NEWS AGENCY OF NIGERIA
Afreximbank opens 32nd annual meetings, urges stronger African institutions
Economy/Business

Afreximbank opens 32nd annual meetings, urges stronger African institutions

120 total views today

By Okeoghene Akubuike

The African Export-Import Bank (Afreximbank) commenced its 32nd Annual Meetings, themed “Building the Future on Decades of Resilience” in Abuja on Wednesday.

In his welcome note, Prof. Benedict Oramah, President of Afreximbank, said that the meetings would provide a platform for dialogue and a roadmap for action, exploring how Africa could assert greater control over its development destiny.

Oramah, who is also Chairman, Board of Directors, Afreximbank, highlighted the significance of the event, marking a memorable homecoming and the bank’s 32 years of service.

“This year’s Annual Meetings are  in recognition of the remarkable journey of Afreximbank-from a child with an uncertain future to becoming one of the continent’s most consequential multilateral financial institutions.”

Oramah listed some of the bank’s achievements, which include the disbursement of 250 billion dollars mobilised into Africa.

According to him, over the past 32 years, Afreximbank has mobilised over 250 billion into Africa, empowering industries and serving as a lifeline during crises like the COVID-19 pandemic, commodity shocks and broken supply chains.

In terms of institutional growth, he said that Afreximbank had grown from a fledgling institution to one of the continent’s most consequential multilateral financial institutions.

“The story of Afreximbank is one of defiance against doubt, of institution-building in the face of resistance, and of steadfast belief in Africa’s potential,” he said.

He said that the meeting was held against a backdrop of global headwinds, including deglobalisation, rising protectionism, and geopolitical uncertainty.

Oramah emphasised the need for Africa to build strength from within, charting a future that is unapologetically African and globally impactful.

“It is expected to be a future where Africa’s youthful population, rich natural resources, expanding intra-African trade, and technological shifts create a new development paradigm,” he said.

He said that the 32nd AAM 32nd Annual meetings was aimed at:”examining our past, reimagining our institutions, and strategising for a fractured and changing, deglobalising world order.

“As we gather policymakers, development finance institutions, the private sector, civil society, and academia, our goal is to create not only a platform for dialogue but also a roadmap for action.

“Together, we will explore how Africa has been asserting greater control over its development destiny and how Afreximbank and our sister institutions can continue to be anchors of sustainable socio-economic transformation,” he said.

Denys Denya, Senior Executive Vice-President, Afreximbank, called for strengthened African institutions to navigate the emerging world order.

Denya highlighted the importance of building strong, independent institutions, promoting good governance, and fostering regional cooperation.

He stressed the need to support home-grown institutions, especially Development Finance Institutions, to solve Africa’s problems, particularly in an era of scarce funding for African entities.

Denya said that macroeconomic management, structural reforms, and investments in key areas such as infrastructure and human capital were crucial for fostering sustainable economic growth.

“The time is urgent for Africa to be deliberate about industrialisation, promoting value addition to its exports, and diversifying its export basket and destinations,” he said.

He emphasised the importance of improving regional trade through the African Continental Free Trade Area (AfCFTA) and forging new trading partners and strategic alliances.

Denya said that the bank would continue to support member states in advancing their short- and medium-term goals, leveraging its experience in responding to economic downturns and promoting industrialisation.

“As the world navigates uncertainty, Afreximbank is committed to supporting Africa’s aspirations and promoting sustainable economic growth and development.”(NAN)

Edited by Kadiri Abdulrahman

Nigeria committed to national sugar master plan objectives – FG
Economy/Business

Nigeria committed to national sugar master plan objectives – FG

143 total views today

By Lucy Ogalue

The Minister of State for Industry, Sen. John Enoh, says Nigeria’s sugar industry must meet its domestic production target in line with the objectives of the National Sugar Master Plan (NSMP).

Enoh made this known during a high-level stakeholders’ meeting on Wednesday in Abuja.

The National Sugar Master Plan, introduced in 2012 and currently in its second phase, aims at achieving self-sufficiency in sugar production, creating jobs, and conserving foreign exchange

Enoh reaffirmed the Federal Government’s commitment to the full implementation of the master plan as the guiding framework for the sugar industry’s operations.

He said the core goals of the NSMP remained the significant ramp-up of local raw sugar production and a corresponding reduction in the country’s dependence on sugar imports.

“The ministry gives a firm commitment that the National Sugar Master Plan and its guiding rules are sacrosanct.

“Quota allocations to industry participants will be strictly based on their actual performance under the plan’s Backward Integration Programme (BIP), and no other consideration will apply,” he said.

