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Lagos Govt to partner Poland on economic development



LASG to partner Poland on economic development

(Photo: L-R: Head, Foreign Trade Office, Polish Investment and Trade Agency, Lagos, Ms. Justyna Sitarska; Polish Ambassador to Nigeria, Joanna Tarnawaska; Lagos State Deputy Gov. Dr Obafemi Hamzat; Secretary to the State Government, Mrs Bimbola Salu-Hundeyin and the Chief of Staff to Lagos State Gov. Mr Tayo Ayinde)

The Lagos State Government has expressed its readiness to collaborate with the Polish Government to enhance the economic activities of the state and country as a whole.

Gov. Babajide Sanwo-Olu stated this during a courtesy visit by the Ambassador of the Republic of Poland to Nigeria, Ms. Joanna Tarnawaska at Alausa, Ikeja.

The governor, who was represented by his deputy, Dr Obafemi Hamzat, said the state was ready to partner with the Polish Government through its Ministry of Commerce, Industry and Cooperative.

According to him, “we are ready to work with various companies in Poland for the overall development of both Lagos state and Nigeria as a whole.”

Sanwo-Olu assured that the partnership between the two tiers of government and the Polish government would be very good.

“We have a government at the federal level that is ready to listen and work on moving every sector of the economy forward both economically and financially.

“Therefore, we will make sure that we elevate our economic activities and of course Nigeria, through your collaboration with the state’s Ministry of Commerce, Industry and Cooperatives, ” he said.

The governor stated that Lagos, being the centre of all actions in the country, the partnership would help uplift the country because virtualy all ethnic groups were in Lagos.

Earlier, the Polish ambassador said the Republic of Poland had enjoyed good diplomatic relationship with the state government and hoped to enhance the relationship to trade.

Tarnawaska noted the essence of the visit was for cooperation between Poland and Lagos State.

“Former President Mohammed Buhari last year signed a Memorandum of Understanding with the Polish Government.

The ambassador added, “With the Head of the Foreign Trade, Ms. Justyna Sitarska, together we will look for new opportunities for cooperation between Poland and the Lagos State Government,” she said.


Hardship: Protesters Defy Police Warning, Hit Lagos Streets



Residents have hit the streets of Lagos State to protest against the increasing spike in the price of food and the high cost of living in the country.

The protest was facilitated by a human rights group identified as the “Take It Back Movement.”

This comes against the warning issued by the Lagos State Commissioner of Police, Adegoke Fayoade, on Sunday.

The protesters were seen carrying placards of various inscriptions at Ojuelegba Under Bridge area of the state to express their grievances.

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CBN Lifts Ban On BDCs, Introduces New Operational Mechanism



In a major development aimed at financial stability and strengthening the naira, the Central Bank of Nigeria (CBN) plans to resume its weekly intervention in the country’s foreign exchange (FX) market through the Bureau de Change (BDC) operators.

In 2021, the central bank, in a bid to achieve its mandate of safeguarding the value of the local currency, ensuring financial system stability, and shoring up external reserves, announced the immediate discontinuance of foreign currency sales to Bureau de Change (BDC) operators in the country.

However, the resumed intervention, which would reportedly commence today for funding as well as Tuesday for collection, will see the apex bank inject FX into the subsector in a bid to rescue the naira from further depreciation against major currencies, particularly the US Dollar. The collection will be at designated CBN branches in Lagos, Abuja, Kano, and Awka, while details of the naira accounts to be credited for funding bidding will also be made available today.

CBN is also expected to publish the list of eligible BDCs to benefit from its funding using certain compliance criteria.National Executive Council of Association of Bureau De Change Operators of Nigeria (ABCON) hinted on the latest developments through a memo to its members over the weekend.

The association also warned members that it will no longer be business as usual under the new supervisory regime of the central bank, as any infringement or infraction would result in outright revocation of license and prosecution.

ABCON said through the association’s various engagements with the central bank, in conjunction with ABCON’s strategic partners, CBN had agreed to its request, under the bank’s supervision, to inject liquidity into the market through a weekly intervention beginning today.

CBN assured ABCON that the new circular on the Revised Regulatory and Supervisory Guidelines to BDCs, which was introduced over the weekend, was only a draft exposure that required the association’s inputs before the release of the final guidelines by the apex bank.

To that effect, the letters of the guidelines were not cast in stone, the association’s leadership told its members, who had been worried over the sweeping reforms in the document, which, among other things, prescribed N2 billion and N500 million minimum capital for national and state BDCs, respectively.

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