Connect with us

News

Investors commend Nigeria’s financial sector reforms at London Africa Capital Forum

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

As President Bola Tinubu continues his state visit to the United Kingdom, potential investors have commended the reforms embarked upon by the federal government in the financial sector, describing the reforms as credible.

The investors expressed their view at the Africa Capital Forum that had the theme: “From Stabilisation to Capital Mobilisation,” jointly hosted by the Central Bank of Nigeria (CBN) and the UK Foreign, Commonwealth and Development Office (FCDO), at The Peninsula London,

Speaking at the high-level forum, which brought together global investors, development financiers, and fintech innovators for a strategic dialogue to deepen Nigeria’s financial resilience and investor confidence, the British Deputy High Commissioner to Nigeria, Mr. Jonny Baxter, said the United Kingdom remains one of Nigeria’s partners with links in banking and capital markets.

“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” Baxter said, adding that the UK will also support economic transformation to enhance the economic relationship between the two countries.

Advertisement

Also, the President of the European Bank for Reconstruction and Development (EBRD), Madame Odile Renaud-Basso, praised the potential of the Nigerian economy, noting that “we see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies.”

The Head of West and Central Africa, UKEF, Steve Gray, in his contribution, noted that confidence is built through full fiscal transparency.

He said the reforms in Nigeria are providing transparency and building confidence, but added: “I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities,”

Similarly, the Managing Director (Policy Strategy and Delivery) of the European Bank for Reconstruction and Development (EBRD), Melis Ekmen Tabojer, said: “The recent reforms that Nigeria has had have had a huge impact in attracting investors.”

Advertisement

Mrs. Sanyade, Okoli, Special Adviser to the Tinubu on Finance and the Economy, who represented the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, at the event, said the federal government seeks to drive the right quality of growth, but noted that the government alone cannot fund this growth.

“We need to work with partners who will bring the sticky, equity capital,” she noted.

Key sessions of the forum featuring the CBN Deputy Governor, Muhammad Abdullahi (Economic Policy) and Mr. Philip Ikeazor (Financial System Stability), among other experts, examined repricing risks and the reopening of capital markets, Nigerian banks’ presence on the global stage, fintech and the future of remittances, highlighting the rise of digital platforms, as well as regulation, risk, and resilience.

The CBN Deputy Governor (Economic Policy), Muhammad Abdullahi, emphasised the level of stability achieved by the apex bank, noting that net and gross reserves are high, Nigeria’s foreign reserves are over $50 billion, the foreign exchange market has stabilised, while inflation is falling.

Advertisement

Also speaking, the apex bank’s Deputy Governor in charge of Financial System Stability, Mr Philip Ikeazor, said that all the reforms that have been put in place are such that they cut across stakeholders, ensuring that even at the end of the Tinubu administration, “people will see the need not to reverse these reforms.”

In their respective interventions, Segun Alebiosu (MD/CEO of First Bank); Oliver Alawuba (MD/CEO of the United Bank for Africa (UBA); Miriam Olusanya (MD/CEO of GTCO); Yemisi Edun (MD/CEO of First City Monument Bank); Roosevelt Ogbonna (MD/CEO of Access Bank); and Akin Oguranti, the Executive Director of Zenith Bank, who represented the banks, all commended the banking reforms in Nigeria, noting that the reforms have increased confidence in the economy and allow the banks to fund more projects locally.

Over the past two years, the Tinubu administration has undertaken significant monetary and structural reforms aimed at stabilising Nigeria’s macroeconomic environment.

Under the leadership of the CBN Governor, Olayemi Cardoso, inflation has dropped sharply from 34 percent to 15 percent, exchange rate volatility has eased, and foreign reserves have risen above US $50 billion.

Advertisement

Also, banking recapitalisation and foreign exchange market unification have further strengthened trust in policy consistency.

The forum assessed the impact of these reforms and highlighted new opportunities for long-term capital mobilisation and diaspora investment.

Framed around three pillars (Nigeria’s macroeconomic reset, strengthening the financial system, and mobilising global and diaspora capital), the Africa Capital Forum seeks to build stronger bridges between Nigeria, London, and the global financial community.

