NEWS AGENCY OF NIGERIA
Statistics drives innovation, economic development —Yabatech Rector   

Statistics drives innovation, economic development —Yabatech Rector  

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Statistics drives innovation, economic development —Yabatech Rector

 

 

 

 

By Millicent Ifeanyichukwu

 

The Rector of Yaba College of Technology, Dr Ibraheem Abdul, says statistics is the unseen force driving everything from life-saving drug development to understanding climate change impacts in Nigeria.

 

Abdul made the remark at the 18th Inaugural Lecture18th Inaugural Lecture of the institution on Thursday.

 

The News Agency of Nigeria (NAN) reports that the inaugural lecture had the theme: “Unlocking Insights: The Power of Statistics in Today’s Data – Driven World”.

 

The rector said statistics had been a key driver to innovation because it provided guidance in evidence-based decision-making and policy formulation.

 

Abdul noted that in today’s data driven world, it had been shown that statistics was not just a technical discipline but a powerful tool used to unlock insights and shape the future.

 

The rector asserted that by transforming raw data into meaningful knowledge, statistics could empower them to address global challenges, to innovate across industries and to improve the quality of life in general.

 

“The inaugural lecturer of today was able to show to us that we all need statistics in all aspects of our lives, and encouraged us to embrace the use of statistics, whatever our area is.

 

“However, choosing a statistical technique or tool to use in statistics has become a major problem, especially to individuals that are not well grounded in the field of statistics.

 

“It is important to state that the users of statistics need to keep abreast with quite a number of facts to correctly decide which statistical technique to use for any particular data in terms of analysis.

 

“Proven by our inaugural lecturer of today, statistics is now a cornerstone of every scientific inquiry, even in the fields of medicine, engineering, science, social sciences, we all rely heavily on statistical phenomena,” he said

 

Delivering the lecture, Dr Olusesan Olufolabo, a Senior Lecturer in the Department of Statistics, Yabatech, provided an assessment of the relative importance of factors associated with neonatal and post-neonatal mortality in Nigeria.

 

Olufolabo said he was able to establish the association between health, infant mortality, and some major demographic, socio-economic and health care variables.

 

He said that according to data on reproductive health histories of over 8,000 women between age 15-49, the study had shown that high infant mortality was experienced by children born to mothers who were uneducated and mothers who lived in rural areas.

 

The don stated that the study had also shown that breastfeeding was one of the important correlates of mortality, and cessation of breastfeeding increased the risk of mortality significantly during the first year of life.

 

According to him, as a result of this, a national policy and advocacy on exclusive breastfeeding for the first six months of life of a child was made from the study, propagated and sponsored by UNICEF.

 

He charged the institution to do more in the area of scientific studies, especially in the use of statistical concepts, encouraging the college to include statisticians in all observational and experimental studies right from the value stage.

 

Olufolabo recommended that the college should have a laboratory for interdisciplinary statistical analysis, and that the laboratory should be situated in the department of statistics.

 

The don encouraged Yabatech management to have an experienced statistician in the academic planning unit, and not just someone from the department of statistics.

 

He also reminded the management of the college that there could be no planning without statistics. (NAN) (www.nannews.ng)

 

Edited by Vivian Ihechu
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UNILAG DVC tasks students on problem solving with technology

UNILAG DVC tasks students on problem solving with technology

199 total views today

 

 

 

 

By Henry Oladele

 

The Deputy Vice-Chancellor, University of Lagos (UNILAG), Prof. Foluso Lesi, on Thursday urged students to intensify problem solving with technology to advance the society.

 

Lesi gave the task at the Hack for Health Hackathon grand finale organised by the National Information Technology Hub (NITHUB) at UNILAG.

 

The News Agency of Nigeria (NAN) reports that the event had the theme: ‘Bots, Brain and Bandage’.

 

Lesi noted that the NITHUB Hack for Health Hackathon focused on innovation in health technology.

 

He said that the competition provided platforms for students to develop technological solutions and collaborate on innovative ideas.

 

He commended the competitors for efforts, urging that they should commit to finding technological solutions to advance Nigeria.

