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As a small business expands, so do its data needs, as it utilizes more computers, files, and software. Finding a dedicated space for this will help streamline information storage, management, and dissemination.

This is where data centers come in. Data centers are onsite and virtual spaces where businesses store, process, and run applications. For SMEs, starting a data center might also mean hiring professionals to manage the complex systems needed to run your IT and security. Smaller businesses that can’t afford to invest in infrastructure can benefit from shared or colocation data centers instead. Colocation data centers can either be run by businesses that pool their resources to run a data center or by professional entities that offer data centers as a service. These are cheaper and more efficient as they are run on a larger scale and managed by experienced IT professionals.

Having an onsite data center in your office or nearby has the advantage of being able to reach them easily, along with having someone who understands the specific needs of a town or community, as opposed to the cloud where the service provider operates from a different culture. Still, cloud-based data centers from hosts like Salesforce, Amazon Web Services, Microsoft Azure, and Google Cloud are cheaper, more efficient, and come with the added benefit of artificial intelligence (AI) and the ability to crunch larger volumes of data. They also provide complementary services like accounting, customer relations management, and limitless storage with enhanced up-to-date security.

Whatever options SMEs choose, they must look out for how these data centers accelerate information flow within the business so that decisions are made faster and in an inclusive manner. In cases where the decision-making rests on management, they need to gather as much information as possible in the shortest amount of time and be able to connect the dots to have a holistic view of the problem.

All this might sound complex, but it is important to not rush the process. Your needs will evolve as your business grows. At first, you may need just your computer, then backup services, and then more as you continue to expand.

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Not only is international trade the backbone of the global economy, but it also has its own distinct history. Here are some fun facts about the history of international trade that are worth reading!

1. Transportation

Prior to the invention of the automobile, the primary modes of transportation were carriages, horses, rail, and ships. However, before the arrival of steam-powered ships, transporting goods across the Atlantic usually took several weeks.

As for truck transportation, in 1896, the first truck, which had a two-cylinder, four-horsepower engine that could only carry up to 3,300 pounds, was invented. The first paved concrete highway was also built in 1909, which meant truck and car speed limits of 7.5 and 20 miles per hour, respectively.

2. Technology

Advancements in the last century have transformed supply chain, logistics, communication technologies, and business operations immensely. Thanks to the advent of the internet, GPS satellites, barcode scanners, and credit cards, companies can now communicate instantly with international clients. In fact,
both companies and consumers alike can send documents with a single click and track shipments from all over the world.

3. Containerization

Containerization was first introduced in the 1950s, representing a significant breakthrough in global trade. Previously, unloading and loading merchandise at commercial ports was a labor-intensive and time-consuming task. Business owners were required to subsidize both the wages of the workers and the mooring of a ship at port. However, containerization has eased the process of loading containers at the production site as opposed to the quayside, aiding in the decongestion of previously crowded ports.

It is also critical that the regulations prohibiting the storage of certain items in these containers be strictly followed. However, another shocking fact about the industry is that usually only 5% of these containers are inspected.

4. Ocean Freight Accounts For 90% Of All Transportation

People have shipped goods across the ocean for many years now. Throughout history, global trade shipping has had a positive impact on many countries' relationships, leaving a global impact on their economic prosperity, social standards, and even political views. And it all began when they started attaching cargo to single logs for trade purposes. Today's container ships, which have come a long way since then, can accommodate the needs of various businesses. For example, some of the largest ships can carry over 20,000 TEUs. As a result, it's no surprise that ocean freight is responsible for 90% of all shipments, fueling the growth of many businesses around the world.

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The international trade industry is a major contributor to the deterioration of climate change. According to the third IMO GHG study, maritime transport emits approximately 940 million tonnes of CO2 per year, accounting for roughly 2.5% of global greenhouse gas emissions.

While this figure may not appear to be much at first glance, it is actually equal to Germany's entire annual emissions. In fact, global shipping is currently the world's sixth-largest emitter of greenhouse gases. The International Maritime Organization (IMO) has thus acknowledged this issue and pledged to cut its emissions by at least half over the next 30 years. While it is certainly a plan, it is not particularly ambitious. The problem is, it has never been clear how to decarbonize global shipping.

And this is not a problem for the future that can be postponed any longer. People are suffering from the pollution of shipping right now, as air pollution from shipping causes roughly 60,000 premature deaths every year. This is most common in developing countries, which are most vulnerable to the effects of climate change.

However, when it comes to shipping, developing countries have some power. As of 2016, developing countries accounted for over 60% of global outbound/exports loaded, roughly 80% of vessel registration, and more than 40% of vessel ownership. Furthermore, 15 of the world’s 20 largest ports are in these countries, many of which have the potential to take advantage of host countries’ abundant renewable energy sources.

To achieve the necessary greenhouse gas reduction, ships must run on new fuels. Producing and supplying zero-emission fuels to a global fleet can thus provide developing countries with a significant opportunity for economic development. Thankfully, there are already a variety of options available. Many shipping companies have seen success using hydrogen or ammonia in combustion engines, primarily for long-distance shipping, and using electric batteries or hydrogen fuel cells for shorter distances.

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Around the world, demand for meat alternatives is rising and will continue to do so as plant-based diets become more accepted, and evidence of the benefits of such diets for individual health, animal welfare, and climate change accumulate. In fact, according to Euromonitor, the global plant-based meat industry is currently worth a huge $20.7 billion and is predicted to be on track to grow to a value of $23.2 billion by 2024.

