Investment

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Investment

Dangote acquires Kenya’s tour operator, Pollman’s Tours and Safaris

Nairobi, May 14, 2025 – Aliko Dangote, the Chief Executive of Dangote Group, has acquired Kenya’s oldest tour operator, Pollman’s Tours and Safaris. Dangote owns Africa Travel Investments which bought over Pollman’s Tours and Safaris. The acquisition indicates Dangote’s confidence in Kenya’s tourism industry, a major foreign exchange earner. The Competition Authority of Kenya (CAK) has authorised a 100% acquisition of Pollman’s issued share capital. “The structure and concentration of the markets for tour operators in Kenya will not be impacted by the proposed transaction because the target and the …

Investment Manufacturing/Industry

FG targets $6bn foreign investments inflow into economy in 2025

Lagos, April 30, 2025 – The federal government plans to achieve $6 billion foreign investment inflow into the economy this year. Dr Jumoke Oduwole, the Minister of Industry, Trade and Investment (FMITI), said this on Tuesday during the ‘Closing Gong’ ceremony of the Nigerian Exchange (NGX) in Lagos. She said $3 billion of the targeted foreign investments would be in form of Foreign Direct Investment (FDI) that would be invested in strategic sectors like infrastructure, manufacturing, agribusiness, tech and renewable energy. She said the remaining $3 billion would be in …

Business Solutions Investment Manufacturing/Industry

Another blow for Elon Musk after his $44 billion prized possession crashed

Washington, March 29, 2025 – Elon Musk’s X, formally known as Twitter, was hit by another major outage that plagued users nationwide Friday.  The platform, which Musk purchased for $44 billion, went down around 2:30pm ET as users noticed the app and website were not working.  Downdetector, a site that monitors online outages, revealed the outage was largely hitting the eastern half of the US. By 3pm, over 50,000 X users had reported a problem to the outage-monitoring website. Although the problems appeared to start in the east, the biggest trouble zones …

Foreign Investment Politics

Trump tariffs to hit European automakers hard

Washington, March 27, 2025 – President Donald Trump’s tariffs on auto imports will deal a heavy blow to European carmakers, especially German manufacturers, which rely on the US markets for a big chunk of their profits. The move comes as the continent’s automakers have already seen their earnings slump in the past year, with some such as Volkswagen, Mercedes or BMW struggling in another key foreign market, China. These SUVs would avoid US tariffs, but the US-made models are also exported abroad, exposing them to possible retaliatory duties. BMW said …

Business Planning Investment

Osinbajo underscores Africa’s economic integration as existential issue

Addis Ababa, March 24, 2025 – The economic integration of Africa must be seen as an existential issue, the former Nigerian Vice President Professor Yemi Osinbajo underscored. Professor Osinbajo stressed the importance of strong political leadership to push forward the African Continental Free Trade Area (AfCFTA), which is one of the key instruments to expediting economic integration in the African continent. “If the AfCFTA succeeds, it will mean phenomenal success for African economies,” he said. On a related note, Wamkele Mene, Secretary-General of the AfCFTA, provided updates on the agreement’s …

Business Planning Investment

Global markets tumble as Israeli airstrikes intensify

Washington, March 19, 2025 – Global markets reacted on Tuesday as Israeli airstrikes on Gaza escalated geopolitical tensions, sending Wall Street into decline and pushing gold prices to record highs. The selloff came as the U.S. Federal Reserve convened for a crucial monetary policy meeting amid rising economic uncertainty. According to Reuters, the latest round of Israeli missile attacks resulted in the deaths of over 400 people in Gaza, intensifying Middle East tensions. The renewed conflict also overshadowed a call between U.S. President Donald Trump and Russian President Vladimir Putin, …

Business Solutions Foreign Investment

Ukraine ready to sign US minerals deal after clash with Trump – Zelensky

Washington, March 3, 2025 – Ukrainian leader said there had been contact between Kyiv and Washington since Friday’s Oval Office bust-up, although not at his level Ukraine was ready to sign a minerals deal with the United States, Ukrainian President Volodymyr Zelensky told UK media on Sunday. “The agreement that’s on the table will be signed if the parties are ready,” he told a late-night huddle with some UK media after a landmark summit in London. But in their Oval Office meeting, Trump berated Zelensky, telling him to be more …

Foreign Investment Politics

Ukraine ready to sign US minerals deal after clash with Trump – Zelensky

Washington, March 3, 2025 – Ukrainian leader said there had been contact between Kyiv and Washington since Friday’s Oval Office bust-up, although not at his level Ukraine was ready to sign a minerals deal with the United States, Ukrainian President Volodymyr Zelensky told UK media on Sunday. “The agreement that’s on the table will be signed if the parties are ready,” he told a late-night huddle with some UK media after a landmark summit in London. But in their Oval Office meeting, Trump berated Zelensky, telling him to be more …

Investment Manufacturing/Industry

UK signs $40.5m investment agreement with Nigerian agrobusiness firm

Abuja, Feb. 19, 2025 – British International Investment (BII), the UK’s development finance institution, has signed a $40.5 million investment deal with Johnvents Group, an agribusiness industry in Nigeria. The deal, which is enhance cocoa processing in Nigeria, was signed in Abuja on Tuesday. Jonny Baxter, the British Deputy High Commissioner in Nigeria, while speaking at the agreement signing ceremony, said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. “Through this landmark agreement between the UK’s development finance institution, …

Investment Money market

Nigerian economy improving with higher potential to attract foreign investments –  Edun

Abuja, Feb. 7, 2025 – Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, says the country’s economy is gradually improving with higher potential for foreign investments. Edun said this on Thursday while receiving a delegation from First Abu Dhabi Bank, led by the Group Head of Investment Banking, Martin Tricaud. Edun said the Nigerian economy had stabilised through the economic measures of the federal government as indicated by the improved Gross Domestic Product (GDP) and strengthened trade balance. The minister listed some of the economic reforms …