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The World Trade Organization's director-general, Ngozi Okonjo-Iweala, met with Nigerian President Bola Tinubu to discuss measures to alleviate the impact of removing the petrol subsidy in Africa's largest economy. The discussions focused on immediate community programs to create jobs and long-term opportunities, including investment in the pharmaceutical industry.
Two applicants for the Federal Character Commission (FCC) have admitted to paying N3 million in exchange for employment. The confession was made during a hearing of the ad-hoc committee of the House of Representatives investigating an alleged job racketeering scheme. The applicants revealed that the money was paid through proxies. This scandal has further led to the questioning of FCC officials and the call for more investigations.
Sterling Bank has allocated N50 billion in funding to support the development of Nigeria's education infrastructure and drive the sector's productivity. The bank aims to invest in courses and professions with high potential to generate sustainable income and contribute to the economy. The focus is on building skilled manpower in sectors like health and public goods and services, where there is ready demand in both public and private sectors. By bridging the gap between academia and industry, Sterling Bank aims to create value and employment opportunities for graduates.
President Bola Tinubu of Nigeria reveals his efforts to cut the cost of governance in his administration during a meeting with the Nigerian Labour Congress. He expressed his resolve to reduce his fleet of cars and use his own private jet, as well as his preference for a two-bedroom apartment instead of more luxurious accommodation. This article explores the President's cost-cutting measures and their implications.
Analysts have suggested that policymakers in Nigeria should implement policies to boost inflows from indigenous investors in the country. They also stressed the need for a stronger exchange rate of the Naira and emphasized the importance of low inflation, productivity growth, and economic and political stability. Additionally, the fiscal and monetary authorities were advised to stimulate lending to the real sector to generate employment opportunities and to address the declining Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI). The experts highlighted the role of the private sector in delivering universal energy access and the need for diversification as a strategy for economic growth in Nigeria. They also called for reprioritizing public spending, implementing excise reforms, property tax reforms, and improving revenue mobilization. The article explores these recommendations and the way forward for boosting indigenous investors and the Nigerian economy.
High Chief Emeka Ken Nwabueze and his wife, Iyom Ugonne Nwabueze, were admitted into the Otu Ekwe and Otu Odu society of Ogidi during a traditional ceremony. The couple, inspired by a passion for community development and progress, has committed their resources to uplift the Ogidi community. They praised the leadership of Igwe Pharm. Alex Onyido for his consultative approach and inclusive style of governance. The couple pledged to continue their contributions, focusing on the welfare of women and the girl child, healthcare, and education in Ogidi.
The Nigerian Senate has confirmed the appointments of 45 out of the 48 ministerial nominees presented by President Bola Tinubu. Notably, the Senate rejected the nominations of Mallam Nasir El-Rufai, Senator Abubakar Danladi, and Stella Okotete. The Senate cited security reports as the reason for the non-confirmation. However, prominent figures like Nyesom Wike, Senator Dave Umahi, Festus Keyamo, Olubunmi Tunji Ojo, and Dele Alake have been approved as ministers.
The Benue State Governor, Rev. Fr. Hyacinth Alia, has commenced the construction of 16 roads in Makurdi, covering a total distance of 15.39 kilometers. The project, costing N6 billion, is expected to be completed within 11 months. This development marks a significant milestone in the state's commitment to revolutionize its infrastructure and pave the way for a new Benue. The roads include key areas such as the New GRA and Adeke/Achusa, among others.
Governor Abba Yusuf of Kano state has ordered an investigation into the salaries of 10,800 workers believed to be employed by the previous administration led by Abdullahi Ganduje. This comes as part of the government's efforts to ensure efficiency and eliminate illegal recruitments. The investigation aims to establish the authenticity of the workers' engagement and remove those who were illegally recruited.
Nigerian manufacturing companies are facing significant losses following the foreign exchange unification policy implemented by the Central Bank of Nigeria (CBN). The rise in the Monetary Policy Rate (MPR) has favored banks, but left manufacturers with higher costs of capital. As a result, these companies have reported massive losses in their half-year financial statements. Nestle Nigeria, Dangote Sugar, Nigerian Breweries, and Cadbury Nigeria are among the most affected companies. The losses are primarily attributed to forex losses resulting from the CBN's reforms.
The Bayelsa State Labour Party (LP) governorship candidate, Engr. Udengs Eradiri, has called on the people of Bayelsa, especially the youth, to rise up and vote for a new order in the upcoming elections. Eradiri highlighted the untapped resource potential of coastal communities like Odioma, emphasizing the need for a focused development strategy to unlock Bayelsa's wealth. He outlined his People, Education, Agriculture, and Power (PEAP) agenda, which aims to address developmental challenges, improve healthcare, upgrade educational facilities, and promote agriculture as a means of achieving self-sufficiency in food production. Eradiri also pledged to invest in skills development and provide 24 hours of electricity for the state using local gas resources.
The Nigeria Medical Association (NMA) and its affiliates in the Federal Capital Territory (FCT), Nasarawa, and Kogi states have pleaded with the Federal Government to reconsider its decision to implement a "No Work No Pay" policy for medical workers. They argue that such a move could worsen the existing healthcare crisis, intensify the shortage of doctors, and drive more professionals to seek employment opportunities abroad. The NMA emphasizes the need to address doctors' demands to ensure a conducive environment for medical practitioners and to incentivize them to stay within the country's healthcare system. The association also calls on the government to prioritize the safety and well-being of healthcare workers.
The Federal Government of Nigeria is set to launch digital hubs in seven states as part of an initiative to empower one million youth with digital and related skills. The FGN/ALAT Digital and SkillNnovation Hubs will open in Lagos and Borno States first, followed by Katsina, Cross River, Anambra, Oyo, and Kano. The program, organized by the Office of the Vice President in partnership with Wema Bank, aims to equip young Nigerians with the necessary skills and support to build sustainable businesses and contribute to the country's economic growth.
Nigeria's stock exchange, NGX, has seen a surge in new listings in 2023, with FGN Bonds dominating the market. Corporate entities have shown reluctance in listing on the bourse, while the Lagos state government remains the only state to raise capital. The top corporate listings include Dangote Industries Funding Plc, Africa Plus Partners Nigeria Limited, and Africa Infra Plus 1. This influx of FGN Bonds and the limited corporate listings raise concerns about government borrowing and its impact on liquidity and the real sector.
The Nigerian Export Promotion Council (NEPC) has revealed that new products, including sorghum and orange peel, have been added to the list of non-oil export commodities. This expansion aims to boost investment in Nigeria by attracting local and foreign interests. With immense potential in various products and commodities, Nigeria seeks to diversify its export base, create employment opportunities, and improve revenue generation. The NEPC is compiling a comprehensive document listing the products available in each of the country's 774 local government areas to facilitate targeted investments and massive exports of Nigerian goods.
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