Notes

Here are the stories for this issue:

In Nigeria, fight between telcos, banks hurts financial inclusion – Al jazeera

6 min read

USSD technology is helping low-income households in Nigeria to access financial services, even without smartphones, despite a dispute over payment between banks and telcos.. USSD is crucial for rural micro-businesses and its disconnection can greatly affect people..

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New FX policy will boost foreign direct investment to Nigeria – Voice of Nigeria | 4 min read

The Chief Economist at SPM Professionals, Mr. Paul Alaje, said the CBN’s move to unify the FX market will improve the potential of investments in Nigeria and significantly boost government revenue.

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FG’s RoW policy is now facilitating speedy deployment of fibre across Nigeria — MTN Nigeria’s CTO

11 min read

MTN Nigeria’s Chief Technology Officer, Mohammed Rufai, spoke to Nairametrics about the telco’s 5G project, their investment in rural telephony to bridge the connectivity gap in underserved areas, and the government’s policy on the harmonization of Right of Way (RoW) fees which has enabled the faster and cheaper deployment of fibre infrastructure for 5G.

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Nigeria has 99 problems but is fintech one? – Businessday

8 min read

This story examines the impact of Fintech in Nigeria on wealth creation, with an overview of the different opinions among industry experts on whether Fintech alone is enough to generate wealth or if other sectors should be developed alongside it.

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Apple is set to change its pricing system in Nigeria, Tanzania, and Egypt – BusinessInsider

2 min read

Apple is introducing a new pricing system in Nigeria, Tanzania, and Egypt to reflect recent changes in tax laws and foreign exchange rates, resulting in potential price increases for app developers and consumers. It also outlines the specifics of the 6% tax on digital services provided by offshore businesses in Nigeria.

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China affords Nigeria ‘super’ target status – Businessday

4 min read

Activities of Chinese-backed companies in Nigeria show the importance Chinese companies attach to the growth potential of the market, as they build ‘super apps’ to facilitate a range of services and investments in infrastructure projects. This is driving a digital revolution and increasing competition in the market, while bringing both concerns and optimism surrounding the Chinese presence.

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I look forward to have us continue the conversation below.

I hope you’ve had a good week so far.

Let’s start with the stories for this issue:

WTO, World Bank seek better trade deal for Nigeria, others

2 min read

WTO and World Bank are demanding progress in trade negotiations for developing countries, like Nigeria, to benefit from improved trade and investment in services.. They also stresses the need for international cooperation on services trade, as well as increased resources to strengthen developing countries’ capacities to diversify and expand their exports.

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Suspension of Finance Act 2023 relief for overburdened businesses

1 min read

President Bola Tinubu’s Executive Orders and suspension of the implementation of the Finance Act 2003 have provided relief from the high taxes and charges imposed on businesses in Nigeria, helping to create a more supportive business environment. Now… we’re talking.

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Commentaries On The Electricity Act, 2023

6 min read

The Electricity Act 2023 provides a comprehensive legal and institutional framework for the operation of a fully privatized, cost and service reflective tariff, contract and rule-based competitive electricity market in Nigeria, which is expected to attract private sector investments and improve service delivery in the sector.

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Invest More In Nigeria, SGF Urges China

2 min read

This article highlights the commitment of the Government of the Federal Republic of Nigeria to strengthen bilateral relations with the People’s Republic of China to promote development, and emphasizes the various areas of cooperation between both countries, such as infrastructure, ICT, industrialization, investment, security, technology and agriculture.

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Modern retail can contribute to national economic recovery, says expert

1 min read

This article discusses the role of modern retail in stimulating economic growth, with a focus on its contribution to GDP, job opportunities, and societal benefits, as well as its resilience in the face of economic challenges.

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Chinese govt offers Tinubu development model for Nigeria

2 min read

The Chinese Ambassador to Nigeria, Cui Jianchun, has pledged China’s continued support to the Federal Government of Nigeria in the development of the country, offering tested strategies that will help boost the nation’s economy.

