Tag: Purpose
Nigerian Deposit Insurance Commission (NDIC): functions, purpose and more
The Nigerian Deposit Insurance Commission (NDIC) was established in 1988 by the Nigerian government to protect depositors and promote confidence in the Nigerian banking system. NDIC operates as an independent agency, and its primary function is to ensure that depositors’ funds are safeguarded in the event of the failure of a bank in Nigeria. In …
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ECOWAS: Purpose, powers, history and functions
What is ECOWAS? ECOWAS, the Economic Community of West African States, is a regional organization that aims to promote economic integration and cooperation among its member countries. Founded in 1975, ECOWAS has played a key role in shaping the economic landscape of West Africa through its various policies and initiatives. In this article, we will …
World Trade Organization (WTO): Purpose, power, function & history
What is the World Trade Organization? The world trade organization (WTO) is a global organization that aims to promote free and fair trade among nations. Established in 1995, it serves as a forum for member countries to negotiate and enforce trade agreements, as well as settle trade disputes. The WTO plays a crucial role in …
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NNPC: Purpose, function, power, and history
The Nigerian National Petroleum Corporation (NNPC) is a critical institution in the oil and gas industry of Nigeria. With a rich history dating back to 1977, the NNPC plays a vital role in the management and control of the country’s vast petroleum resources. In this article, we will delve into the purpose, functions, powers, and …
International Labour Organization (ILO): Purpose, functions and more
The International Labour Organization (ILO) is a specialized agency of the United Nations established in 1919. Its purpose is to promote social justice and promote decent working conditions around the world. The ILO operates through its member states and has the unique power to create international labour standards in the form of conventions and recommendations. …
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World Bank: Purpose, power, functions and history
Nations of the world have rallied towards having a standard financial system that appeals to its economic inputs and offers an overall developed financial sector. With the world divided among political lines, with the East adopting communism and the west largely adopting capitalism; the demand for a non-bias, international body offering credible financial advice to …
ICAN: Purpose, functions, powers, history, and more
The Institute of Chartered Accountants of Nigeria (ICAN) is a professional body responsible for regulating the practice of accountancy in Nigeria. This article explores the purpose, functions, history, powers, and other important information about the institute, including its role in shaping the accounting profession in the country. Whether you’re an aspiring accountant or simply interested …
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Naira redesign: Purpose, Implications, and consequences
The 200, 500, and 1000 Naira notes will be redesigned by December 15, 2022, according to the Central Bank of Nigeria (CBN). The CBN’s governor, Godwin Emefiele, made this announcement on October 2022, against the backdrop of a weakening Naira and a nearly insolvent economy. By January 31, 2023, the old notes would no longer …
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Central Bank of Nigeria (CBN): Purpose, functions, power & history
What is the Central Bank of Nigeria (CBN)? The Central Bank of Nigeria (CBN) is the country’s apex financial institution, with a mandate to maintain monetary stability and promote economic growth. Established in 1958, the CBN has played a significant role in shaping Nigeria’s economic history. This article delves into the power, history, function, and …
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African Union (AU): Purpose, power, functions and history
The African Union (AU) is a continental organization that was established in 2002 to promote unity and cooperation among African nations. This article will explore the power, purpose, functions, and history of the AU, including its origins and formation, main objectives and functions, decision-making process and governance structure, role in promoting peace and security, and …
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