Business
South-South Contributed Over 21% Nigeria’s GDP In 2024 – Banker’s institute
Published
2 months agoon
By
Editor
The President of the Chartered Institute of Bankers of Nigeria, Prof. Pius Olanrewaju, has stated that the South-South region contributed N34 trillion to the country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar on Thursday.
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.
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.
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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 reimagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises,” he said.
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 stakeholders collaborate to diversify the economy for shared prosperity.
He, however, commended Governor 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.
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On his part, Otu said that the conference discussion on the economic diversification in the 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 stated.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an agro-processing hub.
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Otu further said that the state had invested in aviation by acquiring more aircraft for Cally Air, constructing the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, the Cross River Branch Controller of the Central Bank of Nigeria, Mr Tolefe Jibunoh, said that the region was blessed with natural resources, cultural diversity and immense human potential.
Jibunoh, who was represented by Head, Currency Control Office, CBN, Calabar, Mr Segun Shittu, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast in maintaining monetary possibilities and promoting a sound financial system as a catalyst for sustainable economic development for the benefit of all.
NAN
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Business
FG Offers Up To 16.54% Yield On September Savings Bonds
Published
2 days agoon
September 1, 2025By
Editor
The Federal Government, through the Debt Management Office, is offering investors annual yields of up to 16.541% on its September 2025 Federal Government of Nigeria Savings Bonds.
The DMO, in a circular on its website on Monday, announced that the subscription window opens immediately and will close on Friday, September 5, 2025, with settlement scheduled for September 10, 2025.
Coupon payments will be made quarterly on March 10, June 10, September 10, and December 10 and will be paid directly to investors.
The DMO offered investors two subscription categories of the Federal Government Savings Bond.
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The first is a two-year bond, which will mature on September 10, 2027, and attracts an annual interest rate of 15.541 per cent.
The second is a three-year bond, set to mature on September 10, 2028, with a higher annual interest rate of 16.541 per cent.
The two-year bond interest rate rose to 15.541% in September 2025, up from 14.401% in August.
Similarly, the three-year bond recorded an increase to 16.541% in September, compared to 15.401% in the previous month.
The FGN Savings Bond programme, launched in 2017, aims to deepen the domestic bond market, promote financial inclusion, and give retail investors access to secure, low-risk government securities.
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Each bond unit is priced at ₦1,000, with a minimum subscription of ₦5,000 and additional subscriptions in multiples of ₦1,000. Individual investors can subscribe up to ₦50 million.
On the status of FGN Savings Bonds, DMO noted it “qualifies as securities in which trustees can invest under the Trustee Investment Act; Qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.
“Listed on The Nigerian Exchange Limited (and); qualifies as a liquid asset for liquidity ratio calculation for banks.”
The office said the bond is “backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.”
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
Published
3 weeks agoon
August 14, 2025By
Editor
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
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The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
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“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
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