The Nigerian Insurers Association (NIA) reported on Tuesday that the nation’s insurance sector recorded 33.9% surge in premium volume in financial year 2022, posting N726.2 billion growth compared to the N569.1 billion premium income recorded in 2021 The NIA Chairman, Mr. Olusegun Omosehin, made this disclosure during the association’s 52nd Annual General Meeting (AGM) held […]
In furtherance of its regulatory policy measures to ensure financial system security and stability, the Central Bank of Nigeria (CBN) has set daily transaction limit for contactless payments at N50,000. Contactless payments are a secure and convenient method of making transactions without physical contact between a payment device, such as pre-paid, debit, and credit cards, key […]
The World Bank Group hinted on Tuesday of its plan to commit additional $750 million to improve access to electricity in Nigeria through the Nigeria Electrification Project (NEP). The bank’s Director of Strategy and Operations for Western Central African Region, Ms Elizabeth Huybens, made this disclosure while inspecting the 60 Kilowatts Mini Grid Project being […]
Mobile Network Operators (MNOs) in Nigeria have opened discussions with the Nigerian Communication Commission (NCC), the telecommunications sector regulator, for the purposes of reviewing upwards the current tariff rate for their services in view of the current macroeconomic realities in the country. A news report from The Punch quoted the President of the Association of […]
The Central Bank of Nigeria (CBN) has reported that the currency in circulation surged to an all-year-high volume of N2.5 trillion in May 2023, representing 7.4% increase from the N2.3 trillion it reported was in circulation in January this year. The currency in circulation comprises currency outside the banking system and the vault cash of […]
As part of its programmes for the World MSMEs Day 2023, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has partnered Casava Insurance, a risk underwriting company with special focus on agribusiness, to facilitate voluntary registration and certification of MSMEs under SMEDAN and provide valuable support services for registered MSMEs in the country. […]
….says govt could safe N11trn from fuel subsidy removal by 2025 The World Bank Group has said that Nigeria can leverage the new reforms of the President Bola Tinubu-led administration to address her current macroeconomic imbalances. The Washington-based development finance institution made this remark during the launch of the June 2023 edition of the Nigeria […]
….lists reform priorities The new Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has promised to continue with the reforms of his predecessor, Col. Hameed Ali (rtd), to further consolidate on the achievements recorded so far and further improve the operations of the Service in line with its statutory mandate, Adewale, made this pledge […]
The Executive Vice Chairman (EVC) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta at the weekend in Lagos, received the Platinum Award of the Nigeria Academy of Engineering (NAEng.) for his leadership roles in the telecom sector and its improving contributions to the nation’s economic growth. The President of the Academy, Prof. Azikiwe Onwualu, […]
The International Monetary Fund (IMF) has announced a new $41 billion under its Resilience and Sustainability Trust (RST) to support developing countries in their current drives towards mitigating climate threats through green projects. The IMF Managing Director, Kristalina Georgieva, made this disclosure during one of her presentations at the New Global Financial Pact Summit in […]