Author: Ogochukwu Ndubuisi

Partnership With Google will Turn Nigeria to Global Tech Hub – FG The Federal Government on Thursday said its partnership with Google is set to transform Nigeria into a global technology hub. Mr Inuwa Kashifu, the Director-General, National Information Technology Developmental Agency  (NITDA) said this in a television interview  monitored in Lagos. Kashifu said that the partnership was focused on infrastructure development, scaling of citizens, AI innovation, cloud adoption and investment framework. He said that the partnership aimed to create an ecosystem that would power Nigeria’s digital transformation. ‘’The partnership, which was launched during a meeting between the President and…

Banking System Deficit Keeps Short Term Interest Rates above 32% A huge deficit in the banking system kept the short term benchmark interest rate above 32%, data from the FMDQ platform confirmed. On Thursday, liquidity deficit in the banking system reduced slightly ahead of settlement for huge OMO bill sold by the Central Bank. The expected outflow triggered bearish prediction that money market rates could close heavier due to surprise allotment made by the CBN at the auction yesterday. On Thursday, the deficit in the banking system eased by 18%, opening with a shortfall of N551.2 billion from N668.3 billion…

Delta Approves N275bn for Execution of Projects Across the State Delta Government has approved over N275 billion for the execution of 76 projects spanning different sectors across the three senatorial districts of the state. The State Commissioner for Works (Rural Roads) and Public Information, Mr Charles Aniagwu, who disclosed this to newsmen, said it was among the approvals given at the maiden Executive Council (EXCO) meeting for 2025 on Thursday in Asaba. He said that the approvals were record-breaking, outstanding and deafening to critics. Aniagwu, was in company of his counterparts in Works (Highways and Urban Roads), Mr Reuben Izeze;…

Access Holdings Hits N1.5trn Amidst Earnings Expectation Access Holdings Plc has crossed N1.5 trillion in the stock market as the top Nigerian lender gained investors attentions as the group earnings release draws near. The market value of the financial services group that warehoused Access Bank surged as more than 17 million share volume valued at about N486 million were traded in the local bourse. The Nigerian Exchange increased the value of Access Holdings Plc.’s 53.317 billion shares outstanding to N1.500 trillion, up by 0.18% on the day ahead of earnings. Ticker: ACCESSCORP is trading at fair discount to its 52-week…

Food Inflation: South-West Governors to Set up Joint Monitoring Team The South-West Governors Forum on Thursday said it had become important to checkmate the activities of middlemen that inflated the prices of foodstuffs in the region. The governors took the decision during a meeting in Lagos. The South-West Governors Forum was hosted by its Chairman, Mr Babajide Sanwo-Olu of Lagos State. The meeting was attended by Governors Seyi Makinde of Oyo State, Lucky Aiyedatiwa of Ondo State, Biodun Oyebaniji of  Ekiti, Dapo Abiodun of  Ogun, Ademola Adeleke  of Osun and Sanwo-Olu. The governors said that the South-West Geo-Political Zone would…

FirstBank to Support Market Players in Non-Oil Exports Sector FirstBank of Nigeria Ltd. has pledged to support the country’s non-oil export sector with innovative products, partnerships, and platforms to drive sustainable growth in 2025. The Managing Director of FirstBank, Mr Olusegun Alebiosu, made the commitment on Thursday at the first edition of the bank’s quarterly Export Webinar. The webinar was themed ‘From Nigeria to the World: Navigating Complexities in Non-Oil Exports.’ He said the event was a key initiative aimed at promoting best practices in export trade to enhance Nigeria’s economic growth and sustainability. “At FirstBank, we recognise the critical…

Senate Passes N54.9trn 2025 Appropriation Bill The National Assembly on Thursday passed the N54.9 trillion 2025 Appropriation Bill. This followed the adoption of the report of the Committee on Appropriations on the bill. The report was presented by Chairman of the Committee, Sen. Solomon Adeola (APC-Ogun). Highlights of the passed 2025 appropriation bill indicates an aggregate expenditure of N54.9 trillion, statutory transfers of N3.6 trillion, with recurrent expenditure put at N13.6 trillion. While the sum of N23.9 trillion was earmarked for capital expenditure, debt servicing was put at N14.3 trillion, fiscal deficit N13.8 trillion, while 1.52 per cent was approved…

TEF, Khalifa Bin Zayed Al Nahyan Foundation to Empower Young African Entrepreneurs The Tony Elumelu Foundation (TEF) has signed a USD$6 million strategic partnership agreement with the UAE Office of Development Affairs and Khalifa Bin Zayed Al Nahyan Foundation to provide business training, mentorship, access to networks, and non-refundable $5,000 seed capital, to an additional 1,000 young African entrepreneurs. The agreement signed, at the World Governments Summit, by TEF Founder, Tony O. Elumelu, and the Director General of the Khalifa Bin Zayed Al Nahyan Foundation, His Excellency Mohamed Haji Al Khoori, evidences both organisations’ shared commitment to fostering economic empowerment…

Cross Border Trade Will Enhance Economic Growth – Customs An Assistant Comptroller of the Nigeria Customs Service (NCS), Clement Amaweh, has stressed the importance of promoting Cross Border Trade (CBT) to enhance Nigeria’s economic growth. Amaweh, the officer-in-charge of Ohumbe Outstation, Yewa North, made the statement while delivering a lecture during the Festival of Art for Economic Development held on Tuesday in Idiroko, Ogun. The programme is themed “Cross Border Trade: Why it Matters”. Amaweh, a guest speaker at the event, explained that Nigerians needed to promote exports through CBT as a major source of foreign exchange (Forex) earnings. He…

Kano Revenue Service Targets N100bn IGR in 2025 The Kano State Revenue Service (KIRS), has set a target to increase the state’s Internally Generated Revenue (IGR) to over N100 billion in  2025. The Executive Chairman of the Service, Dr Zaid Abubakar, made the announcement on Wednesday in Kano, during the agency’s annual performance review for 2024 and its strategic plan for 2025. Abubakar disclosed that KIRS has developed both medium and long-term plans to enhance the state’s revenue generation. “For the medium-term revenue collection plan, we aim to collect more than N100 billion in 2025, and in subsequent years, we…