Cipla Quality Chemicals Sees Investor Interest Amidst Takeover Approval
The recent approval of the takeover of Cipla Quality Chemicals Ltd by the Common Market for Eastern and Southern Africa…
Month: November 2023
CSquared Secures $25 Million Investment to Fuel Broadband Infrastructure Expansion in Africa
Pan-African technology company CSquared Link Holdings (Mauritius) Limited has announced a new equity investment of $25 million to accelerate the…
Nigeria Seals $2.2 Billion Solar PV Deal with Sun Africa for Renewable Energy Infrastructure
The Nigerian federal government, through the Ministry of Power, has finalized a $2.2 billion solar PV deal with Sun Africa,…
Escalating Drug Prices in Nigeria Following GlaxoSmithKline’s Exit: A Crisis Unfolding
The departure of GlaxoSmithKline (GSK) from Nigeria has triggered a severe healthcare crisis, leading to a surge in drug prices.…
Nigeria Witnesses Surge in Federation Account Revenue After Fuel Subsidy Removal
Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has reported a significant increase in the Federation…
Oil Prices Surge Amid Anticipation of OPEC+ Production Cuts
Oil prices experienced a significant surge this week as expectations grew that the Organization of Petroleum Exporting Countries (OPEC) and…
Central Bank of Nigeria Delays Monetary Policy Meeting Amid Forex Backlog
The Central Bank of Nigeria (CBN) has deferred its Monetary Policy Committee (MPC) meeting for the second time since the…
Inflation Crisis in Nigeria Forces Many to Choose Between Food and Medicine
The inflation crisis in Nigeria is exacerbating the challenges faced by individuals with chronic health conditions, particularly those requiring regular…
Nigeria’s Streaming Woes: Slow Adoption Challenges Netflix and Local Platforms
Despite Nigeria being Africa’s most populous country with a significant mobile user base, the adoption of streaming services, including Netflix,…
Naira Appreciates Against Dollar on Parallel Market, Stabilizing at N1,125/$
The Nigerian naira has appreciated against the US dollar, gaining 0.88% to reach N1,125/$ on the parallel market. This follows…
Low IGR: 18 Nigerian States in Dire Financial Straits, Missing Opportunities at Africa Investment Forum
Out of Nigeria’s 36 states, only Lagos was represented at the 2023 Africa Investment Forum (AIF) in Marrakech, Morocco, showcasing…
Nestle Nigeria Reports Loss After Naira Weakness Triggers N127.46 Billion Forex Loss
Nestle Nigeria has reported a loss after tax for the 9-month period ending in 2023 due to a significant foreign…
Nigeria Declares State of Emergency in Health Sector Due to Dilapidated Facilities
Summary:The Federal Government of Nigeria has declared a state of emergency in the country’s health sector, citing the dilapidated state…
Despite Inflation, Real Estate Opportunities Exist in Nigeria: Land-Banking and Smaller Residential Units Attractive
Summary:Amid the impact of inflation on various sectors, including real estate, there are still opportunities for investors in certain areas.…
Meta to Land Two Submarine Cables in Nigeria to Boost Digital Infrastructure
Summary:Meta is set to deploy two submarine cables in Nigeria, with one landing in Lagos and the other in Akwa…
President Xi Jinping: China Won’t Seek Armed Conflict with Any Nation, Aims for Peaceful Ties
Chinese President Xi Jinping has emphasized that China does not intend to engage in armed conflict with any nation and…
Combating Illicit Financial Flows in Nigeria: The Role of Technology
Illicit financial flows (IFFs) in Nigeria, driven by corruption, tax evasion, money laundering, and illegal trade, have become a significant…
Nigerian Firm X-agon Digital Launches AnyworkX, an E-Service Ordering App, Aiming for Pan-African Presence
X-agon Digital Solutions Limited, an indigenous Nigerian firm, has unveiled AnyworkX, an e-service ordering app designed to connect verified service…
Nigeria’s Inflation Hits Multi-Decade High at 27.3%, Food Inflation at 31.5%
Nigeria’s inflation has reached a new multi-decade high, hitting 27.3% in October, defying global trends. The surge is particularly concerning…
London-based Fintech Due Network Expands to Nigeria, Targeting Cross-Border Payments
Due Network, a global fintech company based in London, has expanded its operations to Nigeria, aiming to tap into the…
Nigeria’s Inflation Persists Amid Global Cooling, Local Factors Cited
While several countries experience a slowdown in inflation, Nigeria continues to see rising prices for goods and services, reaching a…
Visa Cancellation Sparks Calls for Reciprocal Action to Protect Nigerian Carriers
The cancellation of visas for 264 Air Peace passengers by Saudi authorities at King Abdulaziz International Airport-Hajj Terminal Jeddah has…
Nigeria’s Export Prohibition Act Hinders Agricultural Commodities Export Amid Dollar Shortages
Nigeria’s Export Prohibition Act of 1989 is restricting the export of certain agricultural commodities, including yam, cassava, beans, maize, and…
Nigeria’s Headline Inflation Hits 27.33%, Highest in 18 Years, Driven by Soaring Food Prices
Nigeria’s headline inflation has reached 27.33%, marking an 18-year high, driven by surging food prices, particularly for essential items like…
Nigeria’s Rice Imports Cost for 2023/24 May Surpass Total Anchor Borrowers Funding
The United States Department of Agriculture (USDA) projects that Nigeria’s rice imports for the 2023/24 marketing year could exceed the…
New E-Dividend Portal in Nigeria to Be Operational by November 30, 2023, Says SEC
The Securities and Exchange Commission (SEC) in Nigeria has announced that the new e-dividend portal is expected to become operational…
Mini-Grid Leader Husk Power Systems Secures $43M in Equity Investment for Expansion in Nigeria and India
Husk Power Systems, a leader in mini-grid solutions, has secured a $43 million equity investment from STOA, DFC, Proparco, FMO,…
Green Climate Fund Approves $50M Equity Investment in REPP 2 to Boost Renewable Energy in Sub-Saharan Africa
The Green Climate Fund (GCF) has approved a $50 million equity investment in REPP 2, a new debt fund aimed…
CSquared Link Holdings Secures $25M Investment to Expand Broadband Infrastructure in Africa
CSquared Link Holdings, a pan-African technology company focused on digitally connecting Africa through telecommunications infrastructure, has received a $25 million…
Central Bank of Nigeria Reverses Deadline for Withdrawal of Old Naira Notes
The Central Bank of Nigeria (CBN) has announced the reversal of the December deadline for the withdrawal of old naira…