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PenCom Targets N22tn Pension Contributions by End 2024

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The National Pension Commission (PenCom) says it expects pension contributions under the Contributory Pension Scheme (CPS) to hit N22 trillion by the end of 2024.

Ms. Omolola Oloworaran, the Director-General of PenCom said at a one-day media conference in Lagos that the figure clearly suggests sustainable growth of the CPS initiative in Nigeria.

She added that the scheme also recorded a total of 10.5 million contributors as at October 2024.

On micro-pension, the PenCom DG said:

“We want to rebrand the micro-pension initiative and give it a new name. The key objective is to remodel it to encompass the large number of the target audience in the informal sector. We are looking at a target of 20 million contributors from the informal sector. We are also looking at technology to drive the process seamlessly.”

Oloworaran said a total of eight states have so far complied fully with the provisions of the CPS, adding that the Commission is engaging with the remaining states across the federation on the issue.

PalmPay, Jumia Launch Holiday Campaign to Reward Users

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This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.

Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.

A Strategic Partnership to Enhance Digital Payments

The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.

Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”

Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”

Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

How to Join the Holiday Fun

Participating in the campaign is simple. vrWhen shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!

Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.

Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.

To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.

Adekunle Gold, Wande Coal, Young Jonn Set to Thrill Fans at Lagos Shopping Festival

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Lagosians are in for the most exciting music extravaganza this Christmas season as the organisers of the upcoming Lagos Shopping Festival have just confirmed the trio of  Adekunle Gold, Wande Coal, and Young Jonn as some of the A-list artistes that would perform during the three-day festival billed to take place December 23-25 at the iconic Mobolaji Johnson Arena, Onikan Stadium.

According to the organisers, Chain Reactions Africa, Adekunle Gold, the soulful king himself, will be performing live on stage alongside Afrobeat legends like Wande Coal, the energetic Teni, and new generation hitmakers, Young Jonn and Ayo Maff, among others in what promises to be a 72-hour blaze of nonstop entertainment.

Hailed as Africa’s biggest 72-hour non-stop shopping and entertainment event, this groundbreaking event promises an unforgettable fusion of shopping, entertainment, food, fashion, and several fun activities for Lagos residents and visitors alike. For the first time ever, the Lagos Shopping Festival will transform the Mobolaji Johnson Arena into an exciting hub of activity, offering Lagosians and visitors a chance to experience the city’s electric energy like never before. With an exciting lineup of activities and attractions, the LSF is positioned to become the highlight of the festive season.

With a few days left to its debut, the Lagos Shopping Festival is already generating a lot of excitement among Lagosians, with anticipation for the event said to be at an all-time high. The organisers have already promised guests free entrance to the shopping arena, allowing everyone to experience this historic event.

More importantly, unlike many other December events, the festival offers Lagos residents and visitors more affordable budget-friendly concert tickets, allowing attendees to enjoy world-class performances without breaking the bank.

Also, the festival promises an exhibition to a wide range of vendors, from top-tier global brands to local artisans, offering incredible discounts and deals. Whether you are shopping for Christmas gifts, refreshing your wardrobe, or snagging luxury items, there’s something for everyone.

The Lagos Shopping Festival powered by the Lagos State Government in collaboration with Chain Reactions Africa is proudly supported by leading brands, including Zenith Bank, Tolaram Group, First Bank PLC, Guinness, and others.

It would be recalled that the Lagos State Governor, Mr. Babajide Sanwo-Olu had officially unveiled the Lagos Shopping Festival symbol on the 3rd of December at a ceremony during a courtesy visit by the organisers and corporate sponsors of the festival to him at the Lagos House, Alausa, Ikeja.

Set to run from December 23rd to 25th, 2024, the Lagos Shopping Festival promises an extraordinary 72 hours of non-stop shopping and entertainment event, to further establish the City’ position as Africa’s leading hub for commerce, creativity, and entertainment.

Mediacraft Associates Continues to Blaze the Trail in Awards

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Group CEO Voted ‘Legend of Marketing Comms’

John Ehiguese, CEO of Mediacraft Associates, has been presented with the ‘Award of Recognition as a Legend of Marketing Communications’ during a gala by Q-Media and Communications Limited.  The gala serves as a platform to celebrate outstanding achievements and recognise individuals and organisations that have significantly impacted the marketing communications industry in Nigeria.
Mediacraft Associates, under the leadership of John Ehiguese, has played a key role in advancing public relations practise in the region. The agency’s dedication to fostering strategic communication, brand development, and crisis management has earned it a distinguished place in the industry. John Ehiguese’s recognition as a legend in marketing communications underscores his visionary leadership and unwavering commitment to professional development in public relations.
This recognition highlights the agency’s recent successes and emphasises the importance of effective public relations in shaping perceptions and driving success in today’s competitive market. This award further proves Mediacraft Associates’ continuous efforts to uphold high standards and deliver exceptional client results.
Expressing his gratitude for the recognitions awarded to Mediacraft Associates, John Ehiguese emphasised that these accolades prove the agency’s dedication to implementing global best practises. He stated that the agency prides itself on providing bespoke public relations services and solutions, tailored to its diverse clientele, catering to various industries and needs.
“Since our inception as Mediacraft Associates in September 2003, we have steadily evolved into arguably the largest PR firm in Nigeria, by size, employing over 40 full-time staff members”, Ehiguese remarked. He noted that this growth results from the collective efforts of a dedicated team, passionate about creating impactful communication strategies that resonate with clients and their audiences.
Ehiguese reaffirmed the agency’s commitment to delivering valuable solutions to clients. He highlighted that this commitment goes beyond meeting client expectations; it involves actively contributing to advancing the public relations field in Nigeria. By sharing knowledge, advocating for ethical practises, and engaging in community initiatives, Mediacraft Associates aims to elevate the industry’s standards and inspire the next generation of public relations professionals.
A relentless focus on innovation, customer service, and professional growth has characterised the agency’s journey. With a vision to remain at the forefront of the evolving PR landscape, Mediacraft Associates continues to seek opportunities that enhance its service offerings and empower clients to achieve their communication goals effectively.

About Mediacraft Associates

Mediacraft Associates is a full-service Public Relations and Integrated Brand Communications consultancy firm operating out of Lagos, Nigeria.

