Author: Akintayo Adams

The growth rate of Nigeria and other West African nations is expected to increase from an estimated 3.6 percent in 2023 to 4.2 percent in 2024 and 4.4 percent in 2025. Kevin Urama, the Vice-President and Chief Economist of the African Development Bank (AfDB), mentioned this during Thursday’s presentation of the African Economic Outlook 2024. According to the News Agency of Nigeria, the report was launched during the bank’s ongoing 2024 Annual Meetings in Nairobi, Kenya. The theme of the meeting is “Driving Africa’s Transformation: The Reform of the Global Financial Architecture.” ”Growth is projected to pick up in West…

Kimberly-Clark intends to shut down its production facility in Nigeria. This, according to an insider is due to declining production caused by challenging economic conditions. “Our first two years were fantastic in terms of sales growth and market shares within the diaper industry. Fast forward to late 2022 and 2023 were really bad years for the coy due to the economic situation,” the source disclosed. “Earlier this year, the coy had to downsize to 2 shifts from 4 shifts. We run 24 hours 7 days and 365 days before but currently, we don’t run on Friday, Saturday, and Sunday anymore…

A policeman in Bayelsa State has killed a driver named Benalayefa Bako Asiayei, allegedly because he refused to pay a ₦200 bribe. The incident occurred along Azikoro Road in Yenagoa, the state capital. The driver’s death has drawn condemnation from the public and human rights groups. The trigger-happy policeman, who is part of the special patrol team in the state’s Operation Doo Akpo, has not been identified at the time of this report. The late Asiayei, a 40-year-old father of three, was an electrician who used his car for commercial purposes in the evenings to earn extra income for his…

The Nigerian Federal Government and the governors of the country’s 36 states have started intense legal battles at the Supreme Court. This conflict arises from the Federal Government’s attempt to grant independence to the 774 local governments in Nigeria. The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, is heading the Federal Government’s legal team against the state governors, who are represented by various lawyers. To address the issues at hand, a seven-member panel of Supreme Court Justices, led by Justice Garba Lawal, has begun hearing the case. Two prominent lawyers, Yusuf Olaolu Ali and…

Businesses, including markets, schools, banks and motor parks on some popular streets in Awka, the Anambra State capital, were closed on Thursday. This action was in observance of Biafra Remembrance Day, as declared by the banned secessionist group, the Indigenous People of Biafra (IPOB). Numerous messages have been circulating online, allegedly from IPOB members, threatening anyone who leaves their home on May 30. Meanwhile, police in Anambra State have reported the arrest of an individual who was part of a group enforcing the sit-at-home order. A press release by the spokesperson of the command, SP Tochukwu Ikenga stated that: “The…

The Rivers State High Court in Port Harcourt has granted a temporary injunction preventing 25 members of the Rivers State House of Assembly from presenting themselves as legislators of the House. The 25 legislators, led by Rt. Hon. Martins Amaewhule and allied with the Minister of the Federal Capital Territory, Chief Nyesom Wike, switched from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on December 13, 2023. Factional Speaker of the House, Rt. Hon. Victor Oko-Jumbo, along with two others, took the 25 legislators to court, requesting that they be barred from presenting themselves as members of…

The Student Loan Scheme portal would be open to students from various state universities in three weeks. This was made known by the Managing Director of the Nigerian Education Loan Fund, Akintunde Sawyerr, during an ongoing press briefing in Abuja on Thursday. He revealed that the portal of the student loan fund has received over 60,000 visitors since its launch a week ago. Sawyerr mentioned that over 90% of federal institutions have provided the list of students, stating that only two federal universities and two federal polytechnics have not yet done so. On June 12, 2023, President Bola Tinubu signed…

The Oyo State House of Assembly has approved a bill renaming The First Technical University to Abiola Ajimobi Technical University. The bill passed during Wednesday’s session after going through the third reading. Hon. Oluwafemi Fowokanmi, the Chairman of the Committee on Tertiary Institutions which presented the report before the house explained that the law would grant the institution similar benefits to other state-owned institutions. Hon. Fowokanmi highlighted that the institution’s funding comes from local governments’ scholarship payments and its internally generated revenue. He emphasized that renaming it to Abiola Ajimobi Technical University, Ibadan, confirms its status as a state-owned tertiary…

The respected African Banker Lifetime Achievement Award has been bestowed upon Aigboje Aig-Imoukhuede, Chairman of Access Holdings Plc and Coronation Group. A statement released on Wednesday said that the notable award was given during the African Banker Awards dinner and awards event held in Nairobi, Kenya, alongside the 2024 Annual Meetings of the African Development Bank. “Aig-Imoukhuede’s journey epitomises his dedication to transforming the African banking and financial landscape. His illustrious career, spanning over three decades, has been marked by exceptional leadership and transformative accomplishments. “As the Group Managing Director and Chief Executive Officer of Access Bank from 2002 to…

The number of unemployed people worldwide is 402 million in 2024. The International Labour Organisation (ILO) revealed this in the May edition of its World Employment and Social Outlook report. The report explained that the global “Jobs Gap” counts the number of people who want a job but don’t have one. The ILO stated that the 402 million people without jobs include 183 million who are officially unemployed. In his comment on the report, ILO Director-General, Gilbert Houngbo said:“Today’s report reveals critical employment challenges that we must still address. Despite our efforts to reduce global inequalities, the labor market remains…