Business

Nigeria Declares 2025 Year of Accelerating Sugar Projects Development

Published

2 years ago

December 10, 2024

OCHEFA

468 Views

The National Sugar Development Council (NSDC) has declared 2025 as a year of accelerated sugar projects development in the country.

Based on this, the Deputy Chairman, House of Representatives’ Committee on Finance, Honourable Saidu Abdul, called for periodic assessments of progress, collaboration between lawmakers and technocrats, import substitution policies, and supporting local industries to achieve the goals in implementing Phase II of the Nigeria Sugar Master Plan (NSMP).

The development was disclosed by the Executive Secretary / CEO of NSDC, Kamar Barkin during a summit organised by the National Sugar Development Council’s (NSDC) Branch of the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) in Abuja, on Monday.The summit has the theme “Labour Unions: The Voice of the Employees in Policy Development and Productivity Growth.”

Kamar Barkin emphasised that the Council’s determined to fully develop the sugar industry, achieve self-sufficiency in production, and create more jobs in the industry.

Hon Abdul urged the Council to adopt the Brazil’s sugar industry model for Nigeria.

He recalled his recent visit to Brazil, where he witnessed the country’s thriving sugar economy. Abdul acknowledged challenges facing Nigeria’s sugar industry, including inadequate infrastructure, limited funding, and inefficient policies.

To address these challenges, he proposed investing in infrastructure development, providing incentives for investors, and reviewing policies.

Business

NCC, CBN To Warn Companies By Flagging Fraudulent Phone Numbers

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.

Published

15 minutes ago

October 21, 2026

OCHEFA

2 Views

The Nigerian Communications Commission is working with the Central Bank of Nigeria (CBN) to identify recycled phone numbers and numbers flagged for fraudulent activities.

The NCC Executive Vice Chairman, Dr Aminu Maida, disclosed this on Tuesday in Lagos at the commission’s 95th Telecom Consumer Parliament.

Maida said that the proposed verifications under its Telecommunications Identity Risk Management System (TIRMS) would help organisations to identify fraudulent linked phone numbers and reduce the risk of unauthorised access to customers’ accounts and services.

He said phone numbers have become central to how people access digital services.

“A phone number has also become part of our digital identity, used to access financial services, manage pensions and shop online,” Maida said.

Business

Currency Words You Should Know

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

Published

40 minutes ago

October 21, 2026

OCHEFA

5 Views

As of October 21, 2026, the Naira is exchanging at the parallel makert at 1370 USD, 1800 British Pound, while the EURO is1500.

Here’s are some words commonly used in currency movement in the foreign exchange market:

Devaluation occurs when authorities deliberately reduce a currency’s official value under a fixed or managed exchange-rate system.

Revaluation occurs when authorities deliberately increase a currency’s official value under such a system.

Depreciation is a decline in a currency’s value under a market-driven exchange-rate system.

Appreciation is an increase in a currency’s value under a market-driven exchange-rate system.

For example, if the exchange rate moves from ₦1,500 per dollar to ₦1,200 per dollar, the naira has appreciated against the dollar because fewer naira are needed to purchase one dollar. If the rate moves from ₦1,200 to ₦1,500 per dollar, the naira has depreciated.