It is also the exclusive Nigeria affiliate of the FleishmanHillard global PR network, one the largest PR networks in the world.  A registered member of the Public Relations Consultants Association of Nigeria (PRCAN), Mediacraft also has international affiliations with Africa Communications Group (ACG), South Africa, and MC Group, Germany. We aim to provide bespoke Communications solutions to a discerning clientele which cut across various sectors of the economy.

Since opening shop in September 2003, Mediacraft Associates has grown steadily to become Nigeria’s largest PR Consultancy, by size with a staff strength of 40 full-time employees.

Over the years, the top-flight PR agency has provided smart and disruptive communications solutions to such brands as Stanbic IBTC, Interswitch Group, Olam Agri, Boston Consulting Group, Mastercard, Nigerian Breweries, Sahara Foundation, Exxon Mobil, Absa, Truecaller, Novo Nordisk, Sanofi Aventis, Flourish Ventures, African Economic Research Consortium (AERC), African Society of Laboratory Medicine (ASLM), Western Union, ICAN, among others. At the LaPRIGA in 2019, Mediacraft was named ‘PR Agency of the Year’ by the Lagos Chapter of the Nigerian Institute of Public Relations (NIPR).  Mediacraft is the brainchild of Mr. John E. Ehiguese, a thoroughbred Communications specialist with over 30 years’ stellar experience. 

Committee of Banks in Nigeria Donates Multimillion Naira Relief Materials to Jigawa Flood Victims

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The Committee of Banks in Nigeria on Thursday lifted the victims of the recent flooding in some parts of Jigawa State with a solidarity visit to Dutse, the state capital, during which they made donation of assorted items of relief materials to the State Government as part of their own contribution to alleviate the plight of those impacted by the September 2024 natural disaster.

The donation of the relief materials comprising food items, including bags of rice, cartons of vegetable cooking oil, mattresses, and beverages were presented to the Governor of Jigawa State, Malam Umar A. Namadi, by a high-powered delegation of the Committee of Banks in Nigeria led by their Chairman and Group Managing Director/Chief Executive Officer (GMD/CEO), United Bank for Africa Plc (UBA), Dr. Oliver Alawuba.

Other banks’ CEOs that were on the delegation included the Managing Director/Chief Executive Officer (GMD/CEO), Access Bank Plc, Mr. Roosevelt Ogbonna; Group Managing Director/Chief Executive Officer (GMD/CEO), Zenith Bank Plc, Dame (Dr.) Adaora Umeoji; and Group Managing Director/Chief Executive Officer (GMD/CEO); Fidelity Bank Plc, Dr. (Mrs.) Nneka Onyeali-Ikpe.

In his remarks while presenting the relief materials, Dr. Alawuba stated that the gesture by the bankers was one of the ways to empathise with the government and people of Jigawa State, and importantly the residents who were severely impacted by the floods. He added that the relief materials were targeted at boosting the current multi-stakeholder efforts to support the flood victims in getting back on their feet, as well as supporting critical institutions that provide care for the victims, especially public hospitals.

“I stand before you today as the Chairman of the Committee of Banks in Nigerian, to demonstrate our solidarity with the Government and good people of Jigawa State. Principally, we are in Jigawa State to empathize with the State Government, families, and relations of those who were severely impacted by the recent flooding that occurred across some local government areas of the state, in specifically in September this year. We pray for the repose of souls that were lost in the devastating floods, as well as comfort for their families. We also pray for the recovery and restoration of those who lost properties and valuables during the floods,’’ he said.

Speaking further, Dr. Alawuba asserted: “We are here today to lend our hand of help to the State Government by donating relief materials worth several millions of Naira in support of the affected residents, and also critical institutions that provide care such as public hospitals. We believe the relief materials consisting of food items such as; bags of rice, cartons of vegetable cooking oil, mattresses, and beverages would go a long way in providing comfort and lessen the burden of the victims impacted by the floods.’’

The Chairman, Committee of Banks in Nigeria added that the humanitarian gesture was a testament to the Nigeria banking sector’s commitment to supporting the well-being of Nigerians in times of need. “As bankers, we are not just concerned about the economic implications of natural disasters; we are also deeply troubled by the human suffering that accompanies them. We believe that it is our collective responsibility to support those affected and help them rebuild their lives,’’ he noted.

Dr. Alawuba stated that the gesture further affirmed the commitment of the Nigerian financial institutions to leading from the front as agents of positive change in society, while assuring that they would continue to work together to support those in need, promote economic growth and development, and to contribute to the well-being of our great nation.

He expressed gratitude to his colleague CEOs of Nigeria banks for their generosity and contribution to the relief effort. “Your support underscores our unrelenting passion for national development and care for the environment where we do our business,’’ he applauded.

Dr. Alawuba affirmed the long history of commitment of the Nigerian banking and financial institutions to the well-being of the Nigerian people and the environment, stating that the banking sector provided similar interventions to the victims of the 2011 flooding which affected 28 states and that of 2013 flooding which affected 32 states of the federation. Other interventions by the financial institutions include corporate support for the management and containment of the spread of COVID-19 pandemic in 2020, including funding support for public healthcare infrastructure, and access to credit for micro and small businesses to stay afloat in the post-pandemic era.

He said, “Notably, we were proud to be part of the Central Bank of Nigeria-led Private Sector Coalition Against COVID-19 (CACOVID) Relief Fund, where we contributed significantly to the Fund’s efforts to provide palliatives to vulnerable Nigerians and strengthen the nation’s healthcare infrastructure. The intervention of the banking sector resulted in over Thirty-two Billion Naira (N32 billion) being pooled to fill a significant funding gap for the governments during the unexpected global pandemic.

“Furthermore, as we navigated the post-pandemic era, Nigerian banks played important roles in helping businesses recover. Banks in Nigeria supported firms of all sizes, to mitigate the impact of the extended lockdown and disruption to business activities in many ways. Through the stabilization funds, Nigerian banks provided loans and credits to small and medium businesses to stay afloat, thereby ensuring business sustainability, preventing job losses, and fostering national economic growth.’’

Additionally, Dr. Alawuba said Nigerian banks also support many other laudable initiatives across both economic and non-economic sectors, one of which is in the area of security. For example, he said banks have continued to support the Lagos State Security Trust Fund, which has become a model copied by other states for sustainable funding of the training, equipment, and welfare needs of personnel of the Nigeria Police deployed to the state. He said the support has led to improved security of lives and property in the state.

