• Wednesday, November 29, 2023
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Five things to know to start your Thursday


Tinubu planning to distribute cheap fuel—Mele Kyari

Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL), disclosed on Wednesday that President Bola Tinubu has started putting in place structural plans to distribute cheap fuel through compressed natural gas (CNG) and liquefied natural gas (LPG). The president plans to use this to reduce the impact of the removal of subsidies on Nigerians.

Kyari made this known during a chat with State House correspondents after a meeting with Tinubu.

He said the president plans to roll out the structural plan very soon, as he promised that it is part of the president’s palliative measures to ameliorate the suffering the removal of the subsidy has brought upon Nigerians.

He added that the nation’s refineries were undergoing intense rehabilitation and would soon be completed.

Read also: Search for ministers, others continues as Tinubu meets Masari at Presidential Villa 

Sanlam, aYo  partner to drive insurance access in Nigeria

Sanlam, a global insurer, has partnered with aYo Holdings, a microinsurance fintech company, to help drive insurance access in Nigeria and give local consumers affordable life and hospitalisation cover.

In a statement issued on Wednesday by Sanlam, it said aYo would act as a technology service provider to Sanlam in Nigeria, coordinate technical integration for the underwriter of microinsurance products, and help provide the needed platform services to facilitate mobile money and third-party payment offerings.

At an event on the partnership in Lagos, the duo said this would enable Sanlam to offer easy-to-understand, convenient, and affordable products that challenge traditional insurance offerings in the market.

The duo agreed that this partnership would enable them to drive greater financial inclusion among Nigerians, especially using technology as a tool to accomplish this.

APM Terminals Apapa restates commitment to Go Green Campaign

APM Terminals Apapa, a container terminal, has restated its commitment to the “Go Green Campaign”, supporting the Army Children Primary School, Apapa, Lagos, with pavement blocks produced from recycled tyres.

Steel Khudsen, Terminal Manager, said in a statement in Lagos on Wednesday that this was done as part of its 2023 Go Green campaign.

The Go Green Campaign is based on the belief and cooperative value of “Self-Help and Solidarity.”

The campaign demonstrates that youth and cooperatives can be a part of something greater while sustaining their environment.

According to Knudsen, the annual Go Green Campaign was an initiative of APM Terminals to promote environmentally sustainable activities at its facilities across the world.

MSMEs set to gain from FirstBank, SMEDAN partnership

Micro, Small and Medium Scale Enterprises are set to benefit from the partnership between FirstBank of Nigeria Ltd. and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Both organisations signed a Memorandum of Understanding (MoU) on Wednesday to develop and promote MSMEs in the country.

Adesola Adeduntan, Chief Executive Officer of FirstBank, said at the signing of the agreement that the partnership would change not just the bank and SMEDAN but the fortunes of Nigeria.

According to him, SMEs play important roles in the growth of a nation’s Gross Domestic Product (GDP) through diversification of the economy, wealth distribution, and job creation.

Bank of England to hold review into its economic forecasts

The Bank of England plans to hold an externally led review into how it forecasts the economy, according to a letter published by a parliamentary committee on Wednesday.

The chair of the Bank of England’s Court of Directors, David Roberts, wrote that the directors had “decided to commission a broad review into the Bank’s forecasting and related processes during times of significant uncertainty”.

“The Governor and I are currently working through how best to commission the review, including, in due course, the Terms of Reference and associated resourcing,” he added. (Reuters)