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EDC, FastCredit Sign N2bn Credit Access for MSMEs

EDC, FastCredit Sign N2bn Credit Access for MSMEs

The Enterprise Development Centre (EDC) of Pan-Atlantic University has partnered with Fast Credit to launch a single-digit financing scheme aimed at empowering  micro, small and medium enterprises(MSMEs).

Speaking at the unveiling ceremony   in Lagos, Acting Managing Director of Fast Credit Finance Company Ltd,  Yetunde Faulkner, said the essence of the partnership is to ensure that MSMEs become scalable and sustainable through improved access to affordable finance.

“We are here to engage with EDC’s partners, who are SMEs, and provide them the opportunity to access single-digit interest-rate financing through Fast Credit.

“We are offering any amount of loan, starting with N5 million, under a partnership with one of our developmental finance partners, BOI, at a flat monthly interest rate of 0.75 per cent, which amounts to nine per cent per annum,” she explained.

Faulkner noted that Fast Credit has committed N2 billion to the SME financing partnership, to help entrepreneurs grow revenues faster than costs and remain sustainable.

She added that the loan offering is expected to enable MSMEs to create more jobs, something the Nigerian economy urgently requires.

“We will be touching lives and families, and that, in itself, is one of the goals of Fast Credit, to make a tangible impact in the lives of everyday Nigerians, especially those in Lagos,” she added.

Director of EDC,    Dr. Nneka Okekearu,   described the partnership as a historic step in bridging the funding gap confronting entrepreneurs.

“We have collaborations with several commercial banks, but the double-digit interest rates at which loans are offered have made it tough for entrepreneurs.

“Today, we are doing something historic. We are signing an agreement with Fast Credit for single-digit loans for our members,” she said.

Dr. Okekearu emphasised that access to single-digit credit will significantly boost business productivity.

According to her, manufacturers, for instance, will be able to expand output, while many MSMEs will create more dignified and fulfilling jobs for young Nigerians as they scale up.

“Someone who previously had just N2 million to transact business now has access to N10 million, and that means increased production capacity and healthier margins,” she explained.

She disclosed that entrepreneurs within EDC’s network who meet the requirements will be able to access N5 million at a single-digit rate of nine percent per annum.

Executive Director at Fast Credit, Aviomoh Daniel, outlined some of the criteria that finance firms consider before extending loans to MSMEs.

“We look out for business worthiness, profitability, and the character of the entrepreneur. Collateral is the last thing any credit firm considers. To be business-credible requires structure, and for security, it is better to register as a limited liability company,” he said.

Feyikemi Odunuga, a business consultant, applauded the collaboration between EDC and Fast Credit for creating easier access to capital for entrepreneurs.

“I feel very good about it. I actually came to represent several of my mentees who always need funding.

“I will help them put things together so they can access the loan. I am a service provider, so this is particularly important for those in the manufacturing sector,” she said.

Kachi Salvation, an EDC alumnus, also described the initiative as “amazing,” noting that it will benefit a large number of businesses.

“A lot of businesses are going to take advantage of this initiative. They will also train women on how to manage their businesses, and this will be done monthly.

“The single-digit interest rate is a huge relief for businesses,” she added.

To access the single-digit loan, applicants are required to provide documents, including a 12-month bank statement, BVN, NIN, TIN of key directors, company profile, valid identification, passport photograph, and verifiable credit history.

Other requirements include a direct debit mandate, utility bill, guarantor details, vendor invoice, as well as collateral valuation and perfection.

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The Enterprise Development Centre (EDC) of Pan-Atlantic University has partnered with Fast Credit to launch a single-digit financing scheme aimed at empowering  micro, small and medium enterprises(MSMEs). Speaking at the unveiling

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2027: Igbomina Demands Kwara South Senatorial Ticket

2027: Igbomina Demands Kwara South Senatorial Ticket

Hammed Shittu in Ilorin

Ahead of the 2027 elections, a socio-cultural organisation in Kwara State under the aegis of Omo Ibile Igbomina has demanded that it is the turn of the Igbomina bloc to produce the next senator that will represent the Kwara South senatorial district in the National Assembly.

