NIGERIA
MTN to merge two finance subsidiaries
Telecommunications company, MTN Nigeria, has proposed a merger of its two finance subsidiaries; Momo Payment Service Bank Limited and Yello Digital Financial Services Limited. This was revealed in its proposed resolutions for its 2023 Annual General Meeting scheduled to hold in April.
The company said that the proposed merger would “hold the Payment Service Bank licence granted by the Central Bank of Nigeria and will also be capable of performing super-agent services and other permissible activities.”
AfDB, partners earmark $618m for Nigeria’s creative enterprises
The African Development Bank (AfDB) and some partners have officially launched a new Investment in Digital and Creative Enterprises (iDICE) programme, with investments worth a total of $618 million.
The initiative, launched on March 14, is expected to attract direct investments in more than 200 Technology and Creative Start-Ups, and provide non-financial services to about 450 Digital Technology, Small and Medium Enterprises.
How Silicon Valley Bank’s collapse affects Nigerian tech firms
The collapse of Silicon Valley Bank (SVB) in the United States may have ruffled the global venture capital market and the entire tech industry, but Nigerian startup founders say the impact on the local ecosystem will be minimal.
US financial regulators took control of SVB on Friday after the bank struggled to raise $2 billion to shore up a loss of $1.8 billion in asset sales.
Nigeria’s external reserves shed $317m in one month
Nigeria’s gross external reserves have continued to decline, dropping by $317 million to $36.7 billion in February 2023, data from the Central Bank of Nigeria (CBN) show.
The latest decline, according to a new report by FBNQuest, can be attributed to reduced foreign exchange (FX) inflow into the economy and increased demand pressure on the gross official reserves.
Manufacturers allege 25% sales drop over cash crunch
Manufacturers have revealed that the protracted scarcity of naira notes has led to a 25 per cent drop in sales of manufactured goods. This was disclosed in a statement signed by the Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir.
The statement, which urged the government to permanently resolve the lingering difficulties associated with the currency transition, noted that “this has resulted in a more than 25 per cent dip in sales of manufactured products.”
Crude oil sales rise by 46% to N21tn – NBS
Nigeria’s crude oil sales rose by 46.41 per cent to push Nigeria’s total export to N26.79tn in 2022. This is as total trade rose by 31.79 per cent from N39.75tn in 2021 to N52.39tn in 2022. In 2022, crude oil sales totalled N21.09tn, a 46.41 per cent increase from N14.41tn in 2021. In 2022, crude oil accounted for 78.74 per cent of total export.
According to data from the National Bureau of Statistics, total exports for 2022 rose by 41.72 per cent from N18.91tn in 2021 to N26.79tn as of 2022. Imports rose by 22.77 per cent from N20.84tn in 2021 to N25.59tn in 2022.
TELCOs harmonise shortcodes for credit recharge, others
Telecommunications operators have commenced the harmonisation of shortcodes across all networks. The announcement, which was made, yesterday in Lagos by the umbrella body, the Association of Licensed Telecoms Operators of Nigeria (ALTON), said the harmonisation was pursuant to a regulatory modernisation initiative by the Nigerian Communications Commission (NCC).
CFAO Nigeria Now Official Co-Distributor of Sinotruk Howo Trucks
CFAO Equipment in Nigeria has signed up as the official co-distributor of Sinotruk Howo, a brand of heavy-duty trucks manufactured by the China National Heavy-Duty Truck Group Co. Ltd. (CNHTC).
The partnership which was sealed towards the end of last year, is expected shore up better deals, and boost end-user’s productivity and profit.
CBN releases N114bn under 100-for-100 policy
The Central Bank of Nigeria has disbursed N114.17bn to beneficiaries under its 100-for-100 Policy on Production and Productivity since the commencement of the intervention. This was disclosed in a communiqué issued by the CBN Governor, Godwin Emefiele, after the last Monetary Policy Committee meeting held in Abuja. He stated that the funds were expended on 71 projects across healthcare, manufacturing and agriculture sectors.
