Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of the President, Major General Muhammadu Buhari (retd.)
The total debt owed to the World Bank Group by Nigeria rose by $7.64bn (N3.52tn, using the exchange rate of the Central Bank of Nigeria, which was N460.53 per dollar as of April 23, 2023) in seven years.
Specifically, the country’s indebtedness to the…
The Minister of Aviation, Hadi Sirika, has agreed to lead a delegation saddled with the responsibility of improving bilateral trade and collaboration between Nigeria and Pakistan.
Sirika accepted this offer when a team from the Africa Center for Asia Studies, International…
Nigeria’s misery index has soared by 11.9 percentage points to 73.05,
The misery index is a measure of economic distress felt by everyday people, due to the risk of (or actual) joblessness combined with an increasing cost of living. The misery index is calculated by adding…
It’s no secret that unemployment is a major issue in Nigeria. According to the National Bureau of Statistics, the unemployment rate in Nigeria was 27.1% in the second quarter of 2020. That’s over 20 million people who are currently out of work, and looking for ways to make money. Rentout, an online rental marketplace, could be a game-changer for many of these people. By renting out their idle…
With $15 million in edtech accelerator funds, CcHub will support 72 startups in Nigeria and Kenya
February 21, 2023
CcHUB, a well-known African innovation hub, has announced plans to launch The Edtech Fellowship Program, which will provide $15 million in funding to edtech firms in Nigeria and Kenya.
The program’s goal is to develop a new ecosystem of edtech businesses that will…
Nigeria falls behind Ghana, Kenya, and 12 other African countries in innovation.
January 3, 2023
Nigeria, the biggest economy on the continent, is behind Mauritius, South Africa, Morocco, Tunisia, Botswana, Kenya, Ghana, Namibia, Senegal, Tanzania, Rwanda, Madagascar, Zimbabwe, and Cote D’Ivoire. The countries are ranked ahead of Nigeria because they grew investments…
CinderBuild emerges as Nigeria's e-commerce pioneer in the area of building and construction procurement.
December 11, 2022
For decades, the supply of building materials in Africa has been operated in a traditional procurement model, construction project managers traditionally spend significant time and effort managing multiple procurement conversations across different platforms for each item category, often physically touring materials markets before discovering the right product at satisfactory quality and price…
MultiChoice Group faces cash constraint in Nigeria, reduces funds in country’s market to $133m
June 30, 2022
South African cable tv company, MultiChoice Group, has revealed that its management is facing liquidity constraint in Nigeria, and has to retrieve the company’s funds at a greater cost from the country, which is its second largest market in Africa.
Ripples Nigeria gathered…
With operations spread across Nigeria, Senegal and Ivory Coast, BetaStore, a tech-enabled B2B retail startup, has closed a $2.5 million pre-series A funding round.
The fund will enable BetaStore’s expansion into Ghana, the Democratic Republic of Congo and Cameroon by the…
Palm oil producers in Nigeria have been posting record revenues and profits in the past 5 years.largely on account of import restrictions that more or less guaranteed their position as suppliers of last resort to diverse commercial and individual users, As reported by BusinessDay, showing Nigeria importing less palm oil as local producers report expansions, there are also opportunities in the…