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Kwara Secures $56m Chinese Investment

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Just like President Muhammadu Buhari’s recent successful investment drive to China, the Kwara State Government has secured a $56m Chinese investment for the establishment of a textile industrial park in the state.

The State Governor, Alhaji Abdulfatah Ahmed finalized the investment during his current investment trip to East China.

The agreement for the establishment of Kwara Chitex Industrial Park was signed between the Governor Abdulfatah Ahmed and Mr. Shi Zengchao, Managing Director, of Ningbo Jinsheng Star Import and Export Co Ltd. at the The 18th China Zheijand Investment and Trade Symposium, held in Ningbo, East China over the weekend.

The signing, which was part of the Ningbo Major Investment Projects Signing Ceremony organized by the Ningbo Municipal People’s Govt, involved a total of $3.7b worth of investments in 31 projects out of which $1.4b was for outbound investments with The Kwara Chitex Industrial Park being the only Nigerian bound.

Speaking after the signing, Governor Abdulfatah Ahmed expressed delight about the multi million dollar project, which is expected to commence within soon, stressing that the State is focusing on manufacturing to stimulate its economy and create jobs. According to the Governor, the Kwara Chitex Textile Industrial Park is expected to create 3000 jobs when operational.

‘We are looking for investors especially in the area of manufacturing. We have a very youthful population which shows there is a strong workforce that can support industrialization. There are opportunities in textiles, agriculture, mining and other areas. The potentials are huge’, he said.

Providing further details of the deal, Governor Ahmed’s Chief Economic Assistant and DG of the state PPP Office, Mr. Abayomi Ogunsola said the deal involves the state government providing up to N1b in counterpart funding and 400 hectares of land as well as infrastructure support.

Governor Ahmed also held preliminary talks with potential investors in agribusiness and Agro allied industries, and offered them incentives such as tax relief and accelerated land acquisition.

BIG STORY

FCT Resident Doctors Begin 7-Day Warning Strike

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The Association of Resident Doctors in the Federal Capital Territory (ARD-FCT) commenced a seven-day warning strike on Monday to demand urgent reforms in the territory’s health sector.

In a communiqué signed by President George Ebong and other executive members, the doctors described the FCT health system as fraught with chronic systemic failures, calling for immediate and comprehensive reform.

Ebong highlighted the dire working conditions: severe manpower shortages, malfunctioning equipment, unpaid allowances, unpaid salaries, and delayed promotions. Many doctors are reportedly overburdened, covering multiple departments simultaneously, a scenario he warned could precipitate a systemic collapse.

The ARD-FCT has issued a one-week ultimatum to the FCT administration to begin implementing meaningful improvements—particularly in staffing and welfare—or face escalation to an indefinite strike.

Responding on Channels Television’s Sunrise Daily, Minister of State for Health Isaq Salako expressed optimism that ongoing government dialogue with the National Association of Resident Doctors (NARD) could avert further disruption. He acknowledged that about 40% of the 2025 residency allowances remain unpaid, and assured that discussions are underway to resolve these outstanding issues.

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Lending Rates May Drop As Inflation Eases — CBN Governor Cardoso

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has signalled that lending rates could decrease in the coming months, as headline inflation shows signs of slowing.

Speaking during a fireside chat at the European Business Chamber (Eurocham Nigeria) C-Level Forum, Cardoso said that while inflation remains elevated, its gradual decline opens the door for lower interest rates.

He emphasised that an environment of easing inflation and improved market efficiency would naturally support stronger corporate lending and increased investment.

Cardoso underscored the CBN’s top priority: maintaining financial system stability while addressing inflation pressures. He reiterated that the ongoing recapitalisation of banks is critical in strengthening institutions to withstand economic shocks and support growth.

He also highlighted the importance of deepening financial inclusion through technology-driven solutions and fintech, as part of broader efforts to promote equitable access to credit and tackle poverty.

In addition, he praised enhanced coordination between the central bank and fiscal authorities—including the Ministries of Finance, Trade and Industry, and the Budget Office—as key for sustaining economic reforms and long-term stability.

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JUST IN: Suspected Gunmen Abduct APC Chairman’s Wife, Daughter In Kwara

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The wife and daughter of Alhaji Mohammed Swasun, chairman of the All Progressives Congress (APC) in Patigi Local Government Area of Kwara State, have been abducted.

The incident occurred on Sunday evening when suspected gunmen stormed the community. Swasun reportedly witnessed as his wife, Hajia Fatima, and daughter, Amina, were taken away to an unknown location.

A source confirmed that the matter has been reported to the Patigi Police Division.

“The authorities are aware, but the kidnappers have not contacted the family yet,” the source said.

As of the time of filing this report, security agencies have not issued an official statement on the incident.

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