A new report from the National Bureau of Statistics (NBS) has disclosed the state of child labour across Nigeria. The report indicates that over 24 million Nigerian children are involved in child labour, with 14.3 millions of these children engaged in hazardous work as of 2022. The northwest geopolitical zone bears the brunt of these figures, with the highest number of child labourers (6,407,102) and children in hazardous work (3,266,728). Yet, when it comes to the percentage prevalence of child labour, the southeast region emerges as the most affected, with nearly half of the children involved in child labour at…
Author: Temitope N.
The Managing Director of the Nigeria Sovereign Investment Authority (NSIA), Aminu Umar Sadiq, has announced an investment of over $500 million in domestic infrastructure projects, affirming the Authority’s strategic focus on enhancing the country’s infrastructure and economic viability. This announcement was made at the public unveiling of NSIA’s 2023 financial results in Abuja on Thursday. During his presentation, Sadiq highlighted the pivotal role of the NSIA in bolstering the Nigerian economy, noting: “The NSIA’s impact on domestic investments has created real-time jobs and contributed to ease of doing business. Subsequently, by creating a more attractive investment environment, the NSIA is…
The Federal Government has set aside N16.1 billion monthly for the settlement of N1 trillion debts owed by state governments. The money, which is in the form of debt swap, will be paid over eight years to resolve the debts incurred by states from bailout facilities. This initiative represents a structured approach to mitigate states’ financial burdens, with payments corresponding to previous Federal Government withdrawals from the Excess Crude Account (ECA). This was according to the minutes of the January 2024 meeting of the Federal Account Allocation Committee (FAAC), which was later presented and adopted during the following month’s meeting at the Main Auditorium of the…
Nigeria is projected to slip to the fourth largest economy in Africa in 2024, behind South Africa, Egypt, and Algeria, according to IMF forecasts for April 2024. Nigeria which has held the title of “Africa’s largest economy” since the GDP rebasing in 2013 is projected to have a total GDP of $253 billion in 2024, primarily due to the devaluation of the Naira. According to IMF forecasts, South Africa will be Africa’s largest economy with a GDP of $373 billion, followed by Egypt with $348 billion, and Algeria with $267 billion. Recall that in 2023, it was projected that South Africa…
The federal government is looking towards a reduced interest rate to attract investments and grow the economy according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. Speaking on the sidelines of the World Bank-IMF spring meeting holding in Washington D.C, United States, the Minister stated that the federal government hopes to increase its revenue base. He noted the revenue sources of the revenue the government was looking at increasing include oil revenues and taxes. Specifically, he mentioned that the government was looking at increasing taxes without raising the tax rate but ensuring effective administration…
The Corporate Affairs Commission (CAC) has debunked reports that its agency is demanding companies to pay for their Tax Identification Number (TIN) in the country. In a circular signed by the management on Friday, the commission said it noticed flood of emails that did not emanate from them targeting directors of newly incorporated companies with requests for payment to acquire tax IDs. Accordingly, CAC said that Tax IDs are free according to the stipulations of Federal Inland Revenue Service (FIRS), adding that companies can electronically generate the ID upon registration. “The attention of the Corporate Affairs Commission (CAC) has been…
The Nigerians in Diaspora Commission (NiDCOM) has established a strategic partnership with the United States Agency for International Development (USAID-NIGERIA) to partner and strategically engage with Nigerian professionals in the US and establish a strategic think-tank which could benefit both the public and private sectors in Nigeria. In addition, USAID will support National Diaspora day and other key events. This was communicated by the Head of Media, Public Relations and Protocols Unit at NIDCOM, Gabriel Odu which was confirmed during a visit by a USAID delegation to the NiDCOM office in Abuja. NiDCOM learns that the focus is on engagements…
The United Nations has received over $600 million in financial pledges out of its $1billion target to boost humanitarian aid to Ethiopia as the East African country battles conflict, droughts, and floods. According to Reuters, the money was raised at a UN-hosted pledging event organized along with the governments of Ethiopia and the United Kingdom, held at the United Nations in Geneva, to raise funds and provide life-saving assistance to 15.5 million people and food for 10.4 million people. “The emergency has been building up through cycles of droughts and floods, and conflict,” the U.N. Humanitarian Office (OCHA) said. “El Nino (weather…
Nigerian chess master Tunde Onakoya has initiated an attempt to break the Guinness World Record for the longest chess marathon in New York City, drawing attention from influential leaders in Nigeria. At 29 years old, Onakoya’s objective goes beyond surpassing the existing record of 56 hours, set in 2018; he also aims to raise funds for the Gift of Chess and Chess in Slums Africa organizations. These entities leverage chess to uplift children from impoverished backgrounds. Expressing his motivation, Onakoya conveyed a message on a sandwich poster near the gaming tables, stating, “I’m playing for the dreams of millions of children…
Two former PNB Paribas bankers now working for Impact managers, Acre Impact Capital has raised almost $100 million for a new fund that aims to spur billions of dollars in funding for climate-aligned infrastructure projects in Africa. According to Reuters, Acre Impact Capital, a private-debt impact investment manager is looking to address the estimated $100 billion annual infrastructure financing gap on the continent by providing a portion of the unsecured funding for export finance projects. Typically, it is expected that export credit agencies guarantee up to 85% of loans and require the client to raise the rest privately yet bank’s zeal…