The minister noted that imports of refined sugar by any participating company would count against their annual quota allocation, warning that infractions would not be tolerated.

According to Enoh, efforts by the National Sugar Development Council to tie import allocations to performance in 2024 marked a turning point.

He disclosed that some players still violated the guidelines.

“To address this, I will request the Minister of Finance and Coordinating Minister of the Economy, to direct the Nigeria Customs Service and the Federal Inland Revenue Service to recover all outstanding duties and levies on sugar imports,” he said.

Enoh also called for intensified investment in backward integration and skills development, adding that a more disciplined focus was required to deliver the master plan’s objectives.

He disclosed that the government would embark on nationwide visits to BIP project sites to verify performance claims using a standardised information-gathering template.

The minister stressed the importance of transparency, urging the creation of a public dashboard to track sectoral progress, encourage compliance, and enhance credibility among stakeholders.

“We must strengthen our monitoring and accountability systems. Just like what was done in the cement industry, the sugar sector can also become a success story if we remain consistent and firm,” he said.

The Executive Secretary of the National Sugar Development Council (NSDC), Mr kamar Bakrin, expressed the council’s commitment toward addressing the various challenges encountered by operators in the sector.

Bakrin reiterated the importance for stakeholders to act decisively to reverse years of poor performance of the sugar industry in the country.

He acknowledged that operators had consistently flagged some issues as factors hampering the execution of their BIP projects.

He listed some of the challenges to include loopholes in the Free Trade Zone (FTZ) regime, delays in clearing equipment at ports, sugar smuggling, and resistance from host communities.

He noted that all of these issues had either been resolved or were being actively addressed through government interventions and policy reforms.

“With the ongoing amendment of the NSDC Act and the recently passed Fiscal Reforms Act, the loopholes in the FTZ regime are being firmly closed,” he said.

He added that delays at ports were also being tackled through regular NSDC engagement with the Nigeria Customs Service, while the Council was working with the Department of State Services to curb sugar smuggling.

On the issue of community unrest, the NSDC boss explained that grievances in key locations such as Noman in Adamawa State had been fully resolved.

“There is currently no BIP project where host community opposition has restricted access to significant portions of land,” he said.

Bakrin stressed, however, that the time for excuses was over, as the sector could no longer afford further delays or underperformance.

“We believe that operators must immediately halt the decline in their current output, especially in agronomic and factory practices, which remain below global standards,” he said.

He also called on industry players to urgently scale up expansion of their brownfield BIP operations, adding that the sector was already a decade behind the timelines initially set by the NSMP.

“We have all the data. While we will respect confidentiality on individual cases, the fact remains that there must be an aggressive approach to project expansion if Nigeria is to meet its sugar self-sufficiency targets,” he said.

In his remarks, the Chairman of Golden Sugar, Mr John Coumantaros, admitted the industry’s failings and backed the minister’s reform stance.

“The sector has underperformed. Investments of  four billion dollars is required to replace the 1.6 million tonnes of sugar Nigeria imports yearly.

“With strong enforcement and collaboration, the industry can deliver significant economic benefits including saving $800 million annually in foreign exchange and employing up to two million people directly and indirectly,” he said.

Coumantaros likened the situation to the cement sector’s successful turnaround under a similar backward integration policy.

“It took strong government enforcement and industry commitment to transform cement from an import-dependent sector to a self-sufficient one. The sugar industry can do the same,” he said.

He pledged the company’s readiness to expand its Sunti operations and invest in additional projects, provided government enforces policy and level playing field.

The Managing Director, BUA Foods, Mr Ayodele Abioye, expressed the commitment of the company to accelerate and drive the sector.

Abioye urged the government to take cues from other climes to help the sector thrive.

The meeting ended with commitments from both government and operators to convene quarterly reviews, reinvigorate monitoring mechanisms such as the Central Monitoring Committee and align public-private efforts toward measurable results.(NAN)

Edited by Chinyere Joel-Nwokeoma

NECA hails Tinubu’s economic reforms 
Economy/Business

NECA hails Tinubu’s economic reforms 

138 total views today

By Joan Nwagwu

The Nigeria Employers Consultative Association (NECA) says President Bola Tinubu’s  reforms in the economic sector align with the desires of the Organised Private Sector(OPS).

Mr Adewale-Smatt Oyerinde, the Director General of NECA said this on Wednesday in Abuja, at the 2025 edition of the Employers Summit, organised by NECA

The News Agency of Nigeria (NAN) reports the summit is themed, “Enabling Sustainable Enterprise in a Transiting Economic: Aligning Fiscal,Trade and Regulatory Reforms for Rapid National Development ”

Oyerinde said the reforms being undertaken by the federal government are in alignment with the desires of employers.