He disclosed further that the banking sector supported the government in rebuilding and remodeling of Police stations destroyed in the wake of the #EndSARS protesters, in 2020. With the support, he added that officers and men of the Nigeria Police now have more befitting workplaces to function.

The bankers commended Governor Namadi, the federal and state governments, donor agencies and other stakeholders for the efforts in responding to the need of the victims of the flooding, while noting that, through collective efforts and actions, we could all make a big difference in the society, as well as build a prosperous nation that works for all.

Responding, Governor Namadi thanked the Committee of Banks in Nigeria for their humanitarian gesture, describing it as a rare demonstration of love, care and empathy for humanity. He said he was particularly touched receiving such a high number of bank chiefs leaving their offices to come and show solidarity to the families and individuals affected by the flood.

“On behalf of the government and people of Jigawa State, I want to most sincerely thank you for this visit. Certainly, what you have done today has demonstrated a good sign of love, care and maturity because, I don’t think it has ever happened like this, for four managing directors of the big Nigerian banks leaving their offices and come and sympathise with us on the incident that happened to us; that has shown the serious sign of love, care and maturity,’’ he enthused.

Governor Namadi assured that the state government would continue to seek opportunities to work together with the financial institutions as critical enablers of socio-economic growth, adding that with the significant support of the banks, the task of supporting the flood victims to get back to normal life had received a boost.

He stated, “So whilst I really thank you very much, I assure you that as we go on we will continue to work together for the betterment of this country. Certainty, some time two of you at one time or the other has done something to help out Jigawa State and today again we are putting ourselves together as the body of banks’ CEOs also coming to our aide, to help our people and bring them back to life in order to move forward.’’

The governor gave the assurance that the donated relief materials would be judiciously used and get to the people they were meant for. “I also want to assure you that the Jigawa State government will continue to work together with you, to ensure that we improve the lives of those affected by the devastating floods.

“Like we said, these people have really suffered a lot; they lost their means of livelihood which is not easy at this time, but with the people and body like yourself, these people have a lot of hope and then at least they are being shown they have brothers and sisters that are there for them in their time of need. So, we really appreciate this gesture and we are not taking it for granted. We pray that God almighty will replenish your purse for what you have done for our people,’’ Governor Namadi stated.

Other personalities on the delegation for the donation of the relief materials were President, Association of Corporate Affairs Managers of Banks (ACAMB), Mr. Rasheed Bolarinwa; the Registrar/Chief Executive Officer, Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo, and others

Polaris Bank Wins SERAS Award, Africa’s Sustainability/CSR Recognition

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Polaris Bank over the weekend, added yet another feather to its cap by winning Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s most renowned and prestigious Sustainability/Corporate Social Responsibility (CSR) recognition, for its consistent and impactful critical community interventions across Nigeria over the years.

At the 18th edition of the SERAS Awards, held in Lagos, recognition came the way of Polaris Bank in what the organisers described as “the Banks unwavering commitment to sustainable development and impactful community interventions across Nigeria.”

The SERAS Awards, widely regarded as Africa’s gold standard in Sustainability and CSR, celebrates organizations that exemplify innovation, impact, and excellence in advancing sustainable development. The awards spotlight large corporations, SMEs, and nonprofits that champion solutions with lasting societal and environmental benefits.

This year’s ceremony brought together an elite gathering of business leaders, global sustainability experts, policymakers, and CEOs dedicated to shaping Africa’s sustainable future. For Polaris Bank, the recognition reaffirmed its leadership in driving transformative change through its strategic Sustainability and CSR interventions.

Polaris Bank’s extensive portfolio of Sustainability, ESG and CSR initiatives which earns it” “Best in Rural Population Integration” award at the SERAs, underscores its commitment to improving lives and fostering sustainable growth in rural and underserved communities. Over the years, the Bank has implemented critical interventions across Nigeria, ranging from providing basic infrastructure to supporting vulnerable groups. Some of its notable achievements include:

Sponsoring the Acquisition and Planting of 2,000 economic trees across communities in Nigeria…e.g Ajingi community in Kano State.

Donation of equipment and renovation of the Ibeju-Lekki Skill Acquisition Centre

Installation of boreholes in key but underserved communities to provide access to clean water in rural areas.

Delivering educational resources/essentials —including libraries, sandals, bags, uniforms, books, and pens—to over 15,000 indigent students across public secondary schools in Nigeria, ensuring their continuous education with many in remote communities.

Providing over a decade free breast cancer screening support to some 20,000 women and retreat/experience sharing for survivors that has reduced mortality rate in Nigeria.

Establishing hospitals, and reconstruction/rehabilitation centers for victims of sexual violence, and vocational centers for women.

Donating ICT laboratory to IWD Skills Acquisition Center and promoting financial literacy programs in schools.

Launching medical outreach programs and supporting Internally Displaced Persons (IDPs) through significant donations.

These interventions have not only improved living standards, but have also stemmed rural-to-urban migration by making the communities more attractive, conducive and habitable and self-reliant.

Polaris Bank recently demonstrated its commitment to community resilience with the reopening of its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. Following appeal from stakeholders within the community, the Bank’s management approved the complete reconstruction and re-equipping of the branch The reopening marked a turning point for the Sagamu community, restoring access to critical banking services and underscoring Polaris Bank’s role as a trusted partner in economic recovery.

Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, highlighted the Bank’s dedication to sustainability and social impact. “We thank SERAs for the recognition of our bank’s strategic intervention and consistent investment across communities on project that impact positively on the people and the environment”.

In Polaris Bank, Kayode says, “sustainability is not just a cliché, and it is not a destination, but a journey. Our involvement in community development projects is something borne out of our deliberate effort to impact the citizens through enhanced socio-economic interventions that reduces the impact of climate change on our environment, as it affects the economy and people at large.” he stated.

Participants at the award ceremony leveraged the classy evening, “to connect with like-minded professionals and organizations championing sustainable business practices at an event that celebrated Africa’s sustainability leaders and reaffirmed the shared vision of driving positive, lasting change across the continent.

As a trailblazer in Sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion innovative solutions that address pressing societal challenges.

2025: Budget of Restoration: Securing Peace, Rebuilding Prosperity

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By Tanimu Yakubu

Director-General

Budget Office of the Federation

I am pleased to address you today on the 2025 Federal Government Budget Proposal, aptly themed “Budget of Restoration: Securing Peace, Rebuilding Prosperity.”