However, there are still a number of barriers to cross in different global regions before the industry can fully realize its potential. Cultural barriers and communications from meat companies, for example, are hindering the industry’s growth potential.

Veganism and Vegetarianism Grow in Popularity

Veganism and vegetarianism have rapidly grown in popularity around the world in recent years. In the US, for example, around 6% of people now claim they are vegan, representing a 6-fold increase since 2014.

This recent boost in interest in plant-based diets can be attributed to the increasing concern over climate change and the growing evidence that suggests a meat-free diet could reduce a person’s carbon footprint by anything from a conservative 3% up to an impressive 30%. Additionally, information regarding animal welfare as well as the health impact of vegan and vegetarian diets has become much more widely disseminated in recent years, which is also thought to have influenced people’s dietary choices.

Barriers for the Plant-Based Industry to Overcome

Unfortunately, the perception of plant-based meat alternatives is different depending on the global region. In some places, such as in China, plant-based options have a less-appetizing perception in comparison with other regions. Traditionally, non-meat options have been associated with Buddhists, and their taste and texture have been perceived as basic, a view that limits the potential of meat-free food in the country.

In other countries, on the other hand, meat companies are limiting the potential of meatless options. For instance, in the US, meat producers have been lobbying their governments in an attempt to prevent plant-based products from using the term "meat" in order to stymie their advertising.

Overall, while the plant-based meat industry faces significant challenges ahead, it looks as though this will not derail their significant growth trajectory.

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Over the last couple of months, ocean freight has been facing unforeseen port congestion and vessel delays worldwide. Higher rates, tight capacity, lack of containers, accidents, and the deterioration of schedule reliability are some of the major issues the sea freight industry has been experiencing since the outbreak of COVID-19. Moreover, the severe lack of vessels has also been forcing carriers to make blank sailings at a time when these sailings could be generating record revenues from the recovery of the Chinese economy.

Port congestion, along with COVID-19 related workforce constraints, has led to massive delays as a high number of vessels continue to wait at anchorage to berth. The real cost of such congestion for carriers is the loss of revenue from sailings that have to be canceled, but the blanking of sailings also reduces the possibility to reposition empty containers back to China on the backhaul voyages. In response to the persistent strong cargo demand, most carriers have been deploying additional vessels as well, leading to infrastructure challenges in many ports, particularly ones on the West Coast. This area is, in fact, the worst hit as it has been receiving unprecedented volumes of imports.

Due to these bottlenecks with ocean freight, air freight demand has increased significantly across the globe. As a result, ocean carriers are becoming increasingly confident that freight rates will remain high for years and are still chartering ships for lengthy periods at elevated daily hire rates last seen 16 years ago.

Aside from the gigantic increase in basic shipping rates, there is also the emergence of all of these empty container surcharges, chassis deficit surcharges, and fuel surcharges, which will likely rise again now that oil prices are recovering. And in due course, carbon pricing will be included in European-origin shipping rates as well.

Adding to all that, the recent Suez Canal blockade, which involved a container ship called the Ever Given getting stuck and blocking one of the world's busiest trade routes between Asia and Europe, will most definitely cause further congestion and economic fallout, significantly disrupting the global shipping industry.

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If your business, like many others, has taken a hit over the past few months, you are probably looking for quick fixes to help revive it.

On the web, it is easy to get lost in a plethora of expert tips. That’s why we have prepared three fundamental pieces of advice that will help all businesses:

Check In With Your Stakeholders (Customers First!)

The business world will probably never be the same after the COVID-19 pandemic, so try to assess what has changed temporarily, permanently, and fundamentally across all stakeholders. This includes the customers, collaborators, competitors, the overall environment, society, and even politics.

However, thoroughly analyzing your customers should be the first step. What pain points are they experiencing during these times of great uncertainty? How can you evolve your product or service offerings to keep up with their changing wants and needs? How can you make their lives easier when interacting with your business?

Make an effort to ask these questions directly to your customers – either in person, via e-mail, or online using social media. As much as you think you know how they feel about your business and their struggles, you may be surprised by their answers.

Leverage Your Digital Capabilities

The digital economy has grown dramatically as more and more people spend a majority of their time in their homes. Online shopping has become the norm, forcing business owners to ensure that their website, e-commerce functionality, and SEO are all up to scratch.

Thus, now is the perfect time to make any necessary upgrades and improvements to maximize user experience and improve traffic flow. It is crucial to work with a reputable SEO and online marketing agency if your digital marketing skills are lacking.

Strengthen Your Team

Lastly, your team members are your strongest resources right now and could play a significant role in guiding your business to long-term success. Use this opportunity to upskill your employees, educate them on emerging trends, and teach them how to use certain tools that will further boost their confidence and productivity.

Most importantly, try to make yourself available to all your employees. Be empathetic, and you will discover just how much of a difference this shift in mentality can make on employee satisfaction and retention. If you are there for your employees today, they will be there for you and your business tomorrow.

Nobody knows what challenges or opportunities 2021 and the coming years will bring. The good news is that if you keep these tips in mind, you will be prepared to rise to the occasion and overcome any obstacles.

