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AFDB To Lend Nigeria $4.1bn

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The African Development Bank is working on giving Nigeria loan facilities of $4.1bn between now and next year for critical sectors of the economy.

The loans include $1bn at a concessionary interest rate of 1.2 per cent for Nigeria to address the 2016 budget deficit and aid her economic recovery.

The President, AfDB, Dr. Akinwunmi Adesina, disclosed this to State House correspondents on Monday after a meeting with Vice President Yemi Osinbajo and other members of the Economic Management Team at the Presidential Villa, Abuja.

According to the AfDB president, the package includes; $1bn in budget support, $300m to create jobs for 185,000 youths, $250m towards infrastructure development in the North-East, $1m grant to deal with challenges of Internally Displaced Persons, $300m for infrastructure development around Abuja, and $200m for the Transmission Company of Nigeria to improve its facilities, among others.

Stressing that Nigeria was the largest shareholder in the bank, Adesina said that the bank was in the country to offer its support in the face of the current tough times.

He said, “I think the times are difficult but I want to commend the government for being bold in taking the right decisions. I think that the fact that the price of crude oil has gone down is a big challenge, because you have 98 per cent external forex revenue coming from the sector.

“So, it has created calibrations; I’m not going to go into the details of all the problems, but what is important is what we are going to do about it.

“I’m not here to lecture the Nigerian government. I’m here to support very strongly. We have said that we are going to support the Nigerian government with the budget support to be able to deal with some of the fiscal imbalances that they have. We are looking to consider for an award of $1bn to help to deal with that particular deficit.”

Adesina added that the bank would help to revive Nigeria’s economy, especially by deepening the level of diversification in critical sectors such as agriculture, solid minerals and manufacturing.

According to him, the bank is going to provide in total $4.1bn to Nigeria between 2016 and 2017 for power, infrastructure, agriculture and for the private sector, including financing and lending to the Small and Medium-scale Enterprises.

He also said that he expected the AfDB portfolio in the country to grow to $10bn by 2019.

Adesina, a former Nigerian Minister of Agriculture, added, “We also recognise that power is perhaps the most important challenge that is driving inflation in the country. So, we expect in our portfolio this year to invest in a total of 1,400 megawatts of power to focus on the energy sector; and by 2017, we plan to add 1,387 megawatts to the sector.”

He said that the bank also discussed with Osinbajo and the Minister of Finance, Kemi Adeosun, on how to invest in areas of women and youth employment in the country as well as to look for opportunities to support access to finance by supporting the Development Bank of Nigeria with $500m, which will help to provide cheap financing for the real sector that the country wants to grow.

According to him, the bank is also providing $100m to the Bank of Industry to enable it to lend to small and medium-sized enterprises.

Adesina said, “Let me just say that Nigeria is experiencing tough times, but Nigeria is not falling apart; and when people talk about debt crisis, Nigeria is not in a debt crisis. If you look at the fiscal deficit of this country with regard to the GDP, it is about three or 3.5 per cent. It is still way below the five per cent recommended by the Fiscal Responsibility Act.

“If you look in terms of the debt to the GDP ratio for Nigeria, it is 15 per cent. So, there is no debt crisis in Nigeria; what you have is liquidity problem and we are trying for the country to be able to drive down inflation and to be able to make sure we are working with the government to be able to provide incentives for the private sector.

“Because to come out of recession you need more than the government, you need the private sector. So, incentives are very important. The Finance minister talked about a whole lot of incentives that they are going to give and I think that is the right way to go.

“Nigeria will come out of this as a better and more diversified economy than before it went into the recession.”

Also speaking, Adeosun said there was no need to fear over the new loan as it would be put into good use, adding that the government was not over-borrowing.

She added, “And as Dr. Adesina said, we are looking unto them with $1bn budget support; but beyond that, there are lots of loans and initiatives around agriculture, job creation for the youths, solid minerals, women empowerment and women’s access to finance, and access to finance by the SMEs.

 

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Inside the Success of Yoruba Cinema’s Biggest Stars

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Inside the Success of Yoruba Cinema’s Biggest Stars

King of the Screen: Why Odunlade, Muyiwa, Femi Adebayo Remain Yoruba Movie Giants

 

The Yoruba movie industry has continued to produce legendary talents whose influence stretches beyond Nigeria to global audiences. Over the years, some actors have distinguished themselves through consistency, versatility, box office success, and cultural impact.

 

Among the numerous stars in Nollywood’s Yoruba sector, three actors have remained dominant figures whose names constantly resonate with fans and filmmakers alike — Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo.

Inside the Success of Yoruba Cinema’s Biggest Stars

Odunlade Adekola: The Street King of Yoruba Cinema

 

Popularly regarded as one of the most entertaining actors in Nollywood, Odunlade Adekola has built a unique reputation through his energetic delivery, comic timing, emotional depth, and strong connection with grassroots audiences.

From comedy to action and emotional family dramas, the actor has consistently proven his versatility in blockbuster productions. His ability to interpret diverse roles effortlessly has made him a household name across Nigeria.

Industry observers believe his dominance on social media platforms, where his movie clips frequently go viral, has further strengthened his popularity among younger audiences.

Beyond acting, Odunlade has also contributed immensely to mentoring upcoming talents and expanding the commercial value of Yoruba films.

 

Muyiwa Ademola: The Master Storyteller

 

For many lovers of indigenous movies, Muyiwa Ademola remains one of the finest storytellers the Yoruba film industry has produced.

