Business
FEC approves $2.2bn external borrowing plan with Eurobond, Sukuk bond offer
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FEC approves $2.2bn external – The minister said that…
The minister said that the economic recovery and revival programme to turn around the economy focused on macroeconomic pillars of market pricing of the PMS and of foreign exchange.
The Federal Executive Council (FEC) has approved a $2.2 billion financing programme for external borrowing, including a potential Eurobond and Sukuk bond offer.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this known while briefing newsmen after the FEC meeting on Wednesday at the Presidential Villa, Abuja.
“We just had the Federal Executive Council meeting, and I am privileged to present two memoranda to the Federal Executive Council.
“The first one was to complete the borrowing programme of the Federal Government in terms of external borrowing with the approval of a $2.2 billion financing programme.
“It is made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer, and perhaps a Euro bond of about $1.7 billion.
“Sukuk financing of another $500 million the actual makeup of the financing which will be done as soon as the National Assembly has considered and hopefully approved the borrowing plan.
“If the external borrowing approval is given, it will be done this year, as soon as possible after approval.”
He explained that the actual combination of instruments that would be raised would depend on what the advisors would say about market conditions at the time of the decision to enter the market.
“Of course, earlier in the year, we had shown the resilience of the Nigerian financial markets, and the depth of their capacity, the increased complexity and sophistication by having a domestic issuance of dollar bonds, which attracted Nigerian investors from far and wide.
“Likewise, being able to access the international capital market is also a sign of the acceptance and the support for the macroeconomic programmes of President Bola Tinubu-led administration,” he said.
The minister said that the economic recovery and revival programme to turn around the economy focused on macroeconomic pillars of market pricing of the PMS and of foreign exchange. He also disclosed that FEC had approved the Ministry of Finance’s incorporated real estate investment fund.
According to him, the fund is the basis for the revival and the return of long-term mortgage financing to the Nigerian economy.
“The Morph Real Estate Investment Fund is going to be, in the first instance, a ₦250 billion fund that will provide low-cost and long-term mortgages to Nigerians that want to acquire houses.
“It will help to complete or help to fill part of the gaping 22 million unit housing deficit. Of course, it will create jobs and stimulate economic growth.
“It will also pave the way for other investors in the private sector to come in and participate in the all-important housing construction industry with huge benefits and knock-on effects throughout the whole economy.
“Long-term investors have the opportunity to earn market rates of interest on investment.
“This is going to be blended with seed funding of ₦150 billion,” he noted.
#FEC #approves #2.2bn #external #borrowing #plan #Eurobond #Sukuk #bond #offer
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Business
Access Bank restores transactions after customers experience service disruptions
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Access Bank Plc has fully restored services on its electronic banking platforms following a disruption that left many customers frustrated
read more Access Bank restores transactions after customers experience service disruptions
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Business
Africa Rising: How iGaming is Transforming the Continent’s Digital Economy
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Africa is no longer just the cradle of civilization—it’s becoming the cradle of innovation in the iGaming industry. With a young, tech-savvy population and skyrocketing mobile internet penetration, the continent is emerging as one of the fastest-growing markets for online gambling.
From Nigeria’s bustling betting hubs to South Africa’s regulated casinos, Africa’s iGaming sector is rewriting the rules of digital entertainment.
In this article, we’ll explore how iGaming is reshaping Africa’s economy, the key players driving this growth, and what the future holds for this dynamic industry.
Why Africa is the Next iGaming Powerhouse
Africa’s iGaming boom is fueled by a unique combination of factors:
Youthful Population: Over 60% of Africans are under 25, and this demographic is highly engaged with mobile technology.
Mobile Revolution: With 650 million mobile users, Africa has leapfrogged traditional banking systems, embracing mobile money platforms like M-Pesa.
Cultural Affinity for Gambling: Betting is deeply ingrained in African culture, from local lotteries to sports wagering.
Regulatory Evolution: Countries like Nigeria, Kenya, and South Africa are creating frameworks to regulate and tax online gambling.
Key Markets Leading the Charge
1. Nigeria: The Giant of African iGamingNigeria, Africa’s most populous nation, is also its largest iGaming market. Key drivers include:
Sports Betting Craze: Football (soccer) is a national obsession, with platforms like Bet9ja and Nairabet dominating the scene.
Mobile Money Adoption: Services like Paga and Opay make deposits seamless, even for the unbanked.
Cryptocurrency Integration: Platforms offering usdt sportsbook options are gaining traction, allowing users to bet with USDT for faster transactions and lower fees.
