A lawsuit filed by U.S. education technology company Chegg accuses Google of using its artificial intelligence (AI) overviews to undermine the digital publishing industry. The lawsuit, filed in Washington, D.C., claims that Google’s AI-generated summaries are reducing demand for original content, ultimately eroding the incentives for publishers to produce quality material. According to Chegg, Google’s […]
Month: February 2025
Young Nigerians Positioned to Drive AI Growth for Economic Prosperity
Victor Benjamin, the West/South-South Director for Young Professionals for Tinubu, has emphasized that young Nigerians will play a crucial role in driving the projected $15 billion economic boost from artificial intelligence (AI) by 2030. He stated that equipping the youth with the right skills is essential to ensure that this potential becomes a reality. Benjamin […]
CBN Pledges to Enhance Nigeria-Saudi Economic Relations
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, has reaffirmed the bank’s commitment to strengthening economic relations between Nigeria and Saudi Arabia. In a recent press statement, Cardoso expressed the CBN’s dedication to fostering mutually beneficial partnerships across key sectors, which are essential for driving economic growth. His remarks came during […]
Nigeria’s Currency in Circulation Reaches N5.24 Trillion, 90.4% Held Outside Banks
Nigeria’s total currency in circulation hit a record high of N5.24 trillion in January 2025, reflecting a 43.5% increase from N3.65 trillion in January 2024, as reported by the Central Bank of Nigeria (CBN). This surge highlights a continued trend of rising cash circulation across the country, demonstrating growing reliance on cash transactions. A significant […]
Brazil’s JBS to Invest $2.5 Billion in Ogun State’s Livestock Industry
In a major boost to Nigeria’s livestock sector, JBS, the world’s largest protein producer based in Brazil, has announced a $2.5 billion investment in Ogun State. This move aims to enhance the country’s food security and strengthen its livestock industry. The partnership was officially unveiled by Ogun State Governor Dapo Abiodun, who shared the news […]
Bank of Ghana Signals Review of Cash Reserve Ratio to Ease Liquidity Strain
The Bank of Ghana (BoG) has signaled its intention to gradually review the Cash Reserve Ratio (CRR) for commercial banks, indicating a potential shift in policy aimed at maintaining financial stability while addressing liquidity concerns. This announcement came during a meeting with the Ghana Association of Banks (GAB), where key industry challenges, including the impact […]
COMAC vows to resist policies that threaten local investment-GHANA
The Chamber of Oil Marketing Companies (COMAC) has expressed strong opposition to policies that could harm local businesses within Ghana’s downstream sector. This stance comes in response to the Cylinder Recirculation Model (CRM) introduced by the previous administration, which COMAC claims failed to benefit local industry players. The Chamber is particularly concerned about the negative […]
Nigeria Seeks Saudi Investment for Infrastructure Development
The Nigerian government has initiated discussions with the Saudi Fund for Development (SFD) regarding potential investments in the country’s infrastructure. Finance and Coordinating Minister of the Economy, Wale Edun, met with a high-level delegation from the SFD, led by its CEO, Sultan Al-Marshad, in Abuja. The meeting centered on collaboration in sectors such as industrial […]
Indian Tech Sector Poised for Strong Growth, Set to Cross $300 Billion by FY26, Says Nasscom
India’s technology sector is on track for accelerated growth in fiscal year 2025, according to the National Association of Software and Service Companies (Nasscom). The industry body projects a 5.1% growth in revenue, reaching $282.6 billion, compared to 4% growth in the previous fiscal year. This positive trajectory is expected to continue, with the sector […]
Qatar Partners with Scale AI to Enhance Government Services Through AI
Qatar’s government has recently signed a strategic five-year agreement with Scale AI, a leading AI data company based in San Francisco, to implement artificial intelligence tools aimed at improving public services. This deal marks a significant step in Qatar’s efforts to modernize its governmental operations through AI technology, including predictive analytics, automation, and advanced data […]