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Agricultural subsidies are government incentive payments to farmers and agriculture organizations to supplement their income, manage the supply of agricultural produce, and influence the cost and supply of such products. They are used to stabilize food prices, guarantee plentiful food production and basic incomes for farmers, and strengthen the agricultural segment of the national economy.

A recent report by the Organisation for Economic Co-operation and Development (OECD) revealed that the 54 countries studied provide $708 billion a year in total support to the agricultural sector in the form of aid to producers, consumers, infrastructure investment, research, and development. The total spent by China, the European Union (EU), the US, Japan, Indonesia, Korea, Russia, Philippines, Turkey, and Switzerland accounted for 65% of all agricultural subsidies in 2019.

According to the report, government support to agriculture for all OECD members, the EU, and 12 key emerging economies - Argentina, Brazil, China, Costa Rica, India, Indonesia, Kazakhstan, the Philippines, Russia, South Africa, Ukraine, and Vietnam - showed an estimated annual average of $536 billion in direct support provided to farmers from 2017 to 2019. A large percentage of this support came from policies that kept domestic prices above international levels, which is quite harmful to consumers within the poverty level and increases the income gap between small and large farms.

As developed countries made agricultural subsidies the centerpiece of their economic development and food security strategies, it turned the global food industry into a free-for-all market, at the detriment of the least developed countries (LDCs).

China's wheat and rice, US’s cotton, Canada’s dairy products, Mexico’s tomato, India’s sugar, and some EU countries’ industries have benefited from agricultural subsidies that made them subjects of international trade wars and disputes, as they affect global prices of these commodities, therefore putting LDCs at a disadvantage. Even worse, the Uruguay Round of the WTO passed an agreement which dichotomized agricultural subsidies percentage for developed and developing countries, but developed countries like China and the US usually cross these agreed percentages.

Moreover, sub-Saharan African states, where most fall within the least developed category, have meager budgetary allocations for agricultural subsidies. Moreso, the supply chain has many forward and backward linkages, making them vulnerable within the global food industry.

However, with continental economic policy strategies like the African Continental Free Trade Area (AfCFTA), Africa could become another EU member state, protecting the agricultural sector and becoming a significant determiner in the global food and agriculture industry in the coming years.

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The COVID-19 pandemic has changed the priorities of most CEOs, with digitalization becoming significantly more important. If businesses have learned anything over the past couple of months, it's that most of them are not nearly as digital as they could be and need to be.

An area where the lack of digitalization has become painfully evident and damaging is supply chains. Especially at the beginning of the pandemic, international supply chains experienced significant disruptions and massive delays. Part of that was inevitable as nobody could have foreseen a global pandemic. But digital technologies could have helped mitigate some of the effects.

Supply chains are complex, especially international ones. With different legal systems, languages, and cultures involved, shipping goods around the world quickly becomes expensive, slow, and bureaucratic. It is not only the legal requirements that give managers headaches but also the communication and financial handling of supply chains. However, digital tools can significantly help ease the pain by reducing costs and increasing transparency, speed, and safety.

IoT Connectivity Improves Transparency

For starters, with the Internet of Things (IoT) devices, both the sender and the receiver – and the multiple stakeholders in between – can easily track shipments from start to finish. Moreover, they can also provide information about the shipment itself. For example, a temperature sensor could tell at all times at which temperature meat being sent from one country to another is being stored.

Blockchain for Secure Communication

Blockchain-based platforms such as Export Portal can increase security and improve transparency as well. All data is stored on an immutable blockchain, meaning supply chain managers can share any document confidentially. All kinds of paperwork can be securely stored on the blockchain and shared with other parties, making it much easier and safer to communicate.

Digital Trade Finance

International payments can be hugely complex, especially when several supply chain participants are involved. Everyone wants to make sure they can receive their money and goods without being exposed to counterparty risks. Traditionally, one way to manage that was through trade finance via banks, but this is a very paperwork-heavy process. Fortunately, we have solved this issue at Export Portal with blockchain-based escrow accounts, allowing money to be automatically released as soon as the shipment is confirmed. That way, both the seller and the buyer can have absolute confidence in the transaction process.

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The above are just a few examples of how digital tools will reshape supply chain management over the coming years. We at Export Portal aim to be a frontrunner in digital trade by providing our members a full suite of digital tools to manage their supply chains, reduce risks and costs, and boost efficiency. Come check out our site today to learn more!

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Ghanaian businesses in the international trade industry deal with a myriad of challenges on a regular basis. Some of these hurdles include taxes, language barriers, transportation costs, currency exchange rates, and regulations.

The rules and guidelines governing global trade are numerous and highly complicated, even for the experienced exporter. But perhaps what makes global trade most complex is its ever-changing nature. The demand and supply balance is never constant, and the international market has several moving parts that are always evolving.

Here are three strategies companies in Ghana should adopt to better navigate the trading landscape:

1. Information Accessibility

Businesses in developing countries like Ghana need to improve their access to trading information. They need a complete overview of estimated and actual trade-related expenses across shipments, payments, contracts, and invoices. Moreover, they need to make sure all documents are accurate, comply with business agreements and include shipment changes, order edits, and other necessary documentation.

2. Cash Flow

Effective cash flow management is a must for profitable trading. Ghanaian exporters should meticulously record the flow of letters of credit from the beginning to the end and write down all loans and other financial transactions, irrespective of the amount. Businesses must also be able to regulate resolution flows among various trading partners.

