Category: Economy

  • Wema Bank Expands SME Empowerment to Ghana with NBC Trade Fair

    Wema Bank Expands SME Empowerment to Ghana with NBC Trade Fair

    As part of its commitment to supporting female entrepreneurs through inter-Africa trade, Wema Bank is extending the reach of women-led businesses with the NBC Trade Fair across Nigeria and beyond.

     The bank is now set to make a bold move with the Ghana edition, scheduled to hold on October 4th and 5th, 2025, at The Palms Convention Center, Accra.

    For the first time, the Wema X NBC trade fair will be bringing together a dynamic mix of fashion, food, skincare, and lifestyle vendors to create a vibrant marketplace in Ghana, where SMEs can showcase their products, attract new customers, and build valuable connections. True to Wema Bank’s tradition, the fair will go beyond commerce, offering free BVN registration, paid NIN registration, on-site account opening, instant virtual naira and dollar cards, spin-the-wheel giveaways, exclusive gift items, and access to the SARA community for women.

    Attendees who shop with their Wema Bank debit cards at the fair will also stand a chance to win exciting rewards. For those who do not yet have a Wema Bank account, opening one ahead of the fair unlocks even more exclusive benefits. Simply download ALAT to get started. These unique offerings from Wema Bank are designed to foster financial inclusion, support women-led enterprises, and equip businesses with the tools to thrive in competitive markets.

    The Ghana edition of the Wema Bank x NBC Trade fair is more than just a fair it is a statement to the bank’s commitment to uniting African entrepreneurs and expanding opportunities beyond Nigeria.

  • NASC Backs Digital Push to Revolutionize Seed Sector

    NASC Backs Digital Push to Revolutionize Seed Sector

    • Says Seed Tracker boosts traceability, adopted in three African countries
    • Bt cowpea, global alliances key to Nigeria’s seed market expansion- DG

    The National Agricultural Seed Council (NASC) has reaffirmed its commitment to driving innovation in Nigeria’s seed industry through the use of digital technology.

    Speaking during a refresher training session for seed companies, licensed seed inspectors, and lead outgrowers, Director General of NASC, Fatuhu Muhammad, highlighted the strategic role of the Seed Tracker platform in strengthening the inspection and certification of crop seeds nationwide.

    According to Muhammad, the platform has already gained regional traction, having been exported to Tanzania, Uganda, and Sierra Leone. He revealed that many more countries have expressed interest in adopting the technology, which has become a benchmark for seed system transparency in Africa.

    “Over 52 seed companies have input data on the Seed Tracker on crops such as cassava, cowpea, yam, potato, rice, and maize,” he noted. “The platform, developed to enhance transparency and traceability in seed certification, is modernising Nigeria’s agriculture.”

    As part of its strategy to improve efficiency and reduce operational bottlenecks, NASC plans to expand the use of private inspectors, reducing the workload on its officers while ensuring wider coverage and quality assurance.

    Muhammad also announced ongoing strategic partnerships with international bodies, including the International Seed Testing Association (ISTA), the International Union for the Protection of New Varieties of Plants (UPOV), the OECD Seed Schemes, and others. These collaborations, he said, are aimed at unlocking access to global seed markets.

    He emphasized Nigeria’s potential to dominate Africa’s seed market, citing the case of cowpea, a major dietary protein source. Despite its importance, the cowpea seed system has been hindered by poor storability and pest infestation. However, recent adoption of Bt cowpea, a genetically modified variety with pest resistance, is already yielding positive results.

    Muhammad commended the Donald Danforth Plant Science Center in the United States for supporting Nigeria’s biotechnology ecosystem through the ENCIBBS project, which has bolstered the country’s capacity in biotech research and development.

    Participants at the training expressed satisfaction with the knowledge gained. Hassan Yohanna Lassa, Managing Director of Boom Seeds Nigeria Ltd, praised the Seed Tracker as a transformative tool in combating seed adulteration and improving production quality across Nigeria.

    “It helps track the source and purity of seeds, promoting transparency throughout the seed value chain. We are now committed to ensuring our farmers and products are fully integrated into the platform,” he stated.

