Local Flaws in Off-Cycle Elections in Nigeria Threaten Democracy, Experts Say November 14, 2023 Ekemini The recent off-cycle governorship elections in Bayelsa, Imo, and Kogi states in Nigeria have been criticized for flaws that experts argue pose a threat to democracy in the country. Despite…
Local Number of Nigerians Studying in the United States Surges Despite Dollar Scarcity November 14, 2023 Ekemini The number of Nigerians studying in the United States has reached the highest level in at least 23 years, despite challenges posed by a scarcity of dollars that has increased…
Local Naira Fails to Gain Despite 46.69% Rise in Dollar Supply November 14, 2023 Ekemini Despite a significant increase in the supply of dollars at Nigeria’s Autonomous Foreign Exchange Market (NAFEM), the value of the naira could not strengthen. The daily foreign exchange market turnover…
Business Carbon Value Exchange (Cavex) Secures Seed Funding Led by E3 Capital to Scale its Digital Carbon Financing Platform November 13, 2023 Ekemini Carbon Value Exchange (Cavex) has successfully closed its seed funding round, led by E3 Capital and with participation from FSD Africa Investments (FSDAi). The investment aims to bring Cavex’s digital…
Business Goodwell Investments Leads $8.5M Series B Round for Zambian Social Enterprise Good Nature Agro November 13, 2023 Ekemini Uba Impact investor Goodwell Investments, in collaboration with Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF), has invested $8.5 million in equity in Zambian social enterprise Good Nature Agro (GNA).…
Africa Blue Earth Capital Commits $20 Million to African Infrastructure Investment Fund 4 (AIIF4) November 13, 2023 Ekemini Blue Earth Capital has committed $20 million to African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers (AIIM). The investment aims to support the development of sustainable…
Business Emerging Africa Infrastructure Fund, PIDG, and Ninety One Commit $31 Million to Paratus Group for Fibre and Data Centre Expansion November 13, 2023 Ekemini The Emerging Africa Infrastructure Fund (EAIF), along with infrastructure development organization Private Infrastructure Development Group (PIDG) and fund manager Ninety One, has committed a $31 million debt facility to Paratus…
Local EIU Warns CBN Lacks Sufficient Firepower to Clear $6 Billion Forex Backlog November 13, 2023 Ekemini The Economic Intelligence Unit (EIU) cautions that the Central Bank of Nigeria (CBN) lacks the necessary capacity to address the backlog of foreign exchange orders valued at over $6 billion.…
Local Nigeria Expects “Immediate” Multi-Billion-Dollar Investments from Saudi Arabia November 13, 2023 Ekemini Nigeria anticipates “immediate” multi-billion-dollar investment flows from Saudi Arabia after signing an agreement to reestablish the Nigeria-Saudi Arabia Business Council. The business council aims to facilitate investments in various sectors,…
Local Nigeria’s Communications Commission Stresses Internet Connectivity for SMEs, Reaffirms 70% Broadband Target November 13, 2023 Ekemini The Nigerian Communications Commission (NCC) emphasizes the crucial role of internet connectivity in fostering Small and Medium Enterprises (SMEs) in Nigeria. The executive vice chairman of the NCC, Dr Aminu…
Local Nigeria Manufacturing Expo Aims to Boost Local Raw Material Sourcing November 13, 2023 Ekemini The Nigeria Manufacturing and Equipment Expo (NME) and Nigerian Raw Materials Expo (NIRAM), organized by the Manufacturers Association of Nigeria (MAN) and the Raw Materials Research and Development Council (RMRDC),…
Local NNPC Brokers Peace Deal Between TotalEnergies and Oil Unions, Resumes 275,000 BPD Oil Production November 13, 2023 Ekemini The Nigerian National Petroleum Company Limited (NNPC) announced on Sunday that it mediated a peace deal to resolve the dispute between the management of TotalEnergies and the Petroleum and Natural…
Local Dangote Refinery Secures License to Process 300,000 Barrels of Nigerian Crude Daily, Says Aliko Dangote November 13, 2023 Ekemini Aliko Dangote, Africa’s richest person, announced that the Dangote refinery has obtained a license to refine more than 300,000 barrels of Nigerian crude per day. Speaking in Riyadh at the…
Local KPMG Forecasts Nigeria’s Headline Inflation to Reach 30% by December 2023 Due to Recent Reforms November 13, 2023 Ekemini KPMG predicts that Nigeria’s headline inflation will escalate to 30% by December 2023, citing recent reforms such as fuel subsidy removal and the unification of the foreign exchange market. The…
Local Central Bank of Nigeria Affirms Legal Tender Status of All Banknotes Amidst Transition to Redesigned Currency November 9, 2023 Ekemini The Central Bank of Nigeria (CBN) has issued a statement reiterating that all banknotes, both old and redesigned, remain legal tender and should be accepted without rejection. This announcement comes…