3. Flow of Goods

Lastly, it is also imperative that Ghanian businesses know and manage all details related to the transport of goods, track shipments and other order-related activities, and carry out credit checks of all counterparties involved in contract negotiations, invoicing, and shipment.

A Modern and Comprehensive Solution

All businesses, including those in Ghana, require a comprehensive solution when dealing with the shifting needs of international trade. The ideal solution should be simple yet broad enough to address all the complexities involved with global trade activities. Designing such a solution will not only help save money but minimize wasted time and efforts, enabling you to focus on what really matters for business growth instead.

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In the last ten years, Turkey has been trying to strengthen its economic and political ties with Africa. It has signed bilateral and multilateral trade agreements with more than 40 African countries, has embassies in 39 countries, and has 31 business councils to develop trade relations. Moreover, TİKA (Turkish Cooperation and Coordination Agency), Turkey’s aid agency, operates in many African countries and funds various social and economic development projects. The number of Turkish investors making direct investments in the African countries has thus been increasing as well.

The agreements between Turkey and Africa are focused on achieving these strategic goals:

1. Transferring knowledge and technologies to the African countries while improving production capacities and the productivity of these countries
2. Creating strong social relations through student exchange programs, trade councils, and relations between the universities in Turkey and the African countries
3. Developing strong trade relations from which Turkey and the African countries can both benefit
4. Increasing the investments in the African countries and improving the labor markets
5. Avoiding double taxation
6. Giving the opportunity to the African people to be a part of the modern world

The trade volume between the two countries has reached almost $100 billion in recent years. Since 1972, Turkish companies have completed 1,202 projects in Africa. Egypt, South Africa, Algeria, Tunisia, and Sudan are some of the African countries Turkey has strong relations with. African countries account for nearly 10% of Turkish international trade volumes as well, while the foreign direct investments made by the Turkish investors in Africa are around $55 billion. These statistics indicate that Turkey has created an important trade bridge with the African countries in the last couple of years.

However, although the Turkish government has declared that it is improving relations with Africa, there are political conflicts between Turkey and some African countries that still need to be resolved. Egypt, Sudan, and Libya are three countries that Turkey needs to fix relations with. After the coup in Egypt, the Turkish Diplomacy blamed President Abdel Fattah el-Sisi for breaking the democracy in the country. Thus, Egypt and Turkey did not have direct diplomacy for several years after the coup. Similar issues have occurred between Libya, Sudan, and Turkey as well. Fortunately, President Recep Tayyip Erdoğan has recently declared a new diplomatic policy to fix the relations with these countries. Considering that the Turkish economy has been going through various troubles in recent times, fixing relations with Africa is a must.

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Peace is a natural partner to economic growth, something the Central African sub-region will need to get a grip on as it struggles to lift its population out of poverty. Over the last decade, the region has seen the worsening of old conflicts and the birth of new ones, with many of them crossing over borders and undermining trade.

An issue that is refusing to go away is Boko Haram. On December 24th, 2020, this terrorist organization attacked four islands located on the border between Cameroon and Lake Chad, killing 27 people and kidnapping 12. Terrorist attacks and subsequent military interventions have led to the disruption of economic activities around what should originally be a vibrant and strategic area.

Cameroon, which has struggled to contain Boko Haram since 2014, has also been wrestling with the Anglophone Crisis for over four years now. The civil war began when Ambazonian separatists started to protest for the restoration of independence, and the Cameroonian government used lethal forces in response. This has displaced over 700,000 civilians and forced 63,800 others across the border to Nigeria.

Moreover, cross-border trade with Nigeria is highly important for Cameroon, but most of it happens on roads that are now inaccessible to traders due to the ongoing crisis. Cameroon is also struggling to accommodate refugees from the Central African Republic, which is another perennial conflict. Elections have mostly kept incumbents in power in Cameroon, Gabon, the Republic of the Congo, and the Central African Republic, but things have worsened in Chad with the killing of former President Idriss Deby, who had been in power for 30 years. The region is also rife with foreign influence from France, the European Union (EU), China, the US, and Russia, which all have competing interests in the area.

Some of these foreign countries have partnered with Central African nations to deal with security concerns like Boko Haram and the fight against piracy in the Gulf of Guinea, which has been a bane to international trade. However, there is also always suspicion around foreign influence, which is another thing Central Africa has to watch out for.

Moving forward, Central African countries will have to listen to the concerns of their citizens, especially the young generations who want to be on par with their contemporaries around the world. Only when all the root causes of internal and cross-national conflicts have been addressed will people feel free to move around to boost trade and the economy.

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The commodity market poses a variety of risks, which can all greatly influence trade profits. Thus, it must be monitored and managed at all times. If managed well, the commodity market can allow farm businesses to significantly improve their profits. This is where Commodity Trade and Risk Management (CTRM) software comes in. CTRM systems offer various benefits, from increasing efficiency to improving risk management and data security. Here are some of the main advantages the agriculture industry can enjoy when using modern CTRM:

1. Better cash flow management

With CTRM software, you can analyze payment history and behavior patterns to better estimate payment dates. This allows users to predict projected cash flow based on payment terms and analyze situations based on the dates of each shipment process to evaluate possible scenarios.

