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Home Business news HIGH INTEREST RATE SPREADS: A SILENT KILLER OF NIGERIA’S ECONOMIC GROWTH By Mustafa Chike Obi & Adetilewa Adebajo Event Diary Lifestyle February 01, 2025 HIGH INTEREST RATE SPREADS: A SILENT KILLER OF NIGERIA’S ECONOMIC GROWTH  By Mustafa Chike Obi & Adetilewa Adebajo For businesses and individuals in Nigeria, accessing credit has long been an uphill battle. The cost of borrowing remains exorbitant, with interest rate spreads—the difference between what banks charge on loans and what they pay on deposits—reaching record highs. Between 2023 and 2025, these spreads have surged from 6% to a staggering 19%, far exceeding those of peer economies in Africa and beyond. This persistent issue reflects deep-seated inefficiencies in the Nigerian financial system, fueled by stringent regulatory policies, liquidity constraints, and high credit risks. While banks remain highly profitable, businesses and consumers are left struggling to secure affordable credit, hamperi...

  Leading financial institution, Fidelity Bank Plc, has announced its selection as one of the partner banks for the Nigeria Youth Economics Engagement and De-Radicalization Programme (NIYEEDEP)”. NIYEEDEP (Nigerian Youth Economic Engagement and De-Radicalization Programme), is an initiative of the Federal Ministry of Youth Development, in collaboration with the Nigerian Senate, through its committee on Sports Development. The primary aim of the initiative is to empower Nigerian Youths for economic growth and Development, nation-building, poverty alleviation and security.   Situating the NIYEEDEP partnership within the Bank’s strategy, Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc explained, “We are delighted to partner with the Federal Government on this noble cause especially as it aligns with brand ethos of helping individuals to grow, inspiring businesses to thrive, and empowering economies to prosper. We believe that Nigeria’s youthful population ...

  In the early hours of today, the Lagos State Taskforce carried out a strategic raid operation targeting suspected criminal hideouts within the Agboyi-Ketu and Alapere axis. The operation, coordinated by the Chairman of the Agency, CSP Adetayo Akerele, focused on areas notorious for harboring undesirable elements. Key locations covered during the operation included Mile 12 under-bridge, Ketu Bus Stop, Ketu Garage, Alapere, and Agboyi-Ketu. A total of 20 suspects were apprehended during the raid. These individuals, believed to be involved in unlawful activities, are currently in custody and will be charged to court without delay. Speaking on the operation, CSP Adetayo Akerele stated: “This operation is not unconnected with calls from well meaning Lagosians who has been clamoring for total clamp down on criminals terrorising these areas. It also reflects our unwavering commitment to safeguarding the lives and property of Lagos residents. We will continue to identify and clear crimin...

    The registration exercise for the 2025 National Common Entrance Examination for admission into federal Government  Unity Colleges in the country has commenced .  The Registrar of National  Examinations Council Professor Dantani Ibrahim Wushisi announced this in Abuja. Professor Ibrahim Wushishi  said final  year Primary school pupils aged ten  by September this year are eligible  to apply through NECO  Website  WWW.neco.gov.ng He called on parents and guardians  to visit  NECO State Offices for details on the Registration exercise which will close  by May ending ,2025. He equally announced the  commencement of registration for the 2025  National Gifted Examination for admission into  federal Government ,Academy  Suleja,. calling on interested  final  year pupils aged eleven in primary  school s  desiring federal government scholarship to apply using  NECO website  ...

  In continuation of its programme to spread joy to Nigerians in the New Year, Globacom, on Thursday held a draw in Ibadan, Oyo State, to select a new set of winners in its Festival of Joy promo. The draw, held at the company’s Challenge Office, was witnessed by the media and Glo customers, some of who excitedly assisted in drawing the winning numbers. The winners who emerged from the draw will receive their prizes at a presentation ceremony to be held at the Ring Road, Ibadan Gloworld shop of the company, on Monday, February 3. They include two winners of brand-new Kia Picanto cars and several winners of sewing machines, generators and grinding machines. Globacom encouraged customers who desire to participate in the promo to dial *611# and keep recharging (voice and data during the promo period) in order to be eligible to win the prizes on offer, while new subscribers can participate immediately by purchasing a new SIM, registering it and dialing *611#. “Customers are required to ...

