Business
U.S Gifts Nigeria $2 Million Broadband Study Grant
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The United States and Nigeria have signed a new $2,095,000 grant to assess the viability of the deployment of at least 90,000 km of new fiber optic backbone infrastructure across Nigeria.
The grant was signed during the U.S- Nigeria Technology Dialogue hosted by the Department of State in Washington, D.C.on January 10.
In a statement, the Office of the Spokesperson said that the project, funded by the U.S. Trade and Development Agency, supports Nigeria’s National Broadband Plan 2020-2025 to increase the country’s broadband penetration rate from 42.27 percent to 70 percent and ensure that at least 90 percent of Nigeria’s population has access to affordable and reliable broadband coverage.
During the Technology Dialogue, the U.S. Department of State hosted a senior delegation from the Nigerian government led by the Honorable Minister of Communications, Innovation and Digital Economy Bosun Tijani.
The parties discussed enhancing the resilience and security of essential services and facilities; promoting digital trade, e-commerce, and innovation-driven economic growth; developing a skilled workforce to meet the demands of the digital age; expanding our artificial intelligence partnership related to capacity building, infrastructure, and rights-respecting approaches to governance; and promoting information integrity.
Following the formal Technology Dialogue, the delegations joined a roundtable discussion with industry representatives hosted by the U.S. Chamber of Commerce.
Industry participants included representatives from over 25 U.S. and Nigerian companies active in technology sectors, including artificial intelligence, telecommunications, digital infrastructure, satellites, aerospace, fintech, and cybersecurity.
The program featured a panel discussion on Advancing Public-Private Sector Investment in Innovation and Digital Talent Development.
This panel highlighted opportunities for public-private partnership and investment solutions to spur innovation and promote digital talent development through the U.S.-Nigeria commercial partnership.
A second panel discussion on the role of critical infrastructure in advancing the use of AI examined the interplay between the infrastructure that is essential to the development of AI and the governance frameworks that can help spur deployment of emerging technologies to support inclusive growth.
In line with the Technology Dialogue, the United States and Nigeria agreed to hold a virtual expert exchange on AI-enabled biotechnology.
This discussion will explore how the convergence of AI and biotechnology can spur progress in addressing global health, food security, and science – with a focus on sub-Saharan Africa.
Business
Johnson & Johnson Willing To Pay $5.5bn To End Baby Powder Lawsuits Against The Company
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
Johnson & Johnson has announced a provisional settlement of an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging its talc-based products, including baby powder, caused ovarian cancer.
The proposed settlement encompasses approximately 76,000 claims, including those consolidated in federal court in New Jersey and related cases in state courts, representing nearly all outstanding talc-related allegations against the company.
J&J had previously settled the majority of cases asserting that its talc contained asbestos and led to mesothelioma
The landmark agreement could bring an end to a contentious legal battle that has plagued the pharmaceutical giant for a decade.
The Independent UK reported yesterday. Plaintiff law firms confirmed the deal, describing it as a positive resolution following the protracted court proceedings.
For the agreement to become final, it requires acceptance from 95 per cent of the ovarian cancer claimants across state or federal jurisdictions.
Erik Haas, J&J’s Vice President of Litigation, maintained that the claims were “meritless” but stated the company was willing to settle to achieve “closure.”
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.
Business
Naira Exchange Rates To Foreign Currencies Wednesday, July 29
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
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