The Igbomina bloc comprises Ifelodun, Irepodun, and Isin Local Government Areas, out of the 16 LGAs that make up the state.

The group predicated its demand on the fact that the two other blocs, namely Ekiti and Ibolo, had represented the senatorial district more than the Igbomina bloc, pointing out that the Ekiti and Ibolo blocs had “represented Kwara South for a cumulative period of 12 years each, while the Igbomina bloc has only represented Kwara South for a cumulative period of four years.”

It added that the Ibolo bloc is still currently occupying the seat. A statement issued yesterday on the sidelines of the group summit held in Ilorin, the Chairman of the summit, Chief Solo Olaoye, said that: “The glaring disparity is politically unsustainable and against the spirit of rotational equity, which fosters unity and inclusive development.

“Based on this undeniable historical record, the political turn rightfully belongs to the Igbomina bloc for the 2027 election.”

He passionately appealed to the sister blocs of Ekiti and Ibolo to support the Igbomina cause in the 2027 general election in the interest of justice, fairness, and the overall peace and progress of Kwara South.

In a communique issued after the ‘Igbomina Lokan’ summit in Ilorin, the state capital, the people of Igbomina “resolved that their demand is anchored on the undeniable and established principle of zoning and rotational equity, which is essential for justice, fairness, and political stability, given that the other two blocs have held the position for significantly longer periods.”

The summit was attended by monarchs, leaders, and stakeholders drawn from the three local areas of the bloc.

The communique signed by the National President of Omo Ibile Igbomina, and Chairman of the occasion, Elder Gabriel Yemi Jimo,h and Chief Solo Olaoye, respectively, read: “We expressly call on our esteemed brothers and sisters in the Ekiti and Ibolo blocs, all political parties, and the entire leadership of Kwara State to recognise the moral and political imperative of this cause and to lend their full support to an Igbomina candidate in the 2027 elections.

“We sternly warn against any actions, from within or outside Igbomina land, aimed at undermining this collective resolve. We stand united and trust that the stands of our brothers from Ibolo and Ekiti will give Igbomina the senatorial seat come 2027.

“We mandate the Igbomina national leadership under Elder Gabriel Yemi Jimoh to immediately constitute a broad-based and all-inclusive strategy and implementation committee.

“This committee shall be tasked with the effort to articulate and disseminate this resolution to all relevant stakeholders across Kwara State, initiating a diplomatic outreach to the Ekiti and Ibolo leadership, and  engaging with all political parties to present our unified position and working to ensure that all prospective aspirants from Igbomina land work in concert toward a common goal.”

The communique added: “The Omo Ibile Igbomina has spoken with one voice. Our case is just, our argument is logical, and our resolve is unshakable.

“We believe in the triumph of justice, and we are confident that with the support of all well-meaning stakeholders, Igbomina Lokan for Kwara South Senate 2027 will be realised for the peace, equity, and accelerated development of Kwara South.”

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Hammed Shittu in Ilorin Ahead of the 2027 elections, a socio-cultural organisation in Kwara State under the aegis of Omo Ibile Igbomina has demanded that it is the turn of the

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Dangote Sponsors 2025 Agric Show

Dangote Sponsors 2025 Agric Show

The Dangote Group has said that it is collaborating with strategic partners to revitalise and strengthen the agricultural sector of the Nigerian economy.

As part of efforts revamp the agricultural sector Dangote is sponsoring  the 17th National Agricultural Show, which opens Today,  Tuesday, November 25, 2025, in Keffi, Nasarawa State.

The company’s spokes-man, Anthony Chiejina, stated that expanding mechanised agricultural practices will play a critical role in boosting Nigeria’s GDP while creating meaningful employment opportunities for the country’s growing youth population.

“Through this partnership, the company aims to encourage greater participation in commercial agriculture and reinforce its role in advancing Nigeria’s economic growth,” he said. He said the theme for this year’s Show: Employing Smallholder Farmers: Re-storing Value, Ensuring Productivity will Ensure Attainment of Food Security in Nigeria, is apt.

Chiejina said: “Restoring the value of agriculture offers Nigeria more than nostalgic appeal; it provides a pragmatic route to economic renewal. With the right incentives and modern practices, agriculture can once again serve as a reliable engine of growth, anchoring jobs, stabilising markets and giving the economy a sturdier foundation.”

