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Welcome to another edition of Workshift! The exclusive newsletter for African Leaders, Founders and Managers.
If you missed last week's issue, catch up here
In Today's Email:
- The Dollar Investment Trend Sweeping Africa
- AI Tool Of The Week: theGist: Struggling to manage multiple channels and notifications? theGist is an AI productivity tool that lets you access all of your work apps within a single dashboard
- Partech Africa just closed a $300M+ fund, they're aiming to support over 20 African companies with $1-15 million each. Interested in this funding? See more
- Opportunity Of The Week 💡: Apply for a fully funded business trip to Sweden
THE BIG IDEA
The Dollar Investment Trend Sweeping Africa
In a recent revelation, prominent figures observed a prevailing trend in the African market, indicating a rising inclination towards U.S. dollar-backed stablecoins over Bitcoin (BTC).
A huge contributor to this is that currently, Nigerians have been increasingly turning to dollar-denominated assets as a means to safeguard their investments against the depreciation of the naira.
The growing consensus among investors is that leaving all assets in naira-denominated investments poses significant risks, given the volatility of the currency.
To help you protect your assets, Money Africa revealed five effective ways you can diversify your investment portfolios with dollar-denominated assets:
1. Dollar Mutual Funds: These investment vehicles pool funds from multiple investors to invest in a variety of securities all priced in US dollars. Investing in dollar mutual funds allows you to earn returns in dollars, thereby mitigating the impact of naira devaluation on your investments.
2. Eurobonds: You can opt for Eurobonds, which are issued in international currencies, such as the US dollar. By investing in Eurobonds, you lend money to foreign entities and receive interest payments in dollars.
3. Foreign Stocks and ETFs: Investing in stocks listed on international exchanges, such as the S&P and Nasdaq in the US, provides you with exposure to global markets and the potential for capital appreciation.
4. Fintech Dollar Options: Several fintech platforms offer dollar-saving products that enable you to save and earn interest in dollars. These digital savings platforms provide a convenient way for you to accumulate dollar-denominated assets over time.
5. Cryptocurrency: Africans are increasingly using digital assets to hedge against currency devaluation. Stablecoins offer a reliable means of preserving value in times of economic uncertainty. But given the law passed just yesterday, you may want to disregard this option.
By strategically allocating a portion of your investment portfolios in these assets, you can effectively manage currency risk, preserve your wealth, and capitalize on global opportunities for wealth creation.
If you're interested in diversifying your portfolio with dollar-denominated assets, reach out to sales@themoneyafrica.com to get started today.
Challenge Of The Week 🎯
Maybe you didn't know this already, but over time, our minds tend to subconsciously pay more attention to bad news than good news. Studies show that headlines with bad news get 30% more attention.
It's a natural inclination, so this week, make a conscious effort to focus more on the positive happenings around you. You'll notice a transformative difference in your mindset.
Strengthen Your Company 🏆
Are you yearning for outstanding African talents to join your company, so you can reduce employee turnover and have a stronger, more stable team?
Learn From The Best ✍️
You've probably heard of the popular “Domino's Pizza”, but what you didn't know is the interesting story behind the $15 million business. Have a look at the founder, Tom Monaghian's captivating visual timeline…
Plus, every week, you would see how successful founders attained their heights and you can learn a thing or two from them.
Save the image so you can always glance through it!
Credit: Ambition Chronicles
Feel Safer With Harpie! 🔐
The future of finance shouldn’t feel unsafe, but with billions ($) in crypto stolen every year, it made crypto theft the #1 concern amongst new and experienced users. But, Harpie is on a mission to make your crypto assets more secure.
And best of all? Harpie is free. Yes, free.
Meme Of The Week 😂
How do you explain you'll be gone for a while yet again? 😂
Credit: Engagebay
Where You Should Be 🌍
African leaders are excitedly preparing to attend West Africa's Biggest Tech Exhibition! Happening on the 28th - 29th of February 2024, at the prestigious Eko Hotel and Suites.
This enlightening expo will display the latest innovations and trends across leading sectors like Fintech, Greentech, Adtech, Edtech, Healthtech, Insurtech etc.
For you, the West Africa Tech Exhibition offers valuable networking opportunities, potential partnerships, and recognition through the Gage Awards Ceremony, providing a platform to showcase your technology initiatives and gain insights into market opportunities in the West African tech ecosystem.
Economic Trends For You 📈
AI token trade volume soared after the introduction of OpenAI's Sora, illustrating broader shifts in technology, investor attitudes, and regulatory frameworks that could influence long-term economic and market trends
Also, PwC Nigeria, a leading professional services firm, has released its latest Nigeria Economic Outlook, highlighting the seven key trends that will shape the nation's economic trajectory in 2024
Untapped Global Business Opportunities 🌐
This was the most read content last week, if you missed it: Here's a great post on some of the best opportunities in 2024 worth millions of dollars!
What Do You Think? 🤔
There's small talk on how extroverted individuals are likely to be more recognised in a workplace…
Have you considered an employee to be less hard-working because they were introverted?
Strengthen Your Company 🏆
“CareerBuddy gets it. Hiring isn’t a walk in the park but they make the recruitment process a lot less daunting. From how quickly they are able to source for candidates to ensuring the sourced candidates are of high quality and are a great fit for our company, they're great at what they do'' - Cadana
Investing News & Opportunities 💰
- Partech Africa just closed a $300M+ fund for African startups from seed to Series C. They're expanding to Lagos and aiming to support over 20 African companies with $1-15 million each. Interested in this funding? See more
- Engr. Ayodele Abioye, the Managing Director of BUA Foods Plc has said that the substantial growth in share price, escalating from ₦40 to ₦320, has resulted in remarkable gains for investors
- The European Union is set to invest €37 million in the Nigerian power sector
There’s More To Being A Leader🎖️
- Successful CEOs and founders recently revealed one effective strategy that propelled their businesses forward
- Have a look at the manager's blueprint for digital evolution
- These 12 tips will have investors saying ‘yes’ to meeting you
- AI tool of the week 🤖: theGist: Struggling to manage multiple channels and notifications? theGist is an AI productivity tool that lets you access all of your work apps within a single dashboard, so you can finally experience a unified workspace
- Opportunity of the week 💡: Apply for a fully funded business trip to Sweden
Pro Tip To Take You Through The Week 🌟
The founder of the 1st AI Robotics company has some amazing advice for you
Let’s Talk 🗣️
What’s Happening? 🤷♂️
While you were away at work, these 5 things happened:
- President Tinubu was appointed the African Union Champion for Health
- Kenya exempted Ethiopia, South Africa and 3 others from the $30 eTA fee
- South Africa may offer digital nomad visas after public feedback
- Afridigest released their January 2024 Africa Fintech Market Update report
- Russia is providing African governments with a 'survival package' in exchange for access to vital natural resources
Share With Your Friend 📣
If you know this newsletter can help someone in your network, why don't you go ahead and share?🚀
ABOUT CAREERBUDDY
Hire Smarter, Not Harder
At CareerBuddy, we make hiring seamless for fast-growing companies, we pride ourselves on knowing the best people that will excel in a Startup. With a candidate retention rate of 90.3%, it is safe to say “We are the best in the game for Startup hiring in Africa”.
We have worked with our partners to hire both for Technical and Non-Technical roles, we have also helped them with expansion in Africa. Some of our clients include Bamboo Invest, Helium Health, Cassbana, Cadana, Fincra, CrowdForce, Casava, TeamApt (now Moniepoint), Sabi, etc.
Are you hiring at the moment? Contact us
Written by Onekpe Regina
Edited by Oluwaseye Adesina
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