Mobile money has turned into the main money rail across parts of Africa. The shift looks simple on the surface, but it is big: How Mobile Money Became More Powerful Than Banks in Parts of Africa is now a real business story, not a slogan. Telecom-led wallets, agent points, and quick transfers have reached markets […]
A Bahraini entrepreneur has announced the opening of a new smart cities management firm to transform the way modern cities work and develop. The company that has been created aims at providing holistic digital solutions that improve mobility, infrastructure effectiveness and experiences among citizens. The firm is a total ecosystem that integrates technology, automation and […]
Nigeria’s ex-attorney general Mohammed Adoke has returned to the country to face corruption charges over his involvement in one of the oil industry’s biggest corruption scandals. The country anti-graft body, the Economic and Financial Crimes Commission, EFCC; confirmed his return stating that “The ex-AGF left Dubai following pressure from the EFCC.” He was arrested by […]
Africa’s richest man, Aliko Dangote has projected an exponential growth in the revenue of his conglomerate from the present $4billion yearly to $30 billion in 2021. The projected revenue is 88 per cent of Nigeria’s 2020 national budget of $34.72billion or N10.59 trillion. Dangote gave the cheering news to the minister of finance, budget and […]
The Executive Board of the International Monetary Fund has approved a five-year arrangement under the Extended Credit facility (ECF) for Liberia in an amount equivalent to $213.6 million.According to an IMF statement issued late Wednesday, the credit is intended to help the country restore macroeconomic stability, provide a foundation for sustainable growth, and address weaknesses […]
Over a year after South Africa scrapped taxes on sanitary pads, Rwanda has gone down the same path with an announcement on Tuesday. The Ministry of Gender and Family Promotion tweeted the new development: “Moving to the right direction, from now onwards, the Government of Rwanda has added Sanitary Pads to a list of goods […]
The ongoing boycott from the Arab quartet to question Doha’s unending funding of terrorism has led to massive decline in the nation’s economic performance and the fluctuation of the currency. Here are ways how Qatar’s economy have been affected by the ongoing boycott from the neighboring nation: Importing huge quantity of perishable goods such as […]
Lagos State Government says its investment in technology and innovation was a deliberate effort to make Lagos Africa’s foremost centre of innovation. Lagos State Governor, Babajide Sanwo-Olu, said this on Monday in Ikeja, during a courtesy visit by the Management Team of Oracle Africa, led by the Group’s Country Director, Mr Adebayo Sanni. Sanwo-Olu said […]
Nigeria’s decision to close its common borders with its four neighbours, Benin, Cameroon, Chad and Niger is causing pain at home, admitted President Muhammadu Buhari who notwithstanding ruled out its immediate lifting.The border closure has caused scarcity of basic items, including frozen chicken, rice, fish, tomatoes, and others thus causing hike in prices, but authorities […]
Presidents of Economic Community of West African States (ECOWAS) are to meet on December 21 in Abuja to consider recommendations on the proposed single currency regime for the sub-regiom Nigeria Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed disclosed this on Saturday in Abuja at the end of the meeting of Ministerial Committee […]
Donors of the African Development Fund (ADF) on Thursday agreed to commit $7.6 billion to speed up growth in Africa’s poorest nations and help lift millions out of poverty. This fifteenth replenishment of the ADF (ADF-15), up 32% from the previous cycle, sends a strong signal of trust in the Fund, which is the concessional […]
Ghana’s President Akufo-Addo is billed to intervene in the dispute between Nigerian traders and the Ghana Union of Traders Association (GUTA). GUTA said Nigerian traders should keep off retail business and has moved in several cities to shut down shops owned by Nigerians. GUTA accuses the Ghanaian government of failing to enforce Section 27 (1) […]
In spite of the clean bill of prosperity in the economy, Nigeria is seeking the approval of the National Assembly to obtain external loan of $29.96 billion for the implementation of 39 key infrastructure embarked upon from 2016 to 2018.President Muhammadu Buhari, who had reported that economy was gathering momentum, addressed the loan request letters […]
The Netherlands will offer over 11.6 million euros (12.7million U.S. dollars) in grants to Rwanda in the next fiscal year to build four ports on Lake Kivu (West) as a move intended to develop trade, maritime transport and tourism around the lake, an official source revealed Saturday in Kigali.This grant represent 40 percent of the […]
South African retailer Pepkor Holdings has today announced that it will be leaving Zimbabwe citing poor performance due to the deteriorating economy. The company’s statement comes when Zimbabwe is submerged in severe shortages of foreign currency, fuel and electricity which have caused inflation to rise risking reviving memories of 2008 when it reached a 231 […]
The Ghana Stock Exchange (GSE), in its aspirations to transform into an efficient, world class platform for investments and raising capital, has signed and exchanged a Memorandum of Understanding with the Singapore Cooperation Enterprise (SCE). SCE, an agency of the Ministry of Trade and Industry and the Ministry of Foreign Affairs of Singapore, works closely […]
LThe founder and CEO of one of Nigeria’s largest airlines, Air Peace, has been indicted by the U.S. Department of Justice on charges of bank fraud and money laundering for the alleged illegal movement of more than $20 million, the department said. Allen Onyema was accused of transferring the money from Nigeria through U.S. bank […]
The Debt Management Office (DMO) says that Nigerian’s total debt profile is N25.7 trillion. The Director-General of the office, Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja. “As at June 2019, our debt profile is at N25.7 trillion; this includes the federal, states governments and the […]
Amb. Tijani Muhammad-Bande The President of the UN General Assembly, Prof. Tijani Muhammad-Bande, has said that Africa needs to look inward to be able to overcome the negative effects of the trade war between the U.S. and China. Muhammad-Bande gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja when […]
The Minister of Transport, Rotimi Amaechi, said on Thursday that the Federal Government and its Chinese counterpart are holding talks on the Port Harcourt-Maiduguri rail project. The minister disclosed this in a statement issued by his media aide, Israel Ibeleme. He also said the federal government would continue its negotiations with a Russian company for […]