Browsing: Nigeria

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.

The Nigerian Minister also praised Equatorial Guinea, saying that the Western African country has a massive record of world-class gas processing and liquefaction infrastructure already in Punta Europa and allocating investment funds for development.

Minister Obiang Lima said that Equatorial Guinea was in line to be an essential player in the African energy market.

“New, fast, and competitive sources will be a major determinant of success,” he said. “This strategic collaboration breaks down geographical boundaries and allows gas delivery from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”

Through the agreement, the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners will put into monetary use gas that would have otherwise been stranded offshore due to the absence of infrastructure.

UNCTAD World Investment Report 2021 specifically states that “Greenfield investments in industry and new infrastructure investment projects in developing countries were hit especially hard.”

These financial flows of investment dollars have deep-rooted implications for Africa in the sense that they are vital for sustainable development in less developed and poorer countries.

The decline in investment flows was disproportionately skewed towards developed countries where FDI fell by 58 per cent according to UNCTAD. Investment flows in developing economies fell by a moderate 8 per cent mainly because of resilient flows in Asia.

Traders holding the Cardano token will obtain loans of up to 70 per cent of the ADA tokens they hold.…

Sixty-nine per cent of Kenyan businesspeople said that digital payments have positively impacted their businesses as they can easily track expenses and income returns, which reduces errors and enables faster transactions.

The Central Bank of Kenya (CBK) has been pushing mobile money payments recently. Last year, following the outbreak of the COVID-19 pandemic, the Kenyan government released a directive through CBK, instructing commercial banks and payment service providers to halt charges on all transfers from mobile money wallets and bank accounts.

Despite the positive trajectory in digital payments adoption in Africa, Visa says there still is room for improvement.

Norrsken22 plans on capitalizing on its general partners’ years of experience and investment philosophies to back startups in fintech, MedTech, Edtech, and market-enabling solutions such as B2B marketplaces and inventory management businesses.

Kolbe, whose previous firm Actis backed Egyptian fintech giant Fawry in 2019 as it prepared to go public, said Norrsken would look at Egypt ‘opportunistically.’ 

Deals from the country that may be of interest to the firm will be those planning an expansion into the four markets Norrsken22 is currently keen on, including Nigeria, Ghana, Kenya and South Africa.

The programme will facilitate access to the Royal Academy’s global network of experienced, high-profile and business experts, in addition to access to the alumni network upon completion of the programme.

Moreover, 2022 is the programme’s second consecutive year to render a digital experience, with rigorous support provided through person-to-person and group discussions.

Four finalists will pitch their revised and improved innovations and business plans to the judges in the presence of a live audience.

While tech has presented an avenue to create jobs, supply isn’t catching up with demand. Additionally, the continent’s best talents are leaving in droves to foreign companies in the U.S, Canada, the U.K., and Germany.

AltShcool Africa founded by Adewale Yusuf, Akintunde Sultan and Opeyemi Awoyemi last October in Nigeria, has already received more than 8,000 applications for its software engineering program which starts in April. 

These applications come from 19 countries (including 14 African countries) and Yusuf said the company received the most entries from Nigeria, Ghana, Uganda, Kenya and Botswana. 

President Muhammadu Buhari said in an interview with Sun Nigeria that he was discontented with electricity in Nigeria.

The All Electricity Consumers Protection Forum expressed the same discontent with the power sector and pointed the slow progress in the power sector to the Nigerian Electricity Regulatory Commission (NERC).

The forum has advised President Buhari to do away with the power regulator in the country, NERC, and move the responsibilities to the Federal Competition and Consumer Protection Commission (FCCPC).