The Economic and Financial Crimes Commission (EFCC) has released a public notice requesting information regarding the location of former Kogi State Governor Yahaya Bello. In a statement on its official Instagram page, the anti-corruption agency announced that Bello is sought for alleged economic and financial offenses totaling N80.2 billion. “Anybody with information as to his whereabouts should report immediately to the Commission or the nearest Police Station,” the EFCC stated. Backstory EFCC agents surrounded Bello’s residence in the Wuse district of the Federal Capital Territory (FCT) on Wednesday, aiming to detain the former governor for a potential arraignment on charges…
The Federal Competition and Consumer Protection Commission (FCCPC) has sealed 4U Supermarket formally known as Amigo Supermarket in Abuja over unethical conduct. According to reports the supermarket was sealed on Thursday over unfair practices by its management during an enforcement exercise by officials of FCCPC in parts of the Federal Capital Territory (FCT). Officials of FCCPC were at several supermarkets in Abuja to initiate a campaign to enforce proper display of prices and adherence to quantity regulations. The action by the commission is a direct response to concerns raised by consumers about the rising costs of goods which go against…
Epic movie, Ajakaju by Nollywood first time producer, Eniola Ajao has crossed the N200 million ticket sale benchmark, according to data released by the Nigerian Box Office. The Nigerian box office disclosed this information via a tweet on Thursday afternoon, as observed by Nairametrics. The tweet stated, “Total estimates for the following movies as of 17th April, 2024: Ajakaju: N214 million, Ajosepe: N64 million, Saving Onome: N28 million.” Co-produced by Anthills studio and distributed by FilmoneNg, it recorded N16 million in a single day on its Friday release. Five days later, the indigenous epic film, starring Odunlade Adekola, veteran Sola Sobowale, and other premium acts, reached N101.2…
The Nigerian Immigration Service (NIS), on Thursday, placed Yahaya Bello, immediate past governor of Kogi State, on watch list amid allegations of N80.2 billion money laundering by the Economic and Financial Crimes Commission (EFCC). This development occurred shortly after the anti-graft agency had issued a wanted notice for Bello, in relation to allegations of laundering. The watch list circular, dated April 18, 2024, was signed by DS Umar, Assistant Comptroller of Immigration, on behalf of Kemi Nandap. The service provided details including the name, nationality, and passport number (B50083321) of the former governor as part of identification in the document.…
The Federal Government has announced the commencement of the disbursement of the N50,000 Presidential Conditional Grant Scheme, also known as Trade Grants Scheme, to nano businesses nationwide. Nano businesses are enterprises that have one or two workers and less than annual turnover of N3 million, according to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN). Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on Tuesday in Abuja. According to Uzoka-Anite, several beneficiaries have already received their grants, marking the beginning of the phased disbursement strategy. The Minister also said that on Friday, 19th April…
The Atelier Ludwigsburg-Paris, a flagship European co-production training, is inviting non-EU national creatives and filmmakers to apply for its 2024-2025 program. Nairametrics learns that the program is supported by funding from the European Union’s Media programme under CREATIVE EUROPE, along with contributions from the French and German governments, Baden-Württemberg state, and the Franco-German Youth Office. The program aims to shape the future of film production and distribution internationally which serves as a gateway to honing skills, building networks, and contributing to European cinema, offering prospective candidates a chance to step into the heart of European cinema collaboration and industry networking. About the…
The National Drug Law Enforcement Agency (NDLEA) executed the destruction of a substantial haul of narcotics, totaling 304,436 kilograms and 40,042 litres. This action, undertaken on Tuesday, April 16th, 2024, in Badagry, Lagos, marked a significant step in the ongoing battle against drug trafficking and abuse. Brigadier General Mohamed Buba Marwa (Ret), Chairman and Chief Executive Officer of the NDLEA, presided over the ceremony. Emphasizing the significance of public support, he reiterated the agency’s commitment to eradicating the drug scourge plaguing Nigerian society. The NDLEA destruction The destruction of these illicit substances, as mandated by court orders, highlights the agency’s…
The Federal Government has warned Nigerians that 148 Local Government Areas (LGAs) in 31 states of the federation, fall within the high flood-risk areas. The warning was given by the Minister of Water Resources, Prof Joseph Utsev while presenting the general highlights of the 2024 Annual Flood Outlook prepared by the Nigeria Hydrological Services Agency on Tuesday, April 16, 2024, in Abuja. Utsev explained that the annual flood outlook serves as a comprehensive guide to mitigate the impact of floods on communities across the country. Lagos, Rivers, Ogun, 28 other states that are affected The minister in his presentation of the…
President Bola Tinubu has inaugurated a committee for a National Single Window (NSW) to promote ease of import and export trade in the country. Tinubu revealed this during the inauguration of the National Steering Committee of the project on Tuesday at the Presidential Villa, Abuja. According to him, the introduction of the National Single Window (NSW) project is set to enhance integration at both national and regional levels. The single-window system, also known as the single-window concept, is a trade facilitation idea enabling international traders to provide required information through a single agency, streamlining cross-border transactions. The president stated that…
The World Bank has said that, for the first time this century, half of the world’s 75 poorest nations are witnessing a widening income gap compared to the wealthiest economies, marking a significant historical reversal in development trends. According to the report, per capita income growth in these countries has lagged the richest nations over the past five years. “For the first time, we see there is no convergence. They’re getting poorer,” Ayhan Kose, Deputy Chief Economist for the World Bank and one of the report’s authors, told Reuters. “We see a very serious structural regression, a reversal in the…