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Issue #232501: A Rise of Naira / The Oil of Nigeria, #1 / Nigeria’s Satellite on Health

Byauthwit

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

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.

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.

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.

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!

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.

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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Issue #233101: The GDP Race, Egypt vs. Nigeria…

Here are the stories for this issue:

Egypt catching up with Nigeria as World Bank ranks the largest economies in Africa

3 min read

Nigeria has held the position as Africa’s largest economy for five consecutive years, with a GDP of $477.4 billion, according to the World Bank. Egypt is fast catching up, with a GDP of $476.7 billion, and several initiatives from the Central Bank of Nigeria have helped to keep the country’s naira from appearing on the list of the weakest currencies in Africa.

ECOWAS Signs 25 Grant Agreements worth USD 1.034 Million to Promote Youth employment in Agriculture and Food Sector in 15 Members States

1 min read

This article discusses the ECOWAS Commission’s grant agreement with 25 Centers, funded by the Community levy of Ecowas, to build the capacity of 3142 young people from 15 member states in the agro Sylvo-Pastoral and Halieutic sector, with the goal of strengthening youth capacities in agribusiness and promoting agricultural innovations and good practices.

Nigeria speeds up electric vehicle devt project

2 min read

Nigeria is accelerating its electric vehicle development project to provide cost-effective and sustainable transportation solutions, and to promote local production of EVs with at least 30% local content. The Federal Government is planning to ratify the Electric Vehicle Development Plan soon to achieve net-zero emissions by 2060.

Kenya, Nigeria, Zambia currencies set to weaken further

2 min read

This article provides insights into the expected exchange rate movements of Kenya, Nigeria, Zambia, Ghana, and Uganda’s currencies, highlighting how fluctuating demand for dollars impacts the weakening or strengthening of the shilling, naira, kwacha, cedi, and shilling, respectively.

US Mayor wants improved business ties with Nigeria

2 min read

This article highlights the commitment of the Mayor of Houston, Sylvester Turner, to promote business relationships between Nigeria and Houston, with areas of focus including medical tourism, agriculture, technology, manufacturing and logistics. Turner is optimistic about the new government’s policies and the potential for exponential growth in trading between the two countries.

That’s all for this issue.

Let’s continue the conversation in the comments below.

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Issue #233002: Can Nigeria economy expand in 2023?

Here are the stories for this issue:

Despite fuel subsidy removal, Nigeria’s economy will expand in 2023 – FocusEconomics

2 min read

Despite the removal of fuel subsidies which has sent transportation and food prices skyrocketing, analysts at FocusEconomics forecast Nigeria’s economy to expand by 2.8% in 2023 and 3.7% in 2024, though higher interest rates and inflation will hamper investment growth.

Nigeria got $2.53bn in non-oil exports proceeds for H1 2023 – Businessday

2 min read

This is an insights into the performance of Nigeria’s non-oil exports and the efforts of the Nigerian Export Promotion Council (NEPC) to support businesses in the country in order to reach its export target. It also touches on the impact of subsidy removal and FX unification policies, as well as how the council is helping to reduce export rejections. Discover the premium selection of replica watches at replica Panerai, our trusted online associates!

Nigeria’s tax revenue soars to record high in first half – Cyptopolitan

2 min read

This article highlights Nigeria’s record-breaking tax revenue collection for the first half of the year, showing a commitment to improving voluntary tax compliance and leveraging technology in tax administration in order to ensure sustainable revenue growth.

Nigeria opts for small rate hike at first meeting after Emefiele’s suspension – Reuters

1 min read

Nigeria’s central bank has raised its main lending rate by 25 basis points to 18.75%, while allowing the Naira to drop sharply, in an effort to anchor inflation expectations and improve investor confidence while continuing to support investment.

Amid $1b legacy debts, Nigeria pushes for $12b revenue – Businessday

2 min read

Nigeria is aiming to attract investment of $12 billion into the oil and gas sector over the next decade, as well as increase gas production from 8 billion cubic feet to 122 billion cubic feet by 2030, to drive economic growth and development.

How Lagos’ bubbly internet cafe culture went flat – Rest of the World

5 min read

This article explores how the internet cafe industry persists in Nigeria in spite of the increasing prevalence of mobile phones and cheap internet access. Despite the challenges of unreliable power and rising fuel prices, small business owners like Mustapha Babatunde and Ozioma Ezeofor have found ways to keep their businesses afloat. They provide an essential service to low-income families and young apprentices who need access to the internet, as well as a space for university students to print and photocopy documents.

That’s all for this issue. Let’s continue the conversation in the comments below.

Issue #230923: Nigeria and its MOU feat. India & Cuba
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Issue #230923: Nigeria and its MOU feat. India & Cuba

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The Minister of Interior, Hon. Olubunmi Tunji-Ojo, has announced that talks will begin soon among relevant stakeholders in the national identity system to harmonize all identity systems in Nigeria. The harmonization of national identity is crucial for mitigating and controlling crime, as well as promoting national development. The National Identity Management Commission (NIMC), along with other stakeholders, plays a vital role in achieving this goal.

What are the potential benefits of harmonizing all identity systems in Nigeria for mitigating crime and promoting national development? Join the conversation here

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The Vice President of Nigeria, Senator Kashim Shettima, led the country’s delegation to the G77+China Summit and signed a Memorandum of Understanding (MoU) with the Republic of Cuba to enhance collaboration in the field of Innovation, Science, and Technology. The bilateral agreement will focus on areas such as biotechnology, scientific investigation and innovation, technological development, human resources development, and technology transfer for development areas. This agreement demonstrates Nigeria’s commitment to South-South cooperation and aims to deepen the partnership between the two countries.

