Browsing: Nigeria

• The latest Stanbic IBTC Bank Nigeria PMI shows most companies continued to report less demand, attributable to an increase in the cost of products.
• Nigerian industries reported the sharpest rise in input costs and output prices in six months.
• High pump prices, transportation, and materials for manufacturers continued to hurt businesses in the month under focus.

Inflation in Nigeria

Rising inflationary pressures in Nigeria hit businesses hard at the close of the third quarter, with selling prices increasing by the sharpest margin in six months. The country’s private sector reported marginal job opportunities in September, the lowest in the previous three months.

According to Stanbic IBTC Bank Nigeria PMI, most companies continued to report less demand, attributable to an increase in the cost of products amid thinning incomes. Findings show that business confidence dipped in September and was the second lowest level on record, only just above July.

“Nigeria’s …

• With its multiple technologies, Bboxx is trailblazing in the green energy space, scaling its operations across Africa and projecting to offset over 20 million tonnes of CO2.
• Bboxx has been awarded Gold Standard certification for carbon credit programs based on solar home systems, clean cooking alternatives, and solar-powered water pumps.
• Implementing carbon programs allows Bboxx to accelerate market growth potential by reaching over 4 million customers in five African countries.

Rwanda-based Bboxx plans to offset over 20 million tonnes of carbon and generate $100 million worth of carbon credits through clean energy projects in Africa.

In this initiative, Bboxx projects to positively impact the lives of over four million customers across Rwanda, Kenya, Nigeria, Togo, and the Democratic Republic of Congo (DRC).

These revelations follow Bboxx’s recognition with the Gold Standard certification for its continued rollout of clean energy projects in five African countries. This certification marks a vital moment …

• Jamie Dimon embarks on a strategic journey in October seeking to grow the US banking giant’s footprint in Africa.
• This will be Dimon’s return to Africa after seven years.
• The lender’s CEO will be touring Kenya, Nigeria, South Africa, and Ivory Coast.

Jamie Dimon, CEO of JPMorgan Chase, is set to visit Africa in mid-October, marking his first trip to the continent in seven years. The head of the largest U.S. lender, with assets exceeding $4.1 trillion, will visit key markets, including Kenya, Nigeria, South Africa, and Ivory Coast, according to sources familiar with the matter.

Dimon’s visit comes as JPMorgan aims to expand its presence in Africa, a continent ripe for investment opportunities, where both sovereign debt and corporate deals are becoming increasingly attractive to global banks.

With the bank already operating in South Africa and Nigeria, this trip signals JPMorgan’s intent to deepen its foothold in African markets, …

• Nigeria’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July.
• This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.
• But the long-term outlook remains uncertain, as analysts warn that this reprieve could be short-lived.

Nigeria inflation cooled in August 2024, largely due to improved food supply driven by favorable weather conditions. According to the National Bureau of Statistics (NBS) update on Monday, the country’s headline inflation dropped to 32.15 per cent from 33.40 per cent in July. This marks a slight respite for Africa’s most populous nation, which has been battling relentless inflationary pressures for well over a year.

The relief in inflation was largely tied to falling food prices. As the harvest brought in abundant supplies of tomatoes, peppers, yams, and other staple foods, food inflation, a key driver of the overall …

• This [gasoline production] will eliminate all fuel queues in Nigeria. This will improve the health of everybody. This will also make sure that there is consistent supply to the market, says Aliko Dangote.
• Refinery hailed as a big step in weaning Nigeria from its heavy reliance on imported oil products.
• Its capacity to export surplus products, such as aviation jet fuel and diesel, offers additional revenue streams for the country.

Nigeria’s energy sector is poised to experience a monumental shift as the Dangote Oil Refinery, a $20 billion investment on the outskirts of Lagos, started gasoline production on Monday. According to media reports, this development marks a big step towards reducing the country’s heavy reliance on imported oil products.

The refinery, which began operations in January, is set to revolutionize Nigeria’s oil industry, promising to address long-standing challenges that have plagued the nation for decades.

