Business

President Tinubu’s reform initiative will grow economy- CIBN

Published

3 years ago

September 6, 2023

353 Views

The Chartered Institute of Bankers of Nigeria (CIBN)has commended the reform initiatives of President Bola Tinubu’s renewed hope agenda, saying it will help grow the economy.
The President of CIBN, Ken Opara, said this during the16th Annual Banking and Finance Conference of the institute on Tuesday in Abuja.

Opara expressed hope that the reforms if followed through would not only unlock the full potentials of our economy but place the nation on a recovery trajectory to drive the prosperity of the continent.

The theme of the Conference is “Nigeria’s Economic Growth and Empowerment: The Role of the Financial Services Industry”.
According to Opara, the event is the largest gathering of banking and finance professionals in Africa.

`’It is a platform for stakeholders in the banking and finance ecosystem to come together to drive conversation on topical issues critical to the growth and stability of the country.

With a view to providing insightful solutions that will impact the entire system and the economy at large. According to the President, theme is very apt as it resonates with the context of our current realities in the country.

It amplifies the fact that agenda setting for the country must be a continuous exercise, especially now that we have a new government in place.

The topic also resonates with the current administration’s reforms agenda. He said the CIBN would continue to be a vanguard for capacity and skills development in the financial services industry. He also urged for more collaboration of critical stakeholders to drive the sector. The Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso, pledged the continued support of the National Assembly to the CIBN and the country's financial sector. Izunaso, called for collaboration of critical stakeholders in the sector to help resolve the challenges before us which according to him is enormous. He also urged companies enjoying Nigeria patronage to ensure to be listed in the country's capital market. The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu decried the low contribution of the sector to the GDP and challenged the financial sector to make wfforts to move from 3.6 to about nine per cent growth contribution to the GDP. Bagudu said to achieving this was possible as the financial sector was indeed well placed to contribute to economic growth. The minister then reiterated the present administration's commitment to ensure its renewed hope agenda for Nigerians was achieved.

The reforms are intended among others to give the private sector all the necessary confidence to mobilise and invest more resources in the economy.

We appreciate the contribution of the financial sector but expect more.

We appreciate that the challenges we are experiencing are those that other countries have experienced and surpassed.

We are in no doubt that the vision and boldness of our leaders, the renewed Hope Agenda will be pursued with vigor and Nigeria will have positive remarkable growth in the years ahead,"he said. The Acting Governor of the Central Bank of Nigeria(CBN), Folashodun Shonubi, said when we look at our economic contribution, we are fighting below our weight.

Can we promise them that instead of 3.6 per cent, we will be contributing a lot more than that. And we will sit down and find what the drivers are that we can influence and do.

I dont want to put a number infront of us but it is what I will like to see at the end of the conference.

I don’t think we contribute a lot of ourselves , we as bankers need to be more conscious, a bit more active on advocacies that are actionable,”Shonubi said.

Also, the Chairman, Body of Banks CEO, Mr Ebenezer Onyeagwu, also urged for a deliberate effort by stakeholders towards growing the country’s economy.

On balance of payment, he said we are importing more than we are exporting and to change the narrative we need to grow what we consumes and export what we consume.

We have enormous potential, the biggest potential we have is in our market. Our market is depleted by the number of people we have.

The time has come for our growth to focus on effectively realising the huge potential of our endowment.

“It is imperative therefore for us to encourage growth in our endeavours. Banks also have to be deliberate, determined to execute the mandate of growth in our economy,”Onyeagwu said.

Business

FG Plans to Extend Lagos Rail Line to Murtala Muhammed Airport Terminals

Keyamo noted that Lagos accounts for 67 per mcent of passenger traffic through Nigeria’s airports.

Published

8 hours ago

June 10, 2026

OCHEFA

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The Minister of Aviation and Aerospace Development, Festus Keyamo, announced at the ongoing Invest in Lagos 3.0 summit, that the federal government has concluded arrangements to extend the existing Lagos rail network to the domestic and international terminals of the Murtala Muhammed Airport (MMA).

The move is aimed at improving connectivity and strengthening Lagos’ position as an aviation hub in Africa.

He said discussions between his ministry and the state government are ongoing.

The extension will link the rail line that currently terminates at Ikeja Bus Stop to the airport.

According to Keyamo, the line will pass through the General Aviation Terminal (GAT), continue to the Murtala Muhammed Airport Terminal Two (MMA2) operated by Bi-Courtney Aviation Services Limited (BASL), and end at the international terminal.

“That rail line is about to start. It is the extension of the rail line. So, Lagos is just ready for the next big step in terms of its aviation activities,” the minister said.

