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Press Release

Nigeria’s third largest digital export startup Niteon shocks the world with double awards in the U.S.

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Niteon team (Image: Supplied)

In a remarkable triumph that places Africa firmly on the global business map, Niteon, a rapidly growing B2B marketplace connecting African manufacturers with international buyers, has secured two prestigious honors at the 2024 Business Concept Awards in the United States. Competing against more than 120,000 companies from across the globe, Niteon emerged as a leading force in the logistics, warehouse, and supply chain sectors, taking home the Excellence Award in Global Commerce and the title of Best B2B African Goods Marketplace.

These accolades underscore the immense impact Niteon is making as it disrupts the traditional flow of global trade, using cutting-edge technology to empower African businesses and connect them with international markets. The awards highlight not only the company’s groundbreaking technology but also its unwavering commitment to bridging the gap between Africa and global commerce, positioning Niteon as the “African Trade Center” for the continent.

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Niteon: Leading Africa’s Digital Export Revolution

Founded by Tony Nwose and Daniel Chukwuemelie, Niteon has been on a meteoric rise since its inception. Leveraging the power of artificial intelligence, the company serves as a B2B marketplace, aggregating verified African manufacturers and connecting them with large-scale buyers across the globe in industries such as fabrics, agriculture, minerals, and even art. What sets Niteon apart from the competition is its robust integration of supply chain management solutions and embedded finance, ensuring that manufacturers can seamlessly deliver their goods to global markets without the typical bottlenecks associated with international trade.

While Niteon’s headquarters is based in the U.S., its heart remains firmly rooted in Africa, where it has become the third-largest digital export startup in Nigeria. This dual positioning has allowed Niteon to become a critical player in reshaping African commerce, especially in its core markets of the U.S. and U.K. But with recent wins at the Business Concept Awards, Niteon’s ambition has grown beyond borders, with its eyes set on expanding further across Asia and global markets.

The Awards: A Recognition of African Excellence in Global Commerce

The Excellence Award in Global Commerce and Best B2B African Goods Marketplace are testaments to Niteon’s relentless drive to elevate African goods to international standards. The awards, presented at one of the most competitive events in the global business landscape, underscore the company’s dedication to innovation, sustainability, and, above all, trust—the cornerstone of any successful B2B platform.

For Niteon, selling trust is not just a business strategy; it is a guiding principle. By verifying every seller and buyer on the platform, Niteon ensures that all transactions are secure, transparent, and seamless—qualities that have won the company accolades and investor confidence from key global players.

“This win is for Africa”

As Tony Nwose, CEO and co-founder of Niteon, expressed in his acceptance speech, “This win isn’t just for Niteon—it’s for Africa. It shows the world that African businesses can compete on the global stage and win. These awards are a tribute to our hard-working team, our dedicated manufacturers, and our trusted buyers. Together, we’re building the future of African trade.” 

These awards, Nwose continued, are also for the countless African manufacturers who, for too long, have been sidelined in the global economy. “Our platform is designed to give them the access they need to succeed,” Nwose added. “We’ve made it our mission to eliminate global hunger by enabling manufacturers to sell more efficiently, making African goods accessible to more markets.”

A Nod to Africa’s Future as a Global Trade Hub

Niteon’s success has drawn inevitable comparisons to Alibaba in Asia and Amazon in North America, as the company is pioneering a new era of digital exports for Africa. Much like Alibaba revolutionized commerce in China, Niteon is aiming to become the go-to platform for Africangoods, creating a digital trade hub that allows manufacturers to connect with the world at the click of a button.

These awards signify that Niteon is more than just a disruptor; it is fast becoming the cornerstone of Africa’s push into global trade. And with support from major investors like TVC Labs, Seedstars, Zenith Bank Plc, and the Development Bank of Nigeria, as well as visionary leaders like Tomi Davis and Akinlolu Akinyele, Niteon’s potential for growth seems limitless. The company’s 310% growth rate over the past year is just the beginning of what promises to be a transformative journey not just for the company, but for the entire African economy.

What This Means for the Nigerian and African Economy

The awards underscore an important message: Africa is rising, and Nigeria is at the forefront of this movement. Niteon’s victory on the global stage sends a powerful signal to other African startups and businesses that they, too, can break into global markets with the right innovation and commitment.

For Nigeria, where Niteon has established itself as a major player in the export space, these awards highlight the country’s growing role as a leader in digital trade. As global commerce increasingly turns toward digital platforms and online marketplaces, Nigeria, through companies like Niteon, is positioning itself to be a key player in the future of international trade.

Moreover, Niteon’s success is a win for African entrepreneurship. By providing a platform that simplifies export logistics and financial transactions, Niteon is enabling more African businesses to reach international markets, contributing to economic growth, job creation, and ultimately, the sustainable development of the continent.

Looking Ahead: An Open Call for Investors

Niteon’s journey is far from over. With its recent accolades bolstering its reputation, the company is poised for even more significant growth. As part of its ongoing expansion, Niteon is in the process of closing its funding round, with $200K still open to partners who share the company’s vision of real change in Africa.

