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May 24
CBN INCREASES INTEREST RATE TO 18.5%The Central Bank of Nigeria (CBN) has raised the interest rate from 18 percent to 18.5 percent.The apex bank governor, Godwin Emefiele, announced the decision on Wednesday after the policy-setting committee meeting at the CBN headquarters in Abuja.The development is the third consecutive time the apex bank will be raising the monetary policy rate (MPR) which measures the interest rate.This is coming a week after the Nigerian Bureau of Statistics revealed that the country’s inflation rate for the month of April hit 22.22% surpassing last month’s rate of 22.04%.According to the report, in April 2023, the headline inflation rate rose to 22.22% relative to March 2023 headline inflation rate which was 22.04%. Looking at the movement, the April 2023 inflation rate showed an increase of 0.18% points when compared to March 2023 headline inflation rate.This marks the third consecutive time the apex bank will be raising the benchmark rate this year. 💬💭
May 24
🔵✅ Nigeria received delivery of mobile power sub-stations from Siemens Germany. The 10 mobile power substations are part of the Nigeria-Siemens partnership to expand and modernize Nigeria’s power sector. 🔵✅
May 24
Mr Money Is Back With Another Banger!Asake has stunned everyone with the surprise release of his new single titled “Amapiano” featuring Olamide 🔥🔥Looks like his sophomore album titled “Work of Art” is also set to drop next month, less than a year after his groundbreaking debut.
May 24
TurnTable Charts Tweet 🐦
May 24
TurnTable Charts Tweet 🐦
May 24
Banky W, Adesuwa convinced my parents to allow me do music – Nonso AmadiCanadian-Nigerian singer, Nonso Amadi has revealed that EME boss, Banky W and his wife, Adesuwa Etomi-Wellington convinced his parents to allow him do music.He disclosed this via his Twitter handle on Tuesday night.The ‘Tonight’ crooner said he now has the blessings of his parents on his career choice, adding that his mum is involved in the creation of his forthcoming Extended Play (EP).He thanked the Wellingtons for their kind gesture.Amadi wrote, “Just want to say thank you to @BankyW and his lovely wife @AdesuaEtomiW for coming to speak to my parents in 2018 around letting me do music.“Went a long way in gaining their support, & now I’m about to drop an album with my Mum involved in its creation. Love you both truly.”
May 24
Africa Needs More Investments In Green 💚 Infrastructure – AdesinaThe President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has said Africa needs to frontload investments in green infrastructure space through private sector financing.Adesina, made this known at the ongoing 2023 Annual General Meeting of the AfDB in Sharm El Sheirk, Egypt.”Economies must compliment public finance by mobilising resources from the private sector for the development of the continent.”To mobilise more climate financing, AfDB inaugurated the African Financial Alliance for Climate, adding that this was with a view to bring together all financial institutions, stock exchanges in Africa to green the financial ecosystem.“Financial ecosystem should incorporate climate financing into all their operations. Valuation of companies on the stock exchanges based on the greening on their portfolios will provide incentives for green investment across Africa.“The use of green bonds can mobilise global refinancing for Africa and that is because Africa currently accounts for just 0.2 per cent of the 2.2 trillion dollars or cumulative green bonds issued up till 2022,” he said.The AfDB, he said, issued more than 10 billion dollars of green and social bonds in the past ten years.“We must do more, to green infrastructure space of Africa through private sector financing and that is why the AfDB, Africa 50 and partners launched the alliance for green infrastructure in Africa,” he said.According to the AfDB president, the initiative will accelerate private sector investments in bringing energy, green urban infrastructure systems, green hydrogen and climate resilient infrastructure.He added that the group hoped to mobilise 500 million dollars of project preparation and project development financing using climate equity platforms and 10 billion dollars private sector financing for green infrastructure in Africa.“A good example, is our recent provision of 195 million euros as partial credit guarantee to spur republic of Benin, to raise 500 million dollars on global capital markets.“Our Board of Directors approved a 345 million dollars partial credit guarantee to support Egypt to raise 500 million dollars for private financing for green growth through issuance of its first ever sustainability Panda bond.“As the world moves, the transition to electric power abounds; Africa stands to be able to attract billions of dollars in private investment for greening global transport system.