Nigeria: Latest News

  • Kenya Pops On Investors Radar As Commodity Prices Slump Hits Africa’s Top Economies

    By Kevin Mwanza, 6:10 am

    Kenya, one of Africa’s leading economies, is enjoying an investor boom amid the economic crisis that has hit South Africa and Nigeria occasioned by a persistent commodity prices slump. The leading economy in East Africa grew by 5.7 percent last year and it is projected to expand at an average of six percent up to 2018. The stability of the Kenyan Shilling has been a major attraction for investors.

  • Nigeria Topple Algeria, SA Stun Senegal In World Cup Qualifying

    Victor Moses - World Cup qualifying By Peter Pedroncelli, 12:21 am AFKI Original

    The third round of African World Cup qualifying continued this past weekend, with the 20 teams from the continent left with a chance of securing one of the five spots allocated to Africa in action across the continent. This is how the 10 African World Cup qualifying matches turned out for the participating nations looking to earn their ticket to Russia in two years’ time.

  • Opera Web Browser Hits 100M Users In Africa. Why Do So Many Africans Use It?

    Opera Web Browser By Dana Sanchez, 12:01 am

    Norway-based Opera claims its web browser reaches 100 million African users. How did they get there? There is a high degree of correlation between income and the browser used. But there’s also frst-mover status. Long before smartphones arrived in Africa, Opera was the de facto mobile phone browser. Other browsers came in with more features that most people didn’t need at the expense of bandwidth. That’s how Opera built its name as the go-to browser in communities with low internet connectivity, especially for mobile users.

  • Drone Delivery Company Zipline Raises $25M For Africa Expansion

    By Staff, 10:41 am

    San Francisco-based drone deliveries firm Zipline has raised US$25 million in Series B funding to expand its operations across Africa. Zipline launched in Rwanda last month, enabling blood transfusion clinics across the Western half of the country to place emergency orders by SMS, which are then delivered by one of the company’s fleet of 15 drones, called Zips.

  • Alex Iwobi Will Reject Barcelona In Favour Of Arsenal According To Father

    Nigerian provisional Olympic squad By Peter Pedroncelli, 4:30 pm

    Nigerian starlet Alex Iwobi would deny a multi-million dollar move to Spanish giants Barcelona in favour of remaining at English Premier League club Arsenal, the Super Eagle’s father believes. The Nigerian striker is growing into his role with the Gunners, having impressed last season when injuries saw him thrust into the limelight.

  • Carlyle Hedge Fund Loses $400M Invested In Moroccan Oil Refinery, ‘Misappropriated Outside The US’

    Carlyle hedge fund lost By Dana Sanchez, 3:36 pm

    A hedge fund with Carlyle Group LP, the world’s second-largest private equity firm, has lost $400 million it invested in 2015 in a Moroccan oil refinery deal, according to a securities filing. Saudi billionaire Mohammed al-Amoudi owns 67.26% of Morocco’s Samir refinery. The deal highlights the risks U.S. investors face in emerging markets that have unfamiliar investor-protection laws. Still, despite the risks, investors continue to find the lure of higher growth in emerging markets attractive.

  • New Genetic Chip A Step Toward Diversity In African Genome Sequencing

    African genome sequencing By Dana Sanchez, 10:41 am

    The degree of diversity in African genetic samples is greater than any other region on Earth. Yet just
    3% of the 35 million-plus who have participated in genetic screening studies are of African descent. The research community assumed that poorer countries, like many in Africa, don’t need genomic studies because the biggest killers there are infectious diseases. African underrepresentation in genomics databases is about to change. The first chip created specifically to target genetic variation in African populations is expected to ship in 2017.

  • Nigeria Cracks Down On Black Market Currency Traders To Save Naira

    naira loses By Kevin Mwanza, 6:55 am

    Nigerian police arrested several black market currency dealers on Thursday, after the government ordered the intelligence service to crack down on the dealers in efforts to strengthen its struggling local currency, the Naira. The traders have also been ordered not to sell the dollars for more than 395 Naira, as the Central bank raises more concerns over the official and black market rates for the exchange.

  • Why Tomato Paste Is Such A Big Deal In Nigeria

    Tomato Paste By Dana Sanchez, 11:22 am

    It’s cheaper to produce tomato paste in China and export it to Nigeria and other African markets than to produce it locally, according to Nigeria’s No. 1 tomato paste processor. Tomato paste is used widely in Nigerian dishes from jollof rice to soups. Eric Umeofia, CEO of Erisco Foods, said he plans to exit the Nigerian market. The news came as a shock to Nigerians. Erisco has the largest tomato processing plant in Nigeria and the fourth largest in the world.

  • Africa Cup Of Nations Winner Prize Rise To $4M After CAF Deal With Total

    By Kevin Mwanza, 6:23 am

    The Confederation of African Football (CAF) increased the prize money for all its competitions starting next year, after the continental soccer governing body signed a deal French with oil and gas multinational company, Total. The deal signed in July, which sees firm become the official CAF’s sponsors will run for the next eight years and is worth $250 million.

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