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Nigeria Must Create 4 Million Jobs Annually To Ensure Growth – Ambode

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8 years ago

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…Asks CBN To Reduce Lending Rate On N200bn MSME Fund

Lagos State Governor, Mr Akinwunmi Ambode on Saturday said for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually and as well jettison policies that stifle development.

Speaking at the opening session of the 9th Annual Bankers’ Committee Retreat of the Central Bank of Nigeria (CBN) held at Renaissance Hotel in Ikeja, Lagos, Governor Ambode said it was time for the government to review such policies that inhibit growth, and as well come up with a well-functioning low cost financial system that will work for all Nigerians.

While describing the theme of the retreat – “Improving Financial Access, Enabling Job Creation and Driving Inclusive Growth in Nigeria,” as apt, the Governor said same was at the heart of the nation’s economy and are important determinants of the country’s future prosperity, but that all hands must be on deck to create more jobs for the people and ensure 6.7 per cent annual growth rate.

He said: “To meet our growth ambitions we need jobs. Figures from the National Bureau of Statistics show that in employment terms, from a labour force population of about 81million people, we currently have 11.5million people unemployed in Nigeria and 17million people under-employed with the total employment is around 52.6million while the working age population grows by 3.7 per cent every year. So, to make a meaningful dent on un-employment and underemployment, and to reduce poverty (which is at over 60 per cent), we need to be creating at least four million jobs per year.

“Where do banks fit into all of this? Well, the reality is if we do not have a well-functioning banking sector, all of this is not possible. Both investment and day-to-day commerce requires the intermediation of banks. And while someone outside of the formal financial sector can in some cases make a living, the reality is that incomes of the bottom of the pyramid are increased when we have better financial inclusion but we are not there yet.”

The Governor, who particularly alluded to the strategy adopted in Kenya to deepen financial inclusion, said efforts must be made to ensure low cost access to banking services especially through mobile money.

He said it was painful that mobile money had been so slow to take off in Nigeria despite huge population, saying it remained very low, increasing from just 0.7million adults in 2014 to 0.9million in 2016, despite the fact that there were about 58.2million people who actually had mobile phones in 2016.

Besides, Governor Ambode challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players in the financial system to decide the type of financial system that will really impact on employment and bring more people into the formal financial system.

According to him, “This is where we should focus as a nation not the type of directives or decisions that actually try to stifle growth and commerce. One clear example is this; as a State Government, I want to take a commercial loan from the bank and they tell me I should go and get a letter from Debt Management Office (DMO); I should get approval from the Federal Ministry of Finance; I should go to CBN and so on. Who does that?

“You want to accelerate growth and everything that I am doing even when I take loan from the bank; when I do bond and so on, I am only trying to reflate the economy. Each construction site that you see in Lagos, I am trying to create employment at the lower level so that the artisans, the bricklayers and so on can go home with N5,000. I need to do something in Badagry to make the people stay there and not come to the central Lagos and when you take the extra money outside the IGR, you are actually trying to help the economy to reflate itself and that is why you are able to excite yourself with the growth that you have seen in the third quarter that we say is 1.5 but that is not the number that we want.

“So sometimes, government seems to shoot itself in the leg. Why should Lagos State go and be meeting DMO to say I want to take a commercial loan when 80 per cent of my IGR can pay the loan itself back? So, you see that there is some sense of homogeneity in the policies that we make but sometimes they are not really flexible and you end up coming back to say we want to create jobs but the things that create jobs are the things that we are actually working against and you create unnecessary competition in the system.”

Responding to earlier comment by the CBN Governor, Mr Godwin Emefiele on the inability of the Micro Small and Medium Scale Enterprises (MSMEs) to access the N200billion fund earmarked for them, Governor Ambode said the easiest way to achieve same was to reduce the lending rate to about five per cent or lower.

He said at the State level, his administration created the Employment Trust Fund through which about N10billion had been disbursed to the MSMEs at five per cent with over 6,000 benefiting so far, saying the CBN could replicate such at the federal level for the overall benefit of the people and the system.

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

Published

15 hours ago

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April 24, 2026

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PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

*PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

 

To prevent any misunderstanding regarding our affiliation with the United Nations, we hereby provide a formal clarification on the status and identity of the United International Peace and Governance Council (UNIPGC), formerly known as IPGC.

 

UNIPGC is an independent Civil Society Organization and Non-Governmental Organization with continental chapters registered in the United States, Germany, Canada, and several countries across Africa. The organization is committed to promoting the values and principles of the United Nations, particularly in advancing Sustainable Development Goal 16 (Peace, Justice, and Strong Institutions), as well as advocating for good governance globally.

 

In furtherance of its mandate, UNIPGC has established partnerships with reputable diplomatic civil society organizations, including the United Nations Association of Nigeria and the United Nations Association of Ghana. These collaborations are aimed at strengthening its engagement with initiatives aligned with United Nations ideals.

