The amount of currency held outside Nigeria’s banking system fell to about ₦4.8 trillion in July, the lowest level recorded in eight months. The decline suggests that more money may be moving through the formal banking system rather than remaining as physical cash outside banks. The development comes amid continuing efforts to encourage digital payments […]
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Nigeria’s private-sector economy recorded another month of expansion in August, with the Composite Purchasing Managers’ Index rising to 52.7 points. The latest figure represents an improvement from 51.1 recorded in July. A PMI reading above 50 generally indicates expansion in economic activity, while a reading below 50 points to contraction. The August improvement was supported […]
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Ride-hailing company Uber has officially ended its operations in Nigeria after 12 years in the country’s growing digital transportation market. Uber announced that its Nigerian operations would wind down from September 2, 2026, bringing an end to a presence that began with its Lagos launch in 2014. The company later expanded to other Nigerian cities […]
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Across the continent, this week’s major developments show that Africa’s biggest challenges are increasingly connected: economic reforms, debt, energy, healthcare, elections and governance. Nigeria is recording stronger economic growth while still dealing with high living costs and structural challenges. Senegal is seeking IMF support to rebuild financial credibility, while Zambia begins another presidential term amid […]
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A major international investment is set to reshape ownership of one of Africa’s important private power-generation companies. ePointZero, an Abu Dhabi-based energy infrastructure company and subsidiary of 2PointZero Group, has announced plans to acquire a 90% stake in Azura Power Holdings. Azura operates power-generation assets in Nigeria, Senegal and Mozambique, with about 752 megawatts of […]
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NAIROBI — Aviation workers in Kenya have called off their two-day strike after reaching an agreement with the government and other parties involved in the dispute. The Kenya Aviation Workers Union signed a return-to-work agreement on Tuesday and directed affected workers to resume their duties. The strike had disrupted operations at several airports, including Jomo […]
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Lagos, Nigeria: Nigeria has received a boost from international credit rating agency Moody’s after the agency changed the country’s economic outlook from stable to positive. Moody’s pointed to improvements in Nigeria’s external position, including stronger foreign exchange reserves and better-than-expected economic growth. The agency, however, maintained Nigeria’s sovereign rating at B3, meaning major economic and […]
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ABUJA, Nigeria — Nigeria has received a more positive assessment from international credit rating agency Moody’s. The agency changed Nigeria’s economic outlook from stable to positive, while maintaining the country’s sovereign rating at B3. Moody’s said Nigeria’s stronger foreign exchange reserves and better-than-expected economic growth had improved the country’s ability to withstand external shocks. Higher […]
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Businesses in Kenya are preparing for additional costs after Meta announced plans to charge companies for certain WhatsApp Business messages. The new charges are expected to apply from October 1, with businesses paying according to messages delivered to customers. The change will affect companies that rely heavily on WhatsApp to communicate with customers, respond to […]
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Fresh concerns over petrol prices have triggered criticism from organised labour and civil society organisations, with groups accusing the government and operators in the petroleum sector of putting additional pressure on Nigerian households. The latest increase comes at a time when many Nigerians are already dealing with higher transportation, food and household expenses. Labour representatives […]
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