nameplate capacity.

The second phase and third phases are expected to be over in 24 months and 44 months, respectively.

Quoting Sylva, Premium Times said that the funding of the refinery repair work will come from sources including the Nigerian National Petroleum (NNPC), Internally Generated Revenue (IGR), budgetary provisions, and Afreximbank.

Sylva noted that the country would implement rehabilitation work on the Kaduna and Warri refineries on or before May 2023.

The Port Harcourt Refinery Complex is owned by Port Harcourt Refinery Company (PHRC), a unit of NNPC.

The Port Harcourt Refining Company operates two refineries. The old refinery with a nameplate capacity of 60,000 barrels per stream day (bpsd) and new refinery with an installed capacity of 150,000 bpsd.

The two refineries bring the Port Harcourt Refinery’s combined crude processing capacity to 210,000bpsd.

Hydrocarbons Technology

Wednesday, March 17, 2021

Inflation hits four-year peak in Nigeria as food prices soar

Nigerian inflation hit a four-year peak in February as food prices jumped more than 20 percent, heaping financial pressure on households already faced with a shrinking labour market and a stagnant economy at a time of mounting insecurity.

Inflation, in double digits since 2016, reached 17.33 percent, driven by the impact of a coronavirus epidemic that has also induced a drop in the price of oil, Nigeria’s main export, and weakened the naira currency.

Tuesday’s inflation reading was the highest since the 17.78 percent touched in February 2017. The economy was in a slump then and is teetering on the brink of recession now, having expanded just 0.11 percent in the fourth quarter.

Food prices, which make up the bulk of the inflation basket, rose 21.79 percent in February, a jump of 1.22 percentage point in January, the National Bureau of Statistics (NBS) said.

In a country plagued by insecurity following a wave of kidnappings of schoolchildren in its increasingly lawless north, there are concerns that the “stagflation” combination of rising unemployment and prices and low growth could trigger significant social unrest.

“Straining households will be compounded by increasing reports of insecurity in some regions, fuelling the risk of broader social discontent,” said Jacques Nel, head of macroeconomic research at NKC African Economics in South Africa.

Staples including bread, cereals, potatoes, fruits and oil drove the increase in the food price index, the NBS said in its report.

Inflation pressures would probably remain high in coming months, Nel predicted, adding that just 30.6 million Nigerians in a population of around 210 million were considered fully employed.

Bismarck Rewane, managing director at Lagos-based Financial Derivatives, said the “stagflation crisis” would take a long time to resolve, with inflation eating up economic gains to the point where any government stimulus might be too weak to generate jobs.

Monetary policy dilemma

President Muhammadu Buhari has made investment in rail and road a focus of his administration’s drive to kick-start growth, but falls in public revenue linked to the lower oil price have checked his ambitions.

Given the low-growth and high-inflation backdrop, few analysts expect the central bank to either raise or lower its base rate of 11.5 percent next Tuesday, when it holds a policy meeting.

“They should be thinking of tightening to encourage savings and investment which could help employment but I think we may have reached the limit of [what can be achieved with changes to] monetary policy,” Rewane said.

Meanwhile, the International Monetary Fund, which said in February that the bank might need to tighten policy if inflation got out of control, has urged it to phase out financing of the government deficit to help check price pressures, and to allow the naira to float more freely.

The central bank has tried to manage pressure on the currency by restricting access to dollars for certain imports to boost local production, and set up multiple currency rates.

Such “subsidised credit” had clearly failed to prevent a rise in near-term inflation, said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered.

Al Jazeera

Nigeria's Plentywaka gets backing from Techstars, plans expansion to Canada

Plentywaka, a Nigerian bus-booking platform, today announced that it has been acceptedinto the Techstars Toronto accelerator program.

It will join nine other startups in the class of 2021 and secure funding from the accelerator as it sets its sights on global expansion.

The Lagos-based company, founded by Onyeka Akumah, Johnny Ena, John Shaibu and Afolabi Oluseyi, operates an 'Uber-for-buses' model connecting commuters with buses via an app.

Plentywaka launched in September 2019, and in the first two months, moved an average of six people daily, according to CEO Akumah. By its sixth month, this number increased to about 1,500 daily, and the company completed more than 100,000 rides within that timeframe.

Then in March 2020, the pandemic-induced lockdown hit businesses across Lagos and other states within Nigeria. Due to the nature of its business, Plentywaka had to make a slight pivot and began transporting essential services across Lagos, especially food items. It also opened a logistics service.

