Browsing: Nigeria

One arrow in a pirating scheme quiver is the false claim to work or authorship or ownership.  With Blockchain one can ascertain proof-of-work and proof-of-authorship if they upload their work, comply with Blockchain agreements and get their digital certificate which includes a private key, kind of a personal signature.

This can prove ownership of the works as it is time-stamped and known to be in existence.   One can also trace the transactions and copyright use of their works and be able to calculate the intellectual property value in the forms of royalties and license fees and any other form of exploitation either economically or morally. 

For a long time, creatives have decried the often rigid and unclear remuneration process of their royalties, the blame always shuttling between collective management organizations, CMOs and the broadcasters.  …

Most Kenyans, 83 per cent, indicated a willingness to increase the amount of money they allocate to savings and investments, but the inability to save due to insufficient funds after fulfilling their obligations that require regular funding and the availability of quick digital loans.

Among their obligations which contribute to Kenyans’ financial strain is supporting their extended family which considerably bites into their savings. 84 per cent of people indicated that they regularly provide some income to their extended family, mostly in case of emergencies, because they feel a sense of obligation to send their extended families money and because their extended family members treat them better when they are sent money.

On their part, the extended family members mostly use the money to cater to recurring expenses like food & transport, school fees and medical expenses at 23 per cent, 19 per cent and 18 per cent respectively. Farm-related …

Africa has unlimited opportunities as it’s rich in natural resources such as arable land, water, oil, natural gas, minerals, forests and wildlife.

The continent is home to some of the fastest-growing economies in the world.

According to the World Economic Forum, Africa has a fast-growing youth population with urbanisation expected to drive over 50% of Africans to cities by 2050.

The youthful population constitutes a formidable market.

List of best African countries to invest in according to Africa Business Insider.

1. Nigeria

The West African country is the most populous country in the continent with over 216 million people.

In 2021, Nigeria’s Gross Domestic Product (GDP) stood at $514 billion (Sh and was ranked as the largest economy according to Statista.

Nigeria’s National Bureau of Statistics stated that the country’s GDP expanded by 4.03% in quarter three of 2021.

Nigeria has rich natural resources with its agriculture, natural gas, and crude …

The Entebbe airport stands to transform Uganda’s movement over time as it advances to become an oil economy alongside Tanzania.

South Africa, one of the wealthiest countries, has the largest road network, 750,000kms, while Tanzania, East Africa’s competitive economy, has more than 86,000km of roads.

In the current economic scenario, where uncertainty brought by economic shocks from the pandemic and political tensions force nations to expand their horizon of influence, the past years have shown why African infrastructures must be robust and conducive to enhancing value creation.

Whoever moves fast and swiftly dominates the economic conversation. South Africa, Kenya, Namibia and Nigeria are among the top African nations with more robust economies.…

The European Union (EU) and Nigeria have enjoyed robust trade and bilateral relations since the formulation of this lucrative partnership, and remains its most important trading partner for oil and non-oil exports. In cognizance of Nigeria’s strategic importance as Africa’s most populous nation, and one of the largest economies; the EU’s cooperation with the country aims to enhance growth and stability to achieve social equity, hence their partnership has been rooted in shared values and interests since inception. In addition, Nigeria is also a key beneficiary of the EU’s Foreign Direct Investment (FDI).

To boot, the EU has recently renewed its commitment, pledging to continue to pursue with increased vigour, its bilateral engagement and friendship with Nigeria I n order to deliver better and to make the partnership more fruitful. This comes after the trade volume between the European Union and Nigeria, increased by 25.8 per cent to peak at …

In Nigeria, where an estimated 38 million people, or 36% of adults, remain financially excluded, the government has set a target of 95% financial inclusion by 2024. 

While this may seem like an ambitious goal, that will require institutions to re-strategize initiatives and policies to accelerate the delivery of financial inclusion services, a lot of tech-backed firms are being developed in the West African country to help achieve this goal. 

Among them is Lagos-based FinTech unicorn Interswitch which seems to have heeded that call, leveraging its position as a market leader in digital payment services to bridge the massive financial inclusion gap and help bring as many people into the financial and economic fold as possible.…

Nigeria, Africa’s largest economy, has not been spared either. Food staples are scarcer in Nigeria than ever before as the government tries to deal with a record inflation rate, indicating that the country may be in danger of experiencing a food crisis. Staple food costs have risen for a third year as Africa’s most populous nation succumbs to the onslaught of causes that are pushing an estimated 200 million people into poverty.

Because it relies on oil imports, Nigeria, a major petroleum producer, has a very fragile economy. Nigeria has been left vulnerable as oil prices have surged to a historic high. Increased political instability, the consequences of climate change, and the COVID-19 aftermath have all harmed Nigeria’s economy, sending the value of its currency down even more against the dollar.

As a result, the poverty rate in the country has remained at around 50%. According to the UN’s food …

President Buhari of Nigeria is keen to complete critical infrastructure projects as elections approach next year.

One of these projects is the Lagos light rail train project, which has gathered dust for decades. The project is back in motion, with the state government optimistic that the first phase of the Blue Line – one of the two lines to form the Lagos Rail Mass Transit (LRMT) system – will be operational this year.

Power infrastructure is a crucial area of interest. The country is rushing on the six-year multi-billion-dollar pact with German company Siemens to expand and revamp the dysfunctional national grid to unlock at least 25,000 megawatts (MW) of electricity by 2025.

On the renewable energy side, the government is working on the 3,050 MW Mambilla Hydropower Project in Taraba, which has dragged on for over 40 years despite significant budgetary allocations.…

• The trio bought bitcoins worth KSh5 billion (US$43 million) in the UAE, the United States and several other European countries, including at Kenya’s crypto exchange platform, BitPesa
• The three Nigerians were linked to Ksh25.6 billion (US$220 million) moved into Kenya between October and November 2020
• The Nigerians involved in the scandal are Mr Olubunmi Akinyemiju, Mr Eghosasere Nehikhare and Mr Olufemi Olukunmi Demuren
• From the US-based exchange Binance, the three bought cryptocurrencies worth $36,353,728 (Sh4.2 billion). They also went ahead to buy bitcoins worth $7,246,582 (Sh839.5 million) from Busha

On April 27, 2022, a report of a multi-billion dollar money-laundering syndicate surfaced from the asset recovery agency drawn from the financial crime and investigation unit, involving top companies and directors from both Nigeria and Kenya.
The culprits are said to have used bitcoin to secrete their transactions. According to a statement filed by European investigators, the Nigerians involved in the …

Afriex processes over US$5 million in monthly transfers. In comparison, Wise company transfers a monthly average of US$5.2 billion. However, Afriex has grown its customer base by 500 per cent in the last half a year, with half of its active users using the platform more than once a week.

Afriex makes money by arbitraging the currency and crypto exchange rates when a customer transacts. The startup raised a US$1.3 million seed round in May 2021 and has just closed a US$10 million Series A round at a $60 million valuation.

The financing was co-led by Sequoia Capital China and Dragonfly Capital, with participation from Stellar Foundation, Goldentree and Exceptional Capital, among others.…