 

“We know that the future belongs to this generation, and we can make a difference.

 

“Talking about the theme Hack for Health, I am speaking from the point of view of a doctor.

 

“I know that currently, given the size of Nigeria and the number of health professionals across the city, there may not be enough of us across the city to make that difference.

 

“This is where technology bridges that gap because even in the remotest areas, diagnosis and access to healthcare can remain possible through artificial intelligence.

 

“Think of any problem, whether in diagnosis, interpreting results and images, particularly in things like radiography, where you can take an image, send it somewhere else and analyse it.

 

He said he was proud to be associated with th

 

According to him, the teams in the competition were multi-disciplinary.

 

“That is good because you cannot be talking about solutions without bringing together diverse perspectives.

 

“It is when you have diverse perspectives in addressing any problem that you will get the most robust solution.”

 

Lesi said there were 400 teams which applied for the hackathon, adding that 200 teams were selected and the best 10 made it to the grand finale.

 

Dr Victor Odumuyiwa, the Director of NITHUB, UNILAG, said the programme was aimed at encouraging problem solving through the use of technology.

 

“Two things informed this programme. Number one is: we want to solve African problems and number two is: we want to use a new technology in solving the problem, which is Artificial Intelligence.

 

“The final teams came from different states, eventually scaling down to the last 10.

 

“We also have some from UNILAG. It is a programme targeted at the whole ecosystem, not just UNILAG.

 

“We plan to make the competition yearly. I mean, this particular one. There are other hackathons but this particular one, we plan to make it yearly,” he said.

 

NAN reports that Project Theia came first in the competition, winning 2,500 dollars.

 

Team Castle came second and received 1,500 dollars, while Team Precision emerged third and got 1,000 dollars. (NAN)

 

Edited by Gregg Mmaduakolam/Ijeoma Popoola

MAN urges stronger engagement to modernise wood industry

MAN urges stronger engagement to modernise wood industry

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By Rukayat Moisemhe

 

Mrs Ngozi Oyewole, the Chairperson, Wood and Wood Products Sector, Manufacturers Association of Nigeria (MAN), has urged stronger engagement with government on policies to promote financial access, expansion and modernisation of the wood industry.

 

Oyewole made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos.

 

She advocated the creation of a wood industry development fund that would provide grants and low interest loans for Small and Medium Enterprises SMEs to support expansion drive.

 

She added that Nigeria should explore trade agreements that open up international markets and drive participate in international trade fairs to showcase the country’s products and establish valuable connections.

 

Oyewole noted that the wood sector had enormous potential to significantly contribute to Nigeria’s Gross Domestic Product (GDP).

 

She said the sector currently accounted for approximately two per cent of the country’s GDP.

 

She, however, stated that only the combination of right strategies and inclusivity could enhance productivity and create a thriving wood industry for the country.

 

She affirmed that by addressing skills gaps, promoting inclusivity, and implementing the right strategies, wood contribution to industrial development and economic growth could increase.

 

“One major strategy to consider to drive growth in this sector is investment in technology and we must embrace modern technologies that enhance productivity.

 

“By collaborating with technology providers, we can access advanced machinery that streamlines production and improves quality and lower production costs,” she said.

 

Oyewole also emphasised the need to address skill gaps by providing tailored training programmes, particularly for women.

 

This, she stated, would equip them with the skills necessary for operating modern equipment and leading in the industry.

 

She said initiatives like the National Skills Development Programme could be tailored to include specialised training for women in the wood sector, empowering them to take on leadership roles.

 

“As a female leader in this sector, I understand the importance of inclusivity.

 

“Initiatives such as mentorship programmes for women can empower them to pursue careers in this field, take on leadership roles and bring diverse perspectives to the industry,” she added.

 

Oyewole also urged players in the sector to adopt sustainable forestry practices to ensure the long-term viability of resources.

 

This, she said, included responsible sourcing and compliance with environmental regulations.

 

“We must also enhance investment in research and development to drive innovations in product design and manufacturing processes.

 

“Collaborating with universities and research institutions can yield new materials and techniques that meet market demands.

