Economy
Social Investment Schemes Mostly to Benefit Youth—FG
By Dipo Olowookere
Minister of Information and Culture, Mr Lai Mohammed, has said the Federal Government’s massive investment in Social Programmes will help accelerate the process of job creation, especially for the youths.
Speaking at the Special Edition of the FG’s Town Hall Meeting for Youths in Abuja on Tuesday, the Minister also said the government places a serious premium on youth empowerment, youth development and youth engagement, hence the decision to organize the Town Hall Meeting specifically for them,
”We have no choice because, according to the National Population Commission, more than half of Nigeria’s population are under 30 years of age! No government can afford to ignore this important demographic group, plus the youths are no longer just the leaders of tomorrow, but today’s leaders too!” he said.
Mr Mohammed said the Administration is investing massively in the Social Investment Programmes that benefit youths, listing them as including the N-Power Volunteer Scheme; the N-Power Job Creation Programme that provides loans for traders and artisans; the Home-grown School Feeding Programme, the Conditional Cash Transfers to the most vulnerable members of the society and the Family Homes Fund, a social housing scheme.
“As many of you are undoubtedly aware, 200,000 jobs were created in the first phase of the N-Power Volunteers Programme. That is perhaps the highest number of jobs that have been created in one fell swoop by any government in the history of our country. Some 300,000 jobs are next in line, to bring the total to the promised 500,000 jobs. These jobs benefit mostly the youths who will be engaged the areas of education, health care and agriculture
“Also, the Home-grown School Feeding has already taken off in three states – Anambra, Kaduna and Osun. It is now being scaled up to 11 of the 18 states designated for the first phase. Already, some 25,000 cooks have been trained in 9 states. Concerning the Conditional Cash Transfer, the data of the beneficiaries in 9 states are now ready, and the payment process for those states is in top gear.
“For the Micro-credit scheme, more than 1 million Nigerians are set to get loans at very low interest rates through the bank of industry. The loans range from N20,000 to N100,000. The pilot scheme is taking place in 8 states and here in the Federal Capital Territory,” he said.
The Minister disclosed that in order to sustain the Social Investment Programme, the N500 billion Naira for the programme has been retained in the 2017 budget, which was recently presented to the National Assembly by Mr President.
He said on its part, the Ministry of Information and Culture is leveraging on the Creative Industry, which is youth-driven, to create jobs and unleash the huge potentials of the youths.
”We have signed two Memoranda of Understanding with the Tony Elumelu Foundation and the British Council to train festival managers, build the capacity of our youths and link the Creative Industry with the Business World. Our imminent transition from Analogue to Digital Broadcasting is set to create 1 million jobs in 3 years, with most of those jobs going to the youths.
“These jobs are already being created as we speak. This is because as the Digital Switch Over train arrives in Abuja this Thursday and then proceeds to other parts of the country, we will need hordes of installers, retailers, repair technicians and marketers for the set-top boxes or decoders that will be required to meet the demand of the 24 million TV households,” Mr Mohammed said, adding that the huge quantum of content that will be required for the DSO would also provide opportunities for the creative mind and the technically-savvy.”
The Minister said the government was working hard to ease the hardship in the land, and sought the “undiluted support” of the youths in this regard.
“This Government is unrelenting in its efforts to ease the hardship in the land, especially youth unemployment, brought about by years of poor or lack of planning, profligacy, mismanagement of funds, massive corruption and lack of investment in social investment programmes. We did not create today’s hardship, but we are resolved to end it and make life more abundant for our people,” he added.
The Town Hall Meeting, which started in Lagos in April and has also been held in Kaduna, Kano, Uyo, Enugu and Abuja, was introduced to bridge the communication gap between the government and the citizens and also to serve as a feedback mechanism for government programmes.
By Adedapo Adesanya
Africa-focused fintech company PalmPay has joined the ranks of unicorn startups after attaining a valuation of more than $1 billion, as the digital payment platform prepares for a potential initial public offering (IPO) in Hong Kong.
According to a report by Bloomberg on Tuesday, citing people familiar with the matter, the Hong Kong-headquartered company is in advanced discussions to raise about $200 million in a new funding round that would cement its unicorn status and support its next phase of expansion.
The planned fundraising comes as PalmPay accelerates its growth strategy across Africa and Asia, while positioning itself for a public listing that could become one of the most significant fintech IPOs involving an Africa-focused company in recent years.
PalmPay’s move follows a period of rapid growth in Nigeria, where it has become one of the country’s largest digital financial services providers. Alongside OPay and Moniepoint, the company forms the trio that dominates Nigeria’s retail digital payments and agency banking market, a segment driven by millions of point-of-sale (POS) transactions processed daily.
With PalmPay’s latest valuation milestone, all three leading Nigerian fintechs have now achieved unicorn status. While OPay has previously disclosed plans to pursue a listing in the United States, Moniepoint has remained focused on expanding its banking and business services without publicly indicating IPO ambitions.
Founded in 2019 after securing a Mobile Money Operator (MMO) licence from the Central Bank of Nigeria (CBN), PalmPay has built one of the country’s fastest-growing fintech ecosystems. The company says it now serves more than 35 million registered users and over 600,000 merchants, supported by an extensive network of more than 500,000 mobile money agents nationwide.
The platform offers a broad suite of financial services, including peer-to-peer transfers, bill payments, airtime purchases, savings, credit products, merchant payment solutions and agency banking services. PalmPay says it processes as many as 15 million transactions daily, reflecting the increasing adoption of digital payments across Nigeria.
Beyond its home market, the fintech has expanded into Tanzania, Ghana, and Bangladesh, underscoring its ambition to become a leading emerging-market digital bank. Industry analysts view the expansion as part of a broader strategy to diversify revenue streams while replicating its Nigerian success in other underbanked markets.
PalmPay has attracted backing from prominent global investors, including Taiwanese semiconductor manufacturer MediaTek and smartphone maker Transsion Holdings, whose Tecno, Infinix and itel brands command significant market share across Africa. Their support has helped PalmPay leverage smartphone penetration to drive financial inclusion through mobile-first banking services.
As part of efforts to strengthen its leadership ahead of its next growth phase, PalmPay recently appointed Mr Samuel Oluyemi as Chief Operating Officer (COO) for its Nigerian business. Mr Oluyemi joined the company after more than two decades at the Nigeria Inter-Bank Settlement System (NIBSS), where he played key roles in developing the country’s digital payments infrastructure.
If completed, the fundraising and eventual Hong Kong listing would further underscore growing international investor confidence in African fintech companies despite a more cautious global venture capital environment. The proceeds are expected to support PalmPay’s geographical expansion, deepen its product offerings, invest in technology infrastructure and strengthen its competitive position in Africa’s rapidly evolving digital financial services industry.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
