Manufacturing Sector in Kenya Faces Challenges with Over 30 Plant Shutdowns
More than 30 manufacturing companies in Kenya have shut down production plants within a decade, indicating the impact of an…
Year: 2023
Acceldata Raises $10 Million in Series C Extension, Bringing Total Funding to Over $100 Million
Data observability startup Acceldata has secured an additional $10 million in an extension to its Series C round, bringing its…
Cybersecurity Startup Gutsy Emerges from Stealth with $51 Million Seed Round
Gutsy, a cybersecurity startup founded by the team behind Twistlock, has emerged from stealth with a $51 million seed round…
Contract Management Startup Harbour Raises $15 Million in Series A Funding Round
Contract management startup Harbour has raised $15 million in a Series A funding round, bringing its total raised to $20…
Pair Eyewear Raises $75 Million in Series C Funding to Expand Automated Manufacturing and Global Presence
Direct-to-consumer customizable eyewear brand, Pair Eyewear, has secured $75 million in a Series C funding round. The company plans to…
Former CBN Deputy Governor Advises Against Free Floating Naira
Dr. Tunde Lemo, a former Deputy Governor of the Central Bank of Nigeria, has cautioned against allowing the naira to…
Portfolio Investment in Nigeria Plummets by Over 80% in Q2 2023
According to the latest report from the National Bureau of Statistics, portfolio investment inflow into Nigeria fell by 83.54% in…
Nigerian Domestic Airlines Advocate for Jet Fuel Importation License and Forex Support
The Airline Operators of Nigeria (AON), representing domestic airlines, have urged the Federal Government to grant them the necessary license…
Nairagram Partners with CBN, Sebastian BDC, and Keystone Bank to Address FX Liquidity Crisis
Nairagram, a licensed International Money Transfer Operator, has entered into a partnership with the Central Bank of Nigeria, Sebastian BDC,…
NNPC Partners with Four Consortia for Pipeline Rehabilitation on Build, Operate, and Transfer Terms
The Nigerian National Petroleum Company Limited (NNPCL) has announced that four consortia will finance the rehabilitation of pipelines across Nigeria…
Nigerian Government Approves Appointment of Retired Healthcare Workers on Contract
The Nigerian government has given the green light for the appointment of retired doctors, nurses, and other clinical healthcare workers…
Nigerian Government Plans to Open Petrol Stations Along Border Areas
The Acting Comptroller General of Nigeria Customs Service, Adewale Adeniyi, has announced that the Federal Government intends to establish petrol…
Nigerians Anxiously Await Report on Central Bank Investigation
Nigerians are growing increasingly anxious as they await the report of the Jim Obazee panel appointed to investigate the Central…
Nigerian Cement Makers Enter Pricing Battle as BUA Cuts Prices
Nigerian cement manufacturers are gearing up for a potential pricing war after BUA Cement announced a significant reduction in its…
Escalating Israel-Hamas Clashes Propel Oil Prices Upward
Oil prices surged by over $4 per barrel in early Asian trading due to escalating military clashes between Israeli and…
Ajaokuta Steel Complex Nearing Completion, Promises 500,000 Jobs, says President Tinubu
President Bola Tinubu has announced that the Ajaokuta Steel Complex, a long-abandoned project, is nearing completion and will have the…
Enza Capital Closes $58 Million Across Two Funds to Back African Startups
Nairobi-based venture capital firm Enza Capital has successfully raised $58 million across two funds dedicated to supporting African startups focused…
Gaia Impact Achieves First Closing of €40 Million for Gaia Energy Impact Fund II
Gaia Impact, in partnership with Capital Croissance, Schneider Electric, Capelan, and Investisseurs & Partenaires (I&P), has reached the first closing…
CrossBoundary Access and Mobile Power Partner to Bring Affordable Energy Access to Nigeria
CrossBoundary Access and Mobile Power have formed a $10 million partnership to deploy Mobile Power’s MOPO Hubs in Nigeria, providing…
Peach Payments Secures €29M Funding for African Digital Payment Services
Baobab Payments GmbH, known as Peach Payments, has successfully concluded a €29 million funding round led by Apis Growth Fund…
Lillian Kidane Appointed as Regional Director for Africa at Dalberg Advisors
Global impact consultancy, Dalberg Advisors, has named Lillian Kidane as the new Regional Director for its Africa region. Lillian, who…
Carlyle Co-Founders Back New Africa-Focused Fund with $140 Million
A team that spun out of Carlyle Group Inc., a global private equity firm, has received backing from Carlyle’s co-founders,…
Red Rocket Secures $160 Million Investment for Clean Energy Expansion in Africa
Cape Town-based Independent Power Producer (IPP), Red Rocket, has received a substantial capital injection of $160 million from various stakeholders,…
ARM-Harith Infrastructure Fund Invests $18.75 Million in Elektron Power Infracom for Decentralized Energy Solutions in West Africa
ARM-Harith Infrastructure Fund (“ARMHIF”) has made an investment of US$18.75 million into Elektron Power Infracom (EPI), a Mauritius-incorporated company focused…
Sanari Capital Raises R1.25 Billion for Sanari 3S Growth Fund, Edging Closer to $100 Million Goal
Sanari Capital, a women-led and majority Black- and women-owned South African private equity firm, has successfully raised R1.25 billion (approximately…
Fitch Ratings Anticipates Continued Naira Depreciation Amidst Official-Parallel Exchange Rate Disparity
Fitch Ratings Inc., a credit ratings and research firm, predicts that the Nigerian naira will continue to depreciate against the…
Nigerian Companies Experience Margin Contraction Despite Marginal Revenue Growth in Q2 2023
A diverse range of Nigerian companies have reported significant reductions in their profit margins in the second quarter of 2023,…
Nigeria’s Money Supply Declines Marginally to N64.8 Trillion in August 2023
Nigeria’s money supply, represented by M2, saw a marginal drop to N64.8 trillion in August 2023 compared to N64.9 trillion…
Nigeria’s Debt Management Office Plans to Raise N1.2 Trillion through Bond Reissuance
Nigeria’s Debt Management Office (DMO) has unveiled plans to raise up to N1.2 trillion by re-issuing federal government bonds. The…
Nigeria Loses N843 Billion Due to Gas Flaring from January 2022 to August 2023
Between January 2022 and August 2023, Nigeria suffered a significant financial loss of approximately N843 billion due to the burning…