Business & Economy

Sanwo-Olu opens Ikorodu tech hub

2 years ago6404 min

On Friday, the Governor of Lagos State, Mr. Babajide Sanwo-Olu, opened the Senator Abiru Innovation Lab in the Ikorodu neighborhood of the state. The SAIL is an innovation and technology lab that is dedicated to providing relevant technology, business, and digital skills to tech enthusiasts and young entrepreneurs across the Lagos East Senatorial District. The SAIL is located in the Ebute neighborhood of Ikorodu, which is in the state of Lagos. The laboratory is...

by Probitas

Business & Economy

Ministry of transportation and aviation has been rechristened

2 years ago10181 min

The Ministry of Aviation was renamed the Ministry of Aviation and Aerospace by the Federal Government on Wednesday. Hadi Sirika, the minister of aviation, claimed that aerospace and aviation were intertwined and that Nigeria needed to make proactive policy changes to better prepare for the future. President Muhammadu Buhari’s Federal Executive Council meeting was taking place in Abuja when the Minister made the announcement. According to Sirika, the change was necessary because it was on...

by Probitas

Business & Economy News

NIMASA Opens New Abuja Zonal Office

2 years ago895 min

The Nigerian Maritime Administration and Safety Agency, also known as NIMASA, recently inaugurated its brand new zonal office in Abuja. At the event on Tuesday, the Minister of Transportation, Mu’azu Jaji Sambo, stated that the role that the Nigerian Maritime Administration and Safety Agency plays in the realization of Nigeria’s economic potential cannot be overstated. In addition, he stated that there is an urgent requirement to put in place strategic and concrete structures that, in...

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Business & Economy News

Uganda introduces anti-venting law to stop Gas Flaring

2 years ago655 min

The Ugandan National Government claims to have learned from Nigeria and other African countries by enacting anti-venting legislation that prohibits gas flaring. Mrs Ruth Ssentamu, Uganda’s Minister of Energy and Mineral Development, made the announcement on the sidelines of the recently concluded Offshore Technology Conference (OTC) in Houston, Texas, United States. According to the minister, the legislation also encourages investment in the country’s oil and gas industry. Ssentamu made the remarks at the Africa Women...

by Probitas

Business & Economy News

Offer Ajaokuta for sale without any concessions

2 years ago8913 min

It is not surprising that the latest initiative of the Federal Government to concession the Ajaokuta steel and Itakpe iron ore companies has also ignited a tempest because the companies have been plagued for a long time by official prevarication, dubious concessions, asset stripping, litigation, and protests by workers and host communities. The House of Representatives and various labor unions are raising objections to a plan by the incoming administration of President-elect Muhammadu Buhari (ret.)...

by Probitas

Business & Economy Editors' Pick

Demand for phones worldwide has decreased 21%, in three years

2 years ago845 min

Shipments of mobile devices on a global scale have decreased by 21% over the past three years. According to information that was obtained from the International Data Corporation, the number of phones that were shipped all over the world decreased by 22 percent, going from 340 million units in the first quarter of 2021 to 268 million units in the first quarter of 2023. When compared to the previous quarter, the global shipment was...

by Probitas

Business & Economy Editors' Pick News

CBN launches initiative to advance financial literacy

2 years ago797 min

CBN introduces a platform to advance finIn an effort to boost financial inclusion and promote financial literacy, the Central Bank of Nigeria unveiled SabiMONI on Monday. The CBN Governor, Mr. Godwin Emefiele, said in a speech at the event that the platform was a fully digital national e-learning platform that offered a knowledge base for financial literacy. He claims that the purpose of SabiMONI is to give people the chance to receive training and...

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Business & Economy Lead Stories

Subsidy: Nigeria spends N50 billion every day to serve wealthy

2 years ago853 min

Malam Hamzat Lawal, the Chief Executive Officer of Connected Development, has criticized and deemed unacceptable the Federal Government’s continued payment of fuel subsidies. According to Lawal, Nigeria spends more than N50 billion per day subsidizing the wealthy as a result of the payment, which was made during an interview program on Channels Television. We are subsidizing the wealthy, not the poor, he declared. In reality, the poor are suffering the most. And we subsidize...

by Probitas

Business & Economy Editors' Pick News

FG unveils Barite processing plant, bans imports

2 years ago2574 min

The Federal Government, through the Ministry of Mines and Steel Development, has opened a barite processing plant in Cross River State in an effort to restrict barite imports and encourage domestic production. Olamilekan Adegbite, the Minister of Mines and Steel Development, noted the importance of the barite processing plant’s location in Ugaga, Cross State, during his remarks at the plant’s official opening. “I am pleased to speak to you on this August occasion, which...

by Probitas

Business & Economy News Nigeria

Emefiele urges risk professionals to expand scope of practices

2 years ago665 min

Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has urged risk professionals in the financial industry to broaden their risk management practices in the face of emerging risks. Emefiele stressed the importance of financial institutions adapting and evolving their risk management frameworks to effectively address emerging risks and challenges during the inauguration of the Chartered Risk Management Institute of Nigeria (CRMI), formally known as the Risk Management Association of Nigeria (RIMAN). He stated...

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