General News
World Bank Announces $800m Support for Nigeria’s CCT Initiative
The World Bank on Tuesday disclosed plans to support Nigeria with $800 million to boost the Conditional Cash Transfer (CCT) initiative of the present administration.
Mr. Ousmane Diagana, Vice President of World Bank in Western and Central Africa, stated this in Abuja, during a meeting with Professor Nentawe Yilwatda, minister of Humanitarian Affairs and Poverty Reduction; Hon. Yusuf Tanko Sununu, minister of State for Humanitarian Affairs and Poverty Reduction; and Dr. Yakubu Kofamarta, permanent secretary.
While giving update on the initiative, Mr. Diagana said the delegation is Nigeria’s assess to the level of progress and challenges of social investment programme in the Ministry and pledged to support the initiative to meet the desired objective of reducing poverty in Nigeria.
While stressing the Bank’s support for Nigeria as a developing country to provide quality services by continuing to create jobs among others for the Citizens, he disclosed that World Bank has “a very large programme here in Nigeria worth more than $17 billion.”
Yilwatda, minister of Humanitarian Affairs and Poverty Reduction, described the World Bank as a dependable partner and maintained that the Ministry would continue to collaborate with relevant agencies including the United Nations with a view to ensure that more funds are provided to reduce poverty in the country with a target of 15 million households.
While applauding the clear leadership being provided by President Bola Tinubu for the success of the social investment programmes in the country, the Minister explained that “everybody who is going to benefit from this conditional cash transfer will be given a digital identity, so you have digital trust.
“And that is not just identity, but it’s a social inclusion and financial inclusion to hundreds and thousands of Nigerians who before now were not socially inclusive. They were not also financially included in Nigeria.
“You know, having over 70 million of Nigerians who before now have no account numbers, have no identity, you cannot trace their homes; you can’t trace their addresses.
“And today, while you’re taking all their homes, we also give digital identity, and we’re paying them conditional cash transfer.
“This the largest financial inclusion ever the history of Nigeria, and this is a bold step by Mr. President to ensure that the effect of the reforms that the government is doing is also being cushioned by this social investment that we’re having in the country.
Professor Yilwatda disclosed that the administration is “targeting 15 million households. Nigeria has roughly about we have roughly about 41 to 42 million households, the total number of household that we have in the country. So we are targeting 15 million households out of these 42 million households.
“So, if you look at the numbers, it means we are doing roughly about the neighborhood. Over 30% of the households that will benefit from this conditional cash transfer.
“Multiply that number by five, we’re taking off roughly about 60 million people will benefit from this conditional cash transfer, that’s targeting about 60 million people.
“15 million households, targeting about 60 million individuals within the households.
“Now if you look at these numbers, because the numbers are saying that roughly about 42% of Nigerians are living in poverty, those numbers simply shows that roughly about 90 million people, which means this cash transfer alone is targeting almost over 70% but people who are living under poverty in Nigeria by this conditional cash transfer, which is the largest ever in the history.”
According to him, each of the CCT beneficiaries is to receive the sum of N75,000.
“Already we’ve paid almost 6 million people, almost 6 million households, targeting about 30 million people have already been paid, and there are already evidences.
“We are going to even do a media talk for the to see the communities, because we are covering about 230,000 communities, cutting across all the 774 Local Governments, which means that, averagely almost every community in Nigeria has been captured under that is on this programme, and every village in Nigeria has been captured under this programme, and every village has a beneficiary. Every committee has beneficiaries across the entire country.
“I think this one of the most extensive program that has covered the entire country, you know, and effectively also, because the people that were targeting this program, we actually community based.
“So each village selected people that they are poor in the village, the women, the youths and the men, independently selected people that they feel they are poor, and they brought the name together.
“It is a community that signed off the name and sent to us. So they are not names from us, but their names from the communities that came up to us.
“And that’s why is the best way of targeting people when the village itself feel they can select the people that are poor within themselves, and they should be supported.
