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Tag: Nigeria

Why naira-dollar can't be stable - Minister
Business

Nigeria needs $80bn investments for Agenda 2050 – Minister

The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, stated that Nigeria needs at least $100 billion in investments to accomplish the Nigeria Agenda 2050, with the private sector likely to contribute more than 80%. According to Arise TV,  the minister made this revelation while discussing the 2024 budget. He emphasized the importance of private capital in propelling […]

LivingTrust Mortgage Bank repays DBN N950m loan
Business

LivingTrust Mortgage Bank repays DBN N950m loan

LivingTrust Mortgage Bank Plc has repaid a N950 million MSMEs grant to the Development Bank of Nigeria two months earlier than the planned date. The PUNCH reported that DBN disbursed the N950 million MSMEs fund to the bank on March 1, 2021, for a 36-month term, with the facility set to expire on March 1, […]

Nigerian startup 60Seconds launches nightlife experience app
Business

Nigerian startup 60Seconds launches nightlife experience app

A Nigerian startup, 60Seconds, has built a platform that will revolutionize how revellers interact, engage, and transact in their favourite night spots. The PUNCH reported that according to a statement signed by the CEO of 60Seconds, Coolman Chidiagba, the app was created not only to foster a sense of community among partygoers, but also to streamline the overall nightlife […]

Inflation in Nigeria continues to rise, reaching an all time high almost 30% in annual terms, attributed to rising food cost and the foreign exchange crises.
Business

Nigeria’s Inflation hits 28.92% amid food price hike

Nigeria’s headline inflation jumped by 0.72 per cent to 28.92 per cent in December 2023, up from 28.20 per cent in November 2023, according to a report released on Monday by the National Bureau of Statistics. This is the highest level of average cost of goods and services since 1997, when the late General Sani […]

Russia set to launch to Wikipedia rival Ruwiki
News Tech

Russia set to launch to Wikipedia rival Ruwiki

The Russian version of the well-known Wikipedia online encyclopedia, Ruwiki, is scheduled to be live on Monday, according to Russian media. According to the daily Kommersant, beta testing, or testing the website with a smaller audience, began in the middle of 2023, and there are supposedly more entries on Ruwiki than in the Russian-language section […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
News

IMF’s warns of spending ‘pressure’ ahead 2024 elections

The International Monetary Fund Managing Director, Kristalina Georgieva has stated that 2024 is likely to come with a lot of spending as a result of the elections planned for the year. According to Arise News, she added that 2024 will be a very tough year for fiscal policies worldwide as countries look to tackle debt […]

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA
featured

NNPCL secures $2bn oil-for-cash loan from Afreximbank, UBA

The African Export-Import Bank as well as the United Bank for Africa have disbursed $2.25 billion from a $3.3 billion oil-for-cash loan facility created by the Nigerian National Petroleum Company Limited. The first payment of $2.25 billion has been disbursed, with a second tranche of $1.05 billion scheduled to follow. The $3.3 billion emergency loan […]

NITDA issues cybersecurity alert over malicious activities on Spotify
News Tech

NITDA to unbundle computer science programs at polytechnics

The National Information Technology Development Agency, Nigeria is now prepared to close the skills gap in information technology by having the National Board for Technical Education unbundle computer science programs at polytechnics. This was said by the Agency in a statement made public on Sunday by Mrs Hadiza Umar, Head of Corporate Affairs and External […]

S'Africa billionaire Patrice Motsepe's wealth increases by $400m
News

S’Africa billionaire Patrice Motsepe’s wealth increases by $400m

The wealth of Africa’s and South Africa’s richest man, Patrice Motsepe, has increased by $400 million. As of December 10, 2023, his net worth was $2.3 billion, according to the latest statistics from Forbes. Nonetheless, the most recent data shows a significant increase, with Motsepe’s net worth hitting $2.7 billion at the end of Friday’s […]

UK urges Nigeria to boost internet access for digital growth
Telecommunications

FG to increase internet speed in Ogun, Edo, others 

Nigeria plans to undertake a broadband development and adoption effort in Edo, Ogun, Kwara, Katsina, Imo, Abia, Borno, and Nasarawa in the first quarter of 2024. The PUNCH reported that the National Broadband Alliance for Nigeria program was created by the Ministry of Communications, Innovation, and Digital Economy to address the country’s low-fiber infrastructure rollout. The minister’s office, Dr. […]

Business

Exchange rate to stabilize in future, Minister tells investors

The Minister of Budget and Economic Planning, Atiku Bagudu, has stated that he expects the exchange rate to improve as a result of President Bola Tinubu’s and the Central Bank of Nigeria’s ongoing currency reforms. The PUNCH reported that his comments came nearly six months after Tinubu lifted the exchange rate cap, among other currency reforms. According to […]

Ten things to know about Adebayo Ogunlesi
News

Ten things to know about Adebayo Ogunlesi

Adebayo Ogunlesi is a Nigerian-born investment banker and lawyer. He is the founding member of the Global Infrastructure Partners, an equity firm he founded in 2016. GIP has gone on to acquire London City Airport, a majority stake in London Gatwick Airport in 2009 for £1.455 billion. GIP’s portfolio expanded to include Edinburgh Airport in […]

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