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The Agro-Cargo Airport in Ogun poised to elevate Nigeria’s economy, according to the Federal Government

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The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, highlighted that upon completion, the Ogun State Agro-Cargo Airport will significantly improve the quality of life for people and play a pivotal role in fostering both the state’s and the nation’s economic growth.

During a Friday briefing with journalists after a tour of the airport with Governor Dapo Abiodun, Edun praised the airport as a major economic initiative under the leadership of Governor Abiodun, expressing confidence that it will be a transformative force for the state.

Edun commended the ARISE Agro-Cargo Industrial and Export Processing Zone as a substantial economic achievement aligned with the national objective of fostering rapid economic development through strategic investments.

He emphasized the airport’s potential to stimulate economic growth, generate employment, alleviate poverty, and benefit both Ogun State and Nigeria.

Edun also lauded the airport’s infrastructure, including its reputation for having the longest runway in Nigeria, envisioning it as a full-fledged international passengers and cargo airport.

He congratulated Governor Abiodun and the people of Ogun State, highlighting the project’s positive outcomes, such as job creation, increased production, and enhanced opportunities for farmers.

Edun encouraged other states to collaborate with the private sector on similar ventures.

Addressing broader economic concerns, Edun affirmed the government’s commitment to creating a business-friendly environment, attracting local and foreign investors, stabilizing the economy, and increasing export revenue.

While acknowledging current challenges, he reassured the public that the government has implemented intervention schemes, including initiatives for agriculture and support for Small and Medium Scale Enterprises, to mitigate hardships during the reform period, expressing optimism for a brighter future.

 

Farmers gain access to an agricultural commodities trading app aimed at boosting their income

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A specialized application, Straddle, has been created to facilitate the trade of agricultural commodities, empowering farmers with market access and bolstering the supply of raw materials to industries.

Recognizing a technological gap that left farmers without essential market insights and fair pricing, the developers aim to reshape the perception of the agricultural value chain in Nigeria and beyond.

Straddle’s founder, Omitaomu Basit, emphasized their goal of mitigating agro-trading risks by connecting farmers to markets and industries with timely access to raw materials at fair prices.

Addressing longstanding challenges faced by Nigerian farmers, Straddle, crafted by a team of University of Lagos graduates, seeks to revolutionize agricultural procurement and information sharing for farmers, traders, merchants, exporters, and the manufacturing sector.

By serving as an information hub, Straddle aims to bridge the knowledge gap, offering real-time updates, trends, and insights in the agricultural sector, enabling informed decision-making for farmers and industry players.

Seyi Makinde appoints former OYHA member to the position of Deputy Chief of Staff

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Governor ‘Seyi Makinde of Oyo State has given his approval for the appointment of Honourable Fola Sunday Oyekunle as the Deputy Chief of Staff, as conveyed in a letter signed by the Chief of Staff, Honourable Segun Ogunwuyi. Oyekunle, formerly a member of the Oyo State House of Assembly representing Ibadan North 1 Constituency in the ninth Assembly, served as the chairman of the House Committee on Youth and Sport.

Additionally, he held the position of Ibadan North Local Government Coordinator for Governor Seyi Makinde’s re-election. Governor Makinde, extending his congratulations, urged Oyekunle to collaborate with others in realizing the Roadmap to Sustainable Development 2023–2027 and fostering overall development in Oyo State.

The announcement was made by Moses Alao, Special Assistant (Print Media) to Oyo State Governor, on December 15, 2023.

Why Oyo is Transforming the 46.3-Hectare Agodi Gardens Forest into an Estate

The Commissioner of Lands, Housing, and Urban Development in Oyo State, Mr. Williams Akin-Funmilayo, assured that the Baywood Estate project will not encroach upon the Agodi Botanical Gardens.

Akin-Funmilayo clarified that while the gardens occupy 9.11 hectares, the planned housing estate will utilize a separate 46.3-hectare forested area behind the gardens.

Emphasizing the importance of dispelling confusion among residents, he conducted a tour to highlight the distinction between the two sites.

