The Central Bank of Nigeria (CBN) has announced a significant inflow of over $1.5 billion into the Nigerian economy, a development that underscores the effectiveness of its monetary policy strategies. Mrs Hakama Sidi Ali, the Bank’s Acting Director of Corporate Communications Department, highlighted this achievement on Thursday, March 28, 2024, attributing the success to the CBN’s efforts to stabilize the foreign exchange market. According to a statement from the apex bank, data presented by Sidi Ali indicates that the inflows are a direct result of the CBN’s initiatives aimed at ensuring liquidity and stability within the foreign exchange market. This…
Author: Temitope N.
The United Arab Emirates (UAE) is considering innovative strategies such the introduction of a 10-year golden visa and 5-year silver licences to attract international businesses and investors. The proposal to introduce new regulations for trade licences in the UAE was discussed during the inaugural 2024 Economic Integration Committee. The aim is to enhance government revenue and promote sustained business operations within the UAE’s vibrant commercial landscape. Nairametrics learnt that UAE’s inspiration came from Bahrain’s successful golden license scheme, known for its ability to attract significant investments and generate employment opportunities, and is eager to replicate its achievements. Bahrain’s golden license program has already…
USAID has launched the Africa Trade Desk, a signature trade platform linking large US food retailers to African producers. The platform would be facilitated by Prosper Africa, a US government initiative, and is set to facilitate at least $300 million in export sales between Africa and the United States within the next 18 months. According to a Press Release from USAID, the announcement for the launch of the African Trade Desk was made during the Atlanta Phambili: A Trade & Investment Gateway to Africa & South Africa event, an event highlighting the economic relationship between the United States and Africa, with a spotlight on…
The President of the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Dele Oye has stated that the duties collection by the Nigeria Customs Service (NCS) should be charged in Naira rather than in another foreign currency. He stated this during an interview on Arise Tv News Night where he highlighted efforts by the Association to boost industrialisation and commented on recent policies by the government especially on the exchange rate. According to him, the federal government should walk its talk of conducting business in naira by ensuring the Nigeria customs charges duties collection in Naira…
The spouse of a detained senior official at Binance, the cryptocurrency trading platform, has reached out to the U.S. Congressional delegation in Nigeria, requesting their intervention for the release of her husband, Tigran Gambaryan. Yuki Gambaryan, spouse of the detained Tigran Gambaryan, appealed to the visiting US delegation to urge Nigerian authorities for his release, amid a sweeping government crackdown on cryptocurrency activities. Recall that Senator Cory Booker, leading a U.S. Senate delegation, met with President Bola Tinubu in Abuja earlier this week to discuss mutual interests between both countries and the state of democracy in Africa. Meanwhile, Nairametrics learned…
The Niger State Government has officially disclosed that a fleet of 200 Compressed Natural Gas (CNG) powered buses, recently acquired, will soon commence public transportation operations across the state. This announcement was made public by Abdulberqy Usman Ebbo, Special Adviser on Digital Communications to Governor Mohammed Umaru Bago of Niger State, who shared this development through his verified X account platform on Monday. Recall that this initiative follows Governor Bago’s strategic move in 2023, wherein he solidified partnerships with four distinguished companies through the signing of Memoranda of Understanding (MoUs) to procure 200 environmentally friendly CNG buses for N7 billion. This…
The exchange rate charged by the Nigerian Customs Service (NCS) for cargo clearance and import duties collection has dropped significantly from N1,572.5/$ to N1,448.38 to the USD. This is a reduction of N124.12 from the previous figure. The new figure reflects the prevailing exchange rate on the CBN’s official window. The Infostride News earlier reported the naira closing at N1431 to the USD at the close of trade last week. The exchange rate for import duties payment on the customs portal has been on a steady decline in the past two weeks mirroring the strengthening of the naira in the FX…
Vice President Kashim Shettima inaugurated a training program for the staff of the State House on Monday, focusing on the digitalization of workflow processes aimed at streamlining workflows, eradicating paper-based bureaucracy, and cultivating a tech-savvy workforce. During the training programme’s opening, Shettima, represented by Sen. Ibrahim Hadejia, Deputy Chief of Staff to the President, emphasized the President’s commitment to digitalizing key economic sectors and public services, as stated by the Vice President’s spokesperson, Stanley Nkwocha. The Vice President stated that the objective is to utilize the potential of machine learning and artificial intelligence to revolutionize the entire public service sector “can’t…
Kenya’s second-hand cloth dealers are lobbying against a proposal by France, Denmark, and Sweden to ban the export of second-hand clothes from the European Union (EU). According to Reuters, the second-hand cloth trade in Kenya employs about 2 million people and provides their livelihood hence the protest against the proposed ban by the EU. According to UN trade data, the EU exported 1.4 million tonnes of used textiles in 2022, more than twice what they exported in 2000. The three countries argued that much of these exported textiles when they cannot be resold end up as waste in their host countries…
Russia has continued to grow the number of its African partners in nuclear projects with Burkina Faso being the latest addition to the list. The West African country is set to sign a roadmap with Rosatom, A Russian state corporation that will lead to the construction of a nuclear power plant in the country. This was revealed to Sputnik, by Burkina Faso’s Minister of Energy, Mines and Quarries, Yacouba Zabré Gouba, in an interview on the sidelines of the International Forum on Nuclear Energy (Atomexpo-2024), which was held on the Russian territory of Sirius. “The establishment of this power plant will…