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U.S.-based group begins move to revitalise Aba

2 min read

The Aba Reunion Group is an initiative aimed at reconnecting former residents of the commercial town of Aba, Nigeria who left for greener pastures in the 1970s to late 1980s and are now working together to revitalise the town and its commercial status.

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I look forward to have us continue the conversation below.

I hope you’ve had a good week so far.

Let’s start with the stories for this issue:

A New Dawn For Nigeria’s Power Sector: Highlights Of The Electricity Act, 2023

6 min read

It’s here: the Electricity Act 2023 is a game-changer. It introduces a comprehensive legal and institutional framework to guide the operation of a privatized, contract and rule-based competitive electricity market, as well as recognizing states’ rights to regulate their own electricity markets, encouraging the development and use of renewable energy sources, and protecting investment in the power sector.

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World Bank to boost Nigeria’s electrification with $750 Million

1 min read

This article explores how a 40 percent increase in foreign exchange rates for clearing operations in Nigeria could have a significant impact on the cost of importing vehicles, as well as other imported commodities, and how African leaders have called for reform of the global financial architecture to provide more affordable financing to African countries to reach the Sustainable Development Goals. This might impact your business.

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Tinubu to investors: Nigeria is serious with business | Our policy will be consistent

1 min read

There’s always the promises, hopefully it’s real this time — President Bola Ahmed Tinubu has committed to creating a consistent policy environment and improving the business climate to attract investments and spur growth in Nigeria. He has welcomed Shell Petroleum Development Company’s offer for investments in the oil and gas sector, and has reassured investors of his administration’s willingness to address their concerns.

Add your comment

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Diaspora remittances lifeline to forex stability – Experts

5 min read

This article explores Nigeria’s foreign exchange stability that can be supported through increased remittances from Nigerians abroad, as well as diversifying the export base and increasing accountability and transparency in governance. It highlights that capital importation has dropped in the fourth quarter of 2022 and that the Federal Government should target the Diaspora for funding of key projects. It just can’t ignore them anymore.

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Replace Official Vehicles Of Senators With Electric Cars, Silverbird Group Founder, Ben Bruce Tells Akpabio

3 min read

Here goes Ben Bruce…the former Senator and pro-environment activist is advocating for the ban of combustion engine vehicles in Nigeria by 2035! You can’t argue about his bigger point though: the Nigerian government is encouraging adoption of electric vehicles by phasing out petrol cars and replacing official vehicles with electric vehicles. I agree.

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President Tinubu Signs Data Protection Bill In Nigeria Into Law

1 min read

Bola Tinubu’s has assented to the passage of the Nigeria Data Protection Bill, 2023 into a law which establishes the Nigeria Data Protection Commission and the Student Loan Bill, allowing Nigerian students to access loans from the government at interest-free rates. “Beautiful” was my response.

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We love to continue the conversation in the comment below.

I hope you’ve had a good week so far.

Let’s start with the stories for this issue:

Africa Becomes A Casualty In The War Against Inflation As Dollars Dry Up

8 min read

This article explains how African countries are suffering from a hard currency shortage due to pandemic-induced supply chain disruptions, global recession, and surging inflation in the developed world. The lack of hard currencies has caused local currencies to weaken, leading to high inflation and a decline in economic growth. To counteract this, African countries must increase exports, create domestic production, and attract foreign investments to ease the pressure.

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Nigeria Stock Market at highest level in 15 years, gain 18.9% in the first half of 2023

5 min read

The Nigerian Exchange Limited (NGX) concluded the first half of the year on a positive note, with the NGX All-Share Index reaching its highest level in 15 years due to increased buying activity from investors, who responded favorably to government policies and the peaceful transition to power following the 2023 elections.

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FG urged to protect $500m energy drink business

1 min read

This article encourages the Nigerian government to protect the local energy drink industry, which has invested over $500 million and provides direct employment to over 2,000 Nigerians, from foreign competition in order to secure the health of Nigerians, stimulate investment, and protect local businesses.

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Tinubu’s Reforms Project Huge Economic Growth For Nigeria, Says Olawepo-Hashim

4 min read

This article highlights the economic reforms being implemented by President Bola Tinubu in Nigeria, which are expected to create jobs, attract investment, and ultimately lead to the country becoming the 9th largest economy in the world by 2050. Olawepo-Hashim has emphasized the importance of social intervention to cushion the effects of inflation on the poor, as well as the creation of a unified exchange rate to increase confidence in the new government.

