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Nigeria to receive $3b in telecoms infrastructure in June

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Nigeria, Saudi sign MoU on energy cooperation
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Nigeria, Saudi sign MoU on energy cooperation

  Nigeria and Saudi Arabia inked a Memorandum of Understanding to enhance cooperation, information exchange, and technology transfer in the oil sector. According to The PUNCH, the Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, represented the Federal Government, and Prince Abdulaziz bin Salman, the Energy Minister of Saudi Arabia, signed for his country. […]

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.
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Nigeria approach World Bank for $1.5bn budget support loan

The Federal Government of Nigeria has confirmed ongoing negotiations with the World Bank for a significant $1.5 billion budget support loan. According to The PUNCH, this announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a press conference at the World Bank/International Monetary Fund Annual Meeting […]

ACCI, Turkish investors to create one million jobs in Nigeria
News

ACCI, Turkish investors to create one million jobs in Nigeria

By Bisola David   The Abuja Chamber of Commerce and Industry partnered with Turkish investors through Turquaz Health Tourism on Friday, to generate one million employment in Nigeria. The Punch reported that the Turkish investors will work with Nigerian companies in a variety of industries, including health, energy, infrastructure, and education. At the ACCI offices in Abuja […]

Logistics company Kobo360 names Cikü Mugambi new CEO
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Logistics company Kobo360 names Cikü Mugambi new CEO

Nigerian logistics company Kobo360 announced the appointment of Cikü Mugambi as the new CEO after its founding CEO Obi Ozor was named transport commissioner in Enugu. The company’s Board of Directors announced Mugambi, who was formerly the company’s COO as Ozor successor. After working with the International Finance Corporation, Next Billion Growth, and KPMG, Mugambi […]

Spotify AI DJ now available in Nigeria
News Tech

Spotify AI DJ now available in Nigeria

Spotify is now extending its artificial intelligence-driven personalised music function, “DJ,” to Nigeria and other countries, marking a significant expansion six months after its debut in North America. The AI-powered DJ makes personalised music recommendations to users and also provides spoken commentary in a robotic voice. The “music” feed section of the Spotify mobile app […]

Snapchat introduces AI-powered video lenses
News Tech

Snapachat removes subscription for dark mode

Snapchat has removed the paywall for dark mode on Android after previously requiring users to have a Snapchat+ subscription in order to access the functionality. iOS users have had free access to dark mode since 2021. Earlier this year, Snapchat only made dark mode accessible to Snapchat+ subscribers on Android devices. Snapchat’s subscription service attracted […]

GSK to halt operations, exit Nigeria
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GSK to halt operations, exit Nigeria

GlaxoSmithKline Consumer Nigeria PLC has been notified by GSK UK Group of its strategic plan to stop selling its prescription drugs and vaccines in Nigeria. The company released this information via a formal statement that was sent to the Nigeria Exchange Limited and was signed by the company secretary, Frederick Ichekwai. The company stated in […]

Nigerian team wins at Huawei ICT competition
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Nigerian team wins at Huawei ICT competition

The Nigerian team has won a prize at the just concluded Huawei ICT Competition 2022-2023 Global Final in Shenzhen, China. The team from Ahmadu Bello University and Jilin University won the Grand Prize of the innovation competition. The Network Track Grand Prize was won by teams from Yangtze Normal University, Hunan Industry Polytechnic, Guilin University […]

Why Nigeria trails S'Africa, Kenya in Africa's B2B payment
Business

Why Nigeria trails S’Africa, Kenya in Africa’s B2B payment

A report from a business payment platform for African businesses known as Duplo, has stated that Nigeria now trails behind South Africa and Kenya in the development of key B2B payment processes across Africa. These B2B processors include the adoption of electronic bank transfers, the speed with which invoices are processed, and payment automation. South Africa leads the way […]

Nigerian startup Medsaf lays off all staff
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Nigerian startup Medsaf lays off all staff

Nigerian health-tech startup Medsaf has let off 30 full-time staff members of the company. According to the TechCabal, the company’s COO, Rotimi Lawal, informed staff members via Slack that Medsaf had to reduce staff due to “challenges ranging from funding gaps to account receivables due to different the macroeconomic policies and dismal payment behavior of […]

How inflation, forex crisis may affect consumer goods industry - Report
Economy featured

Nigeria’s inflation may hit 30%, Bank of America warns

The Bank of America has cautioned that the Central Bank’s Monetary Policy Committee may need to raise interest rates by at least 700 basis points by the end of the year to control inflation. The bank’s sub-Saharan Africa economist, Tatonga Rusike, stated in an interview with Bloomberg on Monday that the increase was required to combat the skyrocketing […]

China visits Nigeria, seeks improved bilateral relations
Business

China visits Nigeria, seeks improved bilateral relations

In order to improve bilateral ties between both countries, the Chinese Navy Escort Task Group 162 which is made up of the MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU visited Nigeria on Sunday. According to the News Agency of Nigeria, the Chinese Ambassador to Nigeria,  Mr. Chi Jian Chun, said the visitation of the […]

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