Business
FG To Integrate Over 20% Unbanked Nigerians Into Banking System — Shettima
The Federal Government has announced plans to integrate over 20 per cent of unbanked Nigerians into the banking system, aiming to reduce financial exclusion to a minimum of five per cent.
Vice President Kashim Shettima disclosed this in Abuja on Thursday at the beginning of a two-day National Stakeholders’ Workshop on Economic and Financial Inclusion. Shettima highlighted that currently, over 20 per cent of Nigerians are financially excluded, and the government aims to significantly reduce this number.
The 14th Emir of Kano and former Governor of the Central Bank, Sanusi Lamido, pointed out at the event that financial exclusion contributes to security challenges such as banditry, as many rural dwellers lack access to efficient payment systems.
The workshop focuses on integrating the unbanked Nigerian population into the formal financial system. Participants include experts from various sectors, including the Central Bank Governor, Olayemi Cardoso, traditional rulers, and private sector players.
Ahead of the workshop, the Deputy Chief of Staff to the President, Senator Ibrahim Hadejia, emphasized the Federal Government’s commitment to tackling poverty and insecurity through financial inclusion. Hadejia stated that economic and financial inclusion are vital components of President Tinubu’s agenda to integrate the underserved and unbanked into the formal financial system.
Hadejia further explained, “Economic and financial inclusion are essential components of President Tinubu’s agenda to assist in integrating the underserved and unbanked into the formal financial system. This will enable Nigerians to access a range of financial services at a reasonable cost.”
President Bola Tinubu has approved the launch of the first phase of the Consumer Credit Scheme (CCS) to empower Nigerians to improve their quality of life by accessing goods and services. His Special Adviser on Media and Publicity, Ajuri Ngelale, described the CCS as crucial for facilitating important purchases such as homes, vehicles, education, and healthcare, which are essential for Nigerians to pursue their aspirations.
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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