Business
FG Availing ₦3.6bn to 200,000 Tailors Nationwide
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
Image credit: Bella Naija
The Federal Government has launched a ₦3.6 billion funding to support about 200,000 tailors under the Industrial Training Fund’s (ITF) Skill Up Artisans (SUPA) Programme.
Dr Afiz Ogun, Director-General of the ITF, announced the approval during the nationwide screening of applicants for the 2026 edition of the SUPA Programme in Abuja.
He said that the screening is designed to ensure only genuine artisans benefit.
Applicants are assessed on documentation, practical skills, commitment to the trade and readiness for further training.
The programme, launched in 2024, aims to reduce Nigeria’s dependence on foreign artisans by equipping local professionals with modern technical and entrepreneurial skills.
Under a new business incubation model, beneficiaries will receive industrial-grade sewing machines, specialised tailoring equipment, business signboards, mentorship and technical support.
The ITF dropped its previous practice of distributing starter packs after discovering that many beneficiaries sold the equipment instead of using it to build businesses.
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,415
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,930
EURO (EUR) Buy ₦1,585 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1774.08 ₦1861.62
EUR / NGN ₦1514.63 ₦1595.45
ZAR / NGN ₦80.34 ₦84.76
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,365.43
GREAT BRITISH POUND (GBP) ₦1,816.05
EURO (EUR) ₦1,552.88
SWISS FRANC (CHF) ₦1,667.11
JAPANESE YEN (JPN) ₦8.33
CHINESE YUAN (CNY) ₦201. 66
WEST AFRICAN CFA (XOF) ₦2. 36
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,847.10
SAUDI RIYAL (SAR) ₦363.74
SOUTH AFRICAN RAND (ZAR) ₦81.54
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410
GREAT BRITISH POUND (GBP) Buy ₦1,880Sell: ₦1,900
EURO (EUR) Buy ₦1,570 Sell ₦1,590
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
Commercial Bank Exchange Rates
Fidelity Bank
Currency Sell
USD / NGN ₦1375.00
GBP / NGN ₦1863.40
EUR / NGN ₦1596.10
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,362. 21
GREAT BRITISH POUND (GBP) ₦1,814.05
EURO (EUR) ₦1,550.19
SWISS FRANC (CHF) ₦1,665.29
JAPANESE YEN (JPN) ₦8.32
CHINESE YUAN (CNY) ₦201. 32
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90
SAUDI RIYAL (SAR) ₦362.87
SOUTH AFRICAN RAND (ZAR) ₦81.28
Business
IEA Cushions Global Oil Supply By 290 Million Barrels March -July
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
Image credit : IEA Oil Market Report
The International Energy Agency (IEA) said that its member countries had so far released 290 million barrels of oil available to the market.
IEA Executive Director, Dr Fatih Birol confirmed,in a statement posted on the website, Monday.
” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”
Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.
He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.
These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that have continued to reach global markets via various routes. In addition, oil producers in other regions – notably the United States, Brazil, Venezuela and Kazakhstan – have increased exports, helping offset some of the supply losses.
On the demand side, China has played an important role in stabilising markets by reducing its crude oil imports by nearly 50% compared with pre-war levels. is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East – with the escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increasing security of supply concerns and casting greater uncertainty over the market outlook.
Threats to the Bab el-Mandeb Strait, an increasingly important alternative shipping route for bypassing Hormuz, are adding to those concerns.
Dr Birol emphasised that there is no room for complacency on oil security amid the escalation in hostilities and drawing down of available commercial inventories.
Refinery activity and product supplies have not picked up as much as crude deliveries, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude.
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
For natural gas, a large majority of the liquefied natural gas (LNG) supply lost due to the Hormuz disruptions has been offset by LNG flows from other markets, led by the United States.
But further delays in resuming Gulf exports risk keeping global LNG markets tighter for longer, Dr Birol warned.
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