He said the summit was apt in bringing the critical stakeholders together to deliberate and agree on the execution of the reforms.

“NECA believes that there is no better time to get the reformers and those that will implement the reforms as well as those that the reform is supposed to reform to have a conversation and engender consensus around those reforms.

“It will also help us to make policy recommendations to the government on those issues where it pinches the private sector and employers.

“This is the avenue where definite solutions or implementation of palliatives or innovation that might ease the pressure on the private sector can come,” he said.

According to the NECA DG, employers play a major role in promoting national development through job creation, payment of taxes and other contributions to economic growth.

He further said that the summit was unique coming at a time when the government was implementing many reforms, such as the tax reform bills.

Vice President Kashim Shettima emphasised the need to build an economy that is resilient, inclusive, driven by private enterprise and enabled by government.

Shettima, represented by Mr Temitola Johnson, Special Adviser to the President on Job Creation and Small, Medium Micro Enterprises (SMMEs), said the organised private sector has contributed positively to socio-economic development of Nigerians.

He said that the contributions were through the millions of jobs that were created, as well as the goods and services they provide.

Shettima added that the vision of President Bola Tinubu-led administration was to build an economy where sustainable business enterprises thrive and create decent jobs.

“One of the comprehensive reforms being undertaken by the government is that, which prioritises prudent expenditure and a more efficient, transparent and equitable tax system.

“We are a nation in transition, navigating our part of bold reforms designed to stir our economy away from volatility into becoming a more stable, sustainable and prosperous one.

“These reforms, though difficult in the short term, are laying the foundation for a more transparent, competitive, diversified and investor-friendly environment,” he said.(NAN)

Edited by Rotimi Ijikanmi

Africa’s records 3.2 per cent growth in 2024- Afreximbank
Economy/Business

Africa’s records 3.2 per cent growth in 2024- Afreximbank

144 total views today

Okeoghene Akubuike

Africa recorded a growth rate of 3.2 per cent in 2024, in spite of the challenging global environment, says Afreximbank Research Report.

Dr Yemi Kale, Group Chief Economist, Afreximbank, disclosed this while presenting the 2025 African Trade and Economic Outlook (ATEO) Report at the Afreximbank 32 Annual Meetings (AAM2025) in Abuja on Wednesday.

Kale, however, said the growth rate was still below the pre-pandemic growth rate of five per cent.

He said the performance could be attributed to stronger public investment, high commodity prices, notably of gold, cocoa, and coffee, and the early success of diversification strategies.

Kale, however, said growth on the continent remained uneven, with resource-dependent countries facing greater challenges.

He said the report showed that Africa’s merchandise trade recovered in 2024, rebounding by 13.9 per cent to reach 1.5 trillion dollars.

According to him, this is a significant increase from the decline of about 5.4 per cent recorded in 2023.

He said Africa’s merchandise imports grew to 769.01 billion dollars in 2024 while exports grew to 758.01 billion dollars.

Kale said Africa’s merchandise trade balance posted a deficit of 11 billion dollars in 2024.

He said Intra-African trade showed a remarkable upturn in 2024 of 12.4 per cent to reach 220.3 billion dollars, rebounding from a decline of 5.9 per cent in 2023.

He, however, said that in Africa, inflation increased from 18.2 per cent in 2023 to 20.1 per cent in 2024.

Kale said this positive trend was expected to be sustained, bolstered by the continued implementation of the African Continental Free Trade Area (AfCFTA), which is emerging as a foundation for the continent’s trade resilience.

“The 2025 report, “African Trade in a Changing Global Financial Architecture,” finds Africa at a pivotal juncture.

“As global trade routes and rules evolve, Africa’s share of world exports has seen a slight decline, from 3.5 per cent in 2009 to 3.3 per cent in 2024.

“Intra-African trade accounts for a paltry 14.4 per cent of the region’s formal trade underscoring continued dependence on external demand and exposure to commodity shocks.

“Yet fragmentation brings new opportunities: increased shipping traffic around the Cape, growing investment in Africa by the countries of the Persian Gulf and Asia.

“Also heightened demand for Africa’s critical minerals are enhancing the continent’s strategic position.”

Kale said unlocking this potential required closing the 100billion-dollar annual trade-finance gap, which constrains most African small and medium enterprises from participating in regional value chains.

