Latest Articles
CNG-powered vehicle explodes in Benin
Benin City, Oct. 17, 2024 – At least three persons sustained injuries after a CNG-powered vehicle exploded at NIPCO filling station in Benin City, Edo State. According to the Daily Trust, the incident happened on Thursday morning at the NIPCO gas station located in Aduwawa on the Benin-Auchi road in Uhunmwonde Local Government Area of the state. The explosion was said to have been as a result of the fake conversion kits and substandard cylinder used in the installation and conversion of the fuel to gas. The driver of the …
Nigeria should sustain economic reforms in spite of challenges – World Bank
Abuja, Oct. 17, 2024 – The World Bank has advised Nigeria to sustain the current economic reforms in spite of their challenges. Dr. Ndiame Diop, the World Bank Country Director in Nigeria, gave the advice in Abuja on Thursday at the launch of Nigeria Development Update report. He said reversing the reforms could have serious negative consequences for the country. Diop said while the implementation of the reforms might bring their challenges, they were crucial for the long-term stability of the economy. Wale Edun, the Minister of Finance and Coordinating …
Gov. Bala Mohammed urges Tinubu to review his economic policies
Abuja, Oct. 17, 2024 – Gov. Bala Mohammed of Bauchi State on Thursday advised the federal government to review its monetary and fiscal policies. He said the policies were not producing the anticipated results of poverty alleviation and employment generation. Mohammed gave the advice while speaking at the World Bank Nigeria Development Update in Abuja. The event was attended by Indamit Gill, the Senior Vice President of the World Bank; Diame Diop, the Country Director for the World Bank in Nigeria; Wale Edun, Minister for Finance and Coordinating Minister for …
Adelabu blames outdated infrastructure for incessant collapse of national grid
Lekki, Oct. 17, 2024 – Adebayo Adelabu, the Minister of Power, has blamed outdated infrastructure for the incessant collapse of the national grid in Nigeria. Adelabu made to the observation in Lekki on Wednesday at the inauguration of Hexing Livoltek, an electricity meter manufacturing company. He said the constant collapse of the national grid in Nigeria was inevitable in Nigeria due to the deplorable condition of the country’s power infrastructure. The minister said the solution for stable electricity across the country was to have many power grids across the country. …
Polaris Bank partners NCF to extend tree planting to Abuja, Anambra
Abuja, Oct. 17, 2024 – Polaris Bank has expanded its nationwide tree-planting initiative in collaboration with the Nigerian Conservation Foundation (NCF). The latest exercise took place at Government Secondary School, Gwagwalada, in the Federal Capital Territory (FCT) on October 14, 2024, following a similar event at Chukwuemeka Odumegwu Ojukwu University in Anambra State just days earlier. The initiative is part of a broader strategy by Polaris Bank to align its operations with the United Nations Decade on Ecosystem Restoration (2021–2030) which stresses the urgent need for land restoration and resilience …
IMPI backs removal of petrol subsidy, insists Nigeria’s economy on right path
Abuja, Oct. 17, 2024 – The Independent Media and Policy Initiative (IMPI) has again thrown its weight behind the full deregulation of the downstream sector of the Petroleum Industry. This comes as Nigerians have continued to react to new fuel prices as a result of the removal of subsidy on Premium Motor Spirit (PMS). Weighing in on the issue in its latest policy statement signed by its Chairman Niyi Akinsiju, IMPI insisted that what Nigerians are witnessing are temporary challenges associated with efforts to correct long-standing distortions in a national …
Vice President Shettima visits Shell stand at 30th Nigeria Economic Summit
Lagos, Oct. 17, 2024 – Vice President Kashim Shettima, accompanied by other dignitaries, visited the Shell booth at the 30th Nigeria Economic Summit. They were received by Chidi Nkazi, Shell’s Business Value Manager, who explained Shell companies in Nigeria’s contribution to the Nigerian economy, local content development and commitment to sustainable development. Chidi presented key achievements of Shell Companies in Nigeria (SCiN) to the Vice President, underlining Shell’s role in fostering economic growth through tax contributions, job creation and support for local businesses. Chidi noted that through collaboration Shell Companies …
UBA Foundation announces 2024 National Essay Competition
Lagos, Oct. 17, 2024 – UBA Foundation, the Corporate Social Responsibility (CSR) arm of the United Bank for Africa (UBA) Plc, has launched the 2024 edition of its National Essay Competition (NEC). The bank has also unveiled a 100% increase in the educational grants for top winners. Now in its 14th year, the NEC is an initiative designed to foster literacy, critical thinking, and healthy competition among secondary school students, while providing future leaders with the financial support needed to pursue higher education. This year’s competition invites senior secondary school …
Lagos State announces N85,000 minimum wage
Lagos, Oct. 17, 2024 – Lagos State Government has announced N85,000 as the minimum wage in the state. Gov. Babajide Sanwo-Olu announced the minimum wage on Wednesday night while speaking on Channels TV. He said there was the prospect of increasing the minimum wage to N100,000 in January 2025. Sanwo-Olu said that the last salary increase in the state was in January 2024. (GBN)
European Central Bank to cut rates again as inflation drops below target
London, Oct. 17, 2024 -The European Central Bank, which sets interest rates for the 20 countries that use the euro currency, is expected to cut borrowing costs once again on Thursday after figures showed inflation across the bloc falling to its lowest level in more than three years and economic growth waning. The bank’s rate-setting council is expected to lower its benchmark rate from 3.5% to 3.25% at a meeting taking place in Llubljana, Slovenia, rather than its usual Frankfurt, Germany, headquarters. The anticipated cut would be its third since …