Nigeria’s Export Surge Boosts Foreign Exchange Reserves
Nigeria's export to key trading partners experienced a remarkable surge in the second quarter of 2024, bolstering the nation's foreign exchange reserves. According to the National Bureau of Statistics, exports to Spain, the United States, France, India, the Netherlands, and China reached a combined value of N8.88 trillion during this period. Crude petroleum and natural gas remained the primary drivers...
Flour Mills of Nigeria Seeks to Acquire Minority Shareholders
Flour Mills of Nigeria Plc (FMN) has received approval from the Securities and Exchange Commission and the Nigerian Exchange Limited to proceed with a plan to buy out minority shareholders. The company's majority shareholder has offered to acquire the shares of all other shareholders through a scheme of arrangement, which has been recommended by the board of directors. FMN believes that...
NMRC Secures $228 Million to Boost Affordable Housing in Nigeria
The Nigeria Mortgage Refinance Company Plc (NMRC) has secured $228 million in funding to address the country's housing deficit and promote economic growth and development. The funding, facilitated through a partnership with United States-based MiDA Advisors and Johannesburg-headquartered Standard Bank Group, will provide liquidity to primary lending institutions, enabling them to refinance or pre-finance eligible mortgage loans. The Managing Director...
Nigeria Secures $600,000 Relief Fund from Bill & Melinda Gates Foundation
The Nigerian government has secured a $600,000 relief fund and commitments from the Bill & Melinda Gates Foundation to support flood relief efforts and bolster health and agricultural sector reforms. The announcement was made during a meeting between Vice President Kashim Shettima and the Foundation's head of the Global Development Programme, Dr Christopher Elias, on the sidelines of the 79th...
ExxonMobil Commits $10 Billion to Nigeria’s Deep-Water Oil Operations
Vice President Kashim Shettima has warmly welcomed ExxonMobil's proposed $10 billion investment in Nigeria's deep-water oil operations, hailing it as a significant endorsement of the administration's economic reforms and investor-friendly policies. The announcement came as the international maritime giant, DP World, revealed plans for a multibillion-dollar port project in Nigeria. During a high-level meeting with ExxonMobil executives on the sidelines of...
MRI Could Revolutionize Prostate Cancer Screening
The screening of prostate cancer has long been a complex and controversial issue. While early detection can be crucial, many prostate cancers are indolent, meaning they grow slowly and may never pose a significant threat to a patient's health. This has led to debates among experts about the benefits and harms of screening, particularly using the prostate-specific antigen (PSA)...
Shattering the Glass Ceiling: Awosika Urges Female Accountants to Aim High
Ibukunoluwa Awosika, the former Chairperson of FirstBank, has delivered a powerful message to female accountants, urging them to challenge the status quo and strive for leadership positions within their workplaces and professional organizations. Speaking at the 2024 Society of Women Accountants of Nigeria (SWAN) Day with the theme of "Shattering Glass Ceiling," Awosika emphasized the importance of intentionality, wisdom, and...
WordPress.org Blocks WP Engine in Escalating Dispute, Leaving Users Vulnerable
A dramatic escalation in the ongoing feud between WordPress.org and web hosting giant WP Engine has left many WordPress users in a precarious position. WordPress.org, the free open-source content management system (CMS) powering nearly 40% of websites globally, has blocked WP Engine from accessing its resources, including crucial security updates and plugin/theme repositories. The dispute began with WordPress co-founder Matt...
UK’s PERL Program Leaves a Lasting Legacy in Nigeria
The United Kingdom-funded Partnership to Engage, Reform, and Learn (PERL) program, which concluded after eight years of implementation, has been commended for its significant impact on governance and service delivery in Nigeria. Launched in 2016, PERL aimed to foster collaboration between governments and citizens at the federal, state, and local government levels. The program's focus was on addressing governance challenges...
Nigerian Airfares Surge Dramatically in August, Outpacing Other Transport Costs
The National Bureau of Statistics (NBS) has released a report highlighting a significant surge in airfare prices within the country. In August 2024, the average fare paid by air passengers for specified routes on a single journey reached a staggering N123,700.14. This represents a substantial increase of 25.51% compared to the previous month, July 2024, when the average...
