Browsing: Nigeria

• Initial predictions about Africa’s vulnerability to Covid-19 indicated that the continent would be overwhelmed by the effects of the pandemic
• Not only has Africa harnessed previously unrecognized power to help combat COVID-19, but it also provides indications that can be used to counter future pandemics.
•  Despite the significant economic disruptions caused by the Covid-19 outbreak, Africa’s economies are leading as a resilient continent with enormous promise.
• African start-ups raised US$1.8 billion in the first quarter of 2022, which is 2.5 times the capital raised in Q1 2021

Initial predictions about Africa’s vulnerability to Covid-19 indicated that the continent would be overwhelmed by the effects of the pandemic. Critics had argued that the continent’s medical and economic sectors would feel the heat both during and after the pandemic.

However, these worrying predictions concerning the continent and its vulnerability to the Covid-19 pandemic have largely gone unrealized. Globally, Africa accounted for a …

At the start of the year, state governor Babajide Sanwo-Olu was photographed inspecting two high-speed trains purchased from the United States of America for the Red Line, which is expected to form the second spoke of the LRMT. The line runs from Marina to Agbado, 30 kilometres from Lagos.

The Blue and Red lines, when complete, are expected to move more than a million people across the expansive metropolis daily, addressing the heavy congestion that has become common within the city.

The light rail project was first contemplated a few decades ago, the initial projections indicating that the Blue Line would be completed in 2011. However, the project was weighed down by a myriad of challenges, including bureaucracy, corruption, mismanagement, and funding.

The light rail project is one of the numerous long-delayed plans to connect Nigeria by rail that has been invigorated by President Muhammadu Buhari’s government.…

• Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development
• The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness
• Cross River State also offers opportunities in the blue economy, including at the port, as well as shipping

The government of Cross River State has invited investors into various sectors of its economy, as part of plans to grow its economic development.

The CEA of Cross River State Francis Ntamu told The Exchange Africa exclusively that there were several opportunities including in the green and blue economies.

The southern Nigerian state also has several opportunities in the green economy, mostly in agribusiness.

“We have rich tropical rain forests and endangered species of butterflies which have been of keen interest to environmentalists,” Ntamu said, adding that such an environment is ideal for investors interested in …

Over the course of the next six years, LEAF is expected to deploy financing options, credit enhancement instruments and technical assistance in partnership with the private sector; including local banks.

As we approach the 2030 deadline of the SDGs, we must unfortunately acknowledge the disturbing truth, we are far from meeting the goal’s sustainable growth targets. The latest Sustainable Development Goal (SDG) 7 tracking report warns that close to 600 million Africans still lack access to electricity and this reality is only worsened by the Covid-19 crisis.

In his comments about the LEAF program, the Bank’s Vice President in charge of Power, Energy, Climate Change and Green Growth, Dr. Kevin Kariuki, notes: “The African Development Bank is delighted to partner with the Green Climate Fund on the Leveraging Energy Access Finance Framework, which will not only accelerate access to electricity based on decentralized renewable energy solutions, hence reducing the respective …

In October 2021 Nigeria became the first country in Africa and of among few in the world to issue a digital currency that was dubbed ‘eNaira’.

Financial experts say the digital currency issued by central banks cut transaction costs and increase financial inclusion.

Maurice Muhiza Rwamigabo, Head of Exploration & Coordinator at the Accelerator Lab (an innovation and technology lab) of the United Nations Development Programme (UNDP) in Rwanda, said in an opinion article titled ‘Should Rwanda adopt a national digital currency?’ that if Rwanda wants to restructure its financial system and position itself as an important player in the future global economy, it should systematically assess and take the steps needed to develop its own Central Bank Digital CBDC. 

“A CBDC would offer Rwandans a safe, free, and easy alternative to cash. It would expand financial inclusion by enabling more of the unbanked population to participate in the formal …

Rural Farmers Hub will receive financial support worth US$15,000. It is a precision management solution for crop health and soil quality assessment created for small farmers, extensive plantations, and industrial out-growers.

Rural Farmers Hub provides intelligent maps to plan precise fixation of defects in soil and crops and develop various AI algorithms for agricultural application in Africa, showing how data can significantly impact the agriculture sector.

The company works with an extension worker network of over 200 members and have since reached over 25,000 smallholder farmers. They target ten vital corporate customers and an estimated 250,000 smallholder farmers within 24 months.…

The former Federal Inland Revenue Service (FIRS) chairman, Babatunde Fowler, announced Nigeria’s decision to tax digital transactions in 2019. The new legislation dubbed The Finance Act (2021) was signed on December 31, 2021.

A section on Nigeria’s Finance Act focuses on capturing value from non-resident technology companies and calls them to act as VAT collectors for digital goods and services traded within Nigeria. The minister for finance, budget and national planning, Zainab Ahmed, said during the presentation of the 2022 budget that the taxable digital platforms include apps, high-frequency trading, electronic data storage, online advertising, and several others.

In addition, Meta had already issued a notice on December 9, 2021, before releasing the new financial regulation, saying that Meta ads in Nigeria would be subject to a value-added tax (VAT) at the applicable local tax rate. The VAT applies to advertisers whose “Sold to” country on their business or personal …

There were more than 3,000 delegates that participated in the conference this year, boosting trade and investment ties between the continent and the UK.

The UK government is also mobilizing support from the United Kingdom Export Finance (UKEF) to boost exports to Africa. Prime minister Boris Johnson’s administration, provided support worth US$3.04 billion in 2021.

In West Africa, the support has been directed towards a range of significant infrastructural projects, construction of major roads, environmental and social work, medical services and technological equipment.…

As a gigantic energy superpower, Russia’s foreign direct investment (FDI) accounts for less than 1 per cent of Africa’s total FDI.

However, African Business argued that, with Russia being a small trading partner to Africa compared to the United States and China, the impact on trade would be marginal—yet few Africa developing economies such as Uganda will be more exposed.

Further, United Nations Conference on Trade and Development (UNCTAD) data show that Russia accounts for 2 to 3 per cent of Africa’s trade with the world—most of it is exports.

“Russia also accounts for 2 per cent of the world’s exports to Africa, and only 0.5 per cent imports from the continent” African Business.…

According to a report published by Partech, an investment platform for tech and digital companies in 2021, 640 African tech start-ups raised a total of US$5.2B across 681 equity rounds. This is 3.6 times YoY growth that makes Africa tech VC-; the world’s fastest-growing ecosystem.

In 2021, Partech tracked a total of 681 equity rounds raised by 640 start-ups. This is a 92 per cent increase in growth YoY compared to the 359 rounds raised by 347 start-ups in 2020.

However, 73 per cent of total funding went to the top 4 countries, with half of it going to Nigeria alone. According to the latest report, in equity funding the West African country took 1.8 billion which is 34 per cent of the total. Nigeria recorded 185 equity deals representing 27 per cent of all deals.…