This budget reflects the Federal Government’s unwavering commitment to addressing the nation’s pressing challenges while laying a solid foundation for inclusive and sustainable economic growth.

A Framework for Stability and Prosperity

The proposed 2025 budget is set at ₦49.7 trillion, a historic figure representing an ambitious yet pragmatic approach to Nigeria’s current economic realities.

This financial blueprint is centered on three strategic priorities: security, infrastructure development, and human capital investment. These priorities are designed to restore stability, rebuild trust in governance, and create the conditions necessary for broad-based prosperity.

Revenue and Expenditure Projections

The Federal Government projects a total revenue of ₦36.35 trillion for 2025, anchored on improved non-oil revenue generation.

This includes expanded tax collections, customs duties, and independent revenue from government-owned enterprises, alongside oil revenue projections based on a crude oil benchmark of $75 per barrel, a production target of 2.06 million barrels per day, and an exchange rate of ₦1,500 per USD.

The total expenditure of ₦49.7 trillion includes significant allocations to critical sectors while targeting a fiscal deficit of ₦13.39 trillion (3.96% of GDP). This deficit will be financed through domestic and external borrowings as well as innovative public-private partnership (PPP) arrangements.

Key Budgetary Priorities

  1. Security

Recognising that peace is the bedrock of progress, the Federal Government has allocated ₦5 trillion to security. These funds will strengthen the capabilities of the armed forces, police, and intelligence agencies to combat insurgency, banditry, and other forms of insecurity. The goal is to restore law and order and create an environment conducive to economic growth.

  1. Infrastructure Development

A significant portion of the capital expenditure—estimated at ₦16 trillion—will focus on infrastructure. This includes the completion of critical road projects, expansion of rail networks, enhancement of power infrastructure, and investments in housing. These initiatives aim to reduce transaction costs, stimulate investment, and create jobs.

  1. Human Capital Development

The government is prioritising education and healthcare to build a productive and resilient workforce. The budget earmarks over ₦6 trillion for social services, targeting improved access to quality education, modernised healthcare infrastructure, and expanded social safety nets.

  1. Agriculture and Food Security

To ensure food sufficiency and reduce reliance on imports, ₦826.5 billion has been allocated to agricultural mechanisation, irrigation projects, and value-chain development. This will not only boost food production but also support economic diversification and rural development.

Reforms for Fiscal Sustainability

The 2025 budget builds on critical reforms initiated by President Bola Ahmed Tinubu’s administration, including:

  • Tax Reform: The government is expanding the tax base, improving compliance through technology, and aligning taxation with equity and efficiency principles.
  • Fuel Subsidy Removal: Savings from this bold policy are being redirected to targeted social programs, such as conditional cash transfers and public transportation initiatives, to protect vulnerable Nigerians.
  • Debt Management: While borrowing remains a key tool to bridge the fiscal deficit, the government is committed to ensuring that debt servicing does not crowd out investments in critical sectors.

Conclusion: A Restorative Vision

The “Budget of Restoration” is not merely a financial plan—it is a declaration of intent. It embodies the government’s resolve to tackle insecurity, close infrastructure gaps, and empower the Nigerian people through targeted investments in human capital and economic development.

However, the success of this ambitious proposal depends on disciplined implementation, transparency, and collaboration with all stakeholders. I am confident that with the support of Nigerians and our partners, we can restore peace, rebuild prosperity, and secure a brighter future for our nation.

NDIC Management Visits Minister of State, Finance in Abuja

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The Management of the NDIC led by the MD/CE NDIC, Mr. Bello Hassan (3rd from left) on a working visit to the Honourable Minister of State Finance, Dr. Doris Uzoka-Anite (2nd from Left) at the Federal Ministry of Finance, Abuja along with the NDIC Executive Director, Operations, Mustapha Ibrahim (1st Left) and the NDIC Executive Director, Corporate Services, Mrs. Emily Osuji (1st Right).

NGX, Stock Exchange of India Explore Areas of Partnership

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OPENING REMARKS BY ALH (Dr) UMARU KWAIRANGA NGX CHAIRMAN AT THE BOARDS OF DIRECTORS INTERACTION VISIT BETWEEN THE NATIONAL STOCK EXCHANGE OF INDIA (NSE) AND THE NIGERIAN STOCK EXCHANGE (NGX) ON MONDAY 16th AND TUESDAY 17th DECEMBER 2024 AT NSE HEADQUARTERS, MUMBAI, INDIA.

Let me begin by expressing our appreciation for the warm welcome from you and your team.

There is so much to admire and say about the progress that the nation of India has achieved since its independence and most especially in the last decade.

With a large diverse population, your nation has overcome many challenges and is now recognised as an economic powerhouse and the future driver of the world’s economy.

That success is mirrored in the National Stock Exchange which has in a little over three decades of its establishment become one of the world’s leading exchanges with a market capitalisation of over Five Trillion Dollars.

There are many similarities between India and Nigeria. Nigeria has a diverse and hardworking population in Africa that is the largest in Africa and its economy is driven by small and medium scale enterprises.

It is a contrasting picture for our exchanges as the Nigerian Exchange is older than yours but it is smaller in terms of the number of listed companies and market capitalisation.

So, we are here to congratulate you on your success as a nation and an Exchange but, more importantly, to learn from your experiences as a vibrant, innovative, technology driven exchange in a bustling economy.

The Nigerian Stock Exchange was established more than Sixty years ago but it was just over three years ago that we transformed from a mutual organisation limited by guarantee to a for Profit Public Company owned by and run for the benefit of thousands of shareholders.

That transformation has come with various challenges in such areas as governance and regulation, technology, market expansion and product development and cost optimisation and profitability.

We know that the NSE has most probably tackled and surmounted similar challenges and so we look forward to learning from your experience and partnering with you to move forward very quickly.

In a highly competitive, fast evolving borderless world, we think that engagements and collaborations will determine the survival and growth of exchanges such as ours and that there are many areas for co-operation between the NSE and the NGX.

So, we are here to share; learn and to partner with you and look forward to tremendous benefits from both sides at the end of this visit.

 

Alhaji (Dr) Umaru Kwairanga

Chairman NGX Group

 

 

NAICOM Hails Passage of New Insurance Consolidated Bill by the Nigerian Senate, Sees Bright Future for Sector

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The National Insurance Commission (NAICOM) has warmly welcomed the passage of the new Insurance Consolidated Bill by the Upper Chamber of the National Assembly and is optimistic that the legislation will unlock the growth, prosperity, and potentials of the insurance sector.

