Nigeria, in collaboration with the United Nations, has announced a $500 million funding initiative to support local developers of renewable energy projects. The fund, which aims to expand access to electricity through solar home systems and mini-grids, is targeted at addressing the country’s significant energy gap, particularly in rural areas. The initiative is spearheaded by the Nigerian Sovereign Investment Authority (NSIA) and the UN’s Sustainable Energy for All (SEforALL), with Africa50, an infrastructure investment platform established by the African Development Bank (AfDB), managing the fund. Speaking on the project, SEforALL CEO Damilola Ogunbiyi highlighted that the fund would be accessible in local currency, making it easier for small-scale energy providers to invest in Nigeria’s renewable energy sector. “The aim is to put together a fund that would be accessible and will be in local currency for local developers,” Ogunbiyi said during a global development finance forum held in Cape Town, South Africa. This initiative is part of the broader Mission 300 program, an ambitious effort led by the World Bank and AfDB to provide electricity to 300 million people across Africa by 2030. Countries that implement key power sector reforms and regulatory changes to attract private investment are expected to benefit from the program’s multibillion-dollar funding. In addition to this effort, Africa50 is launching a separate $200 million Africa Solar Facility, supported by the International Solar Alliance, to promote distributed renewable energy projects across the continent. With over 86 million Nigerians currently lacking access to electricity—making it one of the most energy-deprived nations globally—this fund comes at a critical time. Mini-grids and solar home systems are seen as vital solutions for rural communities far removed from the national grid. Sub-Saharan Africa as a whole accounts for more than 80% of the global population without electricity, highlighting the urgency of such initiatives. The Mission 300 program has already garnered significant support, with pledges of $40 billion from the AfDB and World Bank Group during an energy summit held in January 2025 in Tanzania. Experts believe that massive investments like these are essential for bridging Nigeria’s electricity gap and driving economic growth through sustainable energy solutions.
Ghana is set to launch the e-cedi in 2025, aiming to revolutionize digital payments
After years of delays, Ghana is finally set to roll out its much-anticipated central bank digital currency (CBDC), the e-Cedi, in 2025. The Bank of Ghana (BoG) has announced that the digital currency is ready for launch, pending approval from lawmakers. This move positions Ghana as a key player in the race for CBDC adoption in Africa, following Nigeria’s introduction of the eNaira in 2021. While Nigeria’s eNaira has struggled to gain traction, accounting for just 0.36% of the country’s money supply by March 2024, Ghana is taking a different approach to ensure broader adoption. One standout feature of the e-Cedi is its offline functionality, which allows users to transact without internet connectivity. This innovation could be a game-changer for rural communities where internet access remains limited. Kwame Oppong, head of fintech and innovation at the BoG, emphasized that the goal is to make digital cash as accessible and easy to use as physical cash, particularly for the unbanked population. “We want to ensure that everyone, regardless of their location or internet access, can benefit from this technology,” Oppong said. Unlike some countries experimenting with blockchain-based CBDCs, Ghana plans to start with a centralized system for simplicity. However, there’s potential for future integration with blockchain technologies as the system evolves. Despite these advancements, debates around the necessity of CBDCs persist globally. Critics argue that existing payment systems are sufficient, while others point out challenges like low trust in government and financial crime concerns. Still, Ghana insists that an offline-capable CBDC offers unique advantages over traditional instant payment systems by eliminating reliance on internet connectivity. Broader Implications for AfricaGhana’s move comes at a time when digital currencies are reshaping financial ecosystems across Africa. While Nigeria’s experience serves as a cautionary tale, it also provides valuable lessons. Ghana’s focus on offline usability and gradual technological scaling could set a new standard for CBDC implementation on the continent.