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The financial future of Nigeria is being decided

3 min read

This article discusses Nigeria’s fight against Process & Industrial Developments (P&ID) and the potential implications for the country, the African continent, and future generations if the government rejects a settlement and stands up against corruption.

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Total Energies commits to renewable assets, shareholders okay N7.13b dividend

2 min read

Total Energies Marketing Nigeria Plc has increased shareholders’ value by developing a portfolio of renewable energy assets, paying a dividend of N25 per share and introducing new services such as touch points and solarised service stations which provide customers with the opportunity to withdraw, deposit or pay bills.

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We love to continue the conversation in the comment below.

Central Bank of Nigeria greenlights use of CBDC for international remittances

2 min read

So, the eNaira is now on a mission to shine, and it’s ready to spread its digital wings beyond local transactions. The Central Bank of Nigeria (CBN) has now approved using the eNaira for foreign remittances, making it OK for diaspora recipients while tackling the pesky dollar shortage issue. Looks like a win-win. Let’s see how it goes.

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It’s Beyond Floating Naira, Nigeria Must FLOAT Industries To Stabilize Naira – Tekedia

7 min read

Tinubu’s decision to float its currency might seem like a bold move, but hold there’s more! As you might have notice, we’ve been in for a wild rollercoaster ride, and brace yourselves for skyrocketing petrol prices that’ll hit as hard as N700 per liter in the north and N610 in the south. This article makes even more argument on pushing this further, worth a look.

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Nigeria’s Tinubu says needs quick US funding for energy transition

1 min read

And here comes the oil dance… again… President Bola Tinubu is out there telling the US to shell out more funding to help with our energy transition plans, all while we try to meet climate change goals. We want the money, but we also want to keep pumping that sweet, sweet crude for power. Which will win…. Will the US come to the rescue, or will we have to figure this one out ourselves?

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Nigeria among top 10 countries for crypto as Africa gets 0.5% global blockchain funding

2 min read

Guess what? Nigeria is making its mark in the crypto world (you probably don’t need me to remind you of that), ranking among the top 10 countries for crypto adoption worldwide. A recent report highlights the tremendous growth of blockchain funding in Africa, with Nigeria, Kenya, and South Africa leading the way. It’s time to ride this digital revolution wave, as blockchain technology holds potential in areas like SME financing, supply chain management, and even transforming education and mobility in informal markets. While last year has been rough, you should keep an eye out to embrace the power of Web 3.0.

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Solar ‘mini-grids’ light Nigeria’s way towards last-mile electricity

2 min read

This is a dive into the investment increase in solar mini-grids, driven by government regulations and support from multilateral organizations, but the sector requires “patient capital” (like EVERY sector in Nigeria) to navigate challenges and achieve long-term returns, especially in rural and northern regions with security concerns.

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Nigeria’s mobile money system has a dark side even though it’s convenient: Study explores the risks

5 min read

The human-ATM-on-the-go as some risks —fraud, high costs, and poor infrastructure, but hey, nothing worth having comes without a few challenges. So, if you’re considering diving into the mobile money world, this article is worth the read on what can be different.

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Moody, S&P, Fitch upgrades in sight for Nigeria on economic overhaul

3 min read

Things might just be turning for us. Moody’s, S&P, Fitch, are all looking at a possible upgrade for our beloved country, thanks to Tinubu’s early economic moves. Moody’s could even bump us up from “junk” to a more respectable rating next year. So, if you’re looking to attract foreign investment and boost your business, keep an eye on these credit ratings and get ready to ride the wave of positive change!

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Nigeria attracts $1 billion tech funds in 2022 as firm secures $3.7m for expansion

6 mins read

Tech-savvy builders celebrate! ccHub is pushing the ecosystem. In 2022, Nigeria got about $1 billion in tech funds, with one company securing a cool $3.7 million for expansion, signaling exciting business opportunities and growth in the Nigerian tech scene. As you know, being tech-savvy is no-longer a nice-to-have; ride the digital wave to conquer new horizons in Nigeria’s future. Of course, we at Counseal are pushing the fronts in the LegalTech world.

