The African Export-Import Bank (AfreximBank) has called for increased empowerment opportunities for youths across the continent, emphasizing their critical role in driving sustainable development and economic transformation. The bank’s advocacy highlights the importance of harnessing the potential of Africa’s burgeoning youth population through targeted programs and initiatives. With over 60% of Africa’s population under the age of 25, the continent boasts one of the youngest demographics in the world. While this presents a tremendous opportunity, it also poses significant challenges. High unemployment rates, limited access to quality education, and systemic barriers have left many young people struggling to realize their…
Author: Temitope N.
The World Bank has raised concerns about a widening education funding gap in Nigeria and several other developing nations, warning of the dire consequences this shortfall could have on global educational outcomes. The report emphasizes the urgent need for increased investment to address the challenges plaguing education systems, particularly in low- and middle-income countries. Nigeria, Africa’s most populous nation, exemplifies the gravity of the issue. Despite being home to one of the largest youth populations in the world, the country’s education sector remains severely underfunded. According to the World Bank, this funding gap threatens to undermine efforts to achieve universal…
A startling revelation by the Auditor-General of the Federation has accused the Central Bank of Nigeria (CBN) of misappropriating ₦2.7 trillion in interests related to the controversial Ways and Means advances. The report, which sheds light on significant financial irregularities, has reignited concerns over accountability and fiscal management within one of the nation’s most critical institutions. The Ways and Means advances, a mechanism allowing the federal government to borrow directly from the CBN to cover budget shortfalls, have long been a subject of scrutiny. While this approach can provide short-term financial relief, it is meant to be tightly regulated to…
The tenure of Mele Kyari as the Group Managing Director (GMD) of the Nigerian National Petroleum Company (NNPC) has sparked widespread anxiety and debate. As one of the most influential figures in Nigeria’s oil and gas sector, Kyari’s leadership has coincided with a period of significant transformation and turbulence. Appointed in July 2019, Kyari inherited a company undergoing profound structural changes, including its transition from a state-run enterprise to a commercially driven entity under the Petroleum Industry Act (PIA). This shift aimed to enhance transparency, efficiency, and profitability. However, the path has been anything but smooth, with economic pressures, fluctuating…
Telecommunications operators in Nigeria have issued a warning of potential service disruptions due to escalating operational costs that continue to pressure the sector. Rising energy prices, inflation, and foreign exchange challenges have compounded the difficulties faced by industry players, prompting urgent calls for intervention. Mounting Financial Pressures Energy Costs: The rising cost of diesel and electricity has significantly increased the expenses associated with powering base stations and maintaining network infrastructure. Foreign Exchange Rates: The depreciation of the naira has driven up the costs of importing critical equipment and technology. Inflation: General price increases have affected wages, logistics, and other operational…
Swift Telephone Network (STN), a leading telecommunications provider, has reaffirmed its commitment to corporate social responsibility by supporting a major health outreach program aimed at improving community healthcare access. This initiative underscores the company’s dedication to addressing pressing health challenges in underserved areas. Details of the Outreach The health campaign, which spans rural and urban locations, offers free medical services to thousands of beneficiaries. Key services provided include: Medical Screenings: Blood pressure checks, diabetes screenings, and general health assessments. Health Education: Sessions on preventive care, hygiene, and nutrition. Medication Distribution: Free essential drugs for common ailments. STN’s Role in the…
The Federal Capital Territory Internal Revenue Service (FCT-IRS) has announced a revenue collection of ₦252 billion for the fiscal year, reflecting a significant milestone in its efforts to enhance tax compliance and widen the revenue base in Abuja and its environs. Driving Factors Behind the Achievement Enhanced Tax Administration: The FCT-IRS implemented modern tax collection systems, including digital platforms, to improve efficiency and reduce leakages. Public Awareness Campaigns: Efforts to educate taxpayers on their obligations contributed to increased compliance. Widened Tax Net: The agency successfully brought more individuals and businesses into the formal tax system. Breakdown of Revenue Sources The…
The Federal Government has announced the establishment of the Lagos State Electricity Regulatory Commission (LASERC) to oversee and regulate the electricity market within Lagos State. This move aims to improve the state’s energy framework, ensuring efficiency, fairness, and transparency in electricity distribution, pricing, and consumption. Decentralizing Energy Regulation LASERC’s creation follows the recent constitutional amendment empowering states to regulate electricity generation, transmission, and distribution within their borders. Lagos, as Nigeria’s commercial hub, is the first to operationalize this provision. Objectives of LASERC Market Oversight: Monitor and regulate activities of electricity providers to ensure compliance with standards. Consumer Protection: Address billing…
Former Vice President Atiku Abubakar has urged the Federal Government to address the findings of recent reports by the National Bureau of Statistics (NBS) on insecurity, rather than politicizing their implications. The reports, which highlight rising crime rates and their socio-economic effects, have sparked debates about the government’s approach to tackling insecurity. Atiku’s Call for Action Atiku emphasized the importance of treating the NBS reports as a wake-up call for urgent action. He outlined key concerns: Rising Insecurity: Data showing an increase in kidnappings, armed robberies, and communal violence. Economic Impact: How insecurity disrupts livelihoods, deters investment, and exacerbates poverty.…
The Federal Airports Authority of Nigeria (FAAN), in partnership with United Bank for Africa (UBA), has completed the renovation of a terminal at the Murtala Muhammed International Airport in Lagos. The project, which reflects a public-private partnership model, aims to enhance passenger experience and align Nigeria’s busiest airport with global standards. Upgraded Facilities The renovation includes significant improvements to key areas of the terminal: Expanded Waiting Areas: More seating capacity and better-designed lounges for travelers. Modern Amenities: Installation of advanced cooling systems, upgraded restrooms, and improved lighting. Security Enhancements: Deployment of cutting-edge surveillance and screening equipment to ensure passenger safety.…