The passage of the Bill has marked a significant milestone in the country’s efforts to revamp the insurance industry after nearly two decades.

The Commission believes that the Bill is a game changer for the Nigeria’s insurance industry, and is going to have high positive impact on the contribution of insurance sector to the country’s GDP and economy as a whole.

By consolidating existing insurance laws, the new legislation marks a new era in the ongoing efforts to strengthen the Nigeria’s insurance industry. The bill provides a comprehensive framework for regulating all types of insurance businesses and ensuring a more robust and effective industry.

Passage of the Bill marks a significant triumph for Nigeria’s insurance industry, tackling the long-standing challenge of low insurance penetration in the country. The new legislation addresses the industry’s need for a more robust legal and regulatory framework, enabling it to compete favorably in the African insurance market and globally.

The newly passed bill introduces several pivotal provisions aimed at fortifying Nigeria’s insurance industry. Key highlights of the legislation include:

  • Enhanced Capital Requirements: New minimum capital requirements for insurance companies, ensuring they are adequately capitalized to underwrite risks and protect policyholders.
  • Risk-Based Supervision: Consolidation of the risk-based approach to supervision, enabling regulators to more effectively monitor and manage risks within the industry.
  • Strengthened Consumer Protection: Improved consumer protection requirements, safeguarding the interests of policyholders and promoting transparency and fairness in insurance practices.
  • Streamlined Regulatory Framework: An enhanced regulatory framework, providing clarity and consistency in the regulation of insurance businesses, and facilitating a more efficient and effective supervisory process.

This achievement comes after years of operating with laws that have failed to keep pace with the country’s evolving economic landscape. Unlike other sectors that have undergone multiple phases of legislative reforms to reflect current economic realities.

LaPRIGA Awards 2024: Chain Reactions Africa Claims Three Deserving Recognitions

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L-R: Senior Multimedia Specialist, Creative & Digital, Chain Reactions Africa, Akeem Adelakun; MD/ Chief Strategist, Chain Reactions Africa, Mr. Israel Opayemi; Hon. Commissioner for Youth and Social Development, Lagos State, Bolaji  Ogunlende; Chairman, Lagos Chapter, Nigerian Institute of Public Relations (NIPR), Comfort Nwankwo, and Associate Consultant, Strategy & Business Management, Chain Reactions Africa, Oluwadamilola Olujide, at the Lagos Public Relations Industry Gala and Awards (LaPRIGA) 2024, held on Friday December 13, 2024 in Lagos.

Chain Reactions Africa, one of Africa’s leading public relations and integrated communications consultancies, continued its awards-winning streak in 2024 by clinching three more prestigious awards in the recently hosted Lagos PR Industry Gala & Awards (LaPRIGA) 2024, which was held on Friday, December 13, 2024 in Lagos.

Chain Reactions Africa emerged as winner of the ‘Public Sector PR Campaign of the Year’ for the firm’s Windfall Tax Policy Campaign for the Federal Inland Revenue Service (FIRS). The campaign was aimed at first, sensitising the Nigerian public about the Windfall Tax Policy and then, securing the compliance of key stakeholders for the policy.

The same campaign also clinched the ‘Best in Crisis Management’ award, off the back of its use of strategic communication to manage and avert the crisis that would have been precipitated by the enforcement of the Windfall Tax by the FIRS.

The highpoint of the day for the company was the crowning of its Managing Director and Chief Strategist, Mr. Israel Jaiye Opayemi, as the ‘Most Influential PR Professional’ for his exceptional professional persona, charismatic industry leadership, enviable profile, and commitment to the growth of the Public Relations industry.

Commenting on the LaPRIGA Awards recognitions, the Managing Director and Chief Strategist of Chain Reactions Africa, Mr. Israel Jaiye Opayemi, expressed appreciation for the honours. “Once again, I say a big thank you to the awards organisers, the Lagos State Chapter of NIPR, for raising the bar in organising this award to celebrate hard work and honour the resilience of deserving winners”, he said.

Opayemi charged the winners and all practitioners to drive better storytelling of their organisations and clients. “Let’s be the best. We are Public Relations people, let’s tell the stories of our respective organisations and clients better than ever before.”

He acknowledged the invaluable contributions of his team to Chain Reactions Africa’s unceasing accomplishments, describing them as the real shining stars of these honours. “These award recognitions are emphatically dedicated to all the creative rebels in the Chain Reactions Africa Tribe. You are truly the shining stars spurring these honours, and there wouldn’t be a Chain Reactions Africa without my team. Your unwavering commitment to client satisfaction and sacrifices are matchless; you are the reason we are not just winning, but also breaking more boundaries of excellence”, Opayemi said.

Speaking at the event, the Chairman, Nigeria Institute of Public Relations (NIPR Lagos Chapter), Comfort Obot Nwankwo, congratulated all the winners for their recognition as shining stars and urged them to be an inspiration to others while sustaining the momentum of success, character, and bravery.

“As we honour our shining stars tonight, let us reflect on our collective responsibilities and use our influence to advance inclusivity and sustainability in Public Relations. I challenge each of you to champion youth involvement, prioritise community breeding narratives and uphold highest standards of integrity in all that you do. I congratulate all nominees and winners tonight – may your success serve as an inspiration to others”, she said.

Themed, ‘The Shining Stars’, the 9th edition of LaPRIGA Awards expectedly turned out to be a resplendent and colourful get-together of the who-is-who in the integrated marketing communications industry with stakeholders drawn from the corporate, private, and public sectors.

According to the Chairman of the Selection Committee, Lead Consultant/CEO, Leap Communications, and Publisher of Breezy News, Muyiwa Akintunde, the ceremony had 22 award categories, and 81 entries were submitted in 21 categories, with the ‘Best in Political Communication’ not having any submission for this year’s edition. Others are ‘Special Honorary Awards’ and ‘Lifetime Achievements Award for select public relations industry veterans.

With three awards, Chain Reactions Africa has once again shown its unparalleled dominance in the marketing communications industry. Earlier in 2024, the company reached an unprecedented height by winning seven awards at the 2024 SABRE Awards.

