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NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

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MOUN Lagos State Council rejoice with His Excellency Mr.Babajide Olusola Sanwo-Olu

NASRE Review: Lagos’ Discount Food Initiative Propels National Call for Economic Resilience

As Nigeria grapples with staggering inflation rates, reaching a distressing 31.7%, Nigerian Association of Social and Resourceful Editors, NASRE, stress that Lagos State emerges as a beacon of hope with its innovative approach to tackle the dire economic situation.
NASRE Review: Lagos' Discount Food Initiative Propels National Call for Economic Resilience
In response to the escalating cost of living, Lagos has pioneered the “Ounje Eko” food markets initiative, offering discounted prices on essential commodities across the state. This groundbreaking initiative, spearheaded by Governor Babajide Sanwo-Olu, not only alleviates the financial burden on its residents but also sets a precedent for nationwide adoption amidst the prevailing economic turmoil.
The latest Consumer Price Index (CPI) report from the National Bureau of Statistics (NBS) paints a grim picture of Nigeria’s economic woes. Headline inflation has surged to 31.7%, the highest level recorded since April 1996, exacerbating the hardships faced by ordinary Nigerians. Of particular concern is the soaring food inflation, which stands at a staggering 37.9% in February 2024.
This relentless upward trajectory in food prices has triggered protests and heightened the risk of food insecurity, with the International Monetary Fund (IMF) warning that 8.0% of Nigerians are at high risk of food insecurity.
Amidst this economic turmoil, Lagos State has taken proactive measures to cushion the impact of high food prices on its residents through the “Ounje Eko” food markets initiative. Operating exclusively on Sundays across 57 locations in the state, these markets offer a 25% discount on staple food items, including rice, beans, garri, bread, eggs, tomatoes, and pepper.
The initiative incorporates innovative measures to ensure transparency and prevent exploitation, such as the introduction of a voucher system and careful selection of independent payment solution providers and food vendors. Prices of staple food items have been clearly outlined, fostering transparency and accountability.
The success of the Lagos Discount Food Initiative underscores the urgent need for similar interventions across the nation. State governments are urged to emulate Lagos’s proactive approach and establish discounted food markets to ease the burden on their citizens.
Furthermore, the federal government must lend its support by providing financial assistance and logistical support to scale up these initiatives nationwide. Expanding the initiative to all states across Nigeria holds immense potential to alleviate the burden of skyrocketing food prices and mitigate the widespread economic hardships inflicted by inflation. Adopting this model nationwide will help ease financial strain and enhance food accessibility for all socio-economic strata, fostering social cohesion and stability.
Finally, a nationwide rollout of discounted food markets would stimulate consumer spending, boost local economies, and contribute to the overall well-being and resilience of communities nationwide. By embracing this initiative, all states have an opportunity to demonstrate proactive governance, prioritize the welfare of their citizens, and contribute to the collective effort of building a more equitable and prosperous Nigeria.

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Alpha Morgan to Host 19th Economic Review Webinar

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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.

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GTBank Launches Quick Airtime Loan at 2.95%

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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

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BUA Group, AD Ports Group and MAIR Group Launch Strategic Plan for World-Class Sugar and Agro-Logistics Hub at Khalifa Port

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Photo Caption: BUA GROUP, AD PORTS GROUP AND MAIR GROUP SIGN MOU TO EXPLORE COLLABORATION IN SUGAR REFINING, AGRO-INDUSTRIAL DEVELOPMENT, AND INTEGRATED GLOBAL LOGISTICS SOLUTIONS L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

BUA Group, AD Ports Group and MAIR Group Sign MoU to Explore Collaboration in Sugar Refining, Agro-Industrial Development, and Integrated Global Logistics Solutions

Abu Dhabi, UAE – Monday, 16th February 2026

 

BUA Group, AD Ports Group, and MAIR Group of Abu Dhabi today signed a strategic Memorandum of Understanding (MoU) to explore collaboration in sugar refining, agro-industrial development, and integrated global logistics solutions. The partnership aims to create a world-class platform that strengthens regional food security, supports industrial diversification, and reinforces Abu Dhabi’s position as a hub for trade and manufacturing.

 

The proposed collaboration will leverage BUA Group’s industrial and logistics expertise, Khalifa Port’s world-class infrastructure, and AD Ports Group’s operational experience. The initiative aligns with the objectives of the UAE Food Security Strategy 2051, which seeks to position the UAE as a global leader in sustainable food production and resilient supply chains. It also aligns with Nigeria’s food production- and export-oriented agricultural transformation agenda, focused on scaling domestic capacity, strengthening value addition, improving post-harvest logistics, and unlocking new markets for Nigerian produce across the Middle East, Asia, and beyond.

 

Photo Caption: BUA GROUP, AD PORTS GROUP AND MAIR GROUP SIGN MOU TO EXPLORE COLLABORATION IN SUGAR REFINING, AGRO-INDUSTRIAL DEVELOPMENT, AND INTEGRATED GLOBAL LOGISTICS SOLUTIONS

L-R:  Kabiru Rabiu, Group Executive Director, BUA Group;  Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

Photo Caption: L-R: Kabiru Rabiu, Group Executive Director, BUA Group; Cpt. Mohammed J. Al Shamisi, MD/Group CEO, AD Ports Group; Saif Al Mazrouei, CEO (Ports Cluster) AD Ports Group; Abdul Samad Rabiu, Founder/Executive Chairman, BUA Group; and Steve Green, Group CFO, MAIR Group

 

Through structured aggregation, processing, storage, and maritime export channels, the partnership is designed to reduce supply chain inefficiencies, enhance traceability and quality standards, and also create a predictable trade corridor between West Africa and the Gulf.

 

BUA Group—recognised as one of Africa’s largest and most diversified conglomerates, with major investments across sugar refining, food production, flour milling, cement manufacturing, and infrastructure- brings extensive industrial expertise and large-scale operational capability to the venture. MAIR Group will provide strategic support in developing integrated logistics and agro-industrial solutions, creating a seamless platform for production, storage, and distribution.

 

Abdul Samad Rabiu, Founder and Chairman of BUA Group, said:

“This MoU marks an important milestone in BUA’s international expansion and reflects our long-term vision of building globally competitive industrial platforms. Together with AD Ports Group and MAIR Group, we aim to develop sustainable food production and logistics solutions that strengthen regional supply chains and support the UAE’s Food Security Strategy 2051.”

 

He further added that, “This partnership represents not just a commercial arrangement but a strategic food corridor anchored on shared economic ambition, resilient infrastructure, and disciplined execution, reinforcing long-term food security objectives for both nations.”

 

A representative of MAIR Group added:

“This collaboration underscores our commitment to advancing strategic industries in Abu Dhabi and building integrated solutions that reinforce the UAE’s position as a global hub for trade, food security, and industrial excellence.”

 

A spokesperson from AD Ports Group commented:

“Our partnership with BUA Group and MAIR Group highlights Khalifa Port’s role as a catalyst for high-impact industrial investments. This initiative will enhance regional food security, strengthen global trade connectivity, and support Abu Dhabi’s economic diversification goals.”

 

This MoU marks a historic collaboration that combines world-class infrastructure, industrial expertise, and strategic vision, setting the stage for a sustainable and resilient food and logistics ecosystem that will benefit the UAE, the region, and global markets alike.

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