Author: Ogochukwu Ndubuisi

Digital Economy Attracts $191m Investment in Q1 2024 – Bosun Tijani Nigeria’s Communications and Digital Economy sector has witnessed massive growth under President Bola Tinubu, attracting $191 million in foreign direct investment (FDI) in Q1 2024 – a ninefold increase from $22 million in Q1 2023. The Minister of Communications, Innovation, and Digital Economy, Dr Bosun Tijani, said this in an interview for an upcoming State House documentary marking President Tinubu’s second anniversary, Mr Bayo Onanuga, the President’s Spokesman, said in a statement on Monday. Tijani highlighted the sector’s robust workforce development, driven by the 3 Million Technical Talent (3MTT)…

Capital Market Crucial for Nigeria’s $1trn Economy Goal- Wale Edun The Minister of Finance, Mr Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a one-trillion dollar economy. Speaking at the Capital Market Committee (CMC) meeting, the minister highlighted the market’s transformation since 2015. He said that with improvements in governance structures, new products and platforms, a stronger regulatory environment, and growing investor participation, the capital market is capable of delivering Nigeria’s proposed one trillion dollar economy. Edun was represented by the Minister of State for Finance, Dr Doris Uzoka-Anite.…

CAC, NIBSS Inaugurate Platform for Effective Service Delivery The Corporate Affairs Commission (CAC) is partnering with the Nigeria Inter-Bank Settlement System (NIBSS) to inaugurate an Application Programming Interface (API) integration platform to enhance prompt and efficient service delivery. The Registrar-General of the CAC, Mr Hussaini Magaji, said this at the inauguration of the platform on Monday in Abuja. “What you are witnessing today is the integration of NIBBS into the CAC portal in response to our customers’ demand for prompt services. “We are giving our customers opportunities to have a solution via technology where they can achieve or consume the…

WHO to Reduce Workforce Due to Lack of Fund The World Health Organisation (WHO) is forced to reduce the number of employees due to a lack of money, and the number of departments will be reduced from 76 to 34. The Director-General, Tedros Adhanom Ghebreyesus, said this on Monday. “As you know, we have been engaging in a major structural realignment, guided by an in-depth analysis of priorities. The prioritisation exercise has informed the development of a new streamlined structure for headquarters, which reduced the executive management team from 14 to 7. The number of departments from 76 to 34,…

UBA Wins Big at Development Bank Service Ambassador Awards Africa’s global bank, United Bank for Africa (UBA) Plc, has reaffirmed its leadership position in fostering economic growth and empowerment as it clinched four major awards at the 2025 Development Bank of Nigeria (DBN) Service Ambassador Awards held at the weekend in Lagos. The prestigious awards recognises financial institutions driving impactful support for micro, small, and medium enterprises (MSMEs) across Nigeria, and UBA emerges as the top performer, coming top in DBM with the Highest Impact on MSMEs in Nigeria;  DBM with the Highest Impact on Women MSMEs; PFI with the…

CBN to Offer Treasury Bills worth N500 billion for Sale The Central Bank of Nigeria (CBN) is scheduled to open N500 billion worth of Treasury bill instruments for investors’ subscription at the midweek auction. The Apex Bank will offer Nigerian Treasury bills with 91-day, 182-day, and 364-day maturities to investors at the primary market auction on Wednesday. In their separate market update, fixed income market analysts projected that demand will remain strong, supported by sustained appetite for the naira assets as seen at the recent past auctions. Banks and other authorised dealers have continued to park funds in the Nigerian…

AfDB Boosts Botswana’s Economy with $304 Million Loan The African Development Bank has approved a $304 million loan to support Botswana’s economic stability and reforms. The funding aims to help the country manage its fiscal challenges, triggered by declining diamond revenues, and advance critical reforms to enhance fiscal transparency and promote private sector growth. Botswana’s economy contracted by 1.7% in 2024 due to weak global demand for diamonds, which account for about 80% of the country’s exports. The loan will support measures to increase domestic revenue, curb illicit financial flows, and enhance public expenditure efficiency, while also promoting job creation…

LCCI Urges Inclusive Growth Amid Reforms The Lagos Chamber of Commerce and Industry (LCCI) has praised the Federal Government for its bold economic reforms stabilising the macroeconomic environment. LCCI Director-General, Dr Chinyere Almona, said on Sunday in Lagos that removing subsidies and unifying exchange rates helped rebuild investor confidence. She noted that these reforms contributed to Nigeria’s 4.6 per cent GDP growth in the fourth quarter of 2024 and 3.46 per cent annual growth. Almona stressed the need to deepen these gains through inclusive, job-creating strategies that support local industries and reduce poverty. In spite of positive macroeconomic trends, she…

Nigerian Exchange Grows by N614bn on Waves Bumps, Rallies Nigerian Exchange (NGX) market capitalisation grew by about N614 billion over waves of bumps and rallies in the local bourse. The market saw upward and downward movements in the equities segment driven by investor sentiment that pushed key performance indicators upward.   Investor sentiment was boosted as April 2025 inflation eased to 23.71%, reinforcing expectations of a more accommodative monetary policy stance ahead of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) meeting scheduled for May 19–20. In its note, Cowry Asset Limited also hinted that the optimism was further supported…

Wema Bank Price Discount at N3.55, Sets to Draw Curtain on Offer As the market prepares to draw the curtain on Wema Bank Plc’s rights issue offer this week, there was increased market activity on the Nigerian small lender’s stock in the equities market, despite its rights offer price being N3.55 lower than the quoted price. With a market capitalisation of N300 billion, Wema Bank is seeking to raise N150 billion as part of an effort to keep its commercial banking license in the absence of merger or acquisition deals on the table for consideration. Its share price rose slightly…