Browsing: Nigeria

Africa’s digital transformation is quickly progressing as multiple local startups have continued redefining technology. As more businesses transition to a more digital platform, the demand for better infrastructure grows.

As a result, many companies have undertaken more responsibilities like security, storage, and netter network configuration. TelCables Nigeria is among the few African-based startups focused on providing businesses with the necessary infrastructure.

In recent news, the organization has launched Cloud2Africa, a new feature guaranteed to propel the adoption of cloud computing in West Africa.…

• The Nigerian government aims to eliminate routine flaring in the future.
• Fluenta, a pioneer in ultrasound sensing technology, has installed 18 ultrasonic flare gas meters at Dangote Refinery, Africa’s largest oil refinery.
• Accurate flare gas measurement is essential for regulatory compliance and emissions monitoring.

The Nigerian government is taking proactive steps to control and regulate the flaring of gas, with the ultimate goal of eliminating routine flaring in the coming years. Central to this ambitious effort is the need for precise and reliable measurement.

Fluenta, a global leader in ultrasonic sensing technology for flare gas measurement, has successfully completed a significant project at the Dangote Refinery in Nigeria, which happens to be Africa’s largest oil refinery.

This remarkable undertaking involved the installation of 18 ultrasonic flare gas meters on large pipelines throughout the plant.

The Dangote Refinery represents a milestone in Africa’s journey toward energy self-sufficiency. Nigeria, despite being …

The recent formalization of an agreement to advance what is being hailed as South Africa’s most substantial liquefied natural gas (LNG) endeavor in the Mpumalanga province underscores the potential of natural gas as a viable energy source for the nation. This accord, described as a “non-binding term sheet,” represents a collaboration between South Africa’s Industrial Development Corporation (IDC) and Afro Energy. The latter is a subsidiary of the Australian gas exploration company Kinetiko Energy.…

• ECOWAS, AfDB Group hold consultations on West Africa Regional Integration Strategy Paper (RISP) 2020-2025.
• Consultations focused on current issues around West African integration, including challenges, opportunities, and prospects.
• Other pertinent issues such as economic affairs, human development, infrastructure, and politics were also discussed.

The Economic Community of West African States (ECOWAS) and the African Development Bank Group have successfully concluded discussions regarding the mid-term evaluation of the West Africa Regional Integration Strategy Paper (RISP) for 2020-2025.

This strategic plan, approved by the Bank Group in May 2020, was designed to bolster regional integration efforts in West Africa.

With an initial investment plan totaling $4.52 billion, the West African RISP primarily focuses on enhancing resilient infrastructure and fostering the growth of regional businesses.

The meetings, spanning from September 5th to 15th, 2023, were held at the ECOWAS Commission headquarters in Abuja, Nigeria.

West African integration

During this period, both parties assessed …

• Starlink, SpaceX’s satellite internet service, has shown strong performance in Nigeria and Rwanda during the second quarter of 2023.
• In Nigeria, Starlink outperformed traditional fixed broadband providers, delivering a median download speed of 63.69Mbps.
• Starlink’s internet speeds were substantially faster than the combined median speed of all fixed broadband providers in Nigeria at 15.60Mbps.

Starlink, SpaceX’s satellite internet service, has shown strong results in Nigeria and Rwanda during the second quarter of 2023, in the fast-changing landscape of internet connectivity in Africa.

According to Speedtest Intelligence data, Starlink has outperformed traditional fixed broadband providers in terms of download speeds in Nigeria, while making notable strides in Rwanda despite some latency challenges.

Starlink in Nigeria

Starlink made its debut on the African continent in Nigeria in January 2023 and has already begun to make its presence felt. The Speedtest Intelligence data for the second quarter of 2023 revealed that Starlink users …

• Afreximbank and Nigeria’s Anambra State have partnered to advance the state’s “Smart Mega City” vision and foster economic growth in Africa.
• The partnership involves an MOU that seeks to offer project preparation and advisory services for state development.
• The collaboration opens the door to a potential debt financing of up to $200M, which could support the realization of transformative projects.
  

The African Export-Import Bank (Afreximbank) and Nigeria’s Anambra State have entered into an agreement to accelerate the region’s vision of becoming a “Smart Mega City”.

In an agreement signed during the Anambra Investment Summit, the partnership also underscores Afreximbank’s commitment to fostering economic growth and development across Africa.

The MOU, signed by Afreximbank’s Executive Vice President, Intra-African Trade Bank Kanayo Awani and the Governor of Anambra State, Charles Soludo, signifies a collaborative effort to drive state development through the provision of project preparation and advisory services. 

It also opens …

• About US$5 trillion is traded every day in forex markets, with investors effectively swapping currencies the world over.
• In Nigeria, the Central Bank has abandoned its long-standing currency peg, meaning that the currency will be exchanged at a fluctuating rate as determined by the market.
• Currently, the shift in Nigeria’s forex policy may have a more direct impact on Nigerians and local economies, too.

Forex trading constitutes one of the truly universal methods of investment practiced around the world. As such, it is incredibly popular. The latest estimates suggest that roughly US$5 trillion is traded every day in forex markets, with investors effectively swapping currencies the world over.

As much as forex is thought of as a free-flowing, global marketplace of currency trades, the market in individual countries and regions can still be affected by government regulations.

This is proving to be the case of late in Nigeria, where new …

The aviation industry in Africa is currently experiencing an upward growth trend and presents a positive financial outlook for African airlines in 2023 compared to 2022. Projections indicate that overall air traffic growth in Africa will exceed the global average of 6.1 per cent, reaching an impressive 7.4 per cent, with flights already surpassing pre-pandemic levels.

These revelations emerged during the recently concluded 7th Aviation African Summit & Exhibition, which took place on September 13th and 14th, 2023, in Abuja, Nigeria. This landmark event has been lauded as the most prominent summit, drawing nearly 1,500 delegates from over 75 countries and boasting more than 110 global exhibitors and sponsors.…

• The partnership will simplify and elevate the crypto purchasing experience for Nigerians by harnessing the power of local bank transfers.
• Yellow Card’s collaboration with MoonPay will enhance the accessibility and utility of cryptocurrencies in the region.
• The integration will empower Nigerians to engage in peer-to-peer crypto transactions with ease.

In a move aimed at enhancing cryptocurrency accessibility in Nigeria, Yellow Card, a pioneering African fintech company, has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem.

Their partnership is set to simplify and elevate the crypto purchasing experience for Nigerians by harnessing the power of local bank transfers.

The Nigerian Crypto landscape

Nigeria has emerged as a formidable force in the African cryptocurrency landscape. More and more individuals are turning to digital assets as a means of safeguarding their wealth against inflation and economic uncertainties. Estimates show that over 22 million people or 10.3 per cent of Nigerians …

Africa is home to nearly all the valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Approximately 30 per cent of the world’s mineral reserves are in Africa, but most mineral-rich countries remain poor with little to celebrate. Some of the key minerals found in Africa include oil, diamonds, gold, silver, copper, cobalt, coal, iron ore, uranium, and platinum.…