Nigeria News Archives - Page 9 of 14

13Apr

By Ibrahim MoshoodNo Comments

Nigeria News, Startups

The SEC’s Circular On The Trading Of Foreign Securities By Investment Platforms In Nigeria

By Ibrahim Moshood, Associate, Centurion Law Group The apex regulator of securities in Nigeria, the Securities and Exchange Commission (“SEC”) has issued a circular, with respect to technology investment platforms providing the Nigerian public with access to foreign securities. The circular dated 8 April 2021, issues a strong warning to these investment platforms and Capital Market Operators (“CMOs”) in partnership with them to provide brokerage services. Both categories of players in the financial space were warned to desist from providing the Nigerian public, with access to foreign securities. This is pivoted on the grounds that these securities are neither registered with the SEC nor listed on the Nigerian Stock Exchange (“NSE”). From 2018, technology start-ups have pioneered major disr...

7Apr

By Africa BusinessNo Comments

Energy, Nigeria News

Wärtsilä Optimised Maintenance agreement supports growth ambitions of a privately-owned Nigerian supplier of energy to the national grid

The technology group Wärtsilä has signed a long-term Optimised Maintenance agreement covering power plants in three locations owned by Paras Energy, a 100 percent privately-owned Nigerian energy provider. The aim of the agreement is to ensure the plants’ continued high levels of availability, reliability and efficiency, while providing important cost predictability for future budgeting purposes. The agreement was signed with Wärtsilä in the first quarter of 2021. The plants covered by the five-year agreement are operated with Wärtsilä 34SG gas-fuelled engines producing a combined total output of approximately 132 MW. Based on an average connected capacity of some 6,5 kW for each Nigerian home, this will represent the annual consumption equivalent of close to 20,300 domestic households. “We...

31Mar

By Ibrahim MoshoodNo Comments

Nigeria News

The Central Bank Of Nigeria’s Naira For Dollar Scheme

By Ibrahim Moshood, Associate, Centurion Law Group The “Naira 4 Dollar” Policy With a considerable amount of its population in the diaspora[1], Nigeria is one of the top three African destinations receiving the largest inflow of foreign remittances at over USD 24 Billion in the last quarter of 2020.[2] In an effort to sustain and encourage the inflow of these remittances, the Central Bank of Nigeria has introduced the “Naira 4 Dollar Scheme” on 5 March 2021. This scheme is scheduled to take effect from 8 March 2021 to 8 May 2021. Foreign remittances are quite important to the Nigerian economy, contributing over 83% to the National budgets between 2018 and 2019. [3] Recall that in November 2020, the CBN had issued a circular to authorized dealers and the public stating principally that, be...

28Mar

By Dirk BolNo Comments

Cameroon News, Main, Nigeria News

Successful Development In Africa

Economic Trends 2000-2020 by Dirk Bol March 2021 Introduction In this paper I intend to review Africa’s economic progress since the year 2000, so two decades. When I say Africa I mean Sub-Saharan Africa (SSA), 47 to 49 countries excluding the five North African ones (but including Somalia without data and South Sudan with little data). Africa (SSA) today accounts for around 14% of the world’s population, but only about 2% of global GDP. In the first part I review data with respect to the economic development of the continent during the last two decades, 2000-2020, with respect to economic growth, poverty, and the structure of the economy. This overview ends at the end of 2019, so does not include the corona crisis nor locust plague or other calamities (ethnic confict Ethiopia, ISIS i...

24Mar

By Shahina ParvinNo Comments

Africa Travel, Nigeria News, travel

Hotel Developments in West Africa

For being the second largest Continent on earth, Africa has a wide range of options for hotel development in many of its regions having more space for expansion and capital growth. The middle-class population is estimated to be near 350 million people by the African Development Bank. A portion of this population holds the probability to be potential travelers. These people can benefit the economy. The tourism and travel industry has an important part in keeping up with the rising number of travelers. Hotel development has been affiliated with advanced economies in countries like South Africa, Rwanda, Kenya, Tanzania in comparison to a mire of the West African countries while there is a noticeable development in the major cities lately. West Africa is the most densely populated area in enti...

