Nigeria’s top corporates—including MTN, Dangote, Nestlé, and BUA—lost a staggering N2.17 trillion to forex pressures in 2024, as naira devaluation redefined bottom-line performance across key sectors.
After two earlier attempts, Henri Ousmane Gueye finally wins big at the 2024 Africa’s Business Heroes Prize Competition, taking home $300K for EyOne, his groundbreaking health-tech company making waves in Senegal’s healthcare sector.
Wema Bank has delivered its highest financial performance in five years, recording N433.43 billion in gross earnings and N102.5 billion in pre-tax profit for 2024. A mix of strong loan growth, smart investments, and digital banking innovation fueled this milestone year.
Five West African startups have received £500K in grants through TRANSFORM West Africa to scale circular and sustainable solutions, with Nigeria in the spotlight.
Central Bank of Nigeria (CBN) has attributed the $2.57 billion drop in FX reserves during Q1 2025 to foreign debt servicing. Despite the decline, the bank projects a recovery in the coming months.
Ivorian fintech startup Djamo has secured $17 million in fresh funding to scale digital banking across Francophone West Africa. With over 1 million users, Djamo is redefining access to finance in underserved markets.
FAC secures €2 million from IFC to expand its dairy and juice production in Cameroon. The partnership will support food security, job creation, and small business growth in the agribusiness sector.
The World Bank has approved $1.08 billion in concessional financing to enhance education, nutrition, and economic resilience in Nigeria. The funds will support three key programs: HOPE-EDU for education reforms, ANRIN 2.0 for maternal and child nutrition, and NG-CARES for economic recovery efforts. These initiatives will benefit millions of Nigerians, improving school systems, tackling malnutrition, and providing financial aid to vulnerable communities. This investment underscores the importance of human capital development in shaping Nigeria’s future.
Investor interest in FGN bonds stayed high despite a decline in offer volumes, with total subscriptions reaching N2.83 trillion in Q1 2025. The government's cautious borrowing strategy reflects efforts to manage debt amid rising interest rates.
Lagos Chamber of Commerce and Industry (LCCI) has called for transparency in the disbursement of the $500 million World Bank loan to ensure it benefits small businesses and vulnerable communities. The chamber also stresses the need for long-term economic reforms to reduce Nigeria’s reliance on external borrowing.