2. Real-time insight into information and better risk management

Accessing real-time data from all the supply chain components enables commodity traders to analyze the impact of dynamic market movements quickly. With real-time alerts, traders can receive notifications whenever there is a market shift or when risk limits are breached and can thus take immediate action to address such problems.

3. Enhanced decision making and increased performance and revenues

CTRM software helps business leaders better assess the risks associated with taking certain actions, allowing them to make more informed choices. Indeed, in the agriculture industry, CTRM provides full visibility into positions, exposures, and the overall profitability of trading.

4. Better supply chain management and adherence to compliance

Modern CTRM connects information across your entire value chain, enabling more efficient planning and scheduling while also improving operational awareness. You can track inventory at each location, easily comply with regulations of trade repositories, and take prompt actions based on user-defined alerts.

5. Real-time marketing intelligence

You can also set up notifications to alert you when market shifts occur. Gaining real-time data from weather forecasters such as Accuweather and aWhere or market data from companies like S&P Platts and Refinitiv can allow you to gain a competitive advantage over your competitors.

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It is no longer an exaggeration to say various industries have been transformed by the effects of big data. The supply chain and logistics industry is no exception and has benefited significantly in recent years. In fact, modern-day vendors are utilizing big data solutions to gain more authority across the supply chain. So how exactly is big data transforming both logistics and supply chain management?

Automation of the Supply Chain and Warehouses

Various warehouses and supply chain centers are considering using big data and advanced technologies like the Internet of Things (IoT) and automation to make logistics an entirely automated operation. Currently, some eCommerce facilities are already using automation within their fulfillment centers, using robots to grab products from shelves and having automated drones deliver items to those nearby. Certain transportation companies are conducting test runs of self-driving cars as well, which is a clear indication that the entire supply chain may be fully automated in the near future.

Shipping Sensitive Goods Without Compromising Quality

Many logistics companies struggle with handling and keeping perishable goods fresh. However, IoT technologies and big data may help managers and delivery drivers reduce losses. For example, companies can install temperature sensors inside trucks to monitor the condition of the goods, and provide this data to a central routing computer. The computer can then suggest alternate routes to the driver if the original route may spoil the goods.

Transparent Reliability

Sensors are gaining popularity as well, thanks to their abilities to collect and provide data by detecting physical elements and converting them into a signal. This boosts transparency and allows shippers, carriers, and customers to save time and money. For example, if there is going to be a shipment delay, carriers can know immediately and prevent further bottlenecks. Carrier companies can also utilize this data when negotiating with shippers to demonstrate how frequently they deliver on time.

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One of the most important steps in producing consumer electronic devices is choosing the right factory. While there are various options available, the challenge is finding the best match for your products and designs. Here are five factors to consider to help you find the perfect manufacturer for your company:

1. Product Testing

Product testing is a vital task that must be conducted to ensure all products meet customers’ expectations. It makes sure all designs can pass quality standards at the very least while checking whether or not an electronics manufacturing company has underperformed when examining the product design for any issues or flaws.

2. Design Credentials and Skills

An ideal electronics contract manufacturing company must be able to offer useful feedback and help out with design tweaks and other modifications. The company should also provide a different outlook or perspective to its clients to help improve the quality of the final product and make the designs as effective and efficient as possible.

3. Experience and Longevity

It comes as no surprise that long-running and experienced companies can provide a significant advantage, especially to startups and small and medium-sized enterprises (SMEs). Businesses that already have an established reputation will likely produce high-quality work that will not leave you disappointed. This can also reduce worries about what the end product may be like.

4. Environment-friendly

Because electronic products have a reputation for producing toxic wastes, working with companies that care about the environment can help you build trust and attract more customers. Making a nature-friendly product and paying close attention to proper disposal may also help you portray a better image of your business and the brands you are working with.

5. Industry Standards

Lastly, it is vital that you are constantly meeting all of the changing industry standards. You should also make sure your electronics contract manufacturing company is following all industry standards, along with your business’s standards and quality assurance protocols.

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In order for Africa to overcome economic difficulties and successfully achieve its social and economic goals, African countries must collaborate and form alliances that promote mutual interests. However, the biggest obstacle to collective growth, it seems, is the longstanding failure of African leaders to agree on the free movement of goods, capital, and labor across their borders. While several agreements have been made in the past, there has been no clarity on what the terms really are, leaving them open to interpretation by whoever is responsible for enforcing them at the point of entry.

The pressure from businesses, entrepreneurs seeking opportunities, and Africans who want to explore the continent for knowledge and tourism, has brought the conversation to the fore over the last five years, prompting some countries to slowly lean towards more open borders. According to Visa Openness, only two countries, Seychelles and Benin, currently offer complete visa-free access to all Africans. The other countries are either partially visa-free or offer a visa on arrival. However, it is still worth mentioning that several African countries have made significant progress by offering visas on arrival instead of making visitors go through the long visa process at embassies. Often, these embassies are located in the capital or areas of economic activity, meaning Africans have to fly or drive extra miles.

The issuing of e-visas has helped to liberalize movement in the continent, with Africans now being able to access 50% of Africa. They can get a visa on arrival, use their e-visa, or move around without one, but that still leaves half of the continent requiring a visa even from its most prominent citizens. Movement is more fluid in Africa’s regional economic blocs like ECOWAS, EAC, and SADC, but there is still a long way to go.

