Nigeria Faces Challenges Meeting OPEC+ Oil Production Target, Independent Consultancies Indicate
Nigeria is encountering difficulties in meeting its oil production target set by OPEC+ for 2024, as revealed by independent consultancies…
Month: November 2023
SBG Securities Ceases Coverage on Sub-Saharan African Food Producers Amidst ‘Japa’ Wave
SBG Securities Research, a member of the Standard Bank Group, has announced that it will no longer provide coverage and…
Slowdown in Nigeria’s ICT Sector: Factors and Implications
Nigeria’s Information and Communication Technology (ICT) sector, a key driver of economic growth for over five years, is exhibiting signs…
Surge in Pension Fund Transfers: Navigating Opportunities and Challenges
The Nigerian pension landscape has witnessed a significant shift as 178,164 contributors, managing a total of N710.89 billion, have leveraged…
Nigeria’s 2024 Budget Deficit Challenges: Balancing Subsidy Removal Gains and Fiscal Responsibility
Despite the removal of fuel subsidies, Nigeria faces a historic budget deficit of N9.18 trillion in 2024, emphasizing challenges in…
Equinor Sells Nigerian Business to Chappal Energies: A Shift in Oil and Gas Landscape
Norwegian energy company Equinor has reached an agreement to sell its Nigerian business, including its stake in the Agbami oil…
Nigeria Aims to Reduce Budget Deficit in 2024 Through Bold Reforms
Nigeria’s President Bola Tinubu has unveiled ambitious plans to narrow the country’s budget deficit to approximately 3.9% of GDP in…
Transparency Gap: Analysis Reveals Discrepancies in Climate Finance Reporting
A recent analysis by the ONE Campaign, a non-profit advocacy group, has unveiled significant discrepancies in the reporting and disbursement…
Bola Tinubu Appoints New Board and Management Team for NNPC Limited
President Bola Tinubu has appointed a new Board and Management team for the Nigerian National Petroleum Company Limited (NNPCL), comprising…
FEC Approves N27.5 Trillion for 2024 Appropriation Bill
President Bola Tinubu presided over the Federal Executive Council (FEC) meeting, where the approval of the sum of N27.5 trillion…
Zenith Bank Signs MoU with French Government to Establish Subsidiary in France
Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the French government to establish a subsidiary in France.…
High Development Costs Keep Many Marginal Fields in Nigeria Dormant
Several marginal oil fields in Nigeria remain undeveloped years after being awarded to companies due to the challenges posed by…
Delisting of Union Bank from NGX Results in N132bn Market Capitalization Loss
The delisting of Union Bank of Nigeria’s shares from the Nigerian Exchange Limited (NGX) led to a N132 billion loss…
Fintech Firm BFREE Explores Acquisition of Distressed Loan Portfolios from Union Bank
BFREE, a German-Nigerian fintech firm, has signed a Memorandum of Understanding (MoU) with Union Bank of Nigeria during the German-Nigerian…
Kenyan Tier-1 Banks Increase Loan-Loss Provisions by 45.8% in Q3 2023 Amid Operating Challenges
Summary: Eight tier-1 banks in Kenya, including Equity, KCB, and Stanbic, have collectively increased their loan-loss provisions by 45.8% to…
Court of Appeal Denies East Africa Portland Cement Relief, Upholds Attachment of Bank Accounts Over Sh1.3 Billion Debt
East Africa Portland Cement Company (EAPCC) has faced a setback as the Court of Appeal declined to lift an order…
President Ruto’s Administration Proposes Sale of 11 Parastatals Worth Over Sh200 Billion
President William Ruto’s administration is taking a significant step towards economic reform by proposing the sale of 11 parastatals with…
Treasury Introduces Regulatory Fee on Online Forex Brokers to Boost CMA Revenue
The Kenyan Treasury, led by Cabinet Secretary Njuguna Ndung’u, has implemented regulatory changes affecting online forex brokers, introducing an annual…
Bank of Ghana Maintains Monetary Policy Rate at 30% Amidst Inflation Deceleration
The Bank of Ghana (BoG) has announced the decision to maintain the monetary policy rate at 30%, marking the second…
Ghana’s Public Debt Declines to GHS 567.3 Billion in September 2023
Ghana’s public debt has decreased to GHS 567.3 billion as of September 2023, reflecting a GHS 14.2 billion reduction compared…
Kenyan Parliament Sets Ultimatum for Treasury and Central Bank to Stabilize Depreciating Shilling
Kenya’s Parliament has issued a directive to the Treasury and the Central Bank of Kenya (CBK) to stabilize the depreciating…
Central Bank of Nigeria Calls for Banking Sector Recapitalization to Support Economic Growth
The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has issued a directive calling for the recapitalization of…
Nigeria’s GDP Grows by 2.54% in Q3 2023, Driven by Services Sector
Nigeria’s Gross Domestic Product (GDP) grew by 2.54% year-on-year in real terms in the third quarter of 2023, according to…
Dangote’s $20 Billion Refinery to Start with 350,000 Barrels Per Day
Aliko Dangote, the President/CEO of Dangote Group, has revealed that the $20 billion Dangote refinery in Lekki, Lagos, will commence…
Companies Raise Salaries by 18.35% to Combat Inflation in Nigeria
Companies in Nigeria increased the salaries of their employees by 18.35% to N29.45 trillion in the first half of 2023…
VC Firm Saviu Ventures Raises €12 Million for Second Fund Focused on Francophone Africa
Saviu Ventures, a venture capital firm targeting startups in Francophone Africa, has secured an initial close of €12 million for…
Bpifrance Joins Mediterrania Capital Partners’ MC IV Fund with €350 Million Target
Bpifrance, the French public investment bank, is set to join the MC IV fund of Mediterrania Capital Partners (MCP), a…
Africa Go Green Fund (AGG): Driving Private Investments for Sustainable Development
The Africa Go Green Fund (AGG), initiated by KFW on behalf of the German government, focuses on promoting private investments…
Finnfund Invests €2 Million in Fibertime Group to Boost Township Fibre Internet Access
Finnish development financier Finnfund has invested €2 million (approximately R39.9 million) in the Fibertime Group, a South African company offering…
FrontEdge Raises $10 Million to Boost Cross-Border Trade Financing for African SMEs
FrontEdge, a Lagos-based fintech, has secured $10 million in a seed round comprising debt and equity to enhance cross-border trade…