Nigeria: Latest News
Staff, 5:36 pm
Poor power supply is partly to blame for the Nigerian government’s inability to build a robust auto industry. That leaves vehicle imports as one of the only ways to meet local demand. Nigeria’s auto market is worth over $4 billion a year, but it does not translate into anything meaningful, a stakeholder said. Starting in 2015, stiff new tariffs were levied on new and used Nigerian vehicle imports. Imports fell more than 50 percent.
Staff, 1:01 am
African entertainers are increasingly aware of the potential of the growing Chinese market. Many African artists are benefiting from new Chinese policies targeted at African countries. The Shaolin temple in Central China is the inspiration for umpteen martial arts films. African students on Chinese scholarships learn wushu there and other Chinese martial arts from monks. Luc Bendza is arguably the most famous African martial arts star in China.
Dana Sanchez, 12:02 am
If you own a mobile phone, chances are it has tantalum in it from Africa and you have small amounts of the rare metal within inches of your brain. U.S.-based AB Minerals claims to have invented a new disruptive tantalite processing technology that it says will enable tantalum-producing countries to add value to the ore themselves rather than exporting raw ore to China. The company hopes to sell this technology all over Africa. The first African plant is expected to begin operating in Rwanda in 2017. Here’s part of an interview with AB Minerals founder and CEO Frank Balestra.
Dana Sanchez, 2:41 pm
Sweden-based Ericsson is at the show, predicting that 5G will dominate mobile subscriptions in Africa by 2022. It’s one of several companies trying to connect the dots between the latest technology innovations and their dependence on infrastructure. Thermal cameras that help protect African elephants from poachers are on display there, backed by Google and the World Wildlife Fund. And The Swazi Bridge Project is there — a tech company using white space bandwidth to deliver high-speed internet to people in Swaziland.
Staff, 8:31 am
Much of the affection towards central Abuja has to do with its relative calm compared to Lagos. The infrastructure is better with most streets paved. Reliable power can be an issue but where there’s a dead stoplight there’s a traffic warden. There’s less concern about crime here with security high due to the many embassies and government buildings. Still you’ll find security walls around major hotels and random police checkpoints around the city after dark. But one feels safer walking down a random street in Abuja versus Lagos.
Kurt Davis Jr., 7:57 am AFKI Original
In cities from Victoria Island in Lagos, Nigeria to Maputo, Mozambique, gym memberships can be above $100 per month. Africans are paying higher fees than in more mature markets. Zumba classes are abundant, yoga is everywhere, and biking and running are an ever-growing trend in Africa. Putting cash into the facilities for these types of activities is lucrative. Scalability is still a concern but branding across borders and within regions is necessary for growth.
Kevin Mwanza, 5:04 am
Nigeria, the second biggest oil producer in Africa, is likely to enjoy increased earnings from its exports by the end of 2017, when global prices are expected rise to $60 per barrel, an increase that will boost the nation’s struggling economy. Global oil prices fell from a peak of $115 per barrel in June 2014 to below $35 in February last year before recovering to $50 per barrel in December.
Tom Jackson, 4:42 am AFKI Original
Another year, another milestone for the African technology space. With things developing at a rapid pace, it is hard to predict what will be the next big innovation in this exciting sector. Let’s have a go, in any case. Drones seem to have been a topic of discussion for a long time, yet in Africa we haven’t seen much of them. That is probably about to change. The continent is no longer deemed a risky place to do business, but rather digital’s “final frontier”.
Dana Sanchez, 11:28 am
Chevron South Africa assets include a refinery in Cape Town that produces 110,000 barrels a day, a lubricants plant in Durban and about 800 Caltex service stations. It’s one of South Africa’s top five petroleum brands and has done business in the country for more than 100 years. Low oil prices and uncertainty about future prices will make it difficult for potential buyers to fund an acquisition themselves or to raise capital externally, a stakeholder said.
Peter Pedroncelli, 3:13 am AFKI Original
English Premier League club Leicester City have completed the signing of Nigerian midfielder Wilfred Ndidi from Belgian club Genk. The youngster has been on the Foxes radar for some time, and has now signed on the dotted line in a $18 million deal that will see him remain at the current Premier League champions for five and a half years.
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