People in Paystack, Piggyvest, MTN Nigeria, Ventures Platform take $1m bet on Norebase
Charles AbuedeMay 11, 2022
BY CHARLES ABUEDE African tech ecosystem top guns are taking big bets on startups on the continent such as Norebase, the African trade technology company building a single platform for businesses to start, scale and operate in any African country. Norebase has just raised $1 million in a pre-seed funding round co-led by Samurai Incubate […]
CBN data show Nigeria’s debt service repayment up 45% to $101m in January
Charles AbuedeMay 11, 2022
BY CHARLES ABUEDE Nigeria’s Central Bank disclosed in new data obtained from its site that the Nigerian government spent $101 million on debt service repayment between December 2021 and January 2022 after the figure jumped by $31.46 million in one month, representing a 45 percent increase on a month on month analysis. According to the […]
Fitch rates Dangote Industries’ N300bn Series 1 bond ‘AA’ with stable outlook
Akinsola AdedolapoMay 11, 2022
BY AKINSOLA ADEDOLAPO Dangote Industries Limited (DIL) has received a Nigeria national long term rating ‘AA’(nga) with a stable outlook from Fitch Ratings, a global credit ratings company. The agency also assigned an unexpected national rating of ‘AA’(EXP)(nga) to the senior unsecured notes to be issued by the company’s special purpose vehicle (SPV) from Dangote […]
BUA Foods boosts Nigeria sugar exports with own vessel acquisition
Onome AmugeMay 11, 2022
BY ONOME AMUGE The acquisition of a vessel by Nigeria’s BUA Foods, one of Africa’s leading fast-moving consumer goods (FMCG) companies, the first of two it has planned, is expected to raise the company’s sugar export operations in West Africa and boost the country’s capacity to earn foreign exchange, it has emerged. The company’s export […]
Nigeria atop Africa’s 10 largest economies with $446.54bn GDP
Maduabuchi EfegadiMay 11, 2022
BY MADUABUCHI EFEGADI A new survey listing Africa’s top 10 richest economies shows each of the nations’ resilience despite the ravaging effects of Covid-19 pandemic. Nigeria, with $446.54 billion gross domestic product (GDP), sits on top of Africa’s 10 biggest economies in 2021, despite its weak productive economic base to date, mounting insecurity, and huge […]
BNPL seen as next big thing for Africa’s fintech, as global value touches $125bn
Maduabuchi EfegadiMay 11, 2022
BY MADUABUCHI EFEGADI With Africa’s fintech sector picking up, many companies in Africa are set to be looking to a diverse and complex set of products, including embracing the trending lucrative ‘Buy Now, Pay Later’ or BNPL model, to create multiple revenue streams and maintain growth, as the continent’s fintech sector is maturing, analysts say. […]
Inflation, FX, uncertainty still a concern to private sector growth
Charles AbuedeMay 11, 2022
BY CHARLES ABUEDE The performance of the private sector in Nigeria continues be attacked by the triple impacts of rising inflation rate, overall uncertainty and unfavourable exchange rate movements, a new Purchasing Managers’ Index (PMI) report by Stanbic IBTC and published by IHS Markit for the month of April has disclosed. The report highlights that […]
10 banks’ mouth watering N275.83bn non-interest income takings in Q1’22
Charles AbuedeMay 11, 2022
BY CHARLES ABUEDE The total earnings of some of Nigeria’s major banks in the first quarter of 2022 have been buoyed principally by a significant rise in their non-interest income, an analysis of the numbers churned out in their first quarterly statements for the year has shown. Banks in the country have, over the years, […]
Nigerian cocoa producers make a play to get involved
Onome AmugeMay 11, 2022
BY ONOME AMUGE Cocoa is a perennial tree crop that primarily grows in tropical regions, particularly Southeast Asia, Latin America, and West Africa. The fruit contains brownish red seeds when dried and fully fermented known as cocoa beans, the major ingredient of chocolate – one of the world’s sweetest and most popular confectioneries. As of […]
Global food prices ease slightly in April, says UNFAO
Onome AmugeMay 10, 2022
BY ONOME AMUGE Global food commodity prices edged a little lower in April after soaring to an all-time high the previous month, led by a sharp decline in corn and vegetable oil prices, even as the world market continued to grapple with the impact of the ongoing war in Ukraine. This is contained in the […]