Nigeria News Archives - Page 6 of 14

29Nov

By Africa BusinessNo Comments

Energy, Green Energy, Nigeria News, Startups

Arnergy Launches Diaspora Initiative For Clean Energy Remittances

Energy startup becomes Africa’s first solar company to launch renewables payment scheme for Nigerians abroad Arnergy, Nigeria’s leading distributed utility company delivering solar energy solutions, has today announced the launch of the Diaspora Initiative - a groundbreaking scheme enabling the global Nigerian diaspora to invest in solar energy solutions on behalf of local individuals and businesses. The first of its kind from an African solar company, the Diaspora Initiative enables Nigerians abroad to purchase off-grid solar panels and storage systems which are installed in households and businesses across Nigeria to deliver a clean and uninterrupted source of electricity. With Arnergy’s tech-enabled solar models marking a major innovation as a sustainable solution to Nigeria’s $29...

15Nov

By Africa BusinessNo Comments

Medicine, Nigeria News, Startups

DrugStoc Secures $4.4M in Series A Funding to Expand Access to Quality Pharmaceuticals in Africa

Healthtech startup, DrugStoc has raised USD 4.4 million in Series A funding to expand access to quality medicines while providing sustainable supply chain financing for healthcare providers in Sub-Saharan Africa. The funding round is led by Africa HealthCare Master Fund (AAIC), and other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG). Nobuhiko Ichimiya, Director at AAIC stated that, “We are very excited to be part of the Drugstoc journey. The pharmaceutical market in Africa has enormous growth potential and we are glad to back a company well-positioned to be a key player in the sector’s growth in sub-Saharan Africa.” Chibuzor Opara, DrugStoc’s co-founder and CEO; asserted that “We are committed to making an impact in the healthcare indu...

8Nov

By Faizal BhanaNo Comments

Main, Nigeria News

Operational Challenges and Opportunities for Family-Owned Businesses in a Post-Covid World

By Faizal Bhana – Director Jersey Finance - Middle East, Africa and India. According to Asoko Insight’s FOB500 research, Nigerian family-owned businesses make up 36% of companies within the Economic Community of West African States, (ECOWAS). These businesses have been vital to the socio-economic development of Nigeria and have been instrumental in the region’s back-to-business strategy amid the COVID-19 pandemic as a mechanism of securing their legacy. It is important to note that family-owned businesses globally, including Africa, experienced adverse consequences as a result of COVID-19. Mandatory lockdowns and the general restriction of movement contributed to creating this challenging operational environment that required family businesses to adapt to survive. Policies such as ‘wor...

3Nov

By Africa BusinessNo Comments

Agriculture, Nigeria News

AFEX predicts higher prices for core grains and advocates for African food balance sheet in new report

Nigerian commodities exchange releases 2021 Annual Crop Production report to boost agricultural data and guide financing and policy decisions Lagos, Nigeria – 2 November 2021. Nigeria’s core grain prices have been projected to trend upwards in the new season due to persistent gaps between commodity supply and demand, according to a new report by commodities exchange firm AFEX. The 2021 crop production survey report also forecasts an increase in production levels across six commodities: maize, sorghum, soybean, paddy rice, ginger, and sesame. AFEX’s annual crop production report seeks to provide robust market intelligence for the many key players in the agricultural value chain, with the data also being used to produce forecasts of area, yield, production, value and stock for major crop...

28Oct

By Udette KirschNo Comments

Fintech, Nigeria News, South Africa News

Cryptocurrency and herding behaviour

By: Udette Kirsch - behavioural economist & strategic marketing specialist Cryptocurrencies refuse to play by the rules. People rely on experts for all sorts of advice, but when it comes to cryptocurrencies, they seek advice from peers and the internet. So, what causes this behaviour, and what are the implications? Hint: it’s rooted in behavioural psychology. Recent studies suggest that crypto-currency investors rely less on expert advice and increasingly follow peer investor communities for guidance. The daily value of South African crypto trading recently exceeded $141 million for the first time, indicating that many South Africans consider the risks of this complex, unregulated market to be acceptable for the returns which it may deliver. Digital advocates have hailed cryptocurr...

