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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

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ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

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SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

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SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

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SEC DG: Digital Assets Represent $10tn Opportunity by 2030

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

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ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

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Governors, NCC Set for Broadband Awareness Forum Oct 20

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VerveLife 5.0 Gears Up for Nairobi, Lagos Events

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Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

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Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Nigeria Sustains Slow Progress in Human Development

In the week, there were multiple data releases that brought our attention to key growth and development issues in Nigeria.

The International Monetary Fund (IMF) revised its 2018 growth forecast for Nigeria as well as the global economy, downwards, while a new World Bank report showed that human capital development in Nigeria lagged SSA (Sub-Saharan Africa) peers.

Meanwhile, the story was the same at home as the National Bureau of Statistics (NBS) and United Nations Development Programme (UNDP) collaborated to create the Human Development Index (HDI) for states which showed slow momentum in boosting education, health and income between 2013 and 2016.
According to Afrinvest Research, ‘we start our analysis with the revised projections of the IMF. The Fund revised its estimate for growth downwards to 1.9% for 2018 from 2.1%, citing concerns about slow growth in agriculture and political uncertainties which restrain investment.’

However, the Fund holds an optimistic view for the future as it upgraded its growth projection from an average of 2.0% to 2.4% between 2019 and 2023. The implication of this is that growth will trail population growth of 2.6% for eight consecutive years. This further indicates that Nigerians would get poorer on the average, while the prospects for strong employment growth would remain bleak.

While the specifics to this forecast are not public information, we note that the Fund’s main concerns with Nigeria are weak revenues which limit government spending and raise debt sustainability risks, and lack of structural reforms to boost the non-oil sector. This is unsurprising as we have always stated that the lack of reforms will keep growth weak and below pre-oil price shock levels of 6.0 – 7.0%. However, we are slightly more optimistic that growth will breach 2.6% as early as 2020.
On the stark development indices, the World Bank Human Capital Index (HCI) is a new measure that provides a way to assess the productivity of the next generation of workers while also serving as a call to nations to invest in the education of children.

The Bank estimates that the HCI value for Nigeria increased marginally to 0.34 in 2017 from 0.33 in 2012, showing that progress has been slow. Even worse, this value indicates that Nigeria ranks behind peers in SSA as well as among countries considered to be low middle-income in boosting productivity, thus suggesting that expected growth outcomes will be behind peers.

In summation, breaking out of the cycle of low productivity, growth and development require sustained investment in education.

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Topics

Deloitte Named Best Company to Work for in Nigeria 2015

Akintola Williams Deloitte has been named the Best Company to Work for in Nigeria by the prestigious Great Place to Work Institute Nigeria. Deloitte won awards in two different categories: • Best Company to Work for in Nigeria (2015): 1st Position in the category of “Large Population” • Best Practice Awards in Nigeria (2015): in the category of “Delivering Excellence in Learning & Development” Over 100 companies in Nigeria including major multinationals, oil & gas companies and major financial institutions participated in the assessment.

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Standard Bank Predicts Increased M&A Activity in African Telecom, Media, Technology

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Red Star Plc Commended over Compliance

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‘Digital Era to Define Future of Insurance Industry’

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Stanbic IBTC Bank Empowers Women in Business for Inclusive Growth

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Allianz Acquires 66% Equity in Jubilee Insurance of Uganda

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