He said gradually, but promisingly, Africa’s financial architecture was restructuring and beginning to respond to the new economic realities.

The economist said Afreximbank, had disbursed 17.5 billion dollars in 2024 and aimed to double intra-African trade finance by 2026.

He added that the Pan-African Payment and Settlement System (PAPSS) was gaining traction, with over a dozen central banks now linked, reducing transaction costs and reliance on the US dollar and euro.

Kale emphasised that the report clearly conveys Africa’s urgent need to transform global fragmentation into a catalyst for resilient, inclusive growth and value-added trade.

He said African development finance institutions must be strengthened with more capital and fairer global regulation as well as accelerating AfCFTA implementation, especially around tariff schedules, rules of origin, and national coordination.

Kale added the need to expand digital payment infrastructure to reduce currency and logistics bottlenecks, and use Africa’s G20 seat to push for reforms in reallocation of special drawing rights, debt restructuring, and global financial rulemaking.

“Together, financial sovereignty, digital integration, and coordinated diplomacy must form the foundation for Africa to overcome global disruption and build a more sustainable, shock-resistant, and opportunity-rich trade future.”

The 2025 edition of the African Trade Report, published by Afreximbank examines trade and economic development in Africa and other parts of the world during 2024.

It examines how a fragmented global economy, characterised by geopolitical tensions and industrial rivalries, is impacting Africa’s trade dynamics amidst its push for industrialisation and deeper intra-African trade integration. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

Equity market records N1.19trn gain, led by Oando, Dangote Sugar
Economy/Business

Equity market records N1.19trn gain, led by Oando, Dangote Sugar

117 total views today

By Taiye Olayemi

The Nigerian stock market closed on a positive note Wednesday, adding N1.185 trillion to its value.

Market capitalisation surged by 1.57 per cent to reach N76.761 trillion, up from N75.576 trillion recorded on Tuesday.

Similarly, the All-Share Index (ASI) rose by 1,466.87 points, or 1.22 per cent, settling at 121,257.69 from its previous close of 119,790.82.

This uptrend was fuelled by strong buying interest in medium and large-capitalised stocks including Dangote Sugar, Oando, Cileasing, Champion Breweries and 59 other stocks.

Also, the market breadth closed positive, with 63 gainers and 17 losers.

On the gainers’ chart, Dangote Sugar rose by 10 per cent, closing at N48.40 while Oando Plc also increased by 10 per cent, settling at N68.75 per share.

Cileasing grew by 9.98 per cent, finishing at N5.18 and Champion Breweries soared by 9.98 per cent, ending the session at N10.91 per share.

Similarly, Computer Warehouse Group gained by 9.95 per cent, closing at N11.60 per share.

On the flip side, University Press dropped by 6.25 per cent, finishing at N6 while RT Briscoe fell by 6.12 per cent, closing at N2.30 per share.

Multiverse Mining declined by 4.89 per cent, settling at N8.75 and Meyer shed by 4.69 per cent, ending the session at N9.15 per share.

Also, Computer Warehouse Group lost by 4.15 per cent, closing at N3 per share.

A total of 861.67 million shares worth N26.18 billion were exchanged across 22,896 transactions.

This is compared to 868.68 million shares worth N23.71 billion shares that was were traded across 22,207 transactions earlier.

Transactions in the shares of Fidelity Bank topped the activity chart with 82.98 million shares worth N1.66 billion.

Caverton Offshore Support Group followed with 64.18 million shares valued at N319.69 million while Zenith Bank transacted 60.62 million shares worth N3.45 billion.

Ja Paul Gold traded 56.26 million shares valued at N115.35 million and Access Corporation sold 48.59 million shares worth N1.12 billion. (NAN) (www.nannews.ng)