 

“Strengthening associations such as the wood products manufacturers association will allow us to share best practices and resources.

 

“A united voice can advocate more effectively for the needs of the sector, facilitating collaboration among stakeholders,” she said.

 

The expert also expressed her support for the Nigeria First Policy introduced by President Bola Tinubu.

 

She said the policy aligned with the vision in the wood sector to harness local resources and skills to foster sustainable growth and reduce dependency on imports.(NAN)(www.nannews.ng)

 

Edited by Chinyere Joel-Nwokeoma

Group seeks inclusive climate action plans in Lagos State

Group seeks inclusive climate action plans in Lagos State

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By Lilian U. Okoro

 

Analysis by The Aiding Lives Initiative for the Vulnerable (ALIVE), an NGO, has identified gender gaps in the Lagos Climate Action Plan Policy.

 

Accordingly, the group has called for the development of inclusive climate action plans that incorporate coastal community voices, lived experiences, and importance of including women in building a climate-resilient state/environment.

 

The Executive Director of the organisation, Ms Pandora Umechukwu, made the call at a Stakeholders’ Interface Meeting on Developing a Gender-Sensitive Climate Action Policy in Lagos State on Monday.

 

The News Agency of Nigeria (NAN) reports that the meeting had the theme: “Amplifying Women’s Voices in Lagos State Climate Action Policy”.

 

Umechukwu said that the meeting provided a platform for women from flood-prone communities like Makoko, Ago-Egun, and Badia, to directly engage policymakers and share their lived experiences of climate impacts.

“We have gathered a diverse group of stakeholders to share knowledge, review findings, and begin the collaborative process of developing a Gender-Sensitive Climate Action Policy for Lagos State.

“A policy that acknowledges the differential impact of climate change n women and children, their experiences, knowledge, and leadership in crafting lasting solutions.

“The idea is amplify the voices of these coastal communities who are living through the hard impacts of ocean surge and environmental degradation.

“They endure the brunt of the climate crisis without adequate representation in policy dialogue,” Umechukwu said.

The event featured the presentation of a Gender Analysis of the Lagos State Climate Action Plan (2020–2025).

The analysis, led by ALIVE and eco-activist collaborators, revealed key gaps in the policy’s engagement with women, including absence of gender-disaggregated data and limited inclusion of women in planning and implementation.

 

Others were lack of funding for gender-focused climate adaptation, gender mainstreaming mentioned, but without clear strategies or funding, and unaddressed gender specific impacts on women.

Umechukwu explained that the meeting interface was about changing that narrative, saying that women and children in coastal communities bear the greatest burden of climate impacts.

She said  that women do not have access to clean energy, mobility, and flood protection.

She decried that women faced gender-specific vulnerabilities due to their dual roles as caregivers and income earners, saying that during floods, they were responsible for ensuring the safety of children, sourcing food, managing water collection, and navigating destroyed sanitation systems.

According to her, unlike men, women are rarely included in decision-making processes, which limits their access to critical information and resources.

“Transport, housing, and energy policies failed to address women’s unique needs. Informal women-led businesses are often displaced without support.

“The current Climate Action Plan does not include specific gender-responsive measures.

“Ocean surges and environmental degradation have deeply disrupted life for women and children in Lagos’ coastal communities.

“Women are most affected by flooding and ocean surges, but are least involved in the solutions. We aim to elevate community voices and propose transformative, inclusive policy changes,” she said.

The meeting also featured a health talk by Dr Anulika Madueke, a medical doctor, who addressed the public health risks of flooding on women and children, calling for stronger preventative practices and applauded the resilience of the community women.

A representative from the Ministry of Environment and Water Resources lauded the work done so far, acknowledging the clean-up efforts, climate resilience trainings, and grassroots policy analysis as “commendable steps” toward inclusive environmental governance.

 

 

As the current Climate Action Plan expires in 2025, the meeting concluded with clear calls to action, to develop inclusive climate action plans that ensure communities were actively engaged and consulted at every stage before, during, and after the planning process.

