African solar kits provider Qotto raises $8Mn to expand its operations

Qotto, a leading African solar kits provider with operations in Benin and Burkina Faso, has reportedly secured over $8 million in its Series A equity-debt financing round. As per reports, the round was headed by the IBL group, a Mauritius-based billion-dollar conglomerate with business interests in

Central Bank of Nigeria extends deadline for exchanging old banknotes

The Central Bank of Nigeria (CBN) has reportedly extended the deadline for exchanging old banknotes for new ones. Apparently, long queues have formed at some banks as Nigerians scrambled to reach the closing date of Tuesday. Atiku Abubakar, the opposition candidate for the presidency, and Nige

Fintech firm Kwara doubles client base by securing $3M seed extension

Kwara, a Kenya-based fintech company that digitizes credit unions (saccos), has reportedly doubled its customer base in 2022 and anticipates massive growth in the coming years after obtaining a $3 million seed financing and securing a curated digital solutions distribution deal with Kuscco (Kenya Un

Nigerian agritech startup Releaf receives $3.3M in pre-Series A round

Releaf, the Nigerian agritech firm, has reportedly secured $3.3 million in an oversubscribed pre-Series A funding round. Releaf provides ingredients to consumer goods producers and food facilities. The business backed by Jack Ma Foundation stated it will acquire $4.2 million (along with a $1.5 mi

Japan uses trade & investment fair to fortify relations with Nigeria

The Japan External Trade Organization (JETRO) has reportedly shown confidence in the investment climate in Nigeria, despite the difficult operating conditions for companies in the nation. Taninami Takuma, Trade Commissioner and Managing Director of JETRO Lagos, stated at the opening ceremony of t

China urges Nigeria to use digital economy to alleviate poverty

China has reportedly urged Nigeria to use the digital economy to fight poverty. It has also asked for greater cooperation to solve concerns like consumer protection, authentication, data localization, cross-border data flow, cyber security, and data protection. This was announced at the ACEP

South Africa receives investment grade status from new rating body

Gauteng-based rating organization Sovereign Africa Ratings (SAR) recently published its findings on South Africa’s creditworthiness, reportedly assigning the country a BBB long-term and B+ short-term grade along with a steady credit outlook. Apparently, the agency’s assessments o

Aria Commodities to invest $41 mn in Hamriyah Free Zone projects

Aria Commodities, a specialist in storage infrastructure development and asphalt and distillates, has recently announced an investment of nearly Dh154 million ($41 million). These funds will be used for constructing four plants in the Hamriyah Free Zone, including a Bitumen plant, a tire cycling pla

South Africa: Seriti Resources to invest $730Mn in 450MW wind farm

South African energy firm, Seriti Resources is reportedly planning to invest $730 million towards establishing a 450-megawatt wind farm in Mpumalanga after the acquisition of Windlab Africa. This move is in line with the company’s plans to reduce its carbon footprint and venture into renewa