Business
Renewed Hope Agenda Yielding Promising Results Across Multiple Sectors – VP Shettima
We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
The Vice President, Senator Kashim Shettima, has officially launched the 2024 Nigeria Economic Report, with a firm assurance that ongoing reforms by the government will yield inclusive growth in no distant future.
He said that the strategic policy interventions of the administration of President Bola Ahmed Tinubu are already yielding positive results, with more optimistic projections for 2025.
Senator Shettima disclosed this on Friday during a one-day technical workshop on the Year 2024 Economic Review at the Presidential Villa, Abuja.
The Vice President who was represented at the event by Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadejia, said the report is “a pragmatic synopsis of President Bola Ahmed Tinubu’s bold and impactful strides under the canopy of the Renewed Hope Agenda.
“We are not just compiling statistics but constructing a narrative of economic resilience and strategic transformation.
Every data point and every analysis represents our commitment to turning the tide of economic challenges into opportunities for national growth.
We are laying the groundwork for sustainable economic development that will create opportunities for every Nigerian,” he added.
Earlier, Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the Ministry would drive Nigeria’s economic growth with the abundant gas deposits in the country.
“We have 209 trillion cubic feet of gas. Today, if Nigeria takes advantage of this, we will grow our economy to the level that would be envied. Nigeria will take its rightful position in the gas economy in the continent,” he stated.
The Minister urged Nigerians to key into the CNG initiative of the President, noting that this is cleaner, safer and environment-friendly, pointing out that though the kits may be expensive, there are incentives provided to make it affordable.
In her remarks, the Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, noted that Nigeria has an untapped creative industry potential.
Musawa said her ministry is the first of its kind to focus on transforming creative content into economic opportunity, even as she stressed while Nigeria boasts of unique cultural talents, the creative industry represents a critical pathway for economic diversification beyond petroleum.
Also, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, said the tax reform proposals are aimed at transforming Nigeria’s economic landscape.
Oyedele emphasized that these reforms are not just a technical exercise but a commitment to equity, efficiency, and economic transformation.
He acknowledged concerns raised by stakeholders, assuring that ongoing engagement will address potential challenges.
During a panel discussion, Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, described 2024 as a critical year of economic reforms.
“Reforms are never easy. It’s like the process of planting and waiting for them to grow and for harvest,” Fasua said, explaining that these interventions have been sweeping, including the “removal of fuel subsidies, CBN ways and means, unification of foreign exchange markets, and critical tax reforms.
“The economic indicators are promising, with Nigeria’s GDP growing 3.46% year-on-year in the third quarter of 2024 – the fastest growth since late 2023. Going forward, we are going to be seeing leaps in growth and the worst is over for the economy. We’re looking at a higher growth rate, more stable naira, and lowered inflation,” he added.
In the power sector, Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said, “I’ve never been more optimistic about the power sector because the foundations of a reinvigorated power sector are being laid.”
The government’s initiatives include increased liberalisation through the Electricity Act which has decentralised the power sector, allowing states to regulate and develop their own local electricity markets, and the Presidential Metering Initiative aimed at eliminating estimated billing.
On his part, Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Zauro, emphasized that “all eight items on the Renewed Hope Agenda are built on inclusion.”
He explained that the government has significantly reduced financial exclusion, established a dedicated office, and signed the Aso Accord to accelerate financial inclusion.
Also, Special Assistant to the President on Export Promotion, Aliyu Bunu Sheriff, noted that the administration is focused on moving Nigeria from a consumption-based to a production-driven economy.
“Revenue from the export of manufactured goods rose by 118.33% to ₦749.52 billion in H1 2024, compared to ₦343.29 billion in H1 2023,” Sheriff said. He maintained that the government’s initiatives aim to position Nigeria as a key player in the global halal economy, potentially adding $1.5 billion to GDP by 2027.
The Senior Special Assistant to the President on Regional Development Programmes, Dr. Mariam Masha, explained that the Accelerated Senior Secondary Education Programme (ASSEP), launched by the federal government in May, will modernise school infrastructure, integrate virtual learning, and improve access to tertiary education.
“This comprehensive programme is focused on bridging Nigeria’s educational divide by leveraging technology, enhancing STEM learning, and revamping dilapidated classrooms,” Masha said.
Others who also attended the workshop included the Minister of State for Regional Development, Uba Maigari Ahmadu; Director- General of National Institute for Policy and Strategic Studies Kuru, Prof Ayo Omotayo., and the Director-General of Nigeria’s Small and Medium Enterprises Development Agency (SMEDAN), Charles Odii, among many others.
Business
NAICOM Revokes Nigeria Reinsurance’s Licence, Freezes Operations Over Capital Shortfall
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation for failing to meet the statutory Minimum Capital Requirement (MCR) and appointed Senior Advocate of Nigeria, Dr. Muiz Banire, SAN, as Receiver/Provisional Liquidator to wind up the company’s affairs.
The appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by the insurance regulator.
In a public notice dated August 4, 2026, Banire said NAICOM appointed him, in exercise of its statutory powers, to oversee the receivership and liquidation of Nigeria Reinsurance Corporation (RR-002).
In the notice, the company’s licence was revoked after it failed to comply with the prescribed Minimum Capital Requirement applicable to its category of licence within the stipulated compliance period, in accordance with the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and other extant laws, regulations and guidelines.
Banire said his appointment authorises him to immediately trace, recover, secure and take possession of the company’s assets, collate and settle its liabilities in line with the NIIRA 2025, liaise with NAICOM on matters relating to the liquidation, and submit periodic reports to the Commission.
Banire directed banks, financial institutions, policyholders and members of the public not to honour any instruction relating to the company except those issued by him or persons expressly authorised by him.
Source: ThisDay
Business
NDIC begins paying depositors of 46 closed microfinance banks
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
The Nigeria Deposit Insurance Corporation (NDIC) has started reimbursing depositors affected by the closure of 46 microfinance banks nationwide.
NDIC Managing Director and Chief Executive Oludare Sunday confirmed the development at a retreat for members of the House of Representatives Committee on Insurance and Actuarial Matters in Lagos on Wednesday.
” Payments are ongoing, and over 700,000 Heritage Bank customers have already received their insured funds through BVN-linked accounts.
“We have started paying depositors of those banks, and gradually we intend to cover all the insured depositors,” he said,” he said.
Following the revocation of the 46 MFB operating licences, the CBN subsequently appointed the NDIC as provisional liquidator of the failed financial institutions.
Business
Naira Exchange Rates Thursday, August 5
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1,420 Sell ₦1,425
GREAT BRITISH POUND (GBP) Buy ₦1,900 Sell: ₦1,915
EURO (EUR) Buy ₦1,585 Sell ₦1,600
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
Access Bank
Currency Sell
USD / NGN ₦1378.00
Fidelity Bank
Currency Sell
USD / NGN ₦1370.00
GBP / NGN ₦1869.78
EUR / NGN ₦1604.54
Sterling Bank
Currency Buy Sell
USD / NGN ₦1350.00 ₦1385.00
GBP / NGN ₦1795.89 ₦1884.00
EUR / NGN ₦1536.93 ₦1618.33
ZAR / NGN ₦82.34 ₦86.99
Official CBN Exchange Rates
US DOLLAR (USD) ₦1,363.85
GREAT BRITISH POUND (GBP) ₦1,837.38
EURO (EUR) ₦1,575.25
SWISS FRANC (CHF) ₦1,686.26
JAPANESE YEN (JPN) ₦8.65
CHINESE YUAN (CNY) ₦202.05
WEST AFRICAN CFA (XOF) ₦2. 39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859.53
SAUDI RIYAL (SAR) ₦363.12
SOUTH AFRICAN RAND (ZAR) ₦83.35
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