News
COVID-19: CBN To Inject N1tr Into Economy
THE Central Bank of Nigeria (CBN) on Wednesday announced its decision to increase intervention in local manufacturing and import substitution sector by injecting N1 trillion across all critical sectors of the economy.
The CBN Governor, Godwin Emefiele, who broke the news in Abuja, said the capital injection came two days after the banking sector regulator unveiled a six-point palliative to ameliorate the continued impact of the coronavirus on the economy and supply chains round the globe.
He said the management of the CBN will meet with the Bankers’ Committee on Saturday, to work out the modalities for releasing the funds.
The apex bank also announced N100 billion loan to support the health authorities to ensure laboratories, researchers and innovators work with global scientists to patent and or produce vaccines and test kits in Nigeria to prepare for any major crises ahead.
Emefiele also said an Implementation Committee that will implement the private sector contribution of N1.5 trillion infrastructure funding to link farming communities to markets as agreed at the recently-concluded “Going for Growth” roundtable last week will be set-up next week.
Given the plunge in the price of oil, which dropped to $25 per barrel with its attendant low accretion to oil revenue, the CBN boss directed all Deposit Money Banks to increase their support to the pharmaceutical and healthcare industries.
This was to enhance local drug manufacturing, increase bed count in hospitals across Nigeria, fund intensive care, as well as in training, laboratory testing, equipment and Research & Development.
In addition to the N50 billion soft loans to small businesses announced, Emefiele said the CBN would also increase its intervention by another N100 billion in loan in 2020, to support the health authorities.
According to him, the bank will release details of how the unveiled facilities would be accessed and released, adding that the CBN had also set-up the Financial Markets Situation Room to monitor global markets and advise the Bank on adequate response.
Meanwhile, Emefiele has advised all Deposit Money Banks and other regulated entities in the banking industry to trigger their business continuity plans to ensure that their staff and families are protected, and their operations remain largely undisrupted.
He advised the banks to adhere to the directives, advice and notices from the Federal Ministry of Health, National Centre for Disease Control and other relevant government agencies on national response measures to COVID-19.
To check the spread of the virus, he urged the institutions to ensure regular and appropriate sanitisation of their premises and make available in their locations adequate sanitisation materials and also to discourage large gatherings of staff and customers.
While pledging that the CBN will continue to monitor all developments on the COVID – 19 infection and design appropriate monetary response to protect the people and economy of Nigeria, Emefiele urged that Nigerians take advantage of turning what appeared to be an adversity in the pandemic into an opportunity.
Meanwhile, Chief Executive Officer, Economic Associate, Dr. Ayo Teriba, has said the fallout of Covid-19 may disrupt the economy as a result of budget derailment and naira devaluation.
He said the virus has caused temporary harm, such as supply disruptions, wealth losses, manufacturing services- social distancing, demand disruptions and permanent harms.
Teriba spoke at a forum on the implications of Covid-19 outbreak on the economy organised by the Lagos Chamber of Commerce & Industry.
Business
inDrive Emerges Most Outstanding Brand in Urban Service
inDrive, a global mobility and urban services platform, has emerged the most outstanding brand in urban service in Nigeria at the maiden edition of Iconic Brands and Legends of Media and Marketing Communications Award held in Lagos on Tuesday, December 10, 2024.
inDrive was recognized and celebrated for its transparency, fairness, and affordability in intercity travel and logistics among ride-hailing platforms in Nigeria.
Speaking on the award, Timothy Oladimeji, Country Representative, Nigeria, inDrive, described it as a testament to the ride-hailing platform’s unique contribution and commitment to providing fair and accessible transportation options to its customers.
Oladimeji stated that the award highlights the company’s focus on safety, fairness, affordability, and satisfaction, thereby cementing its reputation as the go-to ride-hailing service in Nigeria.
