News

June 21, 2024

Southern African Times moves to expand operations into Nigerian market

Southern African Times moves to expand operations into Nigerian market

The Southern African Times has announced its strategic expansion into Nigeria.

This the group noted that it would mark a significant milestone in the publication’s seven-year history.

This expansion is facilitated by Mercy Gilbert, the esteemed Editor at Large of the paper, and is set to strengthen the publication’s presence in the West African media landscape.

In partnership with Naijoinfo News and the Global Migration Research Institute (GMRI), under the leadership of Professor Williams Ijoma, Publisher of Naija News and President of GMRI, the Southern African Times aims to tap into Nigeria’s vast and dynamic market of 218.5 million people.

This venture aligns with the opportunities presented by the African Continental Free Trade Area (AfCFTA), promising substantial growth and development.

Professor Ijoma, a global migration advocate, expressed his enthusiasm for this new chapter, stating, “Our vision for Africa’s wealth is colossal. We believe in telling our own stories, our own way, and highlighting Africa’s rich culture.”

Professor Ijoma’s recent successful hybrid global event on bringing BRICS to Nigeria further underscores his dedication to promoting African growth and development.

CEO Farai Muvuti echoed this sentiment, emphasizing the growth potential of the Nigerian market. “Nigeria presents a great growth opportunity for the Southern African Times.

The partnership with Dr. Williams, who will spearhead our operations in the country, enables us to tap into a growing market.

Reports suggest that Nigeria’s market revenue in the Newspapers & Magazines sector is forecasted to hit US$433.20 million by 2024, with an annual growth rate (CAGR 2024-2029) of 4.53%, leading to an estimated market volume of US$540.50 million by 2029,” Muvuti noted.

The digital segment is particularly promising, with the Digital Newspapers & Magazines market projected to reach a volume of US$258.20 million in 2024.

User penetration in this sector is expected to be at 13.8%, 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.

Mercy Gilbert expressed her excitement about the expansion, stating, “We are eager to tap into the vast potential of the African market and contribute to the region’s growth and development.”