Advertisement
Continue Reading
Advertisement

News

Shettima visits Tinubu in Lagos after UNGA

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Vice President Kashim Shettima has visited President Bola Tinubu in Lagos after representing the President at the 2026 United Nations General Assembly in New York.

The visit was disclosed by the Special Assistant to the President on Social Media, Dada Olusegun, in a post on Saturday.

Shettima, who spoke with journalists after the meeting in his Lagos residence , said he had remained in regular contact with Tinubu during the President’s stay abroad.

“Well, we are quite thrilled that he is back on the seat and we have been in regular contact throughout his sojourn abroad,” Shettima said.

Advertisement

He said advances in science and technology had made it possible for leaders to remain engaged in governance regardless of their location.

“So we have been in regular contact, we speak almost every other day and we are updating him on developments in the nation and we are happy he is back on the seat,” he said.

Shettima also defended some of the economic decisions taken by the Tinubu administration, including the removal of fuel subsidy and the unification of multiple exchange rates.

He urged Nigerians to be patient with the administration, saying the government was introducing measures to ease the economic hardship faced by citizens.

Advertisement

“When we assume the mantle of leadership, our foreign reserves was a staggeringly low $3.9bn that was not enough to import fuel for one month,” he said.

He said Tinubu “had the courage and the conviction to take far-reaching decisions,” including the withdrawal of the fuel subsidy and the realignment of multiple exchange rates.

“He saved the economy. I want Nigerians to understand this fundamental truism,” Shettima said.

The Vice President acknowledged the hardship being experienced by Nigerians but said the situation would not last indefinitely.

Advertisement

“We appreciate the pains Nigerians are going through, but tough times do not last forever, tough people do,” he said.

Shettima said the government would roll out programmes aimed at reducing the impact of the economic hardship, including the planned launch of e-logistics in the North-East.

He said the initiative would include 10,600 electric tricycles, 300 buses and e-taxis.

He added that the government was also working on programmes to support students and other vulnerable Nigerians.

Advertisement

“Be rest assured that we’ll come up with programmes and projects to ease the pains of the people,” he said.

Shettima also said the administration would combine governance with politics ahead of the 2027 general elections.

“Politics is in the air, but we’ll combine politics and governance,” he said.

Advertisement
Continue Reading

News

14 To Receive National Honours As FG Automates Teachers’ Awards

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal Government has digitalised the selection process for the 2026 President’s Teachers’ and Schools’ Excellence Awards (PTSEA), ending the manual process previously used to select outstanding teachers and schools.

The Minister of State for Education, Prof Suwaiba Said Ahmad, disclosed this in yesterday during a press briefing ahead of the 2026 World Teachers’ Day celebration scheduled for October 5.

She said 14 teachers, schools and other education stakeholders would be recognised under the 2026 awards, with the first, second and third-best teachers receiving prizes, while other awardees would receive laptops.

World Teachers’ Day is observed annually on October 5 and has been celebrated since 1994. The 2026 edition also marks 60 years of the 1966 ILO/UNESCO Recommendation concerning the Status of Teachers, which established international standards relating to teachers’ rights, responsibilities, preparation, recruitment, employment and working conditions.

Advertisement

Ahmad said the digital selection process was introduced in line with African Union guidelines to promote transparency, accountability, security and proper documentation in the selection of awardees.

“For the first time, the selection process coordinated by the Federal Ministry of Education was digitalised in line with the African Union guidelines to ensure certainty, accountability and reference,” she said.

She said the annual celebration, organised by the Federal Ministry of Education in collaboration with the Nigerian Union of Teachers (NUT), would focus on transforming the teaching profession and preparing teachers for the demands of a rapidly changing world.

According to the minister, the celebration would focus on five interconnected pillars; innovation, mobility, artificial intelligence, inclusion and professional excellence.

Advertisement

She said teachers from the 36 states and the Federal Capital Territory would participate in the October 5 celebration, including a march-past featuring state flags and cultural attire to showcase unity, diversity and cooperation.