The project is expected to ease access to Nigeria’s busiest airport. It also supports the government’s ambition to position Lagos as a major aviation and logistics hub on the continent.

The proposed link will complement Lagos’ expanding rail network.

Last month, the Lagos State Government said the Blue Line carried about 3.5 million passengers in 2025, with daily ridership rising to 15,000 commuters. Work continues on its extension to Okokomaiko and expansion of services on the Red Line.

Keyamo noted that Lagos accounts for 67 percent of passenger traffic through Nigeria’s airports.

He argued that the state’s location gives it a natural advantage to compete with established aviation hubs.

“Just six hours across the Atlantic, you will get to South America from the Lagos airport. Six hours down, you will get to Southern Africa. Six hours to the Middle East, you will get to Dubai or Qatar. Six hours up, you will get to Europe, either France or London.

That is the equidistant advantage that Lagos provides as a hub for the whole of Africa. We will soon catch up with hubs like Addis Ababa and Lome,” he said.

The minister also highlighted ongoing investments in airport infrastructure under President Bola Tinubu’s administration.

He said about $500 million has been committed to reconstructing and modernising the international terminal at Lagos airport.

The investment will transform the ageing facility into a modern airport capable of handling growing passenger and cargo traffic.

Keyamo added that the federal government has expanded Nigeria’s international airport network. Victor Attah International Airport in Uyo and Maiduguri International Airport have been designated as international airports, bringing the total to seven.

He said the resolution of the long-running dispute between BASL and the federal government shows the administration’s commitment to creating an enabling environment for private sector participation in aviation.

He urged local and foreign investors to explore opportunities in the sector, including the proposed airport project in the Lekki-Epe corridor promoted by the Lagos State Government.If implemented, the airport rail extension will provide direct rail access to the country’s busiest aviation gateway.

It will complement ongoing investments in Lagos’ mass transit system and support broader efforts to improve mobility in Nigeria’s commercial capital.

Business

Exchange Rates Today, Wednesday 10 June, 2026

Black Market Rates
US Dollar (USD) Buy ₦1,390 Sell ₦1,400
Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875
EURO (EUR) Buy ₦1,000 Sell ₦1, 100

Published

9 hours ago

June 10, 2026

OCHEFA

11 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,360.55

Great British Pound (GBP) ₦1,823. 00

EURO (EUR) ₦1,873.61

SWISS FRANC (CHF) ₦1,709. 02

JAPANESE YEN (JPN) ₦8.49

CHINESE YUAN (CNY) ₦200.92

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,856. 66

SAUDI RIYAL (SAR) ₦362. 38

SOUTH AFRICAN RAND (ZAR) ₦82.71

Black Market Rates

US Dollar (USD) Buy ₦1,390 Sell ₦1,400

Great British Pound (GBP) Buy ₦1,855 Sell: ₦1, 875

EURO (EUR) Buy ₦1,000 Sell ₦1, 100

South African Rand (ZAR) Buy ₦75 Sell ₦90

UAE Dirham Buy ₦350 Sell ₦370

Chinese Yuan Buy ₦180 Sell ₦200

Ghana Cedi (GHS) Buy ₦100 Sell ₦115

West African CFA Buy ₦2,450 Sell ₦2,550

Central African CFA Buy ₦2,320 Sell 2400

Australian Dollar Buy ₦800 Sell ₦900

Credit: CBN I Aboki Forex

Business

Invest in Lagos 3.0 Summit Attracts more than 600 delegates

Ohibaba.com reports that the summit, themed “Lagos: The Business Gateway to Africa,” featured presentations from representatives of the Presidency and the governors of Lagos, Imo, Abia, Plateau, Taraba and Nasarawa states.

Published

13 hours ago

June 10, 2026

OCHEFA

22 Views

• Representatives of government and private sector delegates at the summit

Invest in Lagos 3.0 Summit attracted more than 600 delegates—including global institutions, sovereign wealth funds, development finance institutions and trade networks.

The host governor, Babajide Sanwo-Olu, called for increased private sector investment in rail transport, energy, agriculture, agro-processing and water infrastructure.

He said that addressing transportation challenges would unlock Lagos’ economic potential, reduce travel time, boost productivity and improve returns on investment.

Minister of Finance, Dr. Taiwo Oyedele, assured investors of the Federal Government’s commitment to creating a conducive business environment through ongoing fiscal reforms. He said the new tax law has eliminated multiple taxation, improved compliance and provided relief for small and medium enterprises.

Oyedele added that stamp duty collection has been transferred to state governments and commended states that have adopted harmonised tax systems.