Connect with us

Economy

CBN To Provide Low-Interest Loans To Non-Oil Exporters To Stabilise Naira: EnterpriseNGR

Published

on

CBN

CBN To Provide Low-Interest Loans To Non-Oil Exporters To Stabilise Naira: EnterpriseNGR

CBN to Provide low-interest loans to non-oil exporters to stabilise naira: EnterpriseNGR. EnterpriseNGR, a leading private-sector advocacy group, has urged the Central Bank of Nigeria (CBN) to implement policies that promote non-oil exports and attract diaspora investments to stabilise the naira.

The organisation spoke during the launch of its flagship publication — The State of Enterprise (SOE) 2025 Report — held on Thursday in Lagos.

According to the report, Nigeria’s overreliance on oil, “which accounts for over 50 percent of the country’s foreign exchange (FX) receipts,” coupled with persistent FX volatility and weak inflows, continues to put pressure on the local currency.

“Persistent FX volatility, overreliance on oil, and weak FX inflows continue to pressure the naira,” EnterpriseNGR said.

“The CBN should implement policies that promote non-oil exports and attract diaspora investments.

“Expand targeted funds such as the Export Stimulation Facility to provide low-interest loans to non-oil exporters. Also, prioritise access to FX for exporters.”

The group also emphasised the need to enhance transparency in the FX market, saying investor confidence depends on clear and consistent policy direction.

“Enhancing transparency in FX markets and diversifying inflow sources through diaspora bonds and export credit programs will also help rebuild reserves and restore confidence in the currency,” the advocacy group said.

“Issue more diaspora bonds in small denominations with attractive yields and clear use cases (e.g., infrastructure, healthcare).
“Collaborate with asset managers to create regulated investment vehicles that pool diaspora funds into Nigerian sectors.”
The report also flagged the growing risks in the financial system due to weak cybersecurity infrastructure.

According to the advocacy group, the surge in digital banking has outpaced available defences, increasing exposure to fraud and data breaches.

“The amount lost to financial fraud rose by 23% in 2023 to N17.7 billion, up from ₦11.6 billion in 2020 and N3 billion in 2019,” EnterpriseNGR said.
“In response, sector-wide cybersecurity standards should be developed by the Office of the National Security Adviser in collaboration with the Committee of Chief Information Security Officers of Nigerian Financial Institutions (CCISONFI).

“Banks should also invest in AI and machine learning for early fraud detection and improved risk analytics.”

‘RURAL COMMUNITIES STILL EXCLUDED FROM FORMAL FINANCIAL SERVICES’
EnterpriseNGR also raised concerns about financial inclusion, saying that many rural and underserved communities still lack access to formal financial services.

According to the report, the gap is largely due to high infrastructure costs, low profitability for banks, and limited digital connectivity.
“To achieve the 95% financial inclusion target, the CBN should introduce targeted incentives for banks expanding into underserved areas,” the report said.

EnterpriseNGR

CBN

“Public-private partnerships between state governments and financial institutions can help subsidise infrastructure costs.

“Grants and utility support should also be provided to encourage agent banking and mobile branch deployment.”

The report added that beyond account ownership, the CBN and financial institutions must work together to deepen the use of financial products that drive real economic improvement.

EnterpriseNGR called for the expansion of credit, savings, pensions, and insurance products in underserved areas to create lasting financial empowerment.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Published

on

By

Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

Continue Reading

Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

Published

on

By

EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

Continue Reading

Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

Published

on

By

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

Continue Reading

Trending