“It’s a very historic, monumental …

• In August, Abuja and Malabo agreed to develop the Gulf of Guinea Gas Pipeline, an investment that’s poised to serve as a vital link between Nigeria’s gas reserves and Equatorial Guinea’s modern processing plants.
• Nigeria’s deal adds to another bilateral pact signed in March 2024 when Equatorial Guinea agreed with Cameroon to develop oil and gas projects along their shared maritime border.
• In both cases, however, political stability, regulatory clarity, and strong institutional frameworks will be vital in attracting investors.

In August, Nigeria and Equatorial Guinea signed a historic agreement to construct the Gulf of Guinea Gas Pipeline Project. This ambitious pact will see gas transported from the gas fields of Nigeria to Equatorial Guinea, where it will be processed at the latter’s state-of-the-art LNG facilities located at Punta Europa on Bioko Island.

The deal, which was signed by presidents Teodoro Obiang Nguema Mbasogo of Equatorial Guinea and Bola Ahmed …

• Africa received loans worth $4.6 billion from China last year, an increase from what economies across the continent received in 2022.
• This amount is, however, a far cry from Beijing’s massive infrastructure financing witnessed before the Covid-19 pandemic.
• Beijing will host African leaders for the Forum on China-Africa Cooperation between September 4th-6th.

A total of nine countries in Africa received Chinese loans worth $4.6 billion last year, an increase from what economies across the continent received in 2022. However, this amount is a far cry from Beijing’s massive infrastructure financing that was witnessed before the Covid-19 pandemic.

The new statistics from the Boston University Global Development Policy Centre come just days before Beijing hosts African leaders for the Forum on China-Africa Cooperation, scheduled for September 4th-6th.

In 2023, lenders from China processed approximately 13 loans targeting various projects across the continent with the biggest beneficiary being players in the financial …

• South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person in a move that highlights the tectonic shifts sweeping across Nigeria and South Africa’s economies.
• While Rupert’s wealth soared, Dangote’s fortune took a gut punch, contracting by $1.7Bn this year to $13.4Bn.
• Richemont, with its portfolio of luxury brands, operates in a global market that is less vulnerable to the economic woes of any single country unlike the Dangote Group.

The crown for Africa’s richest man has left Nigerian industrialist Aliko Dangote to South African luxury goods icon Johann Rupert. For over ten years, Aliko Dangote seemed unassailable, with his name often being synonymous with wealth, increasingly representing a new breed of modern-era industrialists, and power in Africa.

In the latest disclosures according to the Bloomberg Billionaires Index, however, South African Johann Rupert has overtaken Dangote, becoming Africa’s richest person. This change underscores some of the tectonic shifts …

• Though encouraging that the number of female CEOs has risen from 230 (9.6%) in 2023 to 310 (11.1%) in 2024, these numbers show a tech segment that is still heavily dominated by men.
• Interestingly, smaller ecosystems such as Zambia, Rwanda, and Senegal are outperforming traditional hotspots like South Africa, Nigeria, Egypt, and Kenya in terms of female leadership.
• Between January 2022 and June 2024, startups with female co-founders raised $747M, representing just 11.9% of the total, while those led by female CEOs secured only $289M.

The African tech ecosystem, renowned for its dynamic growth and innovative potential, is transforming. Yet, a pressing issue remains, gender diversity within leadership roles. This year’s “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem” survey by Disrupt Africa highlights the gender disparities that continue to plague this burgeoning industry.

Despite recent improvements, the representation of women in leadership positions within African …

• The construction took over 20 years and bears a processing capacity of 650,000 barrels per day 250,000 per day of gasoline and 100,000 of diesel.
• The Dangote oil refinery might halt the decades-long gasoline trade from Europe to Africa worth $17 billion each year.

Dangote Oil Refinery

Aliko Dangote, Nigeria’s and Africa’s wealthiest man ambition to foster energy reliance in his motherland and the region at large might be at risk. The giant oil refinery which is said to possess the potential to end decades-long gasoline trade from Europe to Africa worth $17 billion a year.

Concerns and tensions are high as a myriad of issues emerged before and since the $ 20 billion refinery came to life. According to various news reports, including the BBC and Reuters, the construction began in 2016 and started producing diesel and aviation fuel in January this year as petrol is expected to …