Economy
Policy Reversal, Delayed Reforms May Impede Growth in 2022—Rewane
By Adedapo Adesanya
As the country continues to make recovery, one of Nigeria’s think tanks, Mr Bismarck Rewane, has warned that policy reversal and delayed reforms will hamper the much-projected growth in Nigeria’s economy in 2022.
Mr Rewane, the Managing Director/Chief Executive Officer, Financial Derivatives Company, made the postulation at the Nigerian Economic Outlook 2022 webinar organised by First Bank of Nigeria Limited on Thursday in Lagos.
In the year, he explained that heightened social unrest spurred by high unemployment and poverty levels and financial sector crisis, among others are what policymakers should watch out for.
Mr Rewane hinged the predictions on increased partnership and collaborations by Fintechs in promoting financial inclusion, adding that there would be rationalisation and drift within the industry, stressing that Tier 1 banks would leverage their robust customer base and balance sheet size.
He said there would be aggressive digital innovation and lending solutions as well as possible mergers and acquisitions within and across tiers to boost capital structure.
Looking at sectorial growths, he said the financial services industry will grow by 8.32 per cent, the manufacturing sector would likely grow by 4.70 per cent, and the agriculture sector is looking at a 1.6 per cent rise in 2022.
He predicted that improved foreign exchange liquidity and increased product innovation would boost the sectors’ growth.
“Players would benefit from volume and value growth. Top players (Nestle Nigeria and Unilever) will report profit growth of 20 per cent in 2022.
“Agriculture sector is likely to grow by 1.6 per cent in 2022, an efficient rail system will ease logistics constraints and boost productivity,” he said.
Mr Rewane added that the information and communication technology (ICT) industry would likely grow by 9.72 per cent in 2022 with telephone penetration on the rise.
“There will be a surge in fintech and mobile payments, while an increased level of activities will be supported by 5G operations, the sector will consolidate within the year,” he said.
According to him, telecommunication infrastructure will expand with cable acquisition across board.
He then said the nation’s economic performance would be largely determined by the successful implementation of the 2022 budget and the newly approved five-year development plan.
He explained that the declining inflation would be positive for consumer purchasing power, adding that monetary tightening in advanced economies could trigger capital outflows.
He also said oil price would remain relatively stable, adding that real Gross Domestic Product (GDP) growth would be sublime.
According to him, in 2022, competition between traditional banks and Fintechs will intensify, while banks with constant innovation and regional diversification will remain resilient.
He further noted that reform could be impeded by political considerations and labour union activities within the year, saying that insecurity could prove tricky to contain and would become a political campaign tool for the opposition.
Mr Rewane also said the Central Bank of Nigeria (CBN) would likely increase foreign exchange supply to manufacturers to ease currency pressures.
He stressed that pre-election spending would be positive for aggregate demand and would as well boost corporate performance.
On the exchange rate outlook, he said the CBN would likely step up efforts towards exchange rate convergence.
He also noted that political jitters would heighten foreign demand pressures in the fourth quarter of the year.
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.
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