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President Bola Tinubu has boasted that reforms instituted by his administration has attracted more than $30 billion in foreign direct investments (FDI) in 2023. Tinubu made this known on Tuesday while addressing the nation to commemorate the country’s 65th Independence Day. In his address, Tinubu said the investment attracted was achieved due to the economic ...
The Naira concluded September 2024 at N1,541 on the official NAFEM window, showing a modest improvement compared to its performance in July and August 2024. Conversely, in the parallel market, the Naira reached its lowest level in seven months, closing September at N1,700/$—the weakest rate since February 2024. At the beginning of September, the official ...
President Bola Tinubu has hailed what he said is the disciplined approach adopted by the Central Bank of Nigeria (CBN) to monetary policy management which he said is responsible for ensuring stability and predictability in foreign exchange market. This discipline, he said, has led to the growth of the country’s Foreign Exchange FX reserves to ...
By Esther Agbo To achieve the Federal Government’s ambitious $1 trillion economy target, the Executive Director of Finance and Risk Management at United Bank for Africa Plc (UBA), Ugo Nwaghodoh, has called for greater collaboration between Nigeria’s banking sector, fintech innovators, and the real sector. Speaking at the 2024 Annual Conference of the Finance Correspondents ...
By Esther Agbo Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, has called for greater inclusion of African countries in the governance and decision-making processes of global financial institutions such as the World Bank and the International Monetary Fund (IMF). Speaking at the high-level Bretton Woods at 80 Forum, Cardoso urged these institutions to address ...
By Esther Agbo The Federal Government has reaffirmed its commitment to empowering micro, small, and medium enterprises (MSMEs) through tax incentives, aimed at spurring growth, fostering innovation, and ensuring the sector’s sustainability. This reaffirmation was made by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, represented by his Special Adviser, Collins ...
By Esther Agbo Polaris Bank has once again affirmed its leadership in supporting Micro, Small, and Medium Enterprises (MSMEs), emerging as Nigeria’s Best Bank in MSME lending. This recognition, awarded at the inaugural MSME Finance Awards 2024, highlights the bank’s sustained focus on bolstering Nigeria’s entrepreneurial landscape through several direct and indirect funding channels. The ...
Stakeholders in the financial industry have emphasised the need for collaboration between banks and Fintech companies to drive real sector growth. According to them, this is necessary for Nigeria to achieve a one trillion dollar Gross Domestic Product (GDP) by 2026. They said this at the 2024 annual conference of the Finance Correspondents Association of ...
The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. CBN Controller, Yola Branch, Sah Nyashi said this during the weekend at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong ...
The Central Bank of Nigeria (CBN), says it is partnering with Microfinance Banks (MFBs), to enhance financial inclusion to stimulate growth of Micro, Small and Medium Enterprises (MSMEs) in the country. Mr Sah Nyashi, CBN Controller, Yola Branch, said this on Saturday at the inauguration of Dabtikir Microfinance Bank Limited in Hong, headquarters of Hong ...
Olusegun Alebiosu, CEO of FirstBank has underscored the importance of financial inclusion in tackling poverty on the African continent. Speaking in an exclusive interview with Arise TV on the sidelines of the 79th United Nations General Assembly in New York, Alebiosu highlighted poverty eradication as a pressing concern that should keep international leaders up at ...
The Nigeria Deposit Insurance Corporation (NDIC), has advised banks to comply with regulatory requirements especially on Bank Verication Number (BVN). According to NDIC, the aim is to ensure prompt payment of insured deposits to depositors in the event of bank closure. Mrs Pamela Roberts, the Controller, Enugu Zonal Office of the NDIC said this at ...
The Central Bank of Nigeria (CBN) says it has provided additional 20,000 dollars each to eligible Bureau de Change at an exchange rate of N1,590. This is to further boost foreign exchange liquidity. Dr Wiliam Kanaya, CBN’s Acting Director, Trade and Exchange Department, said this in a statement on Wednesday in Abuja. Kanaya said that ...
The Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that Nigerians spent a total of N89.5 trillion over electronic channels in July 2024. According to the latest e-payment data, the July record came as the all-time high monthly transaction value on the NIBSS Instant Payment (NIP) platform. This represents an 89 percent increase year on year ...
By Esther Agbo The Federal Government has officially commenced the preparation of the 2025 national budget, focusing on strict compliance with mandates and alignment with the country’s current economic priorities. The Director-General of the Budget Office, Tanimu Yakubu, disclosed this during the launch of a training program for Ministries, Departments, and Agencies (MDAs) on the ...
By Esther Agbo In an era where youth unemployment remains a pressing concern, the FCMB Flexxtern Programme stands out as a key player in Nigeria’s fight to bridge the gap between education and employment. As the latest group of 30 young graduates complete their internships, the programme is receiving accolades for its transformative impact on ...
The United States Chamber of Commerce has expressed its willingness to invest about 320 million dollars in mortgage refinancing and Small and Medium Enterprises (SMEs) in Nigeria. This is contained in a statement issued by spokesperson of Vice-President Kashim Shettima, Mr Stanley Nkwocha. The Deputy Chief Executive Officer of the U.S. International Development Finance Corporation, ...
By Matthew Denis In a significant move to address rising inflation, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the monetary policy rate (MPR) from 26.75 percent to 27.25 percent. The decision was announced by CBN Governor Olayemi Cardoso during a press conference following the committee’s 297th meeting held ...
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has announced the 2024 edition of the National MSME Conference, themed “GROW NIGERIAN: Sustaining an Innovation and Digital-Driven Economy.” The event, the nation’s leading annual development conference, will be opened by the President, His Excellency President Bola Ahmed Tinubu GCFR. It will take place from ...
The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for its ongoing efforts to address regulatory bottlenecks and create a more conducive environment for businesses in Nigeria. Director-General of NECA, Adewale-Smatt Oyerinde, said this in a statement on Monday in Abuja. Recall that Vice-President Kashim Shettima had recently inaugurated the Presidential Enabling Business ...
The Federal Government, through the Debt Management Office (DMO), has offered three FGN bonds valued at N150 billion for subscription at N1,000 per unit. According to a statement by the DMO on Monday, the first offer is an April 2029 FGN bond valued at N70 billion at an interest rate of 19.30 percent per annum ...
PalmPay, a financial platform in Nigeria, says it has launched a USSD code to empower its users with financial access. The Managing Director of PalmPay Nigeria, Mr Chika Nwosu made this known in a statement in Lagos on Monday. He said the service offered Nigerians an additional mileage to manage their finances without internet connectivity. ...
...As total assets surge to N36.6trn Access Holdings posted a pre-tax profit of N348.9 billion for the half-year ending June 30, 2024, as banks continue to enjoy bumper profits from Nigeria’s high interest rates. The group’s pre-tax profit during the half-year marks a 108 per cent year-on-year growth from the N167.6 billion posted in H1 ...
