Trending News in Nigeria Today August 12th, 2024

Nigerian Diaspora Business Summit Scheduled for November

The Nigerian Diaspora Business Summit, slated for November 2024, is expected to be a significant event, bringing together a different gather of trade pioneers, speculators, and policymakers from over the globe. This summit will basically center on investigating openings in Nigeria, with a specific accentuation on the innovation, farming, and genuine bequest divisions.

The occasion points to form a stage for dialogue and collaboration among partners inquisitive about tapping into Nigeria's endless financial potential.

Organizers of the summit anticipate that the occasion will cultivate modern associations, empower the trade of inventive thoughts, and drive financial development both inside Nigeria and for the worldwide Nigerian diaspora. By highlighting key speculation segments, the summit looks for to draw in considerable foreign direct venture into Nigeria, which may play a significant part within the country's progressing financial broadening endeavors. The innovation division, in specific, is anticipated to get significant attention, given Nigeria's developing notoriety as a tech center in Africa.

Federal Government Allocates N100 Billion for Youth Entrepreneurship:

The Federal Government of Nigeria has earmarked N100 billion to bolster youth entrepreneurship through the newly launched Nigerian Youth Investment Fund (NYIF). This fund is designed to provide financial support, including loans and grants, to young entrepreneurs across various sectors, with a particular focus on innovation and job creation. By empowering the youth to start and expand businesses, the government aims to reduce unemployment and stimulate economic growth.

The NYIF is part of the government’s broader strategy to harness the potential of Nigeria’s youthful population by fostering an entrepreneurial culture. The fund is expected to attract a wide range of applications from aspiring entrepreneurs, and successful applicants will receive not only financial support but also mentorship and business development services.

This initiative is anticipated to create thousands of jobs and contribute to the diversification of the Nigerian economy, with the youth playing a central role in this transformation.

FG to Establish More Modular Refineries

The Federal Government of Nigeria has declared an driven arrange to set up extra secluded refineries as portion of its technique to decrease the country's reliance on imported petroleum items and reinforce vitality security. This activity is outlined to boost neighborhood generation capacity within the oil and gas segment, which has long been overwhelmed by rough oil sends out.

By expanding the number of operational refineries, the government points to altogether diminish the importation of refined petroleum items, in this manner sparing outside trade and making employments inside the sector.

The establishment of more modular refineries could be a key component of the government's broader financial broadening plan, which looks for to decrease Nigeria's over-reliance on oil sends out.

These refineries, which are littler and more adaptable than conventional large-scale refineries, are anticipated to be more cost-effective and faster to set up, making them an alluring alternative for both government and private financial specialists. The move is additionally seen as a way to address the diligent issue of fuel shortage within the nation, which has frequently been credited to lacking refining capacity.

Nigerian Doctors in UK Protest Over Working Conditions

Nigerian doctors working within the Joined together Kingdom as of late organized a challenge in London, drawing consideration to the challenging working conditions and treatment they confront within the National Health Service (NHS).

The doctors highlighted a few squeezing issues, counting intemperate workloads, lacking pay, and occurrences of separation. These concerns have been long-standing among foreign healthcare experts within the UK, who regularly play a significant part in keeping up the country's healthcare framework but feel underestimated and overburdened.

The protest, which saw support from a noteworthy number of Nigerian specialists, has brought to the bleeding edge the broader challenges confronted by worldwide restorative graduates within the UK. Numerous of these specialists work long hours beneath tall weight, with constrained back and assets, driving to burnout and disappointment. The protestors are calling for way better working conditions, more pleasant pay, and approaches that address the systemic issues of segregation and disparity inside the NHS. Their requests too incorporate the require for more comprehensive and steady working situations that recognize the commitments of remote doctors.

Naira Gains Strength Against Dollar

The Nigerian Naira has experienced a eminent appreciation against the US dollar, exchanging at N720 to $1 within the parallel advertise, a critical change from the past week's rate of N740. This positive move is ascribed to expanded forex supply and the Central Bank of Nigeria's (CBN) dynamic mediations within the outside trade advertise.

