John James, Chairperson and ranking member of the United States House of Representatives and Foreign Affairs Committee on Africa, has said there is currently a $90 billion infrastructural gap that investors can effectively tap into in Africa. Speaking further, he said agriculture and Pharmaceuticals are the most important areas that Nigeria must look into to transform its fortune significantly. Speaking, yesterday, at the ongoing Foreign Press Centre (FPC) press reporting tour for select African journalists including The Guardian in Capitol Hill, Washington D.C. he said the U.S. is committed to increasing their relationship and engagement with all the African nations.…
Author: Elvis Eromosele
The World Health Organisation (WHO) has called for scaling up of testing and treatment for viral hepatitis, warning that the disease could kill more people than malaria, tuberculosis, and HIV combined by 2040, if current infection trends continue. Hepatitis causes liver damage and cancer and kills over a million people annually. Of the five types of hepatitis infections, hepatitis B and C cause most of the disease and deaths. Hepatitis C can be cured; however, only 21 per cent of people living with hepatitis C infection are diagnosed and only 13 per cent have received curative treatment. Just 10 percent…
Stakeholders and subject matter experts alike agree that an increased focus on Science, Technology, Engineering, and Mathematics (STEM) education is essential for economic development. This four-pronged knowledge-based framework has inspired countries around the world to ramp up efforts in STEM research to find innovative solutions to critical economic challenges in areas such as health, food production, infrastructure, the environment, and manufacturing. Africa is no exception. Despite the continent lagging behind its global peers in STEM education, there is a growing recognition of the importance of STEM for Africa’s economic development and prosperity. In recent years, there has been a surge…
Following the approval of the unaudited financial statements of Cadbury Nigeria Plc by the Board of Directors, the Company has announced a turnover of N35.608 billion for the six-month period ended 30 June 2023, representing an increase of 27.7 per cent over N27.877 billion recorded in the same period in 2022. The Company’s gross profit rose by 74.7 per cent from N5.854billion in 2022, to N10.230billion in 2023, while its operating profit for the period under review, increased by 113.2 per cent from N2.848billion to N6.072billion. In a statement issued by the Company, Oyeyimika Adeboye, its Managing Director, attributed Cadbury Nigeria’s net revenue growth…
The recent surge in petrol prices following the removal of subsidies and the devaluation of the naira has resulted in a notable increase in job losses across Nigeria. Coupled with rising inflationary pressures, the purchasing power of cash-strapped consumers has weakened, posing challenges to businesses grappling with higher operating costs. As a consequence, numerous small businesses have been forced to shut down, further exacerbating the country’s unemployment situation. Reports suggest that approximately 10 per cent of the 40 million Micro, Small, and Medium Enterprises (MSMEs) in Nigeria have ceased operations since the subsidy regime removal. In light of the challenging…
Nigeria’s pension industry has achieved a milestone of over 10 million registered contributors as of June 2023, 19 years after the reform of the sector. Pension fund assets also hit a record N16.76 trillion in the same month, growing by 4.1 per cent from N16.10 trillion in May 2023. Michael Oyebola, an analyst at Money Counselors, while reviewing the performance of the pension industry at the end of June, described it as a significant achievement. “In a significant achievement for the Nigerian economy and its citizens’ financial security, the country’s Pension Fund Retirement Savings Accounts (RSA) have crossed the 10…
Elvis Eromosele In the ever-changing global economic landscape, policies that have the potential to drive transformation and growth are invaluable. One such policy that has captured the attention of financial experts and businesses alike is the exchange rate unification implemented by Nigeria. At the forefront of this discussion is Sovereign Finance Company Limited, a leading financial services provider committed to driving innovation and empowering businesses across various sectors of the Nigerian economy. In a recent webinar titled “Unification of Exchange Rate: Impact on Nigerian Small & Medium Enterprises,” Sovereign Finance shared insights on how this policy could herald a new…
OPay Nigeria, leading financial service company, has officially rebranded and unveiled a new logo to mark its 5-year anniversary in the Nigerian market. This change not only symbolizes its significant growth and impact over the years but also represents its promise into a new era with enhanced services, technological advancements, and the aim to solidify its position as the most reliable financial platform in Nigeria. OPay Nigeria was founded in 2018 and has grown tremendously to become a household name for Nigerians with over 40 million users, 500,000 agents, and 300,000 merchants who trust and use OPay for everyday payments and collections. Over…
Larry Page, the co-founder of Alphabet Inc., Google’s parent company, has seen a major rise in his net worth, gaining a whopping $5.4 billion. As of the time of writing, Larry Page’s total net worth stands at an impressive $109 billion. This surge in wealth has catapulted him to the 12th position on Forbes’ list of the richest billionaires. The primary source of Larry Page’s gains is his status as a controlling shareholder of Alphabet Inc. The company’s share price experienced a substantial increase of 5.94 per cent, reaching $129.46 from its previous closing price of $122. The boost in…
The Nigerian National Petroleum Company Limited (NNPCL) has said that the country recorded 40 incidents of crude oil theft between July 15 and July 21, 2023. The company stated this on Tuesday via its official Twitter account. According to the NNPCL, the war against crude oil theft is still raging across the Niger Delta region, specifically highlighting Rivers, Bayelsa, and Delta states, the company said that 93 illegal connections were found, and disconnections as well as repairs are ongoing. The company also said that 69 illegal refineries were discovered and destroyed within the highlighted period. Also, 27 cases of pipeline…