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General News

OBJ, 5 Heads of State for African Investment Summit

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Former Nigerian president, Olusegun Obasanjo
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Five heads of state have already confirmed their participation in the 2015 Global African Investment Summit.

The presidents of Ghana, Liberia, Malawi, Rwanda and Uganda and several dignitaries of other African countries will be attending the economic development summit to be held on 1-2 December 2015 in London, the UK.  

After last year’s successful inaugural edition, the Global African Investment Summit (TGAIS) will once again bring over 750 global investors, project developers and senior government leaders together to harness trade and investment opportunities in Africa. Paul Kagame, John Dramani Mahama, Yoweri Kaguta Museveni,. Peter Mutharika, and Ellen Johnson Sirleaf, Presidents of Rwanda, Ghana, Uganda, Malawi and Liberia respectively, alongside the Prime Minister of the Democratic Republic of Congo,. Augustin Matata Ponyo, will meet global business leaders at Central Hall Westminster to present various investment opportunities in their regions.

Former Nigerian president, Olusegun Obasanjo, will also take part in this year’s event both as chairman and as a speaker.

Unlike most conferences focused on Africa, TGAIS moves beyond the conventional discussion on the need for change in Africa.

Instead, the event provides a business platform, offering African governments and companies the chance to present their investment projects to a diverse audience of global businesses interested in long-term investment in Africa.

During Project Roundtable Meetings, real investment opportunities are presented and business relationships are further developed.

An audit of the businesses in attendance in 2014 accounted for control of $235 billion in managed funds. Another key differentiator at this year’s event will be the introduction of a new case study stream, providing stakeholders with an opportunity to present successful stories in Africa.

“Africa is one of the world’s most dynamic and fastest-growing regions,” said Paul Sinclair, director of TGAIS.

“This summit actively encourages trade and investment by giving African governments, business leaders and visionaries the opportunity to present their projects and set up partnerships. We are a game changer.”

Another exemplary initiative will be the launch of the African Entrepreneurship Programme (AEP) in partnership with former President Obasanjo and Mr Aliko Dangote, one of Africa’s most successful businessmen.

The AEP will support African entrepreneurs to realise their investment objectives by giving them the opportunity to present and connect with financial stakeholders.

This year’s two-day TGAIS programme will be addressing the theme of ‘Transforming African Economies for Global Competitiveness.’

The agenda will cover the infrastructure, power, agribusiness, FMCG, tourism and natural resources sectors.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

General News

Nigeria’s BNPL Market is Projected to Value @ $2.6B by 2030

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Nigeria’s Buy Now, Pay Later (BNPL) market is on a fast-growing trajectory and is predicted to be valued $2.61 billion by 2030, up 83% from $1.42 billion in 2024, owing primarily to the rapid emergence of fintechs in the country.

This observation was stated in EnterpriseNGR’s State of Enterprise 2025 report, which focuses on how fintechs are reshaping Nigeria’s business landscape through digital innovations, accessible credit systems, and mobile-first financial tools.

As a credit system, BNPL allows users to stagger payments for products and services, making it a key development driver in Nigeria’s developing digital economy.

From 2021 to 2024, the BNPL experienced a compounded annual growth rate of 23.1%. Fintechs have contributed to the rapid growth by providing a range of flexible loan alternatives for e-commerce, retail, and services, bridging financial gaps for millions of disadvantaged Nigerians.

The report highlights how fintechs have contributed to Nigeria’s flexibility and resiliency by simplifying digital payments, automating invoicing and payroll systems, and democratising credit through platforms such as Renmoney and FairMoney.

The report also shows a significant rise in remittance inflows into Nigeria following the Central Bank of Nigeria’s 2024 policy adjustments.

According to the report, by 2024, Nigeria boasted over 400 licensed digital lenders who extend collateral-free credit to those commonly excluded by banks.


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General News

FG, Netherlands Partner on Digital Migration for NIS

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The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.

This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.

The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.

Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.

During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.

According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”

Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.

Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.

Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.

“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.


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AfDB Cuts Nigeria’s Growth Projection to 3.2%

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Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.

“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.

“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.

He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.

AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.

As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year

This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.

Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.

“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.

The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.

“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.

Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.

The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.

However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.


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