Startups in Nigeria raise over $1.2 billion fundings in 2021
Nigerian startups raised the sum of $1.25 billion through seed and series fundings across 91 deals in 2021, with the tech sector attracting a significant portion of the funding. According to Nairametrics, the funds raised by these startups in 2021 was significantly higher than the previous year, indicating an impressive deal-making pace by Nigerian corporates. […]
Nigeria’s external reserve falls below $40 billion threshold
The Central bank of Nigeria has said the nation’s external reserve has fallen below the $40 billion thresholds it had maintained in over three months. According to data from the CBN, the reserve had endured a continuous decline in recent months owing to the intervention of the apex bank in the official FX market and […]
FIRS generated N4.4 trillion from non-oil sector in 2021
The Federal Inland Revenue Service (FIRS) generated N4.396 trillion in taxes from the non-oil sector in 2021 compared to N2.507 trillion collected in 2017. Muhammad Nami the chairman of the FIRS disclosed this in the Service’s 2021 performance update. According to the performance update, the nation recorded a consistent increase in tax collection from the non-oil […]
Lai Mohammed: ICPC recovered N34B, saved FG N261B in 2 years
The Independent Corrupt Practices Commission (ICPC) Constituency and Executive Projects Tracking Initiative has recovered the sum of N34.346 billion and US$1.62 million between 2019 and 2021, and also saved the sum of N261 billion for the same period. Lai Mohammed disclosed this during a press conference highlighting the Federal Government’s progress in its fight against […]
In 2021 FIRS Generated Record N6.4trn
The Federal Inland Revenue Service (FIRS) has generated a record N6.4 trillion as revenue in 2021, the highest in its history. 2021 revenue collection exceeded that of 2019 when the agency got a record N5.3 trillion under the administration of Babatunde Fowler. Spokesman to FIRS Chairman, Oluwatobi Wojuola, who disclosed this via a statement issued […]
Uber launches UberMoto, a bike-hailing service in Ibadan
Uber has launched its first bike-hailing service in Nigeria, which will be operating in Ibadan, Oyo State. The Nigerian mobility company joins Bolt, formerly Taxify, which launched its bike-hailing service in Ibadan in July 2019. In a statement from the country manager, Tope Akinwumi, the ‘okada’ rides would go from as low as N100 upwards […]
Nigeria set to benefit from IMF $50bn support for low-income countries
The International Monetary Fund (IMF) says it is proposing a $50 billion trust fund to help low and vulnerable middle-income countries build resilience and sustainability. The Washington-based institution said this on Thursday in a new blog post. On Thursday the IMF in a blog post said the fund will help build resilience to balance payments […]
Standard Chartered Bank To Shut Down Half Of Nigeria Branches
Standard Chartered Plc says it is closing about half of its Nigerian branches in a pivot to digital banking. The decision was reached following the finance industry coming under pressure from mobile money providers. The London-listed lender’s local unit has already started to shut some offices in December and will eventually operate only 13 branches […]
American Workers Are Fighting Back With Strikes
Thanks to the coronavirus pandemic, a growing number of American workers are fighting back with strikes to pressure corporations for better pay and working conditions after several years of accepting the statusquo. From healthcare to manufacturing and the film industry to mining, a wide swath of Americans is threatening to or have already started their […]
If Unopposed, Soaring Housing Prices Only Benefit the Rich
About two weeks ago, a viral tweet based on a four-month-old Wall Street Journal article set off a firestorm on Twitter about the Soaring Housing prices and corporate ownership of single-family homes. Thread.Blackrock is buying every single family house they can find, paying 20-50% above asking price and outbidding normal home buyers. Why are corporations, pension funds and property […]