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Africa’s Shared Mobility Market to Double by 2030

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The size of Africa’s shared mobility market is forecast to double by 2030, to reach $8 billion (R147 billion), and create an additional 550 000 income-earning opportunities on the continent.

This is according to a new report from global management consultancy Oliver Wyman, titled ‘Shared Mobility’s Global Impact’, supported by data made available by global e-hailing operator, Bolt.

The study highlights the current and potential economic, social, and environmental impact of the evolving shared mobility sector globally.

According to the report, Africa’s shared mobility sector – which includes services like ride-hailing, scooter or e-bike rentals, and car-sharing – is set to see the second fastest growth after Asia, driven by rapid urbanisation and a rising middle class.

The study highlights the sector’s growing impact on city economies. Currently worth $4.2 billion, the sector is set to be worth $7.8 billion by 2030. That growth will help drive important income opportunities on the continent, the majority of which are within ride-hailing driving, it says.

African e-hailing drivers earn well above wages in comparable jobs in Africa (up to +130% in South Africa and Nigeria), it states.

The study also highlights the sector’s role in supplying affordable and accessible transport, particularly in African countries where car ownership remains inaccessible to many.

“Shared mobility is set to rise from 3% to 7% of global journeys by 2030,” says Dr Andreas Nienhaus, partner, automotive and mobility, climate and sustainability at Oliver Wyman.

“The African market is the most interesting we study. It retains significant challenges, but shared mobility can support ongoing infrastructure development to radically change the journey mix.

“Beyond its economic and social impacts, the report also highlights the key role that shared mobility could play in building a sustainable future, particularly in the urban environments where shared mobility services are most prevalent.”

Over the last few years, ride-hailing services in Africa gained popularity, with more customers ditching their private or public modes of transport due to mobility-sharing advantages such as convenience, reduced travel costs, less traffic congestion and lower emissions.

According to the study, more than nine million people globally are estimated to earn an income from shared mobility services in 2023, and the number is forecast to grow to 16 million by 2030.

Asia (including the Middle East) accounts for 71% of the jobs, while Africa has the strongest growth: jobs are expected to increase by 113% from 2023 to 2030.

Ride-hailing drivers typically earn above the minimum wage in Europe (+37% in Berlin and +91% in Tallinn) and above the wages for jobs with comparable skill levels in Africa (up to +130% in South Africa and Nigeria).

The study further underlines the need for shared mobility to complement continued improvement in transport infrastructure in African cities.

“Some of the improvements recommended include data sharing between operators and authorities, investment in road infrastructure to enable the launch of bike sharing, and the opportunity for shared mobility operators to support vehicle purchasing schemes and electrification of fleets.”


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Fortune Global Shipping Aims to Transform Nigeria’s Business Landscape

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Fortune Global Shipping and Logistics Limited is set to transform the business landscape of the logistics industry through services in oil and gas logistics, project cargo and lots more.

Managing Director and Chief Executive Officer of the company, Dr. Eric Opah, in a statement said the organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.

In the statement tagged, “Plans for 2025: Global Business Expansion, Exciting Benefits for Customers Top the List,” Opah said he remains committed to upholding and promoting global standards and will stop at nothing in providing value added services to support clients and help them thrive this year.

He said: “The organisation is expanding into more regions across the globe with its latest addition of a corporate office in Benin Republic, while the Abuja and Lekki free trade zones which follow soon will be part of asset acquisition to serve the clients better.

“Much more, the number one Africa logistics partner has reiterated the commitment to provide innovative and ‘value-centric’ services in oil and gas logistics, project cargo and lots more.

“We remain committed to upholding and promoting global standards and will stop at nothing in providing value added services to support our clients and help them thrive this year.”


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Investing in Innovation Africa Shifts Focus to Growth-stage Startups in Response to US Aid “stop-work” Directive

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Investing in Innovation Africa (i3), a pan-African initiative for startups building the future of healthcare supply chains, has made a pivotal change to its third cohort selection to prioritize the immediate support for between five and seven growth-stage companies building the future of pharmacy care in Africa.

Funded by the Bill & Melinda Gates Foundation and sponsored by MSD, Cencora, Endless Foundation, HELP Logistics, Sanofi’s Global Health Unit and Chemonics, i3 is dedicated to facilitating the commercialization of promising early- and growth-stage companies.

Selected startups receive introductions to leading potential customers in industry, donor agencies and governments, grant funding, and tailored investment readiness support from leading accelerators Villgro Africa, IMPACT Lab, Startupbootcamp Afritech, and CcHUB.

This comes in response to the United States (US) State Department’s “stop-work” directive for foreign aid issued on January 25, which is anticipated to impact the distribution of essential medicine in Africa’s healthcare supply chains.

The order highlights and intensifies the need for locally-driven, market-creating approaches to health product distribution and service delivery across Africa.

 


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Fidelity Bank to Launch Dedicated SME Hub for Small Businesses and Creative Entrepreneurs

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Fidelity Bank, a leading financial institution, has announced the imminent launch of its dedicated physical facility for Small and Medium-scale Enterprises (SME) and entrepreneurs in the creative sector.

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Mrs. Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc

Known as the Fidelity SME Hub, the multipurpose facility features training halls, meeting rooms, networking spaces, podcast rooms as well as music, photography and content production studios.

“For nearly four decades, Fidelity Bank has been at the forefront of supporting small businesses in achieving their potential and driving the nation’s economy. During this time, we have recognized that SMEs require more than just financial assistance. This realization has led to the implementation of various non-financial initiatives tailored to support this sector.

“The Fidelity SME Hub is our latest non-financial solution for SME growth. The facility is designed to foster innovation, collaboration, and capacity-building -vital elements necessary for strengthening Nigeria’s SME ecosystem and driving economic growth”, commented Dr Nneka Onyeali-Ikpe, Managing Director/Chief Executive Officer, Fidelity Bank Plc in a chat with journalists recently.

Located at the heart of Lagos, the Fidelity SME Hub will provide entrepreneurs with networking and stakeholder engagement initiatives as well as access to industry experts and mentors for hands-on guidance and business advice. A key feature of the facility is the Creativerse, a well-equipped space for entrepreneurs in the creative industry.

The bank has also announced the launch of dedicated courses to be hosted at the SME Hub in areas such as Financial Management & Investment Readiness, Digital Transformation & Technology Adoption, Marketing, Branding, and Business Growth Strategies. Furthermore, a fully-fledged creative academy will be established to cover courses on Music Production, the Business of Music, Website Design & Development, Mobile Videography, Disc Jockey and Photography. To see a comprehensive list of available courses or to apply, please visit https://www.fidelitybank.ng/smehub/.

Explaining further, Onyeali-Ikpe said, “Beyond empowering small businesses, the Fidelity SME Hub will also serve to bolster our non-oil exports drive as we empower SMEs to increase their contribution to Nigeria’s non-oil GDP thus supporting government’s economic diversification drive. Through our investment in Creativerse in particular, we anticipate that content creators will unlock new revenue streams in entertainment, digital media, and arts, an industry already contributing 2.3% to GDP.”

Ranked among the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank serving over 8.5 million customers through its 255 business offices in Nigeria and the United Kingdom, as well as through digital banking channels.

The bank has garnered multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.


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