Korede Abdullah in Lagos Nigeria’s private sector is poised for growth, thanks to a landmark agreement between the International Finance Corporation (IFC) and the Central Bank of Nigeria (CBN). The partnership, signed by IFC Managing Director Makhtar Diop and CBN Governor Yemi Cardoso, aims to boost local currency financing, enabling businesses to thrive in key…
Residents, business owners, hospital administrators, and others in Northern Nigeria have expressed concern as the region marks its eighth consecutive days without electricity, leading to significant disruptions in essential services and economic activities. The outage, which began last Monday, was triggered by the tripping off of the 330kV circuit transmission line between Benue and Enugu,…
The Africa Trade Barometer report has revealed that Nigeria loses an estimated $26 billion yearly to power failures. This is contained in the latest report by organisation which said the cost excludes spending on off-grid generators. The report comes amid the incessant national grid collapse in recent weeks. Just this month, there was a blackout…
Juliet Jacob delves into the ongoing NAFDAC strike, analyzing the workers’ grievances, management’s response, and the far-reaching implications for Nigerian businesses and public health, amid fears of compromised food and drug safety and economic instability. NAFDAC Activities Paralyzed The National Agency for Food and Drug Administration and Control (NAFDAC) was paralyzed by an indefinite…
The Medical and Health Workers’ Association at the National Agency for Food and Drug Administration and Control (NAFDAC)has suspended its indefinite strike for one month to allow for mediation. Chairman Adetoye Ayodeji confirmed this development following a meeting with National Security Adviser Nuhu Ribadu in Abuja. “It was suspended for one month,” Ayodeji stated. “Mr….
Korede Abdullah in Lagos The Ogun State government has launched a statewide monitoring exercise to regulate transport fares and ensure fair practices in the transportation sector. This initiative, led by Governor Dapo Abiodun, aims to cushion the economic pressures caused by rising fuel costs. The Task Force Control of Transport Fares of Motorists and Unethical…
Korede Abdullah in Lagos The Lagos State Government has announced a temporary traffic diversion to facilitate the installation of truck barriers at the Ojuelegba Flyover Bridge by the Fire Station. The diversion will take place from 10:00 pm on Saturday, October 26, to 5:00 am on Sunday, October 27, 2024. This follows recent damage to…
President Bola Tinubu has reiterated his administration would not repeat the mistakes of previous governments regarding livestock farming, emphasising the need for self-sufficiency in dairy production. His commitment came during the opening of a two-day Consultative Workshop on Livestock Reforms on Thursday in Abuja. In a statement released by his Special Adviser on Information and…
The Central Bank of Nigeria (CBN) has clarified that claims regarding the cessation of old N200, N500, and N1,000 banknotes as legal tender by December 31, 2024, are inaccurate. Acting Director of Corporate Communications, CBN, Mrs. Sidi-Ali Hakama, stated, “These claims are false and calculated to disrupt the country’s payment system.” The CBN’s announcement follows…
Korede Abdullah in Lagos The Central Bank of Nigeria (CBN) has taken a bold steps to tap into the economic potential of Nigeria’s diaspora community, with the goal of boosting the country’s economic growth. Recently, the CBN led a team of key stakeholders, including the Nigeria Inter-Bank Settlement System (NIBSS), major banks, and International Money…
