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FG summons Dangote, BUA, Lafarge over rising cost of cement

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The Minister of Works, David Umahi, has summoned prominent cement manufacturers to a meeting over the rising cost of cement.

He expressed worry that, despite huge patronage by road and housing contractors to cement manufacturers, the cost of the product was rising at an astronomical rate.

A statement signed by the Minister’s Special Adviser (Media), Orji Uchenna Orji, in Abuja on Saturday said the meeting will take place on Monday, February 19, 2024, at the Ministry’s Conference Hall, Mabushi, Abuja.

The statement read in part, “The Honourable Minister of Works, His Excellency, David Umahi CON, has summoned an urgent meeting of all cement manufacturers in Nigeria.

“Those invited are Dangote Plc, BUA Plc, Larfarge, and others.”

He quoted the Minister as saying, “It is common knowledge that the manufacturers have their challenges, which we shall look into, but from our findings, the disparity between ex-factory price and the market price is wide. We therefore need to look into the situation and other issues with a view to finding a common front.”

The price of cement now ranges between N6500 to N15000 per bag.

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NAFDAC warns Nigerians against use of recalled Nivea Deodorant

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NAFDAC warns Nigerians against use of recalled Nivea Deodorant
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NAFDAC warns Nigerians against use of recalled Nivea Deodorant

The National Agency for Food and Drug Administration and Control has warned Nigerians against the use of a recalled batch of Nivea Black & White Invisible Roll-on deodorant.

NAFDAC issued a warning against the product labelled as providing 48-hour protection in African climates, following an equal warning from the European Union Rapid Alert System for Dangerous Non-Food Products in Brussels.

In a statement released on Thursday, October 31, NAFDAC stated that the product’s batch number is 93529610.

“The recalled Nivea product is reported to contain 2-(4-tert-Butylbenzyl) propionaldehyde, a chemical prohibited in cosmetic products due to its potential to cause harm to the reproductive system, impair the health of an unborn child, and cause skin irritation and burns to users,” the agency explained

NAFDAC added that the product is manufactured in Germany with Bar Code Number 42299882. It advised importers, distributors, retailers, and consumers to exercise caution and vigilance within the supply chain to prevent the importation, distribution, sale, and use of the affected Nivea Roll-on with the specified batch.

“Members of the public in possession of the affected batch should cease sale or use and submit stock to the nearest NAFDAC office.

Healthcare professionals and consumers are encouraged to report any adverse events experienced with the use of regulated products to the nearest NAFDAC office, via pharmacovigilance@nafdac.gov.ng, E-reporting platforms available at www.nafdac.gov.ng, or through the Med-safety application available for download on Android and iOS,” it added

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CBN charges youths to save for a fulfilled future

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Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of saving for a fulfilled future.
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CBN charges youths to save for a fulfilled future

The Central Bank of Nigeria (CBN) has charged Nigerian youths to cultivate the culture of saving for a fulfilled future.

The apex bank celebrated World Savings Day, yesterday, October 31, in Abuja.

The Acting Head of Consumer Protection Department of CBN, Mr. Ibrahim Yahaya, told journalists at the event, that CBN was committed to savings awareness creation, as according to him, savings provide the necessary pool of funds for investors to borrow from and grow the economy through productivity and job creation.

He said, “Central Bank of Nigeria today is celebrating the World Savings Day. It is an international event that is celebrated each year and its emphasis is to promote the importance of savings.

“We want to instill the culture of savings among the youth so that right from that age, as they grow up with the discipline and with the encouragement of the parents the children will learn to save for future events that may arise.

“It is very important to save because of eventualities. You know this life is full of a lot of journeys so you need to save in case any issue arises you will be able to have something to fall back on so as to address those eventualities.

“Savings are very important to national economic growth. Savings are part of deposits. It is from these deposits that banks lend and you know, lending drives economic growth.

“So what we have as deposits is what the banks use to lend out especially to the real sectors that drive economic growth.”

Mr. Yahaya encouraged the Nigerian public to continue to save, despite the high rate of inflation.

This comes as Nigerians question the point of saving when their money lose value daily due to inflation.

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CBN signs agreement with IFC to boost lock currency financing for businesses

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The Central Bank of Nigeria (CBN) has signed an agreement with the International Finance Corporation (IFC) to boost local currency financing for Nigerian businesses, marking a key outcome alongside the IMF & World Bank Annual Meetings.

This partnership will enable the IFC to scale its naira-denominated investments across priority sectors of the Nigerian economy, including agriculture, housing, infrastructure, energy, small and medium enterprises, as well as the creative and youth economy.

The collaboration is set to channel over $1 billion in financing across the coming years to drive economic growth, job creation, and diversification across Nigeria. CBN Governor, Olayemi Cardoso described the partnership as part of the CBN’s commitment to delivering innovative development initiatives through reputable third-party service providers, moving beyond traditional intervention programs.

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