Business
First Bank adopts arts for mass employment, economic development
First Bank of Nigeria (FBN) says it is harnessing strength and skills of the nation’s youths through arts by creating mass employment, promoting economic development and preserving Nigeria’s rich cultural heritage.
The FBN’s Executive Director, Retail Banking, South Directorate, Mr Oluseyi Oyefeso, said this during a stage play, “Kúrunmí” sponsored by the bank, on Sunday night in Lagos.
Kúrunmí was written by Late Nigerian playwright, Prof. Ola Rotimi.
It is a theatrical production that delves into the rich history of the Oyo Kingdom, and is part of First@arts initiative.
The stage play was produced by Gboyega Akosile, who is also Special Adviser, Media and Publicity to Gov. Babajide Sanwo-Olu of Lagos State.
Kúrunmí, directed by Muyideen Oladipupo (Lala), told the story of a fearless leader in the ancient Yoruba Kingdom of Oyo.
Speaking with journalists, Oyefeso said that the play told a major story which documented for posterity, the culture and conflict between the ancient Egbas, the Ibadans, and the Oyo people.
According to him, FBN is there to make sure we preserve the culture of Nigeria,
He said that First@arts covered almost everything around arts, including stage plays, cinematography, artworks, documenting history, documenting the society, among others, to preserve the culture and the history of Nigerian people.
The executive director said that the large stage cast was a fraction compared to huge numbers that worked behind the scene, thereby creating jobs and contributing to Nigeria’s economic growth.
“That is what we need to be thinking about in Nigeria. How do we productively engage our young ones, to putting them to productive use?
“You can see the energy that those young folks display. You can see the choreography, amazing dance steps.
“So, we have to find a way to keep them engaged for the positive use. In a way, FBN is using the arts to promote job creation and develop the economy,” he said.
Oyefeso urged people in the creative sector with good proposals to present them to FBN for free sponsorship.
Gboyega Akosile, the producer, thanked FBN for the partnership.
Akosile, who is also Special Adviser, Media and Publicity to Sanwo-Olu, also appreciated the governor for supporting his vision to birth Kúrunmí.
He said that his vision was to promote arts, and Kúrunmí gave him the satisfaction of using the large dedicated cast who diligently worked for five months to bring the idea to fruition.
The Director, Lala, said that the story would help the younger generation to connect to their roots, adding that, white actors were included to aid understanding of colonialists involvement.
“Theatre is dying and we need people to support and revive it, so, we are happy with what First Bank is doing because 85 per cent of our cast are youths,” he said. (NAN)
The Senate has passed two out of four major tax reform bills, marking a significant milestone in the ongoing overhaul of the nation’s tax administration framework.
The two bills, one seeking to repeal the Federal Inland Revenue Service (Establishment) Act and another to establish the Joint Revenue Board (Establishment) Bill 2025 along with the Nigeria Revenue Service Bill 2025, were passed following a clause-by-clause consideration during the Committee of the Whole and their subsequent third reading on the Senate floor.
President Bola Ahmed Tinubu had in October 2024 transmitted the four tax reform bills to the National Assembly for consideration and passage.
However, the Senate President, Godswill Akpabio, commended the progress, expressing optimism that the reform bills would not only enhance governance but also revolutionise tax collection and distribution across the country.
“These bills will add immense value to governance and transform how taxes are collected and shared in Nigeria,” he said.
He further assured that the remaining two bills would be finalised tomorrow (Thursday), even if it required extended sitting hours.
“We are committed to concluding the outstanding bills tomorrow, even if we have to stay here until 10 p.m.,” Akpabio said.
Abubakar Kyari, minister of agriculture and food security, says Nigeria has lost over N1.3 billion to the outbreak of Tuta absoluta, a tomato-destroying pest commonly known as tomato ebola, in three states.
Speaking on Wednesday at a capacity-building workshop for financial institutions in Abuja, Kyari said the losses were recorded in Kano, Katsina, and Kaduna states.
He said the outbreak had triggered a sharp increase in the price of tomatoes — with the cost of a 50-kilogram (kg) basket rising from N5,000 to as high as N30,000 — further compounding food inflation and putting pressure on household budgets.
The minister described Tuta absoluta as a fast-spreading invasive pest capable of wiping out entire tomato fields within 48 hours, stressing that the incident exposed the vulnerability of the country’s horticultural systems.
According to Kyari, the crisis underscores the pressing need for effective pest control measures, investment in resilient crop varieties, and stronger support systems for farmers to protect Nigeria’s food supply chains.
“Tomatoes and peppers, essential ingredients in virtually every Nigerian kitchen, serve as baseline commodities for daily cooking,” he said.
“When the prices of these staples spike, they set off a chain reaction that affects the cost of meals across homes, restaurants and food vendors.
“According to the 2024 National Bureau of Statistics (NBS) tomatoes led the food price index with a staggering 320 per cent year-on-year increase, followed by peppers and other produce.
“These spikes disproportionately affect low-income households, underlining the urgent need for more stable production, better storage and accessible finance across the horticulture value chain.”
Kyari described horticulture as the “sleeping giant” of Nigerian agriculture and called for urgent efforts to unlock its full potential through sustainable financing.
He explained that horticulture — which includes the cultivation of fruits, vegetables, herbs, spices and ornamentals — holds far-reaching benefits beyond food production.
The minister said it is a dynamic engine for rural transformation, job creation, improved nutrition and trade diversification.
”With increasing urbanisation and growing awareness of healthy diets, consumer demand for fresh and diverse produce is rising rapidly. Horticulture is well-positioned to meet this demand,” he added.
Despite the challenges in the horticulture sector, Kyari said it remains one of the most promising frontiers for agricultural transformation, offering higher value per hectare, shorter production cycles, and multiple annual harvests ideal for smallholder commercialisation.
He added that the sector offers high employment potential throughout the year, particularly for women and young people, and is closely connected to processing, packaging, retail, and export markets.
“The sector also offers climate resilience through protected cultivation and irrigation systems, urban food access through peri-urban farming and logistics integration,” he said.
“Horticulture is a high-impact, high-return opportunity sitting at the intersection of agriculture, health, industry, and trade.”
The minister outlined the sector’s major contributions to Nigeria’s agricultural transformation, including the diversification of production and income sources, improved food and nutrition security, and job creation with youth involvement.
Kyari also highlighted its role in reducing import dependence, boosting export potential, enhancing climate resilience, and strengthening access to urban markets.
“Crops like tomatoes, pineapples, cucumbers, citrus and plantains have huge domestic demand and are increasingly becoming important commercial crops,” Kyari said.
“On food and nutrition security, horticultural crops are rich sources of vitamins A, C, iron, zinc, and folate nutrients vital for child development, maternal health and disease prevention.
“Scaling up their production and affordability is key to ending malnutrition in all its forms.”
Kyari urged financial institutions to better understand the horticulture value chain — from seed to shelf — and to move beyond generic lending and develop tailored products that aligned with the specific stages of the value chain.
The minister also urged them to develop fit-for-purpose financial products, including seasonal credit lines, equipment leasing, invoice discounting, and trade financing.
The naira yesterday depreciated to N1, 610 per dollar in the parallel market from N1,605 per dollar on Tuesday.
Similarly, the Naira depreciated to N1,612 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN showed that the exchange rate for the naira rose to N1,612 per dollar from N1,609 per dollar on Tuesday, indicating a N4 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N3 per dollar from N4 per dollar on Tuesday.