Reaffirming the commitment to preserving Agodi Gardens as a legacy, Akin-Funmilayo debunked rumors of tree-cutting, asserting that 80% of the forest’s trees would be retained for the housing project.

He underscored the proactive decision to transform the forest into a housing estate due to security concerns, citing incidents of criminal activities.

The commissioner emphasized that this development aims to address housing deficits in the state.

Akin-Funmilayo also addressed environmental concerns, noting that the Baywood Estate project values tree preservation, as reflected in its name.

He assured residents that reforestation efforts would compensate for any casualties during infrastructure development.

The commissioner clarified that Agodi Gardens will remain untouched, with plans to upgrade it into an international botanical garden under the Governor ‘Seyi Makinde administration.

In response to the security challenges posed by the forest, Akin-Funmilayo justified the government’s decision to enhance the environment by providing housing, rather than maintaining a habitat for criminals.

He emphatically stated that there is no intention to convert Agodi Garden into a housing estate, emphasizing the government’s commitment to upgrading it for the benefit of the people of Oyo State.

 

Supreme Court Renders Decision Regarding the Destiny of Nnamdi Kanu

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In Abuja, the Supreme Court has rejected the Court of Appeal’s decision that cleared Nnamdi Kanu, the leader of the proscribed Indigenous People of Biafra (IPOB), of treason charges by the federal government.

The Supreme Court contends that Kanu’s return from Kenya, after jumping bail, was unlawful, emphasizing that this situation wouldn’t have arisen if he had not evaded trial by leaving the jurisdiction.

The federal government urged the court to overturn the Court of Appeal’s ruling, which dismissed the treasonable felony charge against Kanu and ordered his release due to the illegality of his return to Nigeria.

The government’s lawyer, Tijani Gazali, insisted on upholding the federal high court’s decision to proceed with Kanu’s trial.

Meanwhile, Nnamdi Kanu appealed to the Supreme Court to uphold the Court of Appeal’s verdict, affirming his discharge and acquittal.

Mike Ozekhome, Kanu’s counsel, urged the apex court to reject the government’s appeal, impose punitive costs, and maintain the Court of Appeal’s judgment.

Ozekhome emphasized the importance of allowing Kanu’s cross-appeal to stand, highlighting that Kanu has been in detention since June 2021.

 

Increased Competition for OPay, Kuda, Moniepoint, and Others Emerges with CBN’s Approval of a New Microfinance Bank

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The Central Bank of Nigeria (CBN) has officially granted a state license to Alert Microfinance Bank, empowering it to expand and innovate to better serve micro, small, and medium-sized enterprises, as well as the wider public.

Expressing their enthusiasm about the new license, Alert MFB revealed plans to onboard one million customers within the next four years.

To realize this goal, the bank has introduced the Alert Mobile App and the innovative Kolo Ajo Savings Product.

These initiatives are part of the bank’s strategy to compete in a market currently dominated by players like Opay, backed by Blueridge Microfinance Bank, Moniepoint, and Palmpay.

In a statement, Alert MFB outlined its ambitious objectives, which include collaborating with partners to bring in one million customers over the next four years, expanding into 10 new cities across Lagos, making significant investments in its workforce and their compensation, and engaging seasoned professionals to support its aim of reaching N200 billion in total assets within the next five years.

Highlighting the bank’s achievements, Olanrewaju Kazeem, the Group CEO of Alert Group, pointed out that Alert MFB’s shareholders’ funds have surpassed N1.5 billion, and its current balance sheet exceeds N11 billion.

He emphasized the organization’s commitment to ensuring secure access and efficient management of funds for seamless transactions.

 

The Central Bank of Nigeria (CBN) has declared a temporary halt to accepting new loan applications within its intervention program

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In a communication titled “Suspension of Acceptance of New Applications under the Existing Central Bank of Nigeria, CBN Development Finance Intervention Programme,” directed to bank Chief Executives, the CBN detailed this new directive.

Sa’ad Hamidu, the Acting Director of the Development Finance Department, affixed his signature to the circular, marking a strategic shift in the bank’s operational focus.

