Economy
95% Financial Inclusion Target Impossible Without Enabling Environment—Yuguda
By Aduragbemi Omiyale
The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has submitted that it would be impossible for Nigeria to achieve the 95 per cent financial inclusion target if an enabling environment is not created.
According to him, financial inclusion is achieved when individuals and businesses have access to useful and affordable financial products and services, which he said must meet the needs of individuals and businesses and must be delivered sustainably and responsibly.
Speaking at the inaugural conference of Oriental News Nigeria held in Lagos with the theme, Engaging with critical groups to develop effective financial inclusion initiatives, the SEC boss reiterated the commitment of the agency to ensure every segment of the society is covered in the ongoing financial inclusion initiative of the federal government.
Mr Yuguda, who was represented at the event by the Head Financial Inclusion Division, Market Development Department at SEC, Sa’adatu Faruk, stated that the commission was committed to ensuring that more Nigerians are captured in the digitalisation of the economy through the financial inclusion policy.
“Achieving financial inclusion involves the coming together of multiple stakeholders, from the federal government, policymakers, and regulators to private industries, including employers, educational systems, communities and individuals. There is a global recognition and acceptance for the achievement of financial inclusion through a focus on digital technology.
“In order to reach the 95 per cent financial inclusion target, we must first and foremost recognise the imperative for prioritising financial literacy at all levels, the importance of innovation and the need to create an enabling environment to promote financial inclusion,” he stated.
The DG assured that with the help of the fast-growing fintech penetration in the economy and financial systems, more Nigerians will be captured and be more protected to effectively navigate the nation’s financial systems, through the enabling channels, including the capital market, insurance and savings.
Mr Yuguda disclosed that the commission has created new standards and rules for the registration and operations of fintech firms in the market to ensure compliance with global standards and adequate protection of investments.
He reassured that the licenced fintech companies will further speed up the financial inclusion policy of the federal government, as well as ensure adequate protection for their financial/ investment transactions, noting that SEC will continue to partner with the Central Bank of Nigeria (CBN) and other stakeholders to initiative awareness and literacy programmes.
“Some efforts the commission is making in this regard is the issuance of non-interest instruments to increase the availability of affordable and acceptable products for investing public, the introduction of direct cash settlement to enhance payment process to investors, the introduction of e-dividend to reduce unclaimed dividend and increase investor confidence as well as the infusion of capital market studies into basic senior and secondary school’s curriculum among others,” he added.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited bounced back to the green territory on Tuesday with a 0.03 per cent growth amid a bearish market sentiment.
Data showed that the bourse finished with 24 price gainers and 29 price losers, representing a negative market breadth index and weak investor sentiment.
This was due to the persistent cautious trading by the market participants because of the global trade war between the United States and China.
Business Post reports that the banking space was down yesterday by 0.11 per cent as a result of profit-taking activities by investors, though this did not affect the general outcome of Customs Street because of the gains recorded by the others.
The consumer goods index appreciated by 0.72 per cent, and the insurance counter improved by 0.15 per cent, while the energy, industrial goods and commodity sectors closed flat.
At the close of business, the All-Share Index (ASI) chalked up 30.40 points to settle at 104,560.02 points compared with the previous day’s 104,529.62 points and the market capitalisation grew by N19 billion to N65.704 trillion from N65.685 trillion.
Abbey Mortgage Bank gained 9.94 per cent to sell for N7.41, Unilever Nigeria appreciated by 9.65 per cent to N38.05, Learn Africa jumped by 8.33 per cent to N3.25, Secure Electronic Technology surged by 7.41 per cent to 58 Kobo, and Consolidated Hallmark advanced by 7.27 per cent to N2.95.
On the flip side, Northern Nigeria Flour Mills declined by 9.97 per cent to N79.00, The Initiates fell by 9.57 per cent to N4.25, Caverton descended by 9.06 per cent to N2.31, Guinea Insurance depreciated by 8.70 per cent to 63 Kobo, and NGX Group lost 8.56 per cent to quote at N31.50.
The activity log was mixed yesterday as the trading value went up by 3.81 per cent, while the trading volume and the number of deals went down by 13.87 per cent and 9.29 per cent apiece.
A total of 368.8 million shares valued at N10.9 billion were traded in 13,228 deals during the session versus the 428.2 million shares worth N10.5 billion transacted in 14,583 deals on Monday.
Fidelity Bank was the most active stock of the day with a turnover of 47.4 million units worth N867.0 million, Access Holdings traded 28.1 million units for N592.2 million, Zenith Bank sold 23.1 million units valued at N1.2 billion, UBA exchanged 22.0 million units worth N690.5 million, and FCMB transacted 20.8 million units valued at N185.1 million.
By Adedapo Adesanya
Oil prices fell slightly on Tuesday as investors weighed US President Donald Trump’s tariffs and tried to figure out how much the US-China trade war could reduce global economic growth and oil demand.
