Haul247, a logistics tech platform in Africa, has raised $3 million in a seed funding round to increase its market share, and expand and recruit talents in Nigeria and beyond. Sehinde Afolayan, the CEO of Haul247, is confident that this round of funding will enable the company to cement its position as Africa’s Airbnb for …
Nigeria has one less reason to grow its ballooning debt stock after last week’s move to abandon costly petrol subsidies that would have drained $12.9 billion (N6 trillion) from state finances this year. Cash-strapped and with little room to sustain its explosive debt appetite, Nigeria faced a deeper fiscal crisis if the subsidy program didn’t …
Africa’s biggest economy has exported gold worth N78.9 billion within the last 15 months, a first-time trend in Nigeria’s export economy. Findings by BusinessDay showed Nigeria is gradually tapping from a cash-spinning mining sector that has remained largely under-utilised since the crude oil boom, a development that is part of a key step in efforts …
Nigeria’s currency fell to a fresh record low, extending its losses since President Bola Tinubu’s call for changes in exchange rate policy. According to Bloomberg the naira weakened 1% to 471.9 to the dollar as of 5:33 p.m. in the official, the biggest drop since December. Many investors and economists now expect the multiple exchange …
Nigeria’s currency on Thursday depreciated by 1.02 percent (N4.83/$1) at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange (FX) market. After trading on Thursday the dollar was quoted at N469.50 compared to N464.67 quoted since May 31, 2023, I&E window, data from the FMDQ indicated. The local currency further weakened against the …
Many Uber and Bolt drivers have defied the union’s announcement to embark on a nationwide strike. The Amalgamated Union Of App-Based Transport Workers Of Nigeria (AUATWON), which represents e-hailing drivers suspended operations due to low prices. However, BusinessDay has observed that not every driver is complying with the action. According to a statement released by …
A website, flynigeraiair.world, launched by Nigerian Air has raised fresh concerns about the entity which has been mired in controversies. The House of Representatives had on Monday described the entire process that led to the launch of the airline as fraudulent and demanded the prosecution of the officials involved in the transaction. According to an …
As transportation costs tripled in Africa’s biggest economy, employees’ requests for remote work in the last two weeks are surging, BusinessDay’s checks show. The cost of moving within the cities on commercial transportation across the country has doubled following last week’s adjustment of the pump price of a litre of fuel from an average of …
The recent hike in the prices of fuel in Africa’s largest economy has led to a fresh spike in food prices, dashing hopes of returning to a more stable market condition. The fuel price has soared by an average of 174.6 percent in two weeks to N526.7 per litre from an average of N191.8 per …
The juicy foreign exchange earnings of Nigerian banks have come under intense pressure due to low dollar economic activities, BusinessDay’s analysis and expert opinions have said. Available data gleaned from the Nigerian Exchange Group (NGX) showed five banks- Stanbic IBTC Holdings, FBN Holdings, Wema Bank, Guaranty Trust Holding Company, and Union Bank, recorded a decline …