Naira Devaluation Spurs Export Demand, Eases Foreign Exchange Pressure on…
Nigeria's recent naira devaluation, while negatively impacting production capacity in the manufacturing sector,…
Yearly Archives
2023
Nigerian Electricity Demand Projected to Reach 45,662 Megawatts by 2030, Exceeding…
The Nigerian Electricity Regulatory Commission (NERC) has stated that electricity demand in Nigeria is expected to…
Nigerian Ministers to Undergo Quarterly Performance Assessments Starting 2024
The Federal Government of Nigeria has announced plans to commence quarterly assessments of the performance of its…
Nigeria Boasts Over 100 Operational Mini-Electricity Grids, a Major Market in…
Nigeria is currently one of the largest mini-grid markets in Africa with over 100 operational mini-electricity…
Lagos Blue Rail Resumes Passenger Operations with Increased Trips
The Lagos Metropolitan Area Transport Authority (LAMATA) has announced the resumption of passenger operations on…
Adenia Partners Invests in South African Solar Financing Provider, Enfin, to…
Private markets investment firm, Adenia Partners, has completed a majority investment in Enfin, a solar financing…
Sony Launches “Sony Innovation Fund: Africa” to Boost Entertainment…
Sony Group Corporation has introduced the "Sony Innovation Fund: Africa" to support the growth of the…
Mediterrania Capital Partners Invests €57 Million in Moroccan Financial Services…
Mediterrania Capital Partners, in collaboration with FMO and IFC, has made a combined equity investment of €57…
Afreximbank and ECIC Launch $1 Billion Program to Boost South Africa-Africa Trade
The African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa (ECIC)…
Africa50 Launches $500 Million Infrastructure Acceleration Fund (IAF)
Africa50, a pan-African infrastructure investment platform, has introduced the Africa50 Infrastructure…
Naira Stabilization: IMF Encourages Nigeria to Consider Loan Options
The International Monetary Fund (IMF) has addressed the pressure on the Nigerian naira and indicated that Nigeria…
African Financial Markets Show Resilience Amid Global Challenges
The Absa Africa Financial Markets Index 2023 reports continued progress in developing financial markets across…
Soaring Power Costs Hit Nigerian Businesses, Posing Threat to Productivity
Rising power costs are posing a significant challenge to businesses in Nigeria, impacting their operations and…
Persistent Power Outages Plague Nigeria Despite Billions in Investments
Despite significant investments in Nigeria's power sector and its privatization in 2013, the country continues to…
Nigerian Banks Experience 50% Surge in Lending Despite Rising Interest Rates
Eleven banks in Nigeria collectively witnessed a 50% increase in lending during the first half of 2023, despite…
Nigeria Sets Ambitious Goal of 2 Million Barrels per Day in Oil Production by End…
The Nigerian government aims to achieve a daily oil production rate of 2 million barrels by December 2023. This…
Customer Complaints Surge by 117% in Nigerian Banks Amidst Challenges
The number of complaints lodged by customers in five Nigerian banks has surged by 117% to reach 6,865,217…
Microsoft’s Acquisition of Activision Set to Proceed Following UK Regulatory…
After a nearly two-year endeavor, Microsoft's acquisition of gaming giant Activision has received approval from…
Voyager Crypto Faces Ban and Legal Action Following False FDIC Claims
After reaching a settlement with the Federal Trade Commission (FTC), Voyager, a bankrupt cryptocurrency company,…
Sony to Invest $10 Million in Early-Stage Entertainment Startups in Africa
Sony Group's entertainment division has announced plans to invest $10 million in early-stage entertainment…
FBN Holdings Seeks Approval for ₦139 Billion Capital Raise Through Rights Issue
FBN Holdings Plc, a Nigerian financial services group, has applied for approval from the Nigerian Exchange…
Central Bank of Nigeria Removes Forex Restrictions on 43 Items
The Central Bank of Nigeria (CBN) has lifted foreign exchange restrictions on 43 items, allowing importers to…
EKEDC Assures Refund to Meter Scheme Participants
The Eko Electricity Distribution Company (EKEDC) has announced that customers who paid for meters under the Meter…
Setbacks in African Tech Startups Impact Investor Confidence
The closure of several once-promising startups in the African tech ecosystem, including fintechs Payday and Dash,…
Central Bank of Nigeria Lifts Restrictions on 43 Prohibited Items, Aims to…
The Central Bank of Nigeria (CBN) has granted approval for the importation of 43 items previously prohibited from…
Export Expansion Grant Backlogs and Bureaucracy Hamper Nigeria’s Revenue…
The Export Expansion Grant (EEG), Nigeria's primary incentive scheme for exporters, has faced challenges including…
Nigeria Achieves Highest Crude Oil Output in 2023 at 1.35 Million Barrels/Day
Nigeria's crude oil production reached an all-time high of 1.35 million barrels per day in September 2023, marking…
Insurers Prepare for Transition to IFRS17 Reporting
As the December 31, 2023 deadline approaches, insurers are gearing up for the transition from the IFRS4 model to…
Citigroup Advises CBN to Remove Forex Restrictions on 43 Items
Citigroup has recommended that the Central Bank of Nigeria (CBN) should lift restrictions on foreign exchange…
Deployment of N50bn Modular Floating Dock to Prevent N300bn Capital Flight and…
Stakeholders in the maritime industry are advocating for the deployment of a N50 billion modular floating dock,…