The Nigerian Shippers’ Council (NSC) has called for robust collaborations to maximize the benefits of the African Continental Free Trade Area (AfCFTA). The council emphasized the need for public and private sector partnerships to position Nigeria as a key player in Africa’s trade integration agenda. Unlocking AfCFTA’s Potential Speaking at a stakeholder engagement forum in Lagos, the Executive Secretary of the NSC, Emmanuel Jime, outlined the vast opportunities that AfCFTA offers to Nigeria’s economy. With the agreement poised to create a single market for goods and services across 54 African nations, Jime stressed that Nigeria must strengthen its infrastructure, logistics,…
Author: Temitope N.
Mikano International, a leading provider of power and heavy-duty equipment in Nigeria, is gearing up to launch its latest range of mining equipment in Abuja. The unveiling, scheduled to take place at a high-profile event in the nation’s capital, signals the company’s foray into bolstering Nigeria’s burgeoning mining sector with state-of-the-art machinery. Supporting Nigeria’s Mining Ambitions The mining sector is a critical component of Nigeria’s economic diversification agenda. With over 44 solid minerals identified across the country, there is significant potential for growth. Mikano’s investment in mining equipment is seen as a strategic response to the increasing demand for modern…
The International Monetary Fund (IMF) has emphasized the urgent need for substantial global financial support to address the economic challenges facing Sub-Saharan Africa. The call highlights the region’s struggle with economic recovery, debt sustainability, and the adverse impacts of global financial tightening. A Region in Crisis Sub-Saharan Africa continues to grapple with the lingering effects of the COVID-19 pandemic, the global energy crisis, and climate change. Many countries in the region are also burdened by rising inflation, depreciating currencies, and declining foreign direct investment. According to the IMF, these challenges have pushed several nations toward economic fragility, with growth rates…
Wema Bank, one of Nigeria’s leading financial institutions, has been recognized with multiple prestigious awards in the banking sector, highlighting its commitment to excellence, innovation, and customer-centric services. These accolades reinforce the bank’s position as a trailblazer in digital banking and a trusted partner for financial growth. Recognized for Excellence At the recent awards ceremonies held in Lagos and Abuja, Wema Bank clinched titles across several categories. The awards celebrated its outstanding achievements in areas such as digital transformation, customer service, and financial inclusion. These recognitions include: 1. **Best Digital Bank of the Year** – For its innovative *ALAT by…
The Raw Materials Research and Development Council (RMRDC) and members of the National Assembly have intensified efforts to halt the importation of materials that are readily available within Nigeria. This move aligns with the federal government’s agenda to promote local content, boost industrial growth, and conserve foreign exchange. Advocacy for Local Resource Utilization The Director-General of the RMRDC, Professor Hussaini Doko Ibrahim, highlighted the economic drawbacks of importing raw materials that can be sourced domestically. Speaking during a recent stakeholder engagement in Abuja, he stated that over-reliance on imports undermines local industries and contributes to trade imbalances. “Many industries are…
Nigeria’s oil sector is poised for a significant revenue boost, with monthly earnings projected to reach N6.9 trillion as production levels rise, according to recent industry estimates. This comes on the back of improved crude oil output and stable global oil prices, signaling a potential turning point for the nation’s economy. Production Recovery and Growth Crude oil production has shown steady improvement, with output nearing 1.8 million barrels per day (bpd), up from an average of 1.3 million bpd recorded earlier this year. This recovery is largely attributed to enhanced security measures in oil-producing regions, particularly the Niger Delta, and…
President Bola Ahmed Tinubu is expected to present Nigeria’s proposed 2025 budget, estimated at a historic N47 trillion, to the National Assembly today. If approved, this budget will mark a significant milestone, being the largest in the country’s history, as it seeks to address Nigeria’s economic challenges and drive growth in critical sectors. Focus on Economic Recovery The 2025 budget, tagged *“Budget of Renewed Hope and Growth,”* reflects the Tinubu administration’s commitment to reviving the economy amidst fiscal pressures, including high inflation, revenue shortfalls, and the lingering effects of subsidy removal. The budget prioritizes infrastructure development, energy transition, job creation,…
FirstBank of Nigeria has announced its sponsorship of the inaugural Lagos Theatre Festival, a landmark event celebrating the vibrancy and diversity of the performing arts in Nigeria. This festival, held at various venues across Lagos, aims to showcase both emerging and established talents in the theatre, film, and arts sectors, solidifying Lagos as a cultural hub for creative expression in West Africa. Supporting the Arts: FirstBank’s Commitment to Culture and Community FirstBank’s sponsorship of the festival underscores the bank’s commitment to community building and support for the creative industry. Recognizing the arts as a powerful tool for social connection, FirstBank…
The Chartered Institute of Stockbrokers (CIS) has awarded fellowship honors to key figures in Nigeria’s financial sector, including the Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda. The fellowship awards, one of the most prestigious recognitions in Nigeria’s capital market, were presented at a recent ceremony held to acknowledge individuals for their significant contributions to the growth and development of the industry. Recognizing Leadership and Commitment in Capital Markets Mr. Yuguda’s fellowship from the CIS is a recognition of his outstanding leadership and ongoing efforts to drive transparency and investor protection within the Nigerian capital markets. Since…
The Nigerian Ports Authority (NPA) has commended APM Terminals (APMT) for its steadfast commitment to upholding stringent safety standards across its operations in Nigeria. APMT, a leading global terminal operator, has maintained rigorous safety protocols at its Apapa terminal, contributing to the overall safety, efficiency, and reliability of Nigeria’s port infrastructure. APMT’s Safety Commitment: A Model in Port Operations APMT’s dedication to safety involves strict adherence to global safety practices, continuous staff training, and the use of state-of-the-art safety technology. These measures have created a safer work environment for employees, port users, and visiting seafarers. By prioritizing safety, APMT has…