AFRICAReports Banking and Finance News & Reports

Access Bank Promotes 800 Employees as it Transitions to Holdco Structure

Access Bank PLC has announced the promotion of 800 employees following a transparent and robust performance management review in line with global best practices.  This announcement comes as the financial giant shores up its transition to a Holding Company (Holdco) starting May 1st, 2022. The Bank’s consistent growth over the years has been due to …read more →

AFRICAReports Economy Infrastructure News & Reports

Peer Review: AU Rates Nigeria High in Infrastructure, Agric Revolution

The African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) says Nigeria recorded tremendous successes in infrastructure development and agricultural revolution during the African Peer Review Mechanism (APRM). Princess Gloria Akobundu, Chief Executive Officer of AUDA-NEPAD, said this at a news conference in Abuja on Thursday. Akobundu said that the country also recorded successes in …read more →

Banking and Finance ENERGY Infrastructure Infrastructure Financing News & Reports Power

PIDG’s Emerging Africa Infrastructure Fund Anchors $420mn Bond Issuance

Private Infrastructure Development Group (PIDG) company, the Emerging Africa Infrastructure Fund (EAIF) was an anchor investor in a recent successful bond issue by African telecommunications and digital company Axian Telecom. It raised US$420 million (€369.31 million). EAIF has invested US$20 million (€17.59 million) in the bond, scaled back from an original commitment of up to …read more →

Agriculture Economy News & Reports

Nigeria’s GDP Grows 3.4% in 2021, Driven by Non-Oil Sector

Nigeria’s Gross Domestic Product (GDP) grew by 3.98 percent in the fourth quarter of 2021, its biggest growth since 2014, according to latest data by the nation’s statistics agency. The National Bureau of Statistics (NBS) report showed that fourth quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40 percent in …read more →

Banking and Finance News & Reports Technology

Nigeria’s Fintech Firm Flutterwave Raises $250 Mn Fresh Capital

Africa-focused fintech firm Flutterwave said on Wednesday it had raised $250 million in its single-biggest funding round to date, valuing the startup at more than $3 billion, as it targets mergers and acquisitions, and growing existing customer base. The latest funding round was led by investors including Facebook Inc co-founder Eduardo Saverin’s venture capital firm …read more →

Banking and Finance Economy News & Reports

Nigeria Posts $3.68 Bn Balance of Payment Surplus in Q3 2021

Nigeria’s balance of payment account recorded a surplus of $3.68 billion at the end of September, 2021, the first surplus in 10 consecutive quarters, the Central Bank of Nigeria (CBN) report showed. The report showed that Nigeria recorded its first current account surplus in almost three years, as the combination of an increase in net …read more →

AFRICAReports Banking and Finance Economy News & Reports WORLDReport

Fitch Says Rising Sovereign Debt Could Hit Ratings in Sub-Saharan Africa

A rise in government debt/GDP would be a potential negative rating action trigger for most sub-Saharan Africa (SSA) sovereigns, particularly those whose ratings are on negative outlook, said Fitch Ratings. “Efforts to contain COVID-19 outbreaks have hurt economic activity, weighing on tax revenues, even as public expenditure pressures have risen with demands for additional healthcare …read more →

AFRICAReports ENERGY Infrastructure News & Reports Technology

Green Hydrogen: The New Energy Frontier in Africa

The 2015 Paris Climate Agreement, which seeks to limit global increase in temperatures to less than 2°C this century, was signed by 195 countries, 33 of which are African. To achieve this ambitious target, significant carbon emission reductions and energy efficient systems are required. As part of the agreement, countries have set out a range …read more →

Infrastructure News & Reports Railway Transportation

FEC Approves $2.8m For Ibadan-Lagos, Port Harcourt-Maiduguri Rail Projects

The Federal Executive Council has approved $2.8million for the procurement of rolling stocks operational maintenance equipment for Ibadan to Kano standard gauge and Port Harcourt to Maiduguri narrow gauge railway projects. The Minister of Transportation, Rotimi Amaechi, made the disclosure when he addressed State House correspondents at the end of the Council meeting presided over …read more →

AFRICAReports ENERGY Infrastructure News & Reports WORLDReport

EGYPS 2022: ‘Natural Gas is the Fuel for Sustainable Development’

Doha — As the global population edges towards the 10 billion mark by 2050 and world GDP more than doubles, natural gas will continue to play a crucial role in alleviating energy poverty, fueling economic growth, expanding prosperity, and contributing to the protection of the environment, according to Mohamed Hamel, the Secretary General of the Gas Exporting Countries …read more →