Officials present at the engagement expressed commitment to deeper engagement with communities and recognised the importance of including women in building a climate-resilient state.

The meeting had in attendance representatives from the Lagos State Ministry of Environment and Water Resources, Chairmen and Directors of Environmental services of Bariga LCDA and Apapa-Iganmu LCDA, Community Development leaders and 100 women from coastal communities.

ALIVE is a nonprofit Organisation committed to empowering vulnerable women and children by promoting health, well-being, environmental resilience, enabling them to lead safe and fulfilling lives.(NAN)(www.nannews.ng)

 

Edited by Vivian Ihechu

Tinubu’s aide unveils home, school for the blind in Lagos

Tinubu’s aide unveils home, school for the blind in Lagos

179 total views today

 

By Salif Atojoko

 

Mrs Adejoke Orelope-Adefulire, the Senior Special Assistant to the President on Sustainable Development Goals (SDGs), has reaffirmed the Federal Government’s commitment to inclusive development.

Orelope-Adefulire spoke at the unveiling of a state-of-the-art educational and residential facility at the Bethesda Home and School for the Blind, Surulere, Lagos, delivered by the Office of the Senior Special Assistant to the President on Sustainable Development Goals (OSSAP-SDGs).

 

The newly constructed and fully furnished complex was inaugurated on Tuesday.

 

Mr Desmond Utomwen, the Special Assistant to Orelope-Adefulire, on Media, Publicity and Strategic Communication, said this in a statement made available to the News Agency of Nigeria (NAN) on Wednesday in Abuja.

 

The project comprises 16 classrooms, dormitories, staff rooms, a Braille computer training centre, a library, and a sound studio, among others.

Orelope-Adefulire described the facility as “a symbol of compassion, inclusion, and collective progress,” noting that the intervention reflected President Bola Tinubu’s commitment to inclusive governance through the Renewed Hope Agenda.

“This Home reaffirms our shared humanity and commitment to leave no one behind, particularly the most vulnerable in our society. This is a place of refuge, a centre of learning, growth, and dignity for children with visual impairments,” she stated.

According to her, the facility speaks directly to several Sustainable Development Goals (SDGs), including SDG 1 on ending poverty, SDG 3 on good health and well-being, SDG 4 on quality education, SDG 10 on reduced inequalities, and SDG 11 on sustainable cities and communities.

“Through this Bethesda Home for the Blind, we are nurturing dreams. We are restoring dignity. We are strengthening the wings of those who were never meant to be grounded.

“When children with visual impairments are given the right environment—safe accommodation, accessible education, skilled caregivers—they flourish.” Orelope-Adefulire declared.

Rt. Hon. Femi Gbajabiamila, the Chief of Staff to the President, represented by Barr. Barakat Odunuga-Bakare, the Special Adviser to the Lagos State Governor on Housing, commended the project.

He expressed confidence that the Federal Government, through OSSAP-SDGs, would continue to support the Home and School to ensure the children were not left behind.

In her welcome address, Dr Oreoluwa Awokoya, the Special Adviser to the Governor of Lagos State on Sustainable Development Goals, described the facility as hope made visible, and inclusion made real.

“What we celebrate here today is more than brick and mortar; it is a sanctuary of vision, built not on sight, but on foresight—a place where ability rises beyond disability, and where the dignity of every human life is not only acknowledged, but amplified.

“Bethesda Home reminds us that achieving the Sustainable Development Goals is not about slogans; it’s about building structures that ensure no one is left behind—especially not those who have often been kept furthest from opportunity,” she said.

Mr Mobolaji Abubakre Ogunlende, the Lagos State Commissioner for Youth and Social Development, also lauded the initiative, stating that it aligns perfectly with the state government’s values.

“This milestone underscores our administration’s commitment to promoting inclusion, sustainability, quality education, and renewed hope for all,” Ogunlende said. (NAN) (www.nannews.ng)

 

Edited by Chinyere Joel-Nwokeoma

FAAN, Plateau partner to boost agro exports

FAAN, Plateau partner to boost agro exports

287 total views today

 

 

 

 

By Itohan Abara-Laserian

 

 

In a bid to tackle ₦3.5 trillion agro-produce wastage annually, Federal Airports Authority of Nigeria (FAAN) and the Plateau Government signed a Memorandum of Understanding on Wednesday.