Edited by Olawunmi Ashafa

Seme customs generates N3.5bn in 5 months
Economy/Business

Seme customs generates N3.5bn in 5 months

87 total views today
By Raji Rasak
The Seme Command of the Nigeria Customs Service (NCS) generated N3.5 billion in revenue between January and May.
The Controller of the command, Dr Benedict Oramalugo, disclosed this during a working visit of the Zonal Coordinator of the NCS, Zone A, ACG Charles Orbih to the command.
According to Oramalugo, the command facilitated export consignments of 220,300 metric tonnes, valued at ₦47 billion, Free on Board (FOB).
The controller also highlighted anti-smuggling efforts that resulted in seizures worth ₦889 million.
He said they included the interception of expired pharmaceuticals, marijuana and corrosive mercury, which were handed over to the relevant security agencies for further investigation.
Oramalugo, however, acknowledged several challenges facing the command, which he listed as seven years power outage, poor road infrastructure, non-functional scanning equipment, and border porosity.
He emphasised ongoing advocacy for infrastructure upgrades, deployment of modern surveillance tools, and deeper collaboration with sister security agencies and local communities to address these concerns.
In his remarks, Orbih lauded the leadership of the command for initiatives such as renovation of the Customs Officers Wives Association (COWA) building, upgrading of the sports complex, and the recent commissioning of the officers’ mess.
He described the projects as symbolic of the command’s alignment with the vision of the Comptroller-General of Customs, Adewale Adeniyi, who had anchored the service’s transformation agenda on Consolidation, Collaboration, and Innovation.
Orbih highlighted the zone’s impressive contributions to national revenue, noting that the zone accounted for 79.8 per cent of the NCS’s ₦1.3 trillion revenue collection in the first quarter of 2025.
He also reaffirmed the service’s modernisation journey through initiatives such as the Advance Ruling System, Authorised Economic Operators programme, and B’Odogwu platform, the indigenous Customs Clearance system.
Orbih noted that the service’s operational strategy for 2025 is guided by seven strategic focus areas, including trade modernisation, enhanced risk management and operationalisation of the NCS university.
“Others are strengthening international partnerships under the AfCFTA framework, implementation of a robust Corporate Social Responsibility strategy and promotion of open governance through increased transparency framework and stakeholder engagement.
“These initiatives are already producing commendable outcomes,” he said.
Orbih charged officers and men of the command to continue upholding professionalism, integrity, and innovation, stressing that the bar had been raised for Zone A.
“As we move forward, the bar has been set higher for Zone ‘A’.
“Our previous achievements, impressive as they were, should serve as stepping stones rather than resting points.
“We must leverage our strategic importance to push beyond these accomplishments, innovating and adapting to meet the evolving demands of our nation’s economy and security needs,” he said.
The ACG expressed confidence in the ability of the command and other units under the zone to not only sustain but surpass current achievements in service to the nation. (NAN)(www.nannews.ng)
Edited by Chioma Ugboma
NAICOM, FRC charge actuaries on product design innovation, risk management 
Economy/Business

NAICOM, FRC charge actuaries on product design innovation, risk management 

109 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

 

 

 

The National Insurance Commission (NAICOM) has urged actuaries to design effective risk management strategies and develop products that meet society’s evolving needs.

 

Mr Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, made the call at the 2025 Annual Conference of the Nigerian Actuarial Society (NAS) on Wednesday in Lagos.

 

The News Agency of Nigeria (NAN) reports that the conference, which brought together professional actuaries, insurers, academics, and students, has the theme: “Creating Value and Building Resilience in an Evolving Industry”.

 

Omosehin, represented by Dr Usman Jankara, Deputy Commissioner (Technical), NAICOM, stated that as the industry faces challenges such as climate risk, cyber threats, and health system vulnerabilities, the actuarial profession must continue to innovate and lead.

 

He noted that actuaries play a critical role, as their expertise in risk modeling, data analytics, and long-term financial planning is essential to ensuring that insurance products remain sustainable, inclusive, and responsive to major risks.

 

Omosehin said that the conference’s theme remained relevant as the Nigerian insurance sector continued to undergo significant transformation driven by technological innovation, shifting consumer expectations, and evolving regulatory frameworks.

 

He said, “It is reassuring to note that the industry has shown tremendous resilience and growth. As of Q1 2025, Nigeria’s insurance sector recorded a 63 per cent increase in gross premium income compared to Q1 2024, reaching N769.2 billion in just the first three months of 2025.

 

 

 

“This growth reflects market confidence and increasing relevance of insurance in the Nigerian economy. In the same period, the industry’s total asset stood at N4.12 trillion, underscoring a stronger financial foundation of the industry.

 

 

 

“These figures represent a positive improvement in the industry’s loss ratio when compared to Q1 2024, it also represents 89.1 per cent of total reported things, indicating improved responsiveness of the industry to stakeholders.”

 

 

 

According to him, NAICOM was committed to fostering a regulatory environment, supporting innovation, protecting policy makers, ensuring transparent processes, and promoting long-term industry sustainability.

 

 

 

He said that the commission was committed to strengthening supervisory framework, encouraging digital transformation and supporting inclusive insurance movement.

 

 

 

“Given Nigeria’s youthful tech savvy population, Nigeria is well positioned to lead in digital insurance.

 

 

 

“To seize this opportunity, we must invest in talent, or put global standards, and foster a culture of continuous learning and ethical leadership, while exploring new opportunities such as insurance,” he said.

