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South-South Contributes N34trn To Nigeria’s Economy In 2024 – Institute

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11 months ago

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Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to re-imagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He,  however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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COAS Tasks Troops To Dominate Battlespace, Intensify Offensive In N/Central

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3 days ago

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May 29, 2026

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The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has tasked troops of Operation SAVANNAH SHIELD to dominate the battlespace and intensify offensive operations against kidnappers, bandits and other criminal elements in the North Central region.

Shaibu gave the directive yesterday during his maiden operational visit to the Headquarters, Joint Task Force North Central (JTF-NC), at Sobi Barracks, Ilorin.

This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja, yesterday.

Shaibu said the Nigerian Army would remain resolute in its constitutional responsibility of safeguarding lives and property, stressing that troops must sustain pressure to decisively deny criminal elements freedom of action.

He assured personnel of continued deployment of combat enablers and operational resources to enhance clearance operations and dismantle criminal hideouts across Kwara and Niger states.

The COAS reaffirmed his commitment to troop welfare, noting that improved welfare remained critical to sustaining morale, operational effectiveness and combat readiness.

He urged the troops to remain disciplined, professional and loyal to the Constitution and the democratically elected government.

Earlier, the Theatre Commander, JTF-NC Operation SAVANNAH SHIELD, Maj.-Gen. Yakubu Yahaya, commended the COAS for his strategic leadership and support.

Yahaya assured that troops would remain committed and steadfast in restoring peace and stability in the region.

 

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Obuah’s Victory Excites Former Lawmaker as APC Primaries Conclude in Rivers West

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3 days ago

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May 29, 2026

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A former member of the Rivers State House of Assembly, Hon. Nathaniel Uwaji, has expressed excitement over the emergence of Bro Felix Obuah as the All Progressives Congress (APC) candidate for Rivers West Senatorial District following the party’s just concluded primaries.
Hon. Uwaji, who formerly represented Ogba/Egbema/Ndoni Constituency I, described Obuah’s emergence as a reflection of the wishes and aspirations of the people of Rivers West.
Speaking shortly after voting at Ward Five, Obrikom, Uwaji commended party members and supporters for turning out en masse to participate in the exercise and vote for what he described as “the right candidate.”
According to him, Bro Felix Obuah’s reputation as a bridge builder and grassroots politician makes him well suited to represent Rivers West in the Senate.
“Bro Obuah’s antecedents speak volumes across the length and breadth of Rivers State. The people are pleased to have him represent them at the National Assembly because he has paid his dues,” Uwaji stated.
The former lawmaker further noted that Obuah has remained unwavering in his support for President Bola Ahmed Tinubu and the Minister of the Federal Capital Territory (FCT), Chief Nyesom Wike, whom he described as key political leaders with strong followership in the state.
“There is no doubt that Bro Obuah has consistently demonstrated loyalty and support to both President Tinubu and Chief Wike. He remains one of the strongest allies of the FCT Minister,” he said.
Uwaji maintained that Obuah’s popularity and political track record have endeared him to the people, stressing that his victory at the primaries was widely expected.
“The name Bro Obuah is already a household name in Rivers State politics because of his track records. This victory has once again demonstrated his popularity and acceptance among the people,” he added.
He also thanked the people of Ward Five, Obrikom, and other stakeholders for their overwhelming support during the primaries, expressing confidence that the APC candidate would record another victory during the 2027 general elections.
“As you can see from the results, the people voted overwhelmingly for him, and they will repeat the same feat during the main election in 2027. Ward Five, Obrikom, will be among the first to deliver results for Bro Obuah and Mr. President,” Uwaji declared.
The former lawmaker also commended security agencies and electoral officials for ensuring a peaceful, free, fair, and credible primary election process.
He assured constituents that Bro Felix Obuah would not disappoint the people if elected into the Senate.
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Navy Upgrades Training, Infrastructure To Tackle Security Threats

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3 days ago

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May 29, 2026

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The Nigerian Navy says it is expanding training and infrastructure to address emerging security threats and strengthen operational efficiency across formations and units nationwide.

The Chief of Naval Staff, Vice Adm. Idi Abbas, spoke during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers as part of activities marking the Nigerian Navy’s 70th anniversary.

Abbas, represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, said the projects reflected significant progress made by the navy since its establishment in 1956 from the British Royal Navy.

“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the navy’s constitutional responsibilities.”

According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.

Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.

Others were the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.

Abbas described the new theatre as a major milestone for the navy’s medical services.

“Previously, injured personnel requiring surgeries were referred outside the facility.

“With this theatre, surgeries can now be conducted within the base.’’

He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.

The naval chief assured officers, ratings and trainees that the navy leadership remained committed to their welfare and wellbeing.

“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.

In addition, NAVTRAC distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area of Rivers.

Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.

Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.

“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.

He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.

Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.

He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.

 

 

 

 

 

 

 

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