Author: Julius Alagbe

Nigeria needs $10b Annually to Achieve SDG 2030 – UN The United Nations (UN) says for Nigeria to achieve Sustainable Development Goals (SDGs) by 2030, the country needs to invest 10 billion dollars annually. The Deputy Secretary-General of the UN, Amina Mohammed, said this at the MTN Nigeria Foundation’s (MNF) 20th anniversary celebration on Wednesday in Abuja. The programme was tagged: “Unlocking Private Capital for Sustainable Development in Nigeria”. Mohammed, who spoke virtually, said that the investments needed for the achievement of the SDGs by 2030 could not be done by the Federal Government alone. “Achieving our global goals will…

The equities market lost more than N337 billion as sell side investors returned after a one day rally. 

FG Partners with China Firm on Local HIV Diagnostic Kits The Federal Government has signed a Memorandum of Understanding (MoU) with WONDFO BIOTECH Ltd., a global leader in the manufacturing of HIV test kits, to promote the production of localised HIV diagnostic reagent in Nigeria. Dr Temitope Ilori, Director General, National Agency for the Control of AIDS (NACA), disclosed this on Wednesday in Abuja, while receiving donation of 4,000 HIV test kits from WONDFO ahead of the World AIDS Day celebration. Ilori said: “the WONDFO community recently in China signed a MoU with feedback on unlocking the value chain initiative…

Kaduna to Invest N93bn in Water Sector Rehabilitation The Kaduna State Government says it will invest N93 billion to overhaul the state’s water sector within the next four years. The Commissioner for Public Works and Infrastructure, Alhaji Ibrahim Hamza, disclosed this at a press conference on Wednesday in Kaduna. Hamza said the action was necessary in view of neglect of the sector for more than a decade. He said N17 billion would be allocated this year, N35 billion in 2025, N30 billion in 2026 and N11 billion in 2027. The commissioner further explained that the government’s investment would target the…

UBA Reiterates Tech Investment as Catalyst for Growth United Bank for Africa (UBA) Plc has once again reiterated its unwavering commitment to increase its investment in cutting edge technology and training to support the growth of small and medium-scale enterprises (SMEs) in Nigeria and across Africa. The pan African lender is doing this with the hope it will in turn help them contribute meaningfully to their economies and the continent as a whole. The bank gave this pledge during the 38th Lagos International Trade Fair, at Tafawa Balewa Square, in Lagos on Monday. UBA’s Group Head, Retail and Digital Banking,…

Banks Stocks Face Selloffs Intraday on NGX after Gains The equities market is trading negative during intra day trading session on the Nigerian Exchange (NGX). The sell pressure on GTCO, Zenith, UBA and also OANDO plunge the stock market Index downward. The market switched negative after huge gain reported on Tuesday when investors increased buying interest in Tier-1 banks shares. At mid-day, the NGX All Share Index witnessed a negative trajectory, reflecting a loss of -0.13%, Aloha Morgan Capital Limited told investors in a note. Stockbrokers said this downward movement is due to the selling pressure of investors on some…

Trump Secures Over 270 Votes to Win U.S. Presidential Election Donald Trump, 78, recaptured the White House on Wednesday by securing more than the 270 Electoral College votes needed to win the presidency. Edison Research projected, following a campaign of dark rhetoric that deepened the polarisation in the country. Trump was elected president, capping a remarkable comeback four years after he was voted out of the White House and ushering in a new American leadership likely to test democratic institutions at home and relations abroad. The former president’s victory in the swing state of Wisconsin pushed him over the threshold.…

Nigeria’s US dollar bond yield climbed to 9.70% as bearish sentiment nudged the yield curve despite a mixed outing…

Awele Elumelu Calls for Increased Female Leadership in the Insurance Sector. At the recently concluded International Conference for Women in Insurance, Dr. Awele V. Elumelu, OFR, Chairperson, Heirs Insurance Brokers (a member of Heirs Insurance Group), and Chairperson Avon HMO, joined other female business leaders in the call for gender parity and more women in leadership in Nigeria’s insurance industry. Held at the Lagos Continental Hotel, the conference was organised by the African Insurance Women Association (AIWA) and gathered industry professionals, policymakers, and advocates to discuss ways to advance women’s participation in insurance and at the helm of leadership. Heirs…

FG Begins Disbursement of N75bn Single Digit Loan to MSMEs The Federal Government has commenced the disbursement of N75 billion in single digit loans to micro, small, and medium enterprises (MSMEs) through the Bank of Industry (BOI). Mr Tola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs, made this known in Abuja at a nationwide town hall meeting to sensitise MSMEs to the Presidential Grant and Loan Scheme. Adekunle-Johnson explained that the town hall meeting was going on simultaneously in Ogun, Bauchi, Enugu and Kaduna states with a view to educate MSMEs on the conditions…