For investors looking to be part of something monumental, Niteon represents a unique opportunity. Not only is it a company with strong financial backing and a proven track record, but it is also a company with a mission—to change the face of African trade and build lasting partnerships that will drive sustainable economic development across the continent.

The Future of Niteon and African Trade

As Niteon continues to scale, the company is committed to further strengthening its platform, expanding its reach, and solidifying its position as the leading digital export platform in Africa. With these recent wins at the Business Concept Awards,Niteon is proving that the future of global commerce is not just shaped in the West or the East—it is being shaped right here in Africa.

And for the Niteon team, this is just the beginning. As they say, Africa to the world—and Niteon is leading the charge.

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Press Release

Pernod Ricard’s CEO for Africa & Middle East Visits Nigeria, Reinforcing Market Commitment

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Pernod Ricard’s Africa and Middle East CEO, Selçuk Tümay (center), with Pernod Ricard Nigeria Management Team, MD, Pernod Ricard Africa and CFO, Pernod Ricard Africa and Middle East, Nevzat Akkız, during the recent visit of Selçuk Tümay to Pernod Ricard Nigeria (Photo: Supplied).

Pernod Ricard, the world’s second-largest wine and spirits company, reaffirmed its dedication to Nigeria’s thriving market through a recent visit by Africa and Middle East CEO, Selcuk Tumay, accompanied by Chief Financial Officer Africa, Nevzat Akkiz, and Managing Director Africa, Sola Oke.

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The visit began with a business review at Pernod Ricard’s Lagos office, assessing regional performance and strategic planning.  A “Meet and Greet” session recognized local employees’ talents, fostering conviviality.

An immersion into Nigeria’s vibrant retail landscape followed with an open market visit to Oke-Arin Market, guiding discussions on adapting marketing strategies. Retail partnerships were reinforced by visits to top stores, enhancing in-store experiences.  At night-time, On-trade visits showcased Pernod Ricard’s premium offerings.  The Key Distributors were not left out during the visits. These visits underscored collaborative relationships for a brighter future.

Selcuk Tumay stated, “Despite Nigeria’s complexities, especially foreign exchange volatility, we are optimistic. Adapting strategies will drive growth, support local partners and deliver exceptional consumer experiences.”

Building on success in Turkey and the Middle East, where innovative marketing and strategic partnerships fuelled double-digit growth, Pernod Ricard applies these learnings to Nigeria.

“We can leverage Turkey’s and the Middle East’s successes and best practices to navigate Nigeria’s challenges and unlock opportunities,” added Selcuk.

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Press Release

AFEX Release 2024 Crop Production Report, Forecasting A Decline In Commodity Production Levels

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L-R: Ify Umunna, Head, Strategy, AFEX, Dr. Audu Grema, Senior Programme Officer, Agriculture, Nigeria, Gates Foundation, Khadija Othman, Lead, Production Pillar, PFSCU, Ade Adefeko, Director, Corporate & Regulatory Affairs, Olam, Esiri Ojo, Senior TA on Coordination and Special Projects, Office of the Statistician General, NBS (Photo: AFEX)

Africa’s leading commodities player, AFEX, launched its 2024 Wet Season Crop Production report at a hybrid event held at their Abuja office on the 31st of October. The report provides key insights into the underlying factors influencing the commodities landscape such as production levels, price performance and market outlook for the coming season. This year marks a significant milestone as AFEX expands its research to include Kenya asides just Nigeria, providing critical intel into the agricultural sectors of both nations across key commodities value chains such as Maize, Paddy rice, Soybean, Sesame, Ginger, Cocoa and Sorghum. The report features data gathered from over 51,000 farmers across Nigeria and key producing counties in Kenya. It provides the agriculture ecosystem and key stakeholders with reliable intel as a guide for policy development and data-driven trading decisions.  

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The Nigeria Report reveals huge agricultural potential for the nation that unfortunately, remains largely untapped by producers struggling to keep up with growing demands. This is owing to factors such as high cost of inputs, lack of financing, growing climate change concerns across dry spells and harsh rainfalls, pest infestation amongst other concerns.  Amidst the general downward trend in commodity production, commodities such as sorghum, ginger, cocoa and sesame, however, present an upward trend primarily due to expanded cultivation and strong recovery and response efforts to last year’s price surges.

On the other hand, the Kenya agricultural sector remains reliant on rainfed farming, with average farm sizes ranging from 0.2 to 3 hectares, this heavily impacts on the production levels falling below potential. Challenges such as inadequate infrastructure, insufficient investment, post-harvest losses, and climate change continue to impede progress in enhancing local production. This decline, coupled with Kenya’s significant reliance on imports, poses a significant threat to national food security, highlighting the need for targeted intervention to enhance local production.

