Economy
Group Reiterates Need for Increased Funding for NGSA
- Says it will boost solid mineral exploration in Nigeria
- Lauds Management for commitment in ensuring fulfilment of established mandate
A foremost Civil Society Organisation identified as Great Minds Initiative for the Empowernment and Social Developments, had on Tuesday, called for increased funding for the Nigeria Geological Survey Agency NGSA.
The cordinator of the group, Amb. Myke Ngbe who made this known to newsmen during the presentation of the CSOs’ Independent Monitoring and Evaluation Report of the Hydro-geochemical survey carried out in Sokoto state and its environs, said that funding for an agency that is majorly pivotal to the improvement of the nation’s economy, should be top priority of the government.
Amb Myke Ngbe, disclosed that the NGSA commissioned a survey team to conduct hydrogeochemical survey of Sokoto and its environs, in order to ascertain the impacts of human activities – due to high population density and poor environmental hygiene or inadequate sanitation practices – on the quality of ground water in Sokoto state. The survey team commenced work on Nov 14, 2023.
The group was engaged to monitor and evaluate the process of ground water sampling, by way of tracking the integrity and professionalism of the data collection process by the survey team – to ensure that it is in keeping with global best practices – and then to submit an M & E report of the survey to stakeholders, to serve as a guide for future intervention and investment decisions in Sokoto state.
“I am glad to announce today that we now have a credible, reliable and verifiable set of baseline data for the hydro-geochemical survey of Sokoto and it’s environs–which represents the current quality of ground water in the state.
“In any case, our monitoring & evaluation exercise revealed that the data collection process was very professional and the survey team well equipped in terms of the social and technical skills required to generate credible, reliable and verifiable qualitative and quantitative data from the locals, as well as underground well samples. Moreover, the M&E team found the work ethic of the survey team to be really very impressive – despite the obvious fact that the team had to work under prevailing socioeconomic challenges, constraints and limitations.
“In keeping with that clarion call for increased funding of the Nigerian Geological Survey Agency (NGSA), Great Minds Initiative for the Empowerment and Social Developments hereby calls on the federal government to review its funding of the Agency, to reflect current macroeconomic indices which define the socioeconomic realities of our society in present day Nigeria.
“This exercise, has further deepened the civil society/stakeholders engagement” he added.
Meanwhile in his remark, the Director-General of the agency, Dr Abdulrazaq Garba while thanking the group, hinted that the high-grade lithium discovered in Nigeria has been attracting foreign investors, he bemoaned insecurity, funding,as some challenges experienced in solid mineral exploration and promised commitment of the agency in accelerating progress, growth in the sector.
He further opined data set generated by the agency is effective enough to a point of gathering interest from companies across the nation.
- …Sets the stage for a future of more possibilities
Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.
Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.
From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.
Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.
“I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.
Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.
Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.
The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.
However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.
Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.
As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.
Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).
The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.
The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”
This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.
The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.
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