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Economy

Reelfruit Raises $3m to Increase Product Offerings  

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Reelfruit

By Adedapo Adesanya

Amid an uncertain macroeconomic environment in Nigeria, the leading dried fruit snack brand, ReelFruit, has raised a Series A investment of $3 million to expand its production, increase its product offerings and double down on exports to the US and other international markets.

This latest round was led by Alitheia IDF which invested 67 per cent or $2 million while other investors included Samata Capital and Flying Doctor Healthcare Investment Company.

ReelFruit says with the capital, it will scale up its dried fruit production, develop new products, and increase exports by 10 x to 15 metric tons (MT) in the first year.

Key to its expansion plans, ReelFruit will acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 MT to 30 MT, with job creation part of the package as it plans to hire over 200 people in its first year.

The company added that with its greater supply of dried fruit, ReelFruit will continue to innovate new products for the local and international markets.

As part of its efforts to secure high-quality raw materials, ReelFruit plans to deepen its existing work with Nigerian fruit farmers. The company will form an agro-extension services programme for 250 registered mango and pineapple producers.

The programme is also expected to boost fruit yields and help support a steady supply of high-quality raw materials for the factory.

Further, to meet strong demand for its dried fruit snacks, ReelFruit will diversify its local and international sales channels and plans to launch an e-commerce channel for direct US sales by next quarter.

ReelFruit will also unlock more business-to-business (B2B) opportunities including white-labelling and co-packing to support the national drive toward import substitution as local buyers will be able to buy dried fruit locally.

The company also disclosed that it will double last year’s revenues by November 2021.

Speaking on the development, Mrs Affiong Williams, ReelFruit CEO/Founder noted, “This investment takes ReelFruit to the next level. We can meet increased demand for our products and tackle one of our biggest challenges – raw material supply.

“We are thrilled that this will unleash a greater impact on our value chain by increasing farmer incomes and creating up to 300 decent jobs for Nigerians.”

On the part of the lead investors, Mr Tokunboh Ishmael, Alitheia IDF co-founder said the company was “proud to support ReelFruit’s ongoing efforts to boost food production in Nigeria and positively impact communities through deliberate partnerships with local farmers, distributors, and retailers.

“The investment will strengthen the company to unlock further growth, upskill farmers and improve economic outcomes for thousands of women who play a significant role in the production of ReelFruit’s products.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Bitcoin Trading Surges Ahead of Inauguration as Open Interest Hits $237m

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Bitcoin news

By Aduragbemi Omiyale

As the world, particularly the United States prepare for the second coming of Mr Donald Trump to the White House next Monday, there have been significant interest in the cryptocurrency market.

Mr Trump, who was the President of the US from 2017 to 2021, won the 2024 presidential election by defeating the current Vice President, Ms Kamala Harris, who was the candidate of the Democratic Party, and will be sworn-in on Monday, January 20, 2025, for a second term in office.

The Head of Research at Derive.xyz, Mr Sean Dawson, while commenting on the renewed interest in Bitcoin ((BTC) and other digital coins in the market, said, “In the last 24 hours, BTC trading activity has surged, with open interest hitting an impressive $237 million.

“With 38 per cent of BTC contracts being calls bought and 37.3 per cent puts bought, it’s clear that traders are positioning for increased volatility, particularly with the inauguration just days away.

“This appetite for market swings likely reflects growing uncertainty in U.S. markets as expectations for a near-term rate cut diminish.”

“Additionally, bearish sentiment appears to be gaining traction, with BTC puts now making up 40 per cent of all open interest, a sharp increase from 20 per cent just last week. This shift suggests traders are hedging against potential downside risks as we approach the inauguration.

“Implied volatility (IV) trends further highlight this heightened uncertainty. BTC’s 7-day ATM IV has risen by 3 per cent to 56.5 per cent, while the 30-day IV is up 1.5 per cent, now at 57.5%. This steady climb points to a more volatile market sentiment leading up to the event,” he further said.

”ETH, on the other hand, has seen an even more pronounced spike in IV. Over the past 24 hours, ETH’s 7-day IV has surged by 6 per cent to 74 per cent, nearly double the rise seen in BTC.

“Meanwhile, its 30-day IV has climbed 2.5 per cent to 69.5 per cent. This disparity suggests ETH traders are anticipating greater immediate volatility, possibly due to its higher sensitivity to macroeconomic shifts and speculation surrounding post-inauguration policies.

“As the inauguration draws near, these trends underline a pivotal moment for traders, with both BTC and ETH markets reflecting a mix of caution and readiness for potential sharp moves,” Mr Dawson stated.