Thai Finance Minister Advocates Interest Rate Cut to Stimulate Economic Growth
Thailand’s finance minister, Pichai Chunhavajira, has indicated that the country’s low inflation provides an opportunity to reduce interest rates, aiming to stimulate economic growth and help weaken the baht to boost exports. The Bank of Thailand is set to review its key interest rate this week, and while most economists expect the rate to remain […]
AfDB Report: Africa’s Economic Growth Shows Improvement Despite Global Challenges
The African Development Bank (AfDB) has revealed signs of economic recovery for Africa in its 2025 Macroeconomic Performance and Outlook (MEO) report, although challenges remain. The report, presented at the African Union Assembly in Addis Ababa, projects a GDP growth of 4.1% in 2025 and 4.4% in 2026, driven by economic reforms, reduced inflation, and […]
Dangote Refinery Holds Over 500 Million Litres of PMS, Aims to Export 60% of Production
Dangote Industries Limited (DIL) has made significant strides in Africa’s energy sector, with President Aliko Dangote revealing that its refinery currently holds more than 500 million litres of Premium Motor Spirit (PMS) and petroleum products valued at N600 billion. The refinery’s production has not only met Nigeria’s domestic needs but also surpassed them, enabling Dangote […]
Financial Inclusion Key to Nigeria’s Economic Development, Says CBN
The Deputy Governor for Financial Systems Stability at the Central Bank of Nigeria (CBN), Mr. Philip Ikeazor, emphasized the importance of financial inclusion in driving national development. He made these remarks at the unveiling of Enhancing Financial Inclusion and Advancement (EFInA)’s refreshed brand identity and its new five-year corporate strategy. The event also marked the […]
Olam Group Sells 44.6% Stake in Agribusiness to Saudi Fund for $2.35 Billion
Olam Group, based in Singapore, announced on February 24, 2025, that it will sell a 44.58% stake in its agricultural products arm, Olam Agri, to the Saudi Agricultural and Livestock Investment Company (Salic) for US$1.78 billion (S$2.35 billion). Salic is a subsidiary of Saudi Arabia’s sovereign wealth fund. This deal values Olam Agri at US$4 […]
US Demands EU Clarification on Antitrust Rules for Big Tech
U.S. House Judiciary Chair Jim Jordan has demanded clarification from EU antitrust chief Teresa Ribera on how the European Union enforces its rules, particularly regarding the Digital Markets Act (DMA). Jordan expressed concerns that the DMA may disproportionately target U.S. companies, such as Alphabet, Amazon, Apple, and others, arguing that it creates unfair regulatory burdens […]
European Markets Surge as Germany’s Election Results Boost Investor Confidence
European stock futures and the euro climbed on Monday after Germany’s election results yielded a mainstream outcome. DAX futures jumped by 1.2%, while the euro rose 0.44% to $1.0507, approaching its January high. EUROSTOXX 50 futures increased by 0.66%, and FTSE futures gained 0.1%. However, uncertainty remains as Friedrich Merz, the new conservative leader of […]
Equity market gains N1.83tn in one week
The Nigerian equity market recorded a gain of N1.83 trillion last week, as the All-Share Index and Market Capitalisation appreciated by two percent and 2.78 percent, respectively. The All-Share Index closed at 108,053.95 points, while market capitalization reached N67.418 trillion. This performance indicates a positive outlook for the market, reflecting investor confidence. A total of […]
US companies swap dollar bonds into euros to lower funding costs
U.S. companies with international operations are increasingly using cross-currency swaps to convert their dollar debt into euros, helping reduce their borrowing costs. This trend comes as euro interest rates remain lower than U.S. rates, and businesses seek ways to manage the impact of rising interest rates. Corporate advisers and bankers say that the strategy is […]
CBN Is Likely to Retain Interest Rates Amid Economic Concerns – Coleman Wires CEO
Ahead of the next meeting of the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC), industry stakeholders are projecting that the central bank will likely maintain the current interest rates. George Onafowokan, the Managing Director and CEO of Coleman Wires and Cables Industries Limited, indicated that while a small reduction of 0.25% is possible, […]
