Browsing: Nigeria

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…

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…

Jumia will serve as the distributor of satellite terminals and connectivity kits for Starlink Ventures in Africa. Jumia’s extensive reach…

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…

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.