The Agricultural Show, a fixture in Nigeria’s agricultural calendar, offers a platform for showcasing innovation across the value chain.

The statement said the company is currently developing rice mills in Kano, Jigawa, Niger, Kebbi, and Sokoto States, with a combined total milling capacity of 1.5 million tonnes per annum.

It noted that the effort is intended to support the government’s broader push for food security.

The statement quoted the Senior Adviser to the President of the Dangote Group, Mrs. Fatima Wali-Abdurrahman, as saying that in line with the company’s commitment to restoring value to agro-allied industrialisation in Nigeria, it is investing heavily in its backward-integration projects in the sugar sub-sector in Nasarawa and Adamawa States.

She said as part of its contribution to the agricultural sector, the company has a fertilizer complex in Lagos, located in the Lekki Free Trade Zone, with a production capacity of 3 million metric tonnes per annum of urea.

Speaking on the participation of the Dangote Group, Chairman, Board of Trustees (BoT), National Agricultural Foundation of Nigeria, organisers of the annual National Agric Show,  Kabiru Adamu, said: “Dangote Group has been our greatest ally from inception and we have enjoyed tremendous and invaluable support from them such that without them we will not be able to continue to hold the show efficiently.”

Arc Adamu, who is also the President, All Farmers Association of Nigeria (AFAN) urged the Dangote Group to focus on agriculture, after its success in the oil and gas sector.

He added that: “This year we envisage a tumultuous turn out of farm machinery manufacturers, processors, researchers and youth and women farmers answering the clarion call to bolster Nigeria’s food system.”

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The Dangote Group has said that it is collaborating with strategic partners to revitalise and strengthen the agricultural sector of the Nigerian economy. As part of efforts revamp the agricultural

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EFCC Probes MD, National Orthopaedic Hospital, for Alleged N43m Furniture Contract, Recruitment Scam

EFCC Probes MD, National Orthopaedic Hospital, for Alleged N43m Furniture Contract, Recruitment Scam

Olawale Ajimotokan in Abuja

Economic and Financial Crimes Commission (EFCC) has grilled the pioneer Medical Director of the National Orthopaedic Hospital, Benin, Dr. Philip Ugbodaga, for alleged furniture scam to the tune of N43 million awarded to a company based in Abuja.

Ugbodaga, who was appointed last year, was invited for investigation, according to a letter by Head, Investigation, Benin office of EFCC, ACE 1 Ibeleman Bristol.

A copy of the letter, sighted by THISDAY last night, said the investigation was made pursuant to section 38 (1) & (2) of the Economic and Financial Crimes Commission (Establish) ACT, 2004.

The letter, dated October 31, 2025, was titled, Investigation Activities, and addressed to the medical director.

EFCC, in the letter, also asked Ugbodaga to furnish the commission with information/document on the list of nominal rolls and payroll of all the staff in the agency, including permanent, temporary, contract and casual staff.

Others were the status of the contracts/projects carried out from 2023 to date, status of the contracts/projects either completed or ongoing, the companies, the contractors the projects were awarded to and the amount paid to each company for the contracts/projects to include account details.

The anti-corruption agency beamed the searchlight on Ugbodaga on the heels of a petition by aggrieved workers following the failure of the hospitals management to resume payment of their suspended salaries.

The aggrieved workers accused Ugbodaga, who promised to deliver on the mandate set before him by the federal government, of running the National Orthopaedic Hospital like a private entity without recourse to the Public Service Rules. 

It was alleged that before Ugbodaga received directive from the Federal Ministry of Health in July 2025 to recruit some staff, he had already commenced the recruitment exercise in December 2024.

However, trouble ensued in the hospital in August 2025, when he unilaterally and abruptly stopped the payment of salaries of 20 staff without notice or query, for undisclosed reasons.

Aside none payment of salaries of the affected staff, EFCC was also investigation the appointment of the MDs Personal Assistant, Adedeji Bode Segun, said to be holding two federal government jobs running concurrently. 

Speaking on condition of anonymity, one of the aggrieved staff fumed that workers of the hospital sat on bare floor, mats, wrappers and on patients beds, to perform their duties while others made use of inherited furniture.

