Folake Balogun

Lagos

Economics Correspondent at BusinessDay Nigeria

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Articles

Baillie Gifford, Jumia’s largest investor, dumps shares

1 week ago | businessday.ng | Folake Balogun

Jumia has lost one of its largest investors, Baillie Gifford, which has dumped its entire shares. This follows the exit of Rocket Internet, MTN Group, among others. Baillie Gifford, with over 8.5 million shares as Jumia’s largest institutional investor, has just sold the last of its 18 million shares in Jumia, ending a six-year bet on the firm.
GCR upgrades MTN Nigeria ratings outlook to stable

1 week ago | businessday.ng | Folake Balogun

MTN Nigeria Communications Plc has seen its rating outlook upgraded to stable by the Global Credit Rating Limited (GCR). This implies that both long-term and short-term bond obligations have ratings of AAA and A1+ as disclosed in a public disclosure published on the Nigerian Exchange (NGX) on May 28, 2025.
Apple stops over $2bn fraudulent transactions on App Store in 2024

1 week ago | businessday.ng | Folake Balogun

Apple blocked over $2 billion in potentially fraudulent transactions on its App Store in 2024 and blocked nearly 2 million risky app submissions from reaching users. The firm revealed this in its latest annual App Store fraud analysis, which disclosed the ongoing efforts to maintain the platform as a secure marketplace for developers and users alike. The App Store, which launched in 2008 and now sees more than 813 million visitors each week, is available in 175 regions globally.
UAE citizens to enjoy free access to ChatGPT premium

1 week ago | businessday.ng | Folake Balogun

Residents of the United Arab Emirates will be able to use ChatGPT Plus for free because of a partnership between the UAE and OpenAI. Globally, millions already use ChatGPT Plus to write, study, code, plan trips, draft emails, and more. Now, people in the UAE will be able to make use of those tools for free. This initiative is part of a much bigger plan, the Stargate UAE project, which involves building the world’s largest AI data centre in Abu Dhabi.
NCC asks operators to inform consumers about major network outages

1 week ago | businessday.ng | Folake Balogun

The Nigerian Communications Commission (NCC) has mandated telecom operators to inform consumers of major service outages on their networks through media channels. Part of this involves them stating the cause of the service interruption, and the areas affected by the service interruption/outage, as well as the time that would be taken to restore service, according to a statement released by Nnenna Ukoha, Ag. head of public affairs at thw NCC.
AI to boost Africa’s GDP by $2trn in 2035 — Experts - Businessday NG

2 weeks ago | businessday.ng | Folake Balogun

Artificial Intelligence has the potential to contribute $2 trillion to Africa’s economy by 2035, according to experts in the tech ecosystem. Experts say it is possible that AI could inject $2 trillion into Africa over the next decade, based on the potential for AI to boost economic growth and efficiency across various sectors in Africa. The African continent is currently experiencing significant economic growth, with projections estimating a combined GDP of $29 trillion by 2050.
Nigeria’s network quality to improve by Q3 — Tijani - Businessday NG

2 weeks ago | businessday.ng | Folake Balogun

Nigeria’s mobile network quality is expected to improve by the third quarter of 2025, Bosun Tijani, Minister of Communications, Innovation and Digital Economy, has disclosed. According to the minister, network quality has deteriorated after years of underinvestment in the sector. However, this is set to change after mobile network operators committed $1 billion to network investments in 2025.
AI threatens junior developer roles, making upskilling vital

2 weeks ago | businessday.ng | Folake Balogun

Generative AI coding assistants are rapidly taking on tasks traditionally handled by junior software developers, prompting a crucial shift in skill expectations for those entering the field. According to researchers at the US Department of Energy’s Oak Ridge National Laboratory, by 2040, AI could be capable of writing most of its code.
Fintech to offer farmers produce-backed loans

2 weeks ago | businessday.ng | Folake Balogun

SeedFi has partnered with Winich Farms to launch produce-collateralised loans. This initiative is aimed at unlocking access to credit for farmers, who can now use their stored crops as financial leverage. The move will also tackle financial exclusion in agriculture, which has historically been an economic backbone for many rural Nigerians.
Children to explore AI world at inaugural summit

3 weeks ago | businessday.ng | Folake Balogun

Digital Equity Africa is set to host the first Artificial Intelligence (AI) Summit for Children in Africa, aimed at reaching over 100,000 children in Nigeria. This gathering marks Africa’s first child-centred global AI conference, giving children the opportunity not just to consume technology, but to create with it. The conveners stated that Abuja, Kano, and Enugu will be hosts to the conference series for 2025, as the event first goes live in Lagos.