Tuesday, December 10, 2019

Nigeria is forging on with crypto despite regulatory hurdles

 Nigeria’s cryptocurrency industry has been on an uphill trend in the past few years, and it’s showing no sign of regression. This is despite the country’s central bank issuing constant warnings to the citizens, asking them to steer clear of cryptos. The latest industry reports indicate that this trend is set to continue in 2020.

Africa’s biggest economy, Nigeria, has been a leader in the crypto industry in Africa for years now. Its vibrant crypto industry has also seen it claim the top spot for Bitcoin searches on Google globally, ahead of established crypto hubs such as the U.S. and Japan.

In its annual market report, the Chartered Institute of Bankers of Nigeria (CIBN) noted the continued rise of cryptos, stating, “The CBN has also declared that digital currencies are not legal tender with naira as the sole legal tender. There are concerns on the use of other digital currency which is currently changing the global payment ecosystem.”

For Nigerians, cryptos offer hope of a better, more accessible and efficient financial system. Despite being the largest economy in Africa, the country has over 60 million citizens with no access to formal banking services. And while other African countries have sought to go around this through the use of mobile money, Nigeria hasn’t had much success with this either. According to the World Bank, only 6% of Nigerians use mobile money. This makes Nigeria a perfect market for crypto.

While the Nigerian Central Bank has discouraged its citizens from using cryptos, the country’s Securities and Exchange Commission (SEC) intends on integrating cryptos into its capital market. The SEC has set up a committee that will work on a regulatory framework for cryptos. It will look into issues such as investor protection, maintaining the integrity of the financial market and ensuring financial stability.

Crypto trading platforms in Nigeria have continued to see increased activity, with Paxful being one of the leaders. The exchange, which hit 3 million wallets recently, revealed that Nigeria continues to be one of its leading markets.

Twitter and Square CEO Jack Dorsey recognized the great potential the West African country has as a crypto hub. In his recent visit to Nigeria, he attended crypto meetups, later stating that he believes Africa will determine the future of crypto.

By Steve Kaaru

Coinggeek

Friday, December 6, 2019

Video - Health tech startup in Nigeria seek to bridge service access gap



Imagine being a healthcare professional without your own healthcare facility. Well, in Nigeria, a health care startup is providing consultation and treatment facilities for rent. Doctoora, as it is called, provides a platform for people to find and book private healthcare professionals, bridging the gap between medical practitioners and patients.

Video - Abuja hospitality industry boosting youth football development



Nigeria's hospitality industry in the capital, Abuja, is now promoting grassroots football. Night clubs and Lounges are collaborating with key players to provide a platform for young football talents to display their skills in a tournament. The players are keenly watched by scouts, out to select some of the best, for international trials.

Nigerian activist Sowore re-arrested hours after he was freed

A Nigerian activist and former presidential candidate whose detention has prompted protests by rights groups was re-arrested on Friday at a court hearing hours after he was freed on bail, his lawyer told Reuters.

Omoyele Sowore, who ran against President Muhammadu Buhari in February’s election, was first arrested in August and has pleaded not guilty to charges of treason, money laundering and harassing the president.

He was released on bail on Thursday ahead of a court hearing on Friday. However, his lawyer, Femi Falana, said the activist was re-arrested by state security officials on Friday after the hearing, screaming and shouting as he was dragged away.

Falana said the state security had filed new charges against Sowore, without elaborating.

Sowore’s continued detention despite being granted bail has led to criticism of Buhari’s administration and allegations that human rights have been flouted in this case and those of other high-profile figures.

Prior to Thursday’s release, the Department for State Security said Sowore’s bail conditions had not been met and detained him for several weeks. But a court in Abuja said on Thursday he must be released within 24 hours.

“Having complied with the order of court ... what is therefore required is for the state security service to allow our clients enjoy their limited freedom,” Falana told Reuters after Sowore was re-arrested on Friday.

Sahara Reporters, the online Nigerian news organization Sowore founded, said he has been taken to the state security headquarters after his latest arrest.

Reuters

Nigeria's parliament passes record budget for 2020

Nigeria's parliament passed a record 10.59 trillion naira ($35bn) budget for 2020 on Thursday, paving the way for the country's likely return to the international debt market next year as it struggles to shake off the impact of a recession.

The budget passed by lawmakers assumes a deficit of 1.52 percent of the estimated gross domestic product - representing around 2.18 trillion naira ($7.2bn) - to be financed through foreign and domestic borrowing.

In 2019, the debt office said it did not tap the international debt market because of time constraints before the end of its budget cycle. The West African country held its last Eurobond sale in 2018, its sixth outing, where it raised $2.86bn.

Nigeria emerged from a 2016 recession in 2017, but has struggled to boost growth. Ratings agency Moody's downgraded the country's outlook to negative from stable on Wednesday, citing an increased risk to government revenue.

Nigeria's Senate, parliament's upper house, passed the plan. It was also approved by the lower house a few hours later.

The budget assumes crude production of 2.18 million barrels a day and an oil price of $57 per barrel. Nigeria is Africa's top oil producer.

The spending plan includes a value-added tax increase from five percent to 7.5 percent. The budget is also up from the 8.83 trillion-naira budget for 2019 and tops the previous record spending plan, the 9.12 trillion-naira budget for 2018.

President Muhammadu Buhari last week asked parliament to approve a request for $23bn in foreign borrowings for infrastructure projects. It was not immediately clear if that sum was included in the budget passed by lawmakers on Thursday.

A central goal of Buhari's tenure has been to increase non-oil revenues to reduce Nigeria's dependence on crude oil sales.

In the president's first term, he was embroiled in a power struggle with the legislature, leading to months of delays in the implementation of spending plans.

But loyalists in his ruling party now occupy key parliamentary roles, which has sped up the passage of legislation.

"I hope we continue to work together as colleagues to ensure the 2020 budget is fully implemented," said Senate President Ahmed Lawan after passing the budget.

Lawmakers increased the budget from the 10.33 trillion-naira ($31.3bn) spending plan that Buhari presented to them in October. The president must agree to the revised plan before signing it into law.


Al Jazeera