Flaws in Off-Cycle Elections in Nigeria Threaten Democracy, Experts Say
The recent off-cycle governorship elections in Bayelsa, Imo, and Kogi states in Nigeria have been criticized for flaws that experts…
Year: 2023
Number of Nigerians Studying in the United States Surges Despite Dollar Scarcity
The number of Nigerians studying in the United States has reached the highest level in at least 23 years, despite…
Naira Fails to Gain Despite 46.69% Rise in Dollar Supply
Despite a significant increase in the supply of dollars at Nigeria’s Autonomous Foreign Exchange Market (NAFEM), the value of the…
Carbon Value Exchange (Cavex) Secures Seed Funding Led by E3 Capital to Scale its Digital Carbon Financing Platform
Carbon Value Exchange (Cavex) has successfully closed its seed funding round, led by E3 Capital and with participation from FSD…
Goodwell Investments Leads $8.5M Series B Round for Zambian Social Enterprise Good Nature Agro
Impact investor Goodwell Investments, in collaboration with Oikocredit and Global Partnerships/Eleos Social Venture Fund (GP SVF), has invested $8.5 million…
Blue Earth Capital Commits $20 Million to African Infrastructure Investment Fund 4 (AIIF4)
Blue Earth Capital has committed $20 million to African Infrastructure Investment Fund 4 (AIIF4), managed by African Infrastructure Investment Managers…
Emerging Africa Infrastructure Fund, PIDG, and Ninety One Commit $31 Million to Paratus Group for Fibre and Data Centre Expansion
The Emerging Africa Infrastructure Fund (EAIF), along with infrastructure development organization Private Infrastructure Development Group (PIDG) and fund manager Ninety…
EIU Warns CBN Lacks Sufficient Firepower to Clear $6 Billion Forex Backlog
The Economic Intelligence Unit (EIU) cautions that the Central Bank of Nigeria (CBN) lacks the necessary capacity to address the…
Nigeria Expects “Immediate” Multi-Billion-Dollar Investments from Saudi Arabia
Nigeria anticipates “immediate” multi-billion-dollar investment flows from Saudi Arabia after signing an agreement to reestablish the Nigeria-Saudi Arabia Business Council.…
Nigeria’s Communications Commission Stresses Internet Connectivity for SMEs, Reaffirms 70% Broadband Target
The Nigerian Communications Commission (NCC) emphasizes the crucial role of internet connectivity in fostering Small and Medium Enterprises (SMEs) in…
Nigeria Manufacturing Expo Aims to Boost Local Raw Material Sourcing
The Nigeria Manufacturing and Equipment Expo (NME) and Nigerian Raw Materials Expo (NIRAM), organized by the Manufacturers Association of Nigeria…
NNPC Brokers Peace Deal Between TotalEnergies and Oil Unions, Resumes 275,000 BPD Oil Production
The Nigerian National Petroleum Company Limited (NNPC) announced on Sunday that it mediated a peace deal to resolve the dispute…
Dangote Refinery Secures License to Process 300,000 Barrels of Nigerian Crude Daily, Says Aliko Dangote
Aliko Dangote, Africa’s richest person, announced that the Dangote refinery has obtained a license to refine more than 300,000 barrels…
KPMG Forecasts Nigeria’s Headline Inflation to Reach 30% by December 2023 Due to Recent Reforms
KPMG predicts that Nigeria’s headline inflation will escalate to 30% by December 2023, citing recent reforms such as fuel subsidy…
Central Bank of Nigeria Affirms Legal Tender Status of All Banknotes Amidst Transition to Redesigned Currency
The Central Bank of Nigeria (CBN) has issued a statement reiterating that all banknotes, both old and redesigned, remain legal…
China-Nigeria Bilateral Trade Volume Reaches $17.25 Billion in First Three Quarters of 2023
The Consul General of China in Lagos, Yan Yuging, has revealed that the bilateral trade volume between China and Nigeria…
Spanish Navy Renews Commitment to Collaborate with Nigerian Navy in Gulf of Guinea
The Spanish Navy has expressed its dedication to working in partnership with the Nigerian Navy to address maritime security challenges…
Dubai’s Foreign Direct Investments in Kenya Surge to $253 Million in Five Years
Kenya has seen a substantial increase in foreign direct investments (FDIs) from Dubai, with the total reaching $253 million (Sh38.3…
British International Investment (BII) to Sell 10.13% Stake in I&M Group to East Africa Growth Holding
UK development finance institution British International Investment (BII) has entered into an agreement to sell its 10.13 percent stake in…
Nigeria’s Top Banks Experience Surge in Customer Deposits Amidst Increased Money Supply
Nigeria’s five largest banks have witnessed a notable surge in customer deposits this year, outpacing the growth seen in the…
African Development Bank President Highlights Africa’s Pivotal Role in the Future of the Electric Vehicle Market
Akinwumi Adesina, President of the African Development Bank (AfDB) Group, emphasized the critical role Africa plays in shaping the future…
Nigeria Faces Quality Seed Shortage, Hindering Agricultural Productivity
Despite having 314 registered seed companies, Nigeria, Africa’s most populous country, is grappling with a shortage of quality seeds crucial…
Central Bank of Nigeria Reassures Availability of Cash, Affirms Legal Tender of All Banknotes
The Central Bank of Nigeria (CBN) has issued a statement assuring the public of the continued availability of various denominations…
MTN Expects Nigeria’s Economic Reforms to Yield Growth by Mid-2024
MTN Group Ltd., Africa’s largest wireless company, anticipates that Nigeria’s economic reforms, spearheaded by President Bola Tinubu, will result in…
Africa’s Role in the $57 Trillion Electric Vehicle Market: Opportunities and Potential
Akinwumi Adesina, President of the African Development Bank Group, emphasized Africa’s pivotal position in the burgeoning electric vehicle (EV) market…
Nigeria Considers Using NLNG Dividends to Bolster Economy and Naira Value
The Bola Ahmed Tinubu-led federal government in Nigeria is exploring the possibility of utilizing dividends earned from the Nigeria Liquefied…
01 Advisors Raises $395M for Series B-Stage Startups: A Shift in Venture Focus
01 Advisors, founded by former Twitter CEO Dick Costolo and COO Adam Bain, along with Facebook veteran David Fischer, has…
Emerging Africa Infrastructure Fund Commits $48 Million for West Africa’s First Social Asset-Backed Security
The Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, has pledged XOF 30 billion (approx. $48…
Inspired Evolution Fund, FMO, and STOA Acquire 75% Stake in Red Rocket Group
Inspired Evolution’s Evolution III Fund, in collaboration with Dutch Development Bank FMO and STOA Infra and Energy, has successfully completed…
Rivian Shows Promising Q3 Results: Revenue Surges, Losses Narrow
Rivian, the electric vehicle (EV) manufacturer, has released its third-quarter results, showcasing significant progress in production and cost management. The…