You need to active Javascript on your
Nigeria's leading finance and market intelligence news report.

News Roundup: Nigeria’s GDP grew 5%, Shell loses Oil License, Kenya overtakes

Nigeria in crypto adoption, Awabah accepted into Telestars...

Nigeria’s GDP grew 5% in Q2
Nigeria’s gross domestic product (GDP) grew by 5.01 percent in the second quarter of 2021, the most since 2014, thanks to the easing of COVID-19 restrictions that hurt growth last year. This growth also marks three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. “The steady recovery observed since the end
of 2020, with the gradual return of commercial activity as well as local and international travel, accounted for the significant increase in growth performance relative to the second quarter of 2020 when nationwide restrictions took effect,” the report stated. The Road transport sector emerged as the best performing sector in Q2 2021, growing 92.38 percent compared to a
contraction of 23.75 percent in Q1 2021 and a contraction of 51.37 percent in the second quarter
of 2020.

S.Africa’s Massmart to dispose 14 Game stores in East and West Africa
South African retailer Massmart is disposing of all its general merchandise Game stores in West and East Africa as the Walmart majority-owned retailer evaluates its portfolio on the continent. As part of a turnaround plan, Massmart had said it will review its store portfolio outside of Southern Africa. That review has now resulted in the disposal of 14 stores across Ghana, Nigeria,
Uganda, Kenya and Tanzania. Like its peer Shoprite Holdings forays into African markets including Nigeria have been marred by currency volatility and constrained consumer demand, making it difficult to operate profitably on the continent once touted as the next bright growth spot for retailers.

Awabah accepted into Telestars London accelerator programme
With thousands of applicants and an acceptance rate of near 1 or 2 percent, Awabah, Nigeria’s first digital platform providing pension access to Africa’s self-employed, has announced that it has been accepted into the Techstars London accelerator program. The startup is dedicated to making micro-pension services available to those in the informal sector and those whose
employers are not legally required to deduct and remit pension. With the acceptance, Awabah will join nine other startups in the class of 2021 and secure funding from the accelerator. Techstars is an American seed accelerator founded in 2006 in Boulder, Colorado. As of 2019, the company had accepted over 1,600 companies into its programs with a combined market capitalization of $18.2bn. Awabah was launched in November of 2020, signed up over 700 clients in its first two months, and has been dedicated to advancing the cause for future financial inclusion and security in Africa ever since. The Lagos-based company, founded by Tunji Andrews, Tina Ajishebiyawo, and Gboyega Olatunde, is building wealth for Africa’s
informal, particularly self-employed population by ensuring that they are able to plan for a
dignified life after retirement.

Read also: Dangote refinery must buy NNPC’s crude oil Kyari

Bandits attack the Nigerian Defence Academy
Suspected bandits have attacked the Nigerian Defence Academy (NDA), Kaduna, killing two officers and abducting another senior officer. According to witnesses, the bandits came in large numbers in the early hours of Tuesday. Aside from the officers killed and kidnapped, some others sustained gunshot injuries and are currently receiving treatment at the NDA hospital.
The attack on the military facility comes amidst heightened insecurity in the North-west, with Kaduna State at the epicenter. Hundreds of students have been kidnapped in various schools across Kaduna State in the past
five months as the state governor, Nasir El-Rufai, has stood his ground on his no ransom
payment policy.

Nigeria’s data usage hit 205,880 terabytes
Nigeria’s current data usage has hit 205,880 terabytes. This is according to data from the
Nigerian Communications Commission (NCC). According to the commission, the latest output
indicates an increase of 202.08 per cent in the last three years. According to the NCC data,
information from subscriber/network reports demonstrates that data usage jumped from
68,154.12 terabytes in 2019 to 125,149.86 terabytes in 2020 and up to its current value of
205,880.4 terabytes. The report explained that Nigerians consumed more data due to the
outbreak of the COVID-19 pandemic in 2020 because most functions had to be done through
virtual platforms as work and other forms of activity moved from physical to remote. Another
reason for this rise is the improved 4G network across the country. According to an Airtel report,
the improved 4G network had resulted in a rise in data traffic, an increase in smartphone
penetration, data customers, and large data volumes consumed per customer.

Shell Nigeria Loses Oil License
Royal Dutch Shell Plc’s Nigerian venture lost the right to operate an oil site after a court ruled the company wasn’t entitled to renew a lease first granted in 1989. This follows the judgment by the Court of Appeal in Abuja on Monday, which upturned a 2019 ruling that granted SPDC the right to renew its operating license for the Oil Mineral Lease 11 (OML 11) field and transferred those rights to the state- owned Nigerian National Petroleum Corporation (NNPC). “This is a huge victory for the government and people of Nigeria as we now have the impetus to responsibly unlock the oil and gas reserves the block offers for the benefit of all Nigerians,” Mele Kyari, managing director of NNPC, said in a statement. Shell was “disappointed” by the judgment and subsequently filed an appeal, a spokesperson for the company said in a statement. “Though we believe the SPDC JV has fulfilled its obligations under the Petroleum Act for the renewal of OML 11, our preference remains to engage the Nigerian authorities on
available options for an amicable resolution of issues around the lease,” the spokesperson said.

Kenya Overtakes Nigeria in Global Crypto Adoption
Kenya has been ranked higher than Nigeria to be the top country in Africa for cryptocurrency adoption, according to data from Chainalysis. In the 2021 Global Crypto Adoption Index, Kenya ranked 5th globally with a 0.28 score on the global index, just above Nigeria which had 0.26 in sixth place. The index ranked 154 countries under three metrics including the on-chain
cryptocurrency value received, weighted by purchasing power parity (PPP) per capita; on-chain retail value transferred, weighted by PPP per capita; and peer-to-peer (P2P) exchange trade volume, weighted by PPP per capita and the number of internet users. Kenya emerged the highest in the first two metrics, the on-chain cryptocurrency value received, weighted by purchasing power parity (PPP) per capita, and on-chain retail value transferred, weighted by PPP per capita. Several countries in emerging markets, including Kenya, Nigeria, Vietnam, and Venezuela rank high on our index in large part because they have huge transaction volumes on peer-to-peer (P2P) platforms when adjusted for PPP per capita and internet-using population

Get real time updates directly on you device, subscribe now.