Business

Lagos, One Of Most Recognised Sub National Economies In The World- CPC

Published

8 years ago

January 29, 2018

Sahara Weekly

…Commends Lagos Gov For Providing Quality Leadership

…As Ambode Tasks Council To Extend Operation To Transportation, Other Sectors

Director General of the Consumer Protection Council (CPC) Mr. Babatunde Irukera on Monday said that the Lagos State economy has emerged as not only one of the largest sub national economies in Africa but also one of the most recognised sub national economies in the world.

Irukera made the submission when he led a delegation of the CPC, top officials from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and United Nations Industrial Development Organisation (UNIDO) on a courtesy visit to Governor Akinwunmi Ambode at the Lagos House in Alausa, Ikeja.

The CPC boss, while noting that Lagos was strategic to Nigeria’s growth and development, said the State had become a model for other States in Nigeria and a force to reckon with in the global space.

“Lagos State is one of the largest sub national economies in Africa and one of the most recognised sub national economies in the world. That is something, because it means that the economy of Lagos is far larger than many countries in the world. To lead that kind of a State is an incredible thing because in many respects you are leading a sub national entity that is greater than many nationals all over the world. So, you actually have Presidents that are actually smaller than the Governor of Lagos,” he said.

Irukera, who said they were in Lagos to flag off advocacy on the National Quality Infrastructure Project, noted that the choice of Lagos was due to its strategic positioning in terms of housing the bulk of production and importation activities in Nigeria and also for the fact that majority of complaints received by the CPC comes from consumers in the State.

He said the National Quality Infrastructure Project was a partnership between the Federal Government and UNIDO to sensitise citizens about demanding quality and also ensuring the manufacturers of goods and services respect appropriate quality standards.

While commending the State Government for setting up the Consumer Protection Agency (CPA), Irukera lauded the Governor for providing quality leadership which according to him has raised the bar of governance in Nigeria.

“The fact that we recognise your record as an individual and in the period that you have led Lagos State demonstrates that beyond recognizing what the issues are, you are right on board and working on the issues.

“While people might excuse the proscription of their rights by their government, they certainly will never excuse a government that cannot protect it from other private citizens and you have demonstrated that you recognise that as an important thing and you have taken a fundamental step to that,” Irukera said.

Responding, Governor Ambode charged the CPC to look beyond the rights of people to have quality products and services and beam its searchlight on other key sectors which have direct impact on the standard of living of Nigerians.

“The kind of services that we provide in terms of transportation; is it the kind of thing that our people should have, should we just label them and say that is what their own lifestyle should be? These are things that we should find some platform to talk about,” Governor Ambode said.

While pledging support for the ‘National Quality Infrastructure Project’ the Governor said the campaign would ensure that the right of Lagosians and Nigerians in general to quality goods and services is guaranteed, adding that concerted efforts must continue to be done by all stakeholders to ensure that Nigerians are only exposed to the best.

He said his administration had already queued behind the advocacy with the setting up of the Lagos State Consumer Protection Agency (CPA), chaired by consumer rights advocate and lawyer, Mrs Olufunmilola Falana.

“I am very excited that the Consumer Protection Council is on this advocacy. We are excited also that barely three weeks ago, we were also able to set up our own agency and with a charge that they must commence operation immediately to be able to do that missing part between the ordinary Nigerian citizen and the product of goods and services in this country.

Governor Ambode had earlier in his opening remarks said he had initially wanted to cancel the visit due to the demise of his Special Adviser on Commerce, Industry and Cooperatives, Mr. Deji Tinubu last week Thursday who ought to have coordinated the visit by the CPC delegation.

“We should have cancelled this courtesy visit but again you know the business of government will always go on because we had actually agreed about two weeks earlier that we would receive the Consumer Protection Council. As at this morning, it should have been Deji that should have been sitting beside me here, because we are yet to have a Commissioner for Commerce. This was one of the last assignment that he was actually doing on Thursday to clear this visit. So, in his memory, we had to ensure that we do this courtesy visit. That’s how government business is. I don’t want to start Monday on a solemn note, so I do this courtesy visit with all sincerity and all sense of responsibility”, Governor said.

Among those present at the visit include the National President, NACCIMA, Iyalode Alaba Lawson; Chief Technical Adviser, UNIDO, Dr. Shaukat Malik; Deputy Director, Federal Ministry of Industry, Trade & Investment, Mr. Adamu Moh’d Abdulhamid and Chairman, Lagos State Consumer Protection Agency, Mrs. Funmilola Falana.

Business

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Published

3 days ago

February 19, 2026

Sahara Weekly

Nigeria’s Inflation Drops to 15.10% as NBS Reports Deflationary Trend

Nigeria’s headline inflation rate declined to 15.10 per cent in January 2026, marking a significant drop from 27.61 per cent recorded in January 2025, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics.

The report also showed that month-on-month inflation recorded a deflationary trend of –2.88 per cent, representing a 3.42 percentage-point decrease compared to December 2025. Analysts say the development signals easing price pressures across key sectors of the economy.