The CBN's endeavors to stabilize the Naira have been met with cautious good faith, as financial specialists accept that a more grounded money might help reduce inflationary weights and upgrade financial specialist certainty within the Nigerian economy.

The later appreciation of the Naira is seen as a positive improvement for the Nigerian economy, which has been hooking with the impacts of a debilitated cash for a few a long time. A more grounded Naira may make imports cheaper, in this manner facilitating the taken a toll of products and administrations for shoppers. Moreover, it may pull in more remote venture, as a steady money is regularly a key thought for investors looking to enter rising markets. The CBN's mediations, counting measures to extend forex liquidity and control theoretical exchanging, have been instrumental in accomplishing this money stabilization.

Lagos-Ibadan Expressway Nears Completion

The reconstruction of the Lagos-Ibadan Expressway, one of Nigeria's most basic foundation ventures, is nearing completion, with the Government Service of Works and Housing confirming that the extend is 95% wrapped up. The expressway, which serves as a major course interfacing Lagos to other parts of the nation, has experienced broad overhauls pointed at progressing security, lessening travel time, and improving by and large street quality.

The venture, which has been progressing for a few a long time, is presently anticipated to be completely completed by the conclusion of September 2024. The Lagos-Ibadan Expressway could be a crucial interface in Nigeria's transport organize, encouraging the development of merchandise and individuals between Lagos, the country's commercial capital, and other key locales. The broad updates incorporate the extension of paths, the development of modern bridges, and the establishment of present day security highlights, all of which are anticipated to altogether diminish activity blockage and mishaps on the course.

Tech Startups Receive $100 Million Funding Boost

In a noteworthy boost to Nigeria's burgeoning tech environment, a consortium of universal financial specialists has infused $100 million into Nigerian tech new businesses. This subsidizing is set to quicken the development of the tech division, with the capital reserved for scaling operations, growing into modern markets, and creating inventive arrangements over different businesses, counting fintech, e-commerce, and agritech.

The speculation reflects the developing certainty in Nigeria's tech industry, which has been picking up acknowledgment as one of the driving tech center points in Africa.

The $100 million financing will empower Nigerian tech new companies to overcome a few of the challenges they confront, such as restricted get to to capital and the tall fetched of scaling operations. With this money related backing, these new businesses can contribute in cutting-edge innovation, enlist best ability, and extend their advertise reach, both inside Africa and universally. The subsidizing is additionally anticipated to goad advancement, as new companies will have the assets to create modern items and administrations that address the one of a kind needs of the African showcase. This, in turn, seem lead to the creation of modern employments and the development of subordinate businesses.

Nigerian Diaspora Remittances Hit $25 Billion:

Remittances from the Nigerian diaspora surged to an impressive $25 billion in the first half of 2024, a milestone that underscores the significant financial contributions of Nigerians abroad to the nation's economy.

According to the Central Bank of Nigeria (CBN), these funds primarily originated from Nigerian communities in Europe, North America, and the Middle East. The influx has bolstered Nigeria's foreign exchange reserves, providing crucial support to the economy during a period of global economic uncertainty.

In response to this growing trend, the CBN has introduced new policies designed to further encourage diaspora remittances, including incentives for senders and recipients to use official channels, thereby enhancing transparency and economic stability.

Electricity Tariff Hike Postponed:

The Nigerian Electricity Regulatory Commission (NERC) has responded to widespread public outcry by postponing the planned increase in electricity tariffs, which was initially scheduled to take effect in August 2024. The decision reflects the government's sensitivity to the economic challenges faced by many Nigerians, particularly low-income households.

NERC has stated that the postponement will allow for further consultations with stakeholders, including consumer advocacy groups, to explore measures that could mitigate the financial impact on the most vulnerable populations.