    Another participant, Chukwuemeka Umeh, described the training as a major step toward modernising Nigeria’s agricultural system. “We now have the skills to detect early symptoms of seed-borne diseases and implement control measures, thanks to the digital tools and capacity-building provided,” he said.

    With such initiatives, NASC is positioning Nigeria to not only achieve food security but also to become a leading hub in Africa’s evolving seed industry.

     

  • Wema Bank Celebrates 80 Years of Impact

    Wema Bank Celebrates 80 Years of Impact

    • Sets the stage for a future of more possibilities

    Wema Bank, Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has officially marked the incredible milestone of its 80th anniversary on Friday, May 2nd, 2025.

    Celebrated as Nigeria’s oldest indigenous bank, Wema Bank was founded on May 2nd, 1945, as Agbonmagbe Bank Limited; an institution that has now evolved from a single-branch operation aimed at empowering indigenous Nigerians into a formidable force that continues to blaze the trail in Nigeria’s banking and financial industry.

    From bridging gaps in access to finance for underserved Nigerians to empowering businesses with insightful financial solutions and support, providing a platform for other industries to thrive and proactively delivering financial solutions tailored to the needs of every Nigerian, Wema Bank has built a legacy of impact for 8 decades. With millions of customers and global presence via 150+ branches and the ALAT App, Wema Bank continues to set the pace in customer-centric innovation and impactful banking.

    Extending heartfelt gratitude to the Bank’s stakeholders, Moruf Oseni, the MD/CEO of Wema Bank reiterated the Bank’s commitment to continue going above and beyond in service of its customers in the decades to come. According to him, “Wema at 80 is a milestone that extends deeply into the very roots of the industry, the people and the nation. This is an 80-year-old bank that began to set the pace for indigenous businesses in the depths of colonial rule and has remained resolute in carrying on that mission since 1945, showing the world that ‘Nigerian-owned’ can last, and institutions can be agents of transformation in their own capacity. It’s a journey I am deeply proud of and I cannot celebrate alone”.

    “I take this moment to express my sincerest gratitude to every person and institution that has played a part in Wema Bank’s success story. From our customers to shareholders, investors, partners to employees past and present, and every other stakeholder whose efforts run in the veins of this great Bank. We are Wema and I take this moment, on behalf of the Board and Management of the Bank, to reiterate our lifelong commitment to you. Wema Bank is built to last, Wema Bank is built for you and Wema Bank will never relent in delivering optimum value to you. It has been 80 years of impact, and as we look ahead to a future of limitless possibilities, our promise to you remains the same. We Are With You, All The Way!”, Oseni concluded.

    Wema Bank’s 80th anniversary has taken the world by storm, with a major highlight being the Wema at 80 Gala Night scheduled to hold in Lagos at 6 p.m. on Friday May 2nd, 2025. Headlined by Afrobeats stars Davido and Wande Coal, Fuji legend Ayuba, vocal sensation Yinka Davies, 9ice and a star-studded lineup of celebrities, dignitaries and stakeholders; the night promises to be one for the books, convening 8 decades of generations in a glamorous ceremony themed ‘Timeless Elegance’.

    Anyone can be a part of the Wema at 80 Gala Night by tuning in live at 7 p.m. to the Bank’s YouTube Channel as well as select national TV stations.

  • Naira rises to N1,618/$ in parallel market

    Naira rises to N1,618/$ in parallel market

    The naira appreciated slightly in the parallel market on Tuesday, trading at N1,618 per dollar, an improvement from N1,620 per dollar recorded on Monday.

    However, at the Nigerian Foreign Exchange Market (NFEM), the currency depreciated to N1,604 per dollar, compared to N1,599 per dollar the previous day.

    Data from the Central Bank of Nigeria (CBN) indicated a N5 drop in the naira’s value at the official window, further reflecting volatility in the forex market.

    As a result, the exchange rate gap between the parallel market and the official market narrowed to N14 per dollar, down from N21 per dollar on Monday, signaling a slight convergence between both market rates.

  • Nigeria’s Inflation Rate Rises to 24.23% in March — NBS

    Nigeria’s Inflation Rate Rises to 24.23% in March — NBS

    Nigeria’s headline inflation rate surged to 24.23 percent in March 2025, up from 23.18 percent recorded in February, according to the National Bureau of Statistics (NBS).

