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CBN To Empower Investors For Backward Integration

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9 years ago

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The Central Bank of Nige
ria (CBN) has said that it would empower investors who love Nigeria and were ready to develop it.
The bank said it would do this by providing funds, including foreign exchange for such Nigerians to import plants and other equipment for backward integration programme.
Governor of the apex bank, Mr Godwin Emefiele, made this known in  Mokwa, Niger, when he inspected Sunti Golden Sugar Estate Factory Project.
He announced that CBN was ready to partner investors for the development of the country.
“CBN is ready to give support in terms of Naira funding and foreign currency funding for investors and industrialists who are committed toward the economic growth and development of this country.
“We will give them support as long as they have at the back of their minds and heart to create jobs for our teaming population.’’
Emefiele said that CBN provided Sunti Golden Sugar Company with about N26 billion through intervention fund at a single digit interest rate of seven per cent.
“This project marks the success story of the President’s focus and his aggressiveness toward ensuring that we diversify our country away from oil into a non-oil area.
“Nigeria is working. It may look a little painful but at this time when there is scarcity of foreign exchange, these are the kinds of project we will continue to give support to.
“What is raw material, sugar cane; what does it take to produce sugar cane, the land and irrigation.
“You don’t need to import raw materials, the only thing you need is to plant and the equipment will be acquired,” he said.
He said that the country was faced with the challenge of producing only two per cent of sugar needed by the country and importing 98 per cent.
“I don’t see this as a problem but as opportunity to grow our economy and grow sugar for the teaming population of this country.’’
The governor commended the government and people of Niger for providing the enabling environment for industries that were ready to take the state to greater heights.
He urged farmers to take the opportunity of CBN’s “Anchor Borrower Programme’’ to access the Micro and Small Scale loan.

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Kenyan Runners Dominate Berlin Marathons

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11 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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11 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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11 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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