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CSCS Commits N100m in Fight against COVID-19

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The Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, has donated a fully equipped and insured state-of-the-art Ambulance to the Capital Market Support Committee for COVID-19 (CMSCC), an initiative of the Securities and Exchange Commission (SEC), chaired by one of the capital market veterans, Mr. Ariyo Olushekun.

In addition, CSCS made a cash donation to the CMSCC Initiative.

The CMSCC seeks to complement the effort of the Federal and State Governments in stemming the spread of the novel coronavirus, which has undermined economic and social activities across the world.

In furtherance of its reinforced commitment towards the war against COVID-19 and the demonstration of its strong Corporate Social Responsibility (CSR) effort, CSCS will also be partnering other stakeholders in the distribution of 100,000 reusable facemasks aimed at providing free reusable facemasks to the most vulnerable, low – income households across the country.

In his remarks while presenting the ambulance and cash donation to CMSCC, Mr. Haruna Jalo-Waziri, Managing Director and Chief Executive Officer of the Central Securities Clearing System Plc, said “we find it imperative to collaborate with other stakeholders in the capital market in this war against COVID-19. The safety of Nigerians and the growth of the economy is a collective responsibility that we cannot leave to the government alone.

“We have committed N100million to this war against COVID-19, as we are also supporting the efforts of other stakeholders. Whilst we continue to support the society through CSR initiatives, we believe our most impactful support to the capital market and broader Nigerian economy is through our services.

I am excited that we have operated seamlessly through this crisis, leveraging our investment in technology and people, in ensuring efficient depository and settlement of capital market transactions across multiple capital trade points, including the Nigerian Stock Exchange, the FMDQ Exchange and the NASD-OTC”.

Speaking further, Mr. Jalo-Waziri said “I would like to thank our Board of Directors for taking this crucial decision for us to join well-meaning, responsible corporates and other stakeholders in the fight against this novel coronavirus.

“Whilst it is a challenging time for businesses, it is sacrosanct for corporate leaders to make all possible sacrifice towards this cause, which is perhaps pertinent to the sustainability of businesses and the broader economy.”

Whilst receiving the Ambulance and cash donation, the Chairman of the CMSCC, Mr. Ariyo Olushekun applauded the Executive Management and Board of CSCS Plc for the response to the SEC-led clarion call on capital market stakeholders. He noted that CSCS has in its usual practice demonstrated commitment to the wellbeing of the Nigerian public and more precisely its support for the growth and development of the capital market.

According to Mr. Olushekun, “I am impressed by this kind gesture of CSCS to the capital market community and indeed Nigeria at large, particularly as this comes at a challenging time for most businesses, globally.

“CSCS has always proven its critical role as the capital market infrastructure, not only in delivering requisite depository and securities settlement services to the broad capital market but also in its corporate social responsibilities”.

“We will continue to ensure judicious use of the donations to CMSCC, even as we implore everyone to take personal responsibility by maintaining basic safety protocols such as the use of facemasks in public, regular washing of hands with soap and water for a minimum of 20 seconds or the use of sanitizers, maintenance of social distancing measures amongst other protocols being advised from time to time by relevant health authorities”, Mr. Ariyo Olushekun added.

The Nigerian Capital Market Community, led by the Securities and Exchange Commission (SEC) inaugurated the market-wide Committee, the Capital Market Support Committee on COVID-19 (CMSCC), to coordinate the Capital Market Community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.

CSCS’ Corporate Social Responsibility (CSR) pillars are built on Community, Environment and People.

The company has consistently been at the forefront of championing various charitable causes towards People With Intellectual Disability (PWID), the physically challenged amongst others.


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New Horizons Invests N50m to Empower Almajiris with Skills

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New Horizons Nigeria has launched a N50 million initiative aimed at transforming 21 Almajiri children into skilled computer technicians within 90 days, to tackle youth unemployment and harness human potential.

The Almajiri-to-Tech programme, officially launched in Abuja on Monday, provides participants with full training, meals, clothing, tools, and logistics support, all fully funded.

Speaking at the launch, the Chief Executive Officer of New Horizons, Tim Akano, said the programme represents a new journey in the history of Nigeria by restoring the original purpose of the Almajiri system, which he described as “children sent out to seek knowledge.”

“The word Almajiri comes from an Arabic term meaning emigrant and seeker of knowledge. Historically, children were sent to learn morals, responsibility, and skills to add value to society,” Akano said.

He added that the disruption of this system during colonial times forced many children onto the streets, a challenge that persists today.

Akano highlighted the urgency of addressing the Almajiri issue, noting that there are an estimated 15 million Almajiris in the country, with a population growth rate of around three per cent annually.

“If we do not solve this problem as a country, we are sitting on a time bomb,” he warned.

