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A 53.4 per cent growth in data and a 14.9 per cent increase in voice segments saw MTN Nigeria record a 32 per cent rise in its revenue in the first quarter of this year despite the negative pass-through from the FX losses. 

Data, voice drive MTNN revenue up by 32% in Q1'24

UAC of Nigeria has recorded a 64.7 per cent year-on-year increase in its revenue for the first quarter of this year on account of sales growth in animal feeds and other edibles, paints, and packaged food and beverages segments. 

UAC of Nigeria revenue up 64.7% y/y at ₦40.6bn in Q1’24

Analysts at Databank expect GCB Bank, MTN Ghana and Total Energies to record some gains as investors bid shares ahead of their first quarter earnings results. Alex Boahen, Head of Research at DataBank joins CNBC Africa for more market movements.

Databank: Investors bid shares on earnings release

Chowdeck has secured $2.5 million in seed funding as it looks to optimize its operations, support expansion into more cities across the country and add value to its customers, vendors, and riders. 

Chowdeck secures $2.5mn seed fund to drive on-demand food delivery

Oil marketers in Nigeria have attributed the reoccurrence of petrol scarcity to supply chain bottlenecks. Meanwhile, Angola has increased the price of diesel, as it phases out subsidies on the petroleum product. 

Addressing supply challenges facing Nigeria’s downstream sector

After 50 years, we track the development impact of the Islamic Development Banks’ efforts in Africa. 

IsDB Chairman Al Jasser says $36bn lending shows Africa’s significance  

Shareholders have approved the move by the Zenith Bank board to become a holding company. 

Zenith Bank shareholders approve holdco structure

United Capital’s revenue for the full-year 2023 rose by 71 per cent year-on-year to 45.9 billion naira. 

United Capital revenue up 71% y/y to ₦45.9bn in FY’23

Despite Africa being the fastest-growing continent in internet penetration and usage, affordability remains a major challenge. 

Transforming Africa’s digital literacy strategy

The Central Bank of Nigeria has resumed dollar sales to BDC operators with 10,000 dollars disbursed at the rate of 1,021 per dollar. 

Can Nigeria sustain FX sale to BDCs?

Charles Robertson, Head of Macro Strategy at Fim Partners UK, believes Nigeria may be the third biggest economy in Africa if the naira doesn't strengthen beyond 1,000 naira, stressing that Nigeria can be a 2050 story in the long term.

Can Nigeria beat IMF growth projections in 2024?

Ghana's Finance Minister Amin Adam says a draft Memorandum of Understanding from the country's bilateral creditors regarding debt restructuring is expected next month. 

CBWA