The delay in implementing the tariff hike is also intended to give the government time to assess and possibly improve the current electricity distribution framework. By addressing inefficiencies and enhancing service delivery, NERC aims to justify any future tariff adjustments while ensuring that consumers receive value for their money.

Census 2024 Preparations in Full Swing:

The National Population Commission (NPC) is ramping up its efforts to ensure the victory of the 2024 national census, checking the primary comprehensive population count in Nigeria in over a decade.

Utilizing cutting-edge innovation, the NPC plans to utilize satellite imagery, biometric frameworks, and digital data collection devices to realize precise and comprehensive scope.

These advancements are anticipated to address past challenges related to undercounting and information errors, giving the government with solid measurements to educate arrangement choices, asset allotment, and improvement arranging.

Boko Haram Insurgent

In a critical development in the battle against fear based oppression, over 500 Boko Haram safeguarding have surrendered to Nigerian military strengths in Borno State. This wave of surrenders follows intensified military operations within the locale, which have seriously corrupted the group's operational capabilities.

The Nigerian military has detailed significant advance in disassembling Boko Haram's systems, driving to a developing number of surrenders among its positions. The government's methodology presently centers on a comprehensive deradicalization and reintegration program, pointed at restoring these previous combatants and anticipating them from returning to rough radicalism.

Nigeria Wins Gold in African Athletics Championships:

Nigeria has once again demonstrated its athletic ability by clinching the gold award within the women's 4x100 meters hand-off at the African Sports Championships held in Nairobi, Kenya.

The Nigerian group, known for its speed and coordination, conveyed a stellar execution that outpaced its competitors, encourage setting Nigeria's dominance in track and field occasions on the continent. This triumph isn't as it were a confirmation to the athletes' difficult work and commitment but too to the country's solid convention in creating world-class sprinters who proceed to sparkle on the universal organize.

$2 Billion Rail Project Signed with China:

Nigeria has taken a noteworthy step towards enhancing its transportation infrastructure by marking a $2 billion assention with China for the development of a new railroad line interfacing Lagos to Calabar. The extend, which is anticipated to be completed inside five a long time, will interface major coastal cities, encouraging exchange and traveler development along Nigeria's bustling southern passage. The new rail line is expected to boost financial exercises within the locale, especially within the ranges of commerce, tourism, and mechanical improvement, by giving a quicker and more proficient mode of transportation.

FG Inaugurates New Oil & Gas Industry Regulations:

The Federal Government of Nigeria has rolled out a modern set of directions pointed at redoing the oil and gas industry, a basic division of the nation's economy.

These controls, which cover different angles of investigation, generation, and natural administration, are outlined to draw in more venture into the segment by upgrading transparency and operational effectiveness.

Industry partners have invited the changes, seeing them as a fundamental step towards tending to long-standing challenges such as income spillage, natural debasement, and bureaucratic bottlenecks that have ruined development and sustainability in the division.

Kaduna State Launches Digital Economy Strategy:

Kaduna State has taken a bold step towards getting to be a pioneer in Nigeria's digital transformation with the dispatch of its Computerized Economy Procedure. The activity, initiated by Senator Nasir El-Rufai, points to position Kaduna as a technology-driven economy by extending broadband get to, improving computerized aptitudes, and cultivating advancement.

The technique incorporates a comprehensive arrange to form a conducive environment for tech startups, pull in venture in the ICT division, and coordinated digital solutions into open services. This move is anticipated to form various job opportunities, especially for the youth, and drive financial development within the state.

The launch of the Digital Economy Methodology marks a noteworthy breakthrough in Kaduna's improvement travel, reflecting a broader slant of digitalization over Nigeria. By centering on technology as a catalyst for improvement, Kaduna isn't as it were moving forward its financial prospects but moreover setting an illustration for other states to take after.

The strategy's accentuation on inclusivity guarantees that both urban and rural areas benefit from digital advancements, thereby reducing the digital partition.

