By Aduragbemi Omiyale

The chief executive of Access Bank Plc, Mr Roosevelt Ogbonna, has underscored the potential for Africa to reframe its narrative, urging countries on the continent to embrace their strengths.

The banker also reinforced the importance of private sector involvement in regional trade, particularly for micro, small, and medium-sized enterprises (MSMEs).

According to him, “Africa’s MSMEs are the backbone of its economy, yet they face a trade finance gap of around $120 billion. Financial institutions must innovate to close this gap and provide the liquidity these businesses need to grow and scale.”

Mr Ogbonna was one of the panellists at the just-concluded Africa CEO Forum held in Abidjan, Cote d’Ivoire.

The event brought together leaders from across the continent to discuss the critical role of private sector-led growth in the development of African trade and market integration under the topic Fast-tracking African Integration: The Private Sector Imperative.

During his presentation, Mr Ogbonna said, “Years ago, if you told someone something was made in China or Taiwan, it was often seen as inferior. Fast forward 30, 40 years, and now Made in China is a symbol of quality, and Made in Taiwan commands respect globally.

“The difference? These countries built a strong domestic market that allowed them to scale, build proficiency, and innovate. Africa is no different.

“We have everything we need, from abundant raw materials and vast natural resources, to a youthful population and fertile land. There is no reason why Africa has not yet transformed itself into the powerhouse we know it can be.

“Africa has what it takes to win, and my charge remains the same as I gave during our inaugural Africa Trade Conference in South Africa: Buy Africa, it’s not inferior!”

Echoing Mr Ogbonna’s sentiment at the gathering were the Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene; and the president of Africa Finance Corporation (AFC), Samaila Zubairu, who highlighted the tangible steps taken to drive integration, such as the introduction of the e-Tariff Book and the AfCFTA Adjustment Fund, as well as the critical need for synergy between public and private investment to address Africa’s infrastructure gaps and finance its development priorities.

The discussion also focused on the barriers preventing the scaling of intra-African trade, notably the lack of adequate logistics and transport infrastructure. The Pan-African Payments and Settlement System (PAPSS) was highlighted as a potential game-changer in unlocking new cross-border trade opportunities by facilitating smoother payments and transactions.

They were all united in their belief that Africa’s transformation hinges on the development of regional value chains, the scaling of intra-African trade, and the need to build both financial and infrastructural capacities that will enable economic integration.

By Modupe Gbadeyanka

A Kano-based company, Mamuda Group Nigeria Limited, is planning to build a factory in Ogun State worth $50 million.

The firm has tentacles in the food, personal care, and agro-processing sectors through its subsidiary, Mamuda Beverages.

Already, the company has acquired an expanse of land for its plant in Ogun State, with the foundation laying scheduled for next month, according to the Governor of Ogun State, Mr Dapo Abiodun, who said this is part of ongo​​ing efforts to make the state a top destination for industrial growth in Nigeria.

“We are pleased that our administration’s commitment to creating a business-friendly environment is attracting major investors,” he stated, noting that, “Our open-door policy and investor support structures continue to set us apart.”

Business Post learned that Mamuda Group chose the South-West state for its new factory because of its strategic location, bordering Lagos and connecting to Ibadan and Benin, making it ideal for regional distribution and production.

The organization currently employs over 13,000 people across sectors such as leather exports, agro-sack production, confectionery, soft drinks, and personal care.

With this new development in Ogun State, the company plans to begin with 1,500 employees, growing to 3,000 as operations expand, aligning with the state government’s goal of creating quality jobs and strengthening the state’s manufacturing base.

Governor Abiodun said to further support growth, his administration has developed key infrastructure like Nigeria’s best-equipped airport and a licensed dry port linked to the rail line.

According to him, these facilities will streamline importation and logistics, cutting delays and costs, noting that with tools like the Business Environment Council, the state government is not only attracting investment, but building lasting confidence in Ogun State’s economic future.

By Adedapo Adesanya

Six Nigerian startups have been recognised on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the African continent.

The companies are Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga.

The annual ranking published by the newspaper, produced in partnership with research company, Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023.

The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent.

This is a welcome development compared to 2023 when five startups namely Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the 100-company list.

While Thrive Agric and Zone didn’t make the list; PalmPay, Termii, and Remedial Health have ascended.

This ranking serves as a boost to investors that these companies are on the right part and could help in fundraising and access to new markets.

This also comes at a period where startups on the continent are facing declining funding compounded by global uncertainties including inflation and recession fears.

This silver lining may yet serve as a catalyst to reverse the trend and make Nigeria yet again see boon when it comes to venture funding.

Business Post reports that Nigeria raised $100 million (24 per cent) out of the $460 million through deals of $100K or more (excluding exits) in Africa in the first quarter of 2025, a figure that reflects a 5 per cent dip from Q1 2024’s $486 million.

About the Companies

Moniepoint

The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions.

PalmPay

Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards.

Paga

A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent.

OmniRetail

OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets.

Termii

Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa.

Remedial Health

Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.

In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country.