“This is because it has 80 per cent of the global deposits of platinum, 50 per cent of cobalt, 40 per cent of nickel and substantial deposits of lithium,’’ he said.Adesina warned Africa not to make the same mistakes, but rise up to manufacturing lithium ion gas, to enable it tap into the future market.According to him, the cost of establishing lithium ion in Africa is three times less expensive.He said that to mobilise lot more private climate change and green growth, governments and development partners should take five key approaches.He said they should establish national development plan for green transition, subsidise green energies to foster growth and multilateral and bilateral institutions should provide guarantees to help the risk investment by the private sector.He also said that support should be provided for the preparatory and development of bankable projects that would provide high risk adjusted returns to the private sector.He further said that existing public finance infrastructure should be transferred to the private sector to mobilise more private sector resources for greener infrastructure.Also speaking, the President of the Arab Republic of Egypt, Abdel Fattah El-Sisi, noted that collective effort of countries on the continent was required to mitigate the effects of climate change, the pandemic as well as recent Russia-Ukraine crisis.El-Sisi urged Multilateral Developing Agencies and institutions to revise the conditions of finance to Africa to allow low income countries thrive.This, he said, is especially with the increase on the loan conditions and the debt services with all the negative effects on public finances.According to him, the problem of climate change and the negative consequences is not limited to a state or certain region.“It is an existing issue that should be ahead of all the development priorities of all countries of the world.“And so the negative impact is aggravated to less developed countries which is very clear on the African continent. And such consequences are increase in the levels of drought and desertification.“The decrease of agriculture, and indications related to drought in Africa led to losses that exceed 70 billion dollars and reduced agricultural production by 34 per cent.”El-Sisi stressed that financing requirements, needed to face such negative consequence of climate change, which is expected to rise by three trillion dollars till 2030.Recall that the AfDB 2023 annual meetings which began on May 22 will end on May 26.Tthe meetings comprise of the 58th Annual Meetings of the Board of Governors of the AfDB and the 49th Meetings of the Board of Governors of the AfDB as well.The theme of the 2023 Annual Meetings is “Mobilising Private Sector for Climate and Green Growth in Africa”.The meeting is expected to provide a framework for Bank Group Governors to share their experiences with galvanising private financing domestically and internationally.It is also expected to harness natural capital to bridge the climate financing gap and promote the transition to green growth in Africa.
May 24
PHOTOS: Kano Police Arrest, Parade 96 Suspected Criminals Terrorizing The StateThe police in Kano State have arrested ninety-six suspected criminals terrorizing the state capital and its environs.State Commissioner of Police, CP Mohammad Usaini Gumel stated this while parading the suspects at the command’s headquarters in Bompai, Kano.He said this was part of efforts towards effectively policing the State and ensuring a successful and hitch-free transition.Gumel explained that a total of ninety-six (96) suspects were arrested for offenses ranging from drugs and substance abuse, mobile phone robbery, kidnapping, armed robbery to theft of motor vehicles.According to him “Some of the exhibits recovered include, three Locally Made Guns, some deadly fabricated weapons, four Motor Vehicles, two Tricycles, six (6) Motorcycles, one Roll of Power Cables, two Plasma TVs, one Air Conditioner, two Jerricans of 25litres of Palm Oil, one Gas of Cylinder, one Ceiling Fan, Wrist Watches and twenty-eight (28) peg-irons symbol in the cemetery for grave identification.”He appreciated the good people of Kano State for their prayers, support, encouragement, understanding and cooperation.CP Gumel also appealed to the good people of the State to keep doing more and to remain law-abiding and security conscious at all times.He said the suspects would be taken to court after investigations.
May 24
Central Bank Of Nigeria Revokes Licences Of 132 Microfinance Banks
May 24
🔵✅As part of his strategic engagements ahead of the inauguration of the incoming administration, former British Prime Minister and Founder of the Tony Blair Institute, Mr Tony Blair, and his team paid a courtesy visit to the Speaker of the House of Representatives. Rep. Femi Gbajabiamila on 24th May in Abuja.🔵✅
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