Nigeria, with its large population and growing economy, has faced longstanding issues related to power generation, distribution, and access, which has consequently served as a bottleneck to its economic growth. Despite having the potential to generate a total installed capacity of 10,396MW of electricity the country only manages to transmit around 5000 Mega-Watts- just around …
Kenyan start-up MESH, the country’s first online community for young entrepreneurs in the informal economy, today announces it has reached 150,000 members. Launched to the mass market in November 2021, MESH connects young entrepreneurs and small business owners to vital networks, tailored training content, and for the first time, access to opportunities and services in …
As of Wednesday, June 21, 2023, the United Nations estimated Africa’s population to be approximately 1.435 billion people, about 16.72% of the global population. With such a population, the continent lacks proper healthcare facilities and good infrastructure to cater to its needs. Many African countries lack reliable healthcare facilities, adequate tools and staff. How can the …
Here are three big stories from Africa’s business landscape you (probably) didn’t miss but should keep in mind this week: The naira’s float is sinking it Earlier this month, the Central Bank of Nigeria implemented a clean float foreign exchange management system. This policy allowed the naira to trade freely against the dollar instead of …
“When it comes to making the world a better place, talented young people are the world’s most important assets. That’s good news for Nigeria because it has one of the biggest young populations in the world.” – Bill Gates, Co-Chair of the Bill and Melinda Gates Foundation. Recently, the Pan-African Youth Innovation Forum, put together …
2023 started with a lot of uncertainty for the tech industry. Many companies have struggled to find their rhythm since the economic downturn in 2022. As a result, we’ve seen a lot of layoffs, shutdowns, valuation cuts, and expansion halts in the last one year. Tech funding in the first quarter of 2023 also painted …
IHS Holdings, the Nigerian-based telecommunication infrastructure provider has said it is focused on acting in the best interests of all shareholders. The statement which the company sent to BusinessDay, is in response to several calls by angry shareholders for the urgent reform of the company’s board of directors and corporate governance. MTN Group, Wendel SE, …
Paelon Memorial Hospital in collaboration with IHS Nigeria, has commissioned a new Cylinder Gas Plant. Blackwells Capital, a US-based activist investor, has joined the call by majority shareholders of IHS for reforms in the formation of the board of the African tower operator. The New York-based activist investor is pushing for the cell-tower operator to …
After defying rock-bottom expectations by scrapping fuel subsidies and implementing exchange rate reform, Bank of America has predicted President Bola Tinubu’s next major policy reform is taming the menace of the billion-dollar crude heist threatening the finances of Africa’s biggest economy. “With the current momentum, Tinubu’s next big move should be to reduce oil theft …
Nigeria’s recent economic reforms making foreign investors excited are robbing households of their spending power, inflicting more pain and renewing pressure on them. Subsidy removal, naira devaluation, and the implementation of a value-added tax on diesel imports are causing further spikes in the prices of goods and amplifying a cost-of-living crisis in Africa’s biggest economy. …