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Economy

Nigeria’s Inflation Jumps to 34.80% in December 2024

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inflation in Nigeria

By Adedapo Adesanya

Nigeria’s inflation hit 34.80 per cent in December 2024 from 34.60 per cent in November 2024, spurred by festive activities.

This was disclosed by the National Bureau of Statistics (NBS) in its first published data after almost a month of blackout on its website following a purported hack.

The December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 headline inflation rate.

This was due to December festive period increases in demand for goods and services.

On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).

On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 at 2.64 per cent.

This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.

Meanwhile, the food inflation rate in the festive month was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher compared to the rate recorded in December 2023 at 33.93 per cent.

The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items; yam, water yam, sweet potatoes, etc (potatoes, yam & other tubers class), beer, pinto (tobacco class), guinea corn, maize grains, rice, etc (bread and cereals class), and dried fish-sadine, catfish dried, etc (fish class).

On a month-on-month basis, the Food inflation rate in December 2024 was 2.66 per cent which shows a 0.32 per cent decrease compared to the rate recorded in November 2024 at 2.98 per cent.

The decline can be attributed to the rate of decrease in the average prices of local beer (burukutu), pinto (tobacco Class), fruit juice in tin, malt drinks, etc (soft drinks class), rice, millet, maize flour, etc (bread and cereals class) and water yam, irish potatoes, coco yam, etc (potatoes, yam & other tubers class).

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Economy

Tinubu Seeks Investors’ Support on Third Sovereign Green Bond Issuance

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Nigeria's green bond market

By Aduragbemi Omiyale

President Bola Tinubu has called on investors to collaborate with his administration on the issuance of the third Sovereign Green Bond later this year.

Speaking on Wednesday in the United Arab Emirates (UAE), Mr Tinubu said his government was ready to work with other nations to build a resilient, equitable, and sustainable world for all.

“Our energy transition plans, like many nations, are aimed at diversifying energy sources and reducing dependency on fossil fuels, prioritising the transition to cleaner energy sources as a cornerstone of our national development strategy,” the President said on the second day of the 2025 Abu Dhabi Sustainability Week themed From Climate Imperatives into Economic Prosperity: Bridging Africa with the Global Energy Future.

He called on partner countries to collaborate in mobilising resources to tackle these challenges and embrace innovation and technology.

“To promote a Green Economy in Africa, we must focus on integrating sustainable practices in all sectors of our economy.

“These investments are capital intensive and require international support from partner countries, including multinational organisations, development partners and individuals who share our vision of a sustainable, prosperous and equitable future,” he stated.

President Tinubu said, “Nigeria became the first country in Africa to initiate funding of green projects through Sovereign Green Bond proceeds, the third issuance of which is in progress.

“We urge investors to partner with us in this regard. Our administration remains committed to providing an enabling environment for businesses to thrive in Nigeria.

“By partnering with global leaders and harnessing the power of technology, we are finding new and innovative ways to address our environmental challenges. We have arable agricultural lands for advanced technological farming, including a bright future for Artificial Intelligence.”

He declared that no single nation can walk the road to sustainability alone, stressing that global interconnectedness demands collective action, knowledge sharing, and mutual support.

“The fight against climate change is not merely an environmental necessity but a global economic opportunity to reshape the trajectory of our continent and the global energy landscape.

“As leaders, stakeholders and citizens of our planet, we stand at a critical juncture in human history. To succeed, we must innovate, collaborate and act decisively as one global community,” the Nigerian leader disclosed.

Reiterating his administration’s commitment to reducing carbon emissions, President Tinubu assured the audience that the Nigerian government had developed actionable programmes in line with global expectations, bearing in mind Nigeria’s economic and political expectations.

“We have embraced a vision of sustainability that aligns with global aspirations while addressing local realities. Our efforts are anchored on three pillars: Energy Transition, Climate Resilience, and Sustainable Development.

“My administration recognises the importance of reducing carbon emissions and a just transition to clean and renewable energy, promoting environmental sustainability and economic growth,” he noted.

Mr Tinubu added that Nigeria is developing infrastructure for the widespread use of Compressed Natural Gas and electric vehicles and harnessing the potential in solid minerals to support the green energy transition.

He stressed that his country is also implementing climate-smart agricultural practices to enhance food security and lessen its destructive environmental impact.

These include the introduction of the National Clean Cooking Policy, which aims to promote clean energy, environmental and health benefits, and socio-economic development in the African region.

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