The Sterling One Foundation has announced the expansion of its environmental sustainability program, reinforcing its commitment to addressing pressing ecological challenges in Nigeria. The initiative, which focuses on promoting sustainable practices and restoring natural ecosystems, aims to create lasting environmental and social impact. The expanded program includes tree-planting campaigns, waste management initiatives, and community-based environmental education. According to the foundation, these efforts are designed to mitigate climate change, combat deforestation, and encourage responsible environmental stewardship across communities. Speaking at the launch of the expanded initiative, the CEO of Sterling One Foundation emphasized the urgency of addressing environmental issues. “Climate change…
Author: Temitope N.
A forward-thinking firm has intensified its support for small and medium enterprises (SMEs) in Africa, reaffirming its commitment to fostering intra-African trade and economic growth. The initiative is part of its strategic plan to empower SMEs, which are widely regarded as the backbone of the continent’s economy, and enhance their participation in regional and international markets. The company has introduced a series of programs aimed at providing SMEs with access to financing, mentorship, and capacity-building opportunities. These efforts are designed to help small businesses overcome common challenges such as limited resources, market access, and regulatory hurdles, enabling them to scale…
The rising cost of food in Nigeria is significantly impacting the fast-food industry, according to the CEO of FoodCourt, a leading quick-service restaurant chain. Speaking at an industry forum, the CEO highlighted how persistent food inflation has driven up operational costs, strained profit margins, and altered consumer spending patterns, posing serious challenges to the sector. Nigeria’s food inflation rate has remained high, fueled by factors such as currency depreciation, supply chain disruptions, and rising production costs. These pressures have forced fast-food operators to grapple with higher prices for ingredients, packaging, and transportation. For many businesses, absorbing these costs without passing…
Fitch Ratings has warned that Nigeria’s widening budget deficit could intensify pressure on the naira, leading to further depreciation of the currency. The global credit rating agency highlighted that the country’s fiscal imbalance, coupled with rising public debt, poses significant risks to economic stability and investor confidence. In its latest report, Fitch noted that Nigeria’s budget deficit, projected to exceed earlier estimates, is being driven by persistent revenue shortfalls, high debt servicing costs, and increased government spending. These factors have exacerbated the fiscal gap, forcing the government to rely heavily on borrowing and other deficit-financing mechanisms, including the Central Bank…
Nigerian Breweries Plc has reaffirmed its commitment to celebrating and preserving Nigeria’s rich cultural heritage through its active participation in the Calabar Carnival. As a long-standing partner of the event, the company played a prominent role in this year’s festivities, which brought together thousands of participants and spectators from across the globe. Known as Africa’s biggest street party, the Calabar Carnival serves as a platform to showcase the diverse cultural expressions of Nigeria, including music, dance, fashion, and art. Nigerian Breweries added color to the event by sponsoring key segments of the carnival and organizing activities that highlighted the vibrancy…
Maritime unions have expressed their appreciation for the Nigerian Ports Authority (NPA) over its efforts to enhance career development opportunities for its workforce. The unions praised the NPA’s commitment to improving employee skills through training programs, promotions, and initiatives aimed at fostering professional growth in the maritime sector. Speaking during a recent event, representatives of the Maritime Workers Union of Nigeria (MWUN) and other allied unions highlighted the positive impact of the NPA’s policies on career advancement. They noted that these efforts have not only boosted employee morale but also improved operational efficiency within Nigeria’s ports. The unions specifically lauded…
First City Monument Bank (FCMB), in partnership with the Nigerian Association of Women Entrepreneurs (NNEW), has successfully graduated 215 women from its capacity-building program aimed at empowering female entrepreneurs. The initiative, which focuses on equipping women with critical business skills, financial literacy, and access to funding opportunities, marks another milestone in promoting gender equality and entrepreneurship in Nigeria. During the graduation ceremony, FCMB’s representatives highlighted the program’s impact on enabling women to scale their businesses, create jobs, and contribute to economic growth. The initiative aligns with the bank’s commitment to fostering financial inclusion and supporting women-led enterprises, which are often…
The World Bank has highlighted significant inefficiencies in governance, infrastructure, and business environments as key factors contributing to the loss of investments in Nigeria and other developing nations. According to a recent report, these inefficiencies have deterred both domestic and foreign investors, stalling economic growth and development across several countries in sub-Saharan Africa. The report emphasizes that poor infrastructure, corruption, regulatory bottlenecks, and inconsistent policies are major impediments to attracting and retaining investment in Nigeria and other emerging economies. These challenges create an unstable and unattractive environment for businesses, leading to missed opportunities for economic growth, job creation, and poverty…
The Nigerian Insurance Commission (NAICOM) has imposed a combined fine of N74 million on African Alliance Insurance, Guinea Insurance, and several other insurance companies for various regulatory violations. The fines are part of the commission’s ongoing efforts to enforce compliance with industry standards and ensure the integrity of the insurance sector in Nigeria. African Alliance and Guinea Insurance, along with other unnamed companies, were penalized for failing to meet certain regulatory requirements, including delayed submission of financial statements, inadequate reserves, and non-compliance with other statutory obligations. The fines are intended to serve as a deterrent to other companies in the…
The Nigerian Ministry of Housing has earmarked N3.5 billion in its 2024 budget for the settlement of outstanding debts related to housing projects. This allocation is part of the government’s broader strategy to address financial obligations in the housing sector and ensure the continuity of ongoing and future housing programs. The N3.5 billion budget for debt settlement is aimed at clearing arrears owed to contractors, suppliers, and other stakeholders involved in the development of housing projects across the country. The ministry’s efforts to resolve these financial obligations are seen as crucial for maintaining the momentum of the federal government’s housing…