This suspension signifies a substantial change in its approach to development finance intervention funds, a pivotal element in the previous central bank’s strategy.

Simultaneously, the CBN has assigned commercial banks, formerly responsible for disbursing these intervention loans, the task of recovering outstanding loans issued under these programs.

The amount of currency in circulation surpasses the level before the naira redesign, reaching N3.4 trillion in December- CBN

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The Central Bank of Nigeria (CBN) has revealed that the currency in circulation (CIC) has surged to a new annual peak of N3.4 trillion as of December 11, 2023, marking a 13.71% increase or N410 billion from the October 2023 figure of N2.99 trillion.

The CIC encompasses currency outside the banking system and the vault cash of banks.

This substantial rise surpasses the October 2022 level (N3.29 trillion) before the naira redesign policy of the CBN.

CBN attributes the current cash scarcity to hoarding and emphasizes that there is ample cash available.

In a statement, the CBN assured the public that efforts are underway to address reported cash shortages in major cities, linking the situation to hoarding resulting from challenges during the Naira redesign project.

Sidi Ali, providing further insight, clarified that the currency in circulation was N1 trillion in February 2023, rising significantly to over N3.4 trillion by December 11, 2023.

This indicates sufficient cash in circulation, with individuals exhibiting apprehension due to past experiences.

The CBN encourages patience as it works to ensure cash availability, especially during the festive season, while also urging Nigerians to explore alternative transaction methods beyond cash.

Billionaire philanthropist Mackenzie Scott donates $12 million to Howard University

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Mackenzie Scott, ranked as the world’s fourth-richest woman by Forbes and Jeff Bezos’s ex-wife, has generously donated $12 million to Howard University College of Medicine.

With a net worth of $39.5 billion, Scott, a renowned author and philanthropist, has committed $2.2 billion to 360 organizations this year alone.

In a departure from traditional giving, Scott’s contribution is unrestricted, providing Howard University and the College of Medicine with the flexibility to strategically use the funds for maximum impact.

Dean Andrea A. Hayes Dixon, M.D., revealed that this donation will contribute to establishing an innovative center in collaboration with the College of Engineering and Architecture.

The envisioned center aims to foster interdisciplinary learning for medical and engineering students, encouraging exploration in medical technology and the development of novel devices to enhance patient care.

Hayes Dixon emphasizes the significance of this initiative, stating, “The center will empower Howard University students to assume leadership roles in medical technology innovation, potentially reshaping medical practices worldwide.”

This marks Scott’s second significant contribution to Howard University, following a groundbreaking $40 million donation in 2020—the largest single donation in the institution’s history.

A Princeton University graduate and former student of Howard alumna Toni Morrison, Scott continues her steadfast commitment to advancing educational and medical excellence.

In 2022, Scott donated $436 million to Habitat for Humanity, addressing housing shortages globally.

This generous gift was one of her largest disclosed donations, showcasing her ongoing dedication to philanthropy.

Having pledged in 2019 to give away the majority of her wealth, Scott has consistently demonstrated her commitment, donating over $16.5 billion to more than 1,900 nonprofits since her 2019 divorce from Jeff Bezos.

 

Nigeria emerged as the primary recipient of World Bank credit in 2022, securing $2.9 billion in new loans, according to a report

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The World Bank has revealed that Nigeria secured the highest amount of fresh loans in 2022, receiving approximately $2.9 billion.

Tanzania followed closely with $2.7 billion in the same year, as detailed in the International Debt Report for 2023.

The report emphasized the escalating risk of debt crises for the poorest nations, with developing countries spending a record $443.5 billion on debt servicing in 2022 due to a significant surge in global interest rates.

The World Bank warned that rising interest rates have left developing nations more susceptible to debt, resulting in more sovereign defaults in the past three years than in the preceding two decades.

Approximately 60% of low-income nations are currently in or at high risk of entering debt distress.

The report also highlighted the impact of a stronger US dollar on debt service payments, making it more challenging for countries to meet their financial obligations.

The World Bank stressed the urgent need for coordinated action to address the escalating debt levels, high-interest rates, and the potential consequences on public health, education, and infrastructure