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Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
World Bank: Nigeria responsible for over 40 percent diaspora remittances in Sub Saharan Africa
The World Bank says Nigeria is responsible for over 40 percent of diaspora remittances in Sub Saharan Africa (SSA). In a statement on Wednesday, the Washington-based financial institution said remittances to SSA declined by an estimated 12.5 percent in 2020 to $42 billion. The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, “Remittances to Sub-Saharan Africa declined by an estimated 12.5 percent in 2020 to $42 billion,” the statement read. “The decline was almost entirely due to a 27.7 percent decline in remittance flows to Nigeria, which alone accounted for over 40 percent of remittance flows to the region. “Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3 percent. “Remittance growth was reported in Zambia (37 percent), ...
CDQ: NDLEA found no drug in my house, beat me up
Popular Nigerian rapper, Sodiq Yusuf, aka CDQ, has dared the Nigerian Drug Law Enforcement Agency (NDEA) to show the world the Indian hemp found in his place. He said he had CCTV footage of the visit, unknown to the raiders. Newsmen had earlier reported that the rapper was picked up following an intelligence report that there were hard drugs in his house. However, speaking with newsmen on Saturday, the rapper stated that Indian hemp wasn’t found on him, saying that he had CCTV footage to back up his claim. He said, “Men of the NDLEA came to my house yesterday evening (Wednesday). They threatened me with a pistol to my chest and beat me black and blue in my own apartment. They said they got information that I deal in drugs. They searched everywhere and turned my house upside down. All they ...
Analysts: Printing currency could hurt economy
Analysts have expressed concerns over a recent claim that the federal government resorted to printing money to augment the monthly allocation to the three tiers of government, warning that it could heighten inflationary pressure with dire consequences for the country’s exchange rate and economy. The analysts, in separate interviews with newsmen, warned that a sustained policy of printing the currency, if not well managed, would hurt the economy. The concern came on the heels of recent revelation by Governor of Edo State, Mr. Godwin Obaseki, that due to the dwindling revenue in the face of declining oil revenue arising from the growing sources of alternative sustainable energy, the federal government had to print money to augment the amount available for sharing by the federal, state and lo...
WHO: End to pandemic not likely in 2021
The World Health Organisation (WHO) believes it is unlikely the Coronavirus pandemic (COVID-19）will come to an end by the end of 2021. “I think it will be very premature and unrealistic to think that we are going to finish with this virus by the end of the year,” Michael Ryan, director of the WHO’s health emergencies programme, said at a briefing on Tuesday. “What we can, if we are smart, finish with is the hospitalisations and the deaths and the tragedy associated with this pandemic,” Ryan added. The WHO’s focus at present was to keep transmissions as low as possible and vaccinate more and more people. The situation regarding the delivery of vaccine doses had already improved compared to 10 weeks ago, Ryan said, although there were “huge challenges” in distributing them and the virus stil...
Rivers governor reacts as critics fault design of new bridge after truck accident
Critics are subjecting the Okoro-nu-Odu overhead bridge commissioned for use on Monday in Port Harcourt by Rivers Governor, Nyesom Wike, to scrutiny after the fall of a heavy duty truck that was trying to make a turn under it. Also, critics have also observed that rather than help alleviate the traffic gridlock in the area, the bridge seemed to have worsened the traffic jam. While commenting on the gridlock around the bridge and the fall of the truck while trying to make a u-turn, one Kachi Welsley said: “basically an engineering design is to address serviceability and human problems, not to compound them. “At the beginning sides of the overhead bridge at Rumuokoro, there ought to be turning points to enable cars coming and trying to get back in opposite directions turn easily without firs...
President Buhari directs security chiefs to recover areas being occupied by criminals
President Muhammadu Buhari has ordered the nation’s security chiefs to recover all areas being occupied by insurgents, bandits and kidnappers across the country. The National Security Adviser (NSA), retired Maj.-Gen. Babagana Monguno, told State House correspondents that the president gave the order during the just concluded meeting of the National Security Council. The meeting was presided by Buhari at the Council Chamber of the Presidential Villa, Abuja, on Tuesday. According to him, no sovereign nation will allow a group of non-state actors to bring it down to its knees and render the state in state of panic, apprehension, mistrust and disorder. “Therefore, both the defence and intelligence organisations have been charged that while we look forward to having a peaceful, non-kinetic reso...
