Business Cipla Quality Chemicals Sees Investor Interest Amidst Takeover Approval November 21, 2023 Ekemini The recent approval of the takeover of Cipla Quality Chemicals Ltd by the Common Market for Eastern and Southern Africa (Comesa) Competition Commission has sparked increased investor interest at the…
Africa CSquared Secures $25 Million Investment to Fuel Broadband Infrastructure Expansion in Africa November 21, 2023 Ekemini Pan-African technology company CSquared Link Holdings (Mauritius) Limited has announced a new equity investment of $25 million to accelerate the expansion of its carrier-neutral, open-access broadband infrastructure across the African…
Local Nigeria Seals $2.2 Billion Solar PV Deal with Sun Africa for Renewable Energy Infrastructure November 21, 2023 Ekemini The Nigerian federal government, through the Ministry of Power, has finalized a $2.2 billion solar PV deal with Sun Africa, a leading U.S.-based renewable energy solutions provider. The deal, announced…
Local Escalating Drug Prices in Nigeria Following GlaxoSmithKline’s Exit: A Crisis Unfolding November 21, 2023 Ekemini The departure of GlaxoSmithKline (GSK) from Nigeria has triggered a severe healthcare crisis, leading to a surge in drug prices. Compounded by a devalued currency, high tariffs on pharmaceutical imports,…
Local Nigeria Witnesses Surge in Federation Account Revenue After Fuel Subsidy Removal November 21, 2023 Ekemini Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has reported a significant increase in the Federation Account’s revenue since the removal of fuel subsidies. The average…
Commodities Oil Prices Surge Amid Anticipation of OPEC+ Production Cuts November 21, 2023 Ekemini Oil prices experienced a significant surge this week as expectations grew that the Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, would intensify voluntary production…
Local Central Bank of Nigeria Delays Monetary Policy Meeting Amid Forex Backlog November 21, 2023 Ekemini The Central Bank of Nigeria (CBN) has deferred its Monetary Policy Committee (MPC) meeting for the second time since the appointment of Governor Olayemi Cardoso in September. The delay, without…
Local Inflation Crisis in Nigeria Forces Many to Choose Between Food and Medicine November 17, 2023 Ekemini The inflation crisis in Nigeria is exacerbating the challenges faced by individuals with chronic health conditions, particularly those requiring regular medication. Rising food prices and the depreciation of the local…
Local Nigeria’s Streaming Woes: Slow Adoption Challenges Netflix and Local Platforms November 17, 2023 Ekemini Despite Nigeria being Africa’s most populous country with a significant mobile user base, the adoption of streaming services, including Netflix, faces challenges. The success of Nollywood films on Netflix, such…
Local Naira Appreciates Against Dollar on Parallel Market, Stabilizing at N1,125/$ November 17, 2023 Ekemini The Nigerian naira has appreciated against the US dollar, gaining 0.88% to reach N1,125/$ on the parallel market. This follows a period of stability at N1,135/$ for three days. The…
Local Low IGR: 18 Nigerian States in Dire Financial Straits, Missing Opportunities at Africa Investment Forum November 17, 2023 Ekemini Out of Nigeria’s 36 states, only Lagos was represented at the 2023 Africa Investment Forum (AIF) in Marrakech, Morocco, showcasing projects seeking private capital. The absence of 18 states at…
Local Nestle Nigeria Reports Loss After Naira Weakness Triggers N127.46 Billion Forex Loss November 17, 2023 Ekemini Nestle Nigeria has reported a loss after tax for the 9-month period ending in 2023 due to a significant foreign exchange loss of N127.46 billion amid the weakened state of…
Local Nigeria Declares State of Emergency in Health Sector Due to Dilapidated Facilities November 17, 2023 Ekemini Summary:The Federal Government of Nigeria has declared a state of emergency in the country’s health sector, citing the dilapidated state of health facilities as a pressing issue. The announcement was…
Local Despite Inflation, Real Estate Opportunities Exist in Nigeria: Land-Banking and Smaller Residential Units Attractive November 17, 2023 Ekemini Summary:Amid the impact of inflation on various sectors, including real estate, there are still opportunities for investors in certain areas. Despite rising costs of building materials and construction delays, real…
Business Local Maritime Meta to Land Two Submarine Cables in Nigeria to Boost Digital Infrastructure November 17, 2023 Ekemini Summary:Meta is set to deploy two submarine cables in Nigeria, with one landing in Lagos and the other in Akwa Ibom, by the end of November. The initiative is part…
