Economy
LCCI e-Commerce Group Seeks Better Regulatory Environment
By Adedoyin Giwa
From improving sales volume to facilitating automated processes in business transactions and the application of new technology, there’s no disputing the fact that e-commerce is opening up the Nigerian economy at an impressive rate.
Thriving on a digital economy platform, e-commerce boasts an incredible level of cost-efficiency of connecting sellers with buyers, which makes it a potent tool for business growth, especially for SMEs.
Interestingly, the unfolding relevance and inherent benefit of the e-commerce ecosystem is beginning to attract the interest of relevant stakeholders.
Recently, the Central Bank of Nigeria (CBN) Governor, Mr Godwin Emiefiele, stated that the digital space and its accompanying economic activities will further open up the Nigerian economy, drive financial inclusion and create more jobs.
According to Mr Emiefiele, the impact is obvious for all to see, as the regulatory framework put in place by the apex bank has opened up the digital space for innovation in the Payment Service System thus driving financial inclusion and employment creation.
Few weeks after his comments, the Lagos Chamber of Commerce and Industry (LCCI) announced the inauguration of an e-commerce sectoral group under its banner in conjunction with Jumia and other players in the ecosystem.
Among other things, the group is expected to support the development of private enterprises in various sectors of the Nigerian economy by exposing their products to a larger market.
The LCCI was established for the promotion and protection of trade and industry, and to represent and express the opinion of the business community on matters affecting trade and industry in Lagos, and by extension Nigeria.
Speaking on the essence of the e-commerce group, the Director-General of LCCI, Mr Muda Yusuf, explained that the pivotal role taken up by digital platforms in the Nigerian economy in recent times necessitated the formation of the group.
“Digital platforms have been playing a major role in the issue of trade and commerce in the country. So, this informed the formation of the e-commerce group in LCCI,” he stated.
The ultimate goal is to achieve a robust digital economy that will work to the benefit of all stakeholders, he added, noting that the group will work towards the attainment of a more conducive policy and regulatory environment needed for the industry to thrive for the benefit of all stakeholders.
“The beneficiaries are all the investors in that space; the government and the entire players in the economy because the whole idea is to ensure that we create a better policy and regulatory environment for that segment of the economy to thrive, grow and contribute a lot more to the Nigerian economy,” he stated.
While working with key players in the e-commerce industry was a masterstroke by LCCI, the appointment of the group Chairman was a well thought out process.
At the inauguration of the group, Jumia Chairwoman and Head of Institutional Affairs, Ms Juliet Anammah, was appointed to lead the organisation.
Commenting on the appointment, Mr Yusuf said the group felt that Juliet with her wealth of experience and position in the industry is best suited to drive the affairs of the group towards the attainment of its objectives.
“The choice was informed by the fact that she’s the chair of a major player in the industry. Jumia is a major player in the e-commerce space and we felt that such a person is best positioned to drive this initiative by LCCI,” he stated.
The e-commerce space is gaining more relevance in Nigeria. The recent attention by stakeholders to the sector is a welcome development, and if properly managed and given adequate policy cum legislative support, will go a long way in improving the country’s economic fortunes.
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn