Emele Onu

Nigeria

Bloomberg journalist; ex-money mkt editor at ThisDay Nigeria: ex-finance editor at Daily Independent; Award-winning writer; Media strategist; Opinions are mine.

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Articles

Nigeria Upgraded to B3 by Moody’s on Fiscal, Forex Gains

6 days ago | bloomberg.com | Emele Onu

Office workers walk along the marina road in the Central Business District (CBD) of Lagos, Nigeria, on Monday, Aug. 14, 2023. Nigerian President Bola Tinubu has declared a state of emergency to counter the rising cost of living and in early August announced a 500 billion naira package of measures to improve food supply, ease transportation costs and boost manufacturing.
Nigeria Plans $464 Million Waterway Boost to Ease Lagos Traffic

1 week ago | bloomberg.com | Emele Onu

Heavy traffic surrounds the roads by a market in Lagos. (Bloomberg) -- The state housing Nigeria’s economic hub is engaging the European Union to develop inland waterways as part of an integrated urban-transport system intended to ease gridlock in Lagos, which is also its most populous city. They are due to break ground on the €410 million ($464 million) project in June, the Lagos state government said in an emailed statement Friday.
AfDB Sees Cedi Among African Currencies Slipping in 2025

1 week ago | bloomberg.com | Emele Onu

A customer hands a vendor a naira banknote to a vendor in Lagos, Nigeria. (Bloomberg) -- Almost half of the currencies in Africa will weaken against the dollar this year, according to the African Development Bank, citing geopolitical strains and domestic economic challenges. The Abidjan-based development institution predicts 21 African countries’ currencies will depreciate against the dollar, with 25 possibly appreciating, out of 54 nations, according to the bank’s Africa Economic Outlook.
Blockchain.com Seeks Africa Expansion as Crypto Rules Emerge

1 week ago | news.bloomberglaw.com | Emele Onu

Blockchain.com, a UK-based crypto exchange, is seeking to expand in African nations that have started to institute rules to regulate the industry. The company is looking to grow in countries including Ghana, Kenya, South Africa, and this quarter is planning a physical office in Nigeria, which is the firm’s “fastest-growing market” in West Africa, according to Owenize Odia, Blockchain.com’s general manager for Africa operations.
Blockchain.com Seeks Africa Expansion as Crypto Rules Emerge

1 week ago | news.bloomberglaw.com | Emele Onu

Blockchain.com, a UK-based crypto exchange, is seeking to expand in African nations that have started to institute rules to regulate the industry. The company is looking to grow in countries including Ghana, Kenya, South Africa, and this quarter is planning a physical office in Nigeria, which is the firm’s “fastest-growing market” in West Africa, according to Owenize Odia, Blockchain.com’s general manager for Africa operations.
Blockchain.com Seeks Africa Expansion as Crypto Rules Emerge

1 week ago | news.bloombergtax.com | Emele Onu

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Blockchain.com Seeks Africa Expansion as Crypto Rules Emerge

1 week ago | bloomberg.com | Emele Onu

Cryptocurrency prices. (Bloomberg) -- Blockchain.com, a UK-based crypto exchange, is seeking to expand in African nations that have started to institute rules to regulate the industry. The company is looking to grow in countries including Ghana, Kenya, South Africa, and this quarter is planning a physical office in Nigeria, which is the firm’s “fastest-growing market” in West Africa, according to Owenize Odia, Blockchain.com’s general manager for Africa operations.
Nigerian Manufacturers ‘Harassed’ Over FX Contracts, Lobby Says

2 weeks ago | bloomberg.com | Emele Onu

(Bloomberg) -- Nigerian manufacturers say they’re being “harassed” by lenders over outstanding forward foreign exchange contracts with the central bank. The contracts are a legacy of the West African nation’s old fixed-currency regime, which was relaxed in 2023, and the Manufacturers Association of Nigeria said members have faced penalties including frozen accounts over the impasse. Banks are inflicting “unwholesome treatments,” the Lagos-based group said in a statement.
Lagos Startups Lure 42% More Funding, Defying Slowdown in Africa

2 weeks ago | bloomberg.com | Emele Onu |Anthony Osae-Brown

Lagos, Nigeria. (Bloomberg) -- Startups in Nigeria’s commercial hub of Lagos attracted 42% more investment last year, as the presence of businesses such as Flutterwave Inc. and Interswitch Ltd. showcased the city’s appeal as a hub for new enterprises. Companies in Lagos raised $252 million last year, up from $178 million in 2023, according to the Netherlands-based research firm Dealroom.co.
African Tycoon Elumelu Says Nigeria’s Currency Becoming Stable

2 weeks ago | bloomberg.com | Prinesha Naidoo |Emele Onu |Jennifer Zabasajja

Tony Elumelu(Bloomberg) -- Nigeria’s currency has been stable in recent months, allowing investors to better plan for activities in Africa’s most populous nation, according to tycoon Tony Elumelu. The naira has hovered between 1,588 and 1,611 per dollar this month, after facing recurrent volatility from 2023 because of devaluations intended to lure inflows and end dollar shortages in Nigeria.