Paddy rice, a key dietary staple in Nigeria is projected to decrease by 2.6%, resulting in a total output of approximately 8.1 million metric tons. This decline is primarily driven by the high cost of fertilizers, leading to reduced yields while prompting many farmers to shift to alternative crops like sesame and sorghum that require less fertilizer and are more cost-effective to cultivate. Additionally, widespread insecurity in major rice-producing states have disrupted farming activities, with severe flooding in several regions further compounding the issue. As a result of these factors, the availability and price of paddy rice is expected to be significantly affected in the coming year, raising concerns about food security and affordability for consumers across the country.

Kenya is also set to see a modest decline in maize production by 1% due to decreased fertilizer usage as input prices increase. Amidst numerous government interventions, the nation is yet to receive yields but maize prices have experienced a 29% decline, primarily driven by sustained imports from neighboring countries, which offset anticipated yield gains. This has led to concerns around even reduced output by local farmers in the coming season. Nigeria on the other hand has similar trends with maize production set to decline by 5.6% attributed to a reduction in cultivated land due to rising costs, limited fertilizer usage, and adverse climatic conditions expected to negatively impact crop yields. Consequently, maize prices are expected to surge significantly during the 2024/2025 season, impacting both farmers and consumers.

Overall, commodity pricing trends in Nigeria and Kenya reveal significant variations both influenced by production challenges and market dynamics. In Nigeria, the report forecasts a notable increase in ginger prices by over 90% due to heightened demand and lingering effects of the fungal attack from last season. Both reports underscore the urgent need for policy development aimed at enhancing agricultural productivity and food security as well as increased investment into agro-processing and infrastructure to mitigate these challenges.

Speaking at the launch event, President/CEO of AFEX Nigeria, Akinyinka Akintunde, stated, “each year, we conduct this extensive survey involving over 40,000 farmers to gain deeper insights into the challenges facing our agricultural sector. The findings of the survey underscore the urgent need for targeted interventions to enhance productivity, particularly in staples like maize and rice. More importantly, the report helps us see the critical areas that need intervention and that is a plus. By addressing critical issues such as access to quality inputs, climate resilience, and market stability, we can significantly improve food security and empower our farmers, ultimately driving economic growth and sustainability in Nigeria.”

The report is now available for download on afex.africa.

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Press Release

ETAP Secures Ghana’s First Insurtech Operational License

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ETAP, an insurtech that creates solutions and incentives to deepen insurance penetration across Africa, has acquired an operational license from the National Insurance Commission (NIC) of Ghana – the first of its kind in Ghana – enabling the startup to process claims, collect premiums and provide other innovative auto insurance products and services to consumers and businesses in the Ghanaian market.

In collaboration with Hollard Insurance Ghana, a leading provider of non-life insurance products, ETAP is poised to transform the insurance landscape in Ghana by introducing fast, fair and rewarding auto insurance for cars, trucks, motorcycles, tricycles and other vehicles. Taking advantage of Hollard’s extensive experience and deep local knowledge of the market, the two companies will join forces as ETAP-Hollard to deliver a range of innovative insurance products and services that leverage cutting-edge technology to deliver seamless user experiences, instant claims processing, and personalized policy management.

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Insurance penetration in Ghana currently stands at approximately 2 percent. However, despite this relatively low penetration rate, Ghana’s insurance market is viewed as having substantial growth potential. Factors such as increasing financial literacy, economic growth and regulatory reforms are expected to drive higher insurance adoption in the coming years. The National Insurance Commission (NIC) of Ghana has also been active in promoting insurance awareness and enforcing regulations aimed at improving the credibility and stability of the insurance sector, which is expected to boost penetration over time.

ETAP’s entry into the Ghanaian market means consumers will now be able to buy insurance in 90 seconds, complete claims in 3 minutes or less and get rewarded for good driving and avoiding accidents via the startup’s game-changing app. Drivers also have flexible coverage options, including daily, weekly, monthly, quarterly and annual plans depending on their needs. Businesses can manage up to 1,000 vehicles in their fleet, enabling them to streamline insurance processes, oversee driver performance rewards and monitor driver behaviour in real-time on one seamless platform. Since launching in 2022, thousands of individuals and businesses have trusted ETAP to manage the insurance of their vehicles.

Ibraheem Babalola, CEO and Founder of ETAP, said, “Ghana represents a key market for us, and this license allows us to bring our innovative mobility insurance solutions to a country where insurance penetration is still low, yet the potential for growth is immense. With this expansion, we are not just launching a product; we are creating new opportunities, fostering financial inclusion, and contributing to the development of a more secure future for Ghanaians.”

​​Commenting on the announcement, Daniel Boi Addo, Managing Director of Hollard Insurance, described the partnership as a significant step forward, underlining its potential to promote sustainable and inclusive growth in the insurance sector. “Receiving the operational license from our regulator is a testament to our commitment to innovation and customer satisfaction. Partnering with ETAP allows us to deliver tailored insurance solutions while rewarding responsible driving. Together, we are building a better future for mobility insurance in Ghana, with endless possibilities for sustainable growth.”

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