It also emerged winner of the Edge Awards 2024 most coveted prize, ‘Outstanding PR Agency of the Year’, with its MD/ Chief Strategist, Opayemi, carting away the ‘Edge Grand Prix in PR’, Edge Awards’ most enviable and highest individual awards category.

The company, with offices in both Lagos and Abuja, won four deserving honours at the 2024 Brandcom Awards, including the ‘Most Outstanding PR Agency of the Year’; ‘Most Outstanding Agency in Political and Public Sector PR’, and ‘Strategic Communication Consultancy of the Year’. Its MD/ Chief Strategist also won the ‘CEO of the Year (Public Relations) category for his sound leadership qualities and desirable profile.

LaPRIGA is a high-profile award that recognises excellence and celebrates practitioners in public and corporate organisations as well as stakeholders to boost professionalism and more investment in the practice of public relations.

 

NCDMB Challenges Media to Interrogate, Support Nigerian Content Performance

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The Nigerian Content Development and Monitoring Board (NCDMB) in Port Harcourt challenged practising journalists and other media stakeholders to deploy their skills in interrogation of reports on Nigerian Content performance in the oil and gas industry, so as to make the facts behind the resounding success in in-country value addition known to citizens.

Speaking at a one-day workshop themed “The Role of the Media in Maintaining the Tempo of Nigerian Content Implementation,” the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, said the Board profoundly appreciates the capacity of the mass media to inform and educate the populace and has chosen forums such as the workshop to bring practitioners up to speed with its activities.

According to him, “in 2025 NCDMB will be 15 years; looking at what we have been doing, the impact we have made in the oil and gas industry, moving Nigerian Content from less than five per cent in 2010 when we started to now 56 percent…we have made significant progress.”

Putting the growth in local content in context, he said, “for every N100 spent in the industry by operators and service companies, N56 is now retained in-country in terms of value addition [local assets, goods, expertise, etc. utilised].” Continuing, he added, “Our target is to be at 70 per cent by 2027.”

“You need to interrogate us more,” he reasoned, noting, “How did we get there? What are the metrics used [in computation]? That’s what will make your reporting adequately informative.” He assured the journalists that the Board would be supportive whenever they seek such clarification.

The Executive Secretary, who was represented by the General Manager, Corporate Communications and Zonal Coordination, Barrister Esueme Dan Kikile, said the Board has identified the integration of host communities into the oil and gas supply chain as one of the critical enablers of the strategic goal of 70 per cent by 2027, and has decided on appropriate measures.

He reaffirmed that the Board would implement the Back-to-the-Creeks Initiative designed to deepen the contributions of the oil and gas industry to the local communities through support of basic education, making affordable finance accessible to community contractors, equipping youths with relevant industry skills among other support that would benefit the local economy.

He emphasised that the Board has reviewed upwards its Community Contracting Financing Scheme to enable contractors in host communities to secure and execute reasonable contracts in the oil and gas industry. The single obligor has now been raised from N20 million to N100 million which, as the Board explained, “gives local contractors more opportunities to access higher figures.”

These measures, among others, are intended to minimise or completely eliminate conflicts, and thus create a peaceful and harmonious operating environment for oil and gas companies.

He identified the role journalists to the sustenance of the local content programme. According to Engr. Ogbe, “We expect the media to interrogate these [policy initiatives and planned interventions] and also follow up and ensure that NCDMB is able to accomplish these, because it will help our communities; it will help our young people.”

The workshop also had three paper presentations and two sessions of panel discussion. In the first presentation entitled “Implementing Nigerian Content New Contracting Guidelines,” Engr. Bashir Ahmed, a Supervisor of the Project Certification and Authorisation Directorate (PCAD), NCDMB, threw light on foundational facts regarding the NCDMB and its operations, such as Mandate and Mission Statement, Necessity for a Local Content Framework, a Regulatory Framework, Ministerial Regulations, Presidential Directives, and Guidelines.

He dwelt at length on the Presidential Directives issued by President Ahmed Tinubu in March 2024, in a deliberate effort to reverse the decline in foreign investments in the oil and gas industry.

The Directives were three, namely, “Presidential Directive on Local Content Compliance Requirement,” “Presidential Directive on Reduction of Petroleum Sector Contracting Cost and Timeline,” and “Presidential Directive on Oil and Gas Companies (Tax Incentives, Exemptions, Remission, etc.). Only the first two impact the operations of the NCDMB significantly.

Goals of the Presidential Directives, according to Government, include reducing the time it takes to conclude oil and gas contracts, eliminating intermediaries, and developing processes to verify and document in-country capabilities.

In his explanation Engr. Ahmed said the Directive on Reduction of Petroleum Sector Contracting Cost and Timeline “aims to hold the NCDMB and operators to strict reviews and approval timelines,” among other things.

He pointed out that “Timelines were never alien to NCDMB,” as the Board had introduced and put into use service-level agreements (SLAs) years ago. According to him, “SLA-compliance has driven our PEBEC (Presidential Enabling Business Environment Council) rankings.” (PEBEC ranked NCDMB as the Best Performing Agency for efficiency and transparency among ministries, departments and agencies in 2022, 2023 and 2024.)

Generally, the Directives were aimed at protecting companies with investments in-country and eliminating briefcase agents. Capacity audit of key segments of the industry have to be carried out to eliminate intermediaries.

On the gains of Federal Government’s initiative, he said, “the PDs have given new life to prospects of new final investment decisions (FIDs) for major projects. Projects that had been dormant are now being revived as the affected investors are returning to Nigeria for fresh negotiations.

He pointed out that “More FIDs mean new investments and more jobs, more projects more local content,” which is good for the economy, he added.

In the second presentation entitled “Nigerian Content Measurement Metrics and 10-Year Strategic Road Map,” the General Manager, Midstream of NCDMB, Mrs. Tassala Tersugh, explained that performance monitoring involves “monitoring of progress against Nigerian Content commitments and the NOGICD Act.” Compliance monitoring, on the other hand, is checking compliance with statutory requirements.

On key parameters for sustainable local content, she listed Regulatory Framework, Capacity Building, Gap Analysis, Research and Development, Funding and Incentives, and Access to market.

The third presentation, “Purpose-driven Journalism in the Age of Artificial Intelligence,” by Mr. Lekan Otufodunrin, a former Editor with The Punch and Media Career Coach, dwelt on the value Artificial Intelligence (AI) brings to the work of the journalist and the limitations that have to be dealt with.

