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CBN Leads Search for Forex Goldmine in Creative Industry

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CBN Leads Search for Forex Goldmine in Creative Industry

Nigeria’s creative industry, which comprises the music, movie, fashion and IT industries are beginning to emerge as a key source of wealth and job creation in Nigeria.

Across Africa and in various parts of the globe, Nigeria’s creative industries are spurring innovation, creating jobs, increasing export revenues and helping to shape perceptions on Nigeria as a nation with a strong spirit of creativity and ingenuity.

Following the need to do more to encourage the innovative work of contributors and other young talented Nigerians, the Central Bank of Nigeria Governor, Godwin Emefiele, has stressed Federal Government’s support for the creative industry as he said it could significantly contribute to the foreign exchange earnings, growth and development of the country.

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According to him, entertainment has turned out to be Nigeria’s major export and source of foreign exchange earnings after Oil. He further noted that it is one of the topmost sectors creating jobs for millions of youths and building positive image for the nation.

He further stated that for Nigeria, the creative industry, dominated by music, fashion, movies and IT hubs are attracting new funding from the Central Bank of Nigeria (CBN) under the Creative Industry Financing Initiative (CIFI) scheme.

The CBN has, through the CIFI scheme, encouraged banks to play more prominent roles by ensuring that the creative industry not only gets funding, but also the right capacity that promotes creativity.

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Finance

Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

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Legislators Query Whereabouts of $44 Million Ikoyi NIA Recovered Funds

The House of Representatives on Tuesday queried the whereabouts of the 44 million dollars recovered from the Nigeria Intelligence Agency (NIA) by the Economic and Financial Crime Commission (EFCC) in 2017.

The Office of the National Security Adviser had stated that it was not in custody of the money.

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The Director of Finance and Admin in the Office of the National Security Adviser, Brig. General Ja’afaru Mohammed told the House Adhoc committee investigating the management of recovered fund between 2002 and 2020 that the ONSA had nothing to do with recovered funds and assets.

The Chairman of the adhoc Committee Rep. Adejoro Adeogun had quoted the Chairman of the nation’s anti-graft agency, EFCC as saying that the fund recovered from the NIA office in Okoyi was in the custody of the Office of the National Security Adviser.

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Finance

NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

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NNPC to Supply Oil to Indonesia, Subsidiary Eyes $70m Profit

The Nigerian National Petroleum Corporation (NNPC) through its subsidiary, Duke Oil has sealed a pact to supply 30,000 barrels per day of crude oil supply to Indonesia’s state oil corp, Pertamina, and Indian Oil Corporation.

The move, which signals the nation’s attempt to capture market share in Asian countries may push the profit of the entity to about $70 million in the 2021 trading year.

Managing Director of NNPC Trading Company Limited, Lawal Sade, who disclosed this in the latest edition of NNPC Quarterly Magazine revealed that its oil trading entity, Duke Oil, has diversified its trading portfolio and adopted alternative trading strategies to increase its volumes and profitability.

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The subsidiary is expected to expand into bitumen and base oil importation in the 2021 trading year.

Sade disclosed that the move has already seen the gross revenue of the entity growing to 28 billion naira against a budgeted figure of 16 billion naira. Despite the Covid-19 pandemic last year, the development led to an additional 12-billion-naira income.

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

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World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa

World Bank States that Nigeria’s Inflation Rate Will Rise to 5th Highest in Sub-Saharan Africa by End of 2021

The World Bank says Nigeria’s inflation rate is expected to rise to 5th highest in Sub-Saharan Africa by the end of 2021, behind only Zimbabwe, Zambia, South Sudan and Angola.

The World Bank expects the Nigerian inflation rate in 2021 to be 16.5%. The forecast for sub-Saharan Africa, excluding Nigeria, is 5.9%.
The bank’s Lead Economist for Nigeria, Macro Hernandez, stated this on Tuesday during a presentation of Nigeria’s Development Report for the first six months of 2021, in Abuja.

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Hernandez also said that the inflation is set to push 7 million more Nigerians into poverty due to falling purchasing power, while over 11 million more Nigerians are expected to lose their jobs.

According to him, insecurity and conflict as well as the covid-19 pandemic are responsible for the challenges. He added that it was critical for the government to maintain reform momentum, but that some important reforms had stalled.

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#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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