Author: Mary Osisanya-Bello

About 688,793 metric tonnes of bulk wheat are scheduled for importation to food markets across Nigeria by the end of October 2024. This significant influx is anticipated to help lower food costs and make essential products more affordable for consumers. The wheat, loaded onto seven vessels of varying sizes, began arriving at four seaports between October 23 and October 30, 2024, as reported by the Nigerian Port Authority. The ports involved include Apapa and Tincan in Lagos, Calabar Port in Cross River State, and Rivers Port in Rivers State. Efforts to determine whether the Federal Government was involved in the…

Port calls by container ships in Nigeria and other African countries increased by 20% between the first quarter of 2018 and 2023, according to the United Nations Conference on Trade and Development (UNCTAD). In its 2024 Review of Maritime Transport, signed by Secretary-General Rebeca Grynspan, UNCTAD reported a remarkable 38% rise in tanker calls during the same period. The report calls for increased investments in port infrastructure to alleviate congestion and enhance trade efficiency. It highlights that, between the first halves of 2018 and 2023, Africa experienced record-breaking growth in both container and tanker calls. UNCTAD emphasizes that improving port…

Kuda, a leading digital bank, has teamed up with Vendy, a pioneering WhatsApp marketplace, to integrate Kuda Pay ID as a secure payment option. This innovative partnership enables buyers to make cardless payments with their Kuda Pay ID, protecting their financial information and reducing the risk of card fraud. Simplified Payments for Sellers and Buyers The integration aims to streamline payment processes, making it easier for Nigerians to shop on WhatsApp. With over 51 million users in Nigeria, WhatsApp has become a vital platform for business interactions. Executive Insights “Partnering with Vendy expands our secure payment solutions to a wider…

Nigerian fintech company Moniepoint has officially reached “unicorn” status after raising $110 million in funding from a group of investors, including Google and London-based private equity firm Development Partners International. The nine-year-old startup announced this milestone in a statement on Tuesday, marking a significant increase in its valuation to over $1 billion for the first time. In the startup landscape, a unicorn refers to a privately held company valued at more than $1 billion and not publicly traded. The funds will be utilized to accelerate Moniepoint’s growth across Africa, as the company aims to create an all-in-one, seamlessly integrated platform…

Mr. Roosevelt Ogbonna, Group Managing Director/CEO of Access Bank Plc, announced on Monday that the bank is set to expand its operations into the United States in the first quarter of 2026, with the goal of becoming a truly global African bank. During a media briefing in Lagos, Ogbonna emphasized the bank’s ambition to establish a significant presence in international markets, having already made inroads into London, Hong Kong, and Paris. “By Q1 2026, we will launch Access Bank USA. Our aim is to engage in the global market and foster connections with various international counterparts,” he stated. He…

The International Monetary Fund (IMF) has forecasted a 3.2% GDP growth for Nigeria in 2025, anticipating a slight decrease in median inflation as ongoing policy reforms take effect. In its latest Regional Economic Outlook (REO) for Sub-Saharan Africa, titled “Reforms Amid Great Expectations,” the IMF noted that while median inflation is expected to dip in Nigeria, Angola, and Ghana, overall headline inflation will remain significantly elevated in oil-exporting countries compared to the rest of the region. The report highlights a projected decline in regional GDP-weighted headline inflation, expected to fall from 18.1% in 2024 to 12.3% in 2025, with…

The highly anticipated Konga Yakata—Nigeria’s largest annual sales event—kicks off this Friday, November 1, 2024, running throughout the month until Saturday, November 30. This year, shoppers can look forward to exceptional savings, with discounts of up to 90% on a wide range of premium products. Whether you’re a tech enthusiast, fashion aficionado, or a family looking for great deals, Konga Yakata has something for everyone. As the authorized retail outlet for many leading Original Equipment Manufacturers (OEMs), Konga offers shoppers unique pricing advantages during this event. Customers can enjoy unbeatable deals on a variety of products, including electronics, home appliances,…

Nigerian Breweries Plc, the leading brewing company in Nigeria, has achieved a remarkable 75% revenue growth over nine months. For the period ending September 30, 2024, the company reported revenue of N703 billion, compared to N402 billion during the same period in 2023. According to the unaudited results shared with the Nigerian Exchange Group (NGX), the company’s gross profit rose to N207 billion, up from N152 billion in the previous year, reflecting a 36% increase. This growth in gross profit lagged behind revenue due to a staggering 99% increase in the Cost of Goods Sold, driven primarily by currency devaluation…

Heirs Holdings and the Tony Elumelu Foundation have allocated $5,000 in seed capital to empower young African entrepreneurs and stimulate economic growth across the continent. This announcement was made at the Future Investment Initiative New Africa Summit in Saudi Arabia, where Tony Elumelu, Chairman of Heirs Holdings and Founder of the Tony Elumelu Foundation, highlighted the vital role of entrepreneurship in tackling high unemployment and infrastructure challenges in Africa. Elumelu shared these insights in a LinkedIn update on Monday, following a fireside chat moderated by CNN host Eleni Giokos. “In line with our commitment to Africapitalism, Heirs Holdings partners with…

The African Diaspora Network Japan (ADNJ) has identified Nigeria as a key hub for enhancing economic relations between Japan and Africa. ADNJ advocates for Japanese companies to explore the African market, particularly through the African Continental Free Trade Area. At the 2024 Osaka-Africa Business Forum, held both in person and virtually under the theme “Let’s Walk with Africa,” ADNJ leaders emphasized Nigeria as an ideal location for businesses seeking to establish a presence in Africa. In her keynote address, adviser on small and medium enterprises Nose Yukio outlined the unique market potential of Africa, highlighting its rapidly growing population and…