The move towards opening up Africa’s borders will open up markets and routes to raw materials. It may even lead to improvements in infrastructure while guiding the flow of knowledge around the continent. If Africa can successfully open up its borders in 2021, it will be the biggest economic stimulus for years to come.

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Before becoming a hub for foreign funders, Nigeria's cashless policy brought commercial banks and startups into the country's fintech industry. Now, there are over 200 Fintech companies in the Nigerian economy, thanks to the influence of the booming youth population, increased smartphone penetration, and CBN's focused regulatory drive to increase financial inclusion and cashless payments.

Nigeria’s fintech companies have raised over $600 million in funding from 2014 to 2019. About 25% of the $491.6 million raised by African tech startups in 2019 and 82.2% of $55.37 million funds raised by startups in Nigeria in Q1 2020 were for Fintech companies.

Fintech in Nigeria covers savings and investments, mobile payment and exchange, cryptocurrency, crowdfunding, agrotechnology, digital health, and online banking. The rise in the Fintech experience in Nigeria shows that the country is gradually embracing digital technology, which offers many advantages to SMEs. Here are some of the benefits in detail:

Access to a Large Market Size

Young Nigerians are internet and tech-savvy, which means 44% of the country’s population want swift business transactions such as seamless payment options. Hence, businesses that embrace fintech to provide seamless payment experiences for their customers will receive more attention from tech-savvy millennials.

Healthy Competition Among Businesses

Contrary to popular belief, fintech is not disrupting banking but is actually creating healthy competition. Fintech apps like Interswitch, Flutterwave, and PayStack are continuing to advance online payments, while mobile money services like Opay, Paga, and bank platforms have collapsed business transactions, making it easier for business owners conversant with these platforms to attract more clients and customers than ones using cash.

Fill in Business and Financial Solution Gaps

Entrepreneurs and SMEs can create business services that are fintech-oriented and solve challenges in the sector. For instance, there are many independent mobile money kiosks in Nigeria, especially in rural areas, rendering payment services to residents for Cable TV subscriptions, electricity bills, withdrawals, and deposits to sports betting. This reduces the burden on Nigerian banks while boosting employment.

Generate More Profit and Save Cost

The Nigerian business environment is moving in a direction where there will eventually be zero need for physical meetings and shops. This is extremely beneficial since the removal of physical shop locations from business plans will increase profit and save overhead costs for entrepreneurs and investors.

Expansion of Business Entities

Nigerian fintech startups have become international business entities, thanks to foreign investors. Other entrepreneurs and SMEs within the country can also attract investors like 54gene and Helium Health if they can offer unique services using tech solutions, which will help them stand out within the sector.

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Blockchain is well-known in the world of cryptocurrencies since it can significantly improve companies’ processes and relationships with suppliers and customers. Here are four advantages of leveraging blockchain technology for digital transactions:

1. Speeds Transaction Flows

Unlike traditional methods, blockchain eliminates the need for documents to go back and forth, signatures, verification, and third-parties such as banks. This critically reduces the time needed to close B2B deals, and tasks like tracing the origin of shipments that usually take multiple days can now be reduced to just a couple of minutes.

2. Transactions are More Secure and Transparent

With blockchain, all transactions are recorded in blocks that can’t be altered or destroyed, making it easier to track and corroborate. Moreover, the transactions can be seen by anyone using the system, which ensures transparency. A set of rules is also in place to regulate the transactions, preventing any issues that may arise when one of the two parties fails at fulfilling the agreement.

3. The Purchase Process can be Automated

As we mentioned before, you can establish a set of rules to automate the purchase process, making it easier to scale your business and lower your operation costs. This is what we call smart contracts.

Thanks to these smart contracts, you can build fully-automated supply chains to process orders 24/7, prevent scams, and verify every transaction in real-time.

4. Improves Efficiency

Duplicated documents and tracing the origin of transactions are some of the most time-consuming tasks that blockchain has eliminated. Because every participant in the transaction has access to the same ledger, there is no need to create multiple versions of a document.

Every move within the supply chain is also stored in the same block as digital information, keeping everyone up-to-date. All of this reduces the time of settlements to minutes, saving hundreds of hours and allowing you to scale your business more efficiently.

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In recent years, technology has started to play a critical role in managing various organizations and businesses. Technologies such as artificial intelligence (AI), big data, and machine learning (ML) are transforming the world, successfully taking on large volumes of data. They are helping companies become smarter and more efficient, with big data being seen as a vital tool for small businesses in particular. This is mainly because of the multiple benefits that this technology offers. So how exactly are small and medium-sized enterprises (SMEs) benefiting from big data?

The Advantages of Using Big Data for SMEs
The first and foremost benefit big data brings to these enterprises is targeting the right customers. It is well-known that SMEs are unable to compete against their “bigger” competitors right off the bat. This is because larger brands have a competitive advantage of being reputed brands. SMEs could lower the gap between them and the industry powerhouses by leveraging the power of big data. By utilizing data sets from their existing customers, they could target the right niche in the market and figure out hidden trends in consumer behavior that may help them predict what they will need to focus on in the future.

Secondly, big data may also help SMEs turn highly-efficient. They could make use of big data analytics in order to review all of their existing processes. It can help them identify the areas that need improvement to remove inefficiencies in their key processes and boost productivity levels.

