Growth
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), ...
VP Osinbajo: Nigerian government democratising broadband connectivity
It’s the first in sub-Saharan Africa and one of the three such cutting-edge facilities on the continent, with top prime global certifications for smart card manufacturing and it is based in Lagos, Vice President Yemi Osinbajo, SAN, relished yesterday afternoon while touring SecureID company’s premises, and affirmed Nigeria’s extremely bright economic future, which he said cannot be aborted despite current challenges. According to him, “the economic future of our nation is extremely bright. Yes, we have challenges today and they may look daunting. But let me assure you that these issues will be resolved. The march of this nation to its manifest destiny as Africa’s leading economic power will not be aborted. We are more than able to overcome.” An impressed Prof. Osinbajo said the Buhari Admi...
Lagos to demolish shanties, takeover abandoned buildings
Lagos State Governor, Mr Babajide Sanwo-Olu, on Monday said that the government would continue to demolish shanties across the state. Sanwo-Olu said this during the Security Stakeholders Town Hall Meeting at Ikeja, adding that the state government would also confiscate abandoned buildings. He said that the shanties, abandoned buildings and vehicles were hideouts for criminals, hence, should be tackled. Sanwo-Olu said the government had demolished several hundreds of shanties and illegal structures around the state since November 2020. ”These shanties, by serving as hideouts for criminals, have exacerbated the insecurity situation in Lagos State. ”This clean up exercise will continue, even as we strive to ensure the creation of jobs and economic opportunities that will take people off the s...
Ramadan: Israel donates food items to support Nigerian Muslim families
The Embassy of Israel in Nigeria on Monday donated some food items to support some Muslim families in the on-going Ramadan fasting in the country. Mr Yotam Kreiman, Charge d’Affairs of Israel to Nigeria, who presented the items in Abuja, said that the items worth 260, 000 meals was to support about 1,800 families. Newsmen report that the items donated included some bags of rice, beans, maize, groundnut oil, pasta among others. The envoy said that the items were put together to further deepen ties between Israel and Nigeria. Kreiman said that lessons from the Holy Books during month of Ramadan often reminded people of their needs to always be kind, helpful and thoughtful, especially as the world slowly recovered and battled with COVID-19 pandemic. According to him, it is important to lend h...
AKA: I’m not a suspect in my fiancée’s murder investigation
Superstar South African rapper, Kiernan Forbes, has stated that he is not a suspect in the ongoing investigation into the death of his fiancée, Nellie Tembe, by the South African Police. Fondly referred to as Anele, it was reported that the rapper’s fiancée fell from one of the upper floors of the hotel to the intersection of Loop and Bloom streets in the Cape Town central business districts. AKA and Anele had gotten engaged in February this year. In March, he paid ‘lobola’ to her family, describing her as ‘the love of his life’ when he announced their engagement on social media. The rap artiste revealed that some people whom he and his late fiancée trusted with their deepest troubles now use them as weapons against him. He said, “It is a sad day when I find myself having to speak to the n...
VP Osinbajo: Nigeria’s unity must not be compromised
Nigeria’s Vice President, Prof. Yemi Osinbanjo, on Thursday, insisted that the unity of the country should not be compromised in anyway. He said irrespective of the current challenges, Nigeria remained great nation with its diversity. Osinbajo urged Nigerians to harness the inherent benefits in the nation’s diversity to promote sustainable socio-economic growth and development, and cautioned those fanning the embers of discord to desist from it. The Vice President spoke during a courtesy call on the Obi of Owa Kingdom in Ika North-East Local Government Area of Delta State, Dr. Emmanuel Efeizomor II. He was in Delta to officially inaugurate and formally hand over the Federal Road Safety Corps (FRSC) Marshal Inspectorate Training School built by the state government in Owa-Alero community. “...
Edo governor: Current NDDC structure incapable of developing South-South
Edo State’s Governor Godwin Obaseki has reiterated the call for the restructuring of the Niger Delta Development Commission, stressing that such would drive the development of the South-South region. Obaseki made the call during a meeting with the South-South Zone Working Committee of the People;s Democratic Party (PDP) at the Government House in Benin City. According to him, “In the South-South, we must stand up to defend ourselves economically, politically and security-wise. We have pretenders in the region who try to exploit the region and we must stop them.” Obaseki said the region is facing impeded growth because of the inability to make use of its resources for its development. He added, “The current structure of the NDDC has caused underdevelopment in the region, with the Federal Go...