He noted that the achievement underscores the company’s dedication to delivering the best ride-hailing and logistic experience for customers while continually pushing the envelope for innovation. He explained that the mobility platform remains a game-changer in the ride-hailing business in Nigeria as it empowers both drivers and passengers through its negotiation model.
“This recognition is a huge motivation that would help us expand our footprint and continue to provide exceptional services to all our customers. I can categorically say that the recognition validates the acceptability and rapid adoption of our platform by both drivers and passengers in Nigeria,” he said.
Speaking on the recognition and criteria, the lead convener of the award, Samuel Ajayi, said the award was truly deserving, given that the platform has provided unique, fair, and affordable services to all its users.
Ajayi emphasised the significance of acknowledging the brand’s achievements in Nigeria over the last few years adding that the company has shown exceptional performance by all parameters and standards.
“inDrive has really thrown its weight since joining other ride-hailing platforms in Nigeria. I am happy to say that inDrive has disrupted the Nigerian market with its unique offerings, which has endeared many users to the platform. From our findings, I can say that the brand remains the preferred platform given that it is the only one that provides safe, fair, efficient, and affordable transportation,” he said.
Since launching in Nigeria, inDrive has cemented its status as a market leader through its commitment to enhancing urban mobility and consistently delivering superior customer service.
News
Electricity: Nigeria set to add 150 megawatts by year-end – Adelabu
The Minister of Power, Adebayo Adelabu, has disclosed that the country is on track to add an additional 150 megawatts of electricity to its national grid before the end of the year, following the successful completion of the pilot phase of the Presidential Power Initiative (PPI).
He made the disclosure to State House Correspondents after a closed door meeting with President Bola Tinubu and President of the Federal Republic of Germany, Frank-Walter Steinmeier at the Presidential Villa, Abuja.
Giving insights into what transpired at the meeting, Adelabu, explained that the initiative, which is being implemented in collaboration with Siemens, aims to enhance Nigeria’s electricity supply through a series of strategic projects.
“We believe that before the end of the year, an additional 150 megawatts will be added upon completion of the entire pilot phase.”
Minister of Power outlined significant advancements in the country’s energy sector, emphasizing the crucial role of international collaboration, particularly with Germany.
“We have a bilateral relationship with the Republic of Germany that focuses on energy and electricity support,” the minister stated. “The name of the game now is about cooperation, collaboration, and partnership.” He highlighted the Siemens project as a flagship component of this relationship, aimed at implementing both Brownfield and Greenfield transmission substations under the PPI.
He noted that since signing the agreement in December 2023 during COP 28 in Dubai, Nigeria has made substantial progress. “We have completed the pilot phase of this project up to 80%,” he noted. This phase includes the importation and installation of 10 power transformers and 10 mobile substations, with eight already commissioned.
“The positive impact of this is that it has added nothing less than 750 megawatts to our transmission grid capacity,” he explained, attributing the current stability in electricity supply to this achievement.
He said the next phase will involve rehabilitating 14 existing substations and establishing 23 new ones across Nigeria.
“The entire grid is quite fragile and dilapidated,” he lamented. “We need to revamp it to ensure stability going forward.” He reiterated that these efforts are essential for transforming Nigeria’s energy landscape, aligning with President Bola Tinubu’s Renewed Hope Agenda.
In addition to addressing immediate power needs, Adelabu emphasised Nigeria’s commitment to renewable energy as part of its long-term strategy. “We have an energy transition plan to achieve net-zero emissions by 2060,” he said.
He pointed out that Germany’s expertise in renewable technologies aligns perfectly with Nigeria’s abundant natural resources. “Germany has technology; we have the sun and wind,” he added, highlighting that over 30 states in Nigeria enjoy a minimum of 10 hours of sunshine daily.
The minister also discussed plans for off-grid solutions, advocating for a distributed power model where each state would have its own generating plants. “This model will shield states from problems on the national grid and ensure rural electrification,” he explained.
Germany’s involvement extends beyond traditional energy sources; it includes significant investments in green energy projects.
