PwC Nigeria, a multinational professional services firm, released a report analyzing the potential economic benefits and implementation challenges of the recently enacted Electricity Act 2023. Potential Economic Gains: The report estimates the Act has the potential to minimize annual economic losses in the power sector by a staggering $28 billion. Improved electricity supply is expected […]
Direct selling leader QNET is celebrating a major victory, bagging three prestigious awards at the 11th annual PR Awards! This remarkable achievement recognizes QNET’s dedication to public relations, communication, and innovative practices. Setting the Standard for Direct Selling Excellence QNET impressed the judges with its prowess in three key areas: Financial Empowerment: The Silver Award […]
The African ecommerce market grossed USD 277.1 billion in 2023 and is projected to reach USD 939.8 billion in 2032. The Challenge: Cart Abandonment Globally, 70% of shopping carts are abandoned, often due to friction in the checkout process. Nigerian eCommerce businesses, like those worldwide, need seamless and efficient transactions to thrive. The Solution: Payment Link […]
Microsoft has issued its first statement regarding the shutdown of the six-year-old Microsoft Africa Development Centre (ADC) West Africa located on Lagos Nigeria. What Happened: Microsoft announced plans to close the engineering and communications operations of its Africa Development Center (ADC) in Lagos, Nigeria. This comes as a surprise to employees, especially considering recent promises of investment from […]
Investment Secured: Danish shipping giant A.P. Moller-Maersk pledged $600 million to upgrade existing port infrastructure in Nigeria. The deal was secured by President Bola Tinubu during the World Economic Forum (WEF) meeting in Riyadh, Saudi Arabia. Project Goal: The investment aims to expand port facilities to handle larger container ships, increasing efficiency and capacity for […]
In a recent meeting, Nigerian politician Bola Tinubu assured the United States of enhanced power supply through Nigeria’s vast gas resources. Tinubu, a prominent figure in Nigerian politics, emphasized the importance of utilizing Nigeria’s abundant gas reserves to boost power generation. He highlighted the potential for increased cooperation between Nigeria and the US in the […]
Airtel Africa, the continent’s second-largest telecoms company with a strong presence in Nigeria, is facing significant financial headwinds due to currency devaluations in key markets. The company reported a hefty $1.7 billion loss in derivative and foreign exchange transactions for the fiscal year ending March 31, 2024. This blow comes despite positive underlying business performance. […]
In a bid to address Nigeria’s economic challenges, the Federal Government has announced plans to introduce an emergency economic bill. This legislation aims to significantly increase revenue generated outside the oil sector. The initiative was unveiled by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a presentation at the Lagos […]
The Nigerian Fiscal Policy Committee, led by Taiwo Oyedele, has proposed sweeping reforms to the country’s Value-Added Tax (VAT) system. The proposed changes include increasing VAT rates on certain goods and services to offset the removal of multiple consumption taxes currently imposed by various states. The aim of these reforms is to simplify Nigeria’s complex […]
Ikeja Electric Distribution Company (IE) has delivered some welcome news for its customers! In a recent announcement, IE has reduced electricity tariffs for Band A customers. This move comes after the Nigeria Electricity Regulatory Commission (NERC) increased rates for this category in April 2024. What’s the Change? Previously, Band A customers were facing a rate […]