The Rivers State government has awarded a N30 billion contract for the reconstruction of the Kalabari Road to Julius Berger Nigeria Plc, one of Nigeria’s leading construction companies. The project, which is expected to significantly improve transportation in the region, is part of the state government’s broader efforts to enhance infrastructure and promote economic development in the area. Governor Nyesom Wike, who officiated the contract signing ceremony, emphasized that the Kalabari Road project is crucial for the development of the Kalabari Kingdom and surrounding communities. The road, which links key towns in the area, has long been in need of…
Author: Temitope N.
Minister of Works and Housing, David Umahi, has praised the progress made on the reconstruction of the Lagos-Calabar Highway, one of Nigeria’s most critical road networks. The project, which aims to improve transportation efficiency and foster economic growth, has seen substantial work completed, despite the challenges posed by the scale of the infrastructure development. Umahi, who recently inspected the ongoing work along the highway, highlighted the significant strides made in key sections of the road, particularly in the southern and southeastern regions. He noted that construction teams have been working diligently to ensure that the highway, which stretches across several…
The Nigerian equity market recorded a significant N472 billion gain in a shortened trading week, demonstrating resilience despite ongoing economic challenges. The positive performance was driven by a strong rally in several key sectors, particularly banking, consumer goods, and energy stocks, which have seen increased investor confidence in recent weeks. The market’s remarkable growth came amid a four-day trading session, with the Nigerian Stock Exchange (NSE) closing higher in all sessions of the week. The market capitalization rose from N27.3 trillion at the beginning of the week to N27.8 trillion by its conclusion, as several blue-chip companies posted solid earnings…
Financial experts are forecasting significant hurdles for smaller banks in Nigeria as the Central Bank of Nigeria (CBN) moves forward with plans to enforce stricter capital requirements across the banking sector. The new regulations, designed to strengthen the financial system and ensure stability, are expected to create difficulties for smaller players who may struggle to meet the higher capital thresholds. The CBN’s move to increase the minimum capital base for banks is part of broader reforms aimed at consolidating the sector, improving liquidity, and enhancing the ability of banks to absorb shocks in times of financial instability. However, smaller banks,…
As inflation remains a concern for many investors, it’s crucial to adopt strategies that can protect and grow your wealth. To outpace inflation, investments should not only preserve purchasing power but also generate returns that exceed the rate of price increases. Here are some investment tips to help you navigate these economic challenges: Invest in Inflation-Protected Assets Treasury Inflation-Protected Securities (TIPS): These government bonds are specifically designed to protect against inflation. The principal increases with inflation, and the interest is paid based on the adjusted principal. TIPS can provide a steady income while maintaining the purchasing power of your initial…
A new report has shown that the growth of Nigeria’s real sector, which encompasses industries such as manufacturing, agriculture, construction, and services, has significantly declined in 2024. This downturn signals a worrying trend for the country’s economic diversification efforts, which have long relied on strengthening the real sector to reduce dependence on oil revenues. According to the report, the slowdown can be attributed to a combination of factors, including inflationary pressures, high energy costs, inadequate infrastructure, and a challenging macroeconomic environment. Businesses in key industries have faced rising production costs, lower demand, and reduced access to capital, all of which…
The Nigerian government has concluded its investigation into five major aviation accidents, with findings now being reviewed and recommendations set to be made public. This marks a significant step in addressing safety concerns within the country’s aviation sector, which has faced increasing scrutiny in recent years. The investigations, led by the Accident Investigation Bureau (AIB) Nigeria, sought to determine the causes of the accidents and identify areas for improvement in aviation safety standards. The affected incidents involved both domestic and international flights and occurred over the past few years, drawing attention to the need for robust safety protocols and more…
The Nigeria Union of Banks, Insurance and Financial Institutions Employees (NUBIFIE) has raised alarm over the low rate of contract staff conversion to permanent positions in the banking sector. The union has called for urgent reforms to address the growing concern, highlighting the precarious working conditions faced by many contract employees in the industry. Contract staff in banks, often employed to fill short-term positions or handle specific projects, have long been a part of the financial sector workforce. While these positions provide employment opportunities, the union argues that the lack of pathways to permanent employment results in job insecurity and…
The Nigerian government has unveiled the Renewed Hope Housing initiative, opening bids for the development of affordable homes in 17 states. This ambitious project aims to address the nation’s chronic housing deficit while boosting economic activity in the construction sector. Under the initiative, the government seeks to partner with private developers to construct affordable housing units for low- and middle-income earners. The project is part of the broader Renewed Hope agenda, which prioritizes inclusive economic growth, infrastructure development, and improved living standards for Nigerians. With a housing deficit estimated at over 20 million units, the initiative is a timely response…
A recent warning from a trade advocacy group has raised alarms that Nigeria’s currency swap deal with China could undermine the objectives of the African Continental Free Trade Area (AfCFTA). While the agreement aims to ease bilateral trade between Nigeria and China, critics argue that it may sideline intra-African trade and weaken the continent’s economic integration efforts. The Nigeria-China currency swap deal, established in 2018, allows businesses to trade directly in naira and yuan, bypassing the need for the U.S. dollar. This arrangement was designed to reduce foreign exchange pressures, facilitate trade, and strengthen economic ties between the two nations.…