Speaking on behalf of Nigeria Union of Teachers (NUT) President, Comrade Titus Amba, the union’s Deputy National President, Kizito Kalu, said the changing nature of education made it necessary to strengthen rather than diminish the professional role of teachers.

Kalu said technology and artificial intelligence were transforming education, but teachers must remain at the centre of the learning process.

“The NUT believes that a strong education system cannot be built without a strong, respected and adequately supported teaching profession,” he said.

Advertisement

He added that teachers needed to be equipped to navigate technological changes with confidence and competence.

Continue Reading

News

Gov. Zulum urges Tinubu govt to resume oil exploration in Borno

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Governor Babagana Zulum of Borno on Saturday urged the federal government to resume work on oil exploration projects in Magumeri and Gubio Local Government Areas of the state.

Mr Zulum made the call while addressing the 13th regular meeting of the North-East Governors’ Forum in Maiduguri.

The governor, however, commended President Bola Tinubu for making efforts to revive oil exploration at the Kolmani oil field in Bauchi State.

The two-day meeting, which commenced on October 2 and ends on October 3, brought together leaders from the six North-Eastern states to discuss regional security, economic development and infrastructure cooperation.

Advertisement

The governor, who chairs the forum, described the renewed efforts to revive exploration at Kolmani in Bauchi State as a significant step towards unlocking the economic potential of the North-East.

He said the development could create employment, stimulate infrastructure growth, expand government revenue and open up new economic opportunities for communities across the region.

“We particularly welcome the renewed efforts towards reviving exploration activities at the Kolmani Oil Field in Bauchi State.

“The revival of this important project represents more than an investment in the oil and gas sector; it offers an opportunity to unlock new economic possibilities, create employment, stimulate infrastructure development and broaden the revenue base of our states and communities,” Mr Zulum said.

Advertisement

He urged the federal government to extend the renewed momentum to Borno State, where earlier oil exploration activities in Magumeri and Gubio Local Government Areas had stalled.

“In the same spirit, we respectfully urge the Federal Government to revisit the exploration activities earlier commenced but subsequently stalled in Magumeri and Gubio Local Government Areas of Borno State,” he said.

Mr Zulum said responsible exploration and development of the state’s natural resources would complement ongoing reconstruction efforts, strengthen local economies and restore livelihoods in communities affected by years of insurgency.

According to him, reviving oil exploration in Borno and other parts of the North-East could also support economic diversification, generate jobs and create sustainable opportunities for the region’s growing population.

Advertisement

He added that renewed investment in the oil and gas sector, particularly around the Lake Chad Basin, should form part of a broader regional strategy to accelerate economic recovery and development.

Also speaking, Gombe State Governor, Inuwa Yahaya, highlighted some achievements of the forum since its establishment, including the creation of the North-East Education Council and initiatives to address the challenges of Almajiri education and out-of-school children.

Mr Yahaya said the states were pursuing different approaches to expanding access to education, citing Borno’s Tsangaya Commission, Taraba’s Almajiri Model Education Centres and Gombe’s Integrated Almajiri Education Centres.

He also noted that the region’s commissioners for health established a regional health platform in 2024 to improve cooperation, strengthen responsiveness and facilitate the sharing of best practices among the states.

Advertisement

Governor Ahmadu Fintiri of Adamawa and attended the meeting, while Bauchi and Yobe states were represented by their deputy governors.

Other dignitaries included Borno Deputy Governor Umar Usman Kadafur; APC governorship candidate Mustapha Gubio and his deputy, Ali Isa Abdullahi; APC deputy ational chairman Ali Bukar Dalori; and the party’s state chairman, Bello Ayuba.

Traditional rulers from across the region also attended, led by the Shehu of Borno, Abubakar Umar Garbai Elkanemi.

The meeting is expected to issue a communiqué outlining the forum’s resolutions on security, economic integration, infrastructure development and other priorities for the North-East.

Advertisement

(NAN)

Continue Reading

Trending

Copyright © 2024 Naija Blitz News