Category: Nigeria

Charted: The Global Decline of Fertility Rates


This post is by Carmen Ang from Visual Capitalist


Chart showing the change in global fertility rates since 1951

Charted: The Global Decline of Fertility Rates

Over the last 50 years, fertility rates have dropped drastically around the world. In 1952, the average global family had five children—now, they have less than three.

This graphic by Pablo Alvarez uses tracked fertility rates from Our World in Data to show how rates have evolved (and largely fallen) over the past decades.

What’s The Difference Between Fertility Rates and Birth Rates?

Though both measures relate to population growth, a country’s birth rate and fertility rate are noticeably different:

  • Birth Rate: The total number of births in a year per 1,000 individuals.
  • Fertility Rate: The total number of births in a year per 1,000 women of reproductive age in a population.

As such, the fertility rate is a more specific measure, which as Britannica highlights, “allows for more efficient and beneficial planning and resource allocation.” Not including immigration, a given area needs an overall total fertility rate of 2.1 to keep a stable population.

Global Fertility Rates since 1952

For the last half-century, fertility rates have steadily decreased worldwide. Here’s a look at the average number of children per woman since 1952:

YearAverage # of children per family% change (y-o-y)
19515.0-0.5%
19525.0-1.4%
19534.9-0.7%
19544.9-0.5%
19554.9-0.3%
19564.9-0.1%
19574.90.1%
19584.90.3%
19594.90.4%
19605.00.5%
19615.00.5%
19625.00.4%
19635.00.3%
19645.00.1%
19655.0-0.2%
19665.0 (Read more...)

What are the Most Produced Cash Crops in Africa?


This post is by Dorothy Neufeld from Visual Capitalist


What are the Most Produced Cash Crops in Africa?

Agriculture makes up nearly 20% of Sub-Saharan Africa’s economy—a higher percentage than any other region worldwide.

From Nigeria to the fertile land across the East African Rift Valley, the continent is home to 60% of the world’s uncultivated arable land.

Given the massive role of agriculture across the region, this infographic from Zainab Ayodimeji shows the most produced cash crops in Africa and their share of total global production.

The Top 20 Cash Crops in Africa

Cash crops, such as coffee or rice, are crops that are produced for a salable market.

With data from the Food and Agriculture Organization Corporate Statistical Database (FAOSTAT), here are the most produced cash crops in Africa:

Cash Crop
Tonnes Produced 2019
% of World Production
Cassava192.1M63%
Sugar cane97.3M5%
Maize81.9M7%
Yams72.4M97%
Rice, paddy38.8M5%
Sorghum28.6M49%
Rice, paddy (rice milled equivalent)
25.9M5%
Sweet potatoes27.9M30%
Wheat26.9M4%
Plantains26.7M64%
Potatoes26.5M7%
Fresh vegetables22.0M7%
Oil palm fruit21.9M5%
Tomatoes21.7M12%
Bananas21.5M18%
Groundnuts, with shell16.6M34%
Sugar beet14.3M5%
Onions, dry13.9M14%
Millet13.7M48%
Oranges9.8M12%

Cassava, also referred to as yuca, is the most produced cash crop by a wide margin. With nearly 200 million tonnes of it produced annually, Africa’s production of cassava makes up a majority (63%) of the global total.

While cassavas are not (Read more...)

Klump launches to bring Buy Now Pay Later to Nigeria


This post is by Natasha Lytton from Seedcamp


From left, Olufunbi Falayi, Co-founder and Chief Product Officer, Klump; Celestine Omin, Co-founder and CEO, Klump

Welcome to the Seedcamp Nation Klump, marking our second investment in Africa and businesses out to democratise access to financial services in the continent. With the e-commerce market in Nigeria projected to grow to $311 billion by 2024, we are excited to lead Klumps’ $780k pre-seed round to bring Buy Now Pay Later to Nigeria in a way that enables merchants to thrive while focussing on responsible lending for consumers.

Founded in 2021 by friends Celestine Omin and Olufunbi Falayi, Klump is a Buy Now Pay Later (BNPL) technology company with a mission to enhance the online checkout payment page and in-store sales with innovative and customer-friendly products, starting with their flagship product – Pay with Klump. The founding team has deep experience across the payments sector at the likes of Konga, Andela, Paystack, Amazon Payments (Consumer Payment) and H-E-B (Wallet Payment).

As the adoption of BNPL continues to grow globally, Klump’s vision is to become the preferred alternative online checkout and in-store payment processing company, offering flexible payment solutions to customers and merchants for products and services. With their proprietary credit eligibility and fraud detection engine, Klump is able to make an informed credit decision on a customer in less than 3 minutes, compared to the industry norm in Nigeria which stands at two to three days, with a goal to further reduce the decision time to less than a minute.

Klump (Read more...)

Mobility startup Plentywaka picks up $1.2M seed, acquires Ghana’s Stabus



Lagos and Toronto-based mobility startup Plentywaka has raised a $1.2 million seed round to scale its operations on the back of leaving the Techstars Toronto accelerator program last month. 

