News
Coronation Merchant Bank Projects 2.8% GDP Growth for 2023

Experts at Coronation Merchant Bank have projected 2.8 per cent growth in Gross Domestic Product for 2023, attributing it to slow policy implementations and capital expenses due to laser focus on the general elections and transition between administration in the first half of the year.
Chinwe Egwim, the Chief Economist and Head, Economic Research/Intelligence, Coronation Merchant Bank, in a presentation stated that the GDP growth is projected to be driven mainly by the non-oil sector.
According to her, “The services, agriculture and manufacturing sectors are likely to remain key growth drivers, supported by financial interventions by the CBN. Furthermore, the effective implementation of the 2022 Finance Act and the Strategic Revenue Growth Initiatives should contribute to the growth drive through increased non-oil revenues.
“We also considered stable oil prices above USD80/barrel. However, we expect domestic crude oil production to remain below pre-COVID19 levels, due to existing challenges within the sector.
“We have also taken into consideration, relatively weak consumption patterns on the back of high inflation and its impact on service-oriented sectors, the impact of foreign exchange depreciation and increased borrowing costs on business activities.”
She noted that there would Be increased foreign exchange demand due to the need for safe- haven currency (USD) on the back of security concerns.
We expect weak portfolio investment inflow on the back of negative real returns (yields vs inflation) and the political risks surrounding the 2023 general elections. We considered the absence of Nigeria from the ICM in the near term, which does not bode well for external reserves.
“Accordingly, we expect that the existing demand patterns in the parallel market will continue. In our base case scenario, we see the foreign exchange rate at the NAFEX/I&E window at N505/ USD by end-2023.
“We considered: stable growth in non-oil exports boosted by the RT 200 foreign exchange program, continuous injections by the CBN (avg. seven per cent of total inflows on a m/m basis), halt to fuel subsidy payments by end-H1 2023.
She stated that analysts at Coronation Merchant Bank expected inflation to moderate in 2023, partly attributed to positive base effects and the Monetary Policy Committee’s (MPC) current stance on the policy rate.
She noted that the persistent supply shocks on the back of the on-going Russia-Ukraine crisis as well as structural issues impacting the cost of doing business such as insecurity and other logistical challenges would likely keep inflation elevated.
“Other factors include, base effects, depreciation of the naira in the parallel market and an uptick in the price of PMS, due to the potential subsidy removal which would impact the cost of transport and possible demand-pull inflation triggered by increased fiscal stimulus.
“In our base case scenario, we see inflation at 18.3per cent y/y for end-2023,” she added. Speaking at the leading financial institution’s Economic Review and Outlook themed: “baton handoff economic headwinds and risk resilience in Lagos recently,” she noted
Also speaking at the event, Mr. Banjo Adegbohungbe, the MD/CEO, Coronation Merchant Bank, in his opening speech said imminent transition is the overall theme of 2023 as Nigeria is currently having transitions in so many spheres happening at once.
According to him, “And not just that this transition is happening at the domestic environment, we also have the domestic impact of a lot of events that are occurring across the globe at the same time.
“For example, the recent downgrades of Nigeria’s risk ratings highlight various concerns around critical challenges that are filled the spotlight on our direction post transition in 2023.
“While there are significant headwinds in 2023, we believe that the potential also exists to tap into new opportunities.
“At the end of the day, the focus is simple and that is to enable you navigate the headwinds and achieve your respective strategic objectives by identifying those new opportunities.”
News
Lagos Plastic Ban: MAN Warns of Job Losses, Closure of Businesses

Manufacturers Association of Nigeria (MAN) has expressed concerns over the impending ban on Single-Use Plastics (SUPs) by the Lagos State Ministry of Environment.
It warned that it could lead to job losses and and lead to economic, operational, and social consequences for manufacturers, traders, recyclers, and end users.
Segun Ajayi-Kadir, director general, MAN, in a statement called on the Lagos State government to reconsider the ban, citing a lack of credible data and stakeholder engagement.
According to Ajayi-Kadir, a recent study revealed that 100% of manufacturers surveyed expressed fears of job losses and workforce restructuring if the ban is implemented.
He said, “A recent MAN-supported study evaluating the possible impacts of the Lagos State SUPs ban revealed significant adverse economic, operational, and social implications across the value chain, from manufacturers to wholesalers, traders, and end users. It has been noted that only poor and developing countries often tilt towards plastic ban as a strategy to combat environmental problems.
“A hundred percent of the manufacturers consulted expressed concern over a ban-induced workforce restructuring. Thus, several jobs will be lost in the industry if this ban were to be implemented.
“It is noteworthy to mention that there is no form of arrangement for social protection for the employees who will lose their livelihoods as a result of this ban.
“Also, there has been no form of social dialogue on the part of the government with these workers or the industry on the potential job losses.”
According to him, findings showed that 89% of operators in the plastic value chain rely on SUPs as their primary source of income with no alternative source of livelihoods, over 75% of end users, including SMEs, depend on plastic packaging with no affordable or practical alternatives, and 93% of dealers, many of whom are women, reported no prior information or social support mechanisms to cushion the impact.
Ajayi-Kadir emphasised that banning SUPs would not resolve pollution issues but merely substitute one problem for another, especially without scalable alternatives or infrastructure to support the transition.
He urged the government to focus on improving waste management infrastructure and promoting recycling, rather than imposing bans.
News
Court Hands 23 Chinese Nationals 1 Year Jail Term Each for Cyberterrorism, Fraud