As an aside, if you’re looking to learn to build tech-first product, I volunteer a DevCareer Africa and mentor the Just Launch It Bootcamp — join now.

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Explainer: How to prepare for naira devaluation and what it means for Nigerians

5 mins read

This article is a crash course on how to prepare for the impending Naira devaluation in Nigeria. It gives an insight on what it means for your business and offers valuable tips to navigate the stormy waters of currency fluctuations. Don’t let the devaluation catch you off guard.

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Investing in Sports in Nigeria: Opportunities and Challenges

4 mins read

Welcome to the exciting realm of investing in electronic-sports in Nigeria, this highlights some potentials and challenges that lie within the industry, offering valuable insights to help you score big in this growing sector.

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NIS introduces “Trust Visa” to deepen foreign investments in Nigeria

3 mins read

The Nigerian Immigration Service (NIS) has introduced the “Trust Visa” aka visa on arrival to attract and foreign investments and open up exciting new business opportunities in Nigeria, offering a streamlined process and encouraging greater confidence among international investors. I can’t help think of if, only if… Nigeria can be Africa’s Estonia.

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Operating In A Free Trade Zone In Nigeria

8 mins read

Here’s an ultimate guide to operating in Nigeria’s free trade zone in Nigeria, revealing the potential business advantages, tax benefits, and operational insights that could skyrocket your ventures. A plus they missed a bit is Lekki is slowly becoming it’s own thing.

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Bill Gates explains how Japa syndrome is healthy for Nigeria

2 mins read

Here’s to the other-side of Bill Gates — shedding light on the “Japa syndrome” in Nigeria, explaining how this trend of young Nigerians seeking opportunities abroad can actually be healthy for the country, leading to skill acquisition, knowledge transfer, and potentially opening up new business avenues for those who tap into this global mindset. All I can think of is India — their “Japa” years ago has become huge asset to the country; Nigeria won’t be different.

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Nollywood could see a major boost from Nigeria’s new copyright law – an expert explains why

5 mins read

So…. we have a new copyright law has the potential to give Nollywood a major boost, offering stronger protection for intellectual property rights and paving the way for exciting new business opportunities in the Nigerian film industry. If you’ve been looking to tap into this space, this might interest you.
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Is This Nigeria’s Energy Turning Point?

2 mins read

This explores whether Nigeria has reached its energy turning point, shedding light on the potential for significant improvements in the country’s energy sector and the exciting business opportunities that come with it. It might be time for you to see if there’s an opportunity here for you.

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Can Nigeria Become the Leading Global Black Power?

5 mins read

Regardless of where you stand, here’s one thing we can agree on: there is potential for Nigeria to become the leading global black power. This explores the economic, political, and cultural factors that could pave the way for exciting business opportunities and position Nigeria as a prominent player on the world stage.

A QUICK THOUGHT

Life is about giving and being, not getting and having..

Let’s jump in:

CBN naira float in 2016 failed. What’s different in 2023? / 6 mins read

A deep dive that draws the comparison of what failed in 2016. Then, the Central Bank of Nigeria announced a Naira float in hopes of reviving the struggling currency, but the experiment failed miserably.
This is take two: 2023, the CBN is taking a different approach with a more committed float. This time, the policy includes a free market for the petroleum industry and an agreement to buy dollars at the market rate.
Now we just have to

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The downfall of Nigeria’s ‘all powerful’ central bank governor / 7 mins read

A spot on analysis of Godwin “Emperor” Emefiele suspension and arrest.
He had presided over a period of economic downturn and increasing national debt.
What will the interim Folashodun Shonubi do differently — there are already a few hints.

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Nigeria is yet again Africa’s top oil-producing country recording an economic growth of 2.4% / 2 mins read

And here we are, Nigeria is once again Africa’s top crude oil producer, having produced 1.4 million barrels per day in May 2023.
It’s an economic boost for the country, as an OPEC report showed it had grown by 2.4% year-over-year in the first quarter of 2023. The government is also investing heavily in renewable energy sources and alternative sources of energy, which is expected to further spur economic growth.

