Nigeria Digest: Key Events of July 16, 2024

UK inflation unexpectedly rose to an 18-month high in June, intensifying pressure on the government and economy, though a potential interest rate cut by the Bank of England is still possible.

Stanbic IBTC Bank has secured an CNY800 million loan facility with China Development Bank to enhance financing for Nigerian businesses engaged in Africa-China trade.

Nigeria's oil production has slightly exceeded its OPEC quota, with the NNPC declaring a state of emergency to address production challenges.

UK inflation rose to 3.6% in June, driven by high food and fuel prices, marking the third consecutive monthly increase in food price inflation.

Mayor of London Sadiq Khan is leading a trade mission to Nigeria to boost collaboration in business and technology, aiming to foster growth and job creation.

Heirs Insurance recorded a 70% increase in gross written premium to N61 billion in 2024, marking significant growth in the insurance sector.

Imo Talent Hub, in partnership with the University of California, aims to train 100,000 youths in digital skills by 2026 to place them in global roles.

Nigeria faces perennial flooding due to increased rainfall and dam releases, with plans to mitigate future floods by diverting river flow into a reservoir.

The Buhari administration has initiated key road and rail projects, including the Port Harcourt–Aba railway and Abuja–Kaduna railway, under national development programs.