President Bola Tinubu has approved the use of electric vehicles in the North East region of Nigeria to promote cleaner energy.

This was disclosed by the Managing Director of the North East Development Commission (NEDC), Mohammed Alkali at the State House, Abuja, after meeting with President Tinubu.

Alkali said the commission has been entrusted with the responsibility of bringing the electric vehicles to reality.

He disclosed that the commission was left to choose between electric-powered vehicles and Compressed Natural Gas (CNG) and that after a thorough analysis of the two options, it was discovered that electric vehicles are better suited for the region.

Alkali hinted that the commission chose e-vehicles bearing in mind the region’s plan to create modular solar power units across states, thereby providing a standby power source for the e-vehicles.

Giving more insights into the models of the vehicles and what they would look like, the commission boss said the e-vehicle fleet will comprise three categories such as e-buses designed for intra-state movements with a minimum capacity of 40 people per trip; e-taxis capable of carrying three people including the driver; and modified tricycles enhanced to carry eight people including the driver.

He added that NEDC prioritized local content, ensuring that vehicle bodies could be fabricated locally in the Northeast or other regions.

Briefing journalists of the commission’s meeting with President Tinubu, Alkali said after presenting him with the kind of e-vehicles the zone is going to introduce, Tinubu approved it.

He noted that the approved deployment of e-mobility in the Northeast would pave the way for a cleaner and more efficient transportation system in the region.

On the potential of the region, Alkali said the commission has developed comprehensive master plans that cover 11 pillars that will fully activate the action plan for the initiative.

The NEDC boss further stated that the commission will engage stakeholders, specially the road transport workers thereby integrating their concerns and advises before the final stage of activating the e-vehicles across the Northeast states of Nigeria.

Unity Bank Plc has hosted a capacity-building workshop to support the Association of Nigerian Women in Business Network (ANWBN) in a move aimed at empowering women entrepreneurs with the necessary skills required to thrive in today’s digital economy. 

The initiative for the workshop stems from the growing advancement in technology and its impact on business hence the theme: “Empowering Women Entrepreneurs: AI and Digital Marketing Strategies,” which sought to equip women with practical knowledge on how to harness the power and take advantage of emerging technology.

As a platform that drew the participation of businesses from diverse sectors, attendees were provided with tools for leveraging digital platforms for expanding market reach, building efficiency in business operations, engaging customers, and increasing brand visibility.

Renowned industry experts and speakers such as Dr. Opeyemi Ojesina, the Chief Executive Officer of Jesshill Consulting, Nkechinyere Ojiego, General Manager, of Simba Group, and Mrs. Adenike Abimbola, Divisional Head, of Retail and SME Banking, Unity Bank Plc, led impactful sessions at the workshop designed to help participants grow their businesses by leveraging cutting-edge technologies and customer-centric marketing strategies

Addressing the media after the event, Mrs. Adenike Abimbola said the capacity-building initiative was inspired by the need to empower women entrepreneurs to take advantage of the growing opportunities presented by the evolving digital marketing landscape.

She said, “The growing digital landscape presents a unique opportunity for women to scale their businesses. There are over 70% of women entrepreneurs in Nigeria who desire this kind of capacity-building programme to improve their businesses, helping them learn how to transition from traditional business methods to one powered by technology, as this will become a differentiator”

While commending the partnership with ANWBN and emphasizing the importance of digital technologies, Mrs. Ambimbola pledged Unity Bank’s commitment to supporting SMEs, adding that the Bank will often pay priority attention to female-led ventures to improve relationships and collaboration with women businesses in Nigeria.

She added: “We are proud of our partnership with ANWBN and the success of this workshop. Empowering women entrepreneurs is key to driving economic growth and ensuring sustainable development. We look forward to more initiatives that support and uplift women in business.”

One of the participants, Mrs. Yetunde Adeniran, a fashion designer, shared her learning experience explaining that with the insights gained here, she has now found more ways of integrating digital technology into many facets of her business. She also highlighted the advantages of Unity Bank’s Yanga Account, which she noted as a crucial tool for small business owners, providing financial support tailored to their specific needs.

In 2022, Unity Bank launched Yanga Account to facilitate financial inclusion for Women. The success of the workshop underscores Unity Bank’s ongoing commitment to supporting female entrepreneurs in Nigeria as the Bank seeks to empower women in business by providing access to valuable resources, financial tools, and educational opportunities that will help them thrive in an increasingly competitive market.

The Central Bank of Nigeria (CBN) has disclosed that credit to the Federal Government increased by 57.11 percent to N31.15tn in August from N19.83tn reported in July.

According to the Money and Credit Statistics from the CBN, the federal government credit increased due to the continuous borrowing trends by the three tiers of government from commercial lenders over the past months.

The credit figure showed that in 2024, there were varying levels of borrowing from N23.52tn in January, N33.93tn in February, dropping to N19.59tn in March, N19.98tn in April, N28.38tn in May, and N23.93tn.

Due to the federal government’s continuous borrowing from CBN to fund capital projects, debt servicing, and other fiscal obligations, economic analysts disclosed that the long-term sustainability of this borrowing could lead to inflation that can cripple the country’s economy.

In terms of private sector credit, the report recorded that in January, private sector credit was N76.48tn but rose to N80.86tn in February, reflecting a dip of 1.03 percent, representing N777.13bn.

In March, credits dropped to N71.21tn from N72.92tn recorded in April. In May, credit increased to N74.31tn from N73.19tn recorded in June.

However, in August, private sector credit decreased to N74.73tn from N75.51tn reported in July.

In terms of currency in circulation, August recorded N4.14tn from N4.05tn in July, reflecting an increase of 2.25 percent.

It was noted that the combination of the federal government credit, private sector credit, and money in circulation, which amounted to N110.03tn in August, reflects the effect of government continuous borrowing on the country’s economy and how it limits private sector access to credit.

According to the Afrinvest research, the CBN was in a difficult position, trying to balance inflation control with growth stimulation.

In curbing excess liquidity and stabilising the exchange rate, the Monetary Policy Committee of the CBN recorded a 50 basis point to 27.25 percent on Tuesday in the monetary policy rate, which is the fifth consecutive rate hike this year, and cash reserve ratio for commercial banks was raised to 50 percent and for merchant banks to 16 percent.

“While these policies may help control inflation, they also risk further tightening liquidity in the private sector and increasing borrowing costs, which could slow down economic growth,” Afrinvest warned.

To avert the risk associated with the measures to control inflation, Afrinvest suggested a more balanced approach to fiscal management in addition to the incitement of the private sector to achieve sustainable economic development.