Companies can also improve their sourcing strategies by reviewing the sourcing processes and the costs of each raw material. Once a cost analysis has been conducted, it could help firms eliminate costly vendors and replace them with new ones, which could save a lot of money and time. Finally, big data can help make sure that SMEs are focusing on customer satisfaction by accurately suggesting products to customers based on their past preferences.

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Back in October 2020, Stripe, an Irish-American financial services company, acquired Paystack, an online payment startup based in Nigeria, signaling big changes underway in Africa.

Paystack lets businesses, organizations, and individuals collect money online and offline, which is not widely available in Africa. Although Stack isn’t offered in any African countries yet, the acquisition will give the company access to over a billion people as Paystack continues to grow in Nigeria, with over 60,000 Nigerian businesses already using its services.

The biggest offering this acquisition will provide is the potential to integrate millions of unbanked people in Africa who prefer to stay away from the complicated processes of some online payment solutions. Thus, utilizing mobile money, a relatively simple technology available to many Africans, is crucial. Paystack operates both online and offline, addressing some of the issues that come with payment solutions, like Internet access. The real genius of what Paystack has done is linking the web and mobile money, standing ready to reap the benefits from its new parent company.

This is a significant boost for African entrepreneurs as well and is also proof that the real solutions to the continent’s problems lie within. Shola Akinlade and Ezra Olubi, Paystack’s founders, have shown that anything is possible in the tech world and have brought together an impressive team of local talent to build the dream. Moreover, for other developers seeking similar solutions, the $200 million worth Stripe is also a reminder that hard work pays off. Stripe has bought itself access to Paystack’s technology and reach, but its biggest prize may be the future of Africa’s tech industry.

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South Africa’s President has announced an R500 billion stimulus package. This stimulus package will provide funds to fight the virus, social protection to vulnerable families, relief for workers and companies affected by the pandemic, and targeted fiscal and financial support measures. R20 billion will be set aside for the health sector, while R50 billion will be distributed as grants for social relief like child and caregiver grants.

The money will be derived from shifting budgetary plans, along with borrowing from local and international institutions. This includes loans from multilateral lenders like the World Bank, International Monetary Fund (IMF), BRICS New Development Bank, and the African Development Bank. Through the African Union, Africa’s leaders have already asked the international community for $100 billion to help the continent fight the virus. The IMF has since granted $500 million of debt-relief funds for some of Africa’s poorest nations, giving hope to the rest.

South Africa will also provide new tax support like:

Increasing the expanded employment tax incentive amount from R500/month to R750/month
A four-month holiday for skills development levy contributions to help assist businesses with cash flow
Postponing payment of excise taxes on tobacco products and alcoholic beverages
Granting additional time for filing and paying carbon tax liabilities
A postponement of planned corporate taxes
Fast-tracking of value-added (VAT) refunds

Companies will also be given access to the government's R200-billion loan guarantee scheme.

"We are resolved not merely to return our economy to where it was before the coronavirus, but to forge a new economy in a new global reality. Our economic strategy going forward will require a new social compact among all role players — business, labour, community and government — to restructure the economy and achieve inclusive growth," President Cyril Ramaphosa stated in an address to the nation.

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Senegal is often described as an open economy since foreign trade accounts for 57.9% of its GDP. However, despite the country’s steady growth in export trade, recent research has revealed how certain hindrances have been holding back industries where the country has a comparative advantage. In return, its trade deficit has worsened over the years, and its exports have grown much slower than global trade and have become increasingly capital-intensive, making it vital for Senegal to explore these sectors. Let’s take a look at what they are:

Fishing
According to Comtrade, in 2018, frozen fish accounted for 6.8% of Senegal’s export. The country has some of the richest fishing grounds in the world. The sector generates many direct jobs and indirect opportunities in processing and distribution. So, to encourage this sector, the government must restrict overfishing and push fish-processing firms to meet European markets' quality and sanitary norms.

Fruits and Vegetables
Senegal has a favorable climate that allows the growing of fruits and vegetables all year round. However, it is important to improve infrastructure and access to land and water to increase output and export volume.

Groundnuts
Also referred to as peanuts, groundnuts are major agricultural commodities grown in Senegal. However, they have been forbidden from foreign markets because of contamination with aflatoxin, which is a cancer-causing mold that grows on peanuts when it is not properly stored, cultivated, and transported under the right climate-controlled conditions. Their failure to meet Europe’s sanitary and phytosanitary standards have further limited their potential. But this problem can still be resolved with investments in storage and transport infrastructure and better technology.

Textile
Senegal has huge potential in the textile industry as well, but the unfavorable business environment and weaknesses in the investment climate continue to hinder its success. Thus, Senegal must improve the business environment, not rely on discretionary tax and customs exemptions, fix its poor infrastructure, and deliver incentives on time.

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Setting foot into Nigeria's export/import market can be quite challenging, especially for beginners. There are certain regulations and rules you must be aware of to avoid future conflicts. Here are some tips to guide you:

Know the Market

The Nigerian market and trade industry mainly depends on importation, which means manufacturers must develop a deep understanding of the market dynamics, rising demands, and customer demographics. They should also seek expert advice to ensure they are properly following all regulations.

Be Aware of Trade Laws and Policies

In 2019, Nigeria decided to close its border because ECOWAS member states were negating the country's trade laws. Thus, manufacturers need to be aware of all regional, domestic, and international trade laws to avoid similar situations.

