Author: Aishat Olalere

The Nigerian Minister of Environment, Balarabe Abbas Lawal, has revealed that addressing climate change is of keen interest to President Bola Tinubu who is concerned about the rapid encroachment of desertification in the northern parts of the country. Balarabe Abbas Lawal made the emphasis while addressing a team of environment experts from the World Bank, including Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) officials and other stakeholders at the ACReSAL Federal Project Management Unit (FPMU) recently in Nigeria’s capital, Abuja. He also emphasized the urgency to work hard in order to recover and reclaim lands lost to desertification. The minister also…

President of Kenya, William Ruto, lauded Kenya’s tech advancements at the World Governments Summit, emphasising the digital economy’s transformative potential for youths William Ruto claimed that during the trip to the US, he learned that Apple employs about 23,000 Kenyans working remotely in Nairobi Kenyans were sceptical about the number of employees working for Apple from Nairobi, stating it is not possible to have 14% of the workforce Read President Ruto lauded the significant advancements achieved by Kenya in the technology sector during his address at the World Governments Summit held in Dubai, UAE. Emphasising the potential of the digital…

As a result of the adoption of Africa’s Central Bank Digital Currency in October 2021 introduced by the Central Bank of Nigeria, the value of of eNiara in Circulation rose by 302% in nine month to 10.26 billion at the end of September. eNaira is the digital form of the Naira and used just like the paper money (cash).  The eNaira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold and use eNaira. Statistical bulletin of the CBN for the 3rd  quarter 2023, showed that the value of eNaira in circulation rose…

On Tuesday, February 14, Bitcoin spiked above $50,000 for the first time in more than two years as investors grow optimistic that US approval of broader trading in the unit will ramp up demand. The cryptocurrency has enjoyed a strong run in recent months, fuelled by expectations US lawmakers would allow the creation of exchange-traded funds (ETFs) that track the price and let the public invest in crypto without directly purchasing it. After initially dropping in reaction to last month’s green light by Washington, bitcoin has rallied about 25 percent since January 22. That advance saw it hit as much…

On Monday, The Federal Government confirmed it had begun talks with the government of United States of America on the ongoing investigation of a chopper crash that claimed the lives of the Group Chief Executive Officer of Access Holdings, Herbert Wigwe, and some prominent Nigerians in California, USA, on Friday. Wigwe; his wife, Doreen; son, Chizi; and a former Group Chairman of the Nigerian Stock Exchange, Abimola Ogunbanjo, died after the Airbus Helicopter EC130B4 carrying them crashed at a border town between California and Nevada, killing all the six occupants including two crew members. The ill-fated helicopter, operated by Orbic…

Today, UK will sign a new investment deal with Nigeria that aims to boost bilateral trade and reduce commercial barriers as Britain seeks to strengthen ties with overseas states post-Brexit. On Tuesday, 13 February 2024, Business and Trade secretary Kemi Badenoch will seal the agreement known as an enhanced trade and investment partnership in Abuja. The UK department for Business and Trade said in a statement “It’s the first such deal struck between the UK and an African country”. While the agreement won’t entail substantive changes in regulation or market access, it will establish working groups staffed by government officials…

NITDA’s Director General, Kashifu Inuwa made it known at the Innovate Nigeria 2024 Conference & Expo which was held Lagos at the weekend that the National Information Technology Development Agency (NITDA) has pledged the federal government’s continued commitment to supporting startups in the country with necessary resources and initiatives in advancing the research of Artificial Intelligence (AI) in the country. Inuwa who was represented by the Agency’s Director, Corporate Planning and Strategy Department, Dr Aristotle Onumo said the US and China had allocated significant funds for AI research through their recognition of its innovation drive and economic growth potential, adding that…

The Chairman, Senate Committee on Capital Market and Institutions, Osita Izunaso, has pledged the commitment of the Senate to driving legislative reforms that would propel the Nigerian capital market to new heights. Speaking during the visit of the Committee to the Nigerian Exchange Group (NGX Group), Izunaso emphasized the pivotal role of the capital market in fostering economic prosperity and urged stakeholders to work together towards achieving common objectives. He stated: “We are going to look at all the legislative frameworks in the National Assembly waiting for amendment in one form or the other. We are going to review the Investment…

On February 5,2024, The AG Vice-Chairman of the Federal Competition and Consumer Protection Commission, FCCPC said it would intensify enforcement against Digital Money Lender (DMLs) due to observed violations of the inter-agency joint task force guidelines. The Money Lenders Association, MLA, supported the measures taken by the FCCPC, aimed at ensuring ethical conduct in digital lending in Nigeria. A statement signed by President of MLA, Gbemi Adelekan, said that The Association empathises with members of the public on the activities of some of these unlicensed and illegal digital lenders and wholeheartedly support the measures by FCCPC. MLA said it is fully…

The International Monetary Fund has projected that Nigeria’s foreign reserves may fall to $24billion in 2024. IMF anticipated a challenging period through 2024–25 for the country’s financial account, exacerbated by an absence of new Eurobond issuances, significant repayments of existing funds and Eurobonds totaling $3.5 billion, and continued portfolio outflows. The fund revealed this in its latest country report for Nigeria, indicating a significant drop and potential forex challenges for Africa’s largest economy. The country’s external reserves stood at $33.12billion as of February 8 and projected to fall to $24billionin 2024. The IMF noted that the first half of 2023…