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Venture Capital firms Greycroft Partners and Tiger Global Management LLC led a $15 million capital raise by Nigerian startup Bamboo, a platform that allows trading in U.S. stocks from Africa…
More details through: https://www.bloomberg.com/news/articles/2022-01-31/greycroft-leads-nigeria-trading-startup-bamboo-15-million-raise
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Kashifu Inuwa Abdullahi, Director-General of National Information Technology Development Agency(NITDA), has said the Nigerian start-ups attracted over $1.5 billion investments in 2021.
Abdullahi who stated this at the virtual NITDA Nigerian Innovation Ecosystem Engagement 2022, said the attraction of over $1.5billion by Nigerian start-ups represents 35% of total investments in Africa in 2021. Addressing the operators of Nigerian start-ups, Abdullahi said, “It is amazing that you have succeeded in building the most investment appealing ecosystem in Africa, attracting over 1.5billion USD representing 35% of total investment in Africa in 2021… More details through: https://independent.ng/nigerian-start-ups-attract-over-1-5bn-investments-in-2021/ Husk Power Systems, a clean energy company that has been at the forefront of fueling rural electrification since 2008, is planning to launch 500 solar mini-grids in Nigeria over the next five years.
Manoj Sinha, CEO and co-founder, Husk said the company is committed to powering households, adding that the focus is first and foremost on micro, small and medium enterprises (MSMEs), and public institutions like health clinics and schools… More details through: https://businessday.ng/energy/article/husk-power-systems-to-deploy-500-mini-grids-in-nigeria/ BUA Cement Plc, yesterday announced that it would commission its three million metric tons (MT) Sokoto Line 4 cement plant and 48 megawatts (MW) power plant today.
The group Chairman of BUA, AbdulSamad Rabiu announced the commissioning on the group’s official LinkedIn page. According to him, the event would also see the ground-breaking of the three million metric ton line 5 by President Muhammadu Buhari… More details through: https://dailytrust.com/bua-to-commission-3m-ton-sokoto-cement-48mw-plants-today The International Monetary Fund (IMF) has reaffirmed a growth rate of 2.7 percent for Nigeria in 2022. This growth projection is 0.1 percent higher than the 2.6 percent IMF’s forecast in October 2021.
IMF disclosed this in its latest World Economic Outlook (WEO) report released on Tuesday. It also raised the 2023 projection from an initial 2.3 percent to 2.7 percent. The World Bank had projected a 2.5 percent growth rate for Nigeria in 2022, owing to the rebound to higher oil prices as well as accelerated growth in telecommunication and financial services… More details through: https://www.sunnewsonline.com/imf-pegs-nigerias-2022-growth-rate-at-2-7/ The Federal Government said it was working to establish three modular refineries in each of the oil producing Niger Delta states.
It explained that the objective was to halt the illegal artisanal refining activities going on in oil producing areas and its impact on residents in the affected locations. Chief Sharon Ikeazor , the Minister of State for Environment, disclosed this in a statement issued by her ministry in Abuja… More details through: https://independent.ng/fg-plans-18-modular-refineries-in-niger-delta/ The value of transactions through Point of Sale (PoS) terminals in the country rose to $44.14 billion (N18.10trillion) between 2017 and 2021, latest data released by the Nigeria Interbank Settlement System Plc (NIBSS) shows.
New Telegraph’s analysis of the NIBSS’ data indicates that the transactions maintained an upward trend in the last five years jumping by 356.27 per cent to N6.43trillion in 2021 from N1.41trillion in 2017. The breakdown of the data shows that the value of transactions through PoS terminals, which stood at N1.41trillion in 2017, increased by 64.76 per cent to N2.32trilion in 2018… More details through: https://www.newtelegraphng.com/value-of-pos-transactions-hits-n18-10trn-in-five-years/ Ibom Power company limited says it plans to consolidate on its existing investment by constructing a 500MW power plant in addition to its current 190MW.
Addressing Energy Editors in Uyo, Akwa Ibom State, at the weekend, the Managing Director of the power firm, Engr Meyen Etukudo, said the licence acquired was for 685MW which has been renewed till 2028. He said part of the challenges confronting the power plant was the inability of its host Disco to take the quantum of power it generates… More details through: https://www.sunnewsonline.com/ibom-power-plans-500mw-plant/ Capital inflows from the United Kingdom, the United States, South Africa, the United Arab Emirates, the Netherlands, and Mauritius hit $31.82bn in three years, according to data from the National Bureau of Statistics.
The NBS data showed that the six countries accounted for 83.32 per cent of the total capital of $38.18bn imported into Nigeria from over 100 countries from January 2019 to September 2021. The UK accounted for the highest foreign inflow of $17.34bn, followed by the US ($5.79bn), South Africa ($3.99bn), UAE ($1.80bn), Netherlands ($1.68bn), and Mauritius ($1.09bn)… More details through: https://punchng.com/nigeria-attracts-31-82bn-from-us-five-others-in-33-months/ Nigeria’s giant new Dangote oil refinery will start processing crude in the third quarter of this year.
Mechanical work on the refinery is complete and “hopefully before the end of third quarter we should be in the market,” Aliko Dangote, chairman of Dangote Industries Limited, said in a briefing at the plant site in Lagos… More details through: https://www.bloomberg.com/news/articles/2022-01-22/giant-dangote-oil-refinery-to-begin-production-in-third-quarter |
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