Nigeria
Business Economy

An investment fund to be established by the Lagos State administration.

Recently, while speaking to African reporters on the sideline of the just-concluded GITEX 2020 in Dubai, the special advisor to the Lagos state governor on innovation and technology, Olatunbosun Alake, said that the government is planning to launch its own venture capital fund that would “write bigger equity cheques for Nigerian startups than most privately-owned […]

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Business Finance

Kuda in trouble? Nigerian Neobank incurs over N6 Billion loss in 2021

The last two years have seen losses for Kuda MFB, a neobank with a Nigerian microfinance bank license. According to the company’s financial report, reviewed by Business Verge, it lost $6,092,554,866 ($14,214,681) by the conclusion of the 2021 fiscal year, an increase of 602% over the $2,025,295 loss it suffered in 2020. The company’s sales […]

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Economy

The solution to Nigeria’s power crisis lies in the involvement of the states.

Every modern nation’s socioeconomic and technological progress is greatly influenced by electricity. The demand for energy in Nigeria is significantly greater than the supply, which naturally makes it epileptic. Nigeria’s electricity industry has suffered a lot of setbacks; the national grid has collapsed seven times this year. Also, according to historical data of power supply […]

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Business Economy

The five largest insurance companies in Nigeria would increase gross premium to N139 billion in half of 2022.

Nigeria’s leading insurance companies earned a whopping sum of N139.440 billion as revenue in the half year of 2022, outperforming their earnings in the corresponding period of 2021 of N115.530 billion. According to the information contained in the half year financial statements of these companies and compiled by Nairametrics research, the companies’ premiums rose by […]

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Uncategorized

Despite a 222% increase in currency availability, the Naira declines on the P2P market to N691 per $1.

At the official foreign exchange market, the naira/dollar exchange rate closed at N429.43/$1. In comparison to the N429.05/$1 exchange rate recorded on Friday, August 19, 2022, the currency rate decreased marginally to close at N429.43/$1, or a 0.09% depreciation. In the meantime, the amount of FX supply increased by 222.3% to $161.94 million from 50.22 […]

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Business News Technology

MTN wants 5G; looks to partner with FG on 70% broadband target

MTN has stated its willingness to work with the Federal Government to achieve the 70% broadband target by 2025 while also promising to deploy a Fifth Generation (5G) network in Nigeria as soon as possible. Onyinye Ikenna-Emeka, MTN’s General Manager for Fixed Broadband, revealed this in an interview. She stated that collaboration and concerted efforts […]

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Business Business News Economy Finance Marketing Analytics

N10billion loss hits Nigerian exchange

Trading activities on the floor of the Nigerian Exchange Limited (NGX) closed on a negative note Wednesday, August 17 to upturn the previous day’s gain following losses recorded by blue chip firms.  However, the stock market recorded 10 gainers including Prestige Assurance Plc against 16 losers led by Courtiville Business Solutions Plc to close the […]

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Business News Technology

Amazon launches Prime Video in Nigeria

This week, Amazon Prime Video announced the launch of a localized version of its streaming service in Nigeria, one of Africa’s biggest markets. Just as it did in Southeast Asia a few weeks ago, the tech behemoth is attempting to increase its subscriber push in new markets such as Africa. Their goals are to increase their […]

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Business Technology

21 African news organizations selected for 2022 Google News Initiative $150,000 fund

Google has revealed the winners of the third Google News Initiative (GNI) Innovation Challenge, which included 34 media platforms. These honorees are from Africa, the Middle East, Israel, and Turkey, and they were chosen for their commitment to promoting diversity, equality, and inclusion in the journalistic sector. There were 21 awardees from 10 African nations […]

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Spotlight Trending

5000 African youth share stories as PIN celebrates 15 years of impact

Today, Paradigm Initiative (PIN), a leading pan-African organization for digital rights and inclusion, celebrates 15 years of improving the lives of over 5,000 underprivileged African youth by providing them with better livelihoods through digital opportunities and the protection of their online rights.PIN has contributed significantly to Internet Freedom for more than eight years by making […]

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