According to him, the programme focuses on hands-on technical skills rather than theory. Trainees will learn to repair mobile phones, laptops, televisions, radios, standing fans, and other electronic devices, as well as build inverter batteries using recycled electronic waste.

“We are not teaching theory. We are teaching practical skills you can use to earn a living,” Akano said, stressing that the programme will not interfere with the participants’ Quranic education.

“We are still going to allow you, within the period of learning. Your learning computer here is not stopping your Quranic education.

“You still have time within our space here. Whenever you want to go and pray, you can pray, then come back to class,” the CEO stressed.

He added that participants will also receive daily meals, water, T-shirts identifying them as technicians-in-training, and access to all necessary tools and equipment throughout the 90-day programme.

Akano said the initiative is part of a larger mission by New Horizons Nigeria, which has spent the past 21 years training about 100,000 Nigerians annually in IT and related skills.

He said the new programme aims to “take human genius off the streets and convert it into human capital, enabling these youths to contribute meaningfully to the economy.”

He added that equipping Almajiris with skills could add 15 million people to Nigeria’s workforce and potentially increase the country’s GDP by as much as $20 billion, stressing that productivity depends on practical skills and opportunity.

“Everything that can be taught can be learned. If someone can memorize the Quran cover to cover, there is nothing that cannot be done. What they lack is information, opportunity, and infrastructure, and we are providing all of that,” Akano said.

Akano also stressed that the initiative is designed to inspire other organizations and government agencies to replicate similar programmes across the country.

“This is not just about 21 children; it is about showing Nigeria what is possible when resources meet intention and planning.

“If we succeed in empowering these Almajiris, we demonstrate that the country can turn social challenges into economic opportunities. It’s a blueprint for Nigeria’s future,” he said, noting that the initiative combines social reform, technical education, and economic empowerment.

Also speaking, one of the trainees, Fatima Umar, appreciated the organisers and promised to maximise the opportunity.

“We’ll make you proud of us. We have nothing to say here but to thank and appreciate you. May Almighty Allah continue to guide and protect you,” Umar said.


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IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

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International Monetary Fund has upgraded Nigeria’s 2026 economic growth projection to 4.4 per cent, reflecting improved macroeconomic stability and sustained reforms.

IMF Upgrades Nigeria’s 2026 Growth Projection to 4.4%

IMF

The January 2026 World Economic Outlook Update forecasts Nigeria’s growth trajectory at 4.1 per cent in 2024, 4.2 per cent in 2025, and 4.4 per cent in 2026—a 0.2 percentage point increase from the October 2025 estimate.

This aligns with sub-Saharan Africa’s projected 4.6 per cent expansion in 2026 and 2027, driven by regional stabilisation efforts.

Globally, the IMF anticipates 3.3 per cent growth amid resilient conditions tempered by trade policy shifts and technology investments. For Nigeria, declining energy prices—expected to fall seven per cent due to weak demand—pose risks, though OPEC+ coordination and China’s stockpiling provide support.

Despite the optimism, downside risks persist from Middle East and Ukraine tensions, protectionism, high debt, and fiscal deficits. The Fund recommends rebuilding fiscal buffers, ensuring central bank independence, and limiting temporary fiscal measures to maintain stability.

Nigeria’s success hinges on consistent reforms and resilience against domestic and global shocks, the IMF concluded.


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Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

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Organisation of Petroleum Exporting Countries (OPEC) reports that Nigeria’s crude oil production, excluding condensate, dropped by 0.7 per cent to 1.486 million barrels per day (mbpd) in November 2025 from 1.496 mbpd in October.

Nigeria’s Crude Output Falls to 1.486mbpd in November – OPEC

OPEC

The figure, drawn from secondary sources in OPEC’s December 2025 Monthly Oil Market Report, fell short of Nigeria’s 1.5 mbpd quota. Direct communication data showed output at 1.436 mbpd, up from October’s 1.401 mbpd, but still below target.

Nigeria produces around 196,028 bpd of condensate, excluded from quota calculations per Nigerian Upstream Petroleum Regulatory Commission figures. Year-on-year, November’s output marked a slight gain over 1.417 mbpd in November 2024.

Expert Cites Insecurity, Governance Gaps

Petroleum economics expert Wumi Iledare described the quota miss as unsurprising, blaming persistent insecurity, an ageing oil basin lacking new finds, and unoffered hydrocarbon blocks. Governance shortcomings and policy uncertainty further erode investor confidence, he noted.

Selective implementation of the Petroleum Industry Act worsens the situation, with Nigeria needing a single authoritative leader for the sector rather than multiple proxies, Mr Iledare stressed. The country has struggled to consistently hit OPEC targets for years.


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