During the session, Brent crude futures declined by 21 cents or 0.3 per cent to $64.67 per barrel and the US West Texas Intermediate (WTI) crude futures dropped 20 cents or 0.3 per cent to settle at $61.33 per barrel.
The on and off US trade policies have created uncertainty for global oil markets and has led to many analysts changing their outlook.
The Organisation of the Petroleum Exporting Countries (OPEC) cut its 2025 global oil demand growth forecast on Monday for the first time since December, citing the impact of data received for the first quarter and trade tariffs announced by the US.
The cartel said world oil demand would rise by 1.30 million barrels per day in 2025 and by 1.28 million barrels per day in 2026. Both forecasts are down 150,000 barrels per day from last month’s figures.
The International Energy Agency (IEA) followed with its projection that global oil demand in 2025 will grow at its slowest rate for five years due to worries about economic growth from President Trump’s trade tariffs.
The agency said world oil demand this year would rise by 730,000 barrels per day, a sharp cut from 1.03 million barrels per day expected last month.
The reduction is larger than a cut made on Monday by OPEC by 150,000 barrels per day.
In its first look at 2026, the IEA predicted a further slowdown in demand growth to 690,000 barrels per day, due to a fragile economic backdrop and growing penetration of electric vehicles.
In China, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world’s second-largest consumer, which had driven rises in oil consumption for years.
Reuters also reported that bank executives in the US warned consumer spending faces huge risks if the upheaval sparked by President Trump’s trade policy persists.
The country’s import prices unexpectedly fell in March, pulled down by decreasing costs for energy products, the latest indication that inflation was subsiding before President Trump’s sweeping tariffs came into effect.
There are worries the tariff policies could boost inflation, making it difficult for the US Federal Reserve to reduce interest rates.
Normally, central banks use higher interest rates to combat rising inflation, which boosts consumer costs and can reduce economic growth and demand for energy.
The American Petroleum Institute (API) estimated that crude oil inventories in the US rose by 2.4 million barrels for the week ending April 11. Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.
By Adedapo Adesanya
The Nigerian government has officially gazetted and transmitted the ECOWAS Schedule of Tariff Offers for Trade in Goods under the African Continental Free Trade Area (AfCFTA) to the AfCFTA Secretariat.
The move came ahead of the 16th meeting of the AfCFTA Council of Ministers (COM), which is being held today in Kinshasa, Democratic Republic of Congo (DRC).
The development marked a crucial milestone in regional trade integration amid the current global trade war initiated by the United States President Donald Trump.
Nigeria became the 23rd AfCFTA state party to gazette its Provisional Schedule of Tariff Concessions (PSTCs).
The Minister of Industry, Trade, and Investment, Mrs Jumoke Oduwole, while announcing the development on her official X handle, said the manufacturing and agriculture sectors in Nigeria are poised to see improvements because of this actions.
She said AfCFTA would trigger a 73 per cent growth in tarde volume in the agriculture and fishing sectors, adding that prices of items should begin to see a downtrend as a result because of competition.
“Stronger sectors, stronger Nigeria,” she noted in a statement issued by the Director for Press and Public Relations in her ministry, Mr Adebayo Thomas.
The Minister further said the milestone would enable Nigerian exporters leverage preferential tariff access across African markets, positioning the country as a key player in regional and global trade, stressing that the gazetting and transmission of tariffs to the secretariat signified the country’s readiness for trade under the agreement.
Mrs Oduwole said the development underscored Nigeria’s dedication to leveraging Africa’s single market for economic transformation.
The AfCFTA agreement establishes zero duties on 90 per cent of tariff lines for trade in goods, enhancing Nigeria’s market competitiveness and expanding trade opportunities across Africa.
Essentially, Nigerian goods are now competitively positioned in the African market, ensuring greater business access and profitability.
President Bola Tinubu signed the ECOWAS Schedule of Tariff Offers, which reinforces the country’s commitment to regional trade expansion, strengthening its role in shaping the future of intra-African trade and boosting export competitiveness under the AfCFTA framework.
Furthermore, it enables the seamless shipment of goods to and from Nigeria, unlocking new opportunities for businesses, manufacturers, and exporters.
The gazetting of the schedule of tariff concessions was expected to yield significant benefits, including boosting economic growth and job creation by reducing trade barriers, strengthening regional integration and trade relations through enhanced economic ties, and supporting Nigerian SMEs by lowering costs and encouraging market expansion.
Nigeria’s commitment to AfCFTA implementation makes it an attractive destination for foreign and intra-African investment, reinforcing its role as a trade hub in West Africa.
The gazetting announcement follows the AfCFTA digital trade mandate announced in February in Addis Ababa, where President Tinubu received a personal commendation for his work on digital trade, further reinforcing the country’s commitment to regional and continental trade integration.
The statement added that as a digital trade co-champion, the country was advancing seamless trade facilitation and cross-border commerce, ensuring businesses, especially SMEs, can fully benefit from the AfCFTA framework.
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