 

 

 

The agreement seals a strategic partnership to develop Yakubu Gowon Airport, Jos, into a leading hub for food cargo and agro-export logistics.

 

 

 

FAAN’s Managing Director, Mrs Olubunmi Kuku, stated FAAN would offer professional support, security, and guidance, while the Plateau Government would fund the airport’s upgrade.

 

 

 

“When ₦3.5 trillion worth of food perishes each year, while global markets seek our produce, it’s clear something urgent must change.

 

 

 

“Today marks the beginning of that change, with the Plateau Governor’s visit to FAAN’s headquarters in Lagos signifying a major shift in agro-exports,” she said.

 

 

 

She noted the plan is to transform Yakubu Gowon Airport into a premier food cargo terminal, enhancing Nigeria’s agricultural export infrastructure.

 

 

 

“This partnership is about more than infrastructure. It’s about creating opportunity, empowering farmers, and elevating Plateau’s produce to international markets,” Kuku explained.

 

 

 

She described the initiative as a model of collaboration that aligns with President Bola Tinubu’s goal of building a $1 trillion economy by 2030.

 

 

 

Kuku called on investors to act promptly and engage with the new opportunity emerging from this partnership.

 

 

 

“To stakeholders witnessing this milestone: the time is now. Plateau offers rich resources; FAAN brings expertise. Global markets await Nigerian produce.

 

 

 

“We invite you to invest in storage, packaging, and transport infrastructure that will connect our farmers with international buyers.

 

 

 

“Today’s signing is not just an agreement — it’s a declaration of economic empowerment for our farmers and a reimagining of regional development.

 

 

 

“FAAN is open for business. Plateau is ready to rise. Nigeria’s agricultural potential is set to take flight,” Kuku said.

 

 

 

Gov. Caleb Mutfwang praised President Tinubu for creating the enabling environment that led to the partnership.

 

 

 

He also commended Aviation Minister Mr Festus Keyamo and Mrs Kuku for their commitment to Nigeria’s agro-export vision.

 

 

 

Mutfwang said FAAN’s earlier visit to Plateau in 2024 was already yielding results and would soon translate into increased revenue.

 

 

 

“Jos once thrived commercially before the market fire. We’re rebuilding to restore it as northern Nigeria’s trading powerhouse,” the governor stated.

 

 

 

He said the new Plateau commodities market would serve as a central aggregation point for agricultural produce in the region.

 

 

 

This, he noted, would complement the upcoming Special Agro Processing Zone backed by the African Development Bank.

 

 

 

Mutfwang also mentioned the dry inland port project, with ongoing discussions involving private investors to bring it to life.

 

 

 

He assured the public and stakeholders that the MoU would be actively implemented and would not be shelved.

 

 

 

The governor reaffirmed his commitment to ensuring security for all investors operating within Plateau. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Tuggar calls for private sector-led ECOWAS 

Tuggar calls for private sector-led ECOWAS 

186 total views today

 

 

 

 

By Olawunmi Ashafa

 

 

Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has stressed the need for stronger collaboration between West African governments and the private sector to boost regional competitiveness.

 

 

 

Tuggar made the call on Wednesday during a high-level private sector roundtable in Lagos, ahead of the upcoming West Africa Economic Summit (WAES).

 

 

 

The News Agency of Nigeria (NAN) reports that the roundabout is with the theme ‘United Voice: The Power of Private Sector Participation in the West African Economic Summit.’

 

 

 

The gathering, which brought together industry leaders and CEOs from across the region, was described as a “definitive shift” in policy engagement, not just a preparatory event.

 

 

 

“The private sector is not peripheral, but central to economic governance,” Tuggar said, stressing its vital role in shaping West Africa’s future prosperity.

 

 

 

His comments reflect broader continental goals, particularly those of the African Continental Free Trade Area (AfCFTA), which seeks to unite Africa’s markets and enhance global competitiveness.

