Business

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

Published

2 years ago

August 7, 2024

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.

Business

NCDMB, Jake Riley Empower 250 Youths On Vocational Skills

Published

1 week ago

February 2, 2026

The Tide

As parts of efforts to promote self-reliance and job creation, the Nigerian Content Development and Monitoring Board, in collaboration with Jake Riley Academy, has trained 250 Lagos youths in different vocational skills.

The month-long intensive training programme aimed at equipping them with full range of skills was also designed to enable them become self-reliant and contribute meaningfully to the industrial development of the country.

The programme was conceived and conducted under the FAST Selling Skills Training Programme, to sharpen the skills of Nigerian youths and equip them with business starter packs that enable them launch out into commercial services.

Speaking at the event, the Director, Capacity Building, Directorate of the Board, Abayomi Bamidele, challenged Nigerian youths to embrace skills acquisition as a viable pathway to self-reliance and national development.

Bamidele, who was represented by the Supervisor, Marine Vessel Categorization and Technical Assistant to the Director, John Barigha, urged the graduands to take full advantage of the opportunity, stressing that their success would largely depend on how effectively they apply the skills acquired.

He cautioned the beneficiaries against trivialising the programme, noting that discipline, dedication and commitment would determine how far they progress in their chosen fields.

He also disclosed that the Board is concluding plans to introduce a new training programme targeted at youths aged 35 years and below, particularly those with engineering backgrounds, to enhance participation and create more opportunities within the oil and gas sector.

He urged beneficiaries to utilise their starter packs effectively, cautioning against selling the equipment provided.

“We are not giving you fish; we are teaching you how to fish.“What we have given you today is the net. It is now left for you to make meaningful use of it,” Bamidele said.

He stressed that the Board invested heavily to ensure the programme delivered lasting impact.

Also speaking, the Chief Executive Officer, Jake Riley Ltd, Mrs Funmi Ogbue, described the graduation as a defining moment for 250 young Nigerians.

Ogbue said the programme reflected NCDMB’s expanding role in local content development, with youth empowerment central to economic transformation.

She described the programme as a strategic investment in Nigeria’s future, noting that NCDMB continues to demonstrate that human capital development is central to national growth.

“Today celebrates not just achievement, but a national vision positioning young people as drivers of Nigeria’s economic future,” Ogbue said.

Ogbue described the initiative as a strategic human capital investment aligned with President Bola Tinubu’s inclusive growth agenda adding that the training prioritised market-ready skills capable of generating immediate income across growth sectors.

“What these graduands have received is not charity, but capability,” she said.

Ogbue noted that beneficiaries underwent transparent selection and intensive foundation training before advancing into seven specialised skill tracks of solar installation, fashion design, catering, digital freelancing, textile and Adire making, electrical installation and GSM phone repair.

“These skills were chosen to meet market demand and expand employment opportunities nationwide,” Ogbue added.

She commended NCDMB leadership, especially Director of Capacity Building, Bamidele Abayomi, for championing demand-driven training.

Ogbue also praised trainers, facilitators and Jake Riley Academy for blending technical excellence with entrepreneurship.

A beneficiary, Anuba Chidera, a solar installation trainee, described the training as life-changing with strong real-world focus.

Business

NUJ Partners RSIRS On New Tax Law Education

Published

2 weeks ago

January 28, 2026

The Tide

The Nigeria Union of Journalists NUJ,Rivers State Council has reiterated its commitment to interpreting new Policies to empower citizens, not just report them.

The Chairman of Council Comrade Paul Bazia -Nsaneh made the commitment while responding to the Executive Chairman of the Rivers State Internal Revenue Service, Sir Israel Egbunefu when his team paid a courtesy visit to the Council.

Comrade Paul Bazia -Nsaneh emphasized the media’s role in interpreting policies for citizens in crucial economic changes like the new tax reforms .

He stressed that educating journalists about the New 2025 Nigerian Tax Laws by conducting trainings and workshops is paramount, focusing on how these reforms affect Journalists and the public.

According to the NUJ Chairman ” journalists are trained to look at the facts, if we must look at the facts , it will come from authorities like yours, hence it is very important that we are trained so we can properly inform members of the public”

” If journalists are properly equipped, they will in turn ensure that the people are educated” he added.

The Chairman who asked them to send their personnel to the upcoming Congress to speak to members assured them that the NUJ will play it’s role to ensure that the people are educated on the new tax law .

Earlier , the Executive Chairman of Rivers State Internal Revenue Service who was represented by his Special Adviser on Special Duties, Dr Emmanuel Legbosi said the Agency is poised to educate the citizens on the operations of the tax laws.

Dr Emmanuel Legbosi who stated that the visit to the Council is necessitated by Agency’s ongoing advocacy, said they are willing to partner with NUJ to ensure that the people are educated on the New Tax Regime, to ensure they get the information to the common man.

He noted that the new tax law signed into law by President Bola Tinubu in 2025 came with worries in the mind of the citizens, stating that their mission is to douse tension.

According to him, part of their mandate and with law that established the body is to ensure that the people are not duped by people who will pretend to be tax collectors ” we notice that people come from neighbouring states to harass citizens in the name of tax collectors”

” Our people need to identify what the law is and what the law is not, identify what is tax clearance and what is not a tax clearance”

” We want to work with you to see that all these are forestall, with NUJ being the forth estate of the realm , the news will be closer to the people” he added.

Dr Legbosi however, used the opportunity to commend the Executive Governor of Rivers State, Sir Siminalayi Fubara for tying projects such as the Port Harcourt ring road and the trans kakabari road to internally generated revenue.

[1/22, 5:01 PM] King Onunwor: Council Chairman Bars Street Trading At Oil, Its Environs

The Chairman of ObioAkpor Local Government Area had banned all forms of market and street trading within and the Rumuokwurusi Market popularly known as Oil Mill Market.

This was contained in a statement signed by the Council Chairman, Dr. Gift Worlu and made available to the public in Obio /Akpor Local Government Area within the week.

The statement stressed that the ban was total and applied at all times, being enforced 24 hours, day and night, Monday through Sunday, including weekends and public holidays.

” There will be no exceptions, waivers, or designated trading periods within the affected areas. No one is allowed to trade in the affected areas at any time”, it said.

This decisive action, according to the statement, became necessary following persistent disregard for Council directives by some individuals who have continued to engage in illegal trading activities within this corridor.

Their actions have rendered the area unconducive, obstructed free vehicular and pedestrian movement, posed safety and security risks, and caused undue inconvenience to residents and commuters who make daily use of this important roadway.

Consequently, all traders, hawkers, and roadside vendors operating within the affected areas are directed to vacate immediately.

It also warned that any defaulter will be arrested and prosecuted in accordance with the law, without exception.

“All security agencies within Obio/Akpor Local Government Area are hereby mandated to enforce this ban strictly, in collaboration with the Council Task Force, to ensure full compliance and restore order to the area. No individual or group is exempt from this directive”, it said.

The Chairman through the statement, called on members of the public to cooperate with the Council in maintaining a clean, safe, and orderly environment that reflects the dignity of the LGA and promotes the collective well-being of all residents.

The statement further revealed that the ban takes immediate effect and should be treated as bithyfinal notice and warning.

By: King Onunwor

Transport

Nigeria Rates 7th For Visa Application To France —–Schengen Visa

Published

2 weeks ago

January 28, 2026

The Tide

Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France

Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.

France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.

Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”

The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.

“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”

That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.

For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk

Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.

For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states

By: Enoch Epelle