Dangote has invested over $280 million in Compressed Natural Gas (CNG) infrastructure, with the goal of transitioning its fleet to cleaner, more affordable energy sources by 2026. This substantial investment underscores the company’s commitment to supporting President Bola Tinubu’s CNG initiative, which aims to provide Nigerians with cheaper and cleaner fueling alternatives. Arvind Pathak, Group Managing Director of Dangote Cement Plc, announced that the plan includes acquiring a fully CNG-powered fleet as part of a long-term strategy. Pathak described this move as a significant milestone in Dangote’s clean energy transition, aiming to operate the majority of its fleet on CNG…

Tony Elumelu is set to co-chair the New African Summit at the Future Investment Initiative, focusing on sustainable investments for Africa’s future. The eighth edition of the Future Investment Initiative (FII) will take place on Tuesday, October 29, in Riyadh, Saudi Arabia. Elumelu, Chairman of Heirs Holdings and United Bank for Africa (UBA), will join some of the world’s most influential leaders to shape discussions at this global event. According to the organizers, Elumelu, also the Founder of The Tony Elumelu Foundation (TEF), will co-chair the New African Summit, themed “Infinite Horizons.” This summit will showcase how investments can serve…

In a significant move, Starlink has announced the reversal of its recent service fee increase in Nigeria, providing much-needed relief to those seeking affordable internet solutions. As the world’s leading provider of satellite launch services explained, “Last month, we raised the monthly service price for Starlink in Nigeria to address inflation and sustain our operations. Today, we are temporarily suspending this price increase while we navigate regulatory challenges. If you’ve already been charged the higher rate, a one-time credit will be applied to your account to cover the difference. You also have the flexibility to cancel your service at any…

At least 400 young Nigerian women are set to receive a significant digital boost as TD Africa launches registration for TecHERdemy. TecHERdemy is a Corporate Social Responsibility (CSR) initiative created by TD Africa, the leading distributor of tech solutions in Sub-Saharan Africa, aimed at empowering young women with the skills necessary to thrive in today’s dynamic digital landscape. In collaboration with the Ministry of Women Affairs, this initiative will offer 400 women the chance to engage in a comprehensive six-month training program focused on in-demand tech fields such as cybersecurity, data science, artificial intelligence (AI), and software development. Aligned with…

Zenith Bank has once again claimed the prestigious title of “Bank of the Year,” reinforcing its strong leadership and commitment to Nigeria’s evolving financial landscape. At the BusinessDay Banks and Other Financial Institutions (BAFI) Awards 2024, held on October 25 at the Lagos Continental Hotel, Zenith Bank Plc was recognized as both ‘Bank of the Year’ and ‘Retail Bank of the Year.’ This marks the second consecutive year the bank has secured the ‘Bank of the Year’ accolade, underscoring its excellence in the financial sector. The BAFI Awards have become a hallmark of distinction within Nigeria’s financial services industry, celebrating…

The House of Representatives has urged the CBN to provide an additional $3bn to tackle agricultural under-financing. The House of Representatives has called on the Central Bank of Nigeria (CBN) to tackle under-financing in the agricultural value chain by providing the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) an additional $3 billion. The resolution of the House followed the adoption of a motion moved at plenary on Tuesday by Hon. Uchenna Okonkwo. Presenting the motion, Okonkwo pointed out that the ailing economy of Nigeria, severe impoverishment across the nation, as well as the increase in hunger were…

MTN Nigeria, the nation’s largest telecom operator, has emphasized the urgent need for the telecommunications sector to regain profitability in order to sustain its operations. During a recent tour of MTN’s facilities by Fellows of the Media Innovation Programme in Ibeju-Lekki, Lagos, CEO Karl Toriola highlighted that the sector has been facing significant losses, necessitating immediate action to reverse this trend. With approximately 78 million subscribers, Toriola noted that MTN is now relying on profits accumulated over the past two decades. “We must restore profitability to the industry,” he stated, underscoring the critical need for reform. He explained that the…

The Federal Government has halted the export of domestically produced Liquefied Petroleum Gas (LPG), commonly known as cooking gas, in order to prioritize supply for the domestic market. Announced by Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, on Tuesday, this measure will take effect on November 1, 2024, and aims to address the rising gas prices in Nigeria. The decision follows a high-level meeting convened by the minister in Abuja with key stakeholders to tackle the escalating costs and the resulting hardships faced by Nigerians. Since June 2023, when President Bola Tinubu took office, the price of cooking…

As global interest in sustainable living, energy efficiency, and minimalist design rises, companies are adapting their product offerings to remain competitive and meet consumer demands. Leading this transformation in the home appliance market is LG Electronics with its innovative WashTower—a high-performance, space-saving laundry solution tailored for today’s urban lifestyles. Featuring advanced technology, large capacities, and superior cleaning capabilities, the WashTower transcends the traditional washer-dryer combo, delivering efficiency, smart connectivity, and exceptional performance. Perfect for compact spaces, the LG WashTower’s sleek, vertical design fits seamlessly into small laundry rooms or closets without compromising on performance. At 1655mm tall and 600mm wide,…

Meta has triumphed in court by successfully defending its child safety measures against a shareholder lawsuit alleging misleading disclosures. A U.S. federal judge dismissed a lawsuit claiming that Meta Platforms and CEO Mark Zuckerberg misled shareholders about the company’s efforts to protect children on Facebook and Instagram. U.S. District Judge Charles Breyer, based in San Francisco, ruled on Tuesday that the plaintiff, Matt Eisner, failed to prove any economic losses stemming from Meta’s purportedly insufficient disclosures. Judge Breyer concluded that federal securities law does not require Meta to disclose the prevalence of sexually explicit content or child exploitation on its…