News
Nigeria’s financial sector experiences 30% growth
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has said that Nigeria’s financial sector grew by over 30 per cent in the first half of 2024.
Edun who was represented by the Managing Director of Ministry of Finance Incorporated, Dr Armstrong Takang, at the 17th Annual Banking and Finance Conference in Abuja on Tuesday, noted that the growth indicated a strong recovery from the contractions observed in 2021, further contributing to Nigeria’s economic stability.
“The financial sector continues to demonstrate resilience, rebounding strongly from the contractions observed in 2021. The sector has grown by over 30 per cent during the first half of this year, further bolstering our overall economic stability,” Edun stated.
He also emphasised the sector’s vital role in driving economic growth.
In his speech, Edun highlighted that the Nigerian economy had shown promising signs of progress despite challenges in some sectors.
He pointed out that Nigeria’s Gross Domestic Product had improved, with growth rising from 3 per cent in the first quarter to 3.2 per cent in the second quarter of 2024, with hopes of reaching a 3.7 per cent target by the end of the year.
“Our commitment to continue reforms aims to achieve a 3.7 per cent growth target by year-end,” he said.
The minister also acknowledged sector-specific developments, especially in oil and gas, which recorded 10 per cent growth during the second quarter of 2024.
“The oil and gas sector saw a notable increase of 10 per cent during the second quarter and a significant rebound from the contraction experienced in the same period last year,” he said.
Two Nigerian-born scientists—Adesola Adegoke, a researcher at Arizona State University (ASU), and Seunnla Adelusi, a PhD candidate at the Université de Sherbrooke, Canada—have been named among the 20 global winners of the Digital GreenTalents Award 2025.
These two Nigerians were announced among the winners during a virtual ceremony held on 25 November. In a statement following the virtual announcement ceremony, the organisers said the 20 awardees for this year joined from different time zones, including “very early morning in Canada and evening hours in the Philippines.”
The digital Green Talent Award is an annual initiative of the German Federal Ministry of Education and Research (BMBF) that recognises outstanding young researchers whose work advances sustainability through digital innovation.
Each year, 20 scientists are selected from a competitive global pool for their cutting-edge ideas at the intersection of digitalisation and environmental sustainability.
Alex Otti, the Abia State Governor, on Sunday paid a visit to the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, at the Sokoto Correctional Centre.
The governor was accompanied by officials of the Sokoto State Government during the closed-door visit.
Nnamdi Kanu was recently moved to Sokoto after he was convicted on terrorism-related charges and handed a life sentence by a Federal High Court in Abuja.
Governor Otti had earlier promised to pursue every lawful and political avenue to ensure that Kanu gets justice. Sunday’s visit is seen as part of ongoing efforts by the Abia State Government regarding his case.
Details of the meeting were not made public as of the time of this report.
Armed terrorists have abducted a bride-to-be, her bridesmaid, and eight other residents from Chacho village in Wurno Local Government Area of Sokoto State
The Sokoto abduction occurred around 1:30 a.m., according to residents, when the attackers stormed the village. Most of the victims were women, with only one man also taken.
One resident sustained injuries and is receiving medical treatment. Villagers told reporters that the bride was preparing for her wedding scheduled for later that morning when the raid struck, plunging the community into shock and mourning.
A community member described the attack as “tragic,” noting the delay in security response. “Security operatives were alerted immediately, but they only arrived about an hour after the bandits had fled,” he said, expressing frustration.
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