16Mar

By Wale YusuffNo Comments

Energy, Green Energy, Nigeria News

Without flexibility, Nigeria will face difficulties integrating large amounts of renewable energy into the grid

Op-ed by Wale Yusuff, Managing Director of Wartsila Marine & Power Service Nig Ltd As the largest economy in Africa, with huge gas reserves and high solar energy potential, Nigeria has all the natural resources necessary to meet the growing demand for electricity. However, the inadequate energy infrastructure still leaves a significant part of the population without power or relying on oil-fired back-up generators. If Nigeria can improve its energy infrastructure and unlock its gas-to-power generation potential, it paves the way to integrating low-cost renewable energy, bringing electricity and development opportunities to rural villages, driving industrial growth and employment, and increasing prosperity across the country. There is no doubt that gas has an important role to play in ...

16Mar

By Africa BusinessNo Comments

Nigeria News, Tech

erpSOFTapp Odoo; Nigeria joins the league of Gold Partners with V14 Certification

The integration of smart business applications is on the rise in Nigeria, especially in the last year due to the COVID 19 pandemic. One of such application is the Odoo business app. Formally known as Open ERP (Enterprise Resource Planning), Odoo made its debut in Nigeria in 2015. Since then, the integration of the much sort after business app has grown exponentially with small, large and medium sized companies seeking the service of qualified Odoo professionals. Finding a fully certified Odoo professional locally was daunting. This changed in 2018 thanks to erpSOFTapp, a company based in Lagos, Nigeria which won the best partner Africa award in 2018 and 2019. erpSOFTapp, has joined the 11.9% certified V14 Odoo gold partners. Nigeria can now boast of being a part of the low 2.4% that have a...

AMAKA Studio: A Publisher Dedicated To Celebrating Pan-African Womanhood Launches

14Mar

By Africa BusinessNo Comments

Business, Nigeria News

AMAKA Studio: A Publisher Dedicated To Celebrating Pan-African Womanhood Launches

AMAKA Studio (AMAKA) launched on 11 March. Founded by 25-year-old Nigerian-American CEO Adaora Oramah, the online platform will spotlight nuanced stories for women from Africa and across the diaspora. Intentionally launching the week of International Women’s Day, AMAKA kicks off by celebrating its reason for existence - Pan-African womanhood - for the entire month of March. The celebrations have begun with several high-profile interviews, including conversations with Kenyan-American singer-songwriter and actress Victoria Kimani and Nigerian superstar Teni. With a mission to produce inclusive and culturally relevant content that represents the perspective of Pan-African women, AMAKA’s Editorial team will create content that unites women across geographical and language boundaries. One mis...

N’Gunu Tiny on Why social entrepreneurship supports local communities throughout Africa

9Feb

By Veselina DzhingarovaNo Comments

Business, Ghana News, Kenya News, Mauritius News, Nigeria News, Sierra Leone, Startups, Tanzania News

N’Gunu Tiny on Why social entrepreneurship supports local communities throughout Africa

Transformative tech and social innovation expert N’Gunu Tiny talks about how social entrepreneurship helps communities in Africa. N’Gunu Tiny, Founder and Executive Chairman of the Emerald Group, is an expert in transformative tech and social innovation. His book Impacting Lives will be published in Fall 2021. Before the pandemic, Africa was surging ahead with local and national developments across all sectors. And COVID-19 isn’t slowing the emergence of social entrepreneurship that is creating ways out of poverty and empowering Africa’s people. From technology to healthcare, grassroots organisations and local communities are fighting to improve local economies. Social entrepreneurship is the key to encouraging this level of development throughout the continent. Social entrepreneurship is...

Deal making slows across Africa but post-pandemic opportunities look interesting

6Feb

By Africa BusinessNo Comments

Ethiopia News, Ghana News, Kenya News, Main, Mauritius News, Mozambique News, Nigeria News, South Africa News

Deal making slows across Africa but post-pandemic opportunities look interesting

Deal making activity in sub-Saharan Africa (SSA) dropped in the second half of 2020 (H2 2020), when compared to the second half of 2019 (H2 2019) and year-on-year, deals were also down in both volume and value compared to 2019. As the continent gears up for post-pandemic recovery in 2021, the opportunities presented by free trade across the continent, foreign investment opportunities due to new partnerships and trade relationships, as well as the post-pandemic focus on technology, healthcare and renewable energy, will be key factors in attracting valuable mergers and acquisition (M&A) activity to the region. Further, South Africa’s deal volume and value both dropped in 2020, with the industrials and healthcare sector attracting the biggest investments. Ghana stood out as a country that...