  Lagos, Nigeria – The Yaba Local Council Development Area (LCDA) commenced the new year with a compassionate initiative, hosting the January 2025 edition of its monthly care programme for vulnerable groups. Held at the council's premises, the event served as a beacon of hope, providing a day of care, support, and empowerment for the beneficiaries. The programme, spearheaded by the Executive Chairman of Yaba LCDA, Honourable Dr Kayode Adejare Omiyale, underscores the council’s steadfast commitment to the welfare of its citizens, particularly those most in need. Over time, the initiative has become a crucial lifeline, offering monthly stipends, essential food supplies, medical care, and emotional support. The gathering was marked by an atmosphere of joy and gratitude as beneficiaries expressed appreciation for the council's goodwill. The event fostered a strong sense of community and solidarity, serving as a poignant reminder that even in the face of adversity, there is always h...

  The Oyo State Head of Service, Mrs Olubunmi Oni, mni has said that the present administration in the State approved the wearing of the Aso oke  native attires to boost local economy through fabrics and promote Yoruba culture  and tradition in the State.  In a statement issued and signed in Ibadan, the Oyo State Capital, the Head of Service  stated that wearing of Aso oke native attires  would surely expand the sales of the local fabrics industry adding that, it would be a useful avenue to promote the Yoruba culture. She pointed out that civil servants would have the  opportunities to wear it at different times rather than just keeping it at home after ceremonies.  She hinted that the present administration in the State under the leadership of Engr. Seyi Makinde, FNSE  approved the wearing of the Aso-Oke and other traditional attires on Thursdays for all Civil/Public Servants to enhance the economy of the local fabric industries either throu...

  * The Oyo State Government has reaffirmed its commitment to eradicating Neglected Tropical Diseases (NTDs) with a substantial investment of ₦30 million in disease elimination efforts across the 33 Local Government Areas in the State. Speaking at a press briefing to mark the 2025 World NTDs Day, the Honourable Commissioner for Health, Dr. Oluwaserimi Ajetunmobi, highlighted the state’s achievements in combating these diseases over the past year. She noted that NTDs which include lymphatic filariasis (elephantiasis), onchocerciasis (river blindness), schistosomiasis, and soil-transmitted helminths, disproportionately impact the poorest and most marginalized communities, perpetuating cycles of poverty and limiting opportunities for growth and development. She said that among the most notable accomplishments of the State government is the successful implementation of the Mass Administration of Medicines (MAM) program, a major initiative aimed at eliminating NTDs. Through this program...

  The Chairman, Nigeria Institution of Surveyors, Oyo State Branch, Surveyor Abiodun Lamidi has commended Governor Seyi Makinde for appointing one of their members as the substantive Surveyor General of Oyo State,  He stated this during a courtesy visit paid to the Surveyor General Office, Secretariat, Ibadan. Surveyor Lamidi said Nigeria Institution of Surveyors are ready to partner with the Oyo State Government and the Surveyor General Office for a smooth working relationship that will bring development to the State. The Chairman NIS hailed Governor Seyi Makinde for recruiting 28 new officers as full staff of the Office of the Surveyor General of Oyo State, hinting that, it would fast track the work of the State Government. He pointed out that the corporation between the Office of the Surveyor General, Surveyors Council of Nigeria (SURCON) and the Nigeria Institution of Surveyors would surely move the State forward. Responding, the newly appointed Surveyor General of Oyo Sta...

