Connect with us

Business

Experts Predict Economic Growth For Nigeria

Published

on

The abundant investment opportunities in Nigeria as well as the statistics to back the fact that Nigeria remains an investors’ haven and gateway to Africa was the fulcrum of presentations and discussions by a panel consisting of the leaders of the Central Bank of Nigeria (CBN), Nigerian Stock Exchange (NSE) and United Bank for Africa (UBA) at the investment gathering organised in London by Bloomberg, the multinational financial news corporation at the weekend.

Despite the challenging market conditions, Nigeria, according to them is projected to continue on the growth path over the next couple of years, presenting increasing opportunities for corporate financiers, sovereign investors, corporations and financial intermediaries.

In his presentation on Doing Business in Nigeria: Creating Wealth from Opportunities in Africa’s Largest Market, Mr. Phillips Oduoza, the CEO of UBA said the growth will be fuelled by activities in the oil and gas, power, infrastructure, manufacturing and agricultural sectors of the economy. He emphasised that the government reforms in these sectors and the attendant multiplier effects of the linkages between them in terms of job creation and increased consumer spending, will be very significant in the years ahead.

“As Nigeria’s truly pan-African bank with operations in 18 other African countries as well as London, New York and Paris, UBA is well positioned to help potential investors capitalise on these opportunities in Nigeria and the wider African continent,” he told the London gathering.

Also speaking at the conference, the CBN Deputy Governor and Coordinator of the Financial Systems Strategy 2020, Mr. Suleiman Barau, gave an update on the financial system reforms and highlighted that the planned Nigerian International Financial Centre (NIFC) presents more than N35 trillion worth of opportunities in the near term.

According to him, there exists about N218 billion worth of financial intermediation opportunities within the financial services sector especially in mobile money, insurance, pensions and real estate. In a similar vein, he stated that given the relative size today, traditional strongholds of the Nigerian economy such as power, agriculture, infrastructure and oil and gas sectors presents more that $355 billion of investment opportunities.

He said there is a stronger domestic financial markets in Nigeria today owing to the recent reforms by the CBN, which were hinged on four pillars; enhancing the quality of banks; establishing financial stability, enabling the evolution of a healthy financial sector and ensuring that the sector contributes to the real economy.

According to the CBN boss, the NIFC was a critical component of the overall FSS 2020, given that it will facilitate the diversification of the economy and catalyse rapid economic growth in Africa, sub Saharan Africa and Nigeria in particular. “Despite its massive size, population, abundant resources and potential returns, the continent has largely been excluded from the global financial system,” he said.

On his part the CEO of the Nigerian Stock Exchange Mr. Oscar Onyema said the market outlook for Nigeria remains very positive with the NSE, targeting a market capitalisation of 1 trillion USD in the next five years in a reform driven strategy that is hinged on targeted business development, strong regulatory environment, state of the art technology, growth enabling market structure and first rate investor protection programs.

Continue Reading

Business

NPA Assures On Staff Welfare 

Published

on

The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

ANLCA Chieftain Emerges FELCBA’s VP

Published

on

National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Business

NSC, Police Boost Partnership On Port Enforcement 

Published

on

In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
Continue Reading

Trending