Nigerian telecoms’ workers issue 14-day ultimatum to Huawei
The Private Telecommunications and Communications Senior Staff Association of Nigeria (PTECSSAN) has issued a 14-day ultimatum to Huawei Technologies Nigeria Limited to halt what it described as disregard and denial of workers’ fundamental rights to freedom of association as enshrined in Section 40 of the Nigerian Constitution. Speaking to journalists in Lagos, yesterday, the General Secretary of PTECSSAN, Okonu Abdullahi, said all efforts in the past to address all the labour-related issues confronting the workers in the company have been rebuffed by its management. According to him, “All our efforts in the past to address all the labour-related issues confronting the workers in the company have been rebuffed by its management. Ultimate of which is gross disregard and denial of workers th...
Big Sam explains why West Brom abandoned Ahmed Musa deal
West Brom manager Sam Allardyce has revealed the reason behind the Baggies decision not to offer Ahmed Musa a contract at the end of his trials with the club. Allardyce insists West Brom weren’t in a position to sign Musa on a short-term deal after the loan captures of Mbaye Diagne, Okay Yokuslu and Ainsley Maitland-Niles towards the end of the January transfer window. The 28-year-old has been without a club since leaving Saudi side Al-Nassr in October of last year but has previous Premier League experience having joined Leicester City in the summer after they were crowned champions in 2016. “We’d already brought four players in, so it didn’t fall within our budget anymore,” Allardyce was quoted by Birmingham Live. “More players would have had to have left to have funded that one. It’s a s...
Research: Nigeria records nearly 30,000 tobacco smoking-related deaths
An Abuja-based Centre for the Study of Economies of Africa (CSEA) has reported that a research it conducted had revealed that 28,876 deaths related to tobacco smoking are recorded annually in Nigeria. Marco Castradori, a research associate with the CSEA, revealed this, on Monday, in Kano, at a report dissemination workshop on the health burden and economic cost of smoking in Nigeria. According to Mr Castradori, the number represents around 16 per cent of deaths from smoking-related diseases and above five per cent of all cases of deaths. “Among the disease analysed, nearly 737,366 events are expected each year, of which 127,859 representing 17 per cent are attributable to cigarette consumption. “In terms of costs, these conditions burden the Nigerian healthcare system with nearly N634 bill...
Benue governor: Quit notice to Bishop Kukah a recipe for disintegration
Benue State Governor Samuel Ortom has warned that the quit notice by a muslim group demanding the Catholic Bishop of Sokoto Diocese, Bishop Mathew Kukah to tender an unreserved apology over his Christmas Day message or leave Sokoto State, is capable of causing the disintegration of the country. The Governor however enjoined all Nigerians, irrespective of religious and political inclinations, to uphold unity, peace and dialogue as panacea for the myriad of problems confronting the country. Reacting to the statement, the Governor who spoke through his Chief Press Secretary Terver Akase said the group’s statement was a contradiction of provisions of the Constitution which gives Nigerians the right to live freely in any part of the country. Ortom added that the statement of the group directing...
British premier says no reason to change coronavirus unlocking plans
British Prime Minister Boris Johnson on Saturday said he saw nothing in the COVID-19 data to change his plans for a piecemeal easing of lockdown in England, with the next major steps due to take place next month. Johnson said he looked forward to getting his hair cut and having a pint of beer in the garden of a pub, among the activities permitted if stage two of his unlocking plan proceeds on April 12. All non-essential shops are also due to reopen from that date. On Monday, there will be a smaller change, allowing groups of 6 to meet up outside. Foreign travel will be banned until at least May 17, which is also the earliest date indoor hospitality and performance venues might re-open. Although Johnson has outlined dates at which he plans to ease restrictions, he has been clear that it is ...