 

 

 

The CFI said as part of NAICOM’s strategy, the guidance for insure -tech operations in Nigeria had been concluded and about to be issued.

 

 

 

He added that the commission had also launched the Actuarial Capacity Development Initiative, which is intended to build actuarial talent and efforts on going to India.

 

 

 

The commissioner, however, noted that there were a lot of challenges, including funding, but the commission was actively engaging development partners, such as the Afrikari Foundation, GIZ, UNDP, and other international donors to secure funding and support for the initiative.

 

 

 

Omosehin said, “While these efforts are ongoing, it has become imperative for the Nigerian insurance industry to fight this and commit to funding actuarial capacity development in Nigeria.

 

 

 

“I therefore call on all stakeholders, particularly insurers, actuaries, and educators, to continue to work together to build a resilient industry that is inclusive and value driven.

 

 

 

“We must continually champion policies that support actuarial development, encourage research, and ensure that our industry remains a pillar of economic stability and social protection.”

 

 

 

Also speaking, Dr Rabiu Olowo, the Executive Secretary and CEO of the Financial Reporting Council (FRC) of Nigeria, called for collaboration, purpose value creation and financial resilience in the industry.

 

 

 

Olowo said across the globe, people continue to witness profound shifts in how value is measured, risk is assessed and how systems respond to the rapid changes.

 

 

 

He said this also included the rise of artificial intelligence to climate uncertainty, sustainability reporting, graphical realignment to the evolving nature of managerial products in markets.

 

 

 

Olowo emphasised the role of actuaries in navigating uncertainty, guiding long-term decisions, and building sustainable systems through its deep foundations in mathematics, risk modeling, and financial foresight.

 

 

 

He said that stakeholders must fully leverage expertise of actuarial professionals to create value and resilience for the society, especially in Nigeria and in Africa.

 

 

 

“We recognised that for Nigeria to build a resilient and competitive economy, we need a robust pipeline of Actuarial experts.

 

 

 

“Nigeria currently has fewer than 30.5 actuaries while an economy which is similar to ours, South Africa, has about 2,000.

 

 

 

“This is a capacity gap that directly affects our ability to manage pension funds, price risks, value liabilities, and our ability to attract and retain investment.

 

 

 

“We are committed to building Nigeria’s Actuarial capacity and aligning with global standards.

 

 

 

“As a regulator, we depend on artuaries to help answer difficult questions. How do we value assets in an increasingly intangible economy?

 

 

 

“How do we protect public interest with fostering innovation? How do we integrate risks, sustainability, and resilience into the long-term economic planning of our nation and our organisation?

 

 

 

“These are the frontiers where Artuarial science must operate, and these are the challenges we must tackle together,” he added.

 

 

 

In his address, the President, Nigerian Actuarial Society (NAS), Mr Jolaolu Fakoya, who noted the critical role actuaries played in shifting a strong future for the economy, emphasised need for resilience in the industry.

 

 

 

“As we navigate an economy marked by uncertainty, disruption and transformation, the core to create value and view resilience is more than just a thing. It’s a professional imperative.

 

 

 

“As actuaries, our role goes beyond analysis. It extends to leadership, stewardship and innovation.

 

 

 

“Our profession is a calling to view resilience, to equip businesses and institutions to thrive and maintain integrity and change.

 

 

 

“Over the next two days, we’ll explore big ideas and practical tools through sessions such as VisualTech, AI Workshop, and a lot of other engaging topics that we are blind of,” Fakoya said.

 

 

 

In his remark, Mr Babatunde Fajemirokun, Managing Director, AIICO Insurance Plc, who spoke on how Insurtech impact value creation, called for strategic partnership in driving innovation and leveraging digital platforms.

 

 

 

Other speakers at the conference reiterated the need for resilience and collaboration to meet needs within the industry and also provide a lot of cover for customers. (NAN) (www.nannews.ng)

 

Edited by Olawunmi Ashafa

Tinubu to sign 4 tax bills into law, Thursday ‎
Economy/Business

Tinubu to sign 4 tax bills into law, Thursday ‎

130 total views today

‎By Muhyideen Jimoh

‎President Bola Tinubu will on Thursday sign into law, four critical tax reform bills aimed at transforming Nigeria’s fiscal and revenue framework.

‎The Presidential Spokesperson, Mr Bayo Onanuga, disclosed this in a statement on Wednesday in Abuja.

