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CBN Interventions Well Thought-out Responses — Nwanisobi

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4 years ago

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The Director of Corporate Communications, Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi, says the apex bank’s 37 intervention programmes in the economy are responses to socio-economic situations and exigencies.

He spoke at an Editors Master Class with the theme: Central Bank of Nigeria Interventions as Fulcrum for Economic Diversification,  organised by the Centre for Financial Journalism in Lagos.

CBN interventions are in healthcare, agriculture, creative industry, infrastructure, among others

Nwanisobi said the interventions were also in line with the pledge of CBN Governor, Mr. Godwin Emefiele, to run a people-centric central bank upon assumption of office.

He said that the interventions were a conscious effort by the CBN to ensure that all Nigerians, whatever their status, benefit from the economy.

The interventions, according to him, do not just happen but are well-thought-out responses by the CBN to exigencies, and practical efforts to diversify the economy.

He said the interventions were responses to market failures, stressing that no responsible central bank would fold its hands and watch the nation’s economy go down.

Nwanisobi who traced the evolution of interventions by the CBN from 1979, said the global financial crisis of 2008/2009 threw up multiple interventions by the CBN which also reflected the responses in other countries.

He argued that but for the CBN interventions, the economy would not have grown post-global crisis era.

“Interventions are necessary. Without interventions where would the Nigerian economy be by now?” he asked rhetorically.

“Who would have thought that a time would come in Nigeria and the rest of the world that economies would experience total shutdown as we experienced in the case of Covid-19?

“Just imagine what would have happened if CBN did not respond with well-planned intervention in the containment of Covid-19 and the attendant financial crisis,” the CBN spokesman said.

Mr. Olabimtan Adebowale of the Development Finance Department of CBN, in his presentation, outlined the benefits of the various interventions which he described as “development finance interventions”.

He said they were well-planned and targeted at meeting specific needs, all aimed at growing the economy and improving the living standards of the people.

Adebowale said the interventions were meant to increase lending to high-impact and employment-elastic sectors of the economy, diversify the economic base, create jobs, and improve macroeconomic stability.

He said they were also to encourage exports and conserve foreign exchange reserves, expand output of agriculture, manufacturing and services sectors, provide access to affordable credit, and boost the capacity of MSMEs in priority sectors of the economy.

According to Adebowale, one of the interventions aimed at boosting local production and creating employment is the new financial instrument — “The 100 for 100 PPP – Policy on Production and Productivity”.

Under the policy, the CBN will advertise, screen, scrutinize and financially support 100 targeted private sector companies in 100 days.

The programme took-off on Nov. 1, and would roll over every 100 days with new set of 100 companies.

The master class also featured a presentation and practical session on onboarding of the eNaira.

Recall that the eNaira was launched on Oct. 25 by President Muhammadu Buhari to complement the physical naira and help deepen the digital economy space.

Mr. Yusuf Abduljelil, in his presentation, said Nigeria was the first African nation to introduce a central bank digital currency.

The CBN official assured that the eNaira platform had enough layers of encryption and integrity to protect it from hackers.

During the master class, participants were able to onboard seamlessly to the eNaira platform, following which it received positive reviews from them.

 

 

 

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Black History

Bernice King’s Redemption Bank is now the first Black-owned in the West

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3 months ago

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June 27, 2025

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In 2023, a group of Black investors based in Atlanta agreed to buy a white-owned bank, Holladay Bank & Trust, and convert it into a Black-owned one. The investors included Dr. Bernice A. King, a daughter of civil rights icon Dr. Martin Luther King Jr; Ashley D. Bell, a former White House policy adviser, and former NFL player Dhani Jones.

They planned to rename the Utah-based institution Redemption Bank and said they wanted to provide financial services to Black communities historically underserved by financial institutions while offering online banking services and small business loans.

The deal, which was awaiting regulatory approval, would mark the first time Black investors purchased a non-Black bank, a statement by Redemption Holding Company said at the time. It would also be the first time in American history that an existing commercial bank would become a Black-owned Minority Depository Institution (“MDI”) through acquisition, the statement added.

After two years, Redemption has finally completed its acquisition of Holladay Bank & Trust. It makes it the first time a bank has been owned by a Black-led investment group in the Western U.S., the AP reported this month.

