General News
BasiGo Secures $42M in Funding to Scale Public Transport Electrification in Sub-Saharan Africa

BasiGo, a provider of electric bus solutions in sub-Saharan Africa, has announced the successful closing of a US$42 million in new capital. The funding round consists of US$24 million in Series A equity funding along with US$17.5 million in debt facilities from British International Investment (BII) and the U.S. Development Finance Corporation (DFC).
The equity funding round is led by Africa50, the pan-African infrastructure investor and asset manager, marking the most significant investment from an African fund in an e-mobility company.
The equity round features co-investments from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and Susquehanna Foundation. The Series A equity round unlocks a $10 million debt facility from DFC for BasiGo Kenya, as well as a new $7.5 million in debt facility from BII specifically designed for scaling BasiGo’s E-bus deployment in Rwanda.
Jit Bhattacharya, CEO of BasiGo remarked: “Since we founded BasiGo in 2021, our mission has been to create the future of clean, electric public transport in Africa. We are thrilled to have Africa50, a premier African infrastructure investment fund, recognize the potential of our mission.
The combined equity and debt investment into BasiGo validates our vision and positions BasiGo to focus on scale and profitability. With BII’s support to expand our E-bus model in Rwanda, we are ready to deliver hundreds of modern, emissions-free electric buses across East Africa.”
The capital raised by BasiGo will be put towards the company’s core objective of delivering 1,000 electric buses in East Africa within the next 3 years.
In Kenya, the funds will specifically be used to increase manufacturing capacity at BasiGo’s dedicated E-Bus assembly line located at Kenya Vehicle Manufacturers.
The investment will also support the expansion of BasiGo’s Pay-As-You-Drive offering to new vehicle types, and to improve BasiGo’s technology platforms such as Jani which make electric buses more accessible and convenient for passengers.
“We are delighted to conclude Africa50’s first investment in the e-mobility space to support the greening of the public transport sector in Kenya and Rwanda.
“We believe BasiGo is well positioned to scale in East Africa and beyond given its world class engineering and operations teams, strong value proposition to transport operators and the caliber of strategic and financial partners assembled by the founders,” said Raza Hasnani, Managing Director and Head of Infrastructure Investments at Africa50.
“As the largest investment to date by an African fund in an e-mobility company, we are proud to support innovation that drives green growth and development in the region,” added Mr. Hasnani.
Steve Beck, Managing Partner at Novastar Ventures commented: “As an early investor in BasiGo, we are immensely proud of the team’s continued progress towards transforming the public bus transport sector in Africa – delivering improved experience for commuters and substantial environmental benefits.
“This latest funding round is a testament to the strong investor confidence in BasiGo’s business model, value proposition and customer demand as it expands its operations and leads the way in sustainable transportation in Africa.
“We are thrilled with this latest milestone and look forward to our continued partnership with BasiGo through the next phase of growth and beyond.”
In December 2023, BasiGo expanded its operations to Rwanda where it is currently operating 6 pilot electric buses on routes inside Kigali as well as inter-city routes serving nearby towns.
The newest debt facility from BII will be put towards launching commercial deliveries of E-Buses in Rwanda, where BasiGo has already received over 300 reservations from bus operators.
Seema Dhanani, Head of Office, Kenya and Coverage Director, East Africa at BII, said: “We are delighted to support BasiGo as it expands into Rwanda. This marks a significant step in electrifying the local public transport sector, reducing pollution, and combating climate change impacts. This is in line with our priority of supporting e-mobility to foster sustainable economic growth.”
The total capital raised represents one of the most significant investments into Electric Mobility in Africa. The investment accelerates BasiGo’s growth trajectory and strengthens its position as a leader in Sub-Saharan Africa’s evolving EV landscape.
General News
Nigeria’s BNPL Market is Projected to Value @ $2.6B by 2030

Nigeria’s Buy Now, Pay Later (BNPL) market is on a fast-growing trajectory and is predicted to be valued $2.61 billion by 2030, up 83% from $1.42 billion in 2024, owing primarily to the rapid emergence of fintechs in the country.
This observation was stated in EnterpriseNGR’s State of Enterprise 2025 report, which focuses on how fintechs are reshaping Nigeria’s business landscape through digital innovations, accessible credit systems, and mobile-first financial tools.
As a credit system, BNPL allows users to stagger payments for products and services, making it a key development driver in Nigeria’s developing digital economy.
From 2021 to 2024, the BNPL experienced a compounded annual growth rate of 23.1%. Fintechs have contributed to the rapid growth by providing a range of flexible loan alternatives for e-commerce, retail, and services, bridging financial gaps for millions of disadvantaged Nigerians.
The report highlights how fintechs have contributed to Nigeria’s flexibility and resiliency by simplifying digital payments, automating invoicing and payroll systems, and democratising credit through platforms such as Renmoney and FairMoney.
The report also shows a significant rise in remittance inflows into Nigeria following the Central Bank of Nigeria’s 2024 policy adjustments.
According to the report, by 2024, Nigeria boasted over 400 licensed digital lenders who extend collateral-free credit to those commonly excluded by banks.
General News
FG, Netherlands Partner on Digital Migration for NIS

The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.
This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.
The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.
Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.
During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.
According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”
Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.
Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.
Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.
“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.
General News
AfDB Cuts Nigeria’s Growth Projection to 3.2%

Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.
“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.
“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.
He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.
AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.
As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.
The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year
This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.
Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.
“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.
The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.
“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.
Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.
The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.
However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.
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