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Nigeria’s delegation to the G77+China Summit signed a Memorandum of Understanding with Cuba to collaborate in the areas of biotechnology, scientific investigation and innovation, technological development, human resources development, and science and technology exchange. The agreement, signed by Nigeria’s Minister of Innovation, Science & Technology, Uche Nnaji, and Cuba’s Minister of Science, Technology and Environment, Elba Montoya, will focus on R&D and human resource development to deepen the partnership between the two countries. Nigeria’s Vice President, Kashim Shettima, emphasized the importance of South-South cooperation in promoting sustainable development.

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In the second quarter of 2023, Nigeria earned N1.3 billion in revenue, a 33% increase from the first quarter and a 76.6% increase compared to the same quarter in 2022. The majority of the revenue, N1.10 billion, came from passengers, which saw an 83.88% increase from the previous year. Additionally, N188 million was received from goods/cargos, a 105.04% increase from Q2 2022. Overall, rail transportation in Nigeria experienced growth in both passengers and goods transported, and the Ministry of Transportation is committed to improving railway services and security for passengers and facilities.

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The quest for economic independence in Africa is still ongoing, even after attaining political independence. Nigeria has the opportunity to lead African trade and expand its business across the continent. It is crucial for the government, financial institutions, and states to support and sponsor participants to attend trade fairs and invest in infrastructure and technology for manufacturing in order to compete globally. Intra-African trade and investment are expected to result in significant deals and growth opportunities at the upcoming Intra-African Trade Fair (IATF2023) in Cairo, Egypt. Nigerian businesses should seize this chance to expand their footprint and play a major role in intra-African trade.

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The demand for cash is decreasing in Nigeria as more people are using cards and mobile devices for transactions. This trend is impacting banking and mobile money agents who primarily deal in cash transfers. The future of these agents lies in how relevant they are to the cashless economy, and their success will depend on attracting more merchants into the space.

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President Bola Tinubu encouraged Nigerians in the U.S. to embrace a change of mindset for success, emphasizing that Nigeria is home to business opportunities and that there is always an opportunity in everything you do if you know how to search for it. He urged Nigerians to embrace one another and remove ethnic identities that tend to differentiate them.

Why should you care?

  • This insight is relevant to Nigerian business owners because it highlights the importance of having a positive mindset and being open to business opportunities.
  • It encourages Nigerians to see Nigeria as a place with vast business potential and to consider bringing their expertise and investments back home.
  • The call to embrace one another and remove ethnic identities is particularly important for Nigerian business owners as it promotes unity and collaboration, which can lead to greater success and growth in the business community.

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Issue #23271: ENaira gets Global / Electric Last-Miles / The Crypto of NG

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.

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.

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?

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.

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.

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.

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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Issue 232601: Nigeria, Global Black Power / Japa is Good / A $1B Tech Funds

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.

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.

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.

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.

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.

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.

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.

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.

Nigeria’s solar-EVs / Ban on sim card imports / Free mining training

Here are the stories for this issue:

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You can benefit from the ban on imports of SIM cards, as it has created a business boom worth over N55 billion for local manufacturers. This is great news for the Nigerian economy, as it has helped to lift the country out of recession and generated over USD$820m from the auction of spectrum licenses for 5G services. It is also creating more jobs and opportunities for people with the appropriate skills and knowledge.

How do you think the ban on imports of SIM cards in Nigeria has contributed to the growth of the local economy, particularly in terms of job creation and revenue generation? Join the conversation below

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Nigeria’s Ministry of Solid Minerals has signed a free mining training deal with Australia’s Ministry of Mining, which will involve sending Nigerian mining professionals to Western Australia to study modern mining technology and practices for free. The aim is to attract foreign direct investments to the mining sector and transform it through initiatives such as the creation of the Nigerian Solid Minerals Corporation, joint ventures with mining multinationals, and the establishment of mineral processing centers. The collaboration with Australia is expected to bring in new knowledge and skills that will have a positive impact on the Nigerian mining industry.

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The Federal Government has inaugurated a solar-powered electric vehicle charging station at the University of Nigeria, Nsukka (UNN), with the aim of reducing the use of fossil fuel vehicles and addressing environmental pollution and global warming. The National Automative Design and Development Council (NADDC) is spearheading this initiative to promote technological advancement in Nigeria’s automotive industry and combat the effects of climate change. The project, which is being piloted in three universities, including UNN, encourages further research and development in this area and emphasizes the importance of human capital development.

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President Bola Tinubu’s first 100 days in office have been praised by the ruling All Progressives Congress (APC), who claim that his performance has attracted numerous foreign investors to Nigeria. The APC applauds Nigerians for their support in revitalizing the country’s socio-economic sector and believes that President Tinubu’s bold measures to reset the economy will lead to sustainable growth and development, making Nigeria an attractive destination for investment. They urge Nigerians to continue supporting the APC-led administration and express confidence in Tinubu’s commitment to improving the country’s social and economic conditions for all citizens.

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The future of startups in Africa, including Nigeria, is uncertain due to a wave of shutdowns and a slowdown in investment. Solar energy is a popular investment product among funders in Africa, indicating the increasing adoption of renewable energy. Kenya attracted the most funding on the continent, followed by Egypt, South Africa, Rwanda, and Nigeria. However, funding volumes have dropped by 26% in the first half of 2023 compared to the second half of 2022, posing challenges for startups and investors in raising funds. Despite surpassing the $20 billion mark for the first time in 15 years, many startups have had to shut down, funds have struggled to meet their targets, and valuations have been written down. Startup funding in Africa totaled $1 billion in the first half of this year, lower than the previous periods.

That’s all for this issue.

Let’s continue the conversation in the comments below.

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