African Export-Import Bank (Afreximbank) has provided a $10 million trade finance facility to Nigeria’s Parallex Bank Ltd (Parallex Bank). The financing is deployed under Afreximbank’s Trade Facilitation Programme (AfTRAF) which is part of the Bank’s strategy to assist African banks to enhance and complement existing trade finance lines. The $10 million financing facility will be …
More progress needed despite growth in Nigeria’s insurance industry
According to the National Insurance Commission (NAICOM) in its latest report, Nigeria’s insurance sector’s total assets grew to N2.33 trillion in the fourth quarter of 2022. The sector generated a total premium of N726.2 billion, representing 36.3 per cent growth quarter-on-quarter (QoQ) and 17.8 per cent year-on-year (YoY) in gross premium income According to the …
Nigerians are not thrilled about their first digital census
Nigeria has not had a census in well over a decade. So the news that Nigeria is preparing for a nationwide headcount this year sounds historically significant. Even more, it’s supposed to be Nigeria’s first “digital census.” However, Nigerians don’t seem excited about it. Social media is brimming with people either showing scepticism or even …
SLK’s Teetotaler: Laughing all the way to Netflix
“Laughter is the best medicine,” they say, and it was with great anticipation that I entered the bustling film house cinema in Twin Waters Lagos to watch the premiere of Teetotaler, a comedy special just acquired by the global streaming giant Netflix. As the crowd settled into their seats, eagerly awaiting the arrival of the …
African consumers still shop as long as these products are budget-friendly and cost-effective
Despite months of unease about the state of economies across the continent, Africans remain willing to spend money on all sorts of goods. But this year, they are making it clear that brands must have new strategies to get their money. According to the Euromonitor 2023 consumer trends, more consumers are sticking to a budget, looking for cost-effective solutions that …
The Africa’s Business Heroes Prize effect: Gricd’s expansion story.
With a fast-growing population, Africa is witnessing a remarkable rise in entrepreneurial ventures. From small-scale startups to established enterprises, businesses of all sizes have the burning desire to meet the evolving demands of the population, which seeks innovative solutions, products, and services. However, this dynamic and rapidly evolving business landscape is plagued with several challenges, …
Weekly Economic Index: Moody’s downgrades Egypt, Zimbabwe discovers Helium, Tanzania speeds up tourism
Moody’s moves to downgrade Egypt to B3 Moody’s Investors Services has placed Egypt’s B3 long-term foreign-currency and local-currency issuer ratings under review for downgrade, according to a local report. This follows Fitch Ratings’ downgrading of the country’s long-term foreign-currency credit rating to “B” from “B+” for its debt issuances, last week. “The review period will …
Africa’s Business Heroes Prize Competition 2023 extends application deadline to May 17
The Africa’s Business Heroes (ABH) Prize Competition, a philanthropic initiative sponsored by the Jack Ma Foundation and Alibaba Philanthropy, has extended its deadline for entries to May 17, 2023. This extension has been made in response to the strong level of interest from entrepreneurs across the continent. ABH aims to identify, support and inspire the …
FG allegedly seek to award revenue collection to SICPA amidst conviction, and a $90 million bribery fine.
The Federal Government of Nigeria allegedly seeks to Award revenue collection to SICPA, a global provider of security inks and secured identification company, which has been convicted and fined CHF 81 million ($90 million) for organisational deficiencies by the Swiss Office Of The Attorney General (OAG), as the OAG finally concluded its investigation and produced …
Kenya’s tech ecosystem to experience rebound as the government eases ownership regulations.
Photograph — Financial Tribune The African tech ecosystem has grown exponentially, with many governments and private organizations making efforts to support its development. Policy plays a crucial role in shaping the ecosystem, as it can create an enabling environment for tech entrepreneurs to thrive, attract investment, and promote innovation. Little wonder several tech-vibrant countries on …