The acquisition got delayed due to the collapse of Silicon Valley Bank in 2023, Bell, CEO and chairman of Redemption Holding, told the AP.

“This process has undoubtedly taken longer than any of us anticipated,” Bell said. “However, we are grateful for the diligence of the staff at the FDIC, the leadership of the (American Bankers Association), and the renewed sense of urgency from the new administration this year, all of which helped bring everything together.”

While Bell is the CEO, King is expected to be Redemption Bank’s senior vice president for corporate strategy and serve on the company’s advisory board.

With about $65 million in assets, Redemption Bank will be the first Black-owned bank not physically located within an economically vulnerable community and the first in the Rockies, according to the AP.

It will also be the only one located in the Black-banking desert that stretches from Houston to Los Angeles, the AP added.

The company will further become the 24th Black-owned bank in the nation, termed as Minority Depository Institutions (MDI). MDI is a federal designation for banks and unions that are owned or controlled by minority groups. The most recent MDI was Adelphi Bank, launched in January 2023.

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Africa

Hotel groups Hilton and Marriot announce African expansion plans

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3 months ago

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June 21, 2025

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U.S. hotel chains Hilton and Marriott have announced African expansion drives to tap into the continent’s rapid tourism growth.

Rising business and leisure travel on the continent has made it increasingly attractive for multinational companies and Hilton said on Wednesday that it plans to more than triple its African portfolio to more than 160 hotels.

The company plans to enter Angola, Ghana and Benin for the first time while returning to Madagascar and Tanzania, its statement said without providing a specific time horizon for the expansion plans.

Marriott expects to add 50 properties by 2027, it said on Wednesday. Those will include entry into five new countries: Cape Verde, Ivory Coast, the Democratic Republic of Congo, Madagascar and Mauritania.

The group’s existing African portfolio encompasses nearly 150 properties and 26,000 rooms across 20 countries and 22 brands.

Airlines have also increased their African capacity.

Emirates now offers 161 weekly flights across Africa, recently adding daily services to Entebbe and Addis Ababa. United Airlines launched a direct Washington-Dakar route in May and Delta will begin a seasonal daily flight to Accra in December.

International arrivals to the continent rose 9% year on year in the first quarter of 2025, the United Nations World Tourism Organization says, 16% above the same period of pre-pandemic 2019.

That momentum is translating into economic impact. Tourism accounts for between 3% and 7% of gross domestic product in countries such as Kenya, Morocco and South Africa, and up to 15% in tourism-heavy economies such as Namibia, World Bank and national statistics show.

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Business

AfricanShowcase 2025 Set to Transform Barking Town Centre into a Celebration of African Culture and Commerce

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4 months ago

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May 10, 2025

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Barking Town Centre will come alive with the sights, sounds, and flavors of Africa as AfricanShowcase 2025 arrives for a one-day festival spotlighting the continent’s vibrant culture, commerce, and creativity.

Set for Wednesday, August 13, this dynamic event will feature over 30 curated stalls offering authentic African wares—from handwoven textiles and artisan jewelry to gourmet delicacies and unique cultural artefacts. Designed as both a cultural festival and a business platform, AfricanShowcase connects the public, press, and buyers directly with African creators and entrepreneurs.

Festivalgoers can expect a packed lineup of live entertainment, including performances by drummers, dancers, poets, and singers from Gambia, Ghana, and Nigeria. A high-energy runway fashion show will highlight cutting-edge African designers, while interactive workshops will invite participants to try traditional Kente weaving and head wrap styling.

The event also boasts uplifting music by Afrobeats DJs and a local gospel choir, along with a lively cultural procession that will wind through Barking Town Centre.

Sponsored by LemFi, Abfoods, Mr. Fatai Abiola, and 1Accord Living Ltd, the showcase is proudly supported by the London Borough of Barking and Dagenham Council and Town Centre Manager Lianne Douglas.

“AfricanShowcase is more than a market—it’s a celebration of Africa’s rich heritage, a platform for African businesses, and a joyful reminder of the beauty of cultural exchange,” said Ola Mustapha, Founder of Kiskirine Events Ltd.

Launched in Brent in 2003, AfricanShowcase has evolved into a signature event for celebrating African excellence in the UK, drawing crowds from across the capital. The 2025 edition promises a vibrant day of community, connection, and cultural pride.

 

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