Business

NACCIMA Highlights Concerns Over Government Economic Reforms and Private Sector Growth

Published

3 months ago

January 20, 2025

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) has expressed concerns that the current economic reforms implemented by the Federal Government are not fostering growth within the private sector.

Instead, these reforms appear to be disproportionately benefiting the public sector.

The public sector encompasses the segments of the economy that are owned, controlled, and managed by the government, including various agencies and institutions responsible for delivering essential goods and services such as transportation, infrastructure, and public works.

Dele Kelvin Oye, President of NACCIMA, made these observations during an appearance on AriseTV News, stating, “In 2024, data, metrics, and statistics indicate that the private sector is shouldering the negative impacts of the nation’s economic reforms, enduring challenging conditions such as high inflation, increased borrowing costs, and currency devaluation.”

Oye emphasized the need for the government and its economic advisory teams to acknowledge the private sector as a vital stakeholder in the economy.

“While the public sector continues to thrive and expand, the economic benefits derived from recent reforms have largely been absorbed by the public sector through significant capital transfers and revenue increases.

In contrast, the private sector is grappling with escalating inflation, higher borrowing costs, unresolved foreign currency commitments amounting to 2.4 billion USD from the CBN, and rising operational expenses across all sectors.”

He further noted that the persistent imbalance caused by heightened public sector spending has been detrimental to the private sector, leading to value erosion due to excessive fiscal deficits financed through government borrowing at unsustainably high interest rates.

Looking ahead to 2025, Oye remarked, “The proposed expenditure framework appears to be heavily weighted towards substantial capital transfers to specific sectors that may not enhance national wealth.”

He advocated for the government to cultivate an environment that empowers the private sector to spearhead economic initiatives.

Business

UBA Modifies PoS, MONI App to Fastrack Digital Payments

“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.

Published

4 hours ago

April 14, 2025

OCHEFA

• UBA Group MD, Oliver Alawuba

The United Bank for Africa (UBA) Plc, has unveiled its upgraded Point of Sale (POS) Terminal as well as the UBA MONI App.

This is for the acceleration of digital payment landscape and empowering small and medium scale enterprises across Africa.

In a statement, UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, said: ” As a forward-thinking financial institution, UBA is always on the look-out for modern ways to improve their services and offerings, to give customers top-notch experiences while conducting their daily businesses.

He said: “At UBA, we are constantly innovating to provide seamless and secure payment solutions for businesses of all sizes.

The new UBA PoS and MONI App is designed to empower merchants and agency banking with instant settlements, real-time transaction tracking, and unmatched reliability – ensuring they can focus on growing their businesses with a trusted partner.

“This next-generation PoS is not just a payment device; it’s a powerful tool that helps businesses stay competitive in a fast-paced economy.

With UBA’s extensive reach and robust infrastructure, we are bringing convenience and confidence to every transaction.

With the upgraded MONI App, we are equally equipping our agents, many of whom serve smaller communities, with faster tools, greater transparency, and an enhanced user experience that will help them grow their businesses while serving millions of underserved customers”.

Business

NIS Begins Contactless Passport System in the Americas

The contactless system, which enables Nigerians living abroad to renew their passports without physically visiting passport offices for biometric enrollment, went live in the United States on April 11. Mexico, Brazil and Jamaica are scheduled to gain access on April 14.

Published

5 hours ago

April 14, 2025

OCHEFA

The Nigeria Immigration Service (NIS) has announced the expansion of its Contactless Biometric Passport Application System to several countries in the Americas.

In an official statement released yesterday, ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja, confirmed that the service under Comptroller General Kemi Nanna Nandap is rolling out the next stage of implementation across Brazil, the United States, Mexico, and Jamaica this month.

“This expansion represents our commitment to innovative an efficient service delivery to Nigerians anywhere in the world,” said ACI AS Akinlabi, Service Public Relations Officer at NIS Headquarters in Abuja.

(BusinessDay)

Business

SGF Akume Heads New Board of Galaxy Backbone

” We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.

Published

3 days ago

April 11, 2025

OCHEFA

The Federal Government, today , appointed a new Board of Directors for Galaxy Backbone Limited (GBB), after operating without a Board for over a year

The newly constituted Board of GBB is headed by Senator Dr. George Akume the Chairman & Secretary to the Government of the Federation.

Others include: Professor Ibrahim A. Adeyanju – Managing Director/CEO, Galaxy Backbone; Hon. Olusegun Olulade – Executive Director, Customer Centricity & Marketing; Mr. Olumbe Akinkugbe – Executive Director, Digital Exploration & Technical Services;Mr. Mohammed Sani Ibrahim – Executive Director, Finance & Corporate Services.Mrs. Rabi’ah Adamu-Waziri – Non-Executive Director (PTDF Representative)Mrs. Oluwakemi Babalogbon – Non-Executive Director (MOFI Representative)Mr. Abdulqadir Abubakar Maje – Non-Executive Director (Jigawa State Representative)Mrs. Margaret Ene Ebute – Non-Executive Director (Federal Ministry of Communications, Innovation & Digital Economy)Mrs. Adama Pindar – Company Secretary, Galaxy Backbone.

In a statement signed by the GBB Head of Corporate Communications, Chidi Okpala, the inauguration took place at the Office of the Secretary to the Government of the Federation (SGF) in Abuja and was presided over by Senator George Akume, who also assumes the role of Chairman of the Board.

Senator Akume said that the new Board’s goal is to make Galaxy Backbone a more “agile, responsive, and impactful” institution, and positioned it at the center of Nigeria’s public digital infrastructure and service delivery.

The Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, who was appointed in February 2024 by President Bola Ahmed Tinubu, welcomed the Board members and provided a strategic update on the company’s trajectory.

Adeyanju revealed that GBB successfully developed and launched its Integrated Digital Transformation Strategy (IDTS) 2025–2028—a roadmap for modernizing Nigeria’s digital infrastructure and public service delivery.

“We are excited to work with a Board whose insight and guidance will be critical to our continued growth and national impact,” Adeyanju said.