 

 

 

Tuggar warned that in spite of Nigeria’s position as Africa’s largest economy, national strength alone cannot guarantee long-term growth or regional leadership.

 

 

 

“In today’s interconnected world, West Africa must move beyond national interests to embrace deeper regional integration,” he stated.

 

 

 

The minister pointed to West Africa’s significant population of over 400 million, one of the fastest-growing and youngest regions globally.

 

 

 

He said this demographic advantage, if properly harnessed, could power inclusive and sustained economic development.

 

 

 

However, he noted a major gap: intra-African trade forms only 15 per cent of total trade, with West Africa trailing at just 12–13 per cent.

 

 

 

By contrast, intra-regional trade in the European Union often exceeds 60 per cent while Asia is also far ahead.

 

 

 

“This gap reflects not a lack of potential, but issues like poor coordination, weak infrastructure, and limited political will,” he explained.

 

 

 

He cited non-tariff barriers, customs delays, and inadequate transport as major challenges restricting the free movement of goods and services.

 

 

 

Tuggar outlined key regional projects with strong potential for private sector involvement.

 

 

 

These include the ECOWAS Trade Liberalisation Scheme (ETLS), which aims to ease goods and labour movement within the region.

 

 

 

He also noted the Abidjan-Lagos Corridor highway, connecting five countries to boost trade and regional integration.

 

 

 

Additionally, he highlighted the West African Power Pool (WAPP), aimed at delivering reliable and affordable electricity across the region.

 

 

 

He stressed that these projects need substantial private investment and technical know-how to be successful.

 

 

 

Tuggar also spoke of a new ‘Atlantic era,’ urging West Africa to help shape global trade systems that previously excluded the region.

 

 

 

“We are entering an Atlantic era where West Africa won’t just supply resources but take an active role in global prosperity,” he said.

 

 

 

The WAES, taking place from June 20 to 21 in Abuja, is fully supported by President Bola Tinubu and fellow West African leaders.

 

 

 

It aims to shift the region from raw exports to production, fostering value chains and building bigger, more attractive markets.

 

 

 

“Governments do not build economies alone. It’s your investments, innovation, and networks that drive growth,” Tuggar told the business leaders.

 

 

 

He encouraged them to propose solutions to trade obstacles, regulatory issues, funding gaps, and policy reforms to boost private sector involvement.

 

 

 

“WAES is not another talk shop. It’s about results — making West African business faster, cheaper, and more predictable,” he assured participants.

 

 

 

Tuggar called for sustained collaboration beyond the summit, promising that private sector input will shape both structure and outcomes.

 

 

 

“Unstructured potential is wasted. WAES allows us to organise our efforts for long-term impact,” he said.

 

 

 

The summit will host heads of state, ministers, investors, and regional institutions.

 

 

 

Its goal is to jointly craft a roadmap for sustainable economic integration and unlock ECOWAS’s full potential. (NAN) (www.nannews.ng)

 

Edited by Kamal Tayo Oropo

Community hygiene: Oba Elegushi urges govt. to reinstate monthly sanitation

Community hygiene: Oba Elegushi urges govt. to reinstate monthly sanitation

186 total views today

 

By Joan Odafe

The traditional ruler of Ikate Kingdom, Lagos State, Oba Saheed Elegushi, has called on the state government to reinstate the suspended monthly environmental sanitation to help restore hygiene and security in communities.

 

Elegushi made the call during an event to commemorate the upcoming World Environment Day on Wednesday in Lagos.

 

The News Agency of Nigeria (NAN) reports that the event was organised by the Oba Saheed Elegushi Foundation.

 

The programme, which is part of the foundation’s Green Mission initiative, is with the theme, ‘Community Clean-Up Initiative’.

 

The traditional ruler, while expressing concerns over the growing disregard for public cleanliness warned that the current neglect of communal spaces was worsening hygiene and weakening neighbourhood security across the state.

 

“There used to be a monthly sanitation every last Saturday for everybody to partake in the cleanliness of their environment.

 

“Even apart from the sanitation, it goes a long way, it also makes us know our neighbours.

