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Nigeria

The journey so far: Lexi Novitske, principal investment officer, Singularity Investments

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Alexandra “Lexi” Novitske is the principal investment officer at Singularity Investments, which she launched in 2014 in Nigeria. She oversees the firm’s operations in Africa. Singularity invests in visionary entrepreneurs in technology-enabled, early-stage companies in sub-Saharan Africa.

Tell us about one of the toughest situations you’ve found yourself in, and how you overcame this challenge.

When I first moved to Nigeria I faced tremendous disapproval and biases from family and friends. My parents worried for my safety while my mentors were concerned that my promising career in the investment world would shift into charity work. While these anxieties were driven by genuine care and unawareness about Nigeria, the lack of support behind my decision to dedicate my career to growing African investments made the choice much harder.

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Filling Nigeria’s fintech sector

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The golden coastline of California wasn’t enough to keep Tayo Oviosu from returning to Nigeria to found Paga – a secure payment ­system that has become one of the country’s most widely used platforms. Built on the principle of “appropriate technology” able to operate in any environment and on the most basic mobile phone, Paga addresses an issue that is critical to Africa’s development: the availability of financial services to all. “The opportunity I saw is one that exists across the continent,” says Oviosu. “Traditional banks don’t have the reach to the mass market and so these economies are inevitably cash driven, and it’s difficult to make payments and effect commerce. So if Nigeria is to be the economic juggernaut it really could be, you have to solve payments and make it easy for people to pay or get paid; and it has to be easy for people to access finance.”

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Nigeria to Maintain Crude Output As Opec Extends Crude Cut

Nigeria has tendered request for further exemption from the production cut at the ongoing 172nd meeting of the Organisation of Petroleum Exporting Countries (OPEC) meeting today. Minister of State for Petroleum Resources, Ibe Kachikwu told journalists at the pre-meeting interview that the country is yet to revive its production level, therefore is pushing for extension of the exemption at the meeting.

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17 Years Later, Nigerian Senate Passes Petroleum Industry Bill

The Senate, yesterday, in a historic move, passed the Petroleum Industry Bill, PIB, almost 17 years after the process started. With the passage of the bill, which is tagged, Petroleum Industry Governance Bill, PIGB, a new regulatory agency, known as Nigeria Petroleum Regulatory Commission, NPRC, would take over the functions of Petroleum Inspectorate, PI, the Department of Petroleum Resources , DPR, and the Petroleum Products Pricing Regulatory Agency, PPPRA.

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