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Biggest tech company layoffs in Africa

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Apart from the economic crunch, the massive layoffs in the tech industry have been traced to the need for strategic shifts towards emerging technologies like artificial intelligence (AI).

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A McKinsey report published in 2017 predicted that up to 400 million jobs globally would be displaced by 2030 due to the advent of automation, driven in part by AI and robotics. This is corroborated by a CNN report which notes that about 10% of US workers are in jobs that face the greatest risk of disruption from rapidly evolving artificial intelligence.

According to a report by Business Financing UK and data analysed by Layoffs.fyi, the biggest tech company layoff events globally in the last four years were isolated in different countries and continents based on the number of employees laid off by a company and the period.

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The table below shows the top 10 tech companies in Africa that laid off the largest number of staff during the period;

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S/NCompanyIndustryStaff Laid OffCountryDate

1

Jumia

E-commerce

900

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Nigeria

Nov 2023

2

Alerzo

E-commerce

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400

Nigeria

June 2023

3

Renmoney

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Fintech

391

Nigeria

April 2020

4

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Copia

E-commerce

350

Kenya

July 2023

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5

Wave

Fintech

300

Ghana

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July 2022

6

Twiga

Agritech

283

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Kenya

Aug 2023

7

Twiga

Agritech

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211

Kenya

Nov 2022

8

mPharma

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Medical

150

Ghana

April 2023

9

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Alerzo

E-commerce

100

Nigeria

Nov 2023

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10

Bitmex

Crypto

75

Seychelles

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April 2022

The African tech sector faced substantial layoffs since 2020, with big e-commerce platforms like Jumia and Alerzo laying off over 1000 employees combined.

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From the table, Nigeria led the group with online retailer Jumia laying off 900 employees in a single event — more than any other tech company in Africa. Nigerian B2B e-commerce firm, Alerzo laid off 400 employees followed by fintech brand Renmoney (391 employees).

According to Techcrunch, more layoffs have already been recorded in the global tech industry in 2024 following significant workforce reductions with about 60,000 job cuts across 254 companies with the most layoffs occurring in April 2024 (22,153).

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POLO honoured as luxury brand of the decade

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Polo has received yet another prestigious accolade, reaffirming its position as a leader in Nigeria’s luxury space. Marketing Edge, Nigeria’s foremost marketing and advertising publication, has named Polo the Luxury Brand of the Decade, recognizing its excellence and influence.

For over three decades, Polo has set the standard in luxury retail, offering an exclusive selection of the world’s most prestigious timepieces and fine jewellery. Beyond curation, the brand is renowned for its exceptional aftersales service, expertise and commitment to delivering an unparalleled luxury experience.

Further underscoring this achievement, Polo’s Managing Director, John Obayuwana, was named Luxury Personality of the Decade, a testament to his visionary leadership and impact on the evolution of luxury in Nigeria and West Africa.

L-R: Executive Director, Polo Limited, Jennifer Obayuwana;  General Editor/Group COO, Marketing Edge Publications Limited, Amos Oladele; and Founder and Managing Director, Polo Limited, Mr. John Obayuwana receiving The EDGE Awards for the Outstanding Brand Personality of the Decade and the Outstanding Luxury Brand (Polo Limited) of the Decade at the Polo Towers in Lagos recently.

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The award ceremony, held at Polo Towers in Lagos, was more than a celebration—it was a validation of the passion, precision, and commitment that have defined Polo’s journey.

As Polo embraces this honour, it remains dedicated to pushing boundaries and setting new standards, ensuring its legacy continues to inspire the next generation of luxury connoisseurs.

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Community pharmacists in universal health coverage

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