 

“In terms of security, you know people that live next to you, next building to yours.”

 

The traditional ruler urged the government to consider appealing the judgment that stopped the exercise, adding that many Nigerians have since retreated into individual care for only their personal spaces.

 

Elegushi further urged Nigerians, not only the Ikate-Elegushi community and Lagos residents, to take matters of hygiene seriously, and not just concentrate on their individual environment alone.

 

“As residents, once every month, we should be coming out to clean our environment,” he said.

 

 

The coordinator for the ‘World Environment Day Clean-Up’ for the foundation, Mr Temidayo Farinu, said the event was aimed at creating awareness pollution.

 

Farinu said the initiative was also aimed at involving the community, to ensure that the people adopt a sense of accountability toward the environment.

 

“Waste is one of the challenges in Lagos; the situation of flooding that we do have sometimes is occasioned by maybe blocking of the water channels and the drains,” he said.

 

 

NAN also reports that about 70 volunteers, including Lagos Waste Management Authority (LAWMA), went into the community to clean up gutters and streets.

 

LAWMA and Lagos State Traffic Management Authority (LASTMA) collaborated with the foundation to ensure the success of the project. (NAN) (www.nannews.ng)

 

Edited by Folasade Adeniran

NGX making efforts to contribute to Tinubu’s trn economy- Chairman

NGX making efforts to contribute to Tinubu’s $1trn economy- Chairman

190 total views today

 

 

 

 

By Taiye Olayemi

 

The Nigerian Exchange Group says it is working assiduously to ensure the Nigerian capital market contributes to actualising President Bola Tinubu’s proposed $1 trillion economy by 2030.

 

Dr Umaru Kwairanga, Chairman of NGX while speaking with the News Agency of Nigeria (NAN) on Tuesday, said that the NGX Group is strategically positioning the capital market to support Nigeria’s economic transformation through several initiatives.

 

According to him, these initiatives were through NGX’s investment to expand retail access to the Nigerian market; strengthening market oversight and through diversified capital formation.

 

“The Nigerian capital market has keyed into President Bola Tinubu’s vision for Nigeria to achieve a one trillion dollar economy by 2030 and has been making efforts to ensure that the vision is realised.

 

“As a concrete example of that, the Nigerian Exchange Group and the capital market has been fully represented in President Tinubu’s interactions with various investing blocs locally and abroad in order to attract much needed investment into the country.

 

“I was in New York last year with the President where we met with foreign investors at Nasdaq and it was a very successful outing.

 

“Also last month, I was in the United States of America with the CBN Governor to meet with potential foreign investors as well as our Nigerians in diaspora,” he said.

 

According to Kwairanga, the NGX is currently working with the consciousness that no country achieves sustainable economic transformation without a vibrant and inclusive capital market.

 

He said the capital market is meant to mobilise long-term capital, provide transparent investment platforms, and promote accountability and investor confidence.

 

He explained that countries that have crossed key economic thresholds have relied on robust capital markets to allocate resources efficiently.

 

He noted that the capital market’s fundamental role is to bridge the gap between people and institutions who have funds for investment and institutions that need funds for new projects or expansion of existing projects.

 

According to him, the NGX had been fully involved in this.

 

“By playing that primary role, the capital market is boosting savings in the economy, and at the same time creating or enhancing businesses and making it possible to increase factors of production.

 

“These are proven strategies that will increase the Gross Domestic Product of Nigeria.

 

“One important way in which the capital market is playing its role in increasing Nigeria’s GDP is by funding infrastructure.

 

“The capital market players have funded critical infrastructure in power, telecommunications, transportation and so many sectors for private sector players, the Federal Government and sub nationals through various equity and debt issues .

 

“By doing that , we are helping to build the physical capital required to accelerate GDP growth.

 

“A recent example was the Federal Government’s seven year sukuk for road infrastructure which I understand witnessed huge oversubscription,” he said.

 

Kwaranga noted that the capital market is heavily involved in funding tech companies either through private equity funds or through direct listings on public markets.

 

He said this had a dual impact on GDP.

