Key Development and Finance Update
Nigeria ranks 114th out of 129 countries on Global Innovation Index
Africa’s largest economy, Nigeria, ranks 114th out of 129 countries on the 2019 Global Innovation Index (GII). This was also the country’s position in 2016 before it slipped to 119th in 2017 and 118th in 2018.
Out of the 26 Sub-Saharan Africa countries on the index, Nigeria ranks 14th. South Africa (63rd), Kenya (77th), Mauritius (82nd), Botswana (93rd) and Rwanda (96th) are the top five innovative African countries.
The 12th edition of the GII was jointly released by the World Intellectual Property Organization, Cornell University and INSEAD. The GII ranks 129 countries based on 80 indicators, including research and development investments, international patents, trademark applications, mobile app creation and high-tech exports.
The GII noted that Nigeria had performed poorly in indicators such as political and operational stability, government effectiveness, ease of resolving insolvency, general infrastructure, high-tech net exports, patents by origin, university/industry research collaboration, domestic credit to the private sector, Wikipedia edits and creative goods export.
According to the report, Switzerland is the world’s most innovative country, followed by Sweden and the United States. The Netherlands, the United Kingdom, Finland, Denmark Singapore, Germany and Israel complete the top 10 innovative countries.
AfDB launches digital platform for Africa Investment Forum
The African Development Bank (AfDB) has unveiled a digital platform, known as The Platform, for the Africa Investment Forum (AIF), which is scheduled to take place in South Africa on November 11-13, 2019.
The Platform can be accessed via platform.africainvestforum.com or by downloading the mobile app on Google Play and App Store. The AIF expects the digital platform to become Africa’s premier digital marketplace and the first resort for accessing an ecosystem of investment stakeholders and service providers, as well as projects.
According to the AfDB, The Platform will provide a live database of private and public-private partnership projects; deal flow analytics and investment support services; non-confidential investment opportunities in Africa; a repository of information on investors and technical assistance providers on the continent.
With The Platform, project sponsors will be able to provide information on their deals to a wide variety of investors at zero cost and investors can also showcase their products and service offerings and express interest in projects.
Launched in May 2018, the AIF provides an open platform to organize efforts among multilateral institutions, governments and the private sector to improve a pipeline of projects capable of transforming the continent.
Google launches motorcycle navigation in Nigeria
Google, at its third annual Google for Nigeria event, announced that it will be introducing a dedicated travel mode to provide directions and navigation for motorcycles in Nigeria, Benin Republic, Ghana, Rwanda, Togo and Uganda.
The Mountain View-headquartered technology company said Nigeria has over 10 million motorcycles. This new feature will be beneficial to the bike-hailing startups across the country, such as Gokada, ORide and Max. The motorbike mode navigation on Google Maps was first announced in Kenya in October 2018.
In partnership with RoadPreppers Technologies Limited, a Lagos-based
startup that runs lara.ng – an AI-bot that provides public transportation direction and fare quotes, Google will also be introducing ‘informal transit’ to Google Maps users in Lagos.
“What we’re really hoping is for people who might be making a trip to an unfamiliar town, maybe a journey they don’t usually take, to be able to discover the information they need to make that journey,” said Jeff Albertson, a Senior Product Manager at Google.
The new feature will provide information on the different routes available, the expected fare, travel time and photos of the bus-stops to help guide commuters.
GE Healthcare, Access Bank to provide equipment financing for healthcare providers
GE Healthcare, a leading medical technology company, and Access Bank have signed a partnership to provide private healthcare providers in Nigeria with sustainable equipment financing of up to $800,000.
Under this partnership, Access Bank will provide loans to eligible healthcare providers, while GE Healthcare will provide technical support. According to a statement released by GE, the scope of the equipment financing covers imaging solutions such as magnetic resonance imaging and computed tomography, ultrasound machines and life care solutions. The eligible private healthcare providers are hospitals, clinics, diagnostic centre and other private practices.
The General Manager for GE Healthcare West, Central and French Sub-Saharan Africa, said: “Our partnership with Access Bank will help lift the financial burden off the healthcare providers. We are committed to investing in public and private partnerships that innovate new delivery models that will improve access to affordable and quality patient outcomes, as we progress towards universal healthcare coverage.”
Earlier this year, Access Bank was recognized as the ‘Outstanding Healthcare SME-Friendly Bank of the Year’ at the Nigerian Healthcare Excellence Award. Herbert Wiwge, CEO of Access Bank, said: “As a financing institution, we are committed to providing financing at both the healthservice-provider level and the healthservice-consumer levels to ensure that the people of Nigeria have all they need to live healthy lives.”