 

Additionally, UNIPGC has entered into diplomatic relations with the International Organization for Economic Development (IOED), an Intergovernmental Organization (IGO), to enhance its capacity for international cooperation and diplomatic engagement.

PUBLIC NOTICE*: Revalidation of UNIPGC Organizational Status 

We wish to clearly state that UNIPGC is **not** an entity, agency, or organ of the United Nations.

 

Members of the public and media practitioners are respectfully advised to refer to the organization by its full and correct name: **United International Peace and Governance Council (UNIPGC)**, and not as the United Nations.

 

Thank you.

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

Published

18 hours ago

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April 24, 2026

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Laffmattazz Announces Strategic Partnership with First Bank of Nigeria Limited for 2026 International Tour

 

 

 

Laffmattazz, one of Nigeria’s foremost comedy and live entertainment brands, is pleased to announce its official partnership with First Bank of Nigeria Limited for the highly anticipated Laffmattazz 2026 International Tour, themed “Next Chapter: A New Season of Laughter.”

 

Now in its 15th year, Laffmattazz—the brainchild of renowned Nigerian comedian Gbenga Adeyinka (Gbenga Adeyinka 1st)—has evolved into a cultural phenomenon, celebrated for its seamless fusion of comedy, music, and live stage performances.

 

The 2026 tour, which kicked off on Easter Sunday, April 5th, 2026 at the Jogor Centre, Ibadan, marks a significant milestone in the brand’s journey. Building on over a decade of success across Nigeria, this year’s edition signals a bold expansion into the international market, with a multi-city run in Canada, alongside major stops in Akure, Abeokuta, and Lagos.

 

This strategic partnership with First Bank of Nigeria Limited underscores a shared commitment to excellence and innovation. It is also aligned with FirstBank’s First@Arts initiative—a significant and ongoing program dedicated to supporting the creative arts, entertainment, and cultural sectors. Through this initiative, FirstBank provides financing, advisory services, and actively fosters a sustainable value chain for artists and creative entrepreneurs, while supporting key industry platforms such as the Nigerian Entertainment Conference.

 

Speaking on the collaboration, the Laffmattazz team stated:

 

“We are delighted to welcome First Bank of Nigeria Limited as a strategic partner for the Laffmattazz 2026 International Tour. As we mark 15 remarkable years of Laffmattazz, this partnership reinforces our vision to take premium Nigerian entertainment beyond borders, while delivering even bigger, better, and more memorable experiences for our audiences.”

 

As a key partner, First Bank will enrich the tour through innovative customer engagement initiatives, experiential activations, and exclusive fan experiences across all tour locations.

 

With its distinctive blend of humor, culture, and live entertainment, the Laffmattazz 2026 Tour is poised to connect audiences across cities and continents, bringing laughter to thousands of fans worldwide.

 

⸻

 

About Laffmattazz

 

Laffmattazz is a premier Nigerian comedy and entertainment brand, now in its 15th year, renowned for its vibrant live shows and nationwide tours. Founded by Gbenga Adeyinka 1st, the brand continues to deliver high-quality experiences that celebrate creativity, culture, and laughter.

 

About First Bank of Nigeria Limited

 

First Bank of Nigeria Limited is Nigeria’s oldest financial institution, widely respected for its legacy of trust, innovation, and customer-centric financial solutions that support economic growth and development. Through its First@Arts initiative, the Bank continues to play a pivotal role in empowering the creative industry and driving sustainable growth across the sector.

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MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

Published

2 days ago

on

April 23, 2026

By

FirstBank Set to Launch Tailored Financial Services for Blind and Physically Challenged Customers  

MREIF is Better: FirstBank’s Mortgage Loan Is the Game-Changer for Home Ownership in Nigeria

 

 

 

Anyone who has tried to get a loan to buy a house in Nigeria knows the drill: endless forms, property valuation, and eventual down payment of a minimum 25% or more on the property. Sometimes, interest rates could go as high as 30% per annum, while the typical loan limit is N50 million.

 

 

 

Now, FirstBank is making homeownership more attractive.

 

 

 

FirstBank, in partnership with the Ministry of Finance Incorporated (MOFI), has introduced the MREIF Home Loan. MREIF loan is a game-changer, offering a single-digit interest rate of 9.75% per annum, with a loan amount of up to ₦100 million and a repayment period of up to 20 years. This is perfect for salaried individuals, including Nigerians in the diaspora, looking to purchase homes in approved locations.

 

The MREIF loan stands out with its lower interest rate, higher loan amount, and flexible equity contribution as low as 10%. This makes it an attractive option for those seeking affordable homeownership.

 

 

 

You are one quick decision away from being a landlord.

 

 

 

If you’ve been waiting for the right time to buy a home, FirstBank’s MREIF Home Loan is the smartest route to owning property in Nigeria today. Visit the FirstBank website https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ to get started.

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