World President Xi Jinping: China Won’t Seek Armed Conflict with Any Nation, Aims for Peaceful Ties November 16, 2023 Ekemini Chinese President Xi Jinping has emphasized that China does not intend to engage in armed conflict with any nation and will not pursue a cold or hot war. Speaking after…
Local Combating Illicit Financial Flows in Nigeria: The Role of Technology November 16, 2023 Ekemini Illicit financial flows (IFFs) in Nigeria, driven by corruption, tax evasion, money laundering, and illegal trade, have become a significant challenge. With estimates suggesting losses of $1 trillion or more…
Business Nigerian Firm X-agon Digital Launches AnyworkX, an E-Service Ordering App, Aiming for Pan-African Presence November 16, 2023 Ekemini X-agon Digital Solutions Limited, an indigenous Nigerian firm, has unveiled AnyworkX, an e-service ordering app designed to connect verified service providers with customers. The app aims to create a larger…
Local Nigeria’s Inflation Hits Multi-Decade High at 27.3%, Food Inflation at 31.5% November 16, 2023 Ekemini Nigeria’s inflation has reached a new multi-decade high, hitting 27.3% in October, defying global trends. The surge is particularly concerning for stakeholders due to the impact of food inflation, which…
Business Local London-based Fintech Due Network Expands to Nigeria, Targeting Cross-Border Payments November 16, 2023 Ekemini Due Network, a global fintech company based in London, has expanded its operations to Nigeria, aiming to tap into the growing market for cross-border payments in Africa. The company provides…
Local Nigeria’s Inflation Persists Amid Global Cooling, Local Factors Cited November 16, 2023 Ekemini While several countries experience a slowdown in inflation, Nigeria continues to see rising prices for goods and services, reaching a 27.33% headline inflation rate, an 18-year high. Despite the Central…
Local Visa Cancellation Sparks Calls for Reciprocal Action to Protect Nigerian Carriers November 16, 2023 Ekemini The cancellation of visas for 264 Air Peace passengers by Saudi authorities at King Abdulaziz International Airport-Hajj Terminal Jeddah has led to calls for the Nigerian government to reciprocate and…
Local Nigeria’s Export Prohibition Act Hinders Agricultural Commodities Export Amid Dollar Shortages November 16, 2023 Ekemini Nigeria’s Export Prohibition Act of 1989 is restricting the export of certain agricultural commodities, including yam, cassava, beans, maize, and rice, hindering foreign investors and development partners from investing in…
Local Nigeria’s Headline Inflation Hits 27.33%, Highest in 18 Years, Driven by Soaring Food Prices November 16, 2023 Ekemini Nigeria’s headline inflation has reached 27.33%, marking an 18-year high, driven by surging food prices, particularly for essential items like bread, fish, eggs, and others. The Consumer Price Index (CPI)…
Local Nigeria’s Rice Imports Cost for 2023/24 May Surpass Total Anchor Borrowers Funding November 16, 2023 Ekemini The United States Department of Agriculture (USDA) projects that Nigeria’s rice imports for the 2023/24 marketing year could exceed the cumulative N1.08 trillion spent under the Anchor Borrowers Program (ABP)…
Business Local Market New E-Dividend Portal in Nigeria to Be Operational by November 30, 2023, Says SEC November 15, 2023 Ekemini The Securities and Exchange Commission (SEC) in Nigeria has announced that the new e-dividend portal is expected to become operational on November 30, 2023. The portal is aimed at simplifying…
Business Mini-Grid Leader Husk Power Systems Secures $43M in Equity Investment for Expansion in Nigeria and India November 15, 2023 Ekemini Husk Power Systems, a leader in mini-grid solutions, has secured a $43 million equity investment from STOA, DFC, Proparco, FMO, and other existing investors. The funding will be used to…
Business Green Climate Fund Approves $50M Equity Investment in REPP 2 to Boost Renewable Energy in Sub-Saharan Africa November 15, 2023 Ekemini The Green Climate Fund (GCF) has approved a $50 million equity investment in REPP 2, a new debt fund aimed at accelerating investment in Sub-Saharan Africa’s renewable energy market. Developed…
Business CSquared Link Holdings Secures $25M Investment to Expand Broadband Infrastructure in Africa November 15, 2023 Ekemini CSquared Link Holdings, a pan-African technology company focused on digitally connecting Africa through telecommunications infrastructure, has received a $25 million investment from Convergence Partners’ Digital Infrastructure Fund (CPDIF), the International…
Local Central Bank of Nigeria Reverses Deadline for Withdrawal of Old Naira Notes November 15, 2023 Ekemini The Central Bank of Nigeria (CBN) has announced the reversal of the December deadline for the withdrawal of old naira notes from circulation. This means that the old designs of…
