In the latest edition of Africa’s Fastest Growing Companies, Nigerian e-commerce firm, Omniretail, has clinched the top spot as the fastest-growing company on the continent for the year 2024. Founded in 2019, Omniretail experienced an extraordinary surge in revenue, skyrocketing by a remarkable 772.39% in 2022 to reach an impressive $139.8 million. Following closely behind is Mauritian company Kyosk Digital, a B2B platform facilitating connections between retailers and FMCG manufacturers. Kyosk Digital achieved a remarkable Compound Annual Growth Rate (CAGR) of 647.37%. Resourgenix Pty Ltd., an employment services firm based in South Africa, secured the third position with a growth…
Author: Temitope Nlewemchi
Amidst the recent tariff hike and the escalating cost of fuel, premium electricity consumers, categorized as Band A customers, are turning to solar power as an alternative energy source. With electricity costs surging by over 300% since April due to the government’s decision to eliminate subsidies for areas covered by Band A feeders, many consumers are exploring solar energy as a viable and sustainable solution. The Nigerian Electricity Regulatory Commission (NERC) increased the tariff in Band A to N225 per kilowatt-hour in April, later reducing it to N206.80/kWh in May. Despite calls for a reversal of the tariff by organized…
Point of Sale (PoS) operators, represented by the National President of the Association of Mobile Money and Bank Agents in Nigeria, are gearing up for a legal battle to challenge the requirement imposed by the Corporate Affairs Commission (CAC) for mandatory registration. Fasasi Sarafadeen, the association’s President, criticized the directive, arguing that it contradicts the Companies and Allied Matters Act, 2004, which stipulates that the CAC has no authority over individuals operating without forming a company. Sarafadeen emphasized, “We shall challenge it legally. The court will have to intervene in the interpretation of the quoted section of the CAMA if…
Unilever Nigeria Plc and its shareholders have given the green light to a dividend of 75 kobo per share, marking a notable increase from the 25 kobo dividend declared in 2022. The decision was announced during the Company’s 99th Annual General Meeting, which convened in Lagos on Monday, where a dividend totaling N4,308,753,750 for the fiscal year ended December 2023 was declared. This dividend declaration follows a remarkable surge in revenue, with figures soaring to N103.9 billion, reflecting a substantial 51.3% increase compared to the N68.6 billion recorded in 2022. Shareholders lauded this impressive growth trajectory and reiterated their confidence…
Flexify Solutions, a forward-thinking technology firm, has introduced the CyberAgric app with the aim of revolutionizing food production in the country. Announcing the launch in a statement provided to The PUNCH on Monday, Flexify Solutions highlighted that the mobile application harnesses the power of artificial intelligence to support Nigerian farmers, especially those engaged in cultivating cash crops such as cassava and maize. The innovative app enables farmers to take proactive measures to protect their crops and ensure maximum yields by utilizing smartphone cameras to capture images of their crops. With real-time analysis and advice provided by the app, farmers can…
Tony Elumelu is shining a light on a big problem facing healthcare in Africa and beyond: 40% of healthcare facilities don’t have steady electricity. This important issue was raised by Elumelu, who is the Chairman of United Bank for Africa Group and the founder of the Tony Elumelu Foundation, at the Abu Dhabi Health Forum. He explained how this lack of power seriously affects healthcare, especially in places with limited resources. During his speech, Elumelu stressed the need for different sectors to work together to solve this problem. He said, “We need to find new ways to work together to…
The Nigerian Ports Authority (NPA) has successfully resolved the decade-long gridlock on the Mile 2-TinCan-Apapa corridor, a critical route serving the TinCan and Apapa ports. The announcement came via a post on the NPA’s official X (formerly Twitter) account on Monday. The NPA credited this achievement to a collaborative effort involving the Lagos State Government, the Nigerian Navy, the Nigeria Police Force, and the support of Mr. Gboyega Oyetola, the Minister of Maritime and Blue Economy. “The Management of the @nigerianports continues to appreciate the renewed partnership with @followlasg, @NigerianNavy, @PoliceNG, and the support of the Hon. Minister of @FMoMBENigeria,…
Fuel scarcity in the state and other major cities has led to higher fares and longer waits for Lagos residents dependent on public transportation for work and business. The tricycles and buses crucial for their daily commutes are scarce, as they face difficulties obtaining fuel. Many filling stations have stopped selling fuel, and those that do are charging above the normal price range. On Monday morning, a Nairametrics observed at various bus stops and parks across Lagos State that many were crowded with people waiting for tricycles and buses for their commute. However, these vehicles were either unavailable or insufficient…
The United States Congress has made proposals to extend the African Growth and Opportunity Act (AGOA) to all 54 African countries and also extend it to 2041. According to the East African, Senators Chris Coons of Delaware and James Risch of Idaho introduced the bipartisan Agoa Renewal and Improvement Act of 2024, which would see Agoa cover 54 African countries. The extension is expected to integrate Agoa with the African Continental Free Trade Agreement (AfCFTA) to promote and enhance intra Africa supply chain in the continent. AGOA was introduced in 2000 and it is set to expire next year. US Secretary…
The Nigeria Customs Service (NCS) announced that it generated N498.07 billion in revenue for March 2024, amounting to an average hourly revenue of approximately N669.45 million and a daily average of N16.07 billion across its various commands nationwide. The announcement was made on Monday via the NCS’s official X (formerly Twitter) account, accompanied by an infographic that illustrated the revenue generated across its nationwide commands. According to the infographic, the Apapa Port Command in Lagos was the highest revenue earner among all of the Nigeria Customs Service (NCS) commands nationwide”, generating N169.93 billion in March 2024, which accounted for 34.12%…