As you know, I’m bullish on renewable energy, it might be Africa’s ticket to dominating the world.

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Nigerian Auto Manufacturer Unveils CNG Vehicles / 2 mins read

While we’re on the subject of green energy, Innoson Vehicle Manufacturing has unveiled CNG enabled vehicles for Nigerians, produced in Nnewi Anambra State.

These vehicles have a higher combustion rate than fuel, are more environmentally friendly, and have lower noise levels, improved fuel economy, and a smooth ride.

On that note, we’re getting close to giving Ajaokuta-Kaduna-Kano (AKK) gas pipeline project things to do.

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Why is Nigeria’s satellite company championing NigComHealth? / 5 mins read

Covid might be over and it left an obvious opportunity — Telehealth is GREAT!

NIGCOMSAT is using its satellite technology to improve healthcare access in Nigeria, by providing internet in rural areas, tools and services to help providers and patients use the platform, and training and support for healthcare providers.

Rural dwellers, welcome onboard!

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Obasanjo Backs Quest to Support 25,000 Nigerians in Business Annually / 2 mins read

Nigeria as a problem and an opportunity, both the same thing: it will have a projected population of 450 million people by 2050 and former President Olusegun Obasanjo knows this math too well.

In this piece, he shares why creating an environment where people have access to quality education and resources is key to drive Nigeria’s growth and reduce poverty.

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Row erupts in Germany over restitution of Benin bronzes | Macau Business / 3 mins

Germany returned 22 looted artifacts to Nigeria in December, then you thought things were getting better…. BAMMM!!…President Buhari sparked a controversy as he declared they should go to a traditional ruler.

Abba Isa Tijani (Nigeria’s lead on the restitution project) has reassured that the bronzes are still meant to be part of the museum project, but uncertainty remains whether they will be made available to the public

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As always, here are the stories, under-the-radar, that affect our businesses.

First:

Quote of the Week

The stupid neither forgive nor forget; the naive forgive and forget; the wise forgive but do not forget.

Now, let’s start with:

Favourite

Nigerian parents pay school bills with recyclable waste

1 min read

Education is one of the key factors that rises a country out of poverty and My Dream Stead school has nailed this creative solution to helping kids pay for school. Solving 2 problems at once! Bring recycled waste, we credit your school fees — Here’s how they do it.

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Markets

Nigeria: Will ending fuel subsidies boost the economy?

5 mins read

It is a confusing question, and this article gives a surprising perspective. It comes done to a hope of Dangote’s magic.

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Is Nigeria Leading The Way In Bitcoin Gambling?

5 mins read

It’s one thing for crypto being huge in Nigeria, it’s another for Nigeria to be huge on cypto gambling…Regardless of where you stand on the ethics of gambling, it’s best to understand what’s going on in this market. Here’s your guide.

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Nigeria begins MNVO operations, 25 firms get licences

2 mins read

MTN, Glo and friends are finally getting some competitions, sort of… The better news is, data and call plans will get much cheaper and varied.

Even better news for you:

Tech bros and sis, put on your hat. There’s a business opportunity here building comparison sites and earning a commission from all these operators.

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Culture

Africa as producers of 75% of world’s cocoa supply makes only 5% profit

3 mins read

While there are several growing markets and opportunities, it helps to understand the problem — why, why? Here’s why we need a piece of the $200billion market.

Opportunity alert:

As more Nigerians migrate, the diaspora will pay A LOT for locally manufactured chocolates.

(On a personal note, I spent some time on the family Cocoa farm in Ondo)

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United Nigeria Airlines unveils plans to expand fleet, operations

1 min read

Both a vote of confidence or customer pressure, they are expanding. I suspect their management team might have a few things to teach Air Nigeria (oops…too soon)

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Access Bank Launches the first American Express Cards to be issued in Nigeria

5 mins read

Yes…you read that right. The world famous AmEx is now Nigeria-ready. Through the article, there’s an unspoken message: “this region is now wealthy enough to spend on things other than just necessities”

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