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Moniepoint achieves ‘unicorn’ status with $110 Million investment

In a significant milestone for Nigeria’s fintech sector, Moniepoint has achieved “unicorn” status after raising $110 million from investors, including Google. This development is a rare bright spot in an otherwise challenging funding environment for African technology companies. The funding round, led by London-based private equity firm Development Partners International (DPI) and supported by Google’s Read More…

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Sanwo-Olu calls for increased climate financing at Lagos summit

Governor Babajide Sanwo-Olu of Lagos State emphasised the urgent need for continuous and enhanced financing to combat climate change challenges during the closing ceremony of the 10th Lagos International Climate Change Summit on Thursday. Represented by his Deputy, Dr. Obafemi Hamzat, the governor stressed the importance of collaborative efforts among governments, financial institutions, and international Read More…

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Business Climate Finance Finance

ONE Campaign exposes $343 billion climate finance gap; Nigeria left with $4.5 billion shortfall

A recent analysis by the ONE Campaign exposed significant discrepancies in climate finance commitments from developed nations, with almost two-thirds of the pledged $343 billion between 2013 and 2021 either unreported as disbursed or loosely linked to climate initiatives. Nigeria, facing a $4.5 billion shortfall, underscores the substantial deficit in pledged climate funds. According to Read More…

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Governor Sanwo-Olu establishes Lagos International Financial Centre Council

Governor Babajide Sanwo-Olu of Lagos State signed Executive Order 3 on Friday in Ikeja, officially establishing the Lagos International Financial Centre (LIFC) Council. This council will play a crucial role in forging strategic partnerships that will enhance the economic prosperity of Lagos State and Nigeria. During the inauguration of the council, Governor Sanwo-Olu emphasised that Read More…

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$6.7 trillion: how much the Covid-19 pandemic cost the global economy in 2020

THE pandemic will wipe an eye-watering $6.7 trillion – or £5 trillion – from the global economy in 2020, new analysis suggests. The forecast fall in global GDP – down 5.2% from $89.94 trillion to $83.19 trillion – is equivalent to the annual economic output of Germany and France combined. It would represent the deepest Read More…

Business Finance Top Story

N36.15bn added to Nigerian sovereign wealth fund in 2019

The Nigeria Sovereign Investment Authority (NSIA) recorded a Total Comprehensive Income (TCI) of N36.15 billion in 2019. Ms Stella Ojekwe-Onyejeli, the Executive Director and Chief Risk Officer at NSIA disclosed this at a virtual briefing (newsmen) on Friday in Abuja. Ojekwe-Onyejeli said the 2019 income was less when compared to the TCI for 2018 which Read More…