An international magazine, Southern African Times, has reaffirmed its commitment to driving economic growth through African unity and heritage, while expanding its operations across the entire West Africa region.
“The project, in partnership with Naijainfo News and the Global Migration Research Institute (GMRI) under the leadership of Professor Williams Azuma Ijoma, aims to tap into Nigeria’s vast market of 218.5 million people,” said Professor Ijoma during a press conference in Abuja announcing the launch of the Southern African Times in Nigeria.
“This venture aligns with the opportunities presented by the African Continental Free Trade Area (AfCFTA), promising substantial growth and development for Africa.”
Professor Ijoma emphasised that Nigeria represents a significant economic growth opportunity for the Southern African Times, which intends to spearhead its operations in the country and the entire West African region to tap into a growing market.
Nigeria’s market revenue in the Newspapers & Magazines sector is forecasted to reach US$433.20 million by 2025, with an annual growth rate (CAGR 2024-2029) of 4.53 per cent, leading to an estimated market volume of US$540.50 million by 2029.
According to Professor Ijoma, “The digital segment is particularly promising, with the Digital Newspapers & Magazines market projected to reach a volume of US$258.20 million in 2025. User penetration in this sector is expected to be at 13.8 per cent, with the number of readers projected to reach 28.8 million users by 2029. The average revenue per user (ARPU) is forecasted to be US$33.32 million.”
“The Nigerian market is experiencing a significant shift towards digital platforms due to increased internet penetration and changing reader preferences, making this an opportune moment for the Southern African Times to expand its digital footprint. We are eager to tap into the vast potential of the African market and contribute to the region’s growth and development.”
He noted, “This expansion into Nigeria is not just a business move but a commitment to fostering African unity and showcasing the continent’s diverse heritage through quality journalism. Our vision for Africa’s wealth is colossal. We believe in telling our own stories, our own way, and highlighting Africa’s rich culture.”
“The Southern African Times is here to bring the best of West African nations to a global audience. We shall tell the West African story from a West African perspective while evolving solutions to the challenges faced by other regions in Africa,” Professor Ijoma concluded.
