Browsing: Nigeria

• 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 …

According to John Howkins, the orange economy incorporates industries whose goods and services arise from intellectual property. These include research and development, radio and TV, visual and performing arts, publishing, advertising, music, software, gaming, design, film, crafts, architecture, fashion, and design. Artists, cultural non-profits, and creative businesses can produce and disseminate goods and services that generate jobs, revenue, and quality of life.…

• 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 …

South Africa is set to topple Nigeria and Egypt as Africa’s biggest economy in 2024. This is according to forecasts from the International Monetary Fund. According to IMF’s World Economic Outlook, South Africa’s gross domestic product will reach $401 billion per current price in 2024. On the other hand, Nigeria’s GDP will reach $395 billion, with Egypt’s GDP reaching $358 billion.

South Africa, the continent’s most industrialised nation, is expected to maintain the top spot as Africa’s biggest economy for only one year. In 2025, the country will again lag behind Nigeria and fall to third place behind Egypt a year later. This is according to the IMF’s World Economic Outlook, a report released last week.…

Kenya will host the second Canada-Africa Business Conference early next year, bringing together investors from the two regions to explore key investment opportunities. Some of the target industries that the 19-20 February 2024 conference will focus on are medical care, infrastructure, energy, financing for Canada-Africa projects, and FinTech.
The two-day meeting in Nairobi’s Muthaiga Country Club follows the two regions’ first-ever program at Botswana’s Gaborone International Convention Centre in 2019.
In partnership with the Kenya Private Sector Alliance (KEPSA), the Canada-Africa Business Conference will bring together key players who will also visit select locations.…

Guinness Nigeria, a subsidiary of Diageo, will cease importing and distributing Diageo’s global brands, such as Johnnie Walker, starting April 2024 in a strategic shift that the firm says will help cushion itself from persistent forex hits. Instead, Johnnie Walker owner Diageo will establish a new subsidiary to import and distribute its range of spirits in the West and Central African markets after ending its seven-year-old contract with Guinness Nigeria.…

• Uganda has issued first Islamic Banking License after a 20-year wait. On its part, Kenya has issued the first Islamic Bond to finance affordable housing agenda.
• The performance of Sukuk bonds in the continent is revealing untapped demand that could finance development projects.
• Estimates show global Islamic finance assets could reach $3.8 trillion by 2024.

Islamic Finance is on an exponential growth trajectory across Africa, garnering momentum by the day broadening the continent’s financial landscape. African countries are making significant steps towards bolstering access to shariah-compliant financial instruments and services, to cater to the largely financially, excluded Muslim population. This comes as figures from the Islamic Development Finance Corporation (IDFC), forecast that global Islamic Finance assets could reach $3.8 trillion by 2024.

Large swathes of African populace still remains unbanked, pertinently those shifting stance from the conventional system driven by their religious beliefs, thereby unlocking an untapped pool of investments.…

• Jumia will serve as the distributor of satellite terminals and connectivity kits for Starlink Ventures in Africa.
• Jumia’s extensive reach throughout Africa enables it to pioneer in offering these kits.
• E-commerce giant Jumia will initiate the sale of satellite terminals and related equipment in Nigeria.

In spite of the adverse effects of COVID-19 on Africa, the pandemic years became a significant turning point in the continent’s economic landscape. Over the course of just two years, Africa demonstrated its capabilities through its substantial growth in the realm of e-commerce. This surge in e-commerce activity underscores the immense potential that Africa holds, especially if it can bolster its Internet access infrastructure.

Notably, this potential has captured the attention of billionaire entrepreneur Elon Musk. He has taken proactive measures to accelerate Africa’s journey toward asserting itself in the online landscape. In recent developments, Elon Musk’s satellite internet company, Starlink Ventures, has entered …