Since the middle of 2021, Nigerian tech startups have raised more funding from venture capital (VC) annually than the whole ecosystem in Africa has done in a year. However, experts say the global funding correction, which has seen VC firms around the world withhold signatures on many funding deals, will soon affect tech startups in Nigeria.
New data from Crunchbase showed that global venture funding totalled $47 billion in April, making it the lowest amount invested in private companies in the past 12 months. April funding dropped by 10 percent month-on-month from $52 billion in March and 12 percent from $53.5 billion in April 2021. Crunchbase said this was a clear indication that the environment was moving away from the record-setting peaks of 2021 when global funding doubled.
Nigeria’s gross domestic product (GDP) has been on the path of growth for six consecutive quarters since the last negative growth rate in the third quarter of 2020. Some factors may lower Nigeria’s GDP growth rate in 2022 except urgent policy actions are taken.
At least 54,948 people have been killed in Nigeria due to violent acts, within seven years from May 2015 to May 2022 under the Presidency of Muhammadu Buhari, a retired army general that came to power with one of the key promises of fixing Nigeria’s security challenges.
Nigeria’s Banking Industry: The Case for Redefining Tier 1 Banks
Nigeria’s banking industry has swung from one model to another between 1999 and 2022. From universal banking in 1999, it steered towards the old, specialized banking model before the recent hard brake reset sent the sector into a more contemporary ‘Holding Company (Holdco)’ mode. Source Proshare Research Read More
Oil Prices Are Set to Surge Even Higher This Summer – OIR 270522
Oil prices have been edging higher this week as improving demand signals highlight the lack of supply options in oil markets if there is a drastic contraction in Russian production, a likely outcome if the European Union bans Russian oil. Source Tom Kool of Oilprice.com Read More
FAAC April Revenue Down by N68.969bn as FG, Others Share N656.6bn
The Federation Account Allocation Committee (FAAC), last month, shared N656.602 billion between the Federal Government, states and local government councils. Source The Guardian Nigeria Read More
Dangote to FG: Ensure Single-Digit Tax Regime to Encourage Investment in Oil and Gas Sector
Aliko Dangote, president and chief executive officer (CEO) of Dangote Group, says his oil refinery will promote Nigeria’s prospects of transforming into a regional refining hub. Source TheCable Read More
Cabals Benefitting from Petrol Imports Frustrating Local Refineries – IPMAN
The massive imports of Premium Motor Spirit, popularly called petrol, using the United States dollar, will continue to put pressure on the naira and cause a further devaluation of the local currency. Source Punch Read More
Banks Tighten Forex Access as Reserves Hit Seven-Month Low
The country’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, figures obtained from the Central Bank of Nigeria have revealed. Source Punch Read More
Nigeria has Approved Starlink Internet Service, Says Elon Musk
Elon Musk, SpaceX founder, says Starlink, the company’s satellite internet service, has been approved in Nigeria. On Tuesday, Musk had hinted at rolling out the satellite internet service in Africa on his Twitter account after a user asked about his plans for Africa. Source TheCable Read More
ASSBIFI Attributes Non-Enforcement of Policies to Low Insurance Penetration
The Association of Senior Staff of Banks, Insurance and other Financial Institutions (ASSBIFI) has said that as long as the government is not enforcing and encouraging insurance practices, its contribution to the nation’s Gross Domestic Product (GDP) will continue to be abysmally low. Source The Guardian Nigeria Read More