“So it is the communities that are telling us that these are people that you can support. So, we are supporting people that have been given to us by individual communities.”
FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements.
This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.
Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment.
The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit.
This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.
Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’
He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”
FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.
The Mayor of London, Sadiq Khan, has successfully concluded his visit to Lagos, Nigeria, aimed at strengthening the UK-Nigeria economic relationship and celebrating the deep cultural ties, shared vibrancy, and global influence of two dynamic cities – London and Lagos.
This visit marked the growing importance of Nigeria as a key partner in the UK’s global trade and investment strategy, particularly in sectors such as fintech, innovation, and the creative economy.
Alongside the visit, the Mayor of London led a trade delegation of 27 London-based companies in fintech, enterprise technology, and sustainability, supported by the Mayor’s growth agency, London & Partners. Under the leadership of Howard Dawber OBE, Deputy Mayor for Business and Growth, the agency facilitated a series of high-level engagements in Nigeria.
The delegation connected with Nigerian policymakers, investors, and creatives through curated events aimed at fostering collaboration and unlocking new business opportunities across Africa.
This visit marked the first official trip by a sitting Mayor of London to sub-Saharan Africa, underscoring London’s commitment to building long-term, cross-sector partnerships that support inclusive growth, digital transformation, and cultural exchange.
Mayor Khan’s engagements in Lagos commenced with participation in a panel discussion at the “Bridging Borders: How London and Lagos Can Shape the Future of Global Tech” tech event where he highlighted how London and Lagos can jointly shape the future of global innovation and encouraged Nigerian tech businesses to invest in London.
The Mayor of London also attended the Lagos Canvas Reception, a celebration of Nigeria’s flourishing creative sector which he co-hosted with Mo Abudu at the Ebony Life place.
The reception celebrated the status of Lagos and London as cultural and creative industry powerhouses and looked to encourage even greater ties between the creative industry ecosystems in both cities.
From the arts to fashion, music and film – central to the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) – which is expanding trade and unlocking new opportunities in the creative economy.
Wrapping up his visit to Lagos, Nigeria, the Mayor of London will continue his historic trade mission with stops in Accra, Johannesburg and Cape Town to bang the drum for the capital as a place for investment, innovation, and cultural exchange – strengthening ties with countries across the African continent for economic growth.
The Mayor of London, Sadiq Khan, said: “I am delighted to be visiting Nigeria and Africa this week – the first visit of its kind by a Mayor of London – to bang the drum for the capital and further develop the strong ties between our countries.
“Africa has the world’s fastest growing populations and is seeing major economic growth across many of its economies. Over the next decade there are huge opportunities to deepen partnerships with London. I will be working tirelessly throughout this visit to drive trade and investment across critical sectors including finance, education, health, tech creative and sustainability.
“Londoners of African heritage have played, and continue to play, a huge role in making London the greatest city in the world, and this trip is an opportunity to celebrate our shared heritage, history and culture with the African continent – as we build a better and fairer city for everyone.”
British Deputy High Commissioner in Lagos, Mr. Jonny Baxter, said: “The Mayor of London’s visit underscores the UK Government’s commitment to strengthening economic and cultural ties with Nigeria. From trade to fintech and fashion, our collaboration is driving innovation and growth.
“Through the UK-Nigeria Enhanced Trade and Investment Partnership, we’re committed to unlocking new opportunities that benefit both our economies, and this visit is a powerful step forward in that journey of inclusive growth.”
UK Minister for Africa, Lord Collins of Highbury, said: “Sir Sadiq’s visit marks an exciting moment for the UK’s relationship with countries across Africa and is a strong demonstration of our commitment to deepening our ties with the continent.
“Strengthening our trade, investment, and cultural ties is not only vital for shared economic growth, but also for fostering long-term partnerships that are rooted in respect and open up opportunities for all.”
The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.
According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.
In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.
It noted that after this date, all applications must be submitted exclusively through the online portal.
The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.
Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.
“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.
The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.
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