Business

Nigeria’s GDP growth not reflecting in citizens’ living standards – Sanusi

Sanusi noted that while headline economic indicators such as Gross Domestic Product (GDP) growth and inflation figures may appear impressive, they often mask worsening living conditions for ordinary Nigerians.

Published

7 months ago

November 5, 2025

OCHEFA

361 Views

The Emir of Kano and former Governor of the Central Bank of Nigeria (CBN), Muhammadu Sanusi II, observed that Nigeria’s economic growth is not translating into improved living standards for its citizens.

Sanusi made this statement yesterday in Lagos ina keynote address during the 7th African International Conference on Islamic Finance (AICIF), themed “Africa Emerging: A Prosperous and Inclusive Outlook.”

Daily Trust reports that the conference was organised by Metropolitan Law and Metropolitan Skills Ltd in collaboration with the Securities and Exchange Commission (SEC).

“Economists tend to take a helicopter view of GDP and inflation numbers. These are beautiful statistics, but too often we lose sight of the small numbers that are absolutely crucial.

“A GDP growth rate of 5% or 6% may look good, but if it comes from one niche sector, the vast majority of the population could be getting poorer while GDP is growing.

Sitting in Lagos or Abuja and booking loans does not improve the lives of people in rural areas .

Inflation may decline, but the prices of basic food and medicines consumed by the poor may still be rising,” he said.

The emir called on Islamic financial institutions to drive inclusive growth by targeting the informal and rural sectors.

“Islamic financial institutions need to go to the bottom of the pyramid. You cannot talk about inclusivity if you are not where the people are.

Sitting in Lagos or Abuja and booking loans does not improve the lives of people in rural areas,” he said.

Related Topics:7th African International Conference on Islamic Finance (AICIF)Emir Sanusi GDP growth comments

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Exchange Rates Today Friday, 12 June

Black Market Rates
US Dollar (USD) ₦1,397
Great British Pound (GBP) ₦1,850

Published

15 hours ago

June 12, 2026

OCHEFA

26 Views

Official CBN Exchange Rates

US Dollar (USD) ₦1,363. 83

Great British Pound (GBP) ₦1,821. 25

EURO (EUR) ₦1,572. 90

SWISS FRANC (CHF) ₦1,706. 49

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦201.20

West African CFA (XOF) ₦2.40

West African Unit Account (WAUA) ₦1,857. 45

SAUDI RIYAL (SAR) ₦363. 29

SOUTH AFRICAN RAND (ZAR) ₦82.61

Black Market Rates

US Dollar (USD) Buy ₦1,397 Sell ₦1,405

Great British Pound (GBP) Buy ₦1,850 Sell: ₦1,870

EURO (EUR) Buy ₦1,587 Sell ₦1, 607

Canadian Dollar (CAD) Buy ₦1,030 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 ₦95 Sell ₦110

West African CFA Buy ₦2, 380 Sell ₦2, 460

Central African CFA Buy ₦2, 220 Sell 2,300

Australian Dollar Buy ₦800 Sell ₦900

Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

Published

1 day ago

June 11, 2026

OCHEFA

39 Views

Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

Published

2 days ago

June 11, 2026

OCHEFA

37 Views

Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.