Canadian-based VC firm The Xchange led the round, SOSV and Shock Ventures participated, while Techstars Toronto made a follow-on investment. Nigerian firms Argentil Capital Partners and ODBA & Co Ventures took part in the seed round, alongside some angel investors from Canada, other parts of Africa, and the U.S.

In March, when TechCrunch covered Plentywaka, CEO Onyeka Akumah said the two-year-old company eyed both regional and global expansion. There hasn’t been much development on the latter except that the company set up its headquarters in Canada. However, for the former, it’s in the form of an acquisition. The company says it has fully acquired Ghanaian mobility startup Stabus but declined to comment on the acquisition price.

Plentywaka is primarily a bus-booking platform but, per its website, has over 900 vehicles ranging from cars to vans to buses. The company provides intrastate travel (via its Dailywaka offering) and interstate travel (via its Travelwaka offering) for its users via a mobile application. Since going live in September 2019,  Plentywaka says it has acquired over 80,000 users while completing up to half a million rides.

Stabus, on the other hand, commenced operations in Ghana a month after Plentywaka’s launch. Its co-founder and CEO, Isidore Kpotufe, shared that the startup has since moved over 100,000 people within the country’s (Read more...)

Equity Monday: Zoom buys Five9 as Robinhood sets IPO price range



Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here.

It was a big damn morning, so we had to cut some stuff. Here’s what we got into:

  • Stocks and cryptos are off this morning, as inflation and COVID-19 concerns rise.
  • Zoom is buying Five9. The deal is not super expensive, nor is it cheap. But given the huge percentage of Zoom’s market cap that it represents, it’s a serious wager from the video conferencing startup.
  • Carlyle is buying LiveU for around $400 million. TechCrunch broke this news. The deal shows that private equity interest in startups that aren’t unicorns.
  • Robinhood dropped a new SEC filing this morning! That means we have a price range and valuation target to play with. More from TechCrunch on the matter shortly.
  • From India: A huge round for Lenskart, and a big Series A for GlobalBees.
  • And we covered this round from Nigeria. A smaller transaction, but one that could prove to be quite neat, we reckon.

Ok! Chat Wednesday!

Equity drops every Monday at 7:00 a.m. PST, Wednesday, and Friday at 6:00 a.m. PST, so subscribe to us on Apple PodcastsOvercastSpotify and all the casts!

Equity Monday: Jeff’s going to space, and everyone wants a piece of Flipkart



Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines.

This is Equity Monday, our weekly kickoff that tracks the latest private market news, talks about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here.

It’s WWDC week, so expect a deluge of Apple news to overtake your Twitter feed here and there over the next few days. But there’s a lot more going on, so let’s dig in:

Ranked: The World’s Black Billionaires in 2021


This post is by Jenna Ross from Visual Capitalist


Black billionaires

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The World’s Black Billionaires in 2021

Black billionaires make up fewer than 1% of all billionaires worldwide. Who are the select few who made it into the ranks of the world’s richest people?

In this graphic, we used the Forbes real-time billionaire list to highlight the most financially successful Black people, and the source(s) of their wealth.

Black Billionaires, Ranked

The data is as of February 24, 2021, and includes bi/multi racial individuals with Black ancestry. Altogether, there are 15 Black billionaires with a combined wealth of $48.9 billion.

Here is the how the full list breaks down:

RankNameNet WorthCitizenshipSource
1Aliko Dangote$11.5BNigeriaCement, sugar
2Mike Adenuga$6.1BNigeriaTelecom, oil
3Robert F. Smith$5.2BUnited StatesPrivate equity
4Abdulsamad Rabiu$4.8BNigeriaCement, sugar
5David Steward$3.7BUnited StatesIT provider
6Patrice Motsepe$3.1BSouth AfricaMining
7Alexander Karp$3.0BUnited StatesSoftware firm
8Oprah Winfrey$2.6BUnited StatesTV shows
9Michael Jordan$1.6BUnited StatesCharlotte Hornets, endorsements
10 (Read more...)

Nigeria’s IROKO plans to go public on the London Stock Exchange AIM in 2022



IROKO, a Nigerian-based media company, could file to go public in the next 12 months on the London Stock Exchange (LSE) Alternative Investment Market.

Founded by Jason Njoku and Bastian Gotter in 2011, IROKO boasts the largest online catalog of Nollywood film content globally.

According to this report, the media company will raise between $20 million and $30 million, valuing the company at $80 million to $100 million

In October 2019, Njoku hinted that the company was going public either on the London Stock Exchange or a local exchange on the continent. However, the CEO kept mute about the whole process the following year due to how tumultuous it was for the company.

In 2020, the company had plans to increase its average revenue per user (ARPU) in Africa for its video-on-demand service, iROKOtv, from $7-8 to $20-25. Through the first four months of the year, it seemed IROKO was set to achieve that. But amid pandemic-induced lockdown fears, consumer discretionary spending reduced in Nigeria and other African markets. What followed was a 70% drop in subscription numbers, and in May, 28% of the company’s staff went on unpaid leave. But unlike the numbers iROKOtv local markets put up, its international subscribers grew 200% during the lockdown, hitting a $25-30 ARPU range.

However, more bad news came in August when the CEO announced that the company was laying off 150 people. Njoku cited the naira devaluation, regulatory (Read more...)