CBN to Introduce Digital Currency in 2025:

The Central Bank of Nigeria (CBN) has announced plans to introduce a digital currency by 2025, marking a significant step in the country’s financial sector modernization. The digital currency, which will be the Naira’s electronic equivalent, is expected to enhance financial inclusion, reduce transaction costs, and improve the efficiency of monetary policy implementation.

The CBN’s initiative aligns with global trends where central banks are exploring the potential of digital currencies to revolutionize payment systems. The move towards a digital currency also reflects Nigeria’s commitment to embracing technological advancements to drive economic growth.

As part of the preparation, the CBN will engage stakeholders in the financial ecosystem, including banks, fintech companies, and the general public, to ensure the smooth adoption of the digital currency. This development is anticipated to position Nigeria as a leader in Africa’s digital economy, offering opportunities for innovation and expansion in the financial services sector.

UN Praises Nigeria’s Anti-Human Trafficking Efforts:

The United Nations has lauded Nigeria for its commendable efforts in combating human trafficking, with special recognition given to the country’s focus on victim rehabilitation and the prosecution of traffickers.

The UN Office on Drugs and Crime (UNODC) highlighted Nigeria’s multi-agency approach, which brings together law enforcement, civil society, and international partners to address the complex challenges of human trafficking.

This coordinated strategy has not only led to increased convictions but also set a standard for other African nations grappling with similar issues.

FCTA Demolishes Illegal Structures in Abuja:

The Federal Capital Territory Administration (FCTA) has undertaken a significant devastation work out within the Gwarinpa region of Abuja, targeting illegal structures as part of its broader endeavors to implement urban arranging controls.

The FCTA emphasized that the devastation was fundamental to check impromptu advancements that may jeopardize the city's long-term development and livability. This activity is portion of the administration's continuous commitment to keeping up Abuja's status as a well-organized and stylishly satisfying capital.

The annihilation work out has been met with blended responses from inhabitants, with a few communicating concerns approximately the uprooting of people and businesses. In any case, the FCTA has emphasized that all influenced parties were given earlier take note which the structures pulverized were in clear infringement of urban arranging laws. The administration has guaranteed the open that it'll proceed to uphold directions to avoid the multiplication of unlawful advancements and guarantee that Abuja develops in a arranged and economical way.

Diaspora Community Raises Funds for Nigerian Education:

The Nigerian diaspora within the Joined together States has effectively raised over $2 million to bolster instructive activities in Nigeria, exhibiting their proceeded commitment to the country's improvement.

The stores will be channeled towards building unused schools, giving grants for underprivileged understudies, and moving forward instructive framework in underserved communities. This activity reflects the solid ties that the diaspora keeps up with Nigeria and their crave to contribute genuinely to the nation's advance.

The raising money exertion has been broadly lauded as a show for diaspora engagement, illustrating how Nigerians overseas can play a significant part in tending to basic issues at domestic. The stores raised will not

Floods Ravage Communities in Niger State:

Severe flooding caused by heavy rains has devastated several communities in Niger State, displacing thousands of residents and wreaking havoc on homes and farmlands. The floods, which have submerged entire villages, have left many without shelter and in urgent need of food and medical assistance.

The National Emergency Management Agency (NEMA) is leading relief efforts, providing emergency supplies and coordinating the evacuation of affected individuals to safer areas.

Despite the immediate relief efforts, there are growing concerns about the long-term impact of the floods on food security and livelihoods in the affected regions. The destruction of farmlands is expected to significantly reduce agricultural output, exacerbating the challenges faced by already vulnerable communities. The government has called for increased support from both national and international organizations to address the crisis and implement measures to prevent future flooding disasters in the state.

UK to Ease Visa Process for Nigerian Students:

The United Kingdom has unveiled plans to simplify the visa application process for Nigerian students, making it easier and more affordable for them to pursue higher education in the UK. The new measures, which will be implemented in September 2024, include faster processing times, reduced fees, and enhanced support services for students.