It is critical to know that Nigeria has stringent restrictive policies on certain imports and exports. Therefore, businesses interested in the Nigerian market must know which items or products are prohibited by the government. Moreover, in 2016, the Central Bank of Nigeria (CBN) imposed foreign exchange (forex) restrictions on 41 items and has even extended this list to include corn and maize last July.

Know the Regulatory Agencies in Charge of Export/Import Activities

Government agencies like Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), the Nigeria Customs Service (NCS), Nigerian Shippers Council (NSC), Nigerian Ports Authority (NPA), Corporate Affairs Commission (CAC), and more are in charge of regulating trade in Nigeria. Thus, to access the import/export market, companies must know each of the agency's functions and make sure they are following all the guidelines.

Bureaucratic and Technical Issues

Companies must also know the bureaucratic, technical, and infrastructure issues that can make or break their businesses. There is a NAFDAC 90-day turnaround for product registration, which may take longer because of bureaucratic bottlenecks. You may need to obtain a SONCAP Certificate (SC) as well, which is a mandatory document used by the Nigerian Customs Services for clearance of goods traveling to Nigeria.

You will need to find a shipping company that will bring in your products as well. Obtain a customs manifest or bill of lading from the NPA or private terminals and make a payment for import or excise duties and customs clearance.

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Egypt has officially joined the green bond market, selling nearly $750 million in green bonds. These green projects include renewable energy projects, EcoMobility, sustainable water, wastewater management, and pollution reduction and control. The projects reflect the country's commitment to the UN's Sustainable Development Goals and passion for sustainability. In fact, the portfolio of eligible green projects is worth $1.9 billion, with 16% being renewable energy, 19% clean transportation, 26% sustainable water and wastewater management, and 39% being pollution reduction and control.

These green bonds are the first bonds to ever be issued by Egypt or any of the Middle East and North Africa (MENA) countries, naturally bringing light to Egypt’s sustainable development while expanding the investor base. They will finance wind energy projects that the Egyptian government is developing with private partners, such as the Emirati investment in the New and Renewable Energy Authority (NREA) for the construction of a 500 MW wind farm. Meanwhile, the government also plans on recruiting Crédit Agricole, CIB, and HSBC Holding as structural advisors, while Citigroup, Crédit Agricole, Deutsche Bank, and HSBC banks will become the co-managers.

The Egyptian government marketed the first $500 million issuances in September. The bond was US dollar-denominated, had a five-year term, and a 5.75% yield. Many have already foreshadowed the market's future, with Zeina Rizk, the executive fixed-income director at Arqaam Capital, stating, "The bonds offer value when compared to the existing secondary Egyptian curve. I think they might tighten as they will attract sustainability-focused investors, but given the recent weakness we have seen in the markets driven by a fear of a second wave and some sort of market indigestion from the large number of new issues, market participants are more selective."

Green bonds have steadily gained traction as an investment instrument and development tool. In 2020, the number of green bonds issued reached $1 trillion, which may double by 2023. The green bond market's growth is driven mainly by countries wishing to change fundamental aspects of their economies, such as energy production, transportation, and waste management. Governments worldwide have also started to act against the rise in climate change, making this market even more popular.

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Zimbabwe has always been a significant player in the tobacco industry. Tobacco is the second-largest Zimbabwean export after gold, making it a crucial export for the nation. In fact, just last year, the country sold over $740 million of tobacco to international buyers.

However, this year, sales were expected to decline due to currency problems. Currency instability has been an issue in Zimbabwe for a while now. The disparity between the official rate and the market rate has always been vast and resulted in many losses for farmers, such as prices for inputs like seeds, fertilizer, and pesticides being priced in US dollars or rated at a higher exchange rate. Thus, for the 2020 sales season, tobacco farmers have lost about ZWL$1.127bn. As a result, the Zimbabwean government introduced the RTGS dollar in hopes of settling the issue. However, this move was met with much disapproval and backlash from its citizens. Moreover, to make matters worse, Zimbabwe's biggest buyers are from Europe and Asia, but the COVID-19 pandemic has made international trading highly difficult, thereby delaying this year’s tobacco marketing season.

Last year, farmers sold over 258 million kg of tobacco from 79,708 ha. This year, even though 81,977 ha had been planted, only 225 million kg of tobacco had been produced. This was mainly because although the hectarage had increased, the number of farmers growing tobacco went down 16% from last year, from 178,721 to 149,502.

However, despite such challenges, tobacco sales were still 40% higher than the previous year. In fact, Zimbabwe has already earned over 221 million USD from April to June 2020. Prices have also been generally reasonable, with the highest recorded contract floor pricing at $6.6 per kg, while the auction floors have recorded $4.99 per kg. The average price for 2020 was also at $2.27 per kg, which is higher than the $1.78 from the 2019 marketing season.

Although the amount of tobacco is less than last year, Zimbabwe will still likely match or exceed last year's sales figures primarily due to better pricing. The pandemic had delayed the auctions, but authorities have found a solution that seems to be working so far.

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In times of uncertainty, it is important to collaborate with an innovative, trustworthy, and informative partner who can advise you accordingly. This is where Export Portal comes in. We have many years of experience in the international trade industry and are keen on supporting our users during these trying times. If your business is struggling to remain afloat, make sure to check out our site. Our experts will work with you to identify a viable solution.

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