  Governor Charles Soludo's excellent approach to tackling the security challenges in Anambra State has been commended by his Chief Press Secretary, Christian Aburime, who urged Nigerians to value strategic thinking over quick fixes. Aburime said that while Governor Soludo faced intense criticism from opposition politicians and religious figures regarding the state's security challenges, he remained focused on taking a holistic approach to building long-term solutions designed to address the root causes of criminal activities. He described the launch of Operation Udo Ga-Achi (Peace Must Reign) and the strengthening of the Agunechemba vigilante group as pivotal moves in Soludo's administration's security strategy, carefully planned measures aimed at dismantling criminal networks and restoring peace. The Chief Press Secretary applauded Governor Soludo's action of equipping the state's security operatives with artificial intelligence-aided surveillance gadgets and ...

  Nigerians have been assured of the safety and efficiency of railway services across the nation, as the newly appointed Managing Director of the Nigerian Railway Corporation (NRC), Mr. Kayode Opeifa, pledged to revitalize and expand railway operations, including extending services to the Oshogbo territory in Osun State to better serve the citizens of Nigeria. Mr. Opeifa made this declaration during a Thanksgiving service and celebration party held on Thursday at his Mulero, Agege residence in Lagos, to commemorate his recent appointment. He expressed profound gratitude to President Asiwaju Bola Ahmed Tinubu for the opportunity to serve and vowed to discharge his duties with utmost dedication and diligence. In his speech, Mr. Opeifa highlighted the federal government's efforts in supporting railway infrastructure, mentioning the progress of the Green, Red, and Blue lines. He emphasized that Lagos State remains a critical hub for railway development and pledged continued support to ...

  Nigerians have been assured of the safety and efficiency of railway services across the nation, as the newly appointed Managing Director of the Nigerian Railway Corporation (NRC), Mr. Kayode Opeifa, pledged to revitalize and expand railway operations, including extending services to the Oshogbo territory in Osun State to better serve the citizens of Nigeria. Mr. Opeifa made this declaration during a Thanksgiving service and celebration party held on Thursday at his Mulero, Agege residence in Lagos, to commemorate his recent appointment. He expressed profound gratitude to President Asiwaju Bola Ahmed Tinubu for the opportunity to serve and vowed to discharge his duties with utmost dedication and diligence. In his speech, Mr. Opeifa highlighted the federal government's efforts in supporting railway infrastructure, mentioning the progress of the Green, Red, and Blue lines. He emphasized that Lagos State remains a critical hub for railway development and pledged continued support to ...

  The Speaker of the Lagos State House of Assembly, Mojisola Meranda, has assured the residents of Owutu in the Agric area of Ikorodu of a thorough investigation into the proposed demolition of their properties by the State Building Control Agency. Addressing the residents during a peaceful protest at the State House of Assembly, the Speaker, represented by Solomon Bonu of Badagry Constituency 1, alongside Aro Moshood of Ikorodu Constituency 1 and Luqman Orelope of Alimosho Constituency 1, affirmed the Assembly's commitment to justice and its opposition to any form of oppression against the people. She assured the protesters that all stakeholders involved in the matter would be summoned for deliberation in a bid to reach an amicable resolution. The protesting residents revealed that the seven-day demolition notice issued by the Lagos State Building Control Agency is set to expire on Friday, the 31st of January, 2025. They expressed grave concerns over the impending demolition of ho...

  Interswitch recently hosted its inaugural Qcon 2025, a groundbreaking event that gathered Nigeria’s software engineering community to explore innovation, emerging technologies, and the future of the industry. Held in Lagos, the event delivered a dynamic mix of knowledge sharing, networking, and thought-provoking conversations, a testament to Interswitch’s dedication to driving excellence within the tech ecosystem. The energy in the room was palpable as leading experts, industry pioneers, and passionate developers addressed key challenges and explored exciting opportunities in software engineering. Through insightful presentations and white papers, Interswitch Qcon 2025 offered valuable perspectives on the industry’s evolving landscape. The event featured an impressive roster of speakers from Interswitch and renowned organisations like Microsoft, NetApp, and Remita, offering actionable strategies and deep insights into a range of topics. The event reinforced the importance of coll...