    The figures were released in the bureau’s latest Consumer Price Index (CPI) Report published today. The data indicates a 1.05 percentage point increase month-on-month, and a 4.40-point rise in the CPI, which now stands at 117.34.

    The NBS stated, “In March 2025, the headline inflation rate rose to 24.23% relative to the February 2025 headline inflation rate of 23.18%.”

    This continued rise in inflation is attributed to persistent food price hikes, supply chain challenges, and currency pressures, according to analysts monitoring economic trends.

    The development is likely to influence future monetary policy decisions as economic stakeholders assess the impact on household purchasing power and overall cost of living.

  • Court to Rule on FCCPC’s Case Against MultiChoice Over Price Hike on May 8

    Court to Rule on FCCPC’s Case Against MultiChoice Over Price Hike on May 8

    The Federal High Court in Abuja has set May 8, 2025, for judgment in the lawsuit between the Federal Competition and Consumer Protection Commission (FCCPC) and MultiChoice Nigeria over the company’s recent subscription price hike.

    The FCCPC clarified that the case is not about regulating prices but addressing alleged market dominance abuse. MultiChoice, however, argued that Nigeria operates a free-market economy, where service providers are not required to seek regulatory approval before adjusting prices.

    The dispute arose after MultiChoice raised DStv and GOtv subscription fees by up to 25% from March 1, 2025, citing inflation and rising costs. Despite an FCCPC directive to suspend the hike pending review, MultiChoice proceeded with the adjustments, prompting legal action.

    Justice James Omotosho, after hearing arguments from both sides, questioned whether the government has the authority to impose price controls in a free-market economy. He will deliver the court’s ruling on May 8.

  • Reps to Investigate N8trn Revenue Loss from Tax Incentives, Waivers

    Reps to Investigate N8trn Revenue Loss from Tax Incentives, Waivers

    The House of Representatives has launched a probe into the alleged abuse of tax incentives, waivers, and exemptions, which has reportedly cost Nigeria N8 trillion in lost revenue.

    The move follows a motion of urgent public importance raised by Hon. Oluwole Oke (Oriade/Obokun Federal Constituency, Osun State) during Thursday’s plenary. Oke’s renewed push indicates that little progress has been made since the House first adopted the motion in July 2023.

    He noted that while tax incentives are meant to stimulate economic activities and attract investments, widespread abuse has turned them into a financial burden. Citing data, he revealed that Nigeria loses N6 trillion to companies exploiting tax waivers and N2 trillion due to mismanagement.

    He identified capital allowances, investment allowances, pioneer status incentives, free trade zone exemptions, and VAT exemptions as key areas of abuse. This, he warned, has contributed to Nigeria’s low tax-to-GDP ratio of 10.6%, among the lowest in Africa.

    “If urgent steps are not taken, Nigeria could face a fiscal collapse similar to Venezuela,” Oke cautioned.

    The House has now directed its Committees on Industry, Finance, and Commerce to investigate the issue and report back within four weeks.

  • Niger Delta Youth Turn down Calls for Protest against NDDC Management

    Niger Delta Youth Turn down Calls for Protest against NDDC Management

     

    The Niger Delta Youth Council (NDYC) Worldwide has rejected in strong terms, calls by the Coalition of Niger Delta Civil Society Organisations in conjunction with Ex-millitant Forum for a nationwide protest against leadership of Dr. Samuel Ubuku and Mr. Chiedu Ebie; Managing Director and Board Chairman of the Niger Delta Development Commission (NDDC) respectively.

    The group in a letter addressed to President Bola Ahmed Tinubu accused the Managing Director of mismanagement, lopsided projects and contracts while calling for the sack of the Chairman of the Board whose appointment they claimed contravened the NDDC Act.

    But the NDYC in a strongly worded rebuttal, signed by the trio of Engr.Jator Abido, Comr Collins Achakpekri and Engr. Beke Apere; National Coordinator, Director of International Relations, and Chairman Board of Trustees respectively, copies of which were made available to journalists in Abuja, debunking the allegations made against the NDDC management by persons they described as enemies of the region who want to slow the wheels of progress under the current NDDC leadership.

