Lagos State Governor Babajide Sanwo-Olu announced a significant investment deal worth $1.35 billion with the African Export-Import Bank (Afreximbank) and Access Bank, aimed at boosting infrastructure development in the state. The announcement was made during the second AfriCaribbean Trade and Investment (ACTI) Forum in GeorgeTown Guyana. Governor Sanwo-Olu emphasised that this substantial investment would have Read More…
Business
President Tinubu presents 2023 supplementary budget, seeks approval for 2024-2026 MTEF/FSP
President Bola Tinubu has made two significant moves in the realm of fiscal policy, as he presented the 2023 Supplementary Budget and sought Senate approval for the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). In a letter addressed to Senate President Ahmed Lawan, President Tinubu expressed his gratitude to the Senate Read More…
Central Bank of Nigeria dispels redenomination rumours, no plans for Naira restructuring
The Central Bank of Nigeria (CBN) has categorically denied any intentions to redenominate Nigeria’s currency, the naira. This clarification came from Isa AbdulMumim, CBN’s Director of the Corporate Communications Department, in a statement issued on Tuesday in Abuja. There has been a circulation of social media messages suggesting that the CBN is considering the redenomination Read More…
Lagos State Revenue Service shuts down 34 companies for tax non-compliance
The Lagos State Internal Revenue Service (LIRS) has taken decisive action by closing down 34 corporate entities for their failure to remit taxes totalling approximately N356.12 million to the Lagos State Government. These companies were found to be in default for non-payment of employees’ personal income taxes and consumption taxes within the hospitality sector. According Read More…
Sanwo-Olu sees vast opportunities in Africa-Caribbean relationship
Governor Babajide Sanwo-Olu of Lagos State has emphasised the abundant opportunities arising from the growing Africa-Caribbean relationship facilitated by the African Export Import Bank (Afreximbank) AfriCaribbean Trade and Investment Forum (ACTIF). Speaking on the sidelines of the 2nd AfriCaribbean Trade and Investment Forum (ACTIF2023) in Georgetown, Guyana, Sanwo-Olu highlighted the potential for enhanced commercial collaboration Read More…
Diaspora Dollars
Nigeria’s Economic Lifeline and the Resilience of Remittances The Nigerian naira has faced persistent depreciation against the US dollar, with an accelerated decline in 2022 driven by multiple factors, including the global economic slowdown, the COVID-19 pandemic, foreign exchange shortages, inflation, and Central Bank of Nigeria (CBN) policies. By October 2023, the naira had crossed Read More…
President Bola Tinubu vows to reform economic environment in bilateral meeting with German Chancellor
President Bola Tinubu affirmed his commitment to reforming Nigeria’s economic and business environment to enhance efficiency. He made this declaration during a bilateral meeting with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his delegation at the Presidential Villa in Abuja on Sunday. Tinubu and Chancellor Scholz held three separate meetings before Read More…
FG launches CNG conversion centre in Lagos, paves way for greener energy future
The Federal Government has officially unveiled a Compressed Natural Gas (CNG) vehicles pilot conversion centre in Lagos State, marking a significant milestone in sustainable energy adoption. The project, initiated through the Presidential CNG Initiative (P-CNGi), aims to revolutionise Nigeria’s energy landscape. Mr. Michael Oluwagbemi, CEO of P-CNGi, expressed the importance of this endeavour at the Read More…
Lagos State Government inaugurates agro-processing centres to boost food security
The Lagos State Government has taken a significant step in enhancing food security by inaugurating two agro-processing centres in the Ikorodu area of the state. Ms. Abisola Olusanya, the Lagos State Commissioner for Agriculture, called for partnership and support from farmers, particularly poultry farmers, to reduce the importation of chickens and other food items. The Read More…
Sterling Bank commits ₦1 billion to agro-innovators at ASA 2023
Sterling Bank has announced its commitment to provide one billion naira in support of agro-innovators participating in the upcoming Agric Summit Africa (ASA) scheduled for November 8 in Lagos. Dr. Shola Obikanye, Group Head of Agric. and Solid Minerals at Sterling Bank Limited, conveyed this announcement. In a statement, Dr. Obikanye emphasised the crucial role Read More…