Nigeria: Latest News
Dana Sanchez, 12:35 pm
Facebook beat Wall Street expectations for sales and user growth in the fourth quarter of 2016, and it credits Internet.org, its free basic version of the internet in developing countries, for helping make that happen. It added more users worldwide in the fourth quarter than any quarter since the company went public in 2012. Founder Mark Zuckerberg’s vision is to get more Africans online. “This isn’t a purely altruistic venture,” an analyst said. Internet.org, is available in 23 African countries through partnerships with mobile operators.
Staff, 1:01 am
Overall, capital importation into Nigeria fell 47 percent in 2016. Foreign direct investment flows were way up but portfolio investments were way down, deterred by the recession and the currency. Nigeria in 2016 imported the bulk of its capital from Britain, the U.S. and Netherlands, with the telecoms, banking and oil sectors the main beneficiaries. Nigeria’s stock market fell 6.2 percent in 2016 while the naira lost a third of its official value against the dollar. In 2017, stocks continue to fall, down 3.1 percent so far.
Dana Sanchez, 3:22 pm AFKI Original
If Ant expands access to mobile money, it could mean that even more people will receive remittances on their mobile money accounts, and that will be good for Ismail Ahmed. Mobile money is disrupting remittances and making formal transactions easier, says Ahmed, a Somali entrepreneur and CEO of online money transfer service WorldRemit. Only 5% of remittances today are sent online. The rest is cash, paid over the counter or at agents. Online remittances are projected to grow six-fold to reach at least 40 percent in the next few years.
Dana Sanchez, 1:49 pm
The A.U. is divided on whether or not to collectively adopt a plan that Human Rights Watch described as having no timeline and “few concrete recommendations for action.” Unless the ICC undergoes reforms, African countries should make a coordinated withdrawal, according to the resolution. A proposal refers to the creation of an alternate regional African war crimes court. South Africa and Kenya have pushed for withdrawal. “They’ll be disappointed that the discussions about completely severing ties with the ICC will have to wait another six months for the next summit,” an analyst said.
Dana Sanchez, 3:04 pm
BitPesa, a bitcoin payments startup that launched in Kenya and expanded in Africa and beyond, announced a $2.5M round of funding. The Series A round is led by Silicon Valley-based industry investor Draper VC, with existing U.S. investors. Series A investors are willing to take on the risk when a new venture is generating revenue but not yet making a profit. BitPesa will use some of the funds to move to Luxembourg. The firm’s goal is to be the largest payment company in the U.K., Europe and Africa.
Dana Sanchez, 1:11 pm
Aliko Dangote, CEO of Nigeria’s massive Dangote Group, said he wants to diversify his investments in Ethiopia, and he’s looking at sugar production. Ethiopia produces enough of its own sugar to finally stop importing it this year and start exporting it — a turnaround the government describes as revolutionary. Three new sugar refineries are scheduled to begin production this month. Construction is also planned for 10 new sugar factories for a total of 13 by 2020. Sugar is where Africa’s richest man cut his teeth.
Peter Pedroncelli, 6:11 am
Today is transfer deadline day, and of course, there are some bits of last minute business that clubs in Europe are looking to conclude, with Super Eagles striker Odion Ighalo set to confirm his next move in the coming hours. A deal that is close to being officially confirmed is Nigerian striker Ighalo’s move from Watford in the English Premier League to Chinese club Changchun Yatai.
Dana Sanchez, 12:48 pm
The U.S. president’s travel bans provided a rallying call today for African unity. Today’s African Union summit had divisive issues on the agenda, including Africa’s relationship to the International Criminal Court and Morocco’s readmission to the A.U., but outgoing A.U. head Nkosazana Dlamini-Zuma identified Trump’s refugee ban as one of the “greatest challenges to our unity.” A South African A.U. expert says the A.U. is more divided than ever, but it’s not over refugees. “You have all these calls for unity but actually… (it’s) over Morocco, the regional divisions and the ICC.”
Tom Jackson, 7:55 am AFKI Original
As tech becomes more widespread in Africa, democratic processes will become more accessible. Internet and mobile technologies can reach remote areas and give voice to many. Rashaad Alli is a manager at South African nonprofit People’s Assembly, which supports websites that make parliamentary information more accessible to ordinary people. “Access to information is a great enabler to effect social change and deepen democracy,” Alli said. “Tech tools help increase transparency, expose corruption, strengthen democracy and hold governments to account.”
She’s There When African Governments Turn Off The Internet: Meet The Lawyer Advancing Facebook In AfricaBy Staff, 1:01 am
Some describe Ebele Okobi, 42, as Facebook’s secretary of state for Africa. Last year, at least 11 African governments shut down the internet for various temporary reasons. Where there are shutdowns, there is Okobi. Perhaps the most controversial aspect of her work is Free Basics, the Facebook-driven platform that provides a free version of the internet. Telecos in 22 African countries provide it. Facebook can control what is accessible, and many have criticized it for creating different classes of internet access. For its part, Facebook says half of all Free Basics users convert into paying internet customers within a month.
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