Nigeria: Latest News

  • South Africa Flip-Flops, Breaks Ranks To Vote For UN’s First-Ever LGBT Expert

    first-ever UN LGBT expert By Dana Sanchez, 11:32 am

    South Africa was criticised in June by human rights groups and praised this week when it changed its mind about appointing the first-ever U.N. expert tasked with investigating LGBT rights abuses worldwide. In a turnaround that broke ranks with other African countries, South Africa approved the legality of the post and voted against delaying it. South Africa was one of the few African countries that did not support delaying the appointment. Several countries said Monday that they would not recognize or cooperate with the U.N.

  • Nigeria Sinks Deeper Into Recession As Economy Shrinks In Third Straight Quarter

    By Kevin Mwanza, 7:40 am

    Nigeria’s economy sunk deeper into recession after its Gross Domestic Product (GDP) contracted for the third straight quarter of this year by 2.24 percent, according to data released by the National Bureau of Statistics (NBS) on Monday. The dip follows a 2.06 percent decrease in the year’s second quarter as inflation hit an 11-year high of 18.3 percent last month, driven by an acute dollar shortage that has drastically hit the West African nation’s capacity to import.

  • Mapping The Tech Ecosystem At Africa’s Biggest Startup Event

    By Tom Jackson, 4:41 am AFKI Original

    Last year, the annual AfricaCom conference in Cape Town finally got serious about startups, launching the co-located AHUB event to bring together entrepreneurs, investors and other stakeholders from across the continent. The event took place for the second year last week, bigger and better, and allowing the ecosystem to join together to map the sector’s progress and discuss obstacles.

  • Mauritius Has The Fastest Growing Wealth Market In Africa – Report

    Air Mauritius Launches Nonstop To Singapore By Kevin Mwanza, 3:33 am

    Mauritius, an Indian Ocean island in sub-Saharan Africa, is the fastest growing wealth market on the continent with 3,200 millionaires, according to a report by the New World Wealth Investment Review. The average person on the island is worth $ 21,700, which is more than second-placed South Africa, Africa’s biggest economy where the average person is worth about $10,300.

  • Explore An Urban Park In Nigeria That Few Lagosians Know About

    urban park in Nigeria By Staff, 6:23 pm

    The Lekki Conservation Centre is one of the few natural relics in Lagos, and one of the city’s best kept secrets. Few Lagosians have any idea that it exists, let alone visit, though it’s been around for at least 25 years. That’s because they see Lagos as a completely built-up environment with little nature to spare. But after taking just a few steps into the 78-hectare wilderness, I feel the sound of honking traffic receding, replaced by ripples from the swamp water underneath the boardwalk. Soon the noise is gone and I am fully in nature’s embrace.

  • Opinion: Lesson For Africa On The Women’s Vote From The U.S. Election

    By Staff, 7:10 am

    scrutiny continues to mount on the various factors that led to his taking the vote. One of the more poignant factors was the role women played, spurning Hillary Clinton. This, despite allegations of Trump’s sexual misconduct and that, by electing him, women’s and minority’s rights were under threat. Let me start with the minority voters. A much shared YouTube video shows Nigerian writer, Chimamanda Ngozi Adichie, dismantling apologist arguments

  • Nigeria Plans To Sell Unprofitable Oil Refineries In Broad Sector Overhaul

    By Staff, 4:49 am

    The Federal Government’s draft National Oil Policy has proposed to consolidate Nigeria’s oil industry regulatory authorities into a single agency to be known as Petroleum Regulatory Commission, PRC, while scrapping all other regulators, including the Nigerian National Petroleum Corporation, NNPC, Department of Petroleum Resources, DPR, and Petroleum Products Pricing Regulatory Agency, PPPRA, among others.

  • 16 Entrepreneurs Vying For The Africa Prize For Engineering Innovation

    By Dana Sanchez, 1:26 pm AFKI Original

    Ugandan engineer Brian Turyabagye designed a biomedical smart jacket to quickly and accurately diagnose pneumonia, which kills 27,000 Ugandan children under the age of 5 every year. Most of these cases are due to pneumonia being misdiagnosed as malaria. He’s one of 16 African engineers who’ve come up with problem-solving innovations that got the attention of private and public stakeholders in the U.K. The 16 engineers are in the U.K. for 6 months of mentoring. They’re vying for a $30,000 prize.

  • Macho Men In Makeup: 15 Things You Didn’t Know About The Wodaabe

    wodaabe By Alexis Borochoff, 7:00 am

    Few indigenous tribes in Africa are as focused on beauty as the Wodaabe people, nomadic cattle herders and traders of the Sahel. Looking good is the norm for the Wodaabe, known as some of the most beautiful people in Africa. When a Wodaabe youth turns 15, he officially becomes a man and gets a cow and a communal celebration. Now begins the work of making himself more attractive to please women.

  • Financing African M&A: Here’s Why Africa Needs More Mezzanine Finance

    mezzanine finance By Kurt Davis Jr., 10:10 am AFKI Original

    The risk in some sub-Saharan Africa deals can push mezzanine interest rates up between 20-30%. Yet mezzanine finance is a vital opportunity for the SSA financial market. Avoiding equity dilution is a top concern for entrepreneurs and family business owners. Mezzanine finance is a way to do that. If the company is willing to assume more debt to avoid equity dilution, then mezzanine finance is vital. Mezzanine finance is also a vital part of greenfield or brownfield infrastructure, especially power projects.

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