Instagram’s rival to Twitter, Threads, has attracted 10 million users within its first seven hours, Mark Zuckerberg has said, in a fresh challenge to Elon Musk. The app, owned by Zuckerberg’s Meta, offers a text-based version of the photo-sharing app Instagram designed for “real-time updates and public conversations”. “Let’s do this. Welcome to Threads,” Zuckerberg …
The Non-Performing Loans (NPLs) of deposit money banks, also known as bad loans, have declined to lowest in seven years, indicating the healthy status of the financial institutions. Data from the National Bureau of Statistics (NBS) and the Central Bank of Nigeria (CBN) show that the ratio of banks’ NPL has dropped by 10.61 basis …
Foreign Direct Investment (FDI) inflows into Nigeria turned negative last year for the first time in at least 33 years, according to new data from a United Nations agency, representing one of the major challenges inherited by President Bola Tinubu. Tinubu, who took the helm of Africa’s biggest economy just over a month ago, has …
The federal government increased its budget for personnel expenses, pensions and other recurrent expenditure by 241 percent in 13 years, a development that dampened economic growth and impoverished millions of its people. Data obtained from the government’s official documents showed the government increased its non-debt recurrent expenditure from N2.4 trillion in 2011 to N8.27 trillion …
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 …
Babatunde Irukera, the executive vice chairman of FCCPC The Federal Competition and Consumer Protection Commission (FCCPC) has taken a firm stance against the recent increase in unified price-fixing on point of sale (PoS) charges imposed by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) Lagos chapter. Babatunde Irukera, the executive vice chairman …
Instagram Threads, Twitter’s competitor set to launch on Thursday, July 6, is expected to fill the lapses created by the microblogging platform. Threads will function similarly to Twitter, with text-based posts that can be liked, commented on, and shared, according to examples of screenshots on the App Store listing. With the launch, Meta is seeking …
The update has become necessary due to the increasing case of safety report received in the past months Bolt, Africa’s on-demand mobility platform, is bolstering safety by introducing an audio trip recording feature. This addition allows drivers and riders to record their trips and report safety concerns to Bolt’s Customer Support. Yahaya Mohammed, Country Manager …
The Central Bank of Nigeria (CBN)’s gaping unsettled foreign exchange backlog owed to local businesses is hurting confidence in its latest currency reform and threatens to shut out foreign investors from the market. The apex bank used to sell about $200 million in FX forward contracts every two weeks but soon ran into troubled waters …
The global race for talent looks set to ramp up the exodus of Nigerian professionals as Canada and Germany recently eased their immigration laws to lure in more skilled workers from other countries. As their aging population and low fertility rates continue to shrink their workforce, a number of developed countries are turning to largely …