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UK launches $100m fund to support women-owned enterprises in Nigeria

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The United Kingdom government says it has launched a $100 million program through the First Bank of Nigeria to provide direct funding to women-owned enterprises in Africa’s biggest economy.

Catriona Laing, British high commissioner to Nigeria, said this at the gender and inclusion summit organised by the Policy Innovation Center, (PIC), in Abuja on Wednesday.

The summit was themed, ‘connecting the dots for a gender-inclusive society’.

Laing said the investment was part of the implementation of the UK’s three ‘Es’ projects, namely: educating girls, empowering women, and ending violence against women and girls.

“The UK has three areas focusing on gender. The three ‘Es’ included educating girls, empowering women and ending violence against women and girls,” she said.

“The UK has worked on education for decades now, particularly in north-east Nigeria where we have supported 1.4 million additional girls going to school.

“On the empowerment side, we recently launched a $100 million programme through the First bank of Nigeria which will [provide] direct funding specifically to women-owned enterprises.”

Laing further said gender rights are basic human rights and everyone is entitled to them.

He, however, said there are social, religious, and behavioural norms which are used as excuses for not making progress on gender equality.

According to Laing, the UK government is also digitising humanitarian services and cash transfers, so that women can receive money directly into their bank account which gives them more empowerment.

On her part, Mary Beth Leonard, United States ambassador to Nigeria called on the Nigerian government and international partners to prioritise streamlining policies towards closing gender parity gaps.

According to Leonard, the US government prioritises gender activities which is why it invests over $200 billion annually towards programming gender activity and equality globally.

“In Nigeria, the US mission works to promote an environment that supports women’s success and address challenges that hold women back and to empower Nigerian women to do the same,” she said.

“The upcoming 2023 elections present a critical opportunity to include more women in leadership positions in government.

“And we encourage women not only to vote on election day but also to consider running for office at all levels of government in the future elections.

“This campaign season presents an opportunity to demand candidates prioritise policies and legislations for women and girls.”

On her part, Osasuyi Dirisu, deputy director, PIC, explained that the organisation works in several policy areas such as financial and digital inclusion, health, human capital, gender and social policy, accountability and transparency.

“We are here at the summit and hope to institutionalise and have an opportunity for stakeholders to come together to have real conversation about gender and advanced cause to improving gender equality in Nigeria,” she said.

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Naira depreciates to N1,770/$ in parallel market

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The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.

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Port Harcourt Refinery begins crude oil processing

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The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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