Nigeria: Latest News
Kevin Mwanza, 12:28 am
Nigeria is finalizing plans that will see it issue a Eurobond in the first quarter of 2017, a first since 2013 for the Africa’s second biggest economy. The $1 billion Eurobond is part of the government’s efforts to plug a growing budget deficit and stimulate growth in its economy, which slumped into recession in August. The rise in global oil prices last week to $55, the highest this year and expectations within the international community that the struggling economy is adopting reforms
Dana Sanchez, 2:33 pm
Fethullah Gulen, a cleric living in exile in the U.S., has inspired schools all over the world. The Turkish president wants those schools closed. Gulen-inspired schools have existed in Turkey since the 1970s, but only became a global phenomenon in the past 20 years as Gulen grew closer to President Erdogan, whose Islamist-rooted AK Party won in 2002. Since 2013, Erdogan has demonized Gulen and wants schools and hospitals belonging to Gulen supporters confiscated or closed. Turkey invested $6.2 billion in Africa in 2015. At least six African countries have agreed to let the Turkish government take over private schools linked to Gulen.
Ann Brown, 9:00 am AFKI Original
Nigerian-American Olatorera Oniru worked full time for some of the largest corporations in the world, but kept her dream alive by working part time for herself. At 29, she owns one of Nigeria’s top e-commerce fashion businesses. Focused on the Made-in-Africa movement, she mentors other entrepreneurs with potential in fashion and beauty who have not met the quality criteria to retail with her. Many university graduates don’t have the skills to succeed in the business world, and it’s one of the challenges of doing business in Africa, Oniru told AFKInsider.
Kevin Mwanza, 5:33 am
Nigeria has signed a deal with Morocco to construct Trans-African gas pipeline that will connect the continent’s largest oil producer to Europe’s lucrative gas market. The 4,000 kilometer-long pipeline, to be funded by the Nigeria Sovereign Investment Authority and Ithmar Capital, a Moroccan sovereign wealth fund. The two governments signed the joint partnership during a state visit by Morocco’s King Mohammed to his Nigerian counterpart,
Tom Jackson, 4:20 am AFKI Original
The majority of African cities are striving to be tech hubs. From Cairo to Accra, Lagos to Nairobi, Cape Town to Johannesburg, cities are striving to emulate Silicon Valley as tech hubs. Nairobi’s iHub launched with government support, and the Enterprise Kenya initiative is designed to assist local startups. In Lagos, the presidency has offered backing to tech startups, and there are a myriad of hubs.
Dana Sanchez, 12:01 am
Netherlands based off-grid solar provider Nova Lumos has raised $90 million in financing from private equity investment and development banks to roll out pay-as-you-go solar power systems in Nigeria. It’s the biggest fundraising round to date for the off-grid solar market, and hopes to provide cheaper and cleaner alternatives to kerosene for millions of people living in Africa. Nova Lumos was founded in Israel in 2012. Its “home power station in a box” includes a solar panel activated by text messaging that can supply enough electricity to charge a cell phone, operate a radio and illuminate a home.
Staff, 3:32 pm
Lagos is not a walkable city. Few points of interest are within walking distance. While there are tourist friendly areas like Surulere and Victoria Island, there is no central museum or tourist district. You’ll need to take a car almost everywhere. Though there are many horror stories about the traffic and public transport, most are exaggerated. It’s true that traffic in the city can be terrible, but it can also be quite light, and getting around doesn’t have to be a nightmare. Some careful planning around rush hours and mode of transit can mimimize most of the congestion in your journey.
Dana Sanchez, 1:39 pm
There is a gap for hospital services in Africa and property investors can benefit from this with healthcare real estate investment trusts, an expert says. A REIT is a company that owns, and in most cases operates, income-producing real estate. Large hospital owners like Netcare or Life Healthcare in South Africa could sell hospitals to a property manager who runs a healthcare REIT. The REIT would then lease them back. REITs provide investors with a liquid stake in real estate, special tax considerations and typically high-dividend yields. In more mature markets, healthcare REITs are often popular investments.
Dana Sanchez, 10:46 am AFKI Original
Currency depreciation and rising inflation have made investing a challenge in some African countries. A global private-sector development group identifies four African countries that have potential for climate-smart investment. These investments will make energy more accessible and infrastructure more resilient as climate change threatens to undermine developmental gains. South Africa is ahead of the game. With 90% of its electricity from coal, SA has approved 79 renewable energy projects by independent power producers. The cost of wind and solar has decreased more than 70%, and is now competitive with new-build coal, IFC reported.
Ann Brown, 8:12 am AFKI Original
A survivor of the Rwandan genocide, entrepreneur Marcel Mutsindashyaka chose to use the media, not for revenge, but for peace building. His Rwandan media and IT company has helped restore unity in the country by engaging youth. It is now the second most popular news website in Rwanda. Mutsindashyaka was chosen to be in Obama’s Young African Leaders Initiative. The experience “opened my mind from local to global perspective,” he told AFKInsider. “From this I realized that there is potential for the U.S. and Africa to collaborate for mutual benefit.”
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