The cost of living in Africa’s biggest economy is expected to worsen as the country is proposing a 40 percent hike in electricity tariff from July 1. The hike is expected to amplify the financial burden of struggling households. This comes shortly after the removal of the petrol subsidy, which had already tormented Nigerians grappling …
Africa has some of the world’s most significant, yet, untapped resources such as solar, hydraulic and geothermal energy. While some of these resources are scattered across the continent, most are found in huge deposits around the Northern, Southern and Eastern regions. According to comments by Makhtar Diop, Managing Director, IFC, in the recently concluded Africa …
Activities give sense of the importance Chinese companies in several sectors attach to country’s potential The dream of establishing smartphone “super apps” that can operate across Africa’s markets is galvanising Chinese investment into Nigeria. Nigeria, with about 220mn people, is the continent’s most populous country and its biggest economy. So, when two Chinese-backed fintech companies …
Small and medium enterprise (SME) businesses in Nigeria need a favouable market environment to facilitate growth and survival in the economy. Enyioma Madubuike, chief legal and compliance officer at Kora said this during an interview with BusinessDay. According to him, the government should focus on creating a conducive market for merchants to conduct their business …
The new requirement for customers to provide their social media handles before starting any business relationship with banks and financial institutions leaves many operators with uncertainty. According to the Central Bank of Nigeria’s (CBN) Customer Due Diligence Regulation 2023, banks and other financial institutions are to obtain an individual’s legal name and any other names …
Nigerians who want to open an account, take a loan or conduct other transactions may be required to produce their social media accounts, according to the Central Bank of Nigeria’s (CBN) regulation on customer due diligence (CDD). The new regulation is like an answered prayer for most digital lenders, while for some experts, it raises …
New administration wants prospects for economic growth on firmer footing The banqueting hall of the Oriental Hotel in Lagos buzzed with anticipation. A few days after Nigeria’s new president took office in late May, about 80 of its business elite gathered around tables draped in gold cloth waiting to hear a briefing on what the …
The Central Bank of Nigeria’s (CBN) customer due diligence regulation is set to boost enrolment for Bank Verification Number (BVN) and financial inclusion in Africa’s most populous country. BVN is a fundamental prerequisite for individuals to own an account, whether new or existing. It serves as a unique identifier that utilises human characteristics to enhance …
Africa has some of the world’s most significant, yet, untapped resources such as solar, hydraulic and geothermal energy. While some of these resources are scattered across the continent, most are found in huge deposits around the Northern, Southern and Eastern regions. According to comments by Makhtar Diop, Managing Director, IFC, in the recently concluded Africa …
Samsung, Nigeria’s consumer electronics brand, has unveiled the Galaxy A14 5G as its newest addition to the widely acclaimed Galaxy A series. The primary objective of this release is to provide a comprehensive range of cutting-edge Galaxy advancements at a budget-friendly price, ensuring that remarkable technology is within reach for all individuals, particularly Airtel Nigeria …