E-Financial
Fed Makes Emergency Rate Cut, What Does this Mean for Nigeria?

By Lukman Otunuga, Senior Research Analyst at FXTM,
The Federal Reserve caught markets completely off-guard this week by lowering interest rates by 50 basis points.
It’s the first unscheduled, emergency rate cut since October 2008 and also marks the biggest one-time cut since then.
Rising concerns over the coronavirus outbreak impacting economic growth have forced central banks across the world to ease monetary policy with the Federal Reserve joining the squad. According to the Fed, “the fundamentals of the U.S economy remain strong. However, the virus poses evolving risks to economic activity.” This emergency rate cut certainly opens doors to further rate cuts in the future which is good news for emerging markets including Nigeria.
Lower US interest rates may provide an opportunity for the Central Bank of Nigeria to ease monetary policy in an effort to stimulate consumption which accounts for 80% of GDP. These efforts may be complicated by inflation which rose for the fifth straight month to 12.3% in January 2020. Although one of the central bank’s objective is to achieve price stability, a rate cut in the face of the coronavirus outbreak could support economic growth in 2020.
Sentiment towards the Nigerian economy has improved over the past few weeks amid positive economic fundamentals and encouraging Q4 GDP data. However, falling oil prices, global growth concerns and questions whether Nigeria will meet its oil revenue goal have fostered a sense of caution.
On the bright side, Nigeria reclaimed its title as the largest economy in Africa after South Africa entered a technical recession. Unstable domestic conditions inspired by power cuts weighed heavily on output and business confidence in South Africa with shaky global conditions compounding to the pain. While Nigeria was able to expand 2.55% in Q4, South Africa’s economy went the other direction by contracting 1.4%.
It remains uncertain whether Nigeria will be able to mirror a similar expansion in Q1 of 2020 due to severely depressed Oil prices and slowing global growth. The commodity has dropped over 20% since the start of the year and could weaken further on demand side fears. Given how roughly 90% of export earnings and over 50% of government revenues are from crude exports, this certainly presents significant risks to economic growth.
The government needs to find other sustainable revenue sources to reduce exposure to external risks. It is widely known that diversification remains the key to Nigeria’s woes but this requires massive investments in infrastructure and time. There has been a push to expanding the tax base to raise non-oil revenues, but it remains to be seen whether this will have the desired results. Value added tax (VAT) has been increased from 5% to 7.5%. This could line the government’s coffers but it may come at the expense of rising inflation.
All eyes will be on the OPEC meeting this week which is expected to conclude with the cartel initiating deeper supply cuts. While such an outcome could push oil prices higher, the upside will most likely be limited by demand side uncertainties fuelled by the virus outbreak.
E-Financial
NIA Puts Industry Written Premium @ N1.5trn in 2024

Nigerian insurance industry has recorded a gross written premium of N1.562 trillion in the 2024 financial year. Mr Kunle Ahmed, Chairman, Nigerian Insurers Association, disclosed this during the 54th Annual General Meeting of the Nigerian Insurers Association (NIA) in Lagos.
Ahmed said that this represented a 56 per cent increase over the N1.003 trillion generated in 2023.
According to him, the industry’s total assets rose to N3.9 trillion, a 46.1 per cent increase from N2.67 trillion in 2023.
He said: “The Nigerian insurance industry in 2024 experienced notable developments, shaped by regulatory changes, economic conditions, and evolving market dynamics. “Available data indicated robust growth in gross premiums.
The industry reported a gross written premium of N1.562 trillion, a 56 per cent increase over the N1.003 trillion recorded in 2023. “Non-life business accounted for N1.1 trillion, while life business generated N470 billion.
“The industry’s total assets expanded significantly to N3.9 trillion, a 46.1 per cent rise from N2.67 trillion in 2023. “Market capitalisation also grew substantially, reaching N1.2 trillion, a 41 per cent increase from N850 billion in 2022.”
Ahmed further disclosed that the net claims paid by the industry stood at N622 billion, with the non-life segment accounting for N437 billion and the life segment for N185 billion.
He said within the non-life sector, fire, oil and gas insurance lines were key drivers of revenue growth, with all non-life products demonstrating strong quarter-on-quarter increases.
E-Financial
UN and Sterling One Foundation Lead Coalition Ahead of ASIS 2025

Ahead of the Africa Social Impact Summit (ASIS) 2025, scheduled for July 10 and 11 in Lagos, co-conveners Sterling One Foundation and the United Nations in Nigeria held a high-level press briefing at the United Nations House in Abuja.

