BUSINESS

Why we declared cryptocurrency illegal in Nigeria – Central Bank

The Central Bank of Nigeria has reacted to criticisms trailing its declaration that  the use of cryptocurrencies in Nigeria contravenes existing laws. The apex bank had issued a statement on Friday warning banks and other financial institutions to desist from transacting cryptocurrencies and dealing with entities who do same. According to the CBN in a new statement on Sunday, cryptocurrencies …

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Awards for Berlin’s Business Owners with Migration Background – Nomination Opens

For the second time, Berlin is awarding prizes to entrepreneurs with a migration background operating in the city, which is also a federal state. The prize Vielfalt unternimmt – Berlin würdigt migrantische Unternehmen, first awarded in 2019, gives public recognition to the achievements of minority entrepreneurs who are contributing greatly to the economic development of the city. There are three …

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Angry reactions as Nigeria bans buying, selling of cryptocurrency

Following a directive banning cryptocurrency trading by the Central Bank of Nigeria (CBN), Nigerians have expressed strong displeasure of the decision of the federal government under the leadership of President Muhammadu Buhari. In a circular dated 5th February 2021, the CBN notified banks and other financial institutions against doing business in Crypto and other digital assets. According to Wikipedia, a …

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Interview: Efforts to drive Russia-Africa relations receiving new impetus

In an exclusive interview with our Moscow correspondent Kester Kenn Klomegah, a member of the newly created Public Council under the Secretariat of the Russia–Africa Partnership Forum, Armen Khachatryan, argues that the first Summit held in October 2019 ultimately seeks to inject a new dynamism into Russia-Africa relations. According to Mr Khachatryan, who is also Deputy Chief Executive Officer and …

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Forbes releases Africa’s Billionaires 2021 List

The international business magazine Forbes has released its annual list of Africa’s most wealthy individuals. According to the report, the continent has 18 billionaires this year, down from 20 in 2020. Together, they are worth $73.8 billion, slightly more than the $73.4 billion aggregate worth of the 20 billionaires last year. Aliko Dangote of Nigeria is the richest person in …

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Make Africa’s agricultural sector more resilient – German group

“Creating and maintaining secure access to food systems in Africa is crucial for the continent’s economic development,” said Stefan Liebing, Chairman of the Africa Association of German Business at the opening of the 7th German-African Agribusiness Forum (GAAF). The annual event, organised by Afrika-Verein (German-African Business Association) and the German Agribusiness Alliance (GAA) and held in digital form on Tuesday …

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Netflix names first African to its board of directors

Netflix has announced it has appointed top Zimbabwean businessman and philanthropist Strive Masiyiwa to its board. Masiyiwa is the founder and executive chairman of Econet Global, a telco company that traverses 29 countries in Africa, Europe, Asia and Latin America. Econet group offers mobile payment, broadband distribution and satellite services. His appointment is interpreted by analysts as a strategic move …

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Western sanctions push Russia to seek opportunities in Africa

Our contributing editor Kester Kenn Klomegah reports from Moscow on a recent conference on how Russia seeks to increase its economic engagement with African countries as the country reels under US and EU sanctions   On 23 November, Russian Senators and experts gathered to discuss the export of non-oil Russian commodities to Africa at an interactive webinar organised by the …

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German business group welcomes Ghanaian president’s re-election

An association of German companies and institutions active in Africa has hailed the re-election of Ghana’s President Nana Akufo-Addo. In a press statement issued on Monday (14 December), Afrika-Verein der deutschen Wirtschaft e.V. said Akufo-Addo’s victory at the country’s recent elections signals political continuity and creates security for companies doing business in the country. “The re-election of incumbent Nana Akufo-Addo …

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RosaLyn Dressman appointed Nigerian state’s Investment Ambassador

Dr RosaLyn Dressman, president of the Nigerians in Diaspora Organisation Germany (NIDOG), has been appointed Ambassador for Investment of Bayelsa State by Governor Douye Diri. With a population of about 1.7 million, Bayelsa, one of Nigeria’s 36 federal states, is situated in the southern coastal region of the country and is rich in oil and gas deposits as well as …

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Africa: How Emerging e-Commerce Retailers are Building their Brand

  Africa’s internet economy is booming. According to a report by the World Bank, Africa will add $180 billion to its economy by 2025, thanks to the recent growth of its eCommerce activities. One good example has been the current aggressive expansion of MallforAfrica,  which will now be available to consumers in Senegal, Sierra Leone, and nine other new markets. Other …

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Diaspora opens new chapter in Russian-Nigerian business ties

As part of efforts to connect Russia with Nigeria and to lure potential Russian investors and businesspeople to Nigeria and vice versa, a business lecture platform “Doing Business with Nigeria” has been created in November. Its primary aim is to get the Russian business community to understand the economic and investment potential as well as the current market conditions in …

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Interview: How UK start-up is powering Rwanda with solar energy

ARC Power, a British Startup, is currently helping Rwanda, a member of the Southern African Development Community (SADC), with Solar Business Parks alongside its roll-out of solar mini-grids – a collection of solar-powered commercial units – the latest energy initiative to light up Rwanda. Rwanda is increasingly adopting solar energy due to its affordability and easy accessibility to electricity for use in both …

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Webb Fontaine wins big at Nigeria Technology Awards 2020

Webb Fontaine has been presented with a double header of prestigious titles at this year’s Nigerian Technology Awards (NiTA). A leading provider of solutions for Trade Facilitation powered by Artificial Intelligence, Webb Fontaine was one of the event’s big winners, landing the two of the most sought-after honours: Most Enterprising Tech Company of the Year and Most Enterprising Tech CEO …

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COVID-19: Africa to lose 30 million jobs by end of 2020 — AfDB president

President of the African Development Bank Group, Akinwumi Adesina, has said up to 30 million jobs would be lost in Africa by the end of 2020. According to the former Nigerian agriculture minister, while speaking at the ‘Virtual 2020 International Forum on African Leadership’ in Ivory Coast, the lockdown occasioned by the COVID-19 pandemic earlier this year dealt a terrible …

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G-PAD 2020: Experts advocate strategies for Africa’s post-Covid economic recovery

How to support Africa’s recovery from the impact of the Covid-19 pandemic through increased multilateral co-operation was the focus of G-PAD 2020, which took place on 27-28 November. Several speakers at the virtual conference, organised by the Germany-based global non-governmental organisation Lead Africa International e.V., agreed that the global crisis had revealed the fundamental structural weaknesses in African economies and …

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G-PAD 2020: How digitalisation can support Africa’s post-Covid recovery

How to deploy digital solutions to drive post-Covid African recovery was a major focus at the 2020 Global Partnership for African Development (G-PAD) forum, which took place on 27-28 November. At a panel discussion on how digitalisation can help promote economic growth and development in Africa, entitled Digitization and Development: The African Perspective, Sunil Geness, Director for Global Government Affairs …

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G-PAD 2020: Increased formalisation of African economies needed to confront post-Covid challenges – AfDB chief

The global coronavirus pandemic is having a devastating impact on the economies of countries around the world. Africa is one of the regions worst affected as state revenues have taken a big hit. The structure of the continent’s external trade is to blame for the particularly harsh effect of COVID-19 on African countries, Khaled Sheriff, Vice President, Regional Development, Integration …

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African designers championing sustainable fashion

Across the globe, Africa is putting its spin on the fashion industry. Major fashion markets like Berlin are embracing African fashion, art and culture, and locally, the apparel market is worth USD$31 billion, according to estimates by Euromonitor International. While the African fashion retail industry remains in its infant stages, there has been notable progress in recent years as the industry embraces …

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