    “It is utterly callous and blatant falsehood to cast the administration of Dr. Samuel Ubuku and Mr Chiedu Ebie in bad light simply because your selfish and parochial interests are not accommodated in the grand scheme of affairs at the Commission.

    “For the records, those parading themselves as members of civil society organisations in the region and ex-agitators are ignorant of the challenges of the region and do not represent the true spirit of the Niger Delta. They’re an obscure bunch who are out to profit from the resources of the region without a genuine concern for its people.

    “As true representatives of our people, we make bold to say that Dr. Samuel Ubuku remains the best NDDC Managing Director to have emerged since the creation of the Commission. He has carried everybody along in appointments and the distribution of projects. Anybody who feels otherwise is a saboteur and shouldn’t be taken seriously.

    “It is also laughable that someone in their right thinking will question the appointment of a bona fide Niger Deltan into a Commision set up for the development of the region simply because the appointee does not come from a community that produces crude oil.

    “This warped thinking doesn’t belong to the human specie and should be disregarded. Those who only seek to divide using parochial yardsticks and sentiments should not be dignified with a response. We, therefore, distance ourselves from such persons and want Nigerians to pay deaf ears to their rants”, the release stated.

    The youth group finally vowed to resist attempt by sponsored goons to throw the region into needless crisis and pledged to mobilise their members across all the states that make up the region to stage a solidarity match for the NDDC management on the same day those opposed to the development of the region are planning their protest.

    “As patriots and law abiding citizens who are desirous to see mass development in the Niger Delta region, we cannot fold our arms and watch a faceless few throw our region into crisis. We shall therefore mobilise in en masse to stage a solidarity match on the 27th of February to counter our enemies and tell the world the truth about our region”, the release concluded.

  • Wema Bank unveils 80th Anniversary Identity 

    Wema Bank unveils 80th Anniversary Identity 

    In preparation for its 80th anniversary, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has unveiled the identity for its 80th anniversary celebration.

    Set for Friday, May 2nd, 2025, this grand anniversary would serve as the hallmark of Wema Bank’s 80-year journey of unmatched resilience, profound impact and notable transformation from being Nigeria’s oldest indigenous bank to becoming Nigeria’s foremost and leading innovative bank.

    Wema Bank’s impressive 80-year legacy has been one exemplified by immense growth, with the Bank evolving intelligently through the decades, embracing innovation to break new grounds and raising the standards of banking and financial services to provide an unparalleled experience for its customers and stakeholders, both internally and externally. Now on the cusp of its milestone celebration of 80 years, Wema Bank stands at its all-time strongest, proving to be a formidable force in the African financial services industry.

    All eyes are peeled in anticipation of what Wema Bank will bring on in the coming weeks, as its 80th anniversary celebrations begin to unfold.

  • EPL: Chelsea’s Reece James Suffers Fresh Hamstring Injury

    EPL: Chelsea’s Reece James Suffers Fresh Hamstring Injury

    Chelsea captain Reece James has been ruled out of Saturday’s Premier League match against Leicester City due to a hamstring injury.

    The setback comes just weeks after James returned to action in October, following an earlier injury that kept him out at the start of the season. Chelsea manager Enzo Maresca confirmed the news on Thursday, expressing hope that the issue won’t result in a long-term absence.

    “Reece felt something minor in his hamstring, and we don’t want to take any chances this weekend,” Maresca said. “Hopefully, it’s nothing serious, but he’ll need to sit out while we assess further.”

    James, 24, has struggled with injuries over the past two seasons, raising concerns about his fitness. Despite this, Maresca remains optimistic that the England international will eventually move past his injury struggles.

    Chelsea’s injury woes extend beyond James, with doubts also surrounding the fitness of Romeo Lavia, Malo Gusto, Wesley Fofana, and Jadon Sancho. Cole Palmer and Levi Colwill recently withdrew from England duty due to fitness issues, further compounding the club’s challenges.

    This weekend’s fixture marks Maresca’s return to Leicester City, a club he led to Championship promotion last season before joining Chelsea. Reflecting on his time at Leicester, Maresca described it as a “fantastic season” and expressed gratitude for the connections formed with players and staff.

    Chelsea fans will be hoping for a swift recovery for James and other key players as the team looks to stabilize its campaign.