In partnership with |  |
| | | | | | Today's Menu ☕️
🍫 Johnvents Group secures $40.5 million from BII to Transform Nigeria's Cocoa Industry
🪙 Nigeria revises digital asset regulations to implement taxes on cryptocurrency transactions
🧬 Meta plans to build world's largest submarine cable, enhancing connectivity between South Africa and global markets
📱 X raises Premium+ subscription price to nearly $50 following launch of xAI's Grok 3 model
🛰️ SpaceX Challenges South Africa's Satellite Licensing Rules |
| |
| | |
| | | | | If you haven't subscribed, join over 7,000 people curious about Innovation, New Products, New Technologies in Africa. | |
| |
| | |
| | | | | 🍫 AGRICULTURE | Johnvents Group secures $40.5 million from BII to Transform Nigeria's Cocoa Industry | | Johnvents Group, a leading Nigerian agribusiness and manufacturing conglomerate, has secured a $40.5 million investment from British International Investment (BII), the UK's development finance institution and impact investor. This landmark partnership is set to propel Premium Cocoa Products Ile-Oluji, one of Johnvents Group's key subsidiaries, to achieve its full production capacity of 30,000 metric tonnes of cocoa per year. | The infusion of $40.5 million will not only modernize processing capabilities at the Premium Cocoa Products Ile-Oluji facility but also support the company's ambitious goal of achieving 100% traceable cocoa—of which at least 90% will be certified—by 2027. This initiative is poised to create a ripple effect of benefits: improved production efficiencies, enhanced export competitiveness, and significant economic empowerment for local cocoa farmers..........…continue reading |
| |
| | |
| | | | | 🪙 DIGITAL ASSETS | Nigeria revises digital asset regulations to implement taxes on cryptocurrency transactions | | Nigeria is in the process of amending its regulations to permit the taxation of cryptocurrency trading and digitized transactions as part of its strategy to enhance national revenue. The Securities and Exchange Commission (SEC) is currently developing new rules aimed at ensuring that all eligible transactions conducted on regulated exchanges are included in the formal tax framework. | In 2021, the Central Bank of Nigeria (CBN) imposed a ban on financial institutions from facilitating cryptocurrency transactions, citing concerns over the lack of transparency associated with digital currencies and their potential use in illegal financial activities. However, this ban was lifted in December 2023, signaling a significant shift in the government's approach to cryptocurrency regulation. | The Nigerian government is intensifying its efforts to regulate and tax cryptocurrency transactions, recognizing the growing importance of digital assets in the country's economy. Despite the previous restrictions, Nigeria has consistently ranked among the top nations in terms of cryptocurrency adoption, with a considerable segment of the population actively engaging in digital asset transactions.......…continue reading |
| |
| | |
| Stay up-to-date with AI | | The Rundown is the most trusted AI newsletter in the world, with 1,000,000+ readers and exclusive interviews with AI leaders like Mark Zuckerberg, Demis Hassibis, Mustafa Suleyman, and more. | Their expert research team spends all day learning what's new in AI and talking with industry experts, then distills the most important developments into one free email every morning. | Plus, complete the quiz after signing up and they'll recommend the best AI tools, guides, and courses – tailored to your needs. | Sign up to start learning. | | | | | 🧬 CONNECTIVITY | Meta plans to build world's largest submarine cable, enhancing connectivity between South Africa and global markets |  | Dozy Mmobuosi |
| Meta has unveiled an ambitious plan to construct the world's largest submarine telecommunications cable, a project that aims to enhance connectivity between South Africa and the global network. This monumental cable, named Project Waterworth, will stretch over 50,000 kilometers (31,000 mile)—surpassing the circumference of the Earth—and will link five continents while employing the most advanced high-capacity technology currently available. | The Project Waterworth cable will connect key regions, including the United States, India, Brazil, South Africa, and others. According to Meta, this initiative is designed to foster greater economic cooperation, promote digital inclusion, and create opportunities for technological advancement in these areas. For instance, in India, where there has already been substantial growth and investment in digital infrastructure, the Waterworth project is expected to accelerate this momentum and support the country's ambitious goals for its digital economy........…continue reading |
| |
| | |
| | | | | 📱SOCIAL MEDIA | X raises Premium+ subscription price to nearly $50 following launch of xAI's Grok 3 model | | Just hours after Elon Musk's artificial intelligence company, xAI, unveiled the latest version of its AI model, Grok 3, the social media platform X has implemented a substantial price increase for its top-tier Premium+ subscription plan. This plan, which grants users access to the newest AI model, has seen its monthly subscription fee rise to nearly $50. | According to the support page detailing X's premium subscription options, the updated monthly price for the Premium+ plan in the United States is now set at $50, while the annual subscription has been adjusted to $350. This marks the second price increase for the Premium+ plan within a few months; in December, the company raised the subscription fee from $16 to $22 per month. Consequently, the new pricing structure means that Premium+ subscribers will be paying more than double their previous rate. | Additionally, xAI has decided to place some features of Grok 3 behind a separate subscription tier known as SuperGrok, which is accessible through the Grok app. As a result, only select features, such as "deep search" and "reasoning," will be available to users on the Premium+ plan........…continue reading |
| |
| | |
| | | | | 🛰️ SATELLITE | SpaceX Challenges South Africa's Satellite Licensing Rules | | SpaceX and the South African government are at a standstill in their negotiations to license Space X's satellite broadband service, Starlink. The main source of conflict is South Africa's statutory requirement that telecommunications companies have at least 30% local ownership by historically under-represented South Africans, a criterion SpaceX has found quite difficult to meet. | By encouraging the economic inclusion of excluded communities, South Africa's Black Empowerment (BEE) laws seek to address historical injustices. In order to be eligible for operating licenses, these rules mandate that foreign corporations give a percentage of their equity to Black-owned enterprises. According to SpaceX, this regulation will make it difficult for the company to enter the South African market. | The alternative concept that SpaceX presented to the Independent Communications Authority of South Africa (ICASA) in writing was called "equity equivalency." Rather than transfer direct stock, this strategy would enable the corporation to support South Africa's socioeconomic development by investing in infrastructure, skills development programs, or other projects in line with the nation's transformation plan........…continue reading |
| |
| | |
| | | | | | OPPORTUNITIES | Applications are now open for the latest edition of the Tony Elumelu Entrepreneurship Programme (TEEP), designed to support startups through comprehensive training, mentorship, and a funding opportunity of US$5,000 Deadline = 1st Mar 2025……..continue reading Global payment card network Visa has announced the opening of applications for the fourth edition of its biannual Africa Fintech Accelerator. Deadline = 15th March 2025…….continue reading
|
| |
| | |
| | Did you enjoy this newsletter? Then why don't you forward the newsletter to at least 5 friends to read and subscribe. We'd love to have them aboard too. | Remember that over 7,000 people receive weekly. You can take advantage of this reach by advertising here. | You can reply to this email and send us your news tips, titbits. | Rowland Osahon
Innovation Village |
|
No comments:
Post a Comment