⚡️ How vandals ruin Nigerian economy

№6 What's up, everyone! November has been an eventful month, but still challenging for business. We tried to get used to the eNaira, celebrated Nigerian startups that tend to be unicorns one day, and we also checked how vandalism affects the economy (spoiler: it's worse than you expected). The first result of eNaira: CBN reports of "resounding success" It's been almost a month after the launch of Nigerian first official cryptocurrency, eNaira. There were a lot of hopes from the officials, and plenty of skepticism from the users. Legit.ng checked multiple sources to unveil the truth. How many wallets are signed up and merchants registered? The answer is here More Nigerian startups to receive major financing, sharing economy rules What is quite inspiring is, Nigeria continues to be a bride for global investors interested in championing bold ideas by African startups. A bus company, Shuttlers, has raised $1.6 million (N616.1bn) in seed funding to expand beyond the shores of Nigeria. Meanwhile, a Lagos-based company, TeamApt Ltd, is also in the market to raise its third round of funding at a value of more than $1 billion. More of how they do it, here Perfect plan for government, but you might pay more In the previous two years, the Nigeria Customs Service has been lobbying for the reinstatement of excise duty on soft drinks which was repealed in 1993. The return would result in a large increase in income for the federal government.  Manufacturers, on the other hand, feel it will affect their revenue and lead to a rise in soft drink prices. More analysis here We are losing positions in oil production, vandalism fuels the process Nigeria is no longer Africa's top oil producer, according to the Organization of the Petroleum Exporting Countries new report. The country lost its place to Libya after consecutive months of struggle to meet its expected oil production quota. The production difficulties have been caused in part by bunkering and vandalism of oil facilities. Read the full report On our radar: Omotade Mack: LASU student who built fast growing agribusiness with N100,000 Battle of the brands: Coca Cola goes after Pop Cola as Rite foods, NBC 'lion fight' continues World Bank raises concerns, gives reasons why Nigeria is facing generation poverty 'Pure water' may increase from N20 to N50, bottle water N150, producers warn CBN reveals N3trn loan shared to Nigerian Businesses, Household in one year Kogi, Jigawa lead as food in Northern states get more expensive Advertise with Legit.ng – the largest news and entertainment platform in Nigeria! Get a free consultation here! Thanks for reading! We are more than happy to have you with us! Would your friend or colleague like to receive Digital Talks newsletter? You received this email because you communicated with Legit.ng team before. You can unsubscribe if you are ready to miss the most important and interesting business news. Legit.ng - a brand of NAIJ.com Media Ltd © 2021 All rights reserved

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