General News
Obabori, Red Star CEO Harps on Manufacturing Sector Development

Mr. Sola Obabori, chief executive officer of Red Star Plc., has reiterated the need to encourage the manufacturing industry to drive the country’s economic reforms, in order to make Nigeria competitive in export against the rest of the world, so as to achieve a sustainable growth in the economy.
He stated this at the 2nd International Business Development Summit held in Lagos on the theme ‘Towards alternative strategies for sustainable economic growth in Africa’ organized by the Institute of Business Development (IBD) to address under-development of SMEs compared to other developing countries and contribute to the deliberations on sustainable economic growth with a focus on significant cross-sectorial issues such as sustainable agro business, SMEs, energy transformation, manufacturing, solid minerals, aviation and ICT.
In his paper titled ‘Promoting manufacturing to accelerate economic growth and reduce volatility in Africa’, Obabori said that, although there is significant increase in manufactured exports and import-substituting production over the past decade, Africa produces only 1.5% of the world’s manufacturing output. While insisting that ‘Made in China’ products must be replaced by ‘Made in Africa’ products, he noted that the rise of production costs in China has resulted in the Asian giant investing into Africa, stating that Beijing has been instrumental in initialising SEZs in countries such as Algeria, Botswana, Egypt, Ethiopia, Nigeria, Mauritius and Zambia as a strategy to cope with increasing costs.
“For example in Nigeria, the major driving force behind the country’s economic growth should be the manufacturing sector and not the over reliance on the Oil sector. The diversity of the sector should make it contribute more to the GDP if we can address the problems of power supply and other salient challenges. FMCG such as food, beverages and tobacco sub-sectors contribute 50% of total factory output in the country. Made in Nigeria cars are being produced from at least two local manufacturers while the pharmaceutical industry has at least four companies certified by WHO to produce medicines for malaria, HIV/AIDS and tuberculosis for the international market” he stated.
He said the manufacturing capacity utilisation has been below 60% over the past five years compared to +80% readings in countries like Ghana and South Africa because the cost of production, packaging options and quality of products are some of the challenges facing Nigerian factories. This has made Industrialisation low outside of the oil and gas sector due to a lack in competitiveness of manufactured goods compared to imported items.
Obabori said that Nigeria, and Africa as a whole, will continue to lag behind if governments at all level do not make conscious efforts to strengthen institutions that can spur the manufacturing sector to better productivity, encourage citizens to patronize what has been manufactured in such countries and at the same time produce enough with high quality for export.
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General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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