Food inflation stood at 8.89 per cent year-on-year, down from 29.63 per cent in January 2025. On a month-on-month basis, food prices declined by 6.02 per cent, reflecting lower costs in several staple commodities.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The administration of President Bola Ahmed Tinubu has consistently attributed recent economic adjustments to ongoing fiscal and monetary reforms aimed at stabilising prices, boosting agricultural output, and strengthening domestic supply chains.

Economic analysts note that while the latest figures indicate progress, sustaining the downward trend will depend on continued policy discipline, exchange rate stability, and improvements in food production and distribution.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

The data suggests a sustained downward trajectory in inflation over the past 12 months, pointing to improving macroeconomic stability.

The January report provides one of the clearest indications yet that inflationary pressures, which surged in early 2025, may be moderating.

Bank

Alpha Morgan to Host 19th Economic Review Webinar

Published

4 days ago

February 18, 2026

Sahara Weekly

Alpha Morgan to Host 19th Economic Review Webinar

In an economy shaped by constant shifts, the edge often belongs to those with the right information.

On Wednesday, February 25, 2026, Alpha Morgan Bank will host the 19th edition of its Economic Review Webinar, a high-level thought leadership session designed to equip businesses, investors, and individuals with timely financial and economic insight.

The session, which will hold live on Zoom at 10:00am WAT and will feature economist Bismarck Rewane, who will examine the key signals influencing Nigeria’s economic direction in 2026, including policy trends, market movements, and global developments shaping the local landscape.

With a consistent track record of delivering clarity in uncertain times, the Alpha Morgan Economic Review continues to provide practical context for decision-making in a dynamic environment.

Registration for the 19th Alpha Morgan Economic Review is free and can be completed via https://bit.ly/registeramerseries19

It is a bi-monthly platform that is open to the public and is held virtually.

Visit www.alphamorganbank to know more.

Business

GTBank Launches Quick Airtime Loan at 2.95%

Published

5 days ago

February 17, 2026

Sahara Weekly

GTCO increases GTBank’s Paid-Up Capital to ₦504 Billion

GTBank Launches Quick Airtime Loan at 2.95%

Guaranty Trust Bank Ltd (GTBank), the flagship banking franchise of GTCO Plc, Africa’s leading financial services group, today announced the launch of Quick Airtime Loan, an innovative digital solution that gives customers instant access to airtime when they run out of call credit and have limited funds in their bank accounts, ensuring customers can stay connected when it matters most.

In today’s always-on world, running out of airtime is more than a minor inconvenience. It can mean missed opportunities, disrupted plans, and lost connections, often at the very moment when funds are tight, and options are limited. Quick Airtime Loan was created to solve this problem, offering customers instant access to airtime on credit, directly from their bank. With Quick Airtime Loan, eligible GTBank customers can access from ₦100 and up to ₦10,000 by dialing *737*90#. Available across all major mobile networks in Nigeria, the service will soon expand to include data loans, further strengthening its proposition as a reliable on-demand platform.

For years, the airtime credit market has been dominated by Telcos, where charges for this service are at 15%. GTBank is now changing the narrative by offering a customer-centric, bank-led digital alternative priced at 2.95%. Built on transparency, convenience and affordability, Quick Airtime Loan has the potential to broaden access to airtime, deliver meaningful cost savings for millions of Nigerians, and redefine how financial services show up in everyday life, not just in banking moments.

Commenting on the product launch, Miriam Olusanya, Managing Director of Guaranty Trust Bank Ltd, said: “Quick Airtime Loan reflects GTBank’s continued focus on delivering digital solutions that are relevant, accessible, and built around real customer needs. The solution underscores the power of a connected financial ecosystem, combining GTBank’s digital reach and lending expertise with the capabilities of HabariPay to deliver a smooth, end-to-end experience. By leveraging unique strengths across the Group, we are able to accelerate innovation, strengthen execution, and deliver a more integrated customer experience across all our service channels.”

Importantly, Quick Airtime Loan highlights GTCO’s evolution as a fully diversified financial services group. Leveraging HabariPay’s Squad, the solution reinforces the Group’s ecosystem proposition by bringing together banking, payment technology, and digital channels to deliver intuitive, one-stop experiences for customers.

With this new product launch, Guaranty Trust Bank is extending its legacy of pioneering digital-first solutions that have redefined customer access to financial services across the industry, building on the proven strength of its widely adopted QuickCredit offering and the convenience of the Bank’s iconic *737# USSD Banking platform.
About Guaranty Trust Bank

Guaranty Trust Bank (GTBank) is the flagship banking franchise of GTCO Plc, a leading financial services group with a strong presence across Africa and the United Kingdom. The Bank is widely recognized for its leadership in digital banking, customer experience, and innovative financial solutions that deliver value to individuals, businesses, and communities.

About HabariPay

HabariPay is the payments fintech subsidiary of GTCO Plc, focused on enabling fast, secure, and accessible digital payments for individuals and businesses. By integrating payments and digital technology, HabariPay supports innovative services that make everyday financial interactions simpler and more seamless.
Enquiries:

GTCO
Group Corporate Communication
[email protected]
+234-1-2715227
www.gtcoplc.com