Nigerians drank beer worth N599.11 billion in six months running from January to June 2022, according to the first quarter results of four major brewers in the country. Champion Brew ended the First Half (H1) 2022 as the best-performing company in the brewery Industry, as Nigerian Breweries and Guinness Nigeria lost market share to their rivals. In the industry analysis of their revenue growth from January to June 2022, Nigerian Breweries, Guinness Nigeria, International Breweries and Champion Brew generated a combined N599.11 billion. The turnover grossed by the four largest brewers in the country grew 31.2 per cent when compared…
Author: Elvis Eromosele
The National Information Technology Development Agency (NITDA) said it was already working with other stakeholders to formulate the National Policy on e-Commerce to protect both buyers and sellers transacting business online. The current market value of e-commerce in Nigeria hovers around US$13 billion and by 2025 the market value is expected to be around US$75 billion with more than three million jobs created. “Over the past months, NITDA, in conjunction with the Federal Ministry of Trade and Investment, has been trying to put together the National Policy on e-Commerce. We have had several engagements with other stakeholders and this is…
The African Development Bank on Friday awarded $2 million to 20 African youth-led businesses, a press statement issued by the bank has said. The initiative, which is in partnership with the Centre on Adaptation and Climate Investment Funds, is a reward for winners in the 2022 African Youth Adaptation Solutions Challenge (YouthADAPT) competition. The winners of the competition are Flushh, Namibia; Green Impact Technologies, Malawi; AgriTech Analytics, Kenya; Baramoda, Egypt; Cassavita, Cameroon; Ecobarter, Nigeria; Farmer Lifeline Technologies, Kenya; Eurl Algerienne Des Industries Technologiques, Algeria; Lono, Côte d’Ivoire; West African Feeds, Ghana; Kisumeo Organics Limited, Kenya. Others are Grocircular Agro Services,…
Meta, Facebook parent company, this week, announced that it will lay off more than 11,000 of its employees. Meta CEO, Mark Zuckerberg, in a message to his employees on Wednesday said the layoffs will reduce the company’s workforce by about 13 per cent. He noted that the company also plans to cut discretionary spending and extend its hiring freeze through the first quarter. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13 per cent and let more than 11,000 of our talented employees…
To contain confusion over verification, Twitter Friday temporarily halted its new $8 blue tick subscription offering. This is only the latest reversal at the social media platform since billionaire Elon Musk bought the company. The move came as a number of accounts impersonating big brands received the blue tick, previously a signal that the firm had verified the user as real. In one instance, a user claiming to be drugs firm Eli Lilly said “insulin was free”. Experts say, the incident added to the concerns about how Mr Musk’s leadership was affecting the spread of misinformation on the platform. “We…
$32 billion cryptocurrency exchange FTX has filed for bankruptcy in the US, following weeks of speculation about the true financial health of the firm. Sam Bankman-Fried has also stepped down as chief executive, the company said. This massive turn of fortune for the once-second-largest crypto exchange further casts a shadow over the already troubled crypto market. “I’m really sorry, again, that we ended up here. Hopefully things can find a way to recover,” Mr Bankman-Fried, nicknamed the ‘King of Crypto’, wrote on Twitter on Friday. “I was shocked to see things unravel the way they did.” Prior to the meltdown,…
The Nigerian Association of Petroleum Explorationists (NAPE) has announced that its 40th Annual International Conference and Exhibition, AICE, which is perhaps the largest gathering of earth scientists and other stakeholders in the oil and gas space in Sub-Saharan Africa is set to take place in Lagos. The Association’s President, who made known at a Press Briefing on Wednesday in Lagos revealed the theme of the Conference is “Global Energy Transition & the Future of the Oil and Gas Industry: Evolving Regulations, Emerging Concepts & Opportunities.: He further stated that this year’s AICE will be held at the Eko Hotel &…
An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria has said that in two years it covered N307 billion. The committee said this when it submitted its report to the Federal Government and urged for strict implementation of relevant laws including the AMCON Act, that ensures that the recalcitrant debtors cannot benefit from government contracts and projects except with due diligence clearance from AMCON. According to the Committee Chairman Prof. Bolaji Owasonoye, who presented the Interim Report to the Vice President “between 2020 and 2021, AMCON made significant recoveries which are…
The World Bank Group says it has designed an innovative initiative to accelerate electrification in Africa to achieve universal access by 2030. This is contained in a statement obtained from the World Bank website on Wednesday in Abuja by the News Agency of Nigeria (NAN). According to the bank, the Multilateral Investment Guarantee Agency (MIGA), the International Finance Corporation (IFC), and other development agencies will promote private investment in Distributed Renewable Energy (DRE) systems to electrify targeted areas quickly and efficiently. “The Distributed Access through Renewable Energy Scale-Up Platform (DARES) calls for joint action by government, private investors, and development…
Access Bank says it is investing a billion dollars to boost 10 million Small and Medium Enterprises (SMEs) in Africa over the next five years. Mr Seyi Kumapayi, the Executive Director in charge of African subsidiaries said this on the sidelines of a two-day SMEs Immersion Round table in Lagos. The News Agency of Nigeria(NAN) reports that the theme of the SMEs round table is: Enhancing the Capabilities of SMEs Across Africa. Kumapayi said that Africa had about 1.4 billion people, which was about 17 per cent of the world’s population. “However, from a Gross Domestic Product (GDP) standpoint, we…