Food Inflation Crisis Worsens in Nigeria, Straining Households
Nigeria’s food inflation has been on an upward trajectory since August 2019, accelerating further after the country removed petrol subsidies…
Month: October 2023
Naira Devaluation Spurs Export Demand, Eases Foreign Exchange Pressure on Manufacturers
Nigeria’s recent naira devaluation, while negatively impacting production capacity in the manufacturing sector, has led to increased foreign demand for…
Nigerian Electricity Demand Projected to Reach 45,662 Megawatts by 2030, Exceeding Current Capacity
The Nigerian Electricity Regulatory Commission (NERC) has stated that electricity demand in Nigeria is expected to grow to 45,662 megawatts…
Nigerian Ministers to Undergo Quarterly Performance Assessments Starting 2024
The Federal Government of Nigeria has announced plans to commence quarterly assessments of the performance of its 48 ministers beginning…
Nigeria Boasts Over 100 Operational Mini-Electricity Grids, a Major Market in Africa
Nigeria is currently one of the largest mini-grid markets in Africa with over 100 operational mini-electricity grids, according to the…
Lagos Blue Rail Resumes Passenger Operations with Increased Trips
The Lagos Metropolitan Area Transport Authority (LAMATA) has announced the resumption of passenger operations on the Lagos Blue Rail, following…
Adenia Partners Invests in South African Solar Financing Provider, Enfin, to Combat Energy Crisis
Private markets investment firm, Adenia Partners, has completed a majority investment in Enfin, a solar financing solutions provider in South…
Sony Launches “Sony Innovation Fund: Africa” to Boost Entertainment Industry Growth
Sony Group Corporation has introduced the “Sony Innovation Fund: Africa” to support the growth of the entertainment sector in Africa.…
Mediterrania Capital Partners Invests €57 Million in Moroccan Financial Services Provider CASH PLUS
Mediterrania Capital Partners, in collaboration with FMO and IFC, has made a combined equity investment of €57 million in Moroccan…
Afreximbank and ECIC Launch $1 Billion Program to Boost South Africa-Africa Trade
The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC) have signed a memorandum of…
Africa50 Launches $500 Million Infrastructure Acceleration Fund (IAF)
Africa50, a pan-African infrastructure investment platform, has introduced the Africa50 Infrastructure Acceleration Fund (IAF), a 12-year closed-ended private equity fund…
Naira Stabilization: IMF Encourages Nigeria to Consider Loan Options
The International Monetary Fund (IMF) has addressed the pressure on the Nigerian naira and indicated that Nigeria has the option…
African Financial Markets Show Resilience Amid Global Challenges
The Absa Africa Financial Markets Index 2023 reports continued progress in developing financial markets across Africa, with a notable improvement…
Soaring Power Costs Hit Nigerian Businesses, Posing Threat to Productivity
Rising power costs are posing a significant challenge to businesses in Nigeria, impacting their operations and profitability. Small and large…
Persistent Power Outages Plague Nigeria Despite Billions in Investments
Despite significant investments in Nigeria’s power sector and its privatization in 2013, the country continues to grapple with frequent power…
Nigerian Banks Experience 50% Surge in Lending Despite Rising Interest Rates
Eleven banks in Nigeria collectively witnessed a 50% increase in lending during the first half of 2023, despite the backdrop…
Nigeria Sets Ambitious Goal of 2 Million Barrels per Day in Oil Production by End of 2023
The Nigerian government aims to achieve a daily oil production rate of 2 million barrels by December 2023. This target…
Customer Complaints Surge by 117% in Nigerian Banks Amidst Challenges
The number of complaints lodged by customers in five Nigerian banks has surged by 117% to reach 6,865,217 year-on-year as…
Microsoft’s Acquisition of Activision Set to Proceed Following UK Regulatory Approval
After a nearly two-year endeavor, Microsoft’s acquisition of gaming giant Activision has received approval from the U.K.’s Competition and Markets…
Voyager Crypto Faces Ban and Legal Action Following False FDIC Claims
After reaching a settlement with the Federal Trade Commission (FTC), Voyager, a bankrupt cryptocurrency company, is permanently prohibited from managing…
Sony to Invest $10 Million in Early-Stage Entertainment Startups in Africa
Sony Group’s entertainment division has announced plans to invest $10 million in early-stage entertainment startups across Africa. This investment will…
FBN Holdings Seeks Approval for ₦139 Billion Capital Raise Through Rights Issue
FBN Holdings Plc, a Nigerian financial services group, has applied for approval from the Nigerian Exchange Limited (NGX) to raise…
Central Bank of Nigeria Removes Forex Restrictions on 43 Items
The Central Bank of Nigeria (CBN) has lifted foreign exchange restrictions on 43 items, allowing importers to purchase foreign exchange…
EKEDC Assures Refund to Meter Scheme Participants
The Eko Electricity Distribution Company (EKEDC) has announced that customers who paid for meters under the Meter Asset Provider (MAP)…
Setbacks in African Tech Startups Impact Investor Confidence
The closure of several once-promising startups in the African tech ecosystem, including fintechs Payday and Dash, and genomics company 54gene,…
Central Bank of Nigeria Lifts Restrictions on 43 Prohibited Items, Aims to Strengthen Naira
The Central Bank of Nigeria (CBN) has granted approval for the importation of 43 items previously prohibited from accessing foreign…
Export Expansion Grant Backlogs and Bureaucracy Hamper Nigeria’s Revenue Diversification Efforts
The Export Expansion Grant (EEG), Nigeria’s primary incentive scheme for exporters, has faced challenges including corruption allegations and a lack…
Nigeria Achieves Highest Crude Oil Output in 2023 at 1.35 Million Barrels/Day
Nigeria’s crude oil production reached an all-time high of 1.35 million barrels per day in September 2023, marking the country’s…
Insurers Prepare for Transition to IFRS17 Reporting
As the December 31, 2023 deadline approaches, insurers are gearing up for the transition from the IFRS4 model to the…
Citigroup Advises CBN to Remove Forex Restrictions on 43 Items
Citigroup has recommended that the Central Bank of Nigeria (CBN) should lift restrictions on foreign exchange provisions for 43 items…