Business
Cardoso Promises Stability and Economic Growth for Nigeria
Central Bank of Nigeria (CBN) Governor, Olayemi Yemi Cardoso, has assured Nigerians of a calm and prosperous future, emphasizing the federal government’s commitment to addressing socio-economic challenges and developing solutions to emerging threats.
Cardoso, represented by Mr. Omolola Adegbenga, Head of Pensions at CBN, delivered his remarks at a town hall meeting organized by the Federal Ministry of Labour and Employment in Abuja on Friday. He expressed confidence that, despite periods of adversity, stability will follow.
Cardoso stated, “Hope provides the essential foundation for potential achievement. While every storm brings challenges, it also leads to calm. The CBN’s efforts are focused on fostering economic growth and good governance. Hope is the foundation of possibility, and through collective effort, we will achieve greatness.”
Minister of State for Labour and Employment, Nkeiruka Onyejeocha, highlighted the government’s resolve to tackle the issues affecting the nation and commended the support of President Bola Ahmed Tinubu, Vice President Kashim Shettima, governors, and other stakeholders. Onyejeocha praised the government’s reforms aimed at ensuring inclusive growth and strengthening security.
“The Renewed Hope Agenda focuses on job creation, education, health, food security, and social investment. This administration is committed to economic reform, inclusive growth, and peace,” Onyejeocha said. She stressed that the government is working tirelessly to restore Nigeria’s global economic stature and address socio-economic challenges.
The engagement aimed to raise awareness among labour leaders, employers, and civil society organizations, mobilize the workforce for the Renewed Hope Agenda, and foster cooperative labour-government relations. Onyejeocha expressed confidence in achieving the agenda through effective collaboration with policymakers, employers, and workers.
The meeting, which included stakeholders from both the private and public sectors, was a platform for examining Nigeria’s economic challenges and discussing strategies for future progress.
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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