By Opeyemi Solaru

Over the past few years, the value of the Naira has decreased significantly. In 2015, the exchange rate was just shy of N200 to $1. The following year the exchange rate dropped to over N300 to $1. Last month, the CBN closed at N411 while the black market dropped a record low at N525.

Many that are not economics experts may wonder why Nigeria has more than one exchange rate — the bank rate, Nafex rate and the black market rate. Nigeria’s economy is heavily dependent on the exportation of crude oil, a whopping 90% of foreign…

By Opeyemi Solaru

Now more than ever, Nigeria is experiencing a “brain drain,” in which highly skilled professionals and students migrate from Nigeria to other countries in the West, such as the United States, the United Kingdom and Canada, for better opportunities. Whether in the health sector, entertainment sector or educational sector, this loss of human capital to other countries certainly has a significant impact on the economy. …

By Opeyemi Solaru

As we are entering the second half of the year, Nigerian business owners are looking at the trends and outcomes of the first half of the year to inform business decisions for the second half of the year. Still bearing in mind the economic implications of the current pandemic, there are many factors to consider in making well-informed business moves.

In the first half of 2021, Nigeria did experience some key challenges that contributed to limited economic growth in the nation. This includes, but is not limited to, the drop in oil prices, unstable foreign exchange environment…

By Opeyemi Solaru

Last week, while addressing the nation about recent insecurity and attacks on government buildings, President Buhari tweeted a threat to secessionists in Southeastern Nigeria. This resulted in a lot of backlash on Twitter and as a result, the tweet was removed from the platform. Twitter released a statement saying that the tweet was removed because it violated the “abusive behavior” policy.

Since the Twitter ban, many Nigerians have resorted to using virtual private network (VPN) as Nigerian telecommunication companies blocked Twitter within hours of the Twitter ban announcement. Whether it be to sell products or to advertise…

By Opeyemi Solaru

Over the past decade, Whatsapp has become a household name, as it revolutionized communication on a global scale. Messages that were once considered costly, can now be sent within seconds at no additional cost. Recently, Whatsapp announced that it would be amending its privacy policy. The new policy mostly affects business accounts, as it will use “business conversations” for advertising purposes. They have assured users that all messages are still end-to-end encrypted and that there is no access to personal messages or location.

Users have been very vocal about their dissatisfaction with this new policy, stating that…

By Opeyemi Solaru

It is no secret that the startup ecosystem in Nigeria has grown rapidly in recent years. Nigeria is at the forefront of the African startup ecosystem, with a population of 200 million — the highest in the continent. According to VC4A, Nigeria can attribute its ranking in the African ecosystem to its high internet penetration rates, high foreign investments and increasing number of innovation hubs that support such work. But one of these reasons stands out amongst the others: “foreign investments.” …

By Opeyemi Solaru

On Friday, April 16, Impact Hub Lagos hosted the New Economy Booster Close-Out Event in Ikoyi, Lagos, Nigeria. It was an opportunity to celebrate the 50 ventures that participated in the program and allow them to showcase the tremendous accomplishments they have achieved over the past 8 months. Not only was it a night of networking, musical performances and celebration, but also an opportunity to focus on entrepreneurship in Nigeria post-COVID and the way forward.

Navigating the New Economy

Keynote speaker, Afiola Etomi, an industry expert, discussed navigating the new economy post-COVID. He was an instrumental part…

By Opeyemi Solaru

Last week, Twitter announced that its first base in Africa would be in Accra, Ghana. Given Nigeria’s significant strides in the tech sector, many were surprised by this news and even thought Nigeria was better suited for the Twitter office. Nigerians took to social media to express their varying opinions on the new office and why it was not put into the country with the largest tech hub in Africa.

During his visit to Africa in 2019, Jack Dorsey stated that Africa presents “huge opportunity” for the tech industry. He visited Nigeria, Ghana and Ethiopia. …

Photo credit: WTO

In February, the world celebrated as we saw the first woman and African become the Director General of the World Trade Organization. The newly appointed Ngozi Okonjo-Iweala has a very prestigious background, with degrees from Harvard and MIT, and 25 years at the World Bank under her belt.

Recent Visit to Nigeria

Last month, Okonjo-Iweala made her official visit to Nigeria during which she met with President Buhari and other members of the government. …

In 2016 Accelerate2030, the world’s largest program for entrepreneurial solutions towards the Sustainable Development Goals (SDGs), was initiated by Impact Hub Geneva together with the global Impact Hub network and the UNDP. Since then, the program has grown to attract over 1600 impact driven entrepreneurs, in over 24 locations across Africa, Asia, Eatern Europe and South America, gaining the support of partners like the Swiss Agency for Development and Cooperation, Pfizer, Mava Foundation, International Trade Center, Boston Consulting Group and more.

This year, Accelerate2030 is launching the 4th edition of the program across 20+ locations, at the SDGs Global Festival…

Impact Hub Lagos

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