The Minister of Power reaffirmed his commitment to advancing policies that enhance energy access and sustainability across the nation. “Together with our partners, we can build a robust energy infrastructure that supports economic growth and improves quality of life for all Nigerians,” he declared.
The German Consul General in Lagos, Weert Borner, recently announced that Germany has added 670 megawatts to Nigeria’s grid capacity in 2024 alone through their ongoing partnership. “This partnership is vital for improving electricity access for final consumers,” Borner remarked during an interview.
Additionally, Nigeria is set to benefit from Germany’s ambitious €4 billion investment in green energy projects across Africa by 2030.
DailySun
News
Sanwo-Olu reaffirms commitment to empowerment, poverty alleviation
Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to initiatives that foster inclusivity, economic empowerment, and poverty reduction.
He made this pledge during the 2024 Micro Enterprise Support Initiative (MESI) for vulnerable and indigent residents, organised by the Ministry of Women Affairs and Poverty Alleviation (WAPA) in Agidingbi, Ikeja, on Wednesday.
At the event, approximately 1,500 residents were provided with various empowerment tools, including sewing and stoning machines, pepper grinders, hairdryers, barbing kits, cake mixers, welding machines, tiles-cutting machines, and more.
Governor Sanwo-Olu emphasized that this initiative exemplifies his administration’s dedication to creating a Greater Lagos, where every resident has the opportunity to thrive and contribute to collective progress.
The governor explained that the MESI programme extends beyond offering financial aid to residents. He stressed that it focuses on building a foundation for self-reliance, driving economic growth, and unlocking the potential of women.
“It ensures that every woman, regardless of background or circumstance, has access to the tools and resources needed to transform her life, community, and Lagos State,” he stated.
Governor Sanwo-Olu further highlighted the importance of skill acquisition, capacity building, and financial empowerment, stating that the government is working towards a future where poverty is eradicated, and prosperity becomes a reality. He encouraged the programme’s beneficiaries to use the tools and resources wisely to grow their businesses, enhance their livelihoods, and inspire others in their communities.
“Remember, this programme is just the beginning. Your success will contribute to the larger success of Lagos State,” he added.
Also speaking at the event, the Commissioner for Women Affairs and Poverty Alleviation, Cecilia Bolaji-Dada, described the initiative as a beacon of hope for aspiring entrepreneurs in Lagos. She commended Governor Sanwo-Olu for his steadfast support of Lagos communities and for making the Micro Enterprise Support Initiative possible.
Bolaji-Dada detailed the variety of tools distributed, which were selected to meet the diverse needs of entrepreneurs. These included stoning machines, pepper grinders, sewing machines, hairdryers, barbing kits (including clippers, sterilizers, and generators), standing facial steamers, aluminum cutting machines, two-phase burners (with 30-inch cooking pots and 12.5kg cylinders), cake mixers, welding machines, agricultural items (fertilizers, knapsacks, and seeds), and cash grants.
“These tools are not just instruments of trade, but instruments of transformation, designed to help you grow your businesses and uplift your communities,” the commissioner said.
She urged beneficiaries to fully embrace the opportunities before them and work diligently toward realizing their entrepreneurial goals.
DailySun
-
Politics1 week ago
Those indicted for attacks on Rivers LG secretariats won’t go free – Fubara vows
-
Sports1 week ago
EPL: Why Man Utd lost 2-0 to Arsenal – Amorim
-
News1 week ago
Alleged fraud: Pastor Tobi Adegboyega won’t be deported to Nigeria, not indicted – UK lawyer
-
Entertainment7 days ago
Asake ranked most streamed Nigerian artiste on Spotify
-
News1 week ago
EFCC announces biggest asset recovery as govt official forfeits estate with 753 duplexes
-
Opinions1 week ago
10 ways the Tax Bills will make states richer
-
Business3 days ago
Why Naira is appreciating massively against dollar – CPPE
-
News1 day ago
US issues new visa directive for immigrant visa applicants