Fun Fact: Nigeria accounts for over 60% of Africa’s online sports betting revenue.
2. Kenya: The Mobile Money Pioneer
Kenya’s iGaming growth is powered by M-Pesa, the mobile payment system used by 80% of adults. Highlights:
Affordable Betting: Micro-bets as low as $0.10 attract casual players.
Regulated Market: The Betting Control and Licensing Board ensures fair play.
Esports Boom: Games like FIFA and Call of Duty are becoming popular betting options.
3. South Africa: The Regulated Leader
South Africa boasts the continent’s most mature iGaming market, thanks to:
Clear Regulations: The National Gambling Board oversees online and land-based casinos.
Diverse Offerings: From sports betting to online slots, South Africans have access to world-class platforms.
High Internet Penetration: Over 70% of the population has internet access.
Emerging Trends in African iGaming
1. Cryptocurrency Adoption
Crypto is solving two major challenges in African iGaming:
Cross-Border Payments: Players can deposit and withdraw without currency conversion hassles.
Financial Inclusion: Crypto wallets allow unbanked users to participate in online gambling.
Platforms like Sportbet.one, which offer usdt sportsbook options, are leading this shift by enabling seamless USDT transactions. The ability to bet using a stablecoin eliminates volatility concerns while providing instant transactions.
2. Localized Content
African players want games that reflect their culture:
Football-Themed Slots: Games featuring local teams and leagues.
Local Language Support: Platforms offering Swahili, Yoruba, and Zulu interfaces.
African Celebrities: Endorsements from stars like Burna Boy and Tiwa Savage.
As iGaming operators cater to local preferences, the industry is experiencing increased player engagement and retention.
3. Mobile-First Platforms
With 95% of African internet users accessing the web via mobile, iGaming platforms are prioritizing:
Lightweight Apps: Apps that work on low-end smartphones.
USSD Betting: Offline betting via SMS for areas with poor internet.
Data-Saving Features: Compressed graphics and minimal data usage.
This mobile-driven approach has allowed iGaming to reach even the most remote parts of the continent, providing entertainment and economic opportunities.
4. Social Gambling
African players love community-driven experiences:
Betting Pools: Friends can pool funds for larger bets.
Live Streaming: Watch and bet on matches in real time.
Leaderboards: Compete with others for prizes.
This social element is transforming traditional betting into an interactive, engaging experience that fosters loyalty among users.
Challenges Facing African iGaming
Regulatory Fragmentation: Each country has its own rules, complicating cross-border operations.
Payment Barriers: Limited access to international payment systems like Visa and Mastercard.
Problem Gambling: Rising addiction rates, especially among youth.
Infrastructure Gaps: Unreliable electricity and internet in rural areas.
Despite these challenges, the industry continues to evolve, finding innovative solutions to overcome these hurdles.
Opportunities for Growth
Blockchain Integration: Crypto platforms like usdt sportsbook options can bypass traditional banking hurdles.
AI and Big Data: Personalized gaming experiences based on player behavior.
Esports Expansion: Tapping into Africa’s growing gaming community.
Partnerships with Telcos: Collaborating with mobile operators for seamless payments.
As new technologies emerge, operators will have more tools to improve user experience and ensure a safer betting environment.
The Future of African iGaming
By 2030, Africa’s iGaming market is projected to surpass $2 billion, driven by:
5G Rollouts: Faster internet will enable richer gaming experiences.
AI-Powered Platforms: Predictive analytics for personalized offers.
Crypto Dominance: USDT and other stablecoins becoming the default payment method.
Government Collaboration: More countries establishing clearer regulations to foster growth.
With major operators expanding their presence and regulatory environments stabilizing, the African iGaming industry is on the cusp of significant breakthroughs.
Conclusion: Betting on Africa’s Digital Future
Africa’s iGaming industry is more than just a success story—it’s a testament to the continent’s resilience and innovation. From Nigeria’s sports betting frenzy to Kenya’s mobile money revolution, iGaming is creating jobs, driving tech adoption, and reshaping economies.
As platforms like Sportbet introduce USDT sportsbook options, the future looks even brighter. By embracing blockchain, localized content, and mobile-first strategies, African iGaming is poised to become a global leader.
So, whether you’re a player, investor, or simply a tech enthusiast, one thing is clear: Africa is all-in, and the stakes have never been higher.
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Business
NASD OTC Exchange sees value in well-developed solid minerals sector
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NASD OTC Exchange Plc has said that it recognises the importance of a well-developed solid minerals sector in driving economic
read more NASD OTC Exchange sees value in well-developed solid minerals sector
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