‎The News Agency of Nigeria (NAN) reports that the bills are: The Nigeria Tax Bill, The Nigeria Tax Administration Bill, The Nigeria Revenue Service (Establishment) Bill and the Joint Revenue Board (Establishment) Bill

‎The bills were passed by the National Assembly following extensive consultations with various interest groups and stakeholders.

‎Onanuga said once enacted, the new tax laws are expected to significantly improve tax administration in the country.

He said they are also projected to enhance revenue generation, improve the business environment, and boost both domestic and foreign investment.

‎According to him, the Nigeria Tax Bill (Ease of Doing Business), aims to consolidate Nigeria’s fragmented tax laws into a harmonised statute

He said by reducing the multiplicity of taxes and eliminating duplications, the bill seeks to enhance the ease of doing business and reduce taxpayer compliance burdens.

‎”The Nigeria Tax Administration Bill, the second piece of legislation, will establish a uniform legal and operational framework for tax administration across the federal, state, and local governments.

“‎The third bill, the Nigeria Revenue Service (Establishment) Bill, repeals the existing Federal Inland Revenue Service Act and establishes a more autonomous, performance-driven national revenue agency— the Nigeria Revenue Service (NRS).

‎The fourth bill, the Joint Revenue Board (Establishment) Bill, provides for a formal governance structure to foster cooperation between revenue authorities at all levels of government.

‎It will also introduce essential oversight mechanisms, including the establishment of a Tax Appeal Tribunal and an Office of the Tax Ombudsman,” he said

Onanuga said the historic signing ceremony at the Presidential Villa, Abuja, will be witnessed by the Senate President and the Speaker of the House of Representatives.

‎Other attendees will include the Senate Majority Leader, the House Majority Leader, the Chairmen of the Senate and House Committees on Finance.

‎The Chairman of the Nigeria Governors’ Forum, Chairman of the Progressive Governors’ Forum, Minister of Finance and Coordinating Minister of the Economy, and the Attorney General of the Federation will also be in attendance (NAN) (www.nannews.ng)

Edited by Rotimi Ijikanmi

Make MSMEs funds revolving to grow sector- NASME president urges FG
Economy/Business

Make MSMEs funds revolving to grow sector- NASME president urges FG

102 total views today

By Lucy Ogalue

The Nigeria Association of Small and Medium Enterprises (NASME) has called for the institutionalisation of intervention funds as revolving schemes to ensure sustainable financing for Micro, Small and Medium Enterprises (MSMEs) in Nigeria.

Dr Abdulrashid Yerima, President of NASME, made the call during a panel discussion at the ongoing 2025 MSME Forum in Abuja.

Yerima said that the practice of disbursing intervention funds as one-off measures was not sufficient to address the long-term challenges faced by MSMEs, especially in a volatile economic environment.

“What we are advocating for is a revolving fund mechanism. Intervention funds should not be one-time disbursements.

“They should be structured in a way that ensures continuity, so that when one group benefits and repays, another group can also access the same opportunity,” he said.

Yerima said that government intervention through the Bank of Industry (BOI) and other platforms had positively impacted businesses in the past.

He, however, said that there was the need to scale up and sustain such efforts through long-term planning.

The NASME president also called for a national MSME financing framework that aligned with Nigeria’s industrial, trade, and youth employment strategies.

He said that donor funds and public resources should be leveraged to de-risk private capital, allowing blended finance models that could attract more private sector participation in MSME funding.

According to him, the newly established Credit Guarantee Company is a welcome development and comes at a critical time for small businesses.

“The credit guarantee scheme is essential, especially as MSMEs are considered high-risk by conventional lenders.

“We believe that with appropriate support, these businesses can thrive and repay loans, making the fund sustainable,” he said.

He also urged financial institutions such as BOI and the Credit Corp to simplify their loan requirements and ensure that MSMEs were adequately prepared to access available financial products.

Yerima emphasised the need for targeted support to critical sectors like agriculture, manufacturing, logistics, and services, stressing the interconnectedness of these industries in building a resilient economy.

He called on the government to subsidise and capitalise MSME funds, ensure low interest rates around three per cent, and invest in capacity building to improve loan repayment and business sustainability.

On regional cooperation, Yerima advocated for the development of cross-border financing tools to support MSME trade across Africa under the African Continental Free Trade Area (AfCFTA).

“We are engaging with other SME associations across ECOWAS and beyond to ensure that African MSMEs are not left behind in the drive for regional integration and trade,” he said.

The Executive Director of Operations at Credicorp, Mrs Nike Kolawale, reiterated the importance of collaboration between state-level MSME leaders and Credicorp to drive grassroots engagement.

