Business

 Zuvy, a Nigerian invoiced funding company, has acquired a significant $4.5 million in a debt and equity funding round, to bolster the digital transition of Small Medium Enterprises (SMEs) in AfricaThe company, recognized for its innovative approach to overseeing invoice software, has attracted global investors interested in supporting its mission.The funding, which drew a variety of international investors, was led by TLG Capital, with other contributors including Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures.CEO, Zuvy, Angel Onuoha, stated in a press release: “Considering the digital transition we anticipate in SMEs over the upcoming years, Zuvy aims to become the preferred source of liquidity for these e...

 Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, puts great emphasis on the importance of readiness and proficiency for Nigerian enterprises striving to expand their operations globally.The bank stressed that having a comprehensive grasp of export regulations, market conditions, cultural differences, and strategic alliances is vital in aiding businesses to navigate the complexities of international trade and increase their chances of success.During a recent appearance on 99.3FM Nigeria Info's 3T Impex AfCFTA Trade Discourse radio show, Lu Fan, the senior manager of Business Development for Africa China Banking, Business and Commercial Clients at Stanbic IBTC Bank, highlighted the immense potential of exporting goods and services for firms to widen their customer base, ...

 The National Bureau of Statistics (NBS) is currently developing a data collection tool called "Time Utilization Survey" that will reveal in real-time how Nigerians distribute their time and the activities they participate in throughout the day. The survey aims to provide crucial data that will enable the government, policymakers, and development practitioners to make well-informed decisions and devise effective policies to address the needs and desires of citizens.During a stakeholders meeting held in Abuja, Prince Adeyemi Adeniran, the statistician-general of the federation and CEO of NBS, stated that the survey will act as a source of information regarding how individuals allocate their time between paid and unpaid work, including activities like unpaid domestic work, care work, stud...

Nigeria has accumulated $11 billion in revenue from the export of crude oil in the initial five months of 2023.The data obtained from the Revenue Factsheet of the Organisation of Petroleum Exporting Countries (OPEC) and released by the U.S. Energy Information Administration (EIA) confirms this.According to the factsheet, the revenue generated by Nigeria from crude oil exports for the same period in 2024 is expected to surpass the earnings in 2023, reaching approximately $29 billion. This increase is anticipated to bolster the country's foreign reserve and the foreign exchange market. The data attributes the forecasted growth to the projected surge in global crude oil prices in 2024.The EIA estimates that OPEC members earned approximately $888 billion in net oil export revenue in 2022.Th...

Professionals in the banking and technology fields have urged for novel regulatory and cybersecurity structures and funding to tackle the escalating cybersecurity risks impacting the financial services sector. This was expressed at a day-long cybersecurity roundtable focused on exploring the future of Cybersecurity and Artificial Intelligence (AI), with the theme 'Cybersecurity in the Age of Artificial Intelligence (AI)'. The event was organized by Signal Alliance Consulting, an enterprise technology solution company and a subsidiary of Signal Alliance Technology Holding.During the executive business panel discussion, Mr. Nath Ude, CEO/MD of Nova Merchant Bank, emphasized that regulatory concerns and cybersecurity issues are the primary obstacles faced by businesses, particularly in the...

As of 2021, the total investment in Nigeria's telecommunications sector, including foreign direct investment (FDI) and local investment, has reached $75.6 billion.Yesterday, at an interactive session with stakeholders in the communications media ecosystem in Lagos, the Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, provided updates on the growth of the telecoms sector since assuming the role of chief telecom regulator in August 2015.According to Danbatta, the investment profile in the sector was $68 billion in 2018, $70.5 billion in 2019, $72 billion in 2020, and finally reached $75,560,563,417.79 ($75.6 billion) by the end of 2021. This represents a significant increase from the initial $70 billion invested in the industry in r...

Owners of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria have been advised to embrace cloud services to improve efficiency, flexibility, and innovation in their businesses. This was the viewpoint expressed by IT professionals during the webinar series organized by Rack Centre on Thursday, June 22, 2023, titled "Promoting Cloud Neutrality: Embracing Cloud Adoption as a Cost-Effective and Efficient Approach for MSMEs".In his opening statement, Kelechukwu Nsofor, Senior Sales Manager at Rack Centre and the session moderator, explained that the discussion about cloud adoption by Nigerian businesses has become necessary due to the ongoing transformation in the digital landscape.Leading the discussion, Ismaila Salami, Senior Account Cloud Engineer at Oracle, examined the evolution in...

After a decline in the previous period, the Nigerian stock market rebounded and recorded an increase in overall capitalisation by N440 billion as a result of a rise in prices of Presco Plc and 42 other companies.The All-Share Index increased by 808.77 per cent, representing a gain of 1.33 per cent, and closed at 61,523.57 points. Similarly, the total market capitalisation gained N440 billion and closed at N33.500 trillion.The positive market performance was driven by the decrease in prices of large and medium capitalised stocks such as Presco, BUA Cement, Conoil, Transcorp Hotel, and MTN Nigeria Communications (MTNN).Analysts at Afrinvest Limited stated: 'Tomorrow, we anticipate that the market will continue to increase as investors search for opportunities to buy at low prices.'Additio...

Wild Africa Fund has urgently called for actions to combat illicit wildlife trade, deforestation, and climate change in order to diminish the risk of future disease transmissions. The recent outbreaks of anthrax, monkeypox (now referred to as Mpox), and Marburg virus in certain regions of Africa, along with the ongoing COVID-19 pandemic, serve as a reminder that zoonotic diseases continue to pose a significant threat to our health, economies, and global security. Speaking on the occasion of the World Zoonoses Day, Peter Knights, the Co-founder and CEO of Wild Africa Fund, stated that urban consumers must cease the consumption of bushmeat to mitigate the spread of zoonotic diseases.“We must diffuse this time bomb by shifting urban consumers away from illegal bushmeat through education an...