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The Story Andela, after raising $200 million in September 2021 became the 5th Nigerian start-up to become a Unicorn (companies valued at above $1billion). The company which is now valued at $1.5billion specializes in helping companies build remote engineering teams by providing them with software engineers. Flutterwave Inc. one of the already existing unicorns is […]
The StoryOn the 7th of October 2021, President Muhammadu Buhari presented the 2022 budget to the national assembly. At the presentation of the N16trillion budget, the president mentioned that Nigeria borrowed its way out of recession. He pinned the country’s quick exit from a recession to the government’s ability to spend its way out of […]
The Stories Evergrande Group Evergrande, China’s second-largest property developer by sales has been in the news since mid-September for a possible default on its debt. The company which has a debt profile of about $300 billion has been unable to pay suppliers and has warned investors of a possible default on loans in the coming […]
The Stories An inclement summer together with suspected manipulations of oil production in Russia, kick-started the energy crunch in Europe. Europe depends on Norway and Russia for about 55% of its gas supply, both countries’ inability to meet supply demands has led to a gas supply shortage in Europe. In the UK, a mix of […]
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The Story In the past year, there has been a tremendous rise in home prices globally. The price rise which is an increase in both rent and the selling price of houses is one of the many aftermaths of the pandemic. Incredibly low interest rate, fewer construction projects, and change in family spending that came […]
The Story Nigeria has announced October 11, 2021, as the launch date for the issuance of its Eurobond. The country is looking to raise $3 billion from Eurobonds and another $3 billion from multilateral and bilateral agencies. The borrowings are to be used to fund the government’s 2021 budget deficit. What are Bonds? A bond […]
The Story As a follow-up to the announcement of the launch of Nigeria’s digital currency before the end of 2021, the Central Bank of Nigeria (CBN) recently sent a detailed presentation explaining the design and the operational module of the eNaira project. The apex bank also recently announced it will be working with Bitt Inc […]
The Story In what seems to have become regular news, two major announcements were made last week about an acquisition and a fundraise in the Nigerian digital space. The first was about the acquisition of a Ghanaian mobility start-up Stabus by its Nigerian counterpart Plentywaka. Plentywaka’s acquisition of Stabus comes after it got $1.2mn in […]
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