New Google-IFC report: Africa’s Internet economy to value $180bn by 2025

New Google-IFC report: Africa’s Internet economy to value $180 billion by 2025

Africa’s Internet economy has the potential to reach 5.2 per cent of the continent’s gross domestic product (GDP) by 2025. e-Conomy Africa 2020, a new report released today by Google and the International Finance Corporation (IFC) has  made the projection, adding this will contribute nearly $180 billion to its economy, while the projected potential contribution could reach $712 billion by 2050. Driving this growth, according to the report, is a combination of increased access to faster and better quality Internet connectivity, a rapidly expanding urban population, a growing tech talent…

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UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

UK loses £20bn as Brexit, COVID-19 halt 1.5 SMEs from Int’l trade

Over 1.5 million UK SMEs have stopped trading internationally this year which could cost the UK £20 billion, due to the impacts of COVID-19 and uncertainty around Brexit. New research released by British fintech, Currensea, reveals that of the 80 per cent of British SMEs (4.72 million businesses) that trade internationally in any given year, 1.18 million have had to pause directly because of the global pandemic and a further 283,000 because of Brexit. In the new report, Currensea described the development as a significant loss for SMEs as international…

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eSports sponsorships projected to hit $584m in 2020

eSports sponsorships

Digital Revenues to Surge by 60.9% YoY Merchandise and Tickets Plunge by 50.3% ____________________________ The entire eSports ecosystem has boomed in recent years, with more and more viewers tuning in to watch their favorite games being played by some of the best gamers in the world. The surge in the number of eSports fans opened up a new market for brands and advertisers to sell their products and led to the impressive growth of sponsorships as the largest revenue stream of the eSports industry. According to data presented by SafeBettingSites.com…

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How Pidgin English earns 4 persons N1m from Heritage Bank

Pidgin English earns 4 persons N1m from Heriage Bank

Heritage Bank Plc has rewarded the winners of the rendition of the October 1st National Pledge in Pidgin English in celebration of Nigeria’s 60th Independence Anniversary. The four patriotic Nigerians, who emerged as the winners are Idowu Ilesanmi (Lagos); Christiana Chukwu (Lagos); Onovo Chukwuebuka (Edo) and Paul Eze (Abuja) received cash prize of N250, 000 each. The bank slated an online competition for customers to make videos recitation of them presenting the “National Pledge” in Pidgin English and the four best videos were rewarded with total cash prize of N1million.…

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ANALYSIS: Dollar rationing to persist on meagre inflows

Dollar rationing to persist on meagre inflows

November 2020 Economic Insight By NOVA Reasearch Analysts Dollar Rationing to Persist on Meagre Inflows and Rising Outflows The CBN intervention across segments of the FX market improved in the month of October, with total intervention sales rising 25% MoM to $1.9 billion from $1.5 billion in September, albeit below the average of $2.0 billion over Q1 2020 when inflows moderated the level of interventions. CBN sales to the SMEs, Invisibles and SMIS (retail and wholesale) segments totaled $540 million compared to $400 million in September. Non-auction sales increased to…

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Lagos State targets N962bn IGR to fund N1.155trn 2021 budget

Lagos State targets N962bn IGR to fund N1.155trn 2021 budget

Governor Babajide Sanwo-Olu of Lagos, Nigeria’s economic and financial capital, on Tuesday presented the N1.155 trillion 2021 Proposed what he tagged “Budget of Rekindling Hope,” before the State House of Assembly. The spending plan, expected to propel the restoration of economic balance and “help the state navigate its way out of the negative impact of the Coronavirus (COVID-19) pandemic and the destruction of public assets, following the EndSARS protest hijack.” A breakdown of the proposed budget showed that funding will be significantly through Internally Generated Revenue (IGR), which is projected…

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Lagos moves to repeal law on pension for ex-govs, deputies

Lagos moves repeal law on pension for ex-govs, deputies

In the face of the dwindling revenue and the need to cut governance cost, the Lagos State Government says it is drafting a bill that would repeal the Public Office Holder (Payment of Pension Law 2007). This was announced on Tuesday morning by Gbenga Omotoso, the state’s commissioner for Information and Strategy through his Twitter handle, @gbenga_omo. According to him, “to keep governance cost low and to signal selflessness in public service, a draft executive bill coming for the repeal of the Public Office Holder (Payment of Pension Law 2007),…

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Profit-taking ahead amidst strong recovery on NSE, as investors await Tier-1 banks

Market Update for November 10 By Investdata Analysts Tuesday’s trading on the Nigerian Stock Exchange (NSE) remained very volatile and mixed to continue its bull rampage as the composite All-Share index again closed positive, extending the buying momentum for the third consecutive day after side-trending. The high traded volume has supported the V-shaped rally which reveals strong market fundamentals with liquidity and the better-than-expected corporate earnings that indicate healthy companies, even in the face of the current economic downturn. The recent massive surge in equity prices and by extension, the…

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AfDB signs grant agreement to support Rwanda coding academy

AfDB signs grant agreement to support Rwanda coding academy

The African Development Bank (AfDB) has signed a grant agreement with the Ministry of ICT and Innovation in Rwanda to support the Rwanda Coding Academy,. The academy is set up to develop top technology talent to drive a booming, innovation-driven digital economy in the East African nation, the multilateral development bank said in a press release at the weekend. According to the statement, “the grant funding of $150,000, from the Rockefeller Trust Fund, which the bank administers, will be directed to the implementation of activities, including acquisition of computers and…

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Aviation fuel: Total, MRS record N14.9bn revenue losses in nine months

Aviation fuel: Total, MRS records N14.9bn revenue losses in nine months

The total revenue generated by two of the major oil marketing companies in the country from the sale of aviation fuel plunged by 58.2 per cent in the first nine months of the year, compared with the same period of 2019. The nation’s airports were closed on March 23 to stem the spread of the COVID-19 pandemic in the country but the Federal Government started reopening them on July 8. The oil marketing companies, Total Nigeria Plc and MRS Oil Nigeria Plc, saw their combined aviation fuel revenue for the…

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