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Sanusi Urges ECOWAS To Reform Banks

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14 years ago

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Malam Sanusi Lamido, the CBN Governor, has urged ECOWAS member-states to reform the banking sector in their countries.

Sanusi said this at a Regional Conference jointly organised by the West African Institute for Financial Growth and Management (WAIFEM) and ECOWAS in Abuja. The CBN Governor said that the banking sector reform in Nigeria yielded sustained growth in its economy. He said Nigeria’s experience in the sector reform could provide useful lessons and insights for other African and EU countries currently in financial crisis. “The Gross Domestic Product (GDP) growth rate has moved from 7.87 per cent in 2010 to 8.71 per cent in the fourth quarter of 2011. “Inflation rate has declined steadily from 15.6 per cent in 2010 to 9.32 per cent in Aug. 2011.

“There was positive net inflow of foreign exchange in the second quarter of 2011 with a positive real interest rate. “There has also been a relative stability but recently depreciating exchange rate trend with improved manufacturing output growth and non-oil exports. “ Sanusi added that the reform had boosted investors’ confidence in the financial system and enhanced the reliability profile of banks in Nigeria. He added that as at September, all banks in the country had been fully recapitalised.

The apex bank chief said Africa was “largely shielded from the current global financial crises because of its limited integration with the global economy and the international financial system”.

He said in spite of that, the region had “to be readily prepared for the likely consequences of the Euro zone crisis on its economic system”. “As you are aware in many EU countries, spill over risks from the financial and economic woes have intensified and there are concerns about upsurge in financial instability. “The average growth rate for most of the economies in the region is projected at six per cent on the back of strong domestic demand and accelerating exports.” He said although considerable progress had been made in economic growth and financial system stability, threats still lingered.

He, therefore, urged member-states to leverage the West African Monetary Zone, to strengthen cross border supervision, adding that improvement in the areas of capacity building and transparency in financial reporting was essential for standardising regulatory guidelines in the region.

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Kenyan Runners Dominate Berlin Marathons

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3 days 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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3 days 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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3 days 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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