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Olawale Ajimotokan in Abuja Economic and Financial Crimes Commission (EFCC) has grilled the pioneer Medical Director of the National Orthopaedic Hospital, Benin, Dr. Philip Ugbodaga, for alleged furniture scam to

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Oduwole: Despite Tariff Tensions, Nigeria Recorded Stronger Economic Diversification, Industrial Capacity, Others

Oduwole: Despite Tariff Tensions, Nigeria Recorded Stronger Economic Diversification, Industrial Capacity, Others

Bagudu seeks community-based approach to strengthen intra-African trade

Afreximbank allocates $40 billion to boost trade within Africa

James Emejo in Abuja 

Minister of Industry Trade and Investment, Dr. Jumoke Oduwole, yesterday, declared that despite global headwinds, from tariff tensions to shifting economic dynamics, Nigeria recorded deeper levels of economic diversification, stronger industrial capacity, and unprecedented opportunities for Nigerian businesses across Africa.

Oduwole said the government and all stakeholders must ensure that our collective efforts, going forward, are intentional and coordinated, towards achieving our economic agenda.

She spoke in Abuja at the inaugural African Continental Free Trade Area (AfCFTA) Public-Private-Press-Partners (P4) summit, where two new trade intelligence tools, developed by the ministry, were launched. They included the National Action Plan Framework of the Council on Climate Change (CCC).

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, advocated a community-driven approach to maximise AfCFTA, stressing that every Nigerian community holds tradable value capable of driving national and continental prosperity.

Bagudu commended Oduwole for her long-standing commitment to promoting ease of doing business and placing knowledge sharing at the centre of trade discussions.

He said, What may seem mundaneknowledge sharingis central to Nigerias competitiveness under AfCFTA.

Similarly, Director, Trade Facilitation and Investment Promotion, Afreximbank, Mr. Gainmore Zanamwe, said the bank had allocated over $40 billion to support intra-African trade and investment.

Oduwole explained that the summit was designed to enable deeper understanding of the AfCFTA framework and mobilise all economic efforts towards achieving Item 7 of President Bola Tinubus Renewed Hope Agenda.

She said the continental trade agreement represented one of the most ambitious economic integration efforts in the world  the largest free trade area in the world by number of participating countries, with a combined GDP of about $3.4 trillion, and a lively market of 1.4 billion people, the majority of whom are young.

Oduwole said the platform also represented an economic arrangement that ensured African producers, investors, traders and workers could profitably convert opportunity to prosperity.

She stated, The key argument for the AfCFTA is simply that Africa retains more value when she trades with herself. By implication, our economic ambitions are inseparable from our participation in the AfCFTA market.

According to her, AfCFTA came into force in May 2019 with ratification by 22 African Union (AU) member states. Nigeria ratified the agreement in 2020.

The minister pointed out that currently, 48 AU member states, or 87 per cent of African countries, had ratified the agreement, adding that our one African market is coming to life.

She stated that throughout the year, the trade ministry and partners had worked relentlessly to ensure that the country delivered on her responsibility and maximised the opportunity in AfCFTA, adding that it remains Africas champion of trade-led regional integration.

Oduwole said, Many of the anchor continental instruments were conceived and birthed here. These include the Lagos Plan of Action 1980 and the Treaty Establishing the African Economic Community 1991, also known as the Abuja Treaty. It was also here in Abuja that the negotiations for the AfCFTA Agreement were concluded in 2017.

The minister further averred that the ministry, and the AfCFTA Central Coordination Committee, under her leadership, will continue to place Nigeria as a successful and dynamic leading player in the AfCFTA market.

Oduwole highlighted Nigerias full readiness to implement AfCFTA, following the Federal Executive Councils approval of the AfCFTA Protocol on Digital Trade, making Nigeria the first African country to ratify the digital trade protocol.

She said the move opened doors for digital services firms and demonstrated Nigerias commitment to modern and inclusive trade.

The minister emphasised the need for collaboration across government agencies, development partners, the private sector, and the media, highlighting their crucial roles in communicating opportunities to Nigerians.