Safaricom faces legal battle over alleged unfair treatment of M-PESA dealer
Kenya’s leading telecom operator, Safaricom, is embroiled in a legal dispute with Goodweek Inter-Services Limited, a long-time dealer of its M-PESA services, SIM cards, and merchandise. The case, filed in Kenya’s High Court, accuses Safaricom of abusing its dominant market position to impose unfair contract terms. Goodweek, which has been a Safaricom dealer since 2002, lost access to the telecom’s dealer portal in April 2024 after failing to renew its dealership agreement. Safaricom argues that the suspension was procedural and automatic, as the contract had expired. The company claims over 400 other dealers renewed their agreements without issue and insists Goodweek had ample notice to do the same. However, Goodweek contends the termination was deliberate and unfair. The dealer alleges that Safaricom used its market dominance to coerce smaller partners into accepting non-negotiable contracts. These agreements reportedly included clauses allowing unilateral termination by Safaricom and imposing high sales targets—such as registering 20,700 new subscribers in 2023, a goal Goodweek claims was unrealistic. Goodweek has also named Vodafone Plc, Vodafone Kenya Limited, and Mobitelea Ventures Limited as respondents, suggesting the issue extends beyond Safaricom. The telecom giant’s legal team has questioned this move, arguing that the dispute is contractual and should have been resolved through arbitration as stipulated in the agreement. The case raises broader questions about power dynamics in Kenya’s telecom sector. If Goodweek prevails, it could set a precedent for how dominant firms engage with smaller partners. Safaricom maintains its stance that the contract lapsed naturally and denies any wrongdoing.
FAAN temporarily closes Murtala Muhammed Airport runway for rehabilitation
The Federal Airports Authority of Nigeria (FAAN) has announced the temporary closure of Runway 18R/36L at Murtala Muhammed Airport in Lagos. The closure, which began at 3:00 a.m. on Monday, March 3, 2025, is scheduled to last until 11:59 p.m. on Tuesday, March 4, 2025. This is part of ongoing efforts to rehabilitate the runway’s asphalt and ensure its operational safety and efficiency. In a statement issued on Sunday, FAAN’s Director of Public Affairs and Consumer Protection, Mrs. Obiageli Orah, explained that the rehabilitation work is focused on the A2 Taxiway link of the runway. She reassured travelers that flight operations would not be disrupted during this period, as all flights have been redirected to the alternative Runway 18L/36R. “The Federal Airports Authority of Nigeria wishes to inform the general public that there will be a temporary closure of Runway 18R/36L at Murtala Muhammed Airport Lagos from 03:00 hours on March 3, 2025, to 23:59 hours on March 4, 2025. The closure is due to ongoing rehabilitation work (asphalt phase) at the A2 Taxiway link of the runway,” the statement read. This maintenance project is part of FAAN’s continuous efforts to enhance aviation safety and maintain compliance with international standards. Over the years, FAAN has periodically closed runways at Murtala Muhammed Airport for upgrades and repairs aimed at improving infrastructure and ensuring optimal conditions for both domestic and international flight operations. For instance, in March 2023, FAAN shut down both Runway 18L (domestic) and Runway 18R (international) for eight weeks to carry out critical maintenance. Similarly, in July 2022, extensive repairs were conducted on Runway 18L/36R over a four-month period, during which navigational aids such as approach lights and runway lighting systems were installed to support night operations. Passengers traveling through Murtala Muhammed Airport during this period are advised to remain calm as flight schedules will proceed without interruption. Airlines will utilize the alternative runway to ensure smooth operations.
