• Bola Tinubu is set to be inaugurated as Nigeria's President, and the International Monetary Fund (IMF) has urged him to diversify the country's sources of income and reduce reliance on debt.

• The Nigerian digital asset marketplace, Patricia, experienced a security breach last year, resulting in a loss of approximately $2 million. The company temporarily halted withdrawals and faced challenges in resolving the issue.

• Swvl, an Egyptian mobility startup, has faced difficulties since going public. Its market value declined significantly, and it received a delisting warning from Nasdaq. Swvl has implemented cost-cutting measures, including layoffs, and is exploring strategic alternatives.

• The Information and Communication Technology (ICT) sector contributed 17.47% to Nigeria's GDP in Q1 2023. The telecoms sub-sector was a significant driver of growth in the ICT sector.

• The E3 Low Carbon Economy Fund for Africa secured $48.1 million in its first close, supporting startups focused on low-carbon economies. Cleantech startups have collectively raised around $35 million out of the total $1.3 billion raised by African startups this year.

• Notable funding news includes the exclusion of Flutterwave, Chipper, and Andela from the CV VC African unicorn list, the dominance of Nigerian startups in the AWS FinTech Africa Accelerator cohort, and the progress of ConTech Africa in building a no-code tech professional community.

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