Browsing: Nigeria

A groundbreaking initiative, the SEMA ReACT (SEvere MAlaria treatment with Rectal artesunate and Artemisinin-based Combination Therapy [in remote settings]) consortium, marks a fresh collaboration between Africa and Europe. This study addresses the knowledge gap surrounding an intervention designed to provide a critical time buffer for seeking additional care in remote settings where transferring to health facilities is difficult.…

Africa has today emerged as a fertile ground for groundbreaking startups. As 2024 approaches, the continent’s startup scene is buzzing with activity, marked by impressive funding rounds and strategic expansions. This trend is a fleeting moment and a testament to African entrepreneurship’s resilient and dynamic spirit.

The Exchange Africa spotlights five startups thriving and redefining the business landscape in their respective sectors. From renewable energy solutions in the Democratic Republic of Congo to digital health platforms in Kenya, these companies embody the ingenuity and potential of Africa’s business ecosystem. They attract significant investment and are poised to substantially impact their communities.…

• The Russian invasion of Ukraine has proved highly disruptive to world energy markets.
• There is still a distance between Africa and the rest of the world in terms of what the continent can do to establish closer ties to energy markets in Europe and elsewhere.
• Now is the time to offer tax incentives, fast-track projects, show more transparency in processes, and do everything possible to minimize investor risk.

It’s undeniable that the Russian invasion of Ukraine proved highly disruptive to world energy markets. This geopolitical clash led to the imposition of Western sanctions on the export of Russian oil and fuel and the imposition of a price cap on Russian crude by the G7 group.

It also led to the redirection of world oil trade flows. Asian countries such as China and India, for example, began absorbing considerably more Russian oil and fuel than they had done previously, and many …

• Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ).
• LFZ is the first and only free zone in Nigeria that is uniquely integrated with the deepest seaport in the region, the Lekki Port, which started operations in April 2023.
• With a rich legacy spanning over four decades, Tata International is a key contributor to the economic landscape of the African continent.

Tata International is set to expand operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement as signed in the presence of Anand Sen, Managing Director of Tata International Limited, by Managing Director of Tata Africa Holdings Pty Ltd, Len Brand. This marks a significant milestone in the company’s commitment to the region.

With a rich legacy spanning over four decades, Tata International is a key contributor to the economic landscape of the African …

• The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy.
• Through the council, the Kingdom of Saudi Arabia plans to replicate various investments made in Pakistan, Indonesia, and India in Nigeria.
• Africa has increasingly become the subject of high competition between global economic powers.

Nigeria anticipates multi-billion-dollar “immediate” investment flows from the Kingdom of Saudi Arabia. This follows the signing of an agreement between the countries to establish a business council. The Nigeria-Saudi Business Council could see the Middle Eastern country fund several sectors of the West African economy. These include technological advancements, telecommunications, energy, oil and gas, and agriculture.

The two countries resolved to restore the Nigeria-Saudi Business Council. Crown Prince Mohammed bin Salman Abdulaziz proposed the Business Council in 2019. However, the former president of Nigeria, Mahammadu Buhari, resisted the council.

“We expect to see significant investment flow immediately,” Abubakar …

• To lessen its carbon footprint, Tanzania is adopting the use of vehicles that run on compressed natural gas (CNG).
• Plans are underway to set up CNG refilling stations in Dar es Salaam, Morogoro, and Dodoma cities.
• Tanzania’s $42 billion Liquid Natural Gas (LNG) project makes the transition to natural gas-powered vehicles a viable initiative.

In Tanzania, a new revolution to reduce carbon footprint is underway. The government is rolling out a plan to cease the use of crude oil for its government vehicles. This is part of a larger national initiative to reduce carbon footprint and adopt a more environmentally friendly system.

Instead of oil, the Tanzania Government Procurement Services Agency (GPSA) will now purchase vehicles that run on compressed natural gas (CNG).

A CNG vehicle is a car powered by natural gas rather than gasoline or diesel fuel. These cars are not specially manufactured to use CNG. Instead, automakers …

• Chancellor Olaf Scholz says German companies are looking for gas deliveries from Nigeria.
• At the moment, Germany imports huge volumes of crude oil from Nigeria, but no gas.
• Nigeria boasts the largest confirmed natural gas reserves in Africa, estimated at 202 trillion cubic feet.

Europe’s economic powerhouse Germany is considering the prospect of importing natural gas from Nigeria. This plan was revealed by Chancellor Olaf Scholz during an interview with Nigerian newspaper, The Punch.

Scholz is visiting Nigeria on a mission to reinforce bilateral relations with Africa’s largest economy. His visit, the third to Africa since he took power in 2021, marks a significant milestone in fostering economic cooperation. This trip holds particular significance as it is the German leader’s first visit to Nigeria since President Bola Tinubu’s election.

“Nigeria has the biggest gas supply in Africa,” Scholz told The Punch. “German companies are interested in gas …

Africa’s digital transformation has caught the eye of many investors, aspiring to profit from its rapid growth. Over the years, Africa’s fintech, e-commerce, and mobile industry have significantly grown, showcasing the continent’s untapped potential. Unfortunately, despite the valid efforts of several governments, Africa’s progress is currently experiencing difficulties.…

• The sudden collapse of the Nigerian Naira versus the US dollar has caused widespread shock and alarm in the banking and investment industries..
• Continued loss in value of the Naira poses huge repercussions for the entire 15-member ECOWAS bloc, not just Nigeria.
• Many ECOWAS countries rely heavily on trade with Nigeria. When the value of the naira drops, the cost of importing products into Nigeria rises, and less money is available to spend on goods from other nations.

The sudden collapse of the Nigerian Naira versus the US dollar has caused widespread shock and alarm in the banking and investment industries. The effects of the currency exchange rate dropping to an all-time low on Nigeria’s economy and regional commerce are significant.

Current exchange rate of the Naira to the Dollar

The FMDQ, where foreign currency is legally sold through the NAFEM, reported an alarmingly low exchange rate of N999 for …