The Lagos State Government announced on Tuesday an expectation of unusually high rainfall for the 2024 season across the state, with a total forecast of 1936.2 mm. Mr. Tokunbo Wahab, Commissioner for the Environment and Water Resources, delivered this announcement at a press briefing on the Seasonal Climate Predictions (SCP) and their socio-economic impacts on Lagos State, held at the Ministry’s Conference Room in Alausa. According to the Commissioner, the predicted average annual rainfall for 2024 is 1936.2mm, exceeding the long-term average of 1721.48mm. The rainfall is expected to begin in the first week of April and end in the…
The Nigeria Labour Congress (NLC) has said that Nigerians want to hold the Federal Government accountable for funds injected into the textile industry in a bid to resuscitate it. The NLC President, Mr. Joe Ajaero made this known at the 13th National Delegates Conference of the National Union of Textile Garment and Tailoring of Nigeria (NUTGTWN) held in Abuja, According to him, the textile sector is key to driving economic growth and development, highlighting its historical significance as a major contributor to job creation and overall national prosperity. Reflecting on past efforts to revive the sector, he raised questions about…
President Bola Tinubu has denounced the heinous actions of kidnappers nationwide, asserting that those engaged in these vile acts should be considered terrorists. The President made this statement on Tuesday during a Ramadan dinner attended by members of the Federal judiciary, including the Chief Justice of Nigeria, Justice Olukayode Ariwoola. Asserting the government’s intent to eradicate banditry, the President called out child kidnappers as cowards, lacking the ability to stand up to the Nigerian Armed Forces’ might. “We must treat kidnappers as terrorists. They are cowardly. They have been degraded. They look for soft targets. They go to schools and…
In the turbulent waters of today’s business landscape, the resilience of a company’s board of directors is often tested by unforeseen crises. From global pandemics to economic downturns, the ability to navigate these storms with agility and foresight is paramount. Experts concede that optimising crisis management and business continuity planning helps to fortify board resilience. With the right strategic insights, boards can steer their organisations through adversity and emerge stronger on the other side. According to PWC in its publication, “The Critical Role of Internal Audit – Business Continuity and Crisis Management,” August 2, 2023, “business continuity refers to a company’s ability…
Chocolate prices are about to get steeper as Cocoa prices soared past the milestone of $10,000 per metric ton. The increase in cocoa futures, which have already doubled in value this year, is primarily attributed to poor crops in key West African cocoa-producing regions, setting the stage for a potential third consecutive annual supply deficit. The industry grapples with the aftermath of meagre returns to cocoa farmers, heightening apprehensions about sourcing adequate beans. Beyond physical supply shortages, financial market pressures intensify as traders hedge against physical holdings, grappling with margin calls on losses from derivatives. The relentless rally propelled cocoa…
The Cross River Government has announced its intention to investigate the 213% rise in the state’s workforce, which skyrocketed from approximately 18,000 to a staggering 56,358 over an eight-year period. Dr. Innocent Eteng, the state Head of Service, revealed this during a press conference in Calabar, stressing Governor Bassey Otu’s concerns regarding the escalating financial burden associated with the burgeoning payroll. Eteng stated the imperative of scrutinizing the workforce’s composition, describing it as “currently bloated by several infractions” and attributing it to the mounting challenges in funding essential projects. With a breakdown indicating 14,328 staff in the State Universal Basic Education Board…
Operatives from the Ilorin Zonal Command of the Economic and Financial Crimes Commission (EFCC) have taken into custody five individuals allegedly involved in illegal mining activities. The arrests were made following the interception of three truckloads of assorted solid minerals suspected to have been mined without the requisite licenses. The detained individuals include three truck drivers and two truck boys. Their apprehension, carried out along Maraba Road in Ilorin, Kwara State, and Ogbomosho, Oyo State, between March 21st and 22nd, 2024, was facilitated by credible intelligence and surveillance operations. The suspects were found transporting solid minerals, believed to be marble…
The Lagos State Government has arrested 73 individuals for crossing highways without using the provided pedestrian bridges and for misusing pedestrian bridges as accommodation and engaging in other illegal activities. The announcement was made by Tokunbo Wahab, the Lagos State Commissioner for Environment and Water Resources, on Tuesday, March 26, 2024, and is available on his official X (formerly known as Twitter) account. In his post, Wahab stated that the Lagos State Environmental Sanitation Corps (LAGESCO) enforced the directive by arresting pedestrians who crossed highways in the state without using pedestrian bridges. “A total of 73 persons were arrested earlier today by…
The Nigerian Financial Intelligence Unit (NFIU) has disclosed that the Indigenous Peoples of Biafra (IPOB) raised over $160,000 through monthly dues and crowdfunding efforts. This finding is part of the revelations in the NFIU’s “Counter Terrorism Financial Newsletter,” which highlights the sophisticated financial network of the IPOB, linked to 54 individuals around the globe. IPOB has 27 registered entities globally A detailed investigation by the NFIU into the financial operations of the IPOB revealed that diaspora affiliates of the group are spread across 22 countries. The report identified 27 entities globally registered under the group’s name, with the highest number…
The Managing Director of the North-East Development Commission (NEDC), Mr Mohammed Alkali, has stated that the commission needs around $80 billion to implement its master plan for the North-east region. He said this during a meeting in Abuja on Tuesday with the Federation Accounts Allocation Committee (FAAC) Postmortem Sub-Committee, led by Chairman Mr Kabir Mashi, Alkali expressed these financial requirements. The NEDC’s leader highlighted that a significant obstacle to the smooth execution of their master plan is the lack of sufficient funding. He noted that the implementation of the North-east Stabilisation and Development Masterplan (NESDMP) has been ongoing since June…