Nigeria to benefit from UK post-Brexit DCTS programme
Nigeria to benefit from United Kingdom’s enhanced trade preferences in the new post-Brexit Developing Countries Trading Scheme (DCTS) programme.
Fez Delivery announces Seed raise of $1 million led by Ventures Platform
This funding announcement follows Fez Delivery's acceptance as one of the only two logistics companies in Nigeria to have received investment from Techstars Toronto.
Oil and Gas Exploration is on The Rise In Africa
In its Q1 2022 Outlook, The State of African Energy, the African Energy Chamber investigates Africa’s oil and gas exploration landscape in 2022 and beyond
Kwik Delivery successfully closed its $1.7 million pre-Series A financing round
Nigerian company Kwik Delivery has successfully raised $ 1.7 million in equity from institutional and high net worth investors.
Kwik Delivery and Mastercard Partner to Provide Discounts to Nigerian Cardholders
Mastercard has over 70 million customers in Nigeria, making it the de facto leader on the debit card market in the country
Source: African Energy Chamber
OPEC’s historic deal is a victory for African oil companies, empowers the industry to beat COVID-19
OPEC and OPEC+ member countries have finally decided to cut oil production by 9.7 million barrels a day starting on May 1st, 2020 and until June 30th, 2020.
Nigeria joins other OPEC+ partners to cut World oil supplies
The curtailment of crude oil production by 9.7 million barrels promises an appropriate balancing of Nigeria’s 2020 budget that has been rebased at $30 per barrel.
African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond
The African Development Bank (AfDB) raises $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.
Dangote Cement: Makoju Retires after 45 Years in Industry
Engr. Makoju, popularly called Mr. Cement, is bowing out after 45 years of transformational leadership in the cement industry. The Board has however approved the appointment of Mr. Michel Puchercos as his replacement as the Group CEO, effective 1st February 2020.
ECOWAS endorses Adesina for second term as AfDB President
The Economic Community of West African States (ECOWAS) endorses Nigerian Akinwunmi Adesina for second term as President of the African Development Bank.
Source: African Energy Chamber
Equatorial Guinea Pledges Continued Support to Foreign Operators in its Hydrocarbon Sector
Equatorial Guinea continues to be proactive in encouraging foreign direct investment into the country
Nigeria’s foreign reserve rises to $44.14bn
Foreign exchange reserves have risen to a six-month high of $44.14bn, data obtained from the Central Bank of Nigeria (CBN), shows. It gained over $1.8bn to strengthen against a dip in Februrary 28 when it dropped to $42.296bn. The CBN data shows the reserves rose slightly from $43.116bn on December 31, 2018, to $43.174bn on January 31, 2019, before falling…
Tinubu kicks against 50% VAT increase
National leader of the All Progressives Congress (APC), Bola Tinubu, has kicked against reports of government's plan to increase the Value Added Tax (VAT). The VAT which is charged at 5% could be hiked to 50% considering statement attributed to Minister of Finance, Zainab Ahmed, that the Nigerian government has concluded plans to increase revenue by introducing new taxes. Officials…
Nigerians spend N767.23bn on airtime in three months
Investigations have revealed that mobile telecommunication subscribers in Nigeria spent N767.23bn on airtime from November 2018 to January 2019. The figure is generated from the number of active subscribers in the months under review, which was obtained from the Nigerian Communications Commission (NCC) and the industry’s Average Revenue Per User (APRU) provided by network operators. NCC data shows that there…
Federal Government of Nigeria to auction 100bn Bonds on March 27
Investors overshoot FG Bonds by 140bn
Federal government bonds put out for subscription on March 27 was oversubscribed in excess of 140bn by investors. This was revealed by the Debt Management Office (DMO) in a statement released on Wednesday. The DMO statement read: “The FGN Bond auction for March 2019 conducted on Wednesday at which N100bn bonds were offered was oversubscribed just as in the auctions…
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