Bitcoin Soars to $95K as Trump Unveils U.S. Crypto Strategic Reserve
Bitcoin experienced a dramatic rally over the weekend, climbing nearly 20% from its recent lows to hit $95,000, following a major announcement by U.S. President Donald Trump. The president revealed plans to establish a “Crypto Strategic Reserve” in the United States, signaling a significant shift in federal policy toward digital assets. In a post on his Truth Social platform, Trump outlined the initiative, which will include leading cryptocurrencies such as Bitcoin, Ethereum (Ether), XRP, Solana (SOL), and Cardano (ADA). The move is part of an executive order aimed at bolstering the U.S.’s position as a global leader in the cryptocurrency industry. “The initiative aims to support the crypto industry and strengthen America’s position in the global digital asset market,” Trump stated. He emphasized that this effort would counteract what he described as “corrupt attacks” on the sector by the previous administration. Trump also highlighted his broader vision to ensure the U.S. stays ahead of other nations, particularly China, in embracing cryptocurrency innovation. The announcement has sparked optimism among investors, who had been growing frustrated with regulatory uncertainty under Trump’s administration. Bitcoin, which had been trading below $80,000 just days earlier due to concerns over new trade tariffs and inflation fears, surged as high as $95,000 before cooling slightly to $93,000. Trump’s position on cryptocurrencies has evolved significantly over time. Once skeptical of digital assets, the president has now embraced them as part of his broader economic strategy. His executive order on digital assets directs federal agencies to develop frameworks for integrating and regulating cryptocurrencies. This marks a departure from previous policies and underscores his commitment to making the U.S. a hub for crypto innovation. David Sacks, the White House’s AI and cryptocurrency czar, confirmed the administration’s plans and praised Trump’s leadership in this area. “President Trump is making the U.S. the ‘World’s Crypto Capital,’” Sacks wrote on social media. He also announced that Trump will host a White House Crypto Summit on March 7, bringing together industry leaders to discuss strategies for advancing America’s role in the global crypto market. Bitcoin’s recent rally reflects renewed investor confidence but also highlights ongoing volatility in the market. Technical analysts suggest that if Bitcoin sustains its momentum, it could retest resistance levels at $100,000. However, if it falls below its current support level of $90,000, it may drop further to $85,000. Despite these fluctuations, Trump’s pro-crypto stance has injected fresh energy into the market. His plans for a strategic reserve and industry collaboration are seen as steps toward creating a more stable regulatory environment for digital assets
SERAP urges President Tinubu to suspend ATM fee hike amid legal challenge
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu to instruct the Central Bank of Nigeria (CBN) to halt the recent increase in automated teller machine (ATM) withdrawal charges. The group is urging a suspension of the fee hike pending the outcome of an ongoing court case challenging the policy. In a statement shared on Sunday via its official X (formerly Twitter) account, SERAP emphasized that suspending the fee increase aligns with constitutional principles, including the president’s oath of office to uphold the rule of law. The organization described the new charges as an additional financial burden on Nigerians already grappling with economic hardship. On February 11, 2025, the CBN announced a revision of ATM transaction fees, effective March 1, 2025. Under the new policy: Withdrawals from ATMs within customers’ own banks (“on-us transactions”) remain free. A fee of ₦100 per ₦20,000 withdrawal applies at ATMs located within bank branches. For withdrawals at ATMs operated by other banks (“not-on-us transactions”), customers face a ₦100 fee plus a surcharge of up to ₦450 per ₦20,000 withdrawal. The CBN justified the increase by citing rising operational costs and a need to enhance service efficiency. This marks the first adjustment since 2019 when withdrawal fees were reduced from ₦65 to ₦35. Public Backlash and Legal ActionThe revised charges have sparked widespread criticism from consumer advocacy groups and financial analysts. Critics argue that higher transaction fees undermine efforts to promote financial inclusion and cashless banking in Nigeria. Many warn that such policies could push citizens toward informal financial systems, weakening monetary policy implementation. SERAP has taken legal action against the CBN, filing a lawsuit at the Federal High Court in Lagos to stop the implementation of the new fees. The group contends that the policy violates Nigerians’ economic rights and exacerbates financial hardship amid rising inflation and living costs. SERAP’s Appeal to President TinubuBy urging President Tinubu to intervene, SERAP highlights his constitutional responsibility to protect citizens’ interests. The organization argues that suspending the fee hike demonstrates a commitment to public welfare and respect for judicial processes. “At a time when Nigerians are already struggling with economic instability, this fee hike is unjustified,” SERAP stated. It added that pausing implementation until a court ruling is delivered would provide relief for citizens while ensuring fairness in governance. The controversy over ATM fees comes as Nigeria faces significant economic challenges. Inflation remains high, and many households are struggling with increased living costs. Meanwhile, President Tinubu recently signed a ₦54.99 trillion budget for 2025 aimed at stabilizing the economy and reducing inflationary pressures.