As the lockdown eased across the city and commuting resumed, the company moved 60% capacity while the operational cost remained the same. Although growth was steady and picking up, the company started seeking external investment. It received $300,000 pre-seed from its parent company, EMFATO and other early-stage investors like Microtractionand Niche Capital in August.

Backed with the new funding, Plentywaka has since doubled down on its core offering -- transporting people via buses. The logistics arm that it launched, as well as a car service, have since been shuttered.

Akumah says the focus on a primary offering has paid a dividend. The company has expanded its intrastate services into two other cities in Nigeria including the country's capital city, Abuja and has moved about 300,000 people. Following this announcement though, there are immediate plans to launch an interstate service across different cities in Nigeria.

This service will see Plentywaka partner with some major bus travel companies, which collectively have more than 2000 buses and ply over 100 routes in the country. Plentywaka acts as an aggregator, and commuters can see options of various transport companies, compare fares, and book on its platform.

"Plentywaka is getting to a point where we're now becoming more like an aggregator as we onboard transportation companies on our platform. Interstate travel in Nigeria is data insufficient, and we want to be the first company to solve this." Ena, co-founder and president of Plentywaka, said to TechCrunch.

In addition to this and the new capital from Techstars, Plentywaka is looking to scale its platform across Africa and North America. Akumah says this global expansion plan will start with a city in Canada, most likely Toronto, on or before Q4 2021.

Sunil Sharma, the managing director of Techstars Toronto, confirmed this to TechCrunch. According to Sharma, Techstars is backing the Nigerian mobility startup because it's solving a massive problem in Nigeria that can be likened to urban transportation challenges in other populated cities worldwide.

"We know that Western cities have legacy transportation systems. However, there are many transportation challenges, even in a city like Toronto," he said. "And we think that Plentywaka's technology and approach in improving the lives of citizens and their daily commute needs can be brought over to cities in the West just as they are in Africa."

Plentywaka plans to launch its intracity service first after engaging the country's necessary stakeholders before introducing the intercity model. Sharma thinks that most cities in Canada aren't well serviced by buses, leading to a broken intercity transit infrastructure. Plentywaka's presence will bring the much-needed option the city deserves, he says.

"Cities and towns here should have bus connectivity, but they quite simply don't have it, and my view is that the arrival of Plentywaka will be an immediate option to the status quo. It will also resonate with people as a way to supplement existing transportation options," he said.

Techstars' relationship with Akumah also proved crucial in Plentywaka's acceptance into the accelerator. A second-time Techstars-backed founder, Akumah co-founded Farmcrowdy, a Nigerian digital agriculture platform in 2016. Having gone through the accelerator's Atlanta program four years ago with the agritech startup, Akumah is doing the same with Plentywaka. He doubles as CEO at both companies.

The serial founder said the relationship with Techstars is one reason the company is expanding to Canada instead of neighbouring African countries.

"If the opportunity we have in Toronto right now to expand was similar to what we had in Ghana or South Africa, of course we'll be having those conversations already. But when we have the support system from Techstars, Sunil, and regulators in Toronto without even putting feet on the ground, I mean that makes it exciting for us to expand to Canada," the CEO remarked.

Nigerian or African startups, in general, rarely make their way into Canada. Plentywaka is on the verge of doing so, and it will be looking to close a seed round from investors to carry out these expansion plans and further improve its technology.

By Tage Kene-Okafor

TechCrunch

Monday, March 15, 2021

Nigerian president vows to safeguard school system nationwide

Nigerian President Muhammadu Buhari on Saturday issued a stern warning to "terrorists and bandits" targeting schools, saying the country will not allow the destruction of the school system.

The president gave the warning in a statement released by his spokesperson Garba Shehu in Abuja, reacting to the gunmen attack on the Federal College of Forestry Mechanization in the Afaka area of the northwest state of Kaduna on Thursday night.

The president commended the efforts of the Kaduna state government and the early response of the military which led to the rescue of 180 persons, including 172 students and eight staff members.

He urged that the others declared missing be found and returned safely to their families.

The president also commended efforts and contributions of local intelligence in significantly thwarting the kidnappers, saying a country that has an efficient local intelligence network is a safer country.

"Our military may be efficient and well-armed, but it needs good efforts for the nation's defense and the local population must rise to this challenge of the moment," he said.

A series of gunmen attacks has recently happened in the northern part of the most populous African country, including attacks on schools and kidnapping of students.