💰Sun King Raises $80m to Boost Off-Grid Solar in Nigeria

Today’s Menu ☕️

💰 Sun King Secures $80 Million to Expand Off-Grid Solar Access in Nigeria
💸 Proposed U.S. 5% Remittance Tax: Potential Impacts on Nigeria and Africa
📲 Threads Adds Profile Links and Click Tracking

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💰 FUNDING

Sun King Secures $80 Million to Expand Off-Grid Solar Access in Nigeria

In a major boost to Nigeria’s energy access agenda, Sun King has secured an $80 million local currency loan facility in partnership with the International Finance Corporation (IFC) and Stanbic IBTC Bank, a member of Standard Bank Group. The landmark deal is designed to scale affordable, off-grid solar solutions to households and small businesses across Nigeria, many of whom are currently underserved or completely off the electricity grid.

Of the total facility, IFC contributed $50 million, with a $25 million portion coming from the Canada-IFC Africa Renewable Energy Program. The program promotes climate-friendly investments in emerging markets through private sector partnerships. This local currency financing will support Sun King’s expansion under Nigeria’s Country Partnership Framework and aligns with Mission 300 — a continent-wide initiative to connect 300 million people in Sub-Saharan Africa to electricity by 2030.

Sun King is a global leader in off-grid solar energy, operating in over 40 countries with a network of more than 29,500 sales agents and a customer base that has already purchased over 27 million solar products. In Nigeria, where nearly 40% of the population still lives without reliable access to electricity, the company offers a range of solar home systems and rooftop solutions that provide clean, renewable power at a fraction of the cost of traditional sources..……continue reading

 TRAINING FROM TENTH CODE

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 💸 REMITTANCES

Proposed U.S. 5% Remittance Tax: Potential Impacts on Nigeria and Africa

The United States Congress is currently deliberating a bill that proposes a 5% excise tax on all international remittances sent by non-citizens residing in the U.S. This legislative move, if enacted, could have significant repercussions for African nations, particularly Nigeria, which heavily relies on remittances from its diaspora for economic stability and growth.

In 2024, Nigeria received approximately $20.98 billion in remittances, marking the highest level in five years and accounting for about 6% of the nation’s Gross Domestic Product (GDP). These funds are crucial for household consumption, education, healthcare, and serve as a vital source of foreign exchange. The Central Bank of Nigeria (CBN) reported that remittance flows through International Money Transfer Operators (IMTOs) surged by 43.5%, reaching $4.73 billion in 2024.

The draft bill, introduced by House Republicans, stipulates a 5% tax on remittance transfers made by non-U.S. citizens. Verified U.S. citizens would be exempt and could claim the amount as a tax credit. The tax would be collected quarterly by the U.S. Treasury Department..…..…continue reading

📲 SOCIAL MEDIA

Threads Adds Profile Links and Click Tracking

Meta’s Threads app is evolving—fast. In a significant update, Threads has introduced clickable profile links and built-in click tracking, giving creators more powerful tools to grow and engage their audience.

With this new feature, users can now add up to five clickable links directly to their Threads profile. Even better, creators can track how many clicks each link receives, helping them understand what’s working and refine their strategy.

According to Meta, the goal is to make Threads a place where creators can build their presence—not just within the app, but across the web. It’s a clear sign that Meta wants Threads to support creators in reaching audiences beyond its ecosystem.

Previously, Threads allowed users to add just one link to their bio. While that worked for casual users, it was limiting for creators who juggle multiple platforms. Now, with five slots available, creators can promote everything from newsletters and YouTube channels to online stores, portfolios, and podcasts—all in one place..……continue reading

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