Business Local China-Nigeria Bilateral Trade Volume Reaches $17.25 Billion in First Three Quarters of 2023 November 9, 2023 Ekemini The Consul General of China in Lagos, Yan Yuging, has revealed that the bilateral trade volume between China and Nigeria in the first three quarters of 2023 has reached $17.25…
Local Maritime Spanish Navy Renews Commitment to Collaborate with Nigerian Navy in Gulf of Guinea November 9, 2023 Ekemini The Spanish Navy has expressed its dedication to working in partnership with the Nigerian Navy to address maritime security challenges in the Gulf of Guinea. This commitment was reiterated during…
Africa Dubai’s Foreign Direct Investments in Kenya Surge to $253 Million in Five Years November 9, 2023 Ekemini Kenya has seen a substantial increase in foreign direct investments (FDIs) from Dubai, with the total reaching $253 million (Sh38.3 billion) in the five-year period leading up to June 2023.…
Business British International Investment (BII) to Sell 10.13% Stake in I&M Group to East Africa Growth Holding November 9, 2023 Ekemini UK development finance institution British International Investment (BII) has entered into an agreement to sell its 10.13 percent stake in I&M Group to East Africa Growth Holding. The buyer, represented…
Local Nigeria’s Top Banks Experience Surge in Customer Deposits Amidst Increased Money Supply November 9, 2023 Ekemini Nigeria’s five largest banks have witnessed a notable surge in customer deposits this year, outpacing the growth seen in the previous year. This surge, amounting to N15.7 trillion in the…
Africa African Development Bank President Highlights Africa’s Pivotal Role in the Future of the Electric Vehicle Market November 9, 2023 Ekemini Akinwumi Adesina, President of the African Development Bank (AfDB) Group, emphasized the critical role Africa plays in shaping the future of the electric vehicle (EV) market. He pointed out that…
Africa Commodities Nigeria Faces Quality Seed Shortage, Hindering Agricultural Productivity November 9, 2023 Ekemini Despite having 314 registered seed companies, Nigeria, Africa’s most populous country, is grappling with a shortage of quality seeds crucial for enhancing farmers’ productivity and yields. This scarcity poses a…
Local Central Bank of Nigeria Reassures Availability of Cash, Affirms Legal Tender of All Banknotes November 9, 2023 Ekemini The Central Bank of Nigeria (CBN) has issued a statement assuring the public of the continued availability of various denominations of old and redesigned banknotes across all its branches. The…
Local MTN Expects Nigeria’s Economic Reforms to Yield Growth by Mid-2024 November 9, 2023 Ekemini MTN Group Ltd., Africa’s largest wireless company, anticipates that Nigeria’s economic reforms, spearheaded by President Bola Tinubu, will result in short-term challenges but ultimately lead to growth by mid-2024. While…
Africa Technology Africa’s Role in the $57 Trillion Electric Vehicle Market: Opportunities and Potential November 9, 2023 Ekemini Akinwumi Adesina, President of the African Development Bank Group, emphasized Africa’s pivotal position in the burgeoning electric vehicle (EV) market during the Africa Investment Forum 2023. He highlighted that the…
Local Nigeria Considers Using NLNG Dividends to Bolster Economy and Naira Value November 9, 2023 Ekemini The Bola Ahmed Tinubu-led federal government in Nigeria is exploring the possibility of utilizing dividends earned from the Nigeria Liquefied Natural Gas (NLNG) Limited to secure loans. This move is…
Business 01 Advisors Raises $395M for Series B-Stage Startups: A Shift in Venture Focus November 8, 2023 Ekemini 01 Advisors, founded by former Twitter CEO Dick Costolo and COO Adam Bain, along with Facebook veteran David Fischer, has secured $395 million for its third fund. Contrary to expectations,…
Africa Emerging Africa Infrastructure Fund Commits $48 Million for West Africa’s First Social Asset-Backed Security November 8, 2023 Ekemini The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has pledged XOF 30 billion (approx. $48 million) to launch West Africa’s inaugural social asset-backed security. This…
Business Inspired Evolution Fund, FMO, and STOA Acquire 75% Stake in Red Rocket Group November 8, 2023 Ekemini Inspired Evolution’s Evolution III Fund, in collaboration with Dutch Development Bank FMO and STOA Infra and Energy, has successfully completed the acquisition of a 75% stake in the Red Rocket…
Business Rivian Shows Promising Q3 Results: Revenue Surges, Losses Narrow November 8, 2023 Ekemini Rivian, the electric vehicle (EV) manufacturer, has released its third-quarter results, showcasing significant progress in production and cost management. The company’s revenue has seen a substantial increase, driven by a…