This move is part of the UK government’s broader strategy to attract more international students and strengthen educational ties with Nigeria. The streamlined visa process is expected to significantly increase the number of Nigerian students studying in the UK, contributing to the diversity and richness of the UK’s academic environment.

In addition to making the UK a more attractive destination for Nigerian students, these changes are also likely to enhance the overall student experience by reducing the bureaucratic hurdles and financial burden associated with studying abroad. This initiative reflects the UK’s commitment to fostering global educational partnerships and promoting cross-cultural exchange.

Nigeria Joins Global Clean Energy Alliance:

Nigeria has officially joined the Global Clean Energy Alliance, signaling its commitment to transitioning towards clean and renewable energy sources. As part of this alliance, Nigeria has pledged to increase its renewable energy capacity to 30% by 2030, with a particular focus on solar, wind, and hydropower.

This move is seen as a crucial step in addressing the country’s energy challenges and reducing its reliance on fossil fuels, which contribute to environmental degradation and climate change.

Joining the Global Clean Energy Alliance also positions Nigeria as a key player in the global efforts to combat climate change. The country’s commitment to expanding its renewable energy sector is expected to attract significant investment and spur technological innovation, leading to the creation of green jobs and the development of sustainable infrastructure. Nigeria’s participation in the alliance underscores its determination to contribute to global climate goals while also addressing its domestic energy needs.

Abuja Hosts Africa Climate Summit:

Abuja is hosting the Africa Climate Summit, a landmark event bringing together leaders, policymakers, and environmental experts from across the continent to discuss strategies for mitigating the impacts of climate change. The summit focuses on key issues such as climate finance, adaptation, and building resilience in vulnerable communities.

Nigeria’s role in convening the summit highlights its leadership in addressing environmental challenges and its commitment to fostering regional cooperation on climate action.

The Africa Climate Summit is expected to result in concrete commitments and initiatives that will drive the continent’s response to climate change. Discussions at the summit will center on mobilizing resources for climate adaptation, enhancing cooperation among African nations, and identifying innovative solutions to the unique challenges faced by the continent. Nigeria’s proactive stance in hosting the summit reflects its recognition of the urgent need to address climate-related issues and its desire to lead by example in the global fight against climate change.

Buju Banton accuses Afrobeats of biting off Dancehall without paying respect

Jamaican dancehall star Buju Banton shares his thoughts on the rise of Afrobeats.

According to Buju Banton, Afrobeats is enjoying international success but the music doesn't edify or reflect the struggles of the continent like the work of older African artists.

The Jamaican stated that while Afrobeats is on a global rise, the songs do not connect with the plight of its audience. Banton pointed that unlike Reggae music which documents different aspects of life, Afrobeats don't reflect Africa's current political climate with ongoing protest in different countries.

WannixHandi emerge custodians, Ndi Nne's 'BBNaija' journey ends in eviction

The aunt and niece duo have become the first reigning Head of House to be evicted from the BBNaija house.

Bestowed the power to evict a pair as the custodians of the BBNaija house, Streeze (Mayor Frosh and Toby Forge) have evicted Chinne and Nne of the Ndi Nne pair.

BBNaija S9: Nelita emerges as HoH, picks Chekas as house guests

Big Brother Naija Season 9 duo Nelita has emerged as the new Heads of House for Week 3 after winning the customary game challenge on Monday. In a ballot exercise, Nelita earned the highest votes—8 out of 12— and would lead their fellow BBNaija ‘No Loose Guard’ housemates this week

Nelly and Anita, otherwise known as Nelita also chose Chekas as their HOH guests for the week, a surprising choice which spurred comments from many fans.

Landed property, no smoking’ – Paul Okoye lists conditions to sign artistes

Nigerian singer Paul ‘Rudeboy’ Okoye has revealed the strict criteria he has established for signing new artists to his record label, Fire Department Inc.

Paul, who spoke about the high costs of promoting an artist in a live video, shared the requirements for signing new artists to his label and stated that any artist caught smoking weed would face a N10 million fine.