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Nigeria, others spent $1.4trn on debt servicing in 2023 - World Bank
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FG eyes fresh $580m W’Bank loans

The Federal Government is negotiating two new loans worth $580 million with the World Bank, which are expected to be approved by March 2025. Details from the World Bank’s website reveal that the funding will support projects aimed at improving nutrition and education, with two initiatives already listed in the bank’s pipeline. The two projects, […]

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CBN sets weekly $25,000 FX limit for BDCs

The Central Bank of Nigeria has introduced new guidelines limiting Bureau de Change operators to purchasing a maximum of $25,000 per week from a single authorized dealer bank. This move is aimed at regulating the retail foreign exchange market and promoting transparency. The directive, outlined in a circular issued on Wednesday by the Trade and […]

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Oil operators’ debt to FG reaches $6.1bn – NEITI

The Nigeria Extractive Industries Transparency Initiative has revealed that, as of August 2024, oil and gas operators owe the Federal Government a total of $6.1 billion in unpaid royalties, taxes, rents, and other collectible revenues. This outstanding amount reflects the liabilities that have yet to be settled by industry players, highlighting significant challenges in revenue […]

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Excessive govt spending eroding effectiveness of monetary policy – MPC member

A member of the Central Bank of Nigeria’s Monetary Policy Committee, Murtala Sagagi, has pointed out that excessive government spending is a major obstacle to effective monetary policy in Nigeria. He emphasized that the failure to control fiscal expenditure undermines monetary policy efforts, making it challenging to achieve stability in inflation and exchange rates. Sagagi […]

Amazon to unveil AI-powered Alexa upgrade in February
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Amazon to unveil AI-powered Alexa upgrade in February

Amazon is set to launch a long-awaited generative AI-powered upgrade to Alexa, marking the most significant transformation of its voice assistant since its debut over a decade ago. The company has scheduled a February 26 event in New York to preview the new technology, with Panos Panay, head of Amazon’s devices and services team, leading […]

Google to pay $30m to settle YouTube children’s privacy lawsuit
Tech

Google unveils Gemini 2.0, its most advanced AI models

Google launched Gemini 2.0, its most advanced artificial intelligence model suite to date, on Wednesday, making it available to everyone. In December, the company had granted access to developers and trusted testers while also integrating some features into Google products. The suite of models includes 2.0 Flash, described as a “workhorse model” ideal for handling […]

InDrive introduces bank transfer feature in Nigeria
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InDrive introduces bank transfer feature in Nigeria

Ride-hailing service InDrive has launched a bank transfer feature in Nigeria, allowing passengers to pay drivers directly without an integrated in-app payment system. The feature, dubbed “Light Cashless,” enables drivers to display their preferred bank account details within the app, which passengers can copy and paste for payment. With this rollout, InDrive becomes the first […]

Snap unveils new lens studio tools for AR creators
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Snap reports boost amid TikTok uncertainty

Snap has seen a positive impact on its business due to the uncertainty surrounding TikTok’s future, CEO Evan Spiegel said during the company’s fourth-quarter earnings call on Tuesday. “We’re not trying to draw too many conclusions from some of the engagement lift we saw when [TikTok] went dark for that brief period of time. I […]

Google to pay $30m to settle YouTube children’s privacy lawsuit
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Google expands AI integration in search amid industry shift

Google is accelerating its integration of artificial intelligence into its Search engine, marking a significant transformation in how billions of users access information online. Google CEO Sundar Pichai outlined these developments during the company’s earnings call on Tuesday, describing the evolution as a “journey” toward AI-powered search experiences. The first major step in this shift […]

China launches antitrust probe into Apple’s App Store fees
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China launches antitrust probe into Apple’s App Store fees

China’s antitrust regulator is reportedly preparing for a potential investigation into Apple’s App Store policies and commission fees, Bloomberg News reported on Wednesday, Reuters reported. The development comes just a day after China announced measures targeting U.S. companies, including Google, farm equipment manufacturers, and the owner of fashion brand Calvin Klein. The move followed the […]

China’s DeepSeek delays AI model after Huawei chip failure
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South Korea restricts access to DeepSeek over security concerns

South Korea’s industry ministry has temporarily banned employee access to Chinese artificial intelligence startup DeepSeek due to security concerns, a ministry official confirmed on Wednesday. The decision aligns with the government’s broader caution on generative AI services in the workplace. On Tuesday, the government issued a notice urging ministries and agencies to be cautious when […]

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