Google for Startups Accelerator Africa 2026: A 3-Month Program for MSMEs
Google for Startups Accelerator Africa 2026 is a 3-month program designed to support and accelerate the growth of MSMEs (Micro, Small, and Medium Enterprises) across Africa. This initiative is a testament to Google's commitment to fostering innovation and entrepreneurship in the region. The program aims to provide a comprehensive support system, including mentorship, resources, and networking opportunities, to help startups scale their businesses and reach their full potential.
News
NNPC Shuts State-Owned Refineries After Internal Review Shows 'Monumental Losses'
The Nigerian National Petroleum Company Limited (NNPC) has made a significant decision to halt operations at Nigeria's state-owned oil refineries. This move comes after an internal review revealed that the refineries were incurring substantial financial losses and failing to contribute to the country's value. Group Chief Executive Officer Bashir Bayo Ojulari explained that the decision was made to prevent further waste of resources, as the refineries were operating at only 50-55% capacity despite a steady supply of crude. Rising operating costs and contractor expenses were also cited as factors contributing to the losses.
Health
NSIA and IFC Sign $154.1m Deal to Expand Cancer and Diagnostic Services
The Nigeria Sovereign Investment Authority (NSIA) and the International Finance Corporation (IFC) have entered into a $154.1 million agreement to enhance oncology and diagnostic services across Nigeria. This partnership aims to improve access to specialized healthcare and reduce the country's reliance on medical tourism. The IFC will provide long-term financing to Advanced Medical Services Limited (MedServe), enabling the expansion of cancer treatment, advanced diagnostics, and cardiac care infrastructure in multiple states. The funding will support the development of modern diagnostic centers, radiotherapy facilities, and cardiac catheterization laboratories, significantly enhancing Nigeria's capacity for specialized diagnosis and treatment.
FinTech
Tony Elumelu Fintech Startup Eyes $100M Capital Raise for Pan-African Expansion
A fintech startup linked to Tony Elumelu is planning a substantial fundraising campaign to fuel its growth across Africa. Redtech Ltd., a Nigerian financial technology platform, aims to raise $100 million over the next two years to support its expansion plans and strengthen its presence in the continent's digital finance landscape. The company's leadership, including CEO Emmanuel Ojo, aims to enhance infrastructure, compliance, and product offerings as it scales operations beyond Nigeria. In 2025, Redtech processed an estimated $20.6 billion in transaction volumes, and it targets a rapid increase in annual transactions and processed value as it expands into new markets.
