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New Premium Rates For Motor Insurance Adversely Affecting Manufacturers –  MAN

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The Manufacturers Association of Nigeria (MAN) says that the new premium rates for motor insurance is seriously affecting its member companies.

The new premium rates for motor insurance in the country was introduced by the National Insurance Commission (NAICOM) in December 2022, but took effect from January 1,  2023.

NAICOM had  in a circular dated December 22, 2022,  signed by its Director,  Policy and Regulation,  Dr. L.M. Akah,  and addressed to all insurance institutions stated that the upward adjustment of rate was pursuant to the regulator’s exercise of its function of approving rates of insurance premium under the Section 7 of NAICOM Act 1997,  and other extant laws.

Under the new template for motor insurance premium,  third party insurance policies inclusive of ECOWAS brown card (EBC) had been reviewed.

The commission noted that effective January premium on private motor shall be N15, 000,  while Third Party Property Damage (TPPD) which is the limit of claims an insured can enjoy on the policy shall be N3, 000.

Also,  under the private category,  Own Goods shall henceforth  attract a new premium of N20,000 and TPPD of N5, 000 while staff bus will be subjected to a new premium of N20, 000, and TPPD of N3, 000.

For the commercial category, the insurance regulator stated that trucks/general cartage shall attract N100, 000 premium and TPPD of N5, 000.

Also,  special type insurance will attract N20,000 premium and TPPD of N3,000 while tricycle will attract N3,000 premium rate and N2,000 in TPPD. Motorcycle will also pay N2, 000 premium and N1, 000 as TPPD.

The commission further stated that comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates/discounts.

The commission also warned that failure by insurance firms to comply with the directive shall attract appropriate regulatory sanction.

Seven months down the lane, Segun Ajayi-Kadir, the Director-General of MAN , said that the exorbitant new premium rates for motor insurance is taking a toll on manufacturing companies, especially the operators in Motor Vehicle & Miscellaneous Assembly sectoral group .

He noted that in the second quarter of 2023, the sector recorded  an index score of 46.7, showing that the operators exhibited further loss of confidence as they fell below the 50-point benchmark in the period under review.

Business

Australia hikes rates to 18-year high to fight inflation

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

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•Michele Bullock, governor of the Reserve Bank of Australia (RBA), during a news conference at the central bank’s head office in Sydney, Australia, on Tuesday, May 5, 2026. Photographer: Brendon Thorne/Bloomberg via Getty Image.

Australia’s central bank Tuesday raised its key interest rate to a 18-year high , citing the prolonged war in the Middle East and persistent inflationary pressures.

In a statement, the Reserve Bank of Australia said it would lift its cash rate by 25 basis points to 4.85 percent.

“Inflation remains elevated,” it said. “This partly reflects higher fuel and other commodity prices affected by the conflict in the Middle East.”

“AI-related investment is driving rapid growth in prices for technology-related goods, and inflation in many goods and services remains high.”

The hike is the fifth this year, adding to cost-of-living pressures felt by households by increasing home mortgage payments, a politically potent topic in Australia.

It brings rates to their level seen since late 2008, at the height of the global financial crisis.

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MTN migrates MoMo Customers to Alipay+ platform

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

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MTN Nigeria has begun moving MoMo Payment Services Bank customers to a new digital payment platform powered by Alipay+.

It’s fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026.

The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.

The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.

MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.

For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.

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FG Secures $30m Grant from China for Grassroots Projects

Specific projects and beneficiary communities have not been announced.

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•President Bola Tinubu

The Federal Government has secured a $30 million grant from China to finance grassroots development projects aimed at reducing poverty and improving living conditions.

The grant is worth about ₦43 billion, or RMB200 million.The agreement was signed on Thursday, October 29, 2026, at the Federal Ministry of Budget and Economic Planning in Abuja.

A ministry statement released on Sunday said the funding will support community-based projects under the Nigeria-China Development Cooperation framework.

The money will finance projects under China’s Small but Beautiful initiative.

The scheme focuses on affordable, community-driven interventions that deliver direct benefits to residents. It is expected to address development needs in underserved communities, including access to essential infrastructure and economic opportunities.

Specific projects and beneficiary communities have not been announced.

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