The Central Bank of Nigeria (CBN) has announced a strategic initiative aimed at increasing remittance inflows by engaging the Nigerian diaspora community. With remittances serving as a vital source of foreign exchange and financial stability, this move comes as part of the CBN’s broader effort to bolster Nigeria’s economy amid ongoing currency challenges. Targeting New Channels for Remittance Growth In a statement, the CBN emphasized the potential impact of increased remittances on Nigeria’s economy, underscoring the importance of inflows in stabilizing the naira and supporting economic development. The bank is set to launch new platforms that make it easier for…
Author: Temitope N.
Golden Terra Oil has been awarded a prominent marketing accolade in recognition of its innovative strategies and impactful campaigns in the competitive edible oil industry. The award, presented by the Marketing Excellence Council, highlights the company’s consistent efforts to elevate its brand visibility and customer engagement through various channels, including digital marketing, community outreach, and in-store promotions. Commitment to Quality and Innovation Golden Terra Oil’s marketing team attributes their success to a blend of quality assurance, consumer trust, and brand adaptability. With a focus on promoting health benefits, sustainable sourcing, and transparency, the brand has become a favorite among health-conscious…
The United Nations Foundation has announced the launch of a new global campaign focused on addressing critical challenges, including climate change, health equity, gender equality, and youth empowerment. This initiative, which brings together public and private stakeholders, aims to create actionable strategies for sustainable progress and raise awareness on issues that affect billions worldwide. A Multi-Faceted Approach to Global Issues The UN Foundation’s campaign seeks to engage multiple sectors to tackle global issues more comprehensively. By uniting government bodies, corporations, NGOs, and local communities, the foundation aims to foster a collaborative approach where resources, knowledge, and policy-making are aligned. The…
A recent industry report has revealed that research and development (R&D) investment continues to play a crucial role in market growth across various sectors. The report highlights how businesses investing in R&D are driving product innovation, improving efficiency, and adapting more quickly to evolving consumer demands, which collectively fuel growth in competitive markets. Key Findings on Research Investment and Growth The report underlines that companies with robust R&D strategies not only create new products but also enhance existing ones, making them more cost-effective, efficient, and appealing to consumers. These advancements are contributing to a broader trend of steady growth in…
The Lagos State Government (LASG) is set to initiate a comprehensive urban regeneration project on Lagos Island aimed at revitalizing the area’s infrastructure, enhancing its livability, and preserving its rich cultural heritage. The project, part of Governor Babajide Sanwo-Olu’s broader vision for a more sustainable Lagos, focuses on improving urban facilities, expanding green spaces, and addressing structural issues impacting the historic island. Key Objectives of the Urban Regeneration The Lagos Island regeneration project is designed to address several pressing issues, including infrastructure decay, traffic congestion, inadequate drainage, and deteriorating public spaces. The LASG has highlighted specific objectives for the initiative,…
Africa Specialty Risks (ASR), a leading provider of insurance solutions across Africa, has received approval to operate as a Lloyd’s service company. This strategic move allows ASR to extend its capabilities, leveraging Lloyd’s platform to offer specialized risk solutions to clients across the continent. Operating as a Lloyd’s service company enables ASR to access the unique underwriting capabilities of the Lloyd’s marketplace, known for its expertise in insuring complex and large-scale risks. ASR’s alignment with Lloyd’s will facilitate more tailored and innovative insurance products, addressing a range of African-specific risks, including political risk, terrorism, property, and specialty liability. Strengthening Insurance…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has initiated a rigorous screening process to evaluate bidders for oil block licenses, assessing their technical and operational capacities. This examination is part of NUPRC’s efforts to ensure that only capable operators are awarded oil blocks to maximize productivity and manage Nigeria’s resources efficiently. According to the NUPRC, the technical screening aims to verify that prospective bidders have the expertise, technology, and operational resources required to explore and develop the oil blocks effectively. The commission is assessing whether bidders have sufficient financial stability, workforce expertise, and adherence to environmental standards. The bidding process…
A Pan-African youth organization has committed to tackling poverty and promoting sustainable development across Africa, focusing on creating pathways for economic growth, education, and employment for young people. The group, comprising young leaders from various African nations, plans to address the root causes of poverty and empower youth to play a central role in the continent’s development. The Vision: Ending Poverty through Youth-Led Initiatives With nearly 60% of Africa’s population under the age of 25, the organization believes that empowering young people is key to sustainable economic development. The group’s vision includes providing resources, mentorship, and training to foster entrepreneurship,…
Marking its 10th anniversary, Fast Credit, a leading financial services firm in Nigeria, has launched a scholarship program aimed at supporting students across the country. The initiative is part of Fast Credit’s commitment to giving back to the community and empowering Nigeria’s youth by reducing the financial barriers to quality education. A Decade of Growth and Community Impact Since its founding, Fast Credit has grown from a small lending business into a well-established player in Nigeria’s financial services industry. With this new scholarship program, the company celebrates not only its financial milestones but also its dedication to creating meaningful social…
A leading healthcare firm has urged the government to make health insurance mandatory, highlighting the critical role that expanded coverage could play in improving access to quality healthcare for Nigerians. The call comes as Nigeria faces significant healthcare challenges, including inadequate funding, rising medical costs, and limited access to services, particularly for low-income families. Current State of Health Insurance in Nigeria Nigeria’s National Health Insurance Scheme (NHIS) was launched to provide affordable healthcare access, especially for vulnerable groups. However, the scheme’s voluntary nature has limited its reach, with less than 5% of Nigerians currently enrolled in any form of health…