She called for diversification of export assets, increased value-added intra-African trade, and greater effort to ensure that communities, businesses, and workers across Nigeria benefitted directly from AfCFTA.

She said, We must ask ourselves a few simple questions. What does the AfCFTA mean to Nigerians, to our businesses, to our workers, to our investors, to our communities? How will the AfCFTA positively contribute to Nigerias economy?

Bagudu stated that AfCFTAs success depended on inclusive participation, not just by the elite or large corporations, but also by local governments and wards that must identify tradable goods in their communities and connect them to investors.

Using Kebbi State as an example, he highlighted how young entrepreneurs had revived groundnut oil production for export to Tunisia, Benin Republic, and Ghana, while hundreds of trucks of onions left the state daily for African markets.

This is not just a Kebbi story; it is a Nigerian story, he said.

Bagudu reflected on Nigerias historic trade links across Africa, stating that the countrys geography and shared borders with Niger, Chad, Mali, and the Central African Republic provide immense opportunities for trade and investment.

He stressed that revitalising these exchanges could foster economic growth, peace, and regional stability, recalling how declining trade flows in northern Nigeria have contributed to tensions.

Bagudu hailed Tinubus bold, Africanist leadership in supporting trade-driven growth and celebrated Nigerians hardworking spiritfrom fishermen and farmers to traders.

He stated that with proper support and integration into regional value chains, communities across Nigeria could collectively drive national prosperity and Africas economic future under AfCFTA.

In his own contribution, Zanamwe said over $40 billion had been allocated by Afreximbank to support intra-African trade and investment.

He stated that one key reason Africa was not trading with one another at the desired scale was insufficient level of value addition, adding, We are not doing much in terms of value addition.

The Afreximbank director said, We began this journey 10  years ago, we believe that this sustained commitment will help companies here and across Africa access the financing necessary for manufacturing, value addition, and exporting under the AfCFTA.

Therefore, we will intensify efforts in mineral and commodity processing and allocate greater financial resources to expand local production.

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Bagudu seeks community-based approach to strengthen intra-African trade Afreximbank allocates $40 billion to boost trade within Africa James Emejo in Abuja  Minister of Industry Trade and Investment, Dr. Jumoke Oduwole,

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Uzodimma Targets $1trn Imo Economy

Uzodimma Targets $1trn Imo Economy

ony Icheku in Owerri 

Imo State Governor, Hope Uzodimma has announced an ambitious economic agenda targeting N1 trillion economy in the State as he unfolded details for the hosting of Global Economic Summit and Tourism Revival Projects from December 4th and 5th, 2025 in Owerri.

Uzodimma, speaking at the weekend, in Owerri, after the Feast of Christ the King, stated that the economic and cultural initiatives would reposition Imo State as a major national and international hub with plans for scheduled World Investment and Economic Summit that would  host prominent global leaders.

The Governor also sent warning signals to those constituting themselves as obstacles to the ongoing Light Up Imo Project, noting that such obstacles would not deter his government from linking the State electricity infrastructure to the national grid.

We cannot spend billions on power infrastructure and fail to distribute electricity to our people. By next week, we will take decisive steps, the Governor said.

Uzodimma expressed gratitude for public support and emphasised the importance of unity and collective progress.

When we eat and work together, our blessings come faster, he said.

He disclosed that the Investment and Economic Summit was intended to build a N1 trillion economy in Imo State; and that the event would play host to the former Secretary General of the United Nations, the immediate past Prime Minister of Britain, Boris Johnson; President Bola Tinubu and a couple of African Heads of State and leaders.

It is a thing of joy, we want to announce Imo State to the world, Uzodimma stressed.

He further revealed that Imo State would host the Ahiajoku Lecture Series between November 27th  and 28th, 2025. 

The Ahiajoku Lecture Series, he said, has remained a cultural legacy established by former Governor Sam Mbakwe.

Describing the festival as one of the tourist indicators of Imo States economy, the Governor said that his administration was doing everything to rehabilitate and promote the festival as a long-term tourism asset.

This monument will be one of the key tourist indicators of our State economy, he noted, urging citizens to participate.

Ideas rule the world, and we are ready to rebuild the circle of excellence our state once represented, he added.

