A prominent furniture manufacturer has unveiled a state-of-the-art luxury furniture gallery, showcasing an array of high-end designs aimed at redefining elegance and sophistication in interior spaces. The new gallery, located in a prime area of Lagos, serves as a one-stop destination for premium furnishings tailored to the discerning tastes of upscale clientele. Speaking at the grand opening ceremony, the company’s CEO emphasized the brand’s commitment to excellence, innovation, and craftsmanship. “This gallery represents our vision to bring world-class furniture designs closer to Nigerians who appreciate quality and style,” the CEO remarked. The gallery features an extensive collection of bespoke pieces,…
Author: Temitope N.
The Nigeria Deposit Insurance Corporation (NDIC) has assured customers of the defunct Heritage Bank that their deposits remain secure and will be reimbursed in accordance with the country’s deposit insurance framework. The announcement follows the Central Bank of Nigeria’s (CBN) recent revocation of the bank’s operating license due to insolvency issues. NDIC Managing Director, Bello Hassan, addressed concerns during a press briefing, emphasizing the corporation’s commitment to protecting depositors. “We want to reassure customers of Heritage Bank that their deposits are fully insured, and the NDIC has mechanisms in place to ensure timely payment within the insured limits,” Hassan stated.…
Nigeria’s economy recorded a growth rate of 3.46% in the third quarter of 2024, according to data released by the National Bureau of Statistics (NBS). This marks a notable improvement compared to the 2.99% growth recorded in the same quarter last year, reflecting a sustained recovery in key sectors of the economy. The growth was primarily driven by strong performances in the non-oil sector, which expanded by 4.21%. Agriculture, manufacturing, and telecommunications contributed significantly, bolstered by government policies aimed at diversifying the economy. The agricultural sector, which remains the largest contributor to GDP, grew by 3.9%, supported by favorable weather…
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to consider alternative funding options for the 2025 budget amid growing concerns over Nigeria’s rising debt profile. With borrowing making up a significant portion of the proposed budget’s financing plan, stakeholders are calling for a more sustainable approach to bridge fiscal deficits. In a statement, LCCI President Michael Olawale-Cole highlighted the risks associated with Nigeria’s current borrowing strategy, particularly the increasing burden of debt servicing, which already consumes a significant percentage of government revenue. “Relying heavily on borrowing to fund budgets is unsustainable and poses long-term risks…
Economic analysts have warned that Nigeria’s inadequate infrastructure could undermine the country’s ability to fully benefit from the African Continental Free Trade Area (AfCFTA). Despite the trade pact’s promise of fostering economic integration and boosting intra-African trade, Nigeria’s infrastructure gaps remain a significant obstacle to achieving these objectives. At a recent economic forum, experts highlighted key deficiencies in transport, energy, and logistics infrastructure that could limit Nigeria’s competitiveness under AfCFTA. Poor road networks, congested ports, unreliable power supply, and inefficient rail systems were cited as critical issues affecting the ease and cost of doing business. “AfCFTA provides immense opportunities for…
An upcoming summit is set to honor Oba Saheed Ademola Elegushi, the Elegushi of Ikate Kingdom, and the renowned Nike Art Gallery, alongside other distinguished contributors to Nigeria’s cultural and artistic heritage. The event, which aims to spotlight and celebrate cultural excellence, will bring together dignitaries, artists, and thought leaders from across the nation. Organizers of the summit highlighted the importance of recognizing individuals and institutions that have played pivotal roles in preserving and promoting Nigeria’s rich cultural legacy. Oba Elegushi, known for his dynamic leadership and advocacy for cultural preservation, is being celebrated for his efforts to sustain traditional…
Economic stakeholders have expressed concerns that the 2025 national budget may fall short of its targets, citing structural deficiencies, revenue challenges, and implementation bottlenecks. The caution comes as the government finalizes the proposed spending plan, which aims to address critical issues such as infrastructure, security, and economic recovery. During a recent budget review session, analysts and industry leaders pointed to unrealistic revenue projections as a primary factor that could derail the budget’s performance. Nigeria’s dependence on oil revenues, coupled with fluctuating global crude prices and declining production levels, poses a significant risk to meeting financial targets. “The budget appears overly…
The Nigeria Customs Service (NCS) has attributed the rising incidence of fuel smuggling in Borno State to widespread insecurity in the region. This revelation highlights the challenges of maintaining border integrity and combating illicit trade in an area plagued by insurgency and weak security infrastructure. Speaking at a press briefing, the Comptroller of Customs in the Maiduguri Command, Usman Bello, explained that fuel smuggling activities have become rampant due to the unstable security situation, which creates opportunities for smugglers to operate with minimal resistance. “The ongoing insecurity in Borno State has significantly hampered our ability to effectively monitor and control…
The Dangote Refinery has raised concerns over the inability of the Nigerian National Petroleum Company Limited (NNPCL) to meet agreed crude oil supply volumes, a situation that could hinder the refinery’s operations and planned contributions to Nigeria’s energy sector. This revelation comes as the country anticipates the refinery’s full-scale operation to reduce reliance on imported petroleum products. Speaking at a recent energy stakeholders’ forum, representatives from the Dangote Refinery disclosed that the shortfall in crude supply is affecting the facility’s ability to achieve its projected refining targets. The refinery, which is expected to process 650,000 barrels of crude oil daily,…
The Organized Private Sector (OPS) has emphasized the need for a more business-friendly environment to attract increased diaspora remittances and spur economic growth. This call comes as Nigeria continues to experience a significant inflow of funds from its diaspora, which remains a vital source of foreign exchange and economic support. Speaking at an economic summit, representatives of the OPS highlighted that creating a stable and conducive business climate would encourage Nigerians abroad to invest more in the country. They stressed that policies fostering transparency, ease of doing business, and investment security are crucial for leveraging diaspora funds effectively. “Remittances from…