A Federal High Court in Ikeja, Lagos state has sentenced 23 Chinese nationals to one year imprisonment each for their involvement in cyberterrorism and internet fraud.
Economic and Financial Crimes Commission (EFCC) arraigned them before Justices D.E. Osiagor, D.I. Dipeolu, and A.O. Faji on a single count of cyberterrorism and online fraud.
Dele Oyewale, spokesperson, EFCC, revealed that the convicted individuals were members of a cyber-fraud syndicate comprising 792 people.
He noted that the culprits were arrested on Thursday, December 19, 2024 in Lagos, during an operation known as ‘Eagle Flush.’
Oyewale stated that the individuals identified as Yu Hui (also known as A. Bin), Huang Jin Hui, Fei Fan, Lu Qiang, Hu Xi Zheng, Sun Zhi Peng, Wu Hao, Cong Bing, and Li Qiang alias Yang Huan Huan, Zheng Wei alias A. Hong, Cheng Jian, Da Tou, A Wen, Zhang Lei, Huang Zhi, Pan Jiong, Chen Wen Yuan, Jia You alias A. You, Wang Zheng Feng alias Feng, Liu San Hua, Liu Beixing, and Wen Zong Xu alias Li Long were all charged on one count of online fraud and cyber-terrorism.
One of the charges brought against Yu Hui (also known as A. Bin) claimed that he, along with others, unlawfully accessed computer systems in Lagos around December 2024 with the intent to destabilize and damage Nigeria’s economy and social structure.
According to the EFCC, this act violated Section 18(1) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015, and is punishable under that law.
Similarly, another charge filed against Jia You, accused him of accessing computer systems with the aim of undermining and harming Nigeria’s economic and social stability.
This action was said to be in breach of both the Cybercrimes Act and the Terrorism (Prevention and Prohibition) Act, 2022.
Initially all the defendants pleaded not guilty to the charges.
However, during the court session, they pleaded guilty.
The EFCC prosecution team comprising of Nneemeka Omewa, Babatunde Sonoiki, U.S Kyari, and B.M Isah informed the court that the defendants had reached plea bargain agreements.
The defence team confirmed this and requested the court to adopt the terms of the agreements.
Justices Osiagor, Faji, and Dipeolu found each defendant guilty and sentenced them to one year in prison, with the sentence starting from their arrest date on Tuesday, December 10, 2024.
Each convict was also fined N1 million.
Additionally, the judges ordered the Nigerian Immigration Service (NIS) to deport the convicts within seven days of completing their sentences.
All devices recovered during the operation including mobile phones, laptops, and routers were forfeited to the Nigerian government.
News
Galaxy Backbone Reaffirms Commitment to Support Security Agencies with Its Vast Digital Infrastructure

The Board, Management, and Staff of Galaxy Backbone (GBB) express profound sorrow and heartfelt condolences to the governments and people of Benue, Borno, Plateau, Anambra, and other states affected by recent waves of violent attacks and insecurity. We mourn with every family, community, and institution that has suffered the pain of loss, displacement, and trauma.
At Galaxy Backbone (GBB), we firmly believe that security is the bedrock of any thriving society. No nation can make meaningful progress when peace is threatened. These tragic incidents are not just national emergencies, they represent deep personal losses to every Nigerian, and they call for urgent, united, and technology-enabled solutions to support lasting peace.
As a Federal Government organization, entrusted with delivering secure digital infrastructure and smart technology solutions to public institutions across Nigeria, Galaxy Backbone remains resolute in its commitment to supporting state governments and security agencies through cutting-edge digital platforms that enable proactive and intelligent security management.
We also acknowledge and commend the visionary leadership of His Excellency, President Bola Ahmed Tinubu, GCFR, and the concerted efforts of the Federal Government of Nigeria in responding decisively to the security challenges facing parts of the country. The President’s unwavering commitment to peace, safety, and national unity under the Renewed Hope Agenda is evident in the bold steps being taken to restore order and build a more secure Nigeria.
Through our Safe City Security Solutions, GBB offers an integrated suite of smart surveillance systems, real-time data analytics, emergency communication networks, and AI-enabled threat detection tools. These solutions are specifically designed to enhance operational capabilities, strengthen coordination across security agencies, and empower informed decision-making in high-risk environments.
GBB stands ready to partner with both state governments and security agencies that are committed to building safer, smarter, and more resilient communities. We believe that technology must lead the charge in safeguarding lives, and we are proud to serve as a trusted digital ally in Nigeria’s journey toward modern, tech-enabled public safety.
Together, we can bolster early warning systems, expand surveillance coverage, enable faster emergency responses, and ensure that every Nigerian lives in a country where peace and prosperity are not aspirations, but realities.
May the souls of the departed rest in peace. And may strength, healing, and hope return to the hearts and homes of all those affected.
Galaxy Backbone remains aligned with the vision of a secure, digitally connected, and inclusive Nigeria, where every citizen has the freedom to live, work, and dream in peace.
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