The Governor explained that insecurity and political interference had previously delayed these lofty initiatives.

He criticised individuals who vandalised public propertyincluding a recent incident involving an unauthorised alteration of a government-built roundabout.

Government property is not anybodys property. Conduct is part of success. We must begin to behave ourselves as responsible citizens, he added.

The Governor outlined ongoing efforts to rebuild Imos public sector, emphasising that prosperity depends on functional public schools, hospitals, transportation systems, and infrastructure.

He noted that even substantial wage increases cannot compensate for the high cost of private healthcare and schooling, making government services essential for affordability.

If our schools and hospitals work, a civil servant can run a household comfortably, he said.

On the ongoing Light Up Imo Project, he vowed to confront any federal-level political obstacles preventing the State from connecting its completed power infrastructure to the grid.

The Governor urged citizens to prioritise the States collective interest over personal or political differences, calling on residents to stand together for the future of Imo State.

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ony Icheku in Owerri  Imo State Governor, Hope Uzodimma has announced an ambitious economic agenda targeting N1 trillion economy in the State as he unfolded details for the hosting of

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Musawa: FG Targeting Creative Economy as Africas Growth Engine

Musawa: FG Targeting Creative Economy as Africas Growth Engine

Folalumi Alaran in Abuja

The federal government has reaffirmed its commitment to repositioning Nigeria as the cultural and tourism hub of Africa, describing the creative economy as a major catalyst for trade, investment, and sustainable growth across the continent.

Speaking at the maiden edition of the Africa Tourism and Creative Economy Expo (ATCEE) held in Abuja on Sunday, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musa Musawa, represented by the Permanent Secretary, Dr. Mukhtar Muhammad Yawale, said the Tinubu administrations Renewed Hope Agenda is prioritising the creative sector as a strategic pillar for economic diversification and job creation.

Musawa said the government is pursuing a broad policy framework to develop creative clusters and innovation hubs, revitalise heritage and tourism sites, and expand access to credit for entrepreneurs in the sector through partnerships with financial institutions, notably the Bank of Industry.

She added that the ministry is also strengthening cultural diplomacy to enhance Nigerias global reputation and soft power.

We must move beyond the rhetoric of potential to the practicality of implementation, Musawa said. The creative economy is not just a sector; it is a catalyst for innovation, job creation, and continental identity.

The minister noted that with Africas youthful population and growing digital economy, the continents cultural and tourism assets could serve as a powerful driver of intra-African trade under the African Continental Free Trade Area (AfCFTA).

She commended Afrocultour Limited, organisers of the Expo, for providing a platform that connects government, private investors, and innovators to unlock opportunities within Africas creative and tourism ecosystem.

In his opening address, the Managing Director of Afrocultour Limited and convener of the Expo, Mr. Chuks Akamadu, said the initiative was designed to address Africas low contribution to global trade, which stands at less than three percent despite its vast resource endowments.

He unveiled a new evaluation mechanism tagged Cultourmetre – a continental tool developed in partnership with the African Union Commission (AUC), AfCFTA Secretariat, Afreximbank, and a global audit firm – to measure and rank the performance of African countries in mainstreaming culture and tourism into their national economies.

Africa cannot continue to sit on her fortunes while remaining a destination for foreign aid, Akamadu said. The Cultourmetre will help track measurable progress and ensure accountability across the continent.

Also speaking, the Ambassador of the Democratic Republic of Congo, Her Excellency Pascaline Gerengbo Yakivu, applauded Nigerias leadership in promoting African cultural identity and regional cooperation through tourism.

She noted that the D.R. Congo has intensified efforts to attract investment through cultural showcases and tourism fairs that celebrate its music, biodiversity, and national landmarks.

The Africa Tourism and Creative Economy Expo, themed Optimizing Africas Comparative and Competitive Advantage for Accelerated Trade and Economic Growth, drew policymakers, investors, diplomats, and creative entrepreneurs from across the continent to explore strategies for unlocking Africas cultural and tourism potential as engines of inclusive growth.

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Folalumi Alaran in Abuja The federal government has reaffirmed its commitment to repositioning Nigeria as the cultural and tourism hub of Africa, describing the creative economy as a major catalyst