Author: Ogochukwu Ndubuisi

Nigeria to Partner Switzerland on Economic Diversification–Akpabio The President of the Senate, Godswill Akpabio, says Nigeria is ready to partner Switzerland to ignite innovation, diversify the economy and create opportunities for generations to come. He said this on Monday, when he received the Chairman and members of the Swiss. European Free Trade Association (EFTA) who were at the National Assembly on courtesy visit. Akpabio said that Nigeria, as the largest economy in Africa and a proud member of the African Continental Free Trade Area, was ready to engage with EFTA in ways that would transcend mere trade. “We envision partnerships…

Edun Highlights Nigeria’s Leadership in Africa’s Energy Transition Mr Wale Edun, Finance Minister and Coordinator of the Economy for Nigeria, has highligted the critical need of having energy access in achieving economic growth and sustainable development. He said this during a panel discussion on “Policies and Reforms for Transforming African Energy”, at the ongoing Mission 300 Africa Energy Summit on Monday in Dar es Salaam, Tanzania. According to Edun, Africa has to take congnisant of global risks such as state conflict, trade wars, and misinformation and its nations must take charge of their own energy future. “It is so important…

Banks, Asset Managers Bet N2.54trn on Nigerian Treasury Bills Investors, including banks and other asset managers, staked N2.54 trillion in bets on Nigerian Treasury bills at the primary market auction last week amidst rising appetite for naira assets. The Debt Management Office (DMO) conducted a primary market auction on behalf of the Central Bank, where N530 billion worth of Treasury papers was offered to local investors. The auction was significantly oversubscribed amidst liquidity fluctuations that kept short-term benchmark interest rates uptight in the money market. The Nigerian Treasury bills offers were split across standard maturities, but appetite for one-year bills…

Equities Investors Gain N498bn as Transcorp Power, UBA Rally Equities investors gained about N498 billion on the Nigerian Exchange, NGX, as Transcorp Power, UBA, surged. The local bourse closed the week on a positive note as key performance indicators grew by 0.79%. Stockbrokers said the bullish sentiment was fuelled by strong buying interest in medium- and large-cap stocks, such as GUINNESS, TRANSPOWER, UBA, and others. The uptick was further driven by the release of full-year financial performance reports from some quoted companies, which attracted increased investor activity. The Nigerian Exchange All-Share Index added 810.26 basis points to close at 103,598.46.…

9mobile Applauds NCC over 50% Tariff Adjustment 9mobile, a telecommunications service provider, has applauded the Nigerian Communications Commission (NCC) for approving a 50 per cent tariff adjustment. The Chief Executive Officer of 9mobile, Obafemi Banigbe, who commended the NCC in a statement on Friday in Lagos, said that the tariff adjustment was aimed at addressing challenges in the telecommunications sector. According to Banigbe, the tariff adjustment will enable operators to reinvest in critical infrastructure upgrades and capacity expansion, which has been delayed due to financial constraints. He said that it would also allow operators to fulfill obligations and capital commitments…

FG to Construct 10,000 Housing Units for Medical Workers Nationwide The Federal Ministry of Housing and Urban Development has announced plans to construct 10,000 housing units under the Renewed Hope Medic Cities initiative to address the housing needs of medical workers nationwide. The Minister of Housing and Urban Development, Ahmed Dangiwa, made this announcement in a statement on Friday, signed by the Director of Press and Public Relations, Salisu Haiba. The Renewed Hope Medic Cities project is designed to provide decent and affordable housing for the country’s medical workers. Dangiwa, during a meeting with the leadership of the Nigerian Association…

Oyo Signs Contract Agreement on 68km Rural Road Projects The Oyo State Government has signed an agreement with contractors for the execution of 68-kilometre rural access road projects under the Rural Access and Agricultural Marketing Project (RAAMP). The state Commissioner for Agriculture and Rural Development, Mr Olasunkanmi Olaleye, signed Phase I of the contract agreement with the contractors on Friday in Ibadan. In his address, Olaleye explained that signing the RAAMP interventions comprised a backlog of maintenance/rehabilitation and cross-drainage structures. According to him, RAAMP is a major rural transport intervention project funded by the Federal Government and development partners like…

Wema Bank to Raise Additional N200bn in Fresh Capital Wema Bank Plc.’s chief executive officer and management, Moruf Oseni, has disclosed the bank’s plan to raise N200 billion in fresh capital to complete its capitalisation exercise. Oseni, who made this known in a statement in Lagos, said that the fresh capital would be raised through a combination of a rights issue and special placement. He said that the two would start on April 1 and would mark the second and final tranche of the bank’s capital raise exercise. According to him, this will be supplementing the N40 billion raised in…

UAE Hydrocarbon Revenue, Fiscal Surplus to Moderate -IMF The United Arab Emirates, UAE, hydrocarbon revenue has been forecasted to decline amidst volatile oil prices in the global commodity market, the International Monetary Fund said after a visit in January. In an official statement, IMF noted that UAE’s strong economic growth continues, underpinned by robust domestic activity but fiscal surplus is expected to moderate. Although the outlook is subject to heightened global uncertainty, ongoing reform efforts are expected to support medium-term growth and energy transition, a staff team led by Mr. Ali Al-Eyd said. “Near-term growth is strong and expected to…

AU Commission Decries U.S. Withdrawal from WHO Moussa Faki, Chairperson of the African Union Commission (AUC) has expressed dismay over announcement by the U.S. to withdraw from the World Health Organisation (WHO). The U.S. President, Donald Trump, had earlier on Monday announced that U.S. government will withdraw from the global health body, citing WHO’s mishandling of the COVID-19 outbreak from Wuhan, China and other health crisis. Faki, the Chief Executive Officer, legal representative of the AU and the Commission’s Chief Accounting Officer, made this known in a statement by the mission on Thursday via its website. Faki said, “The U.S.…