For most Nigerians, the first quarter of 2023 was like an aimless walk through a desert under the blazing midday sun. So much has happened since the year began. The first was an unusual fuel scarcity from November 2022 that found its way into the new year and ruffled things up a bit – like …
A few weeks ago, news broke that Silicon Valley Bank (SVB), the widely endorsed bank for most startups and venture capitalists, was shut down by the Federal Deposit Insurance Corporation (FDIC). What triggered the closure was a bank run that began after the bank announced that it lost $1.8 billion in the sale of treasuries …
Africa has a population of over 1.4 billion people. Interestingly, it is the youngest continent in the world, with 60% of the entire population aged below 25 years. This makes it the hub of the future workforce and a hotbed for technological innovation. While many African governments grapple with poor unemployment rates, weak economies and …
Nigeria will likely devalue its local currency by about 15% after President-elect, Bola Tinubu, is sworn in on May 29 to alleviate severe trade imbalances and dollar shortages, an analyst at Absa Group Ltd. said. Africa’s largest economy operates a multiple exchange regime dominated by a tightly controlled official rate, cutting off access to many …
Blessing Adebanjo (not her real name) was wedged behind her computer with stacks of documents required to register a client’s business in a two-room apartment in Lagos, Nigeria’s commercial capital. Over a five-day period, Adebanjo, a lawyer, tried to register a company on the portal of the agency charged with regulating the formation and management …
Andela, the global network for remote technical talent, has announced the launch of the Andela Rwanda Apprenticeship Program, a 12-week program that aims to introduce global organizations to the vast potential of up-and-coming Rwandese tech talent. The apprenticeship program offers companies the chance to build their team with graduate apprentices from the Andela Technical Leadership …
Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of a majority stake in AutoTager, an Egyptian automotive technology company that makes it easier to find and buy cars, to deepen its presence in North Africa and support the company’s ongoing growth. AutoTager is a venture-backed startup …
Cinema sales in Nigeria are struggling to bring home the bacon. According to reports, Nigerian cinemas recorded N441 million in ticket sales in March. The total admission of viewers into cinemas across the federation, for the period under review was 174,07. According to reports from the cinema exhibitors association of Nigeria, the recorded sales in …
Amid significant global economic turbulence, all eyes last week were on the annual Spring Meetings of the World Bank and International Monetary Fund (IMF) held in Washington, D.C. between 10 and 16 April. High on the agenda were the deteriorating debt and climate finance crises facing the developing world. New research from ActionAid published alongside …
Gas flaring is a common practice in Nigeria’s oil and gas industry, as in many other countries where oil extraction takes place. The associated gas released during oil production is often seen as a byproduct and is not always easy or cost-effective to capture. As a result, it is burnt through flaring. Flaring persists to …