Nigeria’s ICT sector grew by 9.76% in 2022
455The contribution of the Nigerian Information and Communication Technology (ICT) sector to the Gross Domestic Product (GDP) grew by 9.76 percent in 2022 from 6.55 percent reported in 2021.
According to the 2021 full-year GDP report released by the National Bureau of Statistics (NBS), the sector contributed 16.51 percent to the overall GDP in 2022.
Paga partners UBA Group, Visa to provide USD virtual cards
Paga, a Nigerian Fintech company has partnered UBA Group and Visa to enable Nigerians to get USD virtual cards on their platform.
This aims at enabling ease of cross-border transactions and expanding digital payment within and outside Nigeria.
AFRICA
Two African banks stake $16 billion in oil, gas projects
About $16 billion is being invested in oil and gas projects across Africa by the African Export Import Bank (Afreximbank) and the African Finance Corporation (AFC). This was disclosed yesterday at the ongoing African Refiners and Distribution Association (ARDA) conference in Cape Town, South Africa.
This is coming as stakeholders at the conference urged Africans to keep funds within the continent to finance the over $190 billion yearly energy investment needed on the continent.
Africa major importer of sesame- Shanghai Customs
Shanghai Customs on Monday said Shanghai’s Waigaoqiao Port had seen a total of 1,845 tonnes of sesame imported from Africa this year, marking a year-on-year increase of 4.3 times. hanghai Customs said China is currently the largest import market for African sesame, with Waigaoqiao serving as the main port of entry into Shanghai.
It said during the first two months of this year, sesame imports mainly came from Mali, Togo, Mozambique, Niger, and Tanzania.
MOROCCO
€23bn Nigeria-Morocco Gas Project Faces Regional Rivalry Hitches
Key gas project, the Nigeria-Morocco Gas Pipeline (NMGP), construction is currently facing delay following resumed rivalry between Morocco and Algeria.
Both North African countries are engaged in two competing gas pipeline megaprojects linking them to Nigeria, targeting the European market, but in a context where the EU would like to do without gas by the end of the decade.
TANZANIA
Ericsson, AXIAN Telecom strengthen partnership at Mobile World Congress 2023
Ericsson, a telecommunication company, and AXIAN Telecom have strengthened their partnership at Mobile World Congress 2023, Barcelona, Spain for the modernisation of AXIAN Telecom’s operations in Madagascar, Telma Madagascar’s radio access network (RAN), microwave transport infrastructure, and core networks.
The two companies also announce the launch of 5G and the modernisation and expansion of the existing 4G network across Tanzania through AXIAN Telecom’s operations in the country, Tigo Tanzania. 5G is now launched in Dar Es Salaam, Dodoma, and Zanzibar and will be gradually rolled out across the country at strategic locations.
MADAGASCAR
Western Union partners MFS Africa to scale cross-border transactions
Western Union has partnered with MFS Africa, a mobile money hub that connect users across the continent, to enable individuals and businesses across the continent to receive money from over 200 countries and territories.
The service, which will be unveiled first in Madagascar, according to the partners, will enable funds to be sent from countries around the world to mobile wallets across Africa through the organisation’s licensed payment rails.
KENYA
Airtel commits $57m to boost education in Africa
Airtel Africa, a mobile network operator, and mobile money service provider, with a presence in 14 countries across Africa, has restated its commitment of $57 million to boost education in Africa.
Segun Ogunsanya, CEO of Airtel Africa plc, made this commitment at the opening of a two-day conference in Nairobi, Kenya, last week where executives of Airtel Africa and the United Nations Children’s Fund (UNICEF) convened to discuss the implementation of the landmark partnership across 13 out of Airtel’s 14 markets. Airtel Africa committed to investing $57 million into educational programmes during the five-year partnership with UNICEF.
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