According to him, “If you have data, AI can analyse it for you”, it can sift data and give content; AI tools would “generate images, videos, photos, transcribe, and turn text to audio and vice versa.” Nonetheless, the tools cannot replace the individual’s capacity to think.

A journalist that is purpose-driven must have a goal, a vision, passion, and more, and would spare no efforts in acquiring appropriate skills and knowledge to make the best of AI, according to him. AI would enhance content sourcing and production, but mastery of the tools is required for efficiency.

Otufodunrin advised journalists to have timelines to measure their careers and to be intentional, to set out that they want to succeed at what they are doing. They have to be ethical, to indicate that AI tools are used wherever applicable and never claim to be creator of such material.

In the first panel session, the discussants, namely, Engr. Bashir Ahmed and Mrs. Tassala Tersugh, with the moderator, Dr. Obinna Ezeobi, Deputy Manager, Corporate Communications, examined what it would take to achieve the 70% target for Nigerian Content by 2027. Engr. Ahmed said the Board has to “take cognizance of market realities – how do we increase projects.”

In addition, it would be rewarding if indigenous oil and gas companies strive for specialisation, concentrating their resources and energies where they could deliver value best.

To the second question, has the Monitoring and Evaluation (M&E) Directorate got the tools, capacity for its tasks?” Mrs. Tersurgh answered in the affirmative, adding, “We are not afraid to ask for help when necessary,” and that “The Board allows the M&E Directorate to engage Third Party monitors.” Besides, NCDMB works closely with other agencies in the industry, notably, the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Upstream Petroleum Regulatory Commission, the Nigeria Immigration Service, and others.

In the second panel session were Professor Diri Teilanyo and Dr. Doubra Timi-Wood, with Dr Ezeobi as moderator.

Media practitioners and stakeholders from over 90 media organisations attended the workshop. Key Management staff at the workshop included Mr. James Eyetigha, Zonal Coordinator, Delta and Edo States and Dr. Emma Ohanere, Zonal Coordinator, Abia and Imo States.

UBA Donates N500m to Lagos State Security Trust Fund

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L-R: Group Deputy Managing Director, United Bank for Africa (UBA), Muyiwa Akinyemi; Lagos State Governor, Babajide Sanwo-Olu; and Group Chairman, UBA, Mr. Tony Elumelu, during the presentation of N500m to Lagos State Security Fund by UBA Foundation, the corporate social responsibility arm of UBA, held at Lagos House, Marina on Sunday.

United Bank for Africa (UBA) through UBA Foundation, its corporate social responsibility arm, has donated the sum of N500 million to the Lagos State Security Trust Fund (LSSTF), as part of its continued commitment to secure environment for individuals and businesses

The N500 million cheque was presented to the Lagos State Governor, Babajide Sanwo-Olu, by the UBA Group Chairman, Tony Elumelu, who was accompanied by the bank’s Deputy Managing Director, Mr. Muyiwa Akinyemi at the State House, Marina, Lagos on Sunday.

Speaking during the presentation, Elumelu reiterated the bank’s dedication to supporting initiatives that ensure the safety and prosperity of communities across Nigeria adding that “at UBA, we understand that security is critical for economic growth and societal well-being. Our donation to the Lagos State Security Trust Fund is a reflection of the bank’s belief in building safer communities to enhance the quality of life for all. We are proud to partner with the Lagos State Government to achieve this shared vision of a secure environment conducive to investment and development.”

While receiving the N500 million cheque, the Lagos State Governor expressed appreciation to the UBA Group and UBA Foundation for the significant contribution and commended Mr. Tony Elumelu for its unwavering commitment to impactful projects, state’s progress and well-being.

He said: “We are grateful to the UBA Group for their significant contribution to the Lagos State Security Trust Fund. This donation will strengthen our efforts to enhance security and protect our citizens. Together we are building a safer Lagos for all.”

This latest gesture aligns with UBA Foundation’s Special Projects initiative, which focuses on addressing pressing societal issues through strategic partnerships and impactful interventions. Over the years, UBA Foundation has actively contributed to enhancing education, the environment, and economic empowerment and special projects such as these critical donations across Africa. The Foundation’s commitment to security as a driver of sustainable development is evident in its support for programs like the LSSTF.

Group Chairman, United Bank for Africa (UBA), emphasised the bank’s role as a leader in giving back to society. He explained that in pledging its support to the state’s efforts at improving security, UBA recognises the vital link between safety and economic stability.

He said: “This partnership with the Lagos State Government reinforces the Bank’s belief in collaborative efforts as the key to addressing security challenges and creating environments where individuals and businesses can thrive. We believe that a secure Lagos State is integral to a secure Nigeria. UBA Foundation will continue to support transformative initiatives that uplift lives and drive development.”

UBA Foundation, the CSR arm of the UBA Group, is committed to the socio-economic betterment of the communities in which the bank operates, focusing on development in the areas of Education, the Environment, Economic Empowerment and other Special Projects.

Oloibiri Museum: NCDMB Executes Construction Contract with Julius Berger

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The Nigerian Content Development and Monitoring Board (NCDMB) on Thursday executed the engineering, procurement, and construction contract with Julius Berger PLC for the development of Oloibiri Museum and Research Centre (OMRC), to be located at Otuabagi, Ogbia Local Government Area of Bayelsa State.

The Executive Secretary NCDMB, Engr. Felix Omatsola Ogbe executed the contract at the Board’s liaison office in Abuja, with the project construction to be delivered within 30 months.

The Oloibiri Museum and Research Centre (OMRC) is being financed by the Petroleum Development Technology Fund (PTDF), NCDMB, Shell Petroleum Development Company/Nigerian National Petroleum Company Ltd and the Bayelsa State Government, in the ratio of 40:30:20 and 10 respectively.

The project is registered by guarantee, with the four organisations serving as partners. The contract agreement has been approved by the partners and signed by Julius Berger PLC.

The Executive Secretary of NCDMB serves as the chairman of the registered company, hence he signed the contract on behalf of the partners, with the Director Legal Services, NCDMB, Mr. Naboth Onyesoh, Esq serving as the Secretary of the company.

The President Muhammadu Buhari administration had in February 2023 awarded the contract for the Engineering, Procurement and Construction scope of the OMRC to Julius Berger at the sum of N117billion.

The groundbreaking of the OMRC was performed in February 2023, a colorful ceremony attended by leading government officials, oil and gas stakeholders and community members.