The Edo State Governor, Godwin Obaseki, has authorized an increase in the minimum wage for workers in the state from N40,000 to N70,000. The announcement was made by the governor while speaking at the commissioning of the newly built ultra-modern Labour House secretariat complex for labour unions in the state, along Temboga Road, Ikpoba-Hill, Benin City on Monday, April 29, 2024. Governor Obaseki said the new minimum wage in the state will take effect from May 1, 2024. This is coming at a time when the Nigeria Labour Congress (NLC), the Trade Union Congress (TUC), the Federal Government and other…
Daniel Ek, the co-founder of Spotify Technology SA, has opted to sell off a portion of his shares in the audio-streaming giant after gross margin grew 27.6% in Q1, up 243 bps Year on Year. Since the start of 2024, five current members of Spotify’s executive team, along with the former CFO, Paul Vogel, have sold shares totaling $254.4 million. Notably, CEO Daniel Ek led the pack, selling $118.9 million in shares following the group’s Q2 results, preceded by a $59.9 million sale in February, Fortune first reported. Reports indicate that Ek has initiated the sale of 650,000 shares through…
The National Film and Video Censors Board (NFVCB) has reported that it processed and categorized 274 films from Nigeria’s film industry in the first quarter of the year. Dr. Shaibu Husseini, the board’s Executive Director/CEO, revealed this information in a statement on Monday in Abuja. According to the NFVCB boss, the data was gathered by the board’s Department of Film Censorship and Classification and covers a variety of film genres, the News Agency of Nigeria stated. This report will be submitted to relevant federal agencies to contribute to the calculation of Nigeria’s Gross Domestic Product for Q1 2024. When compared…
In Canada, over one million foreign students are primarily restricted to low-wage, part-time jobs. This is due to youth unemployment figures in Canada currently hovering near 12%, according to the government’s statistical agency, with the overall unemployment rate reaching 6.1% in March. We learned that Canada’s population reached about 39 million, marking the fastest rate since 1957, primarily due to immigration. However, this rapid increase has contributed to housing cost pressures and strains on government-financed health care, leading to a tightening job market that impacts the country’s large cohort of international students. The country has witnessed long queues forming outside businesses…
The Government of Nigeria and the United States (U.S.) have established a joint working group to work on modalities for mining development in the country This decision was made during a meeting between the Nigerian delegation, led by Dr. Dele Alake, Minister of Solid Minerals Development, and the U.S. delegation, led by Amos Hochstein, Senior Advisor to the U.S. President on Energy and Infrastructure. According to a statement by the minister’s Special Assistant on Media, Segun Tomori, Alake emphasized that the meeting aimed to bolster collaboration with the U.S. U.S to assist Nigeria in security and technical assistance During the…
A review of the capital importation report of the Nigeria Bureau of Statistics reveals that foreign investment inflow to the manufacturing sector increased by 67.69% in 2023. For the year 2023, FDI inflow to the manufacturing sector stood at $1.59 billion representing an increase of $642.05 million from the $948.43 million recorded in 2022. FDI by quarter When analysed on a quarter-on-quarter basis for 2023, capital importation to the manufacturing sector was highest in the second quarter at $605.04 million while it was lowest in the first three months of the year at $256.12 million. Capital importation for the third and…
The Nigerian subsidiary of Olam Agri has declared a temporary halt in the purchase of maize and sorghum due to escalating prices nationwide. In a statement, the company cited supply chain disruptions and soaring prices as factors impacting the availability of these essential grains across the country. Olam Agri emphasized its ongoing collaboration with industry peers and government bodies to alleviate the strain on the food supply for Nigerians. It stated, “As a major buyer and processor of food staples, we share the concerns about high prices and supply chain disruptions affecting the availability of essential grains” “In response to…
Arc. Musa Dangiwa, the Minister of Housing and Urban Development, has raised concerns about cement manufacturers using the fluctuating foreign exchange rates as a pretext to significantly increase cement prices, thereby adding to Nigeria’s economic challenges. This issue was brought to light during a meeting Dangiwa convened with key figures from the cement industry, including Dangote Industries Limited’s Group Chief Commercial Officer Rabiu Umar, Lafarge Cement PLC’s Commercial Director Gbenga Onimowo, and the Cement Manufacturers Association of Nigeria (CMAN)’s Secretary James Salako, along with other senior executives from the industry. The meeting took place at the Ministry’s headquarters in Abuja on Tuesday,…
The contribution of the manufacturing sector to Nigeria’s GDP in the fourth quarter of 2023 dropped from 8.40%, as recorded in the corresponding period of the previous year, to 8.23%, according to the GDP report for Q4 published by the NBS. On a quarter-on-quarter basis, the sector’s contribution to GDP dropped by 0.19%, from 8.42% to the current figure. The manufacturing sector’s Q4 2023 Real GDP growth stood at a 1.38% year-on-year increase, representing a slight decline from 2022 but an improvement from the previous quarter. Quarter-on-quarter growth stood at 9.54%. Nominal GDP The Manufacturing sector experienced a notable increase…
Global semiconductor industry; estimated to be worth USD700Billion with a compounded annual growth rate (CAGR) of 12.3% is commonly referred to as “the brainbox of all modern technology and innovation”. The sector produces micro-chips and hardware appliances that control computing devices, smart appliances, transportation and health care equipment, data centers, satellites, energy, and manufacturing equipment as well as military artillery and security systems. The semi-conductor industry creates technology that will drive the Fourth Industrial Revolution through technological breakthroughs in automation, cloud computing, big data, medicine, artificial intelligence, robotics, the Internet of Things (IoT), energy storage and biotechnology. Semiconductors are the essential…