Tag: Nigeria
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Nigeria aims for $5 billion tech investment by 2027
Nigeria is setting its sights on attracting $5 billion in annual tech startup investments by 2027, unveiling a strategic plan to bolster the local tech ecosystem and foster innovation. Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced this ambitious goal as part of the country’s broader plan to accelerate its digital…
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Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors
Indian investors commit $14 billion to Nigeria, to strengthen several Nigerian sectors According to the Nigerian presidential spokesperson on Wednesday, Nigeria has received offers of about $14 billion from Indian investors and is seeking to sign an economic cooperation agreement with the South Asian country. Ajuri Ngelale, a spokeswoman, said in a statement that India’s…
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Nigeria’s national debt hits an all time as the country struggles with repayment
Nigeria’s public debt has reached an all time high of N44.06tn in the third quarter of 2022. This is according to a report by the Punch Newspaper, which also noted that the rise in debt is coming amidst the country’s struggle to repay its already substantial debt. According to the report, ,the total public debt…
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Nigeria set to stop importation of refined oil and refine its own oil by 2023
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector. Fortunately, the Nigerian Minister of State for Petroleum Resources, Chief Timipre Sylva, disclosed that Nigeria is a year away from refining its own crude oil. This report is according to Reuters, which stated that the minister had made the…
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As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty
On Wednesday June 15, 2022, Nigeria’s National Bureau of Statistics (NBS) released the Consumer Price (CPI) Index report which showed the country’s inflation rate at an 11-month high of 17.71%, up from 16.82% in April. The report, which was seen by Business Insider Africa, noted that the increase was driven mainly by skyrocketing food and…
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WTO Appoints Nigeria’s Ngozi Okonjo-Iweala as First Female Leader
Ngozi Okonjo-Iweala has been appointed the new chief of the World Trade Organization. This is according to CNBC. Ultimately, she becomes the first woman to ever lead the Switzerland-based institution and the first African citizen to take on the role. However, this is not the first time that Okonjo-Iweala makes history. Born in Nigeria, Okonjo-Iweala…
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GUTA welcomes Nigeria’s decision to reopen its land borders
The Ghana Union of Traders’ Association, GUTA, says it is looking forward to the reopening of the Nigerian border for trade activities to return to normalcy. According to them, this is critical to the success of the implementation of the African Continental Free Trade Area (AfCFTA). The Nigerian government in August last year closed its…
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Nigeria to re-open land borders soon – President Buhari hints
After more than a year of closing its frontiers to stop the smuggling of products from neighbouring West African states into the country, President of Nigeria, Muhammadu Buhari has stated that Nigeria is looking to reopen its borders ‘as soon as possible’. This is according to the Premium Times website. Mr. Buhari stated this during…
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Nigeria counts on gas to ease pangs of fuel subsidy cuts
Nigeria is counting on gas-powered vehicles to help it reduce reliance on gasoline and improve its climate credentials while easing the pangs of ending decades of an expensive fuel-subsidy regime. Energy prices have shot up sharply after the government ended subsidies and the country’s labor unions are threatening a general strike on Sept. 28. After…
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ShopRite to exit Nigerian market after 15 years
South Africa’s grocery retailer ShopRite is leaving Africa’s biggest market, Nigeria, 15 years after it opened shop in the West African country. The announcement by ShopRite came months after another South African brand, Mr. Price, exited the market. International supermarkets (excluding Nigeria) contributed 11.6% to group sales and reported 1.4% decline in sales from 2018.…