The ongoing strike by the National Agency for Food and Drug Administration and Control (NAFDAC) staff has intensified challenges for Nigeria’s pharmaceutical manufacturing sector, already strained by economic instability, import restrictions, and a volatile foreign exchange market. The agency’s strike, primarily over labor disputes related to salaries and work conditions, has disrupted essential regulatory services, including product approvals, import and export clearances, and quality assessments, leaving many manufacturers in limbo. Impact on Drug Approval and Supply Chain Delays The strike has significantly affected drug approval processes, stalling the introduction of new medications into the market and causing prolonged delays in…
In a significant act of corporate social responsibility, Dangote Cement Plc has provided crucial support to an orphanage in Kogi State, delivering a substantial donation of food items to assist the facility’s day-to-day needs. The donation underscores Dangote Cement’s commitment to improving community welfare, particularly for vulnerable groups, through various philanthropic initiatives aimed at enhancing quality of life and supporting sustainable development in the communities it operates. Details of the Donation The donated items include staple food supplies such as rice, beans, and garri, along with cooking oil, condiments, and other essential provisions. According to representatives from Dangote Cement, these…
Nigerian Breweries Plc, the country’s largest brewer, has reported a significant increase in foreign exchange (FX) losses, reaching an all-time high of N160 billion as of the third quarter of 2024. This stark rise in losses reflects the financial impact of the naira’s devaluation and the ongoing FX crisis, which has added substantial financial pressure on companies reliant on imported raw materials, such as Nigerian Breweries. Currency Challenges Amplify FX Losses Nigerian Breweries has been grappling with FX losses over the past few quarters as the naira’s devaluation has increased the cost of its foreign-currency-denominated obligations. The situation is particularly…
The International Monetary Fund (IMF) has expressed concerns over Nigeria’s debt servicing burden, noting its significant impact on the country’s socioeconomic development. In a recent report, the IMF highlighted that Nigeria’s growing debt obligations are diverting funds away from critical development areas such as infrastructure, education, healthcare, and economic diversification. Debt Burden and Fiscal Constraints With Nigeria’s debt servicing costs representing a substantial portion of its annual budget, the IMF emphasized that these expenditures are increasingly crowding out essential government spending. Nigeria’s debt service-to-revenue ratio remains alarmingly high, with a significant percentage of government income directed toward meeting debt obligations.…
FirstBank Nigeria has announced that its ongoing system migration will not disrupt banking services for its customers. The bank, known for its extensive reach and robust service offerings, stated that the transition is aimed at enhancing system efficiency and providing customers with a more responsive and secure digital banking experience. Commitment to Uninterrupted Service In a statement, FirstBank representatives confirmed that the migration process has been carefully planned to minimize any potential impact on its millions of customers across Nigeria and beyond. The bank emphasized its commitment to providing uninterrupted service and maintaining all essential banking operations, assuring customers that…
In a shift that could alter Nigeria’s electricity transmission landscape, the Nigerian Electricity Regulatory Commission (NERC) has proposed that electricity Distribution Companies (Discos) should assume a greater financial role in repairing and maintaining the country’s transmission infrastructure. The NERC, responding to ongoing transmission issues that contribute to frequent power outages and inefficiency, suggests that allowing Discos to handle these expenses could improve the reliability and consistency of electricity supply across the country. Challenges in the Current Power Transmission Framework Nigeria’s power sector operates under a segmented framework, where the Transmission Company of Nigeria (TCN) is responsible for transmitting electricity from…
Amid rising concerns over delayed pension payments, Nigerian pensioners have issued a warning to the Federal Government and four state governments over a mounting debt of N193 billion in unpaid pensions and gratuities. With months of arrears yet to be addressed, many retired civil servants and their unions are organizing to demand immediate payment, highlighting the hardship and financial strain this prolonged delay has caused for retirees across the country. Mounting Pension Debt and Unmet Commitments According to the Nigerian Union of Pensioners (NUP), the debt comprises various unfulfilled pension obligations from both the federal and state governments, including unpaid…
Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has called for decisive action to address Africa’s pressing challenges and unlock the continent’s full potential. Speaking at a recent international forum, Adesina urged African leaders, policymakers, and private sector stakeholders to move beyond rhetoric and take bold, strategic actions to address longstanding issues, including economic instability, food insecurity, climate change, and infrastructure deficits. Addressing Economic Instability Adesina highlighted Africa’s economic landscape, noting that while the continent’s growth rate has shown resilience, it remains vulnerable to external shocks, especially as global markets and economies face volatility. He emphasized the need…
The Nigeria Customs Service (NCS) has officially launched an indigenous software designed to enhance the efficiency and speed of cargo clearance operations across the country’s ports and borders. The unveiling of this technology marks a significant step in the NCS’s ongoing efforts to streamline trade facilitation, reduce bottlenecks, and foster a more business-friendly environment for importers and exporters. The software, which was developed by Nigerian IT professionals, is expected to greatly improve the process of customs documentation and clearance, reducing delays that have historically plagued the system. According to customs officials, the new platform will not only simplify the entire…
A consumer advocacy group has called on the House of Representatives to investigate the management and disbursement of the N200 billion National Mass Metering Program (NMMP) fund, aimed at addressing the persistent issue of metering gaps in Nigeria’s electricity sector. The group is raising concerns about the lack of transparency and the slow progress of the program, which was intended to provide prepaid electricity meters to millions of Nigerian households. The NMMP was launched by the Federal Government in partnership with the Central Bank of Nigeria (CBN) to curb estimated billing practices and promote efficiency in the distribution of electricity.…