Trump Labels Zelensky a “Dictator” as Tensions Rise Between US and Ukraine
Donald Trump has escalated his feud with Ukrainian President Volodymyr Zelensky, calling him a “dictator” and accusing him of playing President Joe Biden “like a fiddle.” Trump’s comments came after Zelensky criticized the US-Russia talks held in Saudi Arabia, saying that President Biden was operating in a “disinformation space” influenced by Moscow. This sparked outrage […]
Cloud Expo 2025 Set to Boost Africa’s $180bn Digital Economy
The IoT West Africa and Data Centre Cloud Expo 2025, co-located with Power and Water Nigeria, is set to be a pivotal event for Africa’s digital economy, which is forecasted to reach $180 billion by 2025 and contribute 5.2% to the continent’s GDP. Scheduled to take place in Lagos, this three-day expo will gather key […]
CBN Mandates Banks to Publish Details of Dormant Accounts and Unclaimed Funds
In a notable shift in policy, the Central Bank of Nigeria (CBN) has directed banks and financial institutions to publicly disclose information about dormant accounts, unclaimed balances, and other financial assets. This directive, issued in a circular dated February 17, 2025, is aimed at enhancing transparency and better management of unclaimed funds within Nigeria’s banking […]
European Stocks Mixed as Schneider Electric’s Strong Profit Boosts Market Sentiment
European stock markets were mixed on Thursday morning, following a flurry of earnings releases across the continent. The Stoxx 600 index opened slightly higher but later slipped below the flatline, with France’s CAC 40 gaining 0.4% while the U.K.’s FTSE 100 saw a decline of 0.35%. Among the major corporate reports, Schneider Electric stood out, […]
CSCS Launches Upgraded RegConnect Version 2 to Improve Data Exchange for Registrars
The Central Securities Clearing System Plc (CSCS) has unveiled an enhanced version of its web-based application designed to streamline operations and improve user experience for registrars within Nigeria’s capital market. In a statement released on Tuesday, CSCS announced that RegConnect Version 2 would go live later this month, aiming to address operational inefficiencies and provide […]
Naira Appreciates to N1,535 per Dollar in Black Market Amid Improved Liquidity
The naira has gained value in the parallel (black) market, reaching N1,535 per dollar, driven by a reduction in demand for the greenback and improved liquidity conditions. This represents a N25 (1.6%) appreciation compared to the N1,560 per dollar rate recorded on Monday. Traders confirmed that the market saw enough dollars to meet demand, which […]
Senate to Hold Public Hearing on Tax Reform Bills February 24-25
The Nigerian Senate is set to hold a two-day public hearing on the four tax reform bills presented by President Bola Tinubu, aimed at improving the country’s tax administration. The hearing will take place on February 24 and 25, according to Senate Committee on Finance Chairman, Sen. Sani Musa. The public session comes after a […]
The Urgent Need for Homegrown Venture Capital in Ghana’s Startup Ecosystem
For years, Ghana’s startup ecosystem, like many African nations, has thrived with the help of foreign donors such as USAID, which has funded sectors from agriculture to fintech. However, the abrupt funding shutdown in Kenya, which left over 30 startups struggling, serves as a stark reminder that reliance on external funds is risky. Ghana’s own […]
Rural Banks in Ghana Embrace GhanaPay to Stay Competitive
Rural banks in Ghana are increasingly adopting the GhanaPay platform developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS) to enhance digital financial transactions, particularly in rural communities. Launched in June 2022, GhanaPay allows users to register for mobile money services and choose their preferred financial institution to set up a digital wallet. With […]
Fed Concerns Over Trump’s Policies Contributing to Inflation Risks, Minutes Show
At a meeting held a week after President Donald Trump’s inauguration, Federal Reserve officials expressed concerns that his proposed policies, particularly around trade and immigration, could drive inflation. Businesses reported to the Fed that they anticipated raising prices due to the potential for increased costs, such as from import tariffs. The minutes from the January […]