Here are three big stories from Africa and the global business landscape you (probably) didn’t miss but should keep in mind this week:
Google admits NFTs to play store
Last Wednesday, Google announced the update of its policies to accommodate Non-Fungible Tokens (NFTs) into its Play Store, a move that would see it strike a healthy competition with Apple, which had incorporated NFTs in its store since last year. The new policy is to open new ways to transact blockchain-based digital content within apps and games on Google Play.
“From reimagining traditional games with user-owned content to boosting user loyalty through unique NFT rewards, we’re excited to see creative in-app experiences flourish and help developers expand their businesses,” Google wrote.
According to the tech giant, the new policies were developed in close consultation with app and game developers as it incorporates their feedback on how it could continue to support their businesses.
Nigeria’s food security alert
On Thursday, 13th of July, Nigeria’s President Bola Ahmed Tinubu declared a state of emergency on food security in the West African nation amid soaring inflation rates triggered by the petrol subsidy removal. As the government plans to provide palliatives for poor Nigerians in the coming days, it would also deploy some savings from the fuel subsidy removal into the agricultural sector focusing on revamping it. “With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately N2 trillion in 2023, equivalent to 0.9% of the GDP. These savings are expected to reach over N11 trillion by the end of 2025,” a World Bank report projected.
In a statement, Dele Alake, special adviser to the president on special duties, communications and strategy, noted that the government would deploy concessionary capital/funding to the sector, especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labour, etc.
The government’s decision comes at a time when inflation bites hard as prices of consumer goods balloon.
Standard Bank divest from five African markets
On Friday, 14th of July, Standard Chartered plc had a tentative agreement to sell its subsidiaries in five sub-Saharan African countries – Angola, Cameroon, Gambia and Sierra Leone – to Access Bank, a subsidiary of Access Holdings Nigeria. More so, in Tanzania, the bank would sell its private & business banking business to Access Bank, a subsidiary of Access Holdings.
Standard Chartered plc is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Although the bank is headquartered in the United Kingdom, it does not conduct retail banking in the UK and about 90% of its profits come from Asia, Africa, and the Middle East.
The latest sell-off puts in motion a plan announced in April 2022 to exit seven countries in Africa and the Middle East (AME) to improve profits by focusing on faster-growing markets in the region.
ICYMI: Market roundup
- The NGX All-Share Index dropped by -181.98 (-0.29%) last week, 14th of July, to close at 62,569.73 points.
- The top gainers include NASCO Allied Industries (+10.00%), John Holt (+9.70%), Skyway Aviation Handling Company -SAHCO (+9.67%), The Initiates (+8.93%) and Guinea Insurance (+8.00%). The top decliners were UACN (-10.00%), Regency Alliance Insurance Company (-10.00%), McNichols (-10.00%), Flour Mills Of Nigeria (-10.00%) and Champion Breweries (-10.00%)
- The Nigerian naira started the week at N774.09/ $1 to close the week in a decline at N777.04/ $1.
- Brent crude closed the week at $79.63, while US West Texas Intermediate (WTI) crude closed at $75.42.
- According to data from Coinmarketcap, the global cryptocurrency market cap stood at $1.21 trillion on Sunday, 16th of July, a 0.26% decrease over the last day. Bitcoin rose by 0.15% to trade at $30,283.29, Ethereum rose by 3.42% to trade at $1,931.35, and Binance Coin rose by 4.11% to trade at $$244.36- in the last 7 days.
- Visa launches Africa Fintech Accelerator programme.
- Egyptian fintech startup Exits MENA tops up pre-seed round to $1.25 million.
- Money Africa wins $100,000 at the maiden edition of the NSIA prize for innovation.
