Investors update: Dangote Cement gains N332 billion in one day

Nigeria’s Dangote Cement stock gains N332 billion in one day

Highlights

• Dangote Cement Plc, one of the major cement manufacturers listed on the Nigerian Exchange (NGX), recorded a gain of about N332 billion on Wednesday, November 3rd, 2022. This helped to push the NGX All Share index to close on a positive note.
• Market watchers believe investors are showing positive sentiment on the stock following news that the company increased its sales volume in nine months. 
• The stock closed Wednesday’s trading session at N240.00 per share and N4.089 trillion in market capitalization, from N220.50 and N3.757 trillion the previous day. Hence, the stock gained N332 billion or 8.84%.

Source: Nairametrics

Our Takeaway

Dangote Cement grew its overall volume of cement sales by 6.2% to 20.8 metric tons in the first nine months of 2022, amid growing inflation and a volatile global environment. As revealed in its financial report released this week, the pan-African cement giant has also embraced alternative fuel to cut costs, commissioned its power plant at Okpella, and is progressing well to deploy grinding plants in Ghana and Cote d’Ivoire, which would help to increase the supply of cement across its operational base.

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Luno partners FoodForward SA on bitcoin charity donations

Highlights

• Cryptocurrency platform Luno and food distribution non-profit organization FoodForward SA have partnered up to enable South Africans to make charitable donations using bitcoin.
• According to Andy Du Plessis, the managing director at FoodForward SA, using crypto for donations allows for transparency and ensures that all payments are completely auditable.
• For Luno, Christo de Wit, SA country manager, stated that another benefit is the ability to receive Bitcoin donations almost instantly from anywhere in the world. 

Source: TechCabal

Our Takeaway

The future of cryptocurrency and other digital tokens in Africa looks positive as adoption deepens and use cases multiply. In addition, African governments are starting to warm up to cryptocurrencies. Recently, Africa’s first crypto license was issued in Botswana, news emerged that Nigeria was discussing with Binance and Talent City about a special economic zone for crypto and blockchain businesses in the country, and earlier on, Ethiopia’s Central Bank ‘ordered’ all crypto operators to register with the national cybersecurity agency, a move that indicates acceptance of digital currencies.

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500 Global, GIZ establish bootcamp for accelerators in Africa

Highlights

• Silicon-Valley based VC firm 500 Global and German’s economic development agency Gesellschaft für Internationale Zusammenarbeit (GIZ) will train managers of leading accelerators in Africa over the next two years, to help them establish sustainable business models that commandeer greater influence in their ecosystems.
• The program, dubbed Bootcamp for Accelerator Managers (BAM), will use project-based teaching and real-world scenarios informed by 500 Global’s work running over 80 accelerator programs across the globe, and GIZ’s Make-IT in Africa experience in igniting innovation on the continent.
• Fifteen accelerators from key tech hubs, including Uganda, Egypt, Ghana, South Africa, Senegal, Nigeria, Ivory Coast, Kenya, Rwanda, and Tanzania will participate in the program.

Source: TechCrunch

Our Takeaway

As Africa catches up with the developed world in terms of technological progress, accelerators, incubators, and pitch competitions help to bridge this gap by providing crucial access to capital and mentorship to startups. Accelerators, particularly, provide all-around support to early-stage startups, helping them find product-market fit, funding, and access to investors. But they’re startups too and also face failure due to a couple of challenges including liquidity issues. This underscores the importance of the 500 Global-GIZ program.