Widely respected for producing emotional and morally driven movies, the actor earned massive recognition through classic productions that focused on family values, culture, betrayal, perseverance, and societal lessons.

His calm delivery, deep scripts, and originality have kept him relevant despite changing trends in the entertainment industry.

Film critics often describe Muyiwa Ademola as one of the few actors whose productions combine entertainment with strong cultural education, making his movies timeless among older and younger viewers alike.

 

 

Femi Adebayo: The Modern-Day Box Office Force

 

Femi Adebayo Unveils Cultural and Romantic Inspirations Behind New Film, ‘Seven Doors’

Femi Adebayo has successfully combined traditional Yoruba storytelling with modern cinematic excellence, helping to project indigenous films to international audiences.

The actor, filmmaker, and producer has recorded major successes with high-budget productions that gained attention on streaming platforms and cinemas.

Known for his professionalism and attention to detail, Femi Adebayo has continued to push Yoruba movies beyond local boundaries while preserving cultural identity.

Entertainment analysts say his ability to blend culture, technology, and quality production has positioned him among the leading faces shaping the future of Yoruba cinema.

Growing Global Influence

The success of these actors reflects the increasing acceptance of indigenous Nigerian content globally. With streaming platforms creating wider access to local movies, Yoruba actors are now gaining international recognition and attracting new audiences.

Fans and stakeholders in the entertainment industry believe the contributions of Odunlade Adekola, Muyiwa Ademola, and Femi Adebayo have not only sustained Yoruba culture through film but have also elevated Nollywood’s global reputation.

 

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Eid-el-Kabir: Olowu of Kuta Urges Peace, Unity, Selflessness Among Nigerians

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Olowu Kuta To Yoruba Obas: Uplift Culture And Tradition Of Our Forebears

Eid-el-Kabir: Olowu of Kuta Urges Peace, Unity, Selflessness Among Nigerians

 

The Olowu of Kuta, HRM Oba Dr. Hammed Makama Oyelude, CON, Tegbosun III, has called on the Muslim Ummah and all Nigerians to make peace, unity, and selflessness their guiding principles as the world marks this year’s Eid-el-Kabir celebration.

 

 

In his Sallah message, the revered monarch described Eid-el-Kabir as a “highly spiritual occasion that demands dedication, commitment, and selflessness.”

 

 

Oba Makama said the period should be used to reflect on societal happenings and promote messages of hope and unity without inciting provocation.

 

 

He urged Nigerians to live together harmoniously, irrespective of religious, political, or tribal affiliations, stressing that politicians should exercise restraint and avoid inflammatory rhetoric ahead of the 2027 general elections.

 

 

“What should be uppermost in the mind of every patriotic Nigerian is **‘Country first,’” he said.

 

 

The monarch also appealed to citizens to remain vigilant in the face of insecurity, reassuring that the armed forces and paramilitary agencies are working round the clock to ensure a smooth and peaceful celebration.

 

 

“The price wise men pay for eternal liberty is vigilance. I urge everyone to celebrate moderately and extend a helping hand to the less privileged, widows, and orphans, embracing them as our brothers and sisters,” Olowu Makama added.

 

 

He concluded by wishing all Nigerians a peaceful and fulfilling Eid-el-Kabir celebration.

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Oba Babatunde Saliu Elebo II Felicitates Muslims on Eid-el-Kabir Celebration

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Oba Babatunde Saliu Elebo II Felicitates Muslims on Eid-el-Kabir Celebration

By Adeyemi Obadimu Veron

The Oloworo of Oworosoki Kingdom, Oba Babatunde Saliu Elebo II, has extended warm greetings and heartfelt felicitations to Muslims across Nigeria and the world at large on the joyous occasion of the 2026 Eid-el-Kabir celebration.

In a statement made available to Newsmen, the revered monarch urged Muslims to embrace the true teachings of Islam by promoting peace, love, unity, sacrifice, and compassion during and after the festive period.

Oba Babatunde Saliu Elebo II noted that Eid-el-Kabir, also known as Salah, remains one of the most significant celebrations in Islam as it symbolizes total obedience, faith, and devotion to Almighty Allah, drawing inspiration from the unwavering sacrifice of Prophet Ibrahim (Abraham), who demonstrated complete submission to the will of God.

According to the monarch, the Holy Qur’an teaches believers the importance of righteousness, kindness to humanity, tolerance, and support for the less privileged in society. He emphasized that the season should serve as a reminder for all Nigerians to live in harmony irrespective of religion, ethnicity, or political differences.

The royal father further called on Muslims to use the sacred period to pray fervently for peace, stability, economic growth, and sustainable development in Nigeria, stressing that national progress can only thrive in an atmosphere of unity and mutual understanding.

Oba Saliu also encouraged the faithful to extend hands of generosity to widows, orphans, and vulnerable members of society, noting that the essence of Eid-el-Kabir goes beyond celebration and feasting, but also reflects the spirit of sharing and caring for humanity as instructed in the Qur’an.

While wishing Muslims a peaceful and memorable Eid celebration, the Oloworo of Oworosoki prayed for divine blessings, prosperity, good health, and continued harmony in homes and communities.

“May this year’s Eid-el-Kabir strengthen our faith, deepen our love for one another, and bring renewed hope and abundant blessings to our nation,” the monarch stated.

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