Author: Vardiafrica

The International Finance Corporation (IFC) says it has signed an agreement with the Central Bank of Nigeria (CBN) to increase local financing to enable private businesses to grow and thrive. IFC is a member of the World Bank Group. In a statement on Monday, IFC said the goal of the partnership is to provide more than $1 billion in financing in coming years. The corporation added that through the collaboration, it can manage currency risks and increase its investment in the naira, across priority sectors of the economy. According to the statement, the sectors include agriculture, housing, infrastructure, energy, small…

The Transmission Company of Nigeria (TCN) says it is working tirelessly to restore bulk power supply in the Northern part of the country as quickly as possible despite prevailing security challenges. On October 22, TCN reported a power outage in the north-east, north-west and parts of north-central after the 330 kV Ugwaji–Apir double circuit transmission lines 1 and 2 tripped around 4:53am “due to a fault”. Two days later, the transmission company said its linesmen had identified the fault responsible for the power outage. Some media reports had said the power outage would persist due to security challenges hindering repairs on critical transmission lines. Addressing the reports, TCN,…

The President and Chief Executive of Dangote Group, Aliko Dangote, has expressed support for President Bola Tinubu’s energy transition drive from petroleum products to Compressed Natural Gas (CNG). At a recent event, the billionaire businessman said the company’s investments in CNG are also in line with Nigeria’s Nationally Determined Contribution (NDC) under the Paris Agreement, which aims for net-zero emissions by 2060. “In this pursuit of transition to clean energy, we are optimistic of a remarkable accomplishment by President Bola Ahmed Tinubu, as he has taken the lead in the nation’s drive towards energy efficiency. This presupposes private sector intervention…

The Confederation of African Football (CAF) has awarded Nigeria a win and the full three points in the 2025 African Cup of Nations (AFCON) qualifier with Libya that was postponed this month. The African football governing body announced the verdict in a statement on Saturday. The Super Eagles and Libya were originally scheduled to clash at the Martyrs of February Stadium in Benina, Benghazi on October 15, in matchday four of the AFCON qualification series. The Nigerian national team’s flight landed at the Al Abaq airport but the players and coaches were held for over 20 hours without food and…

Iranian Military said Israel attacked its military facilities across the country Saturday morning, causing “limited damage” in some areas. Israel “attacked parts of military centres in the provinces of Tehran, Khuzestan and Ilam,” state news agency IRNA reported, adding that “the attack has been successfully intercepted and countered” by Iran’s “integrated air defence system. Iranian officials earlier said air defences were deployed “in several areas around Tehran and the country,” according to IRNA. According to a statement early on Saturday by the IDF, after reports emerged of explosions heard in Tehran, “the strikes are a response to Iran, which has…

Israel launched “precise” retaliatory air strikes on Iran early Saturday. The Israel Defense Forces (IDF) said the strikes were a reprisal for the barrage of missiles Iran launched on Israeli territory in the first week of October. “I can now confirm that we have concluded the Israeli response to Iran’s attacks against Israel,” Daniel Hagari, spokesperson for the IDF, announced. “We conducted targeted and precise strikes on military targets in Iran — thwarting immediate threats to the State of Israel.” Israel added that “its retaliation is now complete” and that “it has fulfilled its mission”. “If the regime in Iran were to…

Prime Minister Justin Trudeau has said he plans to lower the number of low-wage, temporary foreign workers and permanent residents being let into Canada. Mr Trudeau made the announcement on Monday, on the second day of a cabinet retreat where his team is hammering out their autumn agenda. It comes as Canada grapples with a rapidly growing population that economists say has put strain on housing and public services like healthcare. The vast majority of Canada’s population growth last year – about 97% – was driven by immigration, according to the federal statistics Mr Trudeau and his government have been…

The Nigerian Content Development and Monitoring Board (NCDMB) and Shell Petroleum Development Company (SPDC), with its joint venture (JV) partners, on Thursday unveiled world-class engineering design studios and an information and communication technology (ICT) hub at the Federal University of Technology, Owerri (FUTO). The facilities were conceived and donated in furtherance of the Nigerian Content Human Capacity Development (HCD) programme which had focused lately on institutional strengthening, equipping universities and revamping select technical and vocational schools across the country, in a bid to develop competent technical manpower and craftsmen needed in the oil and gas industry and the linkage sectors.…

The Nigerian Content Development and Monitoring Board (NCDMB) on Tuesday at the Rivers State University, Port Harcourt, challenged the academia and industry to explore mutually beneficial initiatives that would enhance in-country value addition and minimise the incidence of capital flight. Speaking on the theme “The Power of Collaboration: Driving Innovation through Industry-Academia Partnerships,” at the first-ever Research Collaboration Meeting at the institution, attended by industry stakeholders from oil and gas, Manufacturers Association of Nigeria (MAN), Engineering and Technology faculty members, as well as the Nigerian Society of Engineers (NSE), the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, observed that…

The Nigerian Content Development and Monitoring Board (NCDMB) has signaled plans to support new research and development projects as part of its Technology Innovation and Incubation Strategy and the enduring commitment to catalyze innovation in the Nigerian oil and gas industry and linkage sectors. The new R&D projects will add to the 14 applied research projects NCDMB currently sponsors at various stages of technological readiness, one shining example being the Amal Technology, which manufactures gas leak detection devices and printed circuit board at Abuja. The Executive Secretary, NCDMB, Engr. Felix Omatsola Ogbe hinted this in the keynote address he delivered…