President Bola Tinubu has said Nigeria’s economic reform programme has entered a new phase aimed at converting macroeconomic stability into increased investment, production, job creation and improved living standards. Tinubu stated this on Tuesday at the 19th Annual Banking and Finance Conference in Abuja, where he said reforms implemented by his administration were beginning to…
The naira strengthened against the US dollar across both the parallel and official foreign exchange markets on Tuesday, as the exchange-rate gap between the two segments narrowed. In the parallel market, the naira appreciated to N1,387 per dollar, from N1,390/$1 recorded on Monday. Similarly, the local currency appreciated in the Nigerian Foreign Exchange Market (NFEM),…
The Ibadan Electricity Distribution Company (IBEDC) has apologised to Band A customers across Ogun, Oyo and Kwara states after several feeders failed to meet their mandated daily electricity supply hours on Monday. The company attributed the disruptions to technical faults, load shedding, forced outages and disconnections linked to non-payment by customers. In a public announcement…
The Central Bank of Nigeria (CBN) has assured Nigerians that improvements recorded in the country’s macroeconomic indicators will increasingly translate into better living conditions for households and businesses as ongoing fiscal and monetary reforms take effect. The CBN Governor, Olayemi Cardoso, gave the assurance on Tuesday at the 19th Annual Banking and Finance Conference of…
By Seun Ibiyemi The Midstream and Downstream Gas Infrastructure Fund (MDGIF) has denied allegations of under-remittance of gas flare penalties, saying discrepancies identified in the Auditor-General of the Federation’s 2023/2024 Annual Report on Non-Compliance and Internal Control Weaknesses arose from timing and reconciliation issues. The Fund, a directorate of the Nigerian Midstream and Downstream Petroleum…
The Federal Government has returned more than one million children who were previously out of school to classrooms within the past 20 months, the Minister of Education, Dr. Olatunji Alausa, has disclosed. Alausa made the disclosure on Tuesday in Abuja while receiving the newly appointed United Nations Educational, Scientific and Cultural Organisation (UNESCO) Country Representative…
By Seun Ibiyemi The Nigeria Deposit Insurance Corporation (NDIC) has called for stronger financial institutions, sound governance and enhanced operational resilience to safeguard Nigeria’s financial system and support sustainable economic growth. The NDIC Managing Director, Mr. Sunday Oludare Thompson, represented by the Executive Director, Corporate Services, Mrs. Emily Chidinma Osuji, made the call in a…
By Seun Ibiyemi The federal government through the Minister of Marine and Blue Economy, Dr. Adegboyega Oyetola, has led Federal Government efforts to attract fresh private-sector investment into the country’s maritime infrastructure, culminating in the signing of a Memorandum of Understanding (MoU) between APM Terminals and the promoters of the proposed Badagry Deep-Seaport. The MoU…
…Islamic finance can boost Nigeria’s financial inclusion, SME growth — Mughal Open Space has unveiled its Ethical Finance proposition, combining Shariah-compliant financial structures with technology and artificial intelligence to expand access to capital, asset ownership and investment opportunities. The Chief Executive Officer of Open Space, Titus Adakole Ike, disclosed this in his opening remarks at…
By Seun Ibiyemi The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to review Nigeria’s maritime training curriculum to align it with globally accepted standards and improve the international recognition of certificates issued to Nigerian seafarers. Director-General of NIMASA, Dr. Dayo Mobereola, disclosed this when the Governing Board of the Maritime Academy of…