22Oct

By Africa BusinessNo Comments

Fintech, Kenya News, Nigeria News, South Africa News, Startups

Nigerian Fintech, Brass, Secures $1.7mn Financing Round “to bet on African SMEs”

“Africa’s new bank for startups and SMEs” to expand to South Africa & Kenya following funding Brass, a Nigerian digital bank delivering easy access to affordable premium banking services for small and medium-sized businesses (SMEs), has today secured $1.7mn in funding to address the heavily underserved banking needs of local entrepreneurs, traders and fast-growing businesses. The financing round sees participation from Olugbenga ‘GB’ Agboola (Co-Founder of Flutterwave), Ezra Olubi (Co-Founder of Paystack, acquired by Stripe), Hustle Fund, Acuity Ventures, Uncovered Fund and Ventures Platform. The new funding will play a key role in accelerating Brass’ expansion into South Africa and Kenya - just a year after launch, and will kickstart a range of new product categories, including an ex...

17Oct

By Nicolas MathonNo Comments

Energy, Nigeria News

Resilience is the mother of all virtues… and the key to unlocking successful independent power projects in Nigeria

By Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy The successful completion of the Azura Edo 450 MW gas-fired power project in 2016 was hailed at the time as setting the blueprint for future independent power projects in Nigeria. The $900 million plant, which gathered 20 international banks and equity financing partners from more than nine countries, took over six years of project development and construction. It was intended to provide a pathway for others to enter into similar agreements and unlock financing for power sector investment. But five years on, no new independent power projects have come to fruition. Today, grid generating potential is just over 12 GW in Nigeria. More than 40% of the population lack access to electricity, and those with ...

17Oct

By Denny Da SilvaNo Comments

Kenya News, Main, Nigeria News, South Africa News

New global tax rules will help address imbalances in tax revenue in Africa

By Denny Da Silva, Associate Director, Tax, Baker McKenzie, Johannesburg One hundred and thirty six of the 140 members of the OECD G20 Inclusive Framework, including South Africa, have agreed on a new set of global tax rules that will reform the world’s tax system. Notably, two African countries that are members of the Inclusive Framework have not yet joined the agreement - Kenya and Nigeria. The two-pillar system will be presented to the G20 Leaders’ Summit at the end of October 2021. It will result in a reallocation of taxing rights from resident to source countries of certain multinational enterprises (MNEs), if thresholds are met, in addition to a 15% global minimum tax rate for certain organizations, implemented from 2023. The agreement aims to redress global tax revenue imbalances a...

22Sep

By Africa BusinessNo Comments

Fintech, Kenya News, Mozambique News, Nigeria News, South Africa News

Banks across Africa Turn to IBM Hybrid Cloud and AI Solutions to Accelerate Digital Innovation

Africa’s leading banks including EcoBank, Nedbank, Attijariwafa Bank, United Bank of Africa, Co-operative Bank of Kenya and Banco Mais are tapping into IBM technologies to help advance financial inclusion across the continent IBM today announced that major financial institutions across Africa have selected hybrid cloud and AI capabilities from IBM to unlock digital innovation and continue their work to develop digital-first solutions, ultimately broadening access to financial services on the continent. COVID-19 continues to accelerate the already rapid changes that were happening across the financial services sector in Africa, fast-tracking the adoption of digital technologies to boost financial inclusion. With over 475 million Africans expected to be mobile internet users by 2025 GSMA –...

9Aug

By Africa BusinessNo Comments

Nigeria News

From Radio Presenter To Broadcast Trainer: Fola Folayan wants to raise the bar for Broadcast Journalism in Nigeria

For thirteen years, Fola Folayan worked as a radio broadcaster in Nigeria; filling various roles as a content producer, presenter and newscaster in different media organizations across the country. But she wanted more. She wanted to develop talent for the broadcast industry and in her own words ‘raise a generation of professionals who can function in the fast-changing media landscape’ The 21st century is already seeing fundamental changes in radio broadcasting. No longer are audiences limited to listening to the radio at the times and places dictated by the broadcasters, or on radio ‘sets’. According to Fola Folayan, broadcasting in the 21st Century has evolved with digital technology, and that evolution has effected changes in programming, content, delivery and audience engagement....