Report shows grim 5-year outlook for Nigeria’s informal businesses
Post AMUGE
July 16, 2024
Details stages of struggles to stay afloat Onome Amuge A worrying trend has been exposed in Nigeria’s informal sector, with a new report revealing that most businesses within this sector fail to survive beyond five years, reflecting the harsh reality facing these businesses which contribute over half of Nigeria’s gross domestic product. The 2024 Informal […]
Climate Action Africa announces opening of applications for CAAF24 Deal Room
Post AMUGEApril 22, 2024
Business a.m. Climate Action Africa (CAA), a leading advocate for climate resilience and sustainable development, has announced the opening of applications for the Deal Room at the 2024 Climate Action Africa Forum (CAAF24). The Deal Room is a groundbreaking platform that aims to connect high-impact climate innovators in Africa with potential investors seeking to accelerate […]
Climate tax task force meets in US to close $2.4trn funding gap
Post AMUGEApril 15, 2024
Developing, vulnerable countries annual need To meet climate targets, Paris commitments France, Barbados, Kenya co-chair of ITTF PHILLIP ISAKPA IN STOCKPORT, UK The world will begin an attempt at moving the needle in the quest to close the huge estimated $2.4 trillion annual funding gap that developing and vulnerable countries require to meet their […]
CBN rate hike stirs fears of more pain for Nigerian SMEs
Post AMUGEApril 2, 2024
ONOME AMUGE & JOY AGWUNOBI As small and medium-sized enterprises (SMEs) in Nigeria grapple with rising borrowing costs, the Central Bank of Nigeria (CBN) has dealt them a new blow by raising the Monetary Policy Rate yet again. While the move is aimed at curbing inflation, analysts are concerned that the higher interest rates […]
Lenders drop $1.25bn to back Indorama’s fertiliser expansion
Post AMUGEMarch 25, 2024
For third production line of 1.4mmt capacity Firm agrees to greenhouse gas strategy Cynthia Ezekwe Indorama Eleme Fertiliser and Chemicals Limited, a leading producer of urea in sub-Saharan Africa, has secured a significant financing package worth $1.25 billion to enable the expansion of its fertiliser production capacity. This investment is expected to have […]
Tony Elumelu Foundation set to reveal new cohort of young African entrepreneurs
Post AMUGEMarch 21, 2024
Business a.m The Tony Elumelu Foundation (TEF) is set to change the lives of 1,200 African entrepreneurs across 54 countries, with the announcement of the 10th cohort of its life-changing TEF Entrepreneurship Programme on March 22, 2024. The 10th cohort of the Programme, an initiative of the leading African philanthropy empowering African entrepreneurs, is a […]
British Council, Prince’s Trust offer N2m grant to 8 young entrepreneurs
Post AMUGEMarch 16, 2024
Onome Amuge The British Council and Prince’s Trust International (PTI) have awarded eight Nigerian entrepreneurs a total of N2 million, as part of the Sustainable Enterprise Challenge Programme (TSECP). The programme, which kicked off with 60 participants aged between 18 and 35 years, came to an exciting conclusion on March 15, 2024, at the Zone […]
Slice off Nigeria’s FX pressure in Afreximbank $2.25bn to NNPCL
Post AMUGEJanuary 15, 2024
Onome Amuge Nigeria took a little slice off its foreign exchange pressure following the successful arrangement by the African Export-Import Bank (Afreximbank) of a syndicated $3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL) and its disbursement of $2.25 billion of the amount to the national oil company. A […]
Africa’s VC funding slump raises concerns over startup viability
Post AMUGEDecember 4, 2023
Onome Amuge Africa’s tech ecosystem has experienced a range of performance outcomes since the start of the year. While venture capital (VC) funding has not reached the record levels seen in 2021 and 2022, regulations and standards have taken center stage in efforts to govern and support the growth of the digital economy across […]
AfDB, FSDH ink $20m deal to spur SME growth in Nigeria
Agwunobi JoyDecember 4, 2023
The African Development Bank (AfDB) has signed a new $20 million trade finance facility with FSDH, a leading Nigerian non-bank financial institution. The facility is designed to support Small and Medium Enterprises (SMEs) in Nigeria by providing access to much-needed trade finance. Speaking at the signing ceremony in Lagos recently, Lamin Barrow, director-general of the […]