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The Nigerian Exchange Group will review membership rules to lure tech unicorns and other companies to list on Africa’s second-biggest stock exchange, where there’s been a lull in new offerings.
The Lagos-based bourse plans to ease requirements such as track record of profitability and the quarterly filing of financial statements, Olumide Bolumole, the divisional head of listings at NGX, said at a virtual conference on Thursday… More details through: https://www.bloomberg.com/news/articles/2021-09-30/in-bid-to-lure-tech-unicorns-nigeria-bourse-reviews-ipo-rules
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Some 1.5 million new subscribers were added to the country’s network in August, increasing the number of active subscriptions from 187.8 million in July to 189.3 million a month after.
August subscription statistics released by the Nigerian Communications Commission (NCC) showed that the new additions to the networks deepened the country’s teledensity by 0.79 per cent with penetration rising from 98.39 per cent in July to 99.18 per cent a month after. Teledensity is the number of telephone connections for every hundred individuals living within an area. It varies widely across the nations and also between urban and rural areas within a country. Telephone density has significant correlation with the per capita GDP of the area. It is also used as an indicator of the purchasing power of the middle class of the country or specific region… More details through: https://guardian.ng/business-services/1-5m-new-phone-users-spike-active-mobile-subscriptions-in-august/ The European Union (EU) has said it has given additional funding of 15 million euros (about N7.141 billion) grant to promote renewable energy development in Nigeria.
This was revealed at a ceremony to mark the extension of the Nigerian Energy Support Programme (NESP) phase II, which will run until 30 November, 2022. The programme is being supported by the Deutsche Geselleschaft für Internationale zusammenarbeit (GIZ) and EU with a previous 20m euros grant… More details through: https://dailytrust.com/nigeria-gets-n7bn-eu-grant-to-boost-renewable-energy Montblanc, the leading global Maison for luxury business lifestyle, has opened its first standalone boutique in Nigeria, together with longstanding partner Polo Luxury. Located in The Palms Shopping Mall, Lekki, Lagos. The boutique offers an immersive retail experience with dedicated areas for watches, writing instruments, leather goods, accessories and Montblanc’s growing range of technology devices…
More details through: https://www.sunnewsonline.com/montblanc-unveils-new-store-in-lagos-reiterates-commitment-to-nigerian-market/ A total of 232,501 passengers travelled out of Nigeria by air between the months of April and June 2021, representing the highest figures the country has seen in five quarters, (April 2020 -June 2021).
A new report by the National Bureau of Statistics (NBS) on Air Transportation showed that a total arrival under foreign movement statistics in the period was 220,171 as against 222,453 arrival and 212,977 departure recorded in the previous quarter. “On a Year-on-Year basis, foreign movement statistics for second quarter 2021 was 220,171 (arrival) and 232,501 (departure) as against 3,699 (arrival) and 16,163 (departure) recorded in second quarter 2020… More details through: https://businessday.ng/business-economy/article/nigerias-air-transport-sees-highest-passenger-departures-since-april-2020/ Andela, a startup that connects African software engineering talent to global companies has raised $200 million from investors led by SoftBank Group Corp., a Japanese tech investor.
The seven-year-old, New-York based Andela now valued at $1.5 billion, is the latest Nigerian startup to attain unicorn status -- a billion-dollar valuation for a private company -- this year, after Flutterwave and OPay. “This new round of funding enables Andela to strengthen our already extensive network of incredible talent in Africa and across the world, as we systematically connect the best software engineers with global opportunities”, Agnes Muthoni, director of the Andela Learning Community said in a statement on Wednesday… More details through: https://www.bloomberg.com/news/articles/2021-09-29/softbank-backed-andela-becomes-1-5-billion-unicorn In the first six months of the year, the total value of trade in agricultural goods stood at $3.7bn (N1.5tn), data from the National Bureau of Statistics have shown.
Imports accounted for $3.2bn (N1.3tn) of total trade in the sector while exports stood at N292.5bn within the review period. This resulted in a trade deficit of N1.07tn in the agriculture sector. Top imported agricultural products during the period under review included Durum wheat, mackerel, Herrings, edible mixtures, crude palm oil and malt, imported from countries such as Canada, Lithuania, Denmark, Russia, Netherlands and France… More details through: https://punchng.com/agric-imports-hit-n1-3trn-in-six-months-nbs/ Top Russian investors on Monday said they will focus on critical sectors of the Nigerian economy as part of moves to make inroads in the country.
The ịnvestors stated this at The Dome in Abuja ahead of the inauguration of the Nigeria-Russia Chamber of Commerce and Industry (NRCCI), slated for Tuesday, September 28. Addressing newsmen alongside the investors, President of NRCCI, Obiora Okonkwo, said the investors have the backing of the Russian Federation… More details through: https://www.sunnewsonline.com/russian-investors-target-power-infrastructure-others/ Africa Reinsurance Corporation (Africa Re) and the International Finance Corporation (IFC), a member of the World Bank Group, have sealed an agreement to develop agriculture insurance market space in Nigeria.
Under the agreement, Africa Re, a pan-African reinsurance organisation, and IFC’s Global Index Insurance Facility will help Nigerian insurance companies develop agricultural insurance products, and deepen their index insurance business lines. These index insurance products will help protect farmers against environmental risks such as drought, floods, erratic rainfall and other natural hazards… More details through: https://guardian.ng/business-services/africa-re-ifc-partner-on-agric-insurance/ The Ondo State Governor, Oluwarotimi Akeredolu, has decried importation of glass into the country despite the huge availability of raw materials in the state.
To this end, the Ondo State Government has signed a public-private partnership (PPP) agreement with the ZMP Industrial Limited for the establishment of a 600 tonnes per day capacity float glass factory in Igbokoda, Ilaje Local Government Area of the state. The governor recalled that when the moribund Oluwa Glass was functional, it was supplying the then Peugeot glasses for windscreen and mirror for the production of the vehicles… More details through: https://guardian.ng/business-services/ondo-partners-german-firm-to-establish-n162b-float-glass-factory/ |
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