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Afrinvest Report Shows 20% Growth In Nigeria’s Financial Sector 

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11 months ago

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The Afrinvest report has revealed that Nigeria’s Financial and Insurance sector grew from 10.1 per cent in 2021 to 31.2 per cent in the first quarter of 2024,
The new Afrinvest report, which was launched last Wednesday in Abuja, disclosed that the agriculture sector lagged behind other sectors.
The report, with the theme, “Bank Recapitalisation, Catalyst for a $1 trillion Economy”, highlighted that a Nigerian capital market holding company with specialised subsidiaries focusing on the unique but integrated wealth management needs of clients in West Africa, analysed the three-year growth trajectory of Nigeria’s seventh largest sector gross domestic product, revealing a mixed performance across various industries.
It showed that the agriculture sector had experienced a decline, from 2.1 per cent in 2021 to 1.9 per cent and 1.1 per cent in 2022 and 2023, respectively, to 0.2 per cent in Q1 2024.
This trend may be attributed to the sector’s vulnerability to climate change and the challenges posed by rural infrastructure.
According to the report, the mining and quarry sector has struggled, with a decline of 7.8 per cent in 2021 and -18.2 per cent in 2022. However, the sector has shown signs of recovery, with a growth rate of 6.3 per cent predicted for Q1 of 2024.
The real estate sector increased from 2.3 per cent in 2021 3.9 per cent in 2022, 1.7 per cent in 2023 and 0.8 per cent in Q1 2024.
Experts note that this trend may be attributed to the sector’s sensitivity to economic fluctuations and the high cost of housing.
The manufacturing sector has seen a gradual decline, from 3.3 per cent to 2.4 and 1.4 per cent in 2022 and 2023, respectively, in 2021 and to 1.5 per cent in Q1, 2024.

Analysts attributed the decline to the sector’s reliance on imported raw materials and the challenges posed by the country’s infrastructure.

The trade sector has also experienced a decline, from 8.6 per cent to 5.1 and 1.7 per cent 2022 and 2023, respectively, and to 1.2 per cent in Q1, 2024, due to the sector’s vulnerability to global economic trends and the impact of inflation.

The information and communication sector has shown a steady growth rate, increasing from 6.5 per cent in 2021 to 9.8 per cent in 2022 but declining to 7.9 per cent in 2023 and then 5.4 per cent in Q1 of 2024.

According to Afrinvest, Nigeria’s financial institutions have demonstrated remarkable resilience, with the sector expanding by 18.4 per cent in real terms between Q3:2023 and Q1:2024, making it the fastest-growing sector among the country’s seven largest GDP sub-components.

“The financial institutions’ activity has remained resilient, expanding by 18.4 per cent in real terms between Q3:2023 and Q1:2024, to emerge as the fastest growing sector among Nigeria’s seven largest GDP sub-components”, Afrinvest noted.

It attributed the performance to several factors, including “increased investment in vertical and horizontal business expansions, rapid growth in earnings from digital channels (aided by a reduction in physical cash in circulation), a favourable interest rate environment, and a positive spillover effect from naira devaluation (owing to net FCY asset holdings)”.

Looking ahead, Afrinvest noted that it expected growth in the broader economy to range between 3.0 per cent and 4.0 per cent in the near term, owing largely to weak institutional capacity to translate reform goals into visible gains.

 

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NPA Assures On Staff Welfare 

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1 week ago

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June 27, 2025

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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
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ANLCA Chieftain Emerges FELCBA’s VP

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1 week ago

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June 27, 2025

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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
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NSC, Police Boost Partnership On Port Enforcement 

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1 week ago

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June 27, 2025

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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
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