E-Financial
CBN Set to Establish Int’l Financial Centre at Eko Atlantic City

Mr. Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has disclosed plans by the apex bank to set up an International Financial Centre at the Eko Atlantic City in Lagos to be operational in the second quarter of 2022.
Emefiele explained that the facility is expected to serve as a hub for attracting domestic and external capital which is much-needed to strengthen the Nigerian economy post-COVID-19.
The CBN governor stated this in a keynote address he delivered at the 56th Chartered Institute of Bankers of Nigeria (CIBN) annual dinner held in Lagos at the weekend.
“The International Finance Centre when fully operational in the 2nd quarter of 2022, will help to position Nigeria as a key destination for investment in Africa,” Emefiele added.
The CBN governor noted that a key challenge to supporting growth in key sectors of the economy was access to large pools of cheap investment capital, adding that over $100 trillion was being held by institutional investors in Organisation for Economic Co-operation and Development (OECD) countries.
According to him, most of the funds were invested in low-yielding assets relative to high-yielding opportunities in Nigeria.
Furthermore, Emefiele noted that although uncertainties remained around the mutating Delta virus, prospects of a broad-based economic recovery in Nigeria were bright as efforts were being made to improve access to vaccines for Nigerians, in addition to measures aimed at implementing safety protocols to curb the spread of the virus.
He, however, pointed out that “our economic growth remains fragile, as our unemployment and inflation rate remains at levels that are not very supportive of growth. Second, continued implementation of our intervention efforts would need to be undertaken to sustain the recovery efforts and stimulate further growth of the economy.
“Third, given population growth at about 2.7 per cent annually, it is important that we continue to deploy measures that will enable our economy to attain annual growth rates of over five per cent.
“Through the pandemic, we are aware that our policy responses are often more effective when we work with the private sector. For example, the CACOVID alliance played an instrumental role in reducing the negative effects of the pandemic, by providing palliative support to families affected by the virus and in rebuilding our healthcare institutions.
“Leveraging the strength of the private sector will be critical in mobilising funds that are needed toward building a more resilient and stronger economy. We intend to strengthen collaborations with the private sector to support investments in critical sectors such as infrastructure, and ICT, in addition to ongoing efforts to build a stronger agriculture and manufacturing base in Nigeria.
“As a result, all efforts in 2022 must be made to ensure that we maintain our focus on improving access to finance and credit for households and businesses, mobilising investment to boost domestic productivity, enabling faster growth of non-oil exports, and supporting employment generating activities,” he explained.
Commenting on the recently introduced 100 for 100 policy on production and productivity, he reiterated that the programme targets credit of up to N5 billion to be provided to 100 firms every 100 days, provided that the firms are investing in projects that are Greenfield projects.
Secondly, projects would be assessed on their ability to generate significant employment opportunities in critical sectors of the economy, he added.
Thirdly on the 100 for 100 policy, he pointed out that eligible firms must show evidence of their efforts to harness available local raw materials towards the realisation of their intended investment.
Emefiele also said efforts would be made to support firms geared towards producing goods for the export market.
“Let me add that routine audits will be conducted on firms that receive funding, to ensure that they are complying with the terms of the program. We believe this program will significantly help to catalyse growth in critical sectors of our economy while aiding our efforts to create employment opportunities and reduce our dependence on imported goods.
“A key focus of the Central Bank of Nigeria under my leadership has been enabling the build-out of a robust payment system in Nigeria that will provide cheap, efficient, and faster means of conducting payments for most Nigerians.
“With the growing pace of digitisation globally, it is essential that we leverage digital channels in fulfilling this objective. Total transaction volumes using digital channels more than doubled between 2018 and 2020, as volumes rose from 1.3 billion to over 3.3 billion financial transactions in 2020.
“Digital payment channels also help to support continued conduct of business activities during the lockdown. Our robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria. Reflective of the confidence in our payment system, between 2015 and September 2021, about $900 million has been invested in firms run by Nigerian founders.
“Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services. Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses.
“It is in this vein that the Central Bank of Nigeria recently deployed the first central bank digital currency in Africa, the e-Naira, which would help in attaining our goals of fostering greater inclusion using digital channels, supporting cross border payments for businesses and firms, and providing a reliable channel for remittance inflows into the country.
“The e-Naira will ensure that Nigerians in remote areas can conduct financial activities using their digital devices at little or no cost. It will also help to strengthen the effectiveness of government intervention programs, as funds provided will get to the intended beneficiaries. In less than four weeks since its launch, almost 600,000 downloads of the e-naira application have taken place.”
He added: “Efforts are ongoing to encourage faster adoption of the e-naira by Nigerians who do not have smartphones. The support of the financial industry will be critical in the ongoing deployment of the e-naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry.
“With the decline in revenues due to federal and state government as a result of reduced receipts from the sale of crude oil, alternative ways of funding infrastructure are critical if we are to ensure sustained growth of our economy. As we are all aware, the cost of logistics is often seen as a significant impediment to the growth of businesses in the country.
“In recognition of the role improved infrastructure could play in the development of our economy, along with the need to leverage private sector capital in funding the over N35 trillion deficit, which is the estimated amount required to build an efficient infrastructure ecosystem in Nigeria, the Central Bank of Nigeria working in partnership with critical stakeholders such as the Nigerian Sovereign Investment Authority (NSIA) and African Finance Corporation (AFC) set up Infracorp. Infracorp is expected to raise over N15 trillion to support investment in critical infrastructure in Nigeria.
“So far, N1 trillion has been provided as seed funds by the promoters to support the operations of Infracorp. We recently appointed four fund managers, and a Management Team has been selected to run and manage Infracorp.
“Over the next two months, Infracorp will kick off its operations by targeting strategic infrastructure projects that would help catalyse further growth of our economy. Infracorp is expected to set the standard template that will help in enabling greater private sector funding for public infrastructure projects in Nigeria.”
On the outlook for 2022, Emefiele revealed that CBN’s in-house model, after an exhaustive simulation with various oil price possibilities and numerous scenarios of other macroeconomic metrics, indicates a continued and strong rebound of the domestic economy.
He said the near-term outlook of the Nigerian economy was brightening significantly, with improvements projected into the short- and the medium-term. He projected that the real GDP growth rate would remain robust and strengthen within the short term.
“Output growth rate is projected to remain positive from 4.03 per cent in 2021q3 to nearly 2.91 per cent in 2021 fourth quarter, implying a total growth of about 3.10 percent for 2021. The short-term projection indicates a continued strengthening of the growth rate.
“Deliberate structural policies and reforms are needed to raise this projected trend higher towards the desired five per cent average growth level.
“Output growth rate for the Nigerian economy is broadly estimated by key institutions to consolidate in 2021. The IMF and the World Bank project real growth rates of 2.6 per cent and 2.4 per cent, respectively while the estimate by the Federal Ministry of Finance and National planning stands at 3.0 per cent.
“Generally, the real GDP growth rate is projected to remain robust and strengthen within the short-term, regardless of the immanent vulnerabilities. With this continued strengthening, real GDP could recover beyond the pre-pandemic levels by the first quarter of 2022. Further simulations of the medium-term projections suggest that Nigeria’s real GDP could surpass pre-COVID trends by 2024.
“The business environment remains optimistic given the sustained policy interventions in the economy. The overall business confidence index is projected to rise significantly from -9.2 index points as at end-August to over 37.7 index points in November 2021 and surpass 57.6 index points by mid-2022,” he added.
E-Financial
GOEs’ Remit Over ₦2tn to FG in 2024

