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Over 80 Nigerian web3 startups have collectively raised $130 million, with $20 million secured in 2024 alone, according to a report by Hashed Emergent. Funding for finance startups surged from $2 million in 2023 to $7 million in 2024, driven by stablecoin payment solutions. Nigeria now accounts for 4% of global new web3 developers, leading Africa's growth in the sector.
Arnergy, a Nigerian cleantech startup, has raised an additional $15 million in an extended Series B round, totaling $18 million, to expand its solar energy solutions. The funding will support the installation of over 12,000 solar systems by 2029 and enhance its lease-to-own product, Z Lite. However, the company faces challenges from a proposed ban on imported solar panels, which could disrupt the sector's growth.
Lagos State has partnered with Huawei Technologies to implement four new Intelligent Transport System (ITS) sites aimed at improving traffic management and road safety. The initiative will utilize AI-powered solutions and Automatic Number Plate Recognition (ANPR) cameras to enhance urban mobility, reduce congestion, and provide real-time traffic information for commuters. This collaboration marks a significant step in Lagos' ambition to become a smart city, fostering efficiency and productivity for businesses and residents alike.
The crypto industry faced significant challenges in 2023, highlighted by Binance executive Tigran Gambaryan's eight-month imprisonment in Nigeria and the conviction of Tornado Cash developer Alexey Pertsev for money laundering. As regulatory scrutiny intensified under SEC Chair Gary Gensler, the crypto lobby mobilized substantial funds for the 2024 elections, anticipating a shift in regulatory dynamics with the incoming Trump administration. The focus is expected to shift towards international regulations, particularly in the EU, while the US may become a more favorable environment for crypto entrepreneurship.
The Nigerian Securities and Exchange Commission (SEC) has tightened regulations on crypto marketing, requiring virtual asset service providers (VASPs) and social media influencers to obtain prior approval for promotions. Influencers must verify the licensing of promoted companies and disclose any payments received, with penalties for non-compliance including fines and imprisonment. The SEC plans to enforce actions against unregulated crypto transactions, aiming to curb unauthorized financial promotions in the country.
Investors are showing strong interest in short-term Nigerian government debt, attracted by high yields and an improved currency outlook following a successful $2.2 billion eurobond launch. The Central Bank of Nigeria sold 1.56 trillion naira ($990 million) in 365-day and 351-day bills at yields nearing 24%, significantly exceeding its initial target after a successful treasury bill auction.
Chappal Energies has finalized the acquisition of Equinor Nigeria Energy Company, a subsidiary of Norway's Equinor ASA. The deal, first reported by Bloomberg Terminal in 2023, received regulatory approval in Nigeria in November after a prolonged review process. The transaction was executed through Project Odinmim, a special purpose vehicle owned by Chappal, for an undisclosed amount.
Central Bank of Nigeria Governor Olayemi Cardoso indicated that interest rates may be reduced in the coming months if inflation continues to ease. He emphasized that the CBN's significant rate hikes this year were necessary to manage inflation and restore economic stability, assuring that relief is forthcoming.
Nigerian security forces reportedly used excessive force during protests against soaring living costs, with evidence indicating they were "shooting to kill," according to Amnesty International. Demonstrators, expressing their frustrations over high inflation and economic reforms by President Bola Tinubu, marched through various cities from August 1-10, chanting "we are hungry." The protests were fueled by a significant rise in food prices and the naira's devaluation following the removal of fuel subsidies and changes to foreign-exchange controls.
The Central Bank of Nigeria has implemented a cautious quarter-point interest rate hike, marking the smallest increase this year. This decision, part of a two-year tightening cycle that has seen rates more than double to 27.5%, has led some economists to speculate that the cycle may be coming to an end.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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