L–R: Mohamed Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria; Olapeju Ibekwe, CEO, Sterling One Foundation; and Abubakar Sulieman, MD/CEO, Sterling Bank, at the recently held Africa Social Impact Summit 2025 World Press Conference at the United Nations House, Abuja.
The event brought together development partners, policymakers, and the media to outline expectations for the upcoming summit and reflect on Africa’s role in defining local responses to global challenges.
Since its launch in 2022, ASIS has grown into a key platform for regional development collaboration. From eight founding partners, the summit now brings together over 40 institutions working across climate, healthcare, education, finance, governance, and digital inclusion. This expansion points to a growing shift: African institutions are pushing to set the agenda, not wait to be handed one.
The 2025 summit, themed “Scaling Action for the SDGs: Bold Solutions for Climate Resilience and Policy Innovation,”will focus on strengthening sub-national development, rethinking finance flows, and tackling structural inequalities through long-term investment and reform.
Speaking at the press briefing, Mohamed M. Malick Fall, Assistant Secretary-General and United Nations Resident and Humanitarian Coordinator in Nigeria, reinforced the urgency of this year’s convening.
“The climate crisis is eroding decades of development across Africa, displacing communities, disrupting education and health systems, and undermining economic stability. But lasting solutions must come from those living the impact daily.
“As co-conveners of the summit, and with this year’s theme Scaling Action: Bold Solutions for Climate Resilience and Policy Innovation, ASIS offers a platform for African institutions to lead and for global partners to respond with investment, policy reform, and serious commitment.”
In a presentation on the summit’s evolving impact, Olapeju Ibekwe, CEO, Sterling One Foundation, reflected on the summit’s trajectory:
“ASIS has never been about convening for its own sake. Each summit marks a deliberate step to mobilize capital, shift policy, and advance African-led solutions. Already, we have seen over 100 million dollars unlocked through coalition efforts.
“That scale is not accidental. It is the product of systems thinking, partnership, and a commitment to putting Africa’s priorities at the center of global development conversations.”
In his remarks, Abubakar Suleiman, MD/CEO, Sterling Bank, emphasized the private sector’s enduring role in the ASIS journey: “Sterling Bank has been a strategic partner to ASIS from the very beginning.
“As global development funding becomes more constrained, it is increasingly clear that the private sector must help drive scalable solutions.
“Our engagement with ASIS reflects a belief that impact is not a side effort but core to building resilient economies and inclusive growth.”
Other partners in the room echoed the need for bold, cross-sector investment in areas such as health systems, youth employment, education access, and digital infrastructure.
ASIS boasts a coalition of over 40 institutions that includes Afreximbank, Coca-Cola, United Nations Global Compact Network Nigeria, Sterling Bank, and other theme and technical partners, with Lagos State as the host city.
Interested participants are encouraged to register at theimpactsummit.org
E-Financial
Flutterwave Named in 2025 TIME100 Most Influential Companies List

Flutterwave, Africa’s leading payments technology company, has been named in the TIME100 Most Influential Companies List of 2025, marking its second appearance on the prestigious global ranking.
Previously honoured in 2021, Flutterwave joins industry giants such as Amazon, Netflix, and OpenAI in the TITANS category of the fifth-annual list, which recognizes companies driving significant global impact.
The selection process, led by TIME editors, evaluated nominees based on innovation, ambition, impact, and success, highlighting Flutterwave’s transformative role in the fintech sector.
Founded in 2016, Flutterwave has grown into a powerhouse facilitating seamless payments across Africa and beyond, empowering businesses and individuals in the digital economy.
Its solutions span critical sectors such as cross-border remittances, e-commerce, travel, payroll, and hospitality.
The company’s 2021 TIME100 recognition followed its impactful campaign to help businesses pivot online during the COVID-19 pandemic.
This year’s inclusion underscores Flutterwave’s sustained influence, with its technology now reaching over 34 African countries and expanding into new markets such as Bahrain, Turkey, and Saudi Arabia, supporting a leading global ride-hailing company’s operations.
Flutterwave’s flagship remittance product, SendApp by Flutterwave, has gained significant traction in the US, UK, and EU, offering faster and more affordable money transfers for the African diaspora.
In 2024, the company secured 20 additional licenses in the US, bringing its total to 34 and achieving near-complete coverage through strategic partnerships.
Flutterwave’s focus on profitability and market expansion, coupled with a strengthened executive team, has fuelled its growth, with nearly half of its customers receiving payments in new markets last year.
Olugbenga Agboola, founder and CEO, Flutterwave, expressed pride in the recognition, stating, “Being recognized by TIME once again is a true honour. It’s a testament to our team’s incredible work. We’re shaping Africa’s financial future and connecting the continent to the world.”
The accolade follows other recent honours, including topping Fast Company’s 2024 Most Innovative Companies list for Europe, the Middle East, and Africa, and earning a second consecutive ranking in the FXC Top 100 Cross-Border Payment Companies.
The TIME100 listing solidifies Flutterwave’s position as a global fintech leader, bridging Africa to the world through innovative payment solutions.
As the company continues to expand its reach and refine its growth strategy, its influence in transforming the financial landscape remains undeniable, setting a benchmark for innovation and connectivity in the digital economy.
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