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Financial inclusion essential to Nigeria’s economic growth – Communications Minister, Tijani

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The Minister of Communications, Innovation, and Digital Economy, Bosun Tijani, has stressed the importance of giving high priority to financial inclusion as it is a fundamental factor for the country’s economic growth. Tijani made these remarks during his speech at the launch of the Kayi Bank Application, a financial technology company based in Abuja.

He emphasized that financial inclusion significantly contributes to economic growth by increasing the number of individuals engaged in businesses that are part of the formal economy. Tijani pointed out that without a clear understanding of the concept, there can be no real economic growth, highlighting the fact that, although Nigerians are highly entrepreneurial, a substantial portion of these entrepreneurs remains excluded from the formal economy. He stressed that the inclusion of these entrepreneurs into the formal economy is imperative for driving robust and inclusive economic growth.

Tijani also highlighted how financial inclusion, by providing individuals with access to financial resources such as savings and credit, can play a role in reducing poverty. In order to achieve various objectives, including financial stability, reducing risky and informal financial practices, and expanding access to credit, he emphasized the necessity of prioritizing financial inclusion within the economy.

The Minister further noted that when individuals have access to banking services, they are less likely to engage in precarious and informal financial activities. He pointed out that a strong culture of financial inclusion can also promote entrepreneurship, which is indispensable for economic growth. Small businesses, in particular, can benefit from financial inclusion by gaining access to credit, improving their financial management, and subsequently expanding their enterprises, thereby creating employment opportunities.

Concluding his remarks, Tijani urged app innovators to focus on developing technologies that address real societal issues rather than solely concentrating on aesthetics.

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Rwanda set to establish relationship with Ogun on industry, education, others

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The Rwandan Ambassador to Nigeria, Mr. Christophe Bazivamo, expressed his country’s readiness to forge economic and educational ties with Ogun State, aiming for mutual benefits. Following a meeting with Governor Dapo Abiodun in Abeokuta, Bazivamo highlighted Ogun State’s advancements in education and industrialization, underscoring the potential for Rwanda to glean insights from these achievements.

Bazivamo elaborated on his participation in a trade event organized by the state government, where he engaged with the governor and now seeks to exchange developmental strategies. Emphasizing Rwanda’s commitment to South-South cooperation, Bazivamo praised Ogun State’s industrial and educational progress.

In particular, he highlighted the importance of industry development in a youthful population, noting its role in job creation and the stimulation of local economies through increased consumption of domestic products.

Looking ahead, Bazivamo outlined Rwanda’s aspirations to bolster its industries, providing opportunities for youth empowerment. He discussed plans to foster collaboration between Rwandan and Nigerian businesses, citing potential partnerships with the Ogun State Chambers of Commerce, Industry, Mines, and Agriculture.

Bazivamo disclosed that Rwanda and Nigeria have already established a Joint Permanent Commission for Cooperation, awaiting the finalization of a Memorandum of Understanding (MoU) to formalize collaboration efforts.

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Furthermore, he emphasized the importance of partnership within the African Continental Free Trade Area, emphasizing the need for mutual learning and innovation exchange. Bazivamo praised Ogun State’s local production initiatives and expressed a desire for Rwandan entrepreneurs to learn from them, potentially replicating successful models back home.

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EFCC returns recovered assets to Enugu Gov, Mba

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The Economic and Financial Crimes Commission, EFCC, handed 14 recovered assets over to Governor Peter Mba of Enugu State.

The Chairman of the commission, Ola Olukoyede, during the handing over ceremony held at the EFCC Headquarters, Jabi, Abuja, on Wednesday, revealed that the assets recovered by the commission were forfeited to the Federal Government.

Olukoyede further said that the EFCC began an investigation into the development since 2007, and had achieved the conviction of persons in relation to the matter.

He also noted that the President, Bola Tinubu, ordered the handover of the assets which includes – real estate, radio and television transmission equipment, and medical facility, amongst others, to the Enugu State Government, following a request by the EFCC.

Details shortly….

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CREDIT: DAILY POST

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Nigerian govt targets $10bn investment in oil & gas sector

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The Nigerian Government aims to attract approximately $10 billion in investment by implementing the consolidated guidelines for Fiscal Incentives in the Oil & Gas Sector.

According to a statement released on Tuesday by the Ministry of Finance, these guidelines, a key aspect of the Presidential Directives, are intended to boost the global competitiveness of Nigeria’s oil & gas sector and stimulate economic growth.

The signing ceremony for the guidelines took place at the Ministry’s headquarters in Abuja on Tuesday, presided over by the Minister of Finance, Wale Edun.

The statement highlighted that the Presidential Directives, spearheaded by the Special Adviser to the President on Energy, Mrs. Olu Verheijen, aimed to establish a competitive framework for the Nigerian oil & gas industry.

Collaboration across various governmental bodies, including the Federal Inland Revenue Service, the Nigerian Upstream Petroleum Regulatory Commission, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, was crucial in developing these consolidated guidelines for fiscal incentives.

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Verheijen emphasized that these measures were designed to generate a competitive Internal Rate of Return for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months. She also stressed Nigeria’s commitment to reaching its long-term oil production target of 4 million barrels per day while improving the reliability of gas supply to bolster export earnings and fuel industrialization.

Among the signed guidelines was the NUPRC Guideline on Hydrocarbon Liquid Content in a Non-Associated Gas (NAG) Field, essential for accurately assessing and quantifying the hydrocarbon liquid content in these fields.

Minister Edun reiterated the goal of creating a conducive environment for international competitiveness to attract foreign direct investment into the sector.

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