Nigeria

After a delay of several weeks, the Central Bank of Nigeria is launching a digital currency that will complement the country’s physical money. What Happened: The launch of the eNaira was originally planned for Oct. 1 to Oct. 4 but was delayed due to the celebration of the 61st anniversary of...

Citron Research has gone from bearish to bullish on Jumia Technologies, a Berlin-based e-commerce company operating in Africa.  The Citron Bullish Case: Citron Research flagged problems at Jumia Technologies (NYSE: JMIA) in May 2019 that it said included financial discrepancies,...

Shares of the African e-commerce company are up sharply Friday. About Jumia: Jumia Technologies (NYSE: JMIA) is an e-commerce company in Africa with operations in 11 countries in the continent. The company operates its Jumia Logistics and Jumia Pay businesses and also recently launched gaming...

For those not keeping track, Nigerian stocks are getting punished this year. The Global X MSCI Nigeria ETF (NYSE: NGE), the lone exchange traded fund dedicated to stocks in Africa's second-largest economy, is lower by 20.46% year to date. By comparison, the MSCI Frontier Markets 100 Index, in...

Uber Technologies Inc (NYSE: UBER) is in talks with the Lagos state government and regulatory authorities to start Uber Boats services on its waterways, Bloomberg reported today. Uber's water service division, which started operating in Mumbai this past winter, points to broader interest in using...

OPEC members teamed up with other energy giants like Russia to collectively lower their output in 2016 to help support oil prices. The agreement was extended in June of 2017, but now there is ample evidence to suggest the deal is falling apart. Countries including Libya and Nigeria were exempt from...

Oil prices fell to seven-month lows on Tuesday, with Brent Crude falling to $45.62 a barrel. Several oil ETFs were trading 3–7 percent lower in Tuesday’s pre-market session on the news, including United States Oil Fund LP (ETF) (NYSE: USO), which fell to its lowest since February 16,...

Exxon Mobil Corporation (NYSE: XOM) may have struck liquid gold as the company announced a significant oil discovery near the coast of Nigeria. Exxon said that the Owowo field located in offshore Nigeria has a potential recoverable resource of 500 million to 1 billion barrels of oil. How Big Is It...

This week, Exxon Mobil Corporation (NYSE: XOM) reported the discovery of a massive new oilfield in offshore Nigeria that could contain up to one billion barrels of oil. On the surface, the Owowo discovery seems like great news for Exxon and its shareholders, but a number of market analysts have...

Exxon Mobil Corporation (NYSE: XOM) announced a significant oil discovery off the coast of Nigeria. Exxon Mobil said in a press release that the Owowo field in offshore Nigeria could contain between 500 million and one billion barrels of oil. The company expanded that the Owowo-3 well...

Things just keep getting worse for the Global X MSCI Nigeria ETF (Global X Funds (NYSE: NGE)), the lone exchange-traded fund dedicated to Nigerian stocks. Inflation, Currency Woes Weigh On Nigeria As has been previously noted in this space, NGE has been struggling this year even as oil prices and...

Things are going from bad to worse for the Global X MSCI Nigeria ETF (Global X Funds (NYSE: NGE)). Already a laggard performer among single-country emerging and frontier markets exchange-traded funds this year, the lone ETF dedicated to stocks in Africa's largest economy is enduring more...

Andela is a two-year-old company that offers the people of Africa the opportunity to learn how to develop software. According to the company's own website, it selects the top 1 percent of tech talent from the African continent and then shapes them into "world-class technical leaders" before being...

After the close of U.S. markets Tuesday, index provider MSCI Inc (NYSE: MSCI) released its annual market classification. Most investors awaiting the MSCI news were focusing on the index provider's decision on whether or not to include China A-shares in its emerging markets benchmarks, but there...