What are some recent highlights from the business sector?
On October 9th, 2024, Fadekemi Ajakaiye reported on a grand celebration marking the third anniversary of PWAN Champion, which featured impressive car giveaways. In another development, Bennett Oghifo highlighted a collaborative initiative between the Federal Ministry of Housing and Urban Development (FMHUD) and the Association of Registered Architects of Nigeria (ARCON) aimed at establishing the Abuja School of Architectural Technicians.
In the sustainability arena, Kayode Tokede noted that the NGX Group praised the German Government and DEG for their unwavering commitment to sustainable practices. Despite the turbulent global market conditions, Nume Ekeghe revealed a significant boost in foreign reserves, which increased by $5.57 billion over the past six months.
Nonetheless, the economic landscape has its challenges. Kayode Tokede also reported a staggering 56.3% rise in banks’ impairment charges, reaching N1.03 trillion, a consequence of deteriorating economic variables.
On another note, discussions are ongoing regarding the implementation of the Compulsory Building Insurance Act, with a strong emphasis on establishing a solid development foundation. This theme is reflected in Odu’a Company’s partnership with the Southwest Development Commission.
The local business scene received a jolt of energy when X3M Ideas clinched the ‘African Agency of the Year’ award for the second consecutive year, solidifying its global standing. In addition, the Oweikorogha community celebrated the installation of a new solar mini-grid from All On and Ceesolar, highlighting advancements in sustainable energy.
As financial literacy becomes increasingly critical, experts are advising individuals to stay alert for investment scams in light of rising fraud threats. The focus remains on empowering communities, with companies like All On leading the charge in sustainable energy initiatives.
On the international front, the deepening relationship between Nigeria and the UAE signifies a shared vision for growth. The oil sector is also calling for unified action, as emphasized by the Nigerian Gas Association (NOGASA), while Eunisell Interlinked Plc reported solid performance and profit growth.
Additionally, a newly launched real estate project and CSR-in-Action’s innovative financing solutions in the extractive sector further reflect the shifting dynamics of Nigeria’s business landscape.
In aviation news, the resumption of Emirates flights to Nigeria has fostered optimism for the industry after a challenging period. Furthermore, Manchester Development Bank’s managing director noted that the recapitalization of the banking sector could increase Nigeria’s private-sector credit to above 13%.
In response to the current economic environment, stakeholders have expressed the necessity for collaborative efforts in tourism and youth development, signifying a growing commitment to innovation and empowerment across various sectors.