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
E-Financial
Fidelity Bank Intensifies Support for Displaced Persons in Makurdi Camp

In a timely gesture aimed at improving the plight of internally displaced persons (IDP) in Benue State, leading financial institution, Fidelity Bank Plc, has distributed mattresses and essential food items to over 2,000 victims of the Yelwata attacks currently taking refuge at the Ultra-Modern International Market IDP Camp in Makurdi.

Team Lead, CSR, Fidelity Bank Plc, Victoria Abuka (Left); CEO, The Abbasid Charity Foundation, Hauwa Abbas (Centre); and Branch Leader, Fidelity Bank Plc, Makurdi, Terwase (Right), representing the Regional Bank Head, North Central, Sadi Zawiya, with some beneficiaries during the Fidelity Food Bank distribution event in Makurdi, Benue State recently.
The donation, which was carried out in collaboration with the Abbasid Charity Foundation, is part of Fidelity Bank’s ongoing commitment to supporting vulnerable communities through its flagship Fidelity Food Bank program. Since its launch in April 2023, the Food Bank has distributed over 200,000 food packs to beneficiaries across Nigeria’s six geo-political zones.
Speaking about the donation event, the bank’s Divisional Head, Brand and Communications, Dr. Meksley Nwagboh reaffirmed Fidelity Bank’s dedication to Corporate Social Responsibility (CSR) and its mission to uplift communities.
His words, “Since its launch, the Fidelity Food Bank initiative has helped to alleviate the effect of poverty and malnutrition across the country. We are honored to be back in Benue State to continue this impactful initiative, and we hope that today’s donation brings much-needed relief and comfort to the beneficiaries during this difficult time”.
In her remarks, the Executive Officer, the Abbasid Charity Foundation, Mrs. Hawa Abbas, emphasized the importance of restoring dignity to the displaced, stating that the donation of mattresses was to ensure the IDPs no longer sleep on bare floors.
“This gesture is our way of letting the displaced persons know that they are not forgotten. We care deeply for them, and we hope this donation offers some comfort and hope, even in these difficult circumstances,” Abbas noted.
The Executive Secretary of the Benue State Emergency Management Agency (SEMA), Dr. James Iorpuu, who was represented by Camp Manager, Mr. Robert Nyom, expressed deep appreciation to Fidelity Bank and the Abbasid Charity Foundation for their timely support.
“Your intervention has brought much-needed relief to the camp and we thank you for your compassion and generosity towards improving the welfare of the displaced persons,” he said.
The bank’s outreach to the International Market IDP Camp in Makurdi represents the most recent of its ongoing critical and timely interventions. Previously, through its Food Bank Initiative, the bank provided essential food items to more than 1,500 residents impacted by the recent flood disaster in Mokwa, Niger State.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
- Telecom2 days ago
NCC Wins Global ICT Award for Digital Awareness in Schools
- Broadcasting2 days ago
More Woes for MultiChoice as Ghana Orders 30% Price Cut
- News2 days ago
Nnamani, CEO Digital Realty Nigeria Bags Digital Economy Icon of the Year @ Digital Innovation Awards in Ghana
- News2 days ago
FG Says No Going Back to Nuclear Testing
- News2 days ago
DICON, Saudi Firm to Produce Drones, Satellites in Nigeria
- E-Financial2 days ago
Ascensia Finance Commences Operations in Abuja
- News2 days ago
NIPOST to Crack Down on Criminal Courier Operators
- Telecom2 days ago
NCC to Chart MVNO Growth Path at Telecom Sustainability Forum 6.0