The German government, through its Federal Ministry for Economic Cooperation and Development (BMZ), has approved 10 million Euros to expand infrastructure in Nigeria and other parts of Africa. The African Development Bank (AfDB) and KfW announced the replenishment of the New Partnership for Africa’s Development (NEPAD) – Infrastructure Project Preparation Facility (NEPAD-IPPF) Special Fund, designed to boost infrastructure. The agreement was signed in Berlin by the Head of Financial Cooperation in Sub-Saharan Africa on behalf of KfW, Helmut Gauges, and AfDB Vice-President and Chief Financial Officer, Hassatou N’Sele. Germany’s support will bolster NEPAD-IPPF’s efforts towards priority areas such as green,…
Author: Elvis Eromosele
By David Wariboko “Fuel subsidy is gone,” Tinubu declared in his inaugural speech at the Eagle Square on Monday, May 29, 2023, after being sworn in as Nigeria’s 16th President. However, this declaration did not sit well with many Nigerians who were hoping for a focus on key economic issues to improve the overall well-being of the economy and its citizens. The removal of the fuel subsidy became a topic of concern among policymakers, economists, and media houses across the country. Various policymakers hold divergent views on this issue, with some experts believing that it is the right time for…
Growing up, my two major causes of death were brief illness and sudden death. Looking back in hindsight, it was clear that in both cases, they will probably pre mitigating circumstances that led to the death of these people but we now have better diagnoses, one thing about healthcare is that early detection prevents catastrophic events. Now we know that certain indicators tell us when our body is functioning at its best and when it’s in danger. Thankfully, in the 21st Century, we have the internet with loads of information, but the information is limited without knowledge of what it…
The Nigerian telecom regulator said investment in sector has now officially exceeded $75.6bn to underscore a pulsating industry despite a mix of challenges including galloping inflation and a shrinking national income in the last few years. The Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, said the investment profile comprises of foreign direct investment (FDI) and local investment. The sector has remained strong despite headwinds, Danbatta disclosed at an interactive session with stakeholders in the communications media ecosystem, in Lagos recently where he provided his scorecards and landmark developments that have shaped the trajectory of…
The Board of Directors, African Development Bank (AfDB), has approved a loan of 115 million dollars to support a major road rehabilitation project in Abia State, Nigeria. This is contained in a statement issued by the Nigeria Country Department of the bank on Saturday in Abuja. It said the project would see to the rehabilitation of roads, erosion control infrastructure and preparation of solid waste management facilities in the state capital, Umuahia, and the commercial hub, Aba. “Financing for the project estimated at a total cost of 263.80 million dollars, will come through an AfDB loan of 100 million dollars.…
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to use his good offices and leadership position to “urgently publish details of spending of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.” SERAP urged him to “provide details of the plans on how subsequent savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent, and the mechanisms that have been put in place to ensure that any such savings are not embezzled, misappropriated or diverted into…
The Nigeria Communication Commission (NCC) has directed telecommunications companies in Nigeria to deactivate phone lines unused for six consecutive months for Revenue Generating Event (RGE). The commission gave the directive in a customer guideline document titled: “Draft Quality of Service Business Rules,” released to network providers to improve customer experience. The document was made available to journalists on Friday. The document read: “A subscriber line may be deactivated if it has not been used, within six months, for a Revenue Generating Event (RGE), and If the situation persists for another six months the subscriber may lose their number, except for…
The number of National Identification Numbers (NINs) issued by the National Identity Management Commission (NIMC) has reached 101 million. According to the latest data from the NIMC, the issued NINs are now 101,013,279. The data show that in the last six months, the commission added 5,935,362 NINs to the database. The figure stood at 95,077,917 as at January 2023. NIMC informed that of the 101 million issued NIN, males have 57.3 million, which is equivalent to 56.76 per cent, while women have been issued 43.57 million or 43.2 per cent. Further analysis of the June data shows that the highest…
Nigeria’s drive improved financial inclusion has received a boost as PalmPay, Africa-focused fintech platform, hit a record 25 million users, a network of 500,000 mobile money agents and 300,000 merchants in its payments ecosystem. The growth in just four years of its market operation in Nigeria is a testament to the company’s robust strategy centred on offering secure, user-friendly and inclusive financial services, the company said. Sofia Zab, Global CMO, PalmPay, said the company is proud to be a driving force of financial inclusion and cashless payment adoption in the country. She added that its growth validates its approach and…
130 countries representing 98 per cent of the global economy are now exploring digital versions of their currencies, with almost half in advanced development, pilot or launch stages, a closely-followed study has shown. The research by the U.S.-based Atlantic Council think tank published on Wednesday said significant progress over the past six months meant that all G20 countries with the exception of Argentina were now in one of those advanced phases. Eleven countries, including a number in the Caribbean, and Nigeria, have already launched central bank digital currencies (CBDCs) as they are known, while pilot testing in China now reaches…