News Rider

BY CHIKA OKEKE, Abuja L-R: Dean, Faculty of law, Nile University of Nigeria, Prof Fatima Alkali; Convener of Africa Climate Forum (ACF) ,Prof George Nwangwu; and Director, Head of Environment Management Department, Ministry of Regional Development, Mr Fred Odika at the 4th edition of ACF in Abuja.  The Africa Climate Forum (ACF) has canvassed for sustainable, adequate and affordable finance to implement Africa's climate goals, harping on the need for greater investment in adaptation and resilience projects. Convener of ACF, Prof George Nwangwu stated this in Abuja on Tuesday, while declaring open the 4th edition of ACF, with the theme: “Implementing in Lockstep: Public-Private Action for Green Outcomes.” He noted that sustainable finance is crucial to unlock investment and partnerships that accelerate the implementation of the continent’s climate ambition, making a case for effective arrangements in addressing loss and damages associated with climate change. For the fir...

BY CHIKA OKEKE, Abuja The Bilaad Development Trust has encouraged financial institutions, oil companies, telecommunications firms and other profitable businesses to increase its Corporate Social Responsibility (CSR) by funding Micro, Small and Medium Enterprises (MSMEs) in the country. This was even as the realty firm identified funding, market linkages and mentorship as crucial areas requiring urgent intervention to enable young entrepreneurs expand their businesses. Chairman of Bilaad Realty Limited, Dr Sadiq Suleiman-Abdullahi stated this in Kaduna at the fifth edition of the organisation’s Gem Hunt project with the theme: “Roots to Riches: Building Nigeria’s Next Generation of Entrepreneurs.” He lamented that many entrepreneurs have viable and investable ideas but cannot access conventional bank loans due to huge collateral requirements. “Government, whether national or subnational, is limited to three things: territorial defence, regulation and foreign policy. Most dev...

BY CHIKA OKEKE, Abuja Staff and guests during the Cultural Day celebration organised by the Federal Mortgage Bank of Nigeria (FMBN) in Abuja.  The Federal Mortgage Bank of Nigeria (FMBN) has doubled down on homeownership, with an assurance to expand access to housing finance for Nigerians across all backgrounds. This was part of the commitment during the Cultural Day celebration in Abuja, signaling the end of 2026 Customer Service Week. The event featured colourful traditional attires, rich indigenous cuisines and captivating cultural dances representing the six geopolitical zones, creating an atmosphere of unity, pride and appreciation for Nigeria’s diverse traditions. Group Head of Human Resources Management, Mrs. Timan Elayo encouraged the staff to embrace the opportunity to celebrate their cultural identities while strengthening the bonds of unity within the Bank. The Executive Director, Loans and Mortgage Services, Dr. Muhammad Sani Abdu toured the booths represent...

BY CHIKA OKEKE, Abuja The National Sugar Development Council (NSDC) has demanded $7.1 billion to expand domestic sugar production in Nigeria over a 10-year period, just as the intervention would be invested on existing sugar estates, 10 proposed new projects and infrastructure. This is even as the agency noted that about 70 per cent of the funding, estimated at $5 billion is expected from long-term debt facilities and development capital, while $3 billion will emanate from export credit agencies. At a news conference organised for the Commerce and Industry Correspondents Association of Nigeria (CICAN) in Abuja, the Executive Secretary of NSCD, Mr Kamar Bakrin informed that the financing structure was necessary as commercial lending terms were unsuitable for the capital-intensive sugar industry. Bakrin hinted that another $250 million was projected from local development finance sources, even as the project promoters and operators would provide the remaining $2.1 billion. He...

BY CHIKA OKEKE, Abuja Governor of the Central Bank of Nigeria, Olayemi Cardoso (2nd L); Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele (2nd R) and others at the ongoing 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, on Monday. The President of the World Bank Group, Ajay Banga has endorsed Nigeria’s fiscal reforms, citing the rise in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026. He stated this on the sidelines of the 2026 IMF and World Bank Group Annual Meetings on Monday in Bangkok, Thailand, when he met the Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele and Governor of the Central Bank of Nigeria, Olayemi Cardoso. The meeting reviewed Nigeria's reform progress and the next phase of its agenda: turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues. Oyedele highlighted the rising economic gro...

The removal of fuel subsidy altered the purchasing power of Nigerians and rejigged their lifestyle. In this report, CHIKA OKEKE examines plans by the Federal Government to ease burden on households.  Nigerians protesting the return of fuel subsidy From depreciating naira to dwindling foreign reserves and haphazardly remitted crude oil revenue, corruption infested every sector of the economy, driven by excess desire for unquestionable wealth.  These modified the economic outlook, introducing prolonged unemployment and exposing the weak government policies. But on May, 29, 2023, President Bola Ahmed Tinubu ruled out the payment of subsidy on Premium Motor Spirit (PMS) from the third quarter of 2023. He argued that based on the budget he inherited from the past administration of late President Muhammadu Buhari, subsidy was supposed to end by June, 2023. It implied that the subsidy ceased to exist from July 2023. Before 2023, the Nigerian National Petroleum Company Li...