Kolawale said that Credicorp was working to establish a robust national credit rating and verification infrastructure to support small businesses and ensure transparency in credit administration.

“There will be a central credit system for the entire country. It will take time, but we are determined to get there,” she said.

Mr Peter Shivute, Executive Director for MSME Development and Export Promotion, Namibia Investment and Development Board, said that unity among African economies would ensure real progress in trade and development.

Shivute reflected on historical and political ties between African countries, citing past collaborations between Namibia and Nigeria as a foundation for stronger economic integration today.

“If we do not leverage ourselves together, just like these three institutions on this stage are committing to work together, we will not get anywhere,” he said.

Shivute highlighted Namibia’s natural advantages in solar energy and emerging industries such as hydrogen.

He emphasised the need for regional economies to pool resources and industrialise strategically.

He called for smarter trade policies under the African Continental Free Trade Area (AfCFTA), including the development of local manufacturing hubs to process imported components and reduce overreliance on foreign markets.

“We must build 50 per cent of the components locally, create jobs, and still export under the trade frameworks.

“Those products are coming anyway, it is up to us whether we produce them or not,” he stated.

Shivute also urged the continent to adopt modern technologies in traditional sectors like agriculture and finance, adding that Nigeria remained a model for digital innovation in Africa.

“The promise of AfCFTA is real, but it needs aggressive execution.

“The bureaucracy will always be there, but unless we are bold about our goals, we will not get results,” he said.

Mrs Ogo Akabogu, Divisional Head of North Central, BOI. also expressed the bank’s commitment to the growth of the sector.

Akabogu said that BOI was exploring ways of shortening the turnaround time of assessing its loans for the betterment of small business owners. (NAN)(www.nannews.ng)

Edited by Kadiri Abdulrahman

AfCFTA: Cardoso calls for greater cohesion among African countries
Economy/Business

AfCFTA: Cardoso calls for greater cohesion among African countries

99 total views today

By Okeoghene Akubuike

Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria(CBN), says fostering greater strategic cohesion among African countries will secure Africa’s future.

Cardoso said this at the African Export-Import Bank (Afreximbank) 32nd Annual Meetings(AAM2025) in Abuja on Wednesday.

He said this should be done by accelerating the implementation of the African Continental Free Trade Area (AfCFTA) treaty,  deepening regional integration, and building robust engagement with the African diaspora.

“To secure the future that we envision, we must foster greater strategic cohesion among African member states, “he said.

Cardoso commended the African Executive Panel for their work in redefining the meaning of diaspora and forming partnerships with the African diaspora which include the Caribbean.

He emphasised the importance of Afreximbank in promoting African trade and economic development.

Cardoso noted that the bank had emerged as a trusted partner, a convener of ambition, and a catalyst for change, shaping strategy, enabling execution, and elevating African agencies across the globe.

He noted that  Nigeria had received approximately 52 billion dollars in trade and project financing over the past decade, mirroring both the size of the Nigerian economy and the depth of engagement with Afreximbank.

The Governor highlighted the bank’s impressive financial results, including its expansion from an initial capital base of 750 million dollars to over 40 billion dollars as of 2024.

He also commended the bank’s crisis preparedness, strategic foresight, and clear communication, which have enabled it to navigate challenges and thrive in a rapidly changing global environment.

“The celebration of Afreximbank’s 32 years of resilient growth and transformation is a testament to its commitment to promoting African economic development and its potential to shape the continent’s future.”

Cardoso said it was important to recognise the challenges facing the continent which include rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics

“These. not only undermining Africa’s developmental prospects, they are also threatening the coherence of the international ecosystem.”

Looking to the future, the governor called for even greater ambition and clarity of purpose.

He emphasised the need for green growth, digital transformation, food and energy sovereignty, and a dynamic private sector that drives opportunity, innovation, and inclusive prosperity at scale.

“Afreximbank has helped us dream big. Now it is time to deliver big. Let us commit to building the resilient institutions our people need.

“Our economies will expire, and our continent will serve,  let us live here today not only inspired by the past, but united in the work that lies ahead.”

Cardoso announced the introduction of two financial products, the Non-Resident Nigerian Ordinary Account and the Non-Resident Nigerian Investment Account, designed to serve Nigerians living abroad.

He said they would also provide a secure and efficient platform for managing funds and investing in the Nigerian financial markets.

The News Agency of Nigeria (NAN) reports that the meetings, which has the theme “Building the Future on Decades of Resilience,” focus on accelerating trade opportunities, driving investment, and fostering innovation. (NAN)

Edited by Vivian Ihechu

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email