 

“First, many of these companies will come up with innovative ideas and technologies that will enable Nigeria to experience quantum leaps in productivity and GDP.

 

“Secondly, these companies use such funds to scale up, employ more Nigerians and boost their enterprise value and when such values are captured into the GDP, we are on track to the 2030 target.

 

The Chairman commended President Tinubu for introducing transformative economic reforms which had reignited investors’ confidence.

 

He said the fuel subsidy removal had unlocked over $10 billion annually while the exchange rate unification restored credibility to the FX market.

 

He noted that the enactment of the Investments and Securities Act (ISA) 2025, which is the first major update in nearly two decades, enhanced investor protection.

 

According to him, the gazetting of Nigeria’s AfCFTA tariff schedule strengthened regional trade access.

 

“These reforms have sent strong signals to investors. Since mid-2023, Nigeria has attracted over $50 billion in FDI commitments.

 

“Foreign portfolio investment through the capital market surged by 126.8 per cent, from N174.82 billion in 2023 to N396.41 billion in 2024. FDI also increased from $1.87 billion to $2.6 billion within the same period,” he said. (NAN) (www.nannews.ng)

 

Edited by Yakubu Uba

Lagos launches informal land mapping project

Lagos launches informal land mapping project

202 total views today

 

By Lydia Chigozie-Ngwakwe

Gov. Babajide Sanwo-Olu of Lagos State  has launched a new land mapping project aimed at identifying and putting informal lands across the state to better use.

Sanwo-Olu, who was represented by his Deputy Chief of Staff, Dr Sam Egube, spoke at the handing over of three operational vehicles to the Lagos State Informal Space Management Agency (LASISMA) on Tuesday.

The News Agency of Nigeria (NAN) reports that LASISMA is the state government agency responsible for managing informal spaces and regulating informal businesses.

The governor said that the initiative would help the government to map and define informal land.

He added that the open spaces and setbacks not officially designated for any use  could be put to more productive and aesthetic use.

“The purpose of this unveiling is to let the public know we are beginning a new mapping project for informal spaces across Lagos.

“These are lands that were not considered part of formal development plan like incidental open spaces or road setbacks but they are still important.

“We want to define what they can be used for and ensure that they are used properly,” Sanwo-Olu said.

The governor said that within the next six months, a pilot scheme would begin across the state.

According to him, the informal lands will be mapped, reviewed and their purpose determined by the state Ministry of Physical Planning.

He warned against using such spaces without permission, saying the project was also a call to stop unauthorised use of public spaces.

He said: “You are not allowed to use these lands as you please.

“They must be formally designated for specific purposes. This will help us to organise the city better.”

The state Commissioner for Physical Planning and Urban Development, Dr Olumide Oluyinka, said that the project was part of efforts to improve the environment of Lagos and better manage the state’s  limited land resources.

“Our land is our oil; so, we must make the best use of every space, even those not formally developed.

” Informal lands may be temporary, but we must know who is using them and for what purpose, as well as ensure they contribute value to the city,” he added.

He said that the state would still allow legitimate operations such as parks or transport hubs on informal lands but would regulate them properly and require payment for their use.

The commissioner explained that the goal was not to evict people but to ensure better organisation, increased safety and revenue generation for the state.

The Special Adviser to Lagos State Governor on e-GIS and Urban Development, Dr Olajide Babatunde, said that the project would end arbitrary use of land and bring order to how public spaces would be used.

“With this project, everyone will know what each space is meant for, so you won’t have someone trying to install a mast on a space meant to be a bus stop,” Babatunde said.

The General Manager of LASISMA, Mr Dasisi Osho, expressed gratitude to the governor for providing the agency with three vehicles to support the its operations.

He said: “These vehicles and tools will help us to move faster and work better.

“We thank the governor for his support, and promise to put every square metre of Lagos land to the best possible use.”

Osho said that LASISMA remained committed to transforming informal spaces across the state to benefit the residents and support the government’s broader development goals. (NAN)(www.nannews.ng)

 

Edited by Maureen Ojinaka/Ijeoma Popoola

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