Tottenham to pay part of Jose Mourinho’s salary at Roma
Tottenham Hotspur will pay part of José Mourinho’s salary in his first season at Roma. The Special One will return to Serie A 11 years after leaving Inter, according to Sky Sport Italia, He had warned the Nerazzurri fans he was open to returning to Italy to coach one of their rivals. According to Sky Sport Italia, Mourinho signed his Roma contract on Monday and accepted a pay cut. Tottenham had sacked the Special One earlier in April. The Portuguese coach will earn €7m-a-year, way less than his €16m-a-year contract in North London. However, according to the report, Mourinho will earn the same money in his first season in the Capital as Spurs have agreed to pay part of his salary in his first campaign at the Stadio Olimpico. The so-called ‘Growth decree’ has also had an impact on Mourinho’s...
NGX records N419 billion growth in April
The market capitalisation of the Nigerian Stock (NGX) recorded a growth of N419 billion in April due to impressive first quarter results declared by some companies. Specifically, the market capitalisation which closed trading in March at N20.428tn rose by N419bn to close at N20.847tn in April. Similarly, the All-Share Index inched higher by 789.29 points to close at 39,834.42 in contrast with 39,045.13 recorded in March. Royal Exchange Assurance emerged the best performing stock for April in percentage terms, growing by 89.29 per cent to close at 58k per share against 28k recorded in March. Linkage trailed with 41.87 per cent to close at 85k in contrast with 60k posted in the comparative month. Speaking on the performance of the stock market, Mr Ambrose Omordion, the Chief Operating Office...
NTDC explores Lagos creative communities on Google Arts & Culture
The Nigerian Tourism Development Corporation (NTDC) has concluded plans to explore Lagos creative communities on Google Arts & Culture in five different ways. The project tagged; ‘Eko for Show’, is in partnership with Google Arts & Culture towards celebrating Lagos and its creative communities. The Director-General of NTDC, Mr Folorunsho Coker, who made the revelation in an interaction with the media, said that Lagos is one of Africa’s fastest-growing cities and that its creative scene is taking the world by storm. Coker noted that with over 25 million people, the city’s creative scene is fueled by a young generation of talented individuals and communities spanning music, art, photography, fashion, theatre, literature and food. The Nigerian Tourism Development Corporation, he said ...
Ex-President Obasanjo: Investment in agric will curb youth restiveness
Former president Olusegun Obasanjo, has advised the Federal Government to invest sufficiently in agriculture as a strategy to curb youth restiveness in the country. Obasanjo, who spoke yesterday in Abuja, at the flagged off of new tractors to boost farm mechanization in the country, said agriculture stands in good stead in boosting the country’s earnings. Represented by the Emir of Keffi, Alhaji Shehu Chindu Yamusa, he said: “investment in Agriculture is key to sustainable economic growth and development. Agriculture is the only way to engage the youth and make them productive.” He hailed the All Farmers Progressive Association for the laudable project of contributing significantly to alleviate the sufferings of Nigerians through sustainable modern agro technology. Meanwhile, President of ...
CSCS reiterates commitment to deepening capital market
The Central Securities Clearing System (CSCS) has restatement its commitment in repositioning business to efficiently play a more active and leading role in deepening the Nigerian capital market growth. Also, CSCS grew its profit after tax by 41.4 per cent for the year ended December 31, 2020. The company results showed that amidst unprecedented economic and financial market conditions occasioned by the COVID-19 pandemic, the Group grew total income by 31.3 per cent year-on-year (YoY) to N12.09 billion. Profit after tax grew by 41.4 per cent to N6.93 billion, translating to N1.39 earnings per share. The group delivered 20.3 per cent return on average equity for the 2020 financial year, compared to 15.3 per cent in 2019 full year. The company’s total assets stood at N41.42 billion, as again...