Engr. Felix Omatsola Ogbe expressed delight on the execution of the contract, which marked the commencement of construction activities. He noted that the project will catalyze immense economic benefits for the Bayelsa and the national economy during the construction and operation stages.

He thanked the partners of the project and other stakeholders who contributed to the success of the project to date.

He indicated that the project was conceived to pay homage to the birthplace of Nigeria’s hydrocarbon commercial production journey which commenced in 1958.

He added that President Bola Tinubu believes that the project is long overdue hence the multi-level government and private sector collaboration was engineered to actualize the establishment of the project.

The OMRC project is expected to deliver a world-class oil and gas museum, showcasing the history of crude oil production in Nigeria and display of geological formations, early equipment, tools, and platforms used in the evolution of oil and gas activities.

In addition, the research testing center that will provide a facility where field trials of prototypes of oil and gas related indigenous research will be conducted, grant access to university students in oil and gas related disciplines to potentially better understand indigenous oil and gas technology advancements.

The OMRC project will also facilitate the commercialisation of research through the creation of a suitable ecosystem for the development of home-grown technology for oil and gas operations and create a new commercial value chain from Museum and Research operations that will generate employment for Nigerians.

 

 

Lagos State Joins Commonwealth Enterprise, Investment Council

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L-R: Global CEO, Commonwealth Enterprise and Investment Council (CWEIC), Rosie Glazebrook; Secretary to Lagos State Government, Mrs. Abimbola Salu-Hundeyin; Lagos State Governor, Mr. Babajide Sanwo-Olu; Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Lagos State, Mrs. Folasade Ambrose-Medebem, and Chairman, CWEIC Nigeria, Mr. Olasupo Shasore (SAN) at the signing of a Memorandum of Understanding between the Lagos State Government and CWEIC at the Lagos State Secretariat, Alausa, Ikeja on Tuesday, December 10.

The Lagos State Government has struck a strategic partnership with the Commonwealth Enterprise and Investment Council (CWEIC), a commercial, not-for-profit membership organisation with an official mandate from the Commonwealth Heads of Government to facilitate trade and investment throughout the 56 Commonwealth member nations.

The partnership which was formalised following the signing of a Memorandum of Understanding between the two parties, will see the Lagos State Government joining the CWEIC to take full advantage of the opportunities presented by being a member of a global business community. The partnership will help facilitate new relationships between the Lagos private sector and their international counterparts whilst helping local businesses access new export markets.

The strategic partnership will also support Lagos State through knowledge transfer and the sharing of best practices, to encourage greater foreign direct investment, support job creation, and the growth of key priority sectors of the state’s economy.

The state’s membership of the CWEIC will provide it with the opportunity to engage with business leaders and government decision-makers across the Commonwealth through networking, events, international delegation visits, and a customised engagement plan for 2024/25. The Lagos State Government will also be able to participate in the Global Advisory Council, which is an opportunity to introduce the state, its Deal Book, and Investment Framework to CWEIC network of international business leaders to familiarise the Commonwealth Business Community and seek feedback.

Speaking during the official signing ceremony, the Executive Governor of Lagos State, Mr. Babajide Sanwo-Olu said the event not only underscores the progressive vision of Lagos State but also demonstrates its unwavering commitment to partnerships that drive inclusive growth, innovation, and sustainable development. He described the state as a dynamic hub of commerce, culture, and creativity, and said that the partnership resonates with the shared values of economic prosperity, collaboration, and global engagement.

“The signing of this MoU with the CWEIC represents a pivotal milestone in our journey toward economic transformation and global relevance. The Commonwealth comprises 56 nations spanning Africa, Asia, the Americas, Europe, and the Pacific, with a collective GDP exceeding $13 trillion. It is a network that thrives on shared values of democracy, sustainability, and mutual respect.

“Through this partnership, Lagos State seeks to position itself as a leading gateway for Commonwealth trade and investment in Africa. The CWEIC, with its unparalleled network of businesses and institutions, offers Lagos the opportunity to connect with global enterprises, attract investments, and foster economic activities that will create jobs and elevate the living standards of our people”, Sanwo-Olu said.

He said the state is uniquely positioned to be a strategic partner within the Commonwealth network. “As Africa’s fifth-largest economy and the continent’s commercial nerve center, Lagos is home to over 25 million residents, making it one of the fastest-growing cities in the world. Our state contributes over 30% of Nigeria’s GDP and is responsible for more than 70% of the country’s industrial and commercial activities”, he said.

Lagos, he said, is a state that has embraced innovation, demonstrated resilience, and consistently redefined the limits of what is possible, whether in technology, entertainment, manufacturing, or finance, describing it as the cradle of innovation and the benchmark for excellence in Africa.

“Our administration has always prioritised creating an enabling environment for businesses to thrive. Through various initiatives, we have reduced bureaucratic bottlenecks, strengthened the ease of doing business, and fostered innovation to drive economic growth. Programmes such as the Lagos State Employment Trust Fund (LSETF), the Lagos Innovates programme, and the comprehensive overhaul of our transportation and infrastructure systems are prime examples of our forward-thinking policies”, Sanwo-Olu said.

The Governor said the administration recognises that sustainable development cannot be achieved in isolation, and requires strategic partnerships, visionary leadership, and a commitment to long-term goals, and expressed the belief that the partnership with CWEIC is a natural progression in its quest to make Lagos a globally competitive city.

He highlighted the opportunities the MoU provides for the state to include leveraging the Commonwealth network to attract investments into sectors like technology, agriculture, energy, and manufacturing, partnering with global entities to drive infrastructure projects that improve transportation, housing, and urban development, as well as facilitating knowledge transfer and skill development to equip the state’s youth for the future of work in a globalised economy.

He added that the partnership will among other things also help market Lagos as a destination for tourism and a melting pot of cultural diversity.

Sanwo-Olu urged private sector stakeholders to take full advantage of the opportunities that the partnership with CWEIC presents. He pointed out that while governments play a crucial role in setting the policy framework, the private sector remains the engine of economic growth, and urged them to foster a culture of innovation, collaboration, and entrepreneurship that will propel Lagos to new heights.

He pledged the administration’s commitment to the